Financials Gromutual

Equities

GMUTUAL

MYL9962OO001

Real Estate Development & Operations

End-of-day quote BURSA MALAYSIA Other stock markets 23:00:00 02/05/2024 BST			5-day change	1st Jan Change
0.325 ^MYR	+1.56%		+3.17%	+6.56%

04-15	Gromutual Berhad Announces Resignation of Yong May Li as Company Secretary	CI
04-15	Gromutual Berhad Appoints Wong Chee Yin as Company Secretary	CI

Valuation

Fiscal Period: December	2017	2018	2019	2020	2021	2022
Capitalization ¹	148.4	99.54	101.4	93.9	114.6	107
Enterprise Value (EV) ¹	177.5	125.5	135.3	129.3	148.1	139.4
P/E ratio	7.47 x	16.6 x	8.86 x	9.58 x	9.17 x	11.8 x
Yield	2.53%	1.89%	1.85%	2%	3.28%	1.75%
Capitalization / Revenue	2.25 x	1.96 x	1.72 x	1.38 x	2.14 x	1.98 x
EV / Revenue	2.69 x	2.47 x	2.3 x	1.91 x	2.76 x	2.57 x
EV / EBITDA	9.52 x	9.91 x	8.61 x	7.69 x	11.8 x	11.1 x
EV / FCF	18.9 x	-164 x	-95.6 x	-19.2 x	17.9 x	5.56 x
FCF Yield	5.29%	-0.61%	-1.05%	-5.2%	5.57%	18%
Price to Book	0.43 x	0.28 x	0.28 x	0.26 x	0.31 x	0.28 x
Nbr of stocks (in thousands)	375,608	375,608	375,608	375,608	375,608	375,608
Reference price ²	0.3950	0.2650	0.2700	0.2500	0.3050	0.2850
Announcement Date	26/04/18	25/04/19	29/05/20	26/04/21	29/04/22	28/04/23

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2017	2018	2019	2020	2021	2022
Net sales ¹	65.85	50.78	58.89	67.85	53.63	54.19
EBITDA ¹	18.63	12.67	15.72	16.83	12.57	12.56
EBIT ¹	17.89	11.75	15.15	16.33	12.1	12.16
Operating Margin	27.17%	23.13%	25.73%	24.07%	22.57%	22.43%
Earnings before Tax (EBT) ¹	25.38	9.886	15.04	16.01	16.29	12.98
Net income ¹	19.86	5.982	11.45	9.807	12.49	9.11
Net margin	30.16%	11.78%	19.44%	14.45%	23.29%	16.81%
EPS ²	0.0529	0.0159	0.0305	0.0261	0.0333	0.0243
Free Cash Flow ¹	9.39	-0.7645	-1.415	-6.723	8.258	25.09
FCF margin	14.26%	-1.51%	-2.4%	-9.91%	15.4%	46.3%
FCF Conversion (EBITDA)	50.39%	-	-	-	65.68%	199.75%
FCF Conversion (Net income)	47.28%	-	-	-	66.1%	275.4%
Dividend per Share ²	0.0100	0.005000	0.005000	0.005000	0.0100	0.005000
Announcement Date	26/04/18	25/04/19	29/05/20	26/04/21	29/04/22	28/04/23

¹MYR in Million²MYR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2017	2018	2019	2020	2021	2022
Net Debt ¹	29.1	26	33.9	35.4	33.6	32.3
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.561 x	2.052 x	2.157 x	2.105 x	2.671 x	2.575 x
Free Cash Flow ¹	9.39	-0.76	-1.42	-6.72	8.26	25.1
ROE (net income / shareholders' equity)	5.85%	1.72%	3.24%	2.71%	3.38%	2.41%
ROA (Net income/ Total Assets)	2.61%	1.67%	2.13%	2.26%	1.67%	1.62%
Assets ¹	762.1	358.7	538.7	433.5	746.4	560.8
Book Value Per Share ²	0.9200	0.9300	0.9500	0.9700	1.000	1.020
Cash Flow per Share ²	0.1000	0.1200	0.0900	0.0700	0.0700	0.1300
Capex ¹	0.66	1.92	0.13	0.09	0.13	0.5
Capex / Sales	1%	3.79%	0.22%	0.14%	0.25%	0.92%
Announcement Date	26/04/18	25/04/19	29/05/20	26/04/21	29/04/22	28/04/23

¹MYR in Million²MYR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
GROMUTUAL	+6.56%	25.76M
MITSUI FUDOSAN CO., LTD.	+40.33%	29.66B
SUN HUNG KAI PROPERTIES LIMITED	-11.25%	27.69B
CHINA RESOURCES LAND LIMITED	+8.39%	27.57B
DLF LIMITED	+22.12%	26.07B
MITSUBISHI ESTATE CO., LTD.	+50.80%	24.02B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+8.58%	21.83B
EMAAR PROPERTIES	+0.38%	18.77B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+29.07%	16.76B
CK ASSET HOLDINGS LIMITED	-12.88%	15.28B

Other Real Estate Development & Operations

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