INDEX LIVING MALL |
End-of-day quote
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|
5-day change | 1st Jan Change | ||
| 18.5 THB | -1.60% |
|
-3.65% | -22.59% |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 7,171 | 6,414 | 9,393 | 9,393 | 12,070 | 9,342 | - | - |
| Enterprise Value (EV) 1 | 7,171 | 9,022 | 10,913 | 13,419 | 15,703 | 9,974 | 9,874 | 9,342 |
| P/E ratio | 10.7 x | 15.3 x | 20.7 x | 14.2 x | 16.6 x | 11.7 x | 10.9 x | 10.1 x |
| Yield | 3.24% | 3.31% | 2.96% | 4.3% | 2.3% | 5.39% | 5.7% | 8.94% |
| Capitalization / Revenue | 0.73 x | 0.79 x | 1.13 x | 1.06 x | 1.3 x | 0.95 x | 0.91 x | 0.87 x |
| EV / Revenue | 0.73 x | 1.11 x | 1.31 x | 1.51 x | 1.69 x | 1.02 x | 0.96 x | 0.87 x |
| EV / EBITDA | 4.87 x | 5.7 x | 7.04 x | 7.87 x | 8.77 x | 4.87 x | 4.56 x | 4.13 x |
| EV / FCF | 6.96 x | 5.02 x | 6.36 x | 8.81 x | 11.7 x | 17.5 x | 11.6 x | 7.46 x |
| FCF Yield | 14.4% | 19.9% | 15.7% | 11.4% | 8.56% | 5.7% | 8.59% | 13.4% |
| Price to Book | - | 1.26 x | 1.77 x | 1.66 x | 2.02 x | 1.51 x | 1.46 x | 1.47 x |
| Nbr of stocks (in thousands) | 505,000 | 505,000 | 505,000 | 505,000 | 505,000 | 505,000 | - | - |
| Reference price 2 | 14.20 | 12.70 | 18.60 | 18.60 | 23.90 | 18.50 | 18.50 | 18.50 |
| Announcement Date | 24/02/20 | 22/02/21 | 25/02/22 | 27/02/23 | 28/02/24 | - | - | - |
1THB in Million2THB
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 9,798 | 8,119 | 8,317 | 8,889 | 9,309 | 9,826 | 10,266 | 10,797 |
| EBITDA 1 | 1,472 | 1,583 | 1,551 | 1,706 | 1,790 | 2,048 | 2,164 | 2,260 |
| EBIT 1 | 719.1 | 699.8 | 775.8 | 995.4 | 971.3 | 1,108 | 1,188 | 1,314 |
| Operating Margin | 7.34% | 8.62% | 9.33% | 11.2% | 10.43% | 11.28% | 11.57% | 12.17% |
| Earnings before Tax (EBT) 1 | 639.7 | 482.1 | 529.4 | 781 | 862.4 | 957.5 | 1,050 | 1,162 |
| Net income 1 | 596.1 | 421.2 | 453.2 | 659.1 | 726 | 799 | 857 | 920.7 |
| Net margin | 6.08% | 5.19% | 5.45% | 7.41% | 7.8% | 8.13% | 8.35% | 8.53% |
| EPS 2 | 1.330 | 0.8300 | 0.9000 | 1.310 | 1.440 | 1.583 | 1.695 | 1.823 |
| Free Cash Flow 1 | 1,031 | 1,796 | 1,716 | 1,523 | 1,344 | 568.9 | 848.6 | 1,252 |
| FCF margin | 10.52% | 22.12% | 20.63% | 17.14% | 14.43% | 5.79% | 8.27% | 11.6% |
| FCF Conversion (EBITDA) | 70.04% | 113.45% | 110.64% | 89.31% | 75.07% | 27.77% | 39.21% | 55.4% |
| FCF Conversion (Net income) | 172.93% | 426.42% | 378.6% | 231.15% | 185.07% | 71.2% | 99.02% | 136% |
| Dividend per Share 2 | 0.4600 | 0.4200 | 0.5500 | 0.8000 | 0.5500 | 0.9975 | 1.055 | 1.653 |
| Announcement Date | 24/02/20 | 22/02/21 | 25/02/22 | 27/02/23 | 28/02/24 | - | - | - |
1THB in Million2THB
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 S1 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | - | 2,320 | 2,121 | 2,170 | - | 2,188 | 2,435 | 2,188 | - | 2,396 | 2,541 | 2,449 |
| EBITDA | - | 400.3 | 423 | 427.1 | - | 411.9 | 444.1 | - | - | 464.9 | 465.8 | - |
| EBIT 1 | - | 237.9 | 217.2 | 220 | - | 203.1 | 270.5 | 236 | - | 259.3 | 258.9 | 285.9 |
| Operating Margin | - | 10.26% | 10.24% | 10.14% | - | 9.28% | 11.11% | 10.79% | - | 10.83% | 10.19% | 11.67% |
| Earnings before Tax (EBT) 1 | - | - | - | - | - | 182.3 | 215.8 | 208.2 | - | 226.4 | 232.8 | 257.5 |
| Net income 1 | 246.4 | 150.9 | 160.6 | 162.3 | 323 | 152.6 | 183.5 | 174.2 | 163.7 | 191.5 | 196.6 | 208.6 |
| Net margin | - | 6.51% | 7.57% | 7.48% | - | 6.97% | 7.54% | 7.96% | - | 7.99% | 7.73% | 8.52% |
| EPS 2 | 0.4900 | 0.3000 | 0.3200 | 0.3200 | 0.6400 | 0.3000 | 0.3700 | 0.3500 | - | 0.3800 | 0.3900 | 0.4100 |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 05/08/21 | 25/02/22 | 12/05/22 | 08/08/22 | 08/08/22 | 07/11/22 | 27/02/23 | 12/05/23 | 09/08/23 | 09/11/23 | 28/02/24 | 10/05/24 |
1THB in Million2THB
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | 2,608 | 1,520 | 4,026 | 3,633 | 632 | 532 | - |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | - | 1.647 x | 0.9804 x | 2.36 x | 2.03 x | 0.3085 x | 0.2458 x | - |
| Free Cash Flow 1 | 1,031 | 1,796 | 1,716 | 1,523 | 1,344 | 569 | 849 | 1,252 |
| ROE (net income / shareholders' equity) | 12.5% | 8.39% | 8.72% | 12% | 12.5% | 13% | 13.4% | 14.2% |
| ROA (Net income/ Total Assets) | 4.87% | 3.35% | 3.58% | 5.4% | 5.96% | 6.75% | 7.53% | 7.45% |
| Assets 1 | 12,242 | 12,576 | 12,654 | 12,194 | 12,178 | 11,837 | 11,376 | 12,358 |
| Book Value Per Share 2 | - | 10.10 | 10.50 | 11.20 | 11.80 | 12.20 | 12.70 | 12.60 |
| Cash Flow per Share 2 | - | - | - | - | 3.310 | 3.420 | 3.690 | 3.930 |
| Capex 1 | 546 | 289 | 93.1 | 254 | 326 | 979 | 758 | 850 |
| Capex / Sales | 5.57% | 3.56% | 1.12% | 2.86% | 3.51% | 9.96% | 7.39% | 7.87% |
| Announcement Date | 24/02/20 | 22/02/21 | 25/02/22 | 27/02/23 | 28/02/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
Sell
Buy
Mean consensus
BUY
Number of Analysts
5
Last Close Price
18.5
THB
Average target price
25.68
THB
Spread / Average Target
+38.78%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -22.59% | 254M | |
| +318.18% | 69M | |
| +72.77% | 66.51M | |
| +41.18% | 61.05M |
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