Financials Land and Houses

Equities

LH

TH0143010Z08

Real Estate Development & Operations

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-04-28 pm EDT			5-day change	1st Jan Change
7.45 ^THB	+1.36%		+2.05%	-8.59%

Apr. 25	Land and Houses Public Company Limited Approves Dividend for 2023, Payable on May 21, 2024	CI
Feb. 28	Land and Houses Public Company Limited Announces Dividend Operating Period from 01-Jul-2023 to 31-Dec-2023, Payable on May 21, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	117,107	95,000	105,157	118,302	97,390	89,025	-	-
Enterprise Value (EV) ¹	162,375	141,883	160,558	176,090	97,390	146,963	147,266	152,113
P/E ratio	11.7 x	13.3 x	15.2 x	14.1 x	12.9 x	12.6 x	11.4 x	9.7 x
Yield	7.14%	6.29%	5.68%	-	-	6.61%	7.35%	8.59%
Capitalization / Revenue	3.93 x	3.2 x	3.26 x	3.32 x	3.64 x	2.79 x	2.62 x	2.25 x
EV / Revenue	5.46 x	4.78 x	4.98 x	4.95 x	3.64 x	4.61 x	4.33 x	3.85 x
EV / EBITDA	25.3 x	22.9 x	20.9 x	20.7 x	18.4 x	20 x	17.1 x	15.3 x
EV / FCF	2,018 x	73.5 x	17.5 x	34.7 x	-	22.7 x	35.1 x	15.9 x
FCF Yield	0.05%	1.36%	5.73%	2.89%	-	4.4%	2.85%	6.3%
Price to Book	2.23 x	1.9 x	2.11 x	2.29 x	-	1.67 x	1.61 x	1.53 x
Nbr of stocks (in thousands)	11,949,713	11,949,713	11,949,713	11,949,713	11,949,713	11,949,713	-	-
Reference price ²	9.800	7.950	8.800	9.900	8.150	7.450	7.450	7.450
Announcement Date	2/27/20	2/24/21	2/24/22	2/27/23	2/28/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	29,762	29,668	32,270	35,597	26,745	31,889	34,011	39,489
EBITDA ¹	6,413	6,199	7,699	8,501	5,295	7,348	8,612	9,968
EBIT ¹	5,674	5,248	6,183	6,834	3,418	5,528	6,394	8,205
Operating Margin	19.06%	17.69%	19.16%	19.2%	12.78%	17.34%	18.8%	20.78%
Earnings before Tax (EBT) ¹	11,766	8,338	8,218	9,830	8,286	8,229	9,280	10,176
Net income ¹	10,025	7,145	6,936	8,313	7,482	7,037	7,817	9,062
Net margin	33.68%	24.08%	21.49%	23.35%	27.98%	22.07%	22.98%	22.95%
EPS ²	0.8400	0.6000	0.5800	0.7000	0.6300	0.5905	0.6562	0.7680
Free Cash Flow ¹	80.48	1,930	9,195	5,081	-	6,464	4,192	9,579
FCF margin	0.27%	6.51%	28.49%	14.27%	-	20.27%	12.32%	24.26%
FCF Conversion (EBITDA)	1.25%	31.13%	119.42%	59.77%	-	87.98%	48.67%	96.09%
FCF Conversion (Net income)	0.8%	27.01%	132.57%	61.12%	-	91.86%	53.63%	105.71%
Dividend per Share ²	0.7000	0.5000	0.5000	-	-	0.4922	0.5479	0.6398
Announcement Date	2/27/20	2/24/21	2/24/22	2/27/23	2/28/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2020 S2	2021 S1	2021 Q3	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	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	13,486	-	16,750	6,909	8,915	7,627	9,280	16,907	8,865	9,825	6,707	6,888	13,595	6,423	6,726	7,491	8,010	8,010	8,010	-
EBITDA	2,476	-	4,165	-	2,256	1,848	2,172	4,020	2,021	2,460	1,290	1,502	2,793	1,238	1,265	-	-	-	-	-
EBIT ¹	1,958	-	3,409	1,191	1,888	1,470	1,790	3,260	1,581	1,993	826	1,030	1,856	766.9	795.1	1,087	1,281	1,281	1,281	-
Operating Margin	14.52%	-	20.35%	17.23%	21.18%	19.28%	19.29%	19.28%	17.84%	20.28%	12.31%	14.95%	13.65%	11.94%	11.82%	14.51%	15.99%	15.99%	15.99%	-
Earnings before Tax (EBT) ¹	3,077	-	4,217	-	2,459	2,252	2,536	4,788	2,722	2,320	1,503	1,649	3,152	1,331	3,803	569.3	-	-	-	-
Net income ¹	2,739	-	3,614	1,308	2,015	1,931	2,139	4,071	2,249	1,993	1,354	1,450	2,804	1,185	3,493	1,306	1,307	-	-	-
Net margin	20.31%	-	21.58%	18.93%	22.6%	25.33%	23.05%	24.08%	25.37%	20.28%	20.19%	21.05%	20.62%	18.46%	51.93%	17.43%	16.32%	-	-	-
EPS ²	0.2300	-	0.3000	0.1100	0.1600	0.1600	0.1800	0.3400	0.1900	0.1700	0.1100	0.1200	0.2300	0.1000	0.3000	0.1200	0.1550	0.1550	0.1550	0.1900
Dividend per Share	0.2000	0.3000	0.2500	-	-	-	-	0.2500	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/13/20	2/24/21	8/10/21	11/11/21	2/24/22	5/12/22	8/11/22	8/11/22	11/10/22	2/27/23	5/11/23	8/10/23	8/10/23	11/9/23	2/28/24	-	-	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	45,268	46,883	55,400	57,788	-	57,938	58,241	63,088
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.059 x	7.563 x	7.195 x	6.798 x	-	7.885 x	6.763 x	6.329 x
Free Cash Flow ¹	80.5	1,930	9,195	5,081	-	6,465	4,192	9,579
ROE (net income / shareholders' equity)	19.6%	14%	13.9%	16.4%	-	13.4%	14.6%	16.2%
ROA (Net income/ Total Assets)	8.93%	6.06%	5.6%	6.67%	-	5.66%	6.34%	7.04%
Assets ¹	112,310	117,864	123,884	124,573	-	124,336	123,290	128,809
Book Value Per Share ²	4.390	4.180	4.180	4.320	-	4.460	4.630	4.860
Cash Flow per Share ²	0.1000	0.2800	0.8600	0.6800	-	0.9000	0.7000	1.000
Capex ¹	1,117	1,396	1,125	3,070	-	3,739	2,591	3,138
Capex / Sales	3.75%	4.71%	3.49%	8.62%	-	11.72%	7.62%	7.95%
Announcement Date	2/27/20	2/24/21	2/24/22	2/27/23	2/28/24	-	-	-

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 Land and Houses

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

7.45 THB

Average target price

8.646 THB

Spread / Average Target

+16.06%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Residential Real Estate Development

	1st Jan change	Capi.
LAND AND HOUSES	-8.59%	2.4B
VONOVIA SE	-8.37%	22.83B
AKELIUS RESIDENTIAL PROPERTY AB	+8.24%	10.75B
CHINA VANKE CO., LTD.	-27.72%	11.47B
DEUTSCHE WOHNEN SE	-27.74%	7.36B
VINHOMES	-5.56%	7.03B
VINGROUP	-0.34%	6.54B
LEG IMMOBILIEN SE	-2.27%	6.16B
OPEN HOUSE GROUP CO., LTD.	+15.28%	3.58B
IIDA GROUP HOLDINGS CO., LTD.	-5.07%	3.55B

Residential Real Estate Development