Financials LBS Bina Group

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-04-28 pm EDT			5-day change	1st Jan Change
0.69 ^MYR	+1.47%		0.00%	+20.00%

Apr. 23	LBS Bina Buys Back Shares	MT
Apr. 18	LBS Bina to Pay Dividend	MT

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	997.7	766.1	636.8	803.7	652	1,066	1,066	-
Enterprise Value (EV) ¹	2,182	766.1	636.8	803.7	652	885.5	1,066	1,066
P/E ratio	11.9 x	12.1 x	16.2 x	10.1 x	6.24 x	7.47 x	7.93 x	7.89 x
Yield	2.81%	-	-	3.59%	5.83%	2.17%	3.62%	3.62%
Capitalization / Revenue	0.89 x	0.58 x	0.59 x	0.59 x	0.38 x	0.48 x	0.59 x	0.58 x
EV / Revenue	0.89 x	0.58 x	0.59 x	0.59 x	0.38 x	0.48 x	0.59 x	0.58 x
EV / EBITDA	4.75 x	3.37 x	3.5 x	3.05 x	2.51 x	2.59 x	3.15 x	3.08 x
EV / FCF	-9.92 x	-	-	-	-	-69.2 x	-	-
FCF Yield	-10.1%	-	-	-	-	-1.44%	-	-
Price to Book	0.67 x	0.56 x	0.47 x	0.61 x	0.48 x	0.53 x	0.67 x	0.64 x
Nbr of stocks (in thousands)	1,558,906	1,547,601	1,516,176	1,560,660	1,552,408	1,545,054	1,545,054	-
Reference price ²	0.6400	0.4950	0.4200	0.5150	0.4200	0.6900	0.6900	0.6900
Announcement Date	2/28/19	2/27/20	2/25/21	2/24/22	2/21/23	2/21/24	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	1,122	1,325	1,077	1,364	1,721	1,828	1,812	1,849
EBITDA ¹	210	227.6	182.2	263.2	260	341.8	338	346
EBIT ¹	182.9	194.5	145.2	222.4	248.7	299.5	288.1	292.4
Operating Margin	16.3%	14.68%	13.48%	16.3%	14.45%	16.38%	15.9%	15.81%
Earnings before Tax (EBT) ¹	160.8	158	129.6	184.8	213.6	240.2	236.2	240.4
Net income ¹	85.11	92.52	50.62	95.06	126.3	140.3	136.5	138.8
Net margin	7.59%	6.98%	4.7%	6.97%	7.34%	7.67%	7.54%	7.51%
EPS ²	0.0536	0.0410	0.0260	0.0508	0.0673	0.0770	0.0870	0.0875
Free Cash Flow ¹	-100.6	-	-	-	-	-15.4	-	-
FCF margin	-8.97%	-	-	-	-	-0.85%	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.0180	-	-	0.0185	0.0245	0.0125	0.0250	0.0250
Announcement Date	2/28/19	2/27/20	2/25/21	2/24/22	2/21/23	2/21/24	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt	1,184	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.637 x	-	-	-	-	-	-	-
Free Cash Flow ¹	-101	-	-	-	-	-15.4	-	-
ROE (net income / shareholders' equity)	6.46%	6.8%	3.7%	7.21%	9.41%	8.55%	8.85%	8.55%
ROA (Net income/ Total Assets)	2.04%	2.14%	1.19%	2.22%	2.95%	3.32%	3.05%	3%
Assets ¹	4,169	4,322	4,252	4,284	4,278	4,220	4,475	4,627
Book Value Per Share ²	0.9500	0.8800	0.9000	0.8500	0.8800	1.090	1.030	1.080
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	49.8	13.7	11.6	6.85	8.52	15.2	18	18
Capex / Sales	4.44%	1.03%	1.08%	0.5%	0.5%	0.83%	0.99%	0.97%
Announcement Date	2/28/19	2/27/20	2/25/21	2/24/22	2/21/23	2/21/24	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.69 MYR

Average target price

0.745 MYR

Spread / Average Target

+7.97%

	1st Jan change	Capi.
LBS BINA GROUP	+20.00%	220M
MITSUI FUDOSAN CO., LTD.	+40.28%	27.94B
SUN HUNG KAI PROPERTIES LIMITED	-12.91%	26.97B
DLF LIMITED	+21.99%	26.95B
CHINA RESOURCES LAND LIMITED	+1.61%	25.32B
MITSUBISHI ESTATE CO., LTD.	+49.49%	22.58B
EMAAR PROPERTIES	+2.78%	19.59B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+4.65%	19.52B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+30.40%	16.23B
CK ASSET HOLDINGS LIMITED	-13.78%	14.98B