Financials Sime Darby Property

Equities

SIMEPROP

MYL5288OO005

Real Estate Development & Operations

End-of-day quote BURSA MALAYSIA Other stock markets 23:00:00 25/04/2024 BST			5-day change	1st Jan Change
0.93 ^MYR	+1.64%		+4.49%	+48.80%

02-26	Sime Darby Property Hikes Dividend as Profit Jumps in Q4	MT
02-23	Sime Darby Property Berhad Declares Second Single Tier Dividend in Respect of the Financial Year Ended 31 December 2023, Payable on May 8, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6,223	4,523	4,046	3,060	4,251	6,325	-	-
Enterprise Value (EV) ¹	9,232	7,476	7,327	6,277	6,913	8,889	8,651	7,826
P/E ratio	10.4 x	-9.5 x	74.4 x	9.78 x	10.4 x	15.3 x	14.2 x	13.3 x
Yield	3.28%	1.5%	1.68%	-	4%	2.81%	2.88%	3.05%
Capitalization / Revenue	1.96 x	2.19 x	1.82 x	1.12 x	1.24 x	1.75 x	1.7 x	1.62 x
EV / Revenue	2.9 x	3.62 x	3.3 x	2.29 x	2.01 x	2.46 x	2.32 x	2 x
EV / EBITDA	19.3 x	-20.1 x	44.5 x	12.1 x	10.8 x	14 x	13.8 x	11.3 x
EV / FCF	22.8 x	18.9 x	15 x	12.9 x	-62.8 x	18.4 x	28 x	20.6 x
FCF Yield	4.38%	5.3%	6.67%	7.78%	-1.59%	5.43%	3.57%	4.86%
Price to Book	0.64 x	0.51 x	0.44 x	0.32 x	0.42 x	0.61 x	0.61 x	0.58 x
Nbr of stocks (in thousands)	6,800,839	6,800,839	6,800,839	6,800,839	6,800,839	6,800,839	-	-
Reference price ²	0.9150	0.6650	0.5950	0.4500	0.6250	0.9300	0.9300	0.9300
Announcement Date	26/02/20	25/02/21	24/02/22	28/02/23	23/02/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,180	2,063	2,220	2,742	3,437	3,618	3,731	3,907
EBITDA ¹	478.8	-371.1	164.7	519.8	638.2	633.6	625.1	689.5
EBIT ¹	425.6	-433.2	132.3	487.8	606.4	617.5	600.2	649
Operating Margin	13.38%	-21%	5.96%	17.79%	17.64%	17.07%	16.09%	16.61%
Earnings before Tax (EBT) ¹	665.7	-444.7	116	-	610.3	588.7	609.4	670.4
Net income ¹	598.5	-478.8	56.39	-	407.9	416.2	440.3	469.3
Net margin	18.82%	-23.21%	2.54%	-	11.87%	11.5%	11.8%	12.01%
EPS ²	0.0880	-0.0700	0.008000	0.0460	0.0600	0.0608	0.0653	0.0698
Free Cash Flow ¹	404.7	396	488.8	488.3	-110	482.5	308.6	380.6
FCF margin	12.73%	19.2%	22.02%	17.81%	-3.2%	13.33%	8.27%	9.74%
FCF Conversion (EBITDA)	84.53%	-	296.73%	93.94%	-	76.15%	49.37%	55.19%
FCF Conversion (Net income)	67.61%	-	866.88%	-	-	115.94%	70.1%	81.09%
Dividend per Share ²	0.0300	0.0100	0.0100	-	0.0250	0.0261	0.0268	0.0284
Announcement Date	26/02/20	25/02/21	24/02/22	28/02/23	23/02/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2023 Q1
Net sales	-	-
EBITDA	-	-
EBIT	-	-
Operating Margin	-	-
Earnings before Tax (EBT)	-	-
Net income ¹	-15.8	60.67
Net margin	-	-
EPS ²	-0.002000	0.009000
Dividend per Share	-	-
Announcement Date	25/11/21	25/05/23

¹MYR in Million²MYR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,009	2,953	3,280	3,217	2,663	2,564	2,326	1,501
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.286 x	-7.959 x	19.91 x	6.188 x	4.173 x	4.047 x	3.721 x	2.177 x
Free Cash Flow ¹	405	396	489	488	-110	482	309	381
ROE (net income / shareholders' equity)	6.32%	-5.09%	1.51%	-	4.17%	4.03%	4.1%	4.34%
ROA (Net income/ Total Assets)	3.91%	-3.15%	0.91%	-	2.61%	2.72%	2.81%	2.87%
Assets ¹	15,300	15,184	6,188	-	15,601	15,300	15,687	16,341
Book Value Per Share ²	1.430	1.300	1.340	1.400	1.480	1.520	1.530	1.600
Cash Flow per Share ²	0.0600	0.0600	0.0700	0.1500	-0.0100	0.0900	0.1300	0.0600
Capex ¹	118	17	5.49	11.3	34.9	70	70	75
Capex / Sales	3.71%	0.82%	0.25%	0.41%	1.02%	1.93%	1.88%	1.92%
Announcement Date	26/02/20	25/02/21	24/02/22	28/02/23	23/02/24	-	-	-

¹MYR in Million²MYR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Sime Darby Property

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.93 MYR

Average target price

0.8829 MYR

Spread / Average Target

-5.07%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
SIME DARBY PROPERTY	+48.80%	1.33B
MITSUI FUDOSAN CO., LTD.	+36.16%	27.94B
SUN HUNG KAI PROPERTIES LIMITED	-13.74%	26.97B
DLF LIMITED	+25.00%	26.95B
CHINA RESOURCES LAND LIMITED	-0.71%	25.32B
MITSUBISHI ESTATE CO., LTD.	+44.49%	22.58B
EMAAR PROPERTIES	+2.78%	19.59B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+1.45%	19.52B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+28.54%	16.23B
CK ASSET HOLDINGS LIMITED	-14.80%	14.98B

Other Real Estate Development & Operations