Financials Master Style

Equities

MASTER

THB207010000

Healthcare Facilities & Services

End-of-day quote Thailand S.E. Other stock markets 23:00:00 27/05/2024 BST			5-day change	1st Jan Change
64.5 ^THB	-0.39%		+4.03%	+27.09%

05-15	Master Style Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-23	Master Style Public Company Limited Approves Dividend for the Year Ended December 31, 2023, Payable by May 9, 2024	CI

Valuation

Fiscal Period: December	2023	2024	2025	2026
Capitalization ¹	15,312	19,460	-	-
Enterprise Value (EV) ¹	13,866	18,063	17,740	19,460
P/E ratio	36.5 x	33.6 x	27.6 x	23.5 x
Yield	0.71%	1.4%	1.53%	2.17%
Capitalization / Revenue	7.99 x	8.44 x	7.29 x	6.41 x
EV / Revenue	7.23 x	7.84 x	6.65 x	6.41 x
EV / EBITDA	23.6 x	25.1 x	20.4 x	19.9 x
EV / FCF	-49.1 x	33.1 x	31.2 x	23 x
FCF Yield	-2.04%	3.02%	3.21%	4.35%
Price to Book	5.12 x	5.8 x	5.21 x	4.59 x
Nbr of stocks (in thousands)	301,714	301,712	-	-
Reference price ²	50.75	64.50	64.50	64.50
Announcement Date	22/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2022	2023	2024	2025	2026
Net sales ¹	-	1,917	2,305	2,668	3,038
EBITDA ¹	-	586.4	718.8	867.6	976.7
EBIT ¹	-	524.8	642	752.3	879
Operating Margin	-	27.38%	27.85%	28.2%	28.94%
Earnings before Tax (EBT) ¹	-	521	758	829.5	948
Net income ¹	300.9	416.3	574.3	706.6	826.3
Net margin	-	21.72%	24.91%	26.48%	27.2%
EPS ²	1.408	1.391	1.921	2.338	2.743
Free Cash Flow ¹	-	-282.2	545.5	568.8	845.9
FCF margin	-	-14.73%	23.66%	21.32%	27.85%
FCF Conversion (EBITDA)	-	-	75.89%	65.56%	86.61%
FCF Conversion (Net income)	-	-	94.98%	80.49%	102.37%
Dividend per Share ²	-	0.3588	0.9050	0.9868	1.400
Announcement Date	27/02/23	22/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q2	2023 Q3	2023 Q4	2024 Q1
Net sales ¹	-	479.2	542.6	477
EBITDA ¹	-	130.1	230.3	150.7
EBIT ¹	-	118.4	200.1	122.5
Operating Margin	-	24.71%	36.88%	25.68%
Earnings before Tax (EBT) ¹	-	124.9	203.6	129.7
Net income ¹	81.49	99.8	163.5	106.2
Net margin	-	20.82%	30.13%	22.27%
EPS ²	0.2704	0.3675	0.4550	0.3500
Dividend per Share	-	-	-	-
Announcement Date	21/08/23	14/11/23	22/02/24	15/05/24

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-
Net Cash position ¹	-	1,446	1,397	1,720	-
Leverage (Debt/EBITDA)	-	-	-	-	-
Free Cash Flow ¹	-	-282	546	569	846
ROE (net income / shareholders' equity)	-	24.5%	18.2%	20%	20.6%
ROA (Net income/ Total Assets)	-	18.2%	16.4%	16.5%	16.5%
Assets ¹	-	2,292	3,502	4,295	5,008
Book Value Per Share ²	-	9.910	11.10	12.40	14.10
Cash Flow per Share ²	-	1.550	1.900	2.580	3.000
Capex ¹	-	745	673	155	78.5
Capex / Sales	-	38.84%	29.19%	5.82%	2.58%
Announcement Date	27/02/23	22/02/24	-	-	-

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 Master Style

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

64.5 THB

Average target price

74.96 THB

Spread / Average Target

+16.21%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Hospitals, Clinics & Primary Care Services

	1st Jan change	Capi.
MASTER STYLE	+27.09%	534M
AIER EYE HOSPITAL GROUP CO., LTD.	-23.01%	15.84B
BANGKOK DUSIT MEDICAL SERVICES	+1.80%	12.38B
IHH HEALTHCARE	+2.82%	11.79B
APOLLO HOSPITALS ENTERPRISE LIMITED	+3.51%	10.27B
ENCOMPASS HEALTH CORPORATION	+25.70%	8.51B
RAMSAY HEALTH CARE LIMITED	-8.80%	7.54B
THE ENSIGN GROUP, INC.	+6.43%	6.78B
MOUWASAT MEDICAL SERVICES COMPANY	-2.50%	5.96B
DALLAH HEALTHCARE COMPANY	-4.54%	4.28B

Hospitals, Clinics & Primary Care Services