Financials Supalai Thailand S.E.

Equities

SPALI-F

TH0371010Z13

Real Estate Development & Operations

End-of-day quote Thailand S.E. Other stock markets 23:00:00 04/01/2024 GMT			5-day change	1st Jan Change
18.8 ^THB	+5.62%		-.--%	+5.62%

05-14	Supalai Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-23	Supalai Public Company Limited Approves Dividend for 2023, Payable on 21 May 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	38,361	39,937	44,223	47,459	36,327	34,764	-	-
Enterprise Value (EV) ¹	50,737	59,934	62,487	47,459	36,327	57,857	62,525	34,764
P/E ratio	7.1 x	9.62 x	6.25 x	5.8 x	6.06 x	5.55 x	5.25 x	5.03 x
Yield	5.59%	4.88%	4.41%	-	-	8.28%	7.73%	8.27%
Capitalization / Revenue	1.63 x	1.94 x	1.52 x	1.38 x	1.17 x	1.03 x	1.05 x	1.01 x
EV / Revenue	2.15 x	2.91 x	2.14 x	1.38 x	1.17 x	1.72 x	1.89 x	1.01 x
EV / EBITDA	7.76 x	11.2 x	7.4 x	4.99 x	4.92 x	6.68 x	7.49 x	3.95 x
EV / FCF	19.1 x	-47.1 x	15.9 x	-	-	22.5 x	16.4 x	8.14 x
FCF Yield	5.22%	-2.12%	6.28%	-	-	4.45%	6.09%	12.3%
Price to Book	1.03 x	1.17 x	1.05 x	-	-	0.63 x	0.59 x	0.55 x
Nbr of stocks (in thousands)	2,143,079	1,948,141	1,948,141	1,953,054	1,953,054	1,953,054	-	-
Reference price ²	17.90	20.50	22.70	24.30	18.60	17.80	17.80	17.80
Announcement Date	25/02/20	23/02/21	22/02/22	21/02/23	20/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	23,557	20,588	29,160	34,486	31,177	33,665	33,017	34,543
EBITDA ¹	6,540	5,363	8,444	9,514	7,386	8,665	8,350	8,794
EBIT ¹	6,422	5,246	8,321	9,387	7,249	8,336	8,113	8,812
Operating Margin	27.26%	25.48%	28.54%	27.22%	23.25%	24.76%	24.57%	25.51%
Earnings before Tax (EBT) ¹	6,823	5,594	9,083	10,515	7,670	9,779	8,567	9,271
Net income ¹	5,403	4,251	7,070	8,173	5,989	6,260	6,630	6,966
Net margin	22.93%	20.65%	24.25%	23.7%	19.21%	18.6%	20.08%	20.17%
EPS ²	2.520	2.130	3.630	4.190	3.070	3.205	3.388	3.540
Free Cash Flow ¹	2,651	-1,272	3,926	-	-	2,575	3,806	4,273
FCF margin	11.25%	-6.18%	13.46%	-	-	7.65%	11.53%	12.37%
FCF Conversion (EBITDA)	40.53%	-	46.49%	-	-	29.72%	45.59%	48.59%
FCF Conversion (Net income)	49.07%	-	55.52%	-	-	41.14%	57.41%	61.34%
Dividend per Share ²	1.000	1.000	1.000	-	-	1.473	1.376	1.471
Announcement Date	25/02/20	23/02/21	22/02/22	21/02/23	20/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2
Net sales	12,813	6,653	-	10,792	10,938	5,433	8,198	13,630	11,133	9,723	5,734	8,165	13,899	7,166	10,111	4,580	-
EBITDA	3,661	1,441	-	2,918	3,338	1,442	-	-	3,312	2,440	-	1,940	3,252	1,671	2,463	916.3	-
EBIT	3,601	1,383	-	2,857	3,307	1,412	2,291	3,703	3,281	2,403	1,281	1,903	3,183	1,638	2,428	880	-
Operating Margin	28.11%	20.78%	-	26.47%	30.24%	25.99%	27.94%	27.17%	29.47%	24.72%	22.34%	23.3%	22.9%	22.85%	24.01%	19.21%	-
Earnings before Tax (EBT)	3,899	1,576	-	3,287	3,603	1,515	2,669	4,185	3,520	2,811	1,419	2,206	3,625	1,531	2,514	829.5	-
Net income ¹	3,109	1,170	-	2,472	2,879	1,178	2,075	3,253	2,749	2,171	1,080	1,701	2,781	1,191	2,018	613.6	1,242
Net margin	24.27%	17.59%	-	22.9%	26.32%	21.68%	25.31%	23.86%	24.69%	22.33%	18.84%	20.83%	20.01%	16.62%	19.95%	13.4%	-
EPS	1.450	0.5700	-	1.270	1.480	0.6000	1.060	1.670	1.410	1.110	0.5500	0.8700	1.420	0.6100	1.040	0.3100	-
Dividend per Share	0.6000	0.5000	0.5000	0.5000	-	-	-	0.7000	-	-	-	-	-	-	-	-	-
Announcement Date	25/02/20	11/08/20	23/02/21	10/08/21	22/02/22	11/05/22	09/08/22	09/08/22	08/11/22	21/02/23	09/05/23	08/08/23	08/08/23	14/11/23	20/02/24	15/05/24	-

¹THB in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	12,376	19,997	18,264	-	-	23,093	27,761	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.892 x	3.729 x	2.163 x	-	-	2.665 x	3.325 x	-
Free Cash Flow ¹	2,651	-1,272	3,926	-	-	2,575	3,806	4,273
ROE (net income / shareholders' equity)	15.2%	11%	18%	-	-	12.7%	11.8%	11.4%
ROA (Net income/ Total Assets)	9.14%	6%	10.1%	-	-	7.65%	7.29%	7.5%
Assets ¹	59,108	70,854	69,819	-	-	81,831	90,893	92,884
Book Value Per Share ²	17.30	17.50	21.60	-	-	28.40	30.30	32.40
Cash Flow per Share ²	1.260	-0.5800	2.060	-	-	2.990	3.570	3.390
Capex ¹	55.2	52.9	83.3	-	-	440	234	284
Capex / Sales	0.23%	0.26%	0.29%	-	-	1.31%	0.71%	0.82%
Announcement Date	25/02/20	23/02/21	22/02/22	21/02/23	20/02/24	-	-	-

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 Supalai

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

17.8 THB

Average target price

22.75 THB

Spread / Average Target

+27.81%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
MITSUI FUDOSAN CO., LTD.	+28.09%	26.11B
DLF LIMITED	+20.95%	25.9B
SUN HUNG KAI PROPERTIES LIMITED	-15.22%	25.25B
CHINA RESOURCES LAND LIMITED	-3.57%	24.51B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+5.09%	20.21B
MITSUBISHI ESTATE CO., LTD.	+33.30%	20.19B
EMAAR PROPERTIES	-2.15%	18.6B
MACROTECH DEVELOPERS LIMITED	+52.13%	18.32B
POLY DEVELOPMENTS AND HOLDINGS GROUP CO., LTD.	+1.01%	16.13B

Other Real Estate Development & Operations