Financials Sansiri Thailand S.E.

Equities

SIRI-F

TH0577C10Z12

Real Estate Development & Operations

End-of-day quote Thailand S.E. Other stock markets 23:00:00 09/05/2024 BST			5-day change	1st Jan Change
1.65 ^THB	-2.37%		-.--%	-.--%

05-15	Sansiri Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
05-02	Sansiri Public Company Limited Approves Dividend for the Year Ended December 31, 2023, Payable on 20 May 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	15,416	12,039	18,306	26,265	29,181	27,371	-	-
Enterprise Value (EV) ¹	75,554	68,986	80,830	26,265	29,181	102,680	109,463	131,301
P/E ratio	6.41 x	7.36 x	11 x	6.67 x	5.12 x	5.39 x	5.57 x	5.16 x
Yield	7.34%	4.94%	4.88%	-	-	11.3%	10%	11%
Capitalization / Revenue	0.61 x	0.36 x	0.64 x	0.78 x	0.79 x	0.73 x	0.72 x	0.69 x
EV / Revenue	2.99 x	2.04 x	2.82 x	0.78 x	0.79 x	2.73 x	2.87 x	3.3 x
EV / EBITDA	38.9 x	28.4 x	23.2 x	5.46 x	4.86 x	18.6 x	17.3 x	19.7 x
EV / FCF	-9.18 x	45.8 x	-26.6 x	-	-	9.61 x	35 x	36.1 x
FCF Yield	-10.9%	2.18%	-3.76%	-	-	10.4%	2.86%	2.77%
Price to Book	0.5 x	0.32 x	0.47 x	-	-	0.52 x	0.54 x	0.58 x
Nbr of stocks (in thousands)	14,142,734	14,862,734	14,883,054	14,923,126	16,486,281	17,214,261	-	-
Reference price ²	1.090	0.8100	1.230	1.760	1.770	1.590	1.590	1.590
Announcement Date	02/03/20	01/03/21	01/03/22	28/02/23	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	25,241	33,833	28,642	33,712	36,965	37,605	38,188	39,781
EBITDA ¹	1,941	2,432	3,477	4,807	6,003	5,506	6,313	6,661
EBIT ¹	1,512	1,605	2,660	3,957	5,098	5,035	5,471	5,786
Operating Margin	5.99%	4.74%	9.29%	11.74%	13.79%	13.39%	14.33%	14.54%
Earnings before Tax (EBT) ¹	2,897	2,218	2,675	5,193	7,366	5,692	5,944	6,283
Net income ¹	2,392	1,673	2,017	4,280	6,060	4,821	4,816	4,975
Net margin	9.48%	4.95%	7.04%	12.7%	16.39%	12.82%	12.61%	12.51%
EPS ²	0.1700	0.1100	0.1120	0.2640	0.3460	0.2950	0.2857	0.3080
Free Cash Flow ¹	-8,230	1,507	-3,040	-	-	10,685	3,127	3,636
FCF margin	-32.61%	4.45%	-10.61%	-	-	28.41%	8.19%	9.14%
FCF Conversion (EBITDA)	-	61.95%	-	-	-	194.07%	49.53%	54.59%
FCF Conversion (Net income)	-	90.04%	-	-	-	221.64%	64.94%	73.1%
Dividend per Share ²	0.0800	0.0400	0.0600	-	-	0.1800	0.1592	0.1745
Announcement Date	02/03/20	01/03/21	01/03/22	28/02/23	28/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2
Net sales	17,390	14,539	7,087	5,057	7,269	8,669	12,835	7,648	9,185	16,832	9,332	10,801	9,734	-
EBITDA	615.8	2,042	335.5	868.3	-	1,501	1,783	1,322	1,395	2,718	1,765	-	1,245	-
EBIT	212.8	1,628	131.5	654.8	772	1,288	1,575	1,088	1,158	2,247	1,542	1,309	1,031	-
Operating Margin	1.22%	11.2%	1.86%	12.95%	10.62%	14.86%	12.27%	14.23%	12.61%	13.35%	16.53%	12.12%	10.59%	-
Earnings before Tax (EBT)	538.6	1,425	375.2	403.4	1,154	1,582	2,054	1,947	-	-	1,881	1,562	1,599	-
Net income ¹	320.1	1,046	343	302.6	917.6	1,268	1,791	1,536	1,621	3,203	1,557	1,300	1,315	1,338
Net margin	1.84%	7.19%	4.84%	5.98%	12.62%	14.63%	13.96%	20.09%	17.65%	19.03%	16.69%	12.04%	13.51%	-
EPS	-	-	-	-	-	-	-	0.0920	0.0930	-	0.0870	0.0740	0.0720	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	17/08/20	16/08/21	01/03/22	17/05/22	15/08/22	14/11/22	28/02/23	15/05/23	11/08/23	11/08/23	13/11/23	28/02/24	14/05/24	-

¹THB in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	60,139	56,947	62,524	-	-	75,309	82,093	103,930
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	30.98 x	23.42 x	17.98 x	-	-	13.68 x	13 x	15.6 x
Free Cash Flow ¹	-8,230	1,507	-3,040	-	-	10,685	3,127	3,636
ROE (net income / shareholders' equity)	7.74%	4.9%	5.27%	-	-	10.6%	9.99%	10.1%
ROA (Net income/ Total Assets)	2.35%	1.51%	1.76%	-	-	3.4%	3.35%	3.5%
Assets ¹	101,845	110,484	114,631	-	-	141,799	143,575	142,269
Book Value Per Share ²	2.190	2.510	2.640	-	-	3.060	2.970	2.730
Cash Flow per Share ²	1.150	1.780	1.450	-	-	0.3200	0.3200	0.3200
Capex ¹	943	1,324	666	-	-	1,372	1,035	1,545
Capex / Sales	3.74%	3.91%	2.33%	-	-	3.65%	2.71%	3.88%
Announcement Date	02/03/20	01/03/21	01/03/22	28/02/23	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

Ratings for Sansiri

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1.59 THB

Average target price

2.096 THB

Spread / Average Target

+31.84%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Residential Real Estate Development

	1st Jan change	Capi.
VONOVIA SE	+0.91%	25.44B
CHINA VANKE CO., LTD.	-21.13%	12.51B
AKELIUS RESIDENTIAL PROPERTY AB	+9.67%	11.03B
DEUTSCHE WOHNEN SE	-25.23%	7.71B
VINHOMES	-10.07%	6.65B
LEG IMMOBILIEN SE	+2.42%	6.53B
VINGROUP	-2.35%	6.37B
IIDA GROUP HOLDINGS CO., LTD.	+1.44%	3.82B
BRIGADE ENTERPRISES LIMITED	+42.97%	3.56B

Residential Real Estate Development