KERRY EXPRESS (THAILAND) |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 4.22 THB | 0.00% |
|
-0.94% | -14.57% |
Valuation
| Fiscal Period: December | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Capitalization 1 | 85,695 | 52,713 | 32,063 | 8,608 | 7,354 | - | - |
| Enterprise Value (EV) 1 | 76,798 | 51,424 | 29,939 | 10,288 | 14,408 | 15,564 | 7,354 |
| P/E ratio | 44.4 x | 1,120 x | -11.3 x | -2.22 x | -1.52 x | -1.76 x | -1.09 x |
| Yield | 1.33% | 2.46% | - | - | - | - | 23.7% |
| Capitalization / Revenue | 4.53 x | 2.8 x | 1.89 x | 0.75 x | 0.65 x | 0.54 x | 0.99 x |
| EV / Revenue | 4.06 x | 2.73 x | 1.76 x | 0.9 x | 1.27 x | 1.14 x | 0.99 x |
| EV / EBITDA | 18.3 x | 0.44 x | -27.9 x | -4.05 x | -6.15 x | -67.9 x | -3.35 x |
| EV / FCF | 24.8 x | 27.6 x | -16.3 x | -4.07 x | -3.66 x | -13.5 x | - |
| FCF Yield | 4.03% | 3.62% | -6.14% | -24.6% | -27.3% | -7.43% | - |
| Price to Book | 7.9 x | 5.67 x | 4.93 x | 3.24 x | 6.35 x | 21.6 x | 3.61 x |
| Nbr of stocks (in thousands) | 1,740,000 | 1,742,577 | 1,742,577 | 1,742,577 | 1,742,577 | - | - |
| Reference price 2 | 49.25 | 30.25 | 18.40 | 4.940 | 4.220 | 4.220 | 4.220 |
| Announcement Date | 19/02/21 | 14/02/22 | 14/02/23 | 07/02/24 | - | - | - |
1THB in Million2THB
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Net sales 1 | 18,917 | 18,818 | 17,003 | 11,470 | 11,316 | 13,625 | 7,433 |
| EBITDA 1 | 4,202 | 116,302 | -1,074 | -2,537 | -2,343 | -229.4 | -2,195 |
| EBIT 1 | 1,846 | 114 | -3,536 | -4,516 | -3,386 | -1,745 | - |
| Operating Margin | 9.76% | 0.61% | -20.8% | -39.37% | -29.92% | -12.81% | - |
| Earnings before Tax (EBT) 1 | 1,734 | 17.11 | -3,610 | -4,586 | -3,912 | -3,064 | -4,176 |
| Net income 1 | 1,405 | 46.92 | -2,830 | -3,881 | -3,128 | -2,467 | -3,376 |
| Net margin | 7.43% | 0.25% | -16.64% | -33.83% | -27.64% | -18.11% | -45.42% |
| EPS 2 | 1.110 | 0.0270 | -1.624 | -2.227 | -2.775 | -2.400 | -3.880 |
| Free Cash Flow 1 | 3,096 | 1,860 | -1,839 | -2,529 | -3,933 | -1,156 | - |
| FCF margin | 16.37% | 9.89% | -10.81% | -22.05% | -34.76% | -8.48% | - |
| FCF Conversion (EBITDA) | 73.7% | 1.6% | - | - | - | - | - |
| FCF Conversion (Net income) | 220.38% | 3,964.78% | - | - | - | - | - |
| Dividend per Share 2 | 0.6550 | 0.7430 | - | - | - | - | 1.000 |
| Announcement Date | 19/02/21 | 14/02/22 | 14/02/23 | 07/02/24 | - | - | - |
1THB in Million2THB
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 S1 | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 8,788 | 5,331 | 4,699 | 4,416 | 4,283 | 8,699 | 4,219 | 4,085 | 3,131 | 2,923 |
| EBITDA | - | - | - | - | -300.2 | -260.7 | - | -583.6 | -395.5 | - |
| EBIT 1 | 837.1 | 27.4 | -750.5 | -605.3 | -919 | -1,524 | -839.5 | -1,173 | -966.3 | -1,316 |
| Operating Margin | 9.53% | 0.51% | -15.97% | -13.71% | -21.46% | -17.52% | -19.9% | -28.71% | -30.87% | -45.01% |
| Earnings before Tax (EBT) 1 | 783.4 | 6.107 | -772.4 | -625.3 | -936.9 | - | -857.7 | -1,190 | -981.1 | -1,331 |
| Net income 1 | 638.4 | 12.84 | -604.3 | -491.1 | -732.4 | - | -674.6 | -931.8 | -787.5 | -1,048 |
| Net margin | 7.26% | 0.24% | -12.86% | -11.12% | -17.1% | - | -15.99% | -22.81% | -25.15% | -35.84% |
| EPS 2 | 0.3600 | 0.007300 | -0.3403 | -0.2820 | -0.4200 | - | -0.3872 | -0.5348 | -0.4520 | -0.6000 |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 11/08/21 | 10/11/21 | 14/02/22 | 17/05/22 | 10/08/22 | 10/08/22 | 10/11/22 | 14/02/23 | 15/05/23 | 08/08/23 |
1THB in Million2THB
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | 1,680 | 7,054 | 8,210 | - |
| Net Cash position 1 | 8,897 | 1,289 | 2,125 | - | - | - | - |
| Leverage (Debt/EBITDA) | - | - | - | -0.662 x | -3.011 x | -35.79 x | - |
| Free Cash Flow 1 | 3,096 | 1,860 | -1,839 | -2,529 | -3,933 | -1,156 | - |
| ROE (net income / shareholders' equity) | 21.5% | 0.47% | -35.8% | -84.8% | -181% | -84.9% | -165% |
| ROA (Net income/ Total Assets) | 11.1% | 0.26% | -19.4% | -36.7% | -35.7% | -33.1% | -30.3% |
| Assets 1 | 12,666 | 18,182 | 14,569 | 10,574 | 8,773 | 7,455 | 11,153 |
| Book Value Per Share 2 | 6.230 | 5.340 | 3.730 | 1.520 | 0.6700 | 0.2000 | 1.170 |
| Cash Flow per Share | 2.730 | 1.330 | -0.7400 | -1.170 | - | - | - |
| Capex 1 | 360 | 462 | 556 | 490 | 1,689 | 992 | - |
| Capex / Sales | 1.9% | 2.46% | 3.27% | 4.27% | 14.93% | 7.28% | - |
| Announcement Date | 19/02/21 | 14/02/22 | 14/02/23 | 07/02/24 | - | - | - |
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
B
Sell
Buy
Mean consensus
SELL
Number of Analysts
4
Last Close Price
4.22
THB
Average target price
5.033
THB
Spread / Average Target
+19.27%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -14.57% | 199M | |
| -10.05% | 24.29B | |
| +1.55% | 17.39B | |
| +14.84% | 16.32B | |
| +28.97% | 7.53B | |
| +14.93% | 2.34B | |
| -7.49% | 2.18B | |
| +18.49% | 1.92B | |
| -4.14% | 1.17B | |
| +27.94% | 665M |
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- Financials Kerry Express (Thailand)
