Financials Supalai

Stocks

SPALI

TH0371010Z05

Real Estate Development & Operations

End-of-day quote Thailand S.E. Other stock markets 10/07/2026			5-day change	1st Jan Change
15.90 ^THB	+0.63%		-3.05%	-6.47%

07-06	Yuanta Securities Investment Consulting Downgrades Supalai to Hold From Buy; Price Target is THB16	MT
05-13	Supalai Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2026	CI

Projected Income Statement: Supalai

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	29,160	34,486	31,177	31,194	24,124	25,233	25,928	27,487
Change	-	18.26%	-9.6%	0.06%	-22.66%	4.59%	2.75%	6.02%
EBITDA ¹	8,444	9,514	7,386	7,665	4,680	5,334	5,567	5,818
Change	-	12.68%	-22.36%	3.77%	-38.94%	13.96%	4.37%	4.51%
EBIT ¹	8,321	9,387	7,249	7,462	4,467	4,750	5,000	5,584
Change	-	12.81%	-22.78%	2.93%	-40.13%	6.33%	5.28%	11.67%
Interest Paid ¹	-258.9	-276.8	-467.4	-708.5	-724.6	-684.9	-691.7	-682.6
Earnings before Tax (EBT) ¹	9,083	10,515	7,670	7,937	5,121	5,366	5,587	6,097
Change	-	15.78%	-27.06%	3.48%	-35.48%	4.79%	4.13%	9.12%
Net income ¹	7,070	8,173	5,989	6,190	4,015	4,319	4,563	4,993
Change	-	15.6%	-26.72%	3.34%	-35.13%	7.56%	5.65%	9.44%
Announcement Date	22/02/22	21/02/23	20/02/24	25/02/25	25/02/26	-	-	-

¹THB in Million

Estimates

Fiscal Period: December	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2
Net sales ¹	7,131	7,430	10,938	5,433	8,198	11,133	9,723	5,734	8,165	7,166	10,111	4,580	7,942	9,836	8,837	3,634	6,912	6,371	7,207	3,792	4,795
Change	-	4.2%	47.22%	-50.33%	50.9%	35.8%	-12.67%	-41.02%	42.4%	-12.24%	41.1%	-54.7%	73.4%	23.85%	-10.15%	-58.88%	90.2%	-7.82%	13.11%	-47.39%	26.46%
EBITDA ¹	2,093	2,187	3,338	1,442	-	3,312	2,440	-	1,940	1,671	2,463	916.3	1,901	2,621	2,225	659.3	1,264	1,344	1,478	468.4	825.2
Change	-	4.5%	52.64%	-56.82%	-	-	-26.32%	-	-	-13.84%	47.36%	-62.8%	107.52%	37.86%	-15.1%	-70.38%	91.8%	6.32%	9.94%	-68.31%	76.19%
EBIT ¹	2,060	2,157	3,307	1,412	2,291	3,281	2,403	1,281	1,903	1,638	2,428	880	1,862	2,573	2,146	530.8	1,196	1,277	1,463	413.2	633
Change	-	4.7%	53.35%	-57.31%	62.24%	43.22%	-26.74%	-46.71%	48.54%	-13.92%	48.23%	-63.75%	111.64%	38.17%	-16.6%	-75.27%	125.33%	6.78%	14.55%	-71.76%	53.19%
Charge d'intérêts ¹	-68.2	-64.46	-61.15	-59.02	-61.25	-75.24	-81.28	-95.81	-103.1	-136.7	-131.8	-145	-158.3	-200.6	-204.6	-189.5	-191	-177.5	-166.6	-151.1	-150.8
Earnings before Tax (EBT) ¹	2,295	2,193	3,603	1,515	2,669	3,520	2,811	1,419	2,206	1,531	2,514	829.5	2,132	2,561	2,414	538.6	1,507	1,546	1,529	529.8	830.3
Change	-	-4.45%	64.25%	-57.94%	76.15%	31.85%	-20.13%	-49.53%	55.48%	-30.6%	64.23%	-67.01%	157.02%	20.12%	-5.72%	-77.69%	179.77%	2.6%	-1.07%	-65.36%	56.71%
Net income ¹	1,730	1,720	2,879	1,178	2,075	2,749	2,171	1,080	1,701	1,191	2,018	613.6	1,599	1,989	1,988	404.8	1,104	1,168	1,338	402.1	756.2
Change	-	-0.63%	67.43%	-59.09%	76.18%	32.47%	-21%	-50.25%	57.41%	-29.99%	69.44%	-69.59%	160.56%	24.38%	-0.02%	-79.64%	172.85%	5.73%	14.57%	-69.95%	88.06%
Announcement Date	10/08/21	09/11/21	22/02/22	11/05/22	09/08/22	08/11/22	21/02/23	09/05/23	08/08/23	14/11/23	20/02/24	15/05/24	13/08/24	13/11/24	25/02/25	14/05/25	13/08/25	11/11/25	25/02/26	13/05/26	-

¹THB in Million

Estimates

Fiscal Period: December	2022 S1	2023 S1	2024 S1	2025 S1	2026 S1
Net sales ¹	13,630	13,899	12,522	10,546	8,606
Change	-	1.97%	-9.91%	-15.78%	-18.4%
EBITDA ¹	-	3,252	2,818	1,858	1,294
Change	-	-	-13.36%	-34.06%	-30.39%
EBIT ¹	3,703	3,183	2,742	1,727	1,183
Change	-	-14.03%	-13.86%	-37.03%	-31.48%
Charge d'intérêts ¹	-	-198.9	-303.3	-380.5	-302
Earnings before Tax (EBT) ¹	4,185	3,625	2,962	2,045	1,210
Change	-	-13.39%	-18.29%	-30.94%	-40.83%
Net income ¹	3,253	2,781	2,213	1,509	1,189
Change	-	-14.5%	-20.44%	-31.79%	-21.25%
Announcement Date	09/08/22	08/08/23	13/08/24	13/08/25	-

¹THB in Million

Estimates

Forecast Balance Sheet: Supalai

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	18,264	-	22,453	29,064	34,200	32,420	32,635	32,194
Change	-	-	-	29.44%	17.67%	-5.2%	0.66%	-1.35%
Announcement Date	22/02/22	21/02/23	20/02/24	25/02/25	25/02/26	-	-	-

¹THB in Million

Estimates

Cash Flow Forecast: Supalai

Fiscal Period: December	2021	2023	2024	2025	2026	2027	2028
CAPEX ¹	83.27	79.23	243	141.4	200	366.3	271.1
Change	-	-	206.67%	-41.8%	41.44%	83.15%	-25.99%
Free Cash Flow (FCF) ¹	3,926	-258.7	-930.2	711.7	5,246	3,211	3,962
Change	-	-	-259.48%	176.51%	637.17%	-38.79%	23.37%
Announcement Date	22/02/22	20/02/24	25/02/25	25/02/26	-	-	-

¹THB in Million

Estimates

Forecast Financial Ratios: Supalai

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	28.96%	27.59%	23.69%	24.57%	19.4%	21.14%	21.47%	21.16%
EBIT Margin (%)	28.54%	27.22%	23.25%	23.92%	18.52%	18.82%	19.29%	20.31%
EBT Margin (%)	31.15%	30.49%	24.6%	25.44%	21.23%	21.27%	21.55%	22.18%
Net margin (%)	24.25%	23.7%	19.21%	19.84%	16.64%	17.12%	17.6%	18.17%
FCF margin (%)	13.46%	-	-0.83%	-2.98%	2.95%	20.79%	12.39%	14.41%
FCF / Net Income (%)	55.52%	-	-4.32%	-15.03%	17.72%	121.48%	70.38%	79.34%
Profitability
ROA	10.13%	-	7.21%	6.79%	4.11%	4.28%	4.54%	4.97%
ROE	17.98%	-	12.35%	11.94%	7.51%	7.76%	7.89%	8.39%
Financial Health
Leverage (Debt/EBITDA)	2.16x	-	3.04x	3.79x	7.31x	6.08x	5.86x	5.53x
Debt / Free cash flow	4.65x	-	-86.78x	-31.25x	48.06x	6.18x	10.16x	8.13x
Capital Intensity
CAPEX / Current Assets (%)	0.29%	-	0.25%	0.78%	0.59%	0.79%	1.41%	0.99%
CAPEX / EBITDA (%)	0.99%	-	1.07%	3.17%	3.02%	3.75%	6.58%	4.66%
CAPEX / FCF (%)	2.12%	-	-30.62%	-26.12%	19.87%	3.81%	11.41%	6.84%
Items per share
Cash flow per share ¹	2.058	-	-0.092	-0.3518	0.4447	1.968	2.125	2.285
Change	-	-	-	-282.39%	226.41%	342.43%	8.01%	7.53%
Dividend per Share ¹	1	-	1.45	1.35	1.4	1.24	1.268	1.35
Change	-	-	-	-6.9%	3.7%	-11.4%	2.19%	6.48%
Book Value Per Share ¹	21.59	-	25.84	27.23	28.48	29.52	30.41	31.5
Change	-	-	-	5.35%	4.61%	3.66%	3.02%	3.57%
EPS ¹	3.63	4.19	3.07	3.17	2.09	2.23	2.357	2.589
Change	-	15.43%	-26.73%	3.26%	-34.07%	6.69%	5.7%	9.84%
Nbr of stocks (in thousands)	1,948,141	1,953,054	1,953,054	1,953,054	1,886,454	1,886,454	1,886,454	1,886,454
Announcement Date	22/02/22	21/02/23	20/02/24	25/02/25	25/02/26	-	-	-