Financials Assetwise

Equities

ASW

THA263010003

Real Estate Development & Operations

End-of-day quote Thailand S.E. Other stock markets 23:00:00 27/05/2024 BST			5-day change	1st Jan Change
7.95 ^THB	0.00%		-0.62%	-5.36%

05-21	Takara Leben Co.,Ltd. agreed to acquire 49% stake in Wise Estate 13 Co.,Ltd. from Assetwise Public Company Limited.	CI
05-09	Assetwise Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2022	2023	2024	2025	2026
Capitalization ¹	7,106	7,553	7,151	-	-
Enterprise Value (EV) ¹	7,106	18,161	17,159	17,221	7,151
P/E ratio	6.34 x	6.72 x	6.26 x	5.3 x	5.13 x
Yield	6.3%	2.98%	6.67%	7.55%	7.8%
Capitalization / Revenue	1.3 x	1.12 x	0.84 x	0.7 x	0.6 x
EV / Revenue	1.3 x	2.68 x	2.01 x	1.69 x	0.6 x
EV / EBITDA	4.06 x	14.1 x	11.3 x	8.67 x	2.92 x
EV / FCF	-2.27 x	-3.8 x	21 x	41.7 x	7.32 x
FCF Yield	-44%	-26.3%	4.77%	2.4%	13.7%
Price to Book	1.26 x	1.12 x	0.98 x	0.88 x	0.84 x
Nbr of stocks (in thousands)	856,121	899,121	899,556	-	-
Reference price ²	8.300	8.400	7.950	7.950	7.950
Announcement Date	23/02/23	23/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2022	2023	2024	2025	2026
Net sales ¹	5,483	6,770	8,545	10,202	11,909
EBITDA ¹	1,751	1,292	1,514	1,986	2,449
EBIT ¹	1,644	1,144	1,410	1,777	2,335
Operating Margin	29.99%	16.9%	16.51%	17.42%	19.61%
Earnings before Tax (EBT) ¹	-	1,521	1,668	2,032	2,343
Net income ¹	1,119	1,092	1,154	1,360	1,452
Net margin	20.4%	16.13%	13.5%	13.34%	12.19%
EPS ²	1.310	1.250	1.270	1.500	1.550
Free Cash Flow ¹	-3,128	-4,784	819	413	977.6
FCF margin	-57.04%	-70.66%	9.58%	4.05%	8.21%
FCF Conversion (EBITDA)	-	-	54.08%	20.8%	39.92%
FCF Conversion (Net income)	-	-	70.97%	30.36%	67.33%
Dividend per Share ²	0.5226	0.2500	0.5300	0.6000	0.6200
Announcement Date	23/02/23	23/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1
Net sales ¹	1,875	1,611	1,250	1,678	2,231	1,750
EBITDA ¹	-	-	-	-	549.8	337.6
EBIT ¹	694.2	-	-	171.6	502	290.6
Operating Margin	37.02%	-	-	10.23%	22.51%	16.61%
Earnings before Tax (EBT) ¹	-	-	-	-	602.7	315.8
Net income ¹	429.1	-	-	168.4	484	256.3
Net margin	22.88%	-	-	10.04%	21.7%	14.65%
EPS ²	-	-	-	-	-	0.2800
Dividend per Share	-	-	-	-	-	-
Announcement Date	23/02/23	11/05/23	11/08/23	09/11/23	23/02/24	10/05/24

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2022	2023	2024	2025	2026
Net Debt ¹	-	10,609	10,008	10,070	-
Net Cash position ¹	-	-	-	-	-
Leverage (Debt/EBITDA)	-	8.208 x	6.608 x	5.07 x	-
Free Cash Flow ¹	-3,128	-4,784	819	413	978
ROE (net income / shareholders' equity)	13.2%	17.9%	16.6%	17.6%	17.1%
ROA (Net income/ Total Assets)	5.12%	5.47%	5.35%	6.55%	8.1%
Assets ¹	21,842	19,950	21,570	20,771	17,926
Book Value Per Share ²	6.560	7.500	8.100	9.050	9.490
Cash Flow per Share ²	-3.460	-2.980	1.300	1.520	1.670
Capex ¹	-	423	119	241	158
Capex / Sales	-	6.24%	1.39%	2.36%	1.33%
Announcement Date	23/02/23	23/02/24	-	-	-

¹THB in Million²THB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Assetwise

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

7.95 THB

Average target price

9.65 THB

Spread / Average Target

+21.38%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Residential Real Estate Development

	1st Jan change	Capi.
ASSETWISE	-5.36%	196M
VONOVIA SE	-1.72%	25.28B
CHINA VANKE CO., LTD.	-18.55%	13.01B
AKELIUS RESIDENTIAL PROPERTY AB	+11.11%	11.22B
DEUTSCHE WOHNEN SE	-24.98%	7.81B
VINHOMES	-7.52%	6.83B
VINGROUP	+1.01%	6.58B
LEG IMMOBILIEN SE	+1.89%	6.62B
IIDA GROUP HOLDINGS CO., LTD.	-2.25%	3.78B
BRIGADE ENTERPRISES LIMITED	+38.21%	3.39B

Residential Real Estate Development