Financials MBK

Equities

MBK

TH0480B10Z01

Real Estate Development & Operations

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-05-15 pm EDT			5-day change	1st Jan Change
17.6 ^THB	0.00%		+2.33%	+11.39%

May. 15	MBK Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 01	MBK Public Company Limited Approves in Principle of Extension of Financial Assistance Period to Max Asset Management Company Limited	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	27,251	28,045	16,668	18,624	24,720	21,818
Enterprise Value (EV) ¹	46,962	48,905	43,906	43,967	51,466	54,007
P/E ratio	9.51 x	10 x	115 x	-22.5 x	84.3 x	15.6 x
Yield	3.64%	3.77%	-	-	4.52%	5.06%
Capitalization / Revenue	2.53 x	2.54 x	1.98 x	2.55 x	2.81 x	1.89 x
EV / Revenue	4.36 x	4.42 x	5.22 x	6.03 x	5.84 x	4.67 x
EV / EBITDA	13.6 x	12.4 x	18.4 x	23.8 x	18.4 x	13 x
EV / FCF	34.7 x	16.3 x	20.7 x	88.1 x	19.8 x	19.5 x
FCF Yield	2.88%	6.12%	4.83%	1.13%	5.05%	5.13%
Price to Book	1.22 x	1.16 x	0.8 x	0.91 x	1.27 x	1.12 x
Nbr of stocks (in thousands)	1,322,882	1,322,882	1,322,882	1,389,881	1,396,598	1,380,875
Reference price ²	20.60	21.20	12.60	13.40	17.70	15.80
Announcement Date	2/22/19	2/21/20	3/1/21	2/28/22	2/28/23	2/29/24

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	10,760	11,056	8,408	7,297	8,812	11,553
EBITDA ¹	3,452	3,953	2,385	1,844	2,795	4,159
EBIT ¹	2,301	2,786	983.1	212.5	1,182	2,634
Operating Margin	21.38%	25.2%	11.69%	2.91%	13.41%	22.8%
Earnings before Tax (EBT) ¹	3,466	3,137	447.2	-475	637.2	2,010
Net income ¹	2,881	2,800	149.2	-804.5	331.9	1,567
Net margin	26.78%	25.32%	1.77%	-11.03%	3.77%	13.56%
EPS ²	2.166	2.116	0.1100	-0.5950	0.2100	1.010
Free Cash Flow ¹	1,352	2,994	2,122	498.9	2,600	2,773
FCF margin	12.56%	27.08%	25.23%	6.84%	29.51%	24%
FCF Conversion (EBITDA)	39.15%	75.75%	88.95%	27.05%	93.02%	66.68%
FCF Conversion (Net income)	46.91%	106.95%	1,422.25%	-	783.6%	176.94%
Dividend per Share ²	0.7500	0.8000	-	-	0.8000	0.8000
Announcement Date	2/22/19	2/21/20	3/1/21	2/28/22	2/28/23	2/29/24

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	19,711	20,860	27,237	25,343	26,746	32,189
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.71 x	5.277 x	11.42 x	13.74 x	9.568 x	7.74 x
Free Cash Flow ¹	1,352	2,994	2,122	499	2,600	2,773
ROE (net income / shareholders' equity)	12.8%	11.8%	0.83%	-3.51%	1.77%	7.36%
ROA (Net income/ Total Assets)	3.01%	3.43%	1.12%	0.24%	1.35%	2.87%
Assets ¹	95,823	81,611	13,305	-340,447	24,624	54,655
Book Value Per Share ²	16.80	18.20	15.70	14.80	14.00	14.10
Cash Flow per Share ²	0.5100	0.5900	2.900	3.200	0.8400	0.6000
Capex	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-
Announcement Date	2/22/19	2/21/20	3/1/21	2/28/22	2/28/23	2/29/24

¹THB in Million²THB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
MBK	+11.39%	748M
CHINA RESOURCES LAND LIMITED	+17.68%	29.15B
SUN HUNG KAI PROPERTIES LIMITED	-5.15%	27.94B
MITSUI FUDOSAN CO., LTD.	+26.23%	26.02B
DLF LIMITED	+17.25%	24.95B
MITSUBISHI ESTATE CO., LTD.	+40.97%	22.49B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+20.20%	22.19B
EMAAR PROPERTIES	-3.79%	18.48B
POLY DEVELOPMENTS AND HOLDINGS GROUP CO., LTD.	+2.83%	16.73B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+22.53%	15.89B

Other Real Estate Development & Operations

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