Financials Kawan Food

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 23:00:00 07/05/2024 BST			5-day change	1st Jan Change
1.81 ^MYR	-1.09%		-3.72%	+0.56%

04-09	Kawan Food Repurchases Shares	MT
04-04	Kawan Food Repurchases Shares	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	499.7	747.8	589.6	803.1	629	631.3	-	-
Enterprise Value (EV) ¹	499.7	747.8	589.6	803.1	629	631.3	631.3	631.3
P/E ratio	42 x	26.8 x	18.2 x	20.7 x	21.6 x	17.6 x	15.3 x	12.8 x
Yield	1.8%	1.2%	1.83%	1.35%	2%	1.96%	2.1%	2.76%
Capitalization / Revenue	2.33 x	2.94 x	2.34 x	2.74 x	2.05 x	1.91 x	1.77 x	1.74 x
EV / Revenue	2.33 x	2.94 x	2.34 x	2.74 x	2.05 x	1.91 x	1.77 x	1.74 x
EV / EBITDA	15.1 x	15.1 x	10.4 x	13.4 x	11.5 x	10.4 x	-	-
EV / FCF	25,405,819 x	21,424,510 x	26,166,618 x	29,975,606 x	-	-	-	-
FCF Yield	0%	0%	0%	0%	-	-	-	-
Price to Book	1.54 x	2.17 x	1.59 x	2.02 x	1.67 x	1.51 x	1.51 x	1.39 x
Nbr of stocks (in thousands)	359,520	359,520	359,520	361,760	349,425	348,781	-	-
Reference price ²	1.390	2.080	1.640	2.220	1.800	1.810	1.810	1.810
Announcement Date	26/02/20	18/02/21	28/02/22	22/02/23	22/02/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	214.1	254.7	251.8	293.2	307.2	329.8	356.6	363
EBITDA ¹	33.06	49.59	56.9	60.15	54.82	60.5	-	-
EBIT ¹	16.37	32.79	37.57	40.84	35.14	41.57	47.6	57.2
Operating Margin	7.65%	12.87%	14.92%	13.93%	11.44%	12.61%	13.35%	15.76%
Earnings before Tax (EBT) ¹	15.39	32.02	36.97	40.14	34.27	41.53	48.35	58.1
Net income ¹	11.9	28.02	32.3	38.5	30.13	36.43	42.3	51.1
Net margin	5.56%	11%	12.83%	13.13%	9.81%	11.05%	11.86%	14.08%
EPS ²	0.0331	0.0777	0.0899	0.1070	0.0835	0.1030	0.1185	0.1410
Free Cash Flow	19.67	34.9	22.53	26.79	-	-	-	-
FCF margin	9.19%	13.7%	8.95%	9.14%	-	-	-	-
FCF Conversion (EBITDA)	59.49%	70.38%	39.6%	44.54%	-	-	-	-
FCF Conversion (Net income)	165.32%	124.58%	69.76%	69.59%	-	-	-	-
Dividend per Share ²	0.0250	0.0250	0.0300	0.0300	0.0360	0.0355	0.0380	0.0500
Announcement Date	26/02/20	18/02/21	28/02/22	22/02/23	22/02/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	19.7	34.9	22.5	26.8	-	-	-	-
ROE (net income / shareholders' equity)	3.69%	8.38%	9.05%	10%	7.63%	8.77%	9.45%	11%
ROA (Net income/ Total Assets)	3.14%	7.02%	7.57%	8.6%	6.54%	8%	9%	9.6%
Assets ¹	378.5	399.1	426.5	447.8	460.8	455.4	470	532.3
Book Value Per Share ²	0.9000	0.9600	1.030	1.100	1.080	1.200	1.200	1.300
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	21.1	17.2	10.9	8.57	-	-	-	-
Capex / Sales	9.85%	6.74%	4.33%	2.92%	-	-	-	-
Announcement Date	26/02/20	18/02/21	28/02/22	22/02/23	22/02/24	-	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1.81 MYR

Average target price

2.04 MYR

Spread / Average Target

+12.71%

	1st Jan change	Capi.
KAWAN FOOD	+0.56%	133M
NESTLÉ S.A.	-3.39%	272B
MONDELEZ INTERNATIONAL, INC.	-2.76%	94.47B
KRAFT HEINZ	-2.95%	43.58B
DANONE	+0.48%	40.92B
THE HERSHEY COMPANY	+7.25%	40.44B
GENERAL MILLS, INC.	+6.74%	39.25B
ARCHER-DANIELS-MIDLAND COMPANY	-14.11%	30.67B
NESTLÉ INDIA LIMITED	-5.56%	29.32B
ASSOCIATED BRITISH FOODS PLC	+13.86%	25.2B