Financials Taokaenoi Food & Marketing

Equities

End-of-day quote Thailand S.E. Other stock markets 23:00:00 12/05/2024 BST			5-day change	1st Jan Change
11.5 ^THB	+2.68%		+11.65%	+21.05%

04-22	Taokaenoi Food & Marketing Public Company Limited Approves Dividend, Payable on May 7, 2024	CI
02-23	Taokaenoi Food & Marketing Public Company Limited Proposes Dividend from the Operation Results Ended December 31, 2023, Payable on May 7, 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	14,490	14,352	10,626	16,008	13,110	15,870	-	-
Enterprise Value (EV) ¹	15,199	14,666	11,055	15,876	13,110	15,571	15,698	15,344
P/E ratio	40.4 x	57.8 x	59.2 x	37.4 x	17.6 x	19.2 x	19.2 x	16.4 x
Yield	2.48%	2.02%	1.82%	2.5%	-	4.35%	4.78%	5.22%
Capitalization / Revenue	2.75 x	3.6 x	2.94 x	3.67 x	2.46 x	2.63 x	2.35 x	2.14 x
EV / Revenue	2.89 x	3.68 x	3.06 x	3.64 x	2.46 x	2.58 x	2.32 x	2.06 x
EV / EBITDA	27 x	32 x	31.4 x	24.7 x	13.8 x	13.4 x	12.9 x	10.7 x
EV / FCF	37.9 x	16.8 x	37.3 x	17.9 x	-	20.5 x	25.7 x	16.2 x
FCF Yield	2.64%	5.97%	2.68%	5.58%	-	4.87%	3.89%	6.18%
Price to Book	6.77 x	7.09 x	5.32 x	7.69 x	-	6.57 x	6.22 x	5.61 x
Nbr of stocks (in thousands)	1,380,000	1,380,000	1,380,000	1,380,000	1,380,000	1,380,000	-	-
Reference price ²	10.50	10.40	7.700	11.60	9.500	11.50	11.50	11.50
Announcement Date	25/02/20	02/03/21	22/02/22	24/02/23	23/02/24	-	-	-

¹THB in Million²THB

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,267	3,983	3,611	4,367	5,323	6,040	6,760	7,431
EBITDA ¹	562.5	457.9	352.1	643.2	951.2	1,158	1,213	1,436
EBIT ¹	399.2	275	170.4	452.6	776.3	892.5	920	1,116
Operating Margin	7.58%	6.9%	4.72%	10.36%	14.58%	14.78%	13.61%	15.01%
Earnings before Tax (EBT) ¹	372.9	273.1	191.3	474.1	795.6	892	924	1,122
Net income ¹	366.2	242.6	182.1	434.7	743	816.5	828.5	993.5
Net margin	6.95%	6.09%	5.04%	9.96%	13.96%	13.52%	12.26%	13.37%
EPS ²	0.2600	0.1800	0.1300	0.3100	0.5400	0.6000	0.6000	0.7000
Free Cash Flow ¹	401.6	875.5	296.6	886	-	759	611	948
FCF margin	7.62%	21.98%	8.21%	20.29%	-	12.57%	9.04%	12.76%
FCF Conversion (EBITDA)	71.38%	191.19%	84.23%	137.74%	-	65.52%	50.37%	66.02%
FCF Conversion (Net income)	109.64%	360.83%	162.86%	203.79%	-	92.96%	73.75%	95.42%
Dividend per Share ²	0.2600	0.2100	0.1400	0.2900	-	0.5000	0.5500	0.6000
Announcement Date	25/02/20	02/03/21	22/02/22	24/02/23	23/02/24	-	-	-

¹THB in Million²THB

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	709	314	429	-	-	-	-	-
Net Cash position ¹	-	-	-	132	-	299	172	526
Leverage (Debt/EBITDA)	1.26 x	0.6867 x	1.219 x	-	-	-	-	-
Free Cash Flow ¹	402	875	297	886	-	759	611	948
ROE (net income / shareholders' equity)	17%	11.7%	9.06%	21.3%	-	35.3%	33.5%	37%
ROA (Net income/ Total Assets)	9.77%	6.75%	5.25%	13%	-	24.5%	23%	25.5%
Assets ¹	3,747	3,594	3,468	3,333	-	3,339	3,602	3,896
Book Value Per Share ²	1.550	1.470	1.450	1.510	-	1.750	1.850	2.050
Cash Flow per Share ²	0.3500	0.7300	0.3400	0.7200	-	0.6500	0.6500	0.8000
Capex ¹	116	132	187	103	-	135	243	150
Capex / Sales	2.2%	3.3%	5.18%	2.35%	-	2.24%	3.59%	2.02%
Announcement Date	25/02/20	02/03/21	22/02/22	24/02/23	23/02/24	-	-	-

¹THB in Million²THB

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

11.5 THB

Average target price

13.38 THB

Spread / Average Target

+16.38%