Financials Ngern Tid Lor

Equities

TIDLOR

THA271010003

Consumer Lending

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-05-13 pm EDT			5-day change	1st Jan Change
21.1 ^THB	-1.86%		-2.76%	-2.75%

May. 07	Ngern Tid Lor Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 18	Ngern Tid Lor Public Company Limited Approves Cash Dividend for the Year Ended December 31, 2023, Payable on May 14, 2024	CI

Valuation

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	84,643	73,671	63,213	61,476	-	-
Enterprise Value (EV) ¹	109,323	73,671	129,771	143,699	158,491	176,295
P/E ratio	25.9 x	19.7 x	16.1 x	13.2 x	11 x	9.46 x
Yield	0.75%	0.99%	1.3%	1.72%	2.05%	2.88%
Capitalization / Revenue	7.75 x	5.25 x	3.69 x	3.08 x	2.7 x	2.36 x
EV / Revenue	10 x	5.25 x	7.58 x	7.21 x	6.97 x	6.77 x
EV / EBITDA	17,399,751 x	-	-	-	-	-
EV / FCF	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-
Price to Book	3.66 x	2.9 x	2.22 x	1.92 x	1.67 x	1.52 x
Nbr of stocks (in thousands)	2,913,596	2,913,559	2,913,535	2,913,535	-	-
Reference price ²	29.05	25.29	21.70	21.10	21.10	21.10
Announcement Date	2/21/22	2/17/23	2/28/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	9,354	10,926	14,039	17,130	19,933	22,731	26,030
EBITDA	-	6,283	-	-	-	-	-
EBIT ¹	-	4,367	6,116	7,729	8,876	10,233	11,458
Operating Margin	-	39.97%	43.56%	45.12%	44.53%	45.02%	44.02%
Earnings before Tax (EBT) ¹	-	3,953	4,533	4,744	5,752	6,953	8,170
Net income ¹	2,416	3,169	3,640	3,790	4,546	5,478	6,348
Net margin	25.83%	29%	25.93%	22.13%	22.8%	24.1%	24.39%
EPS ²	0.9153	1.122	1.286	1.350	1.602	1.926	2.232
Free Cash Flow	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share ²	-	0.2181	0.2503	0.2816	0.3626	0.4329	0.6072
Announcement Date	5/7/21	2/21/22	2/17/23	2/28/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales	3,061	3,092	3,330	6,422	-	4,001	3,950	4,103	4,351	4,726	4,752	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	1,102	1,582	1,793	3,375	-	1,662	2,226	2,260	2,425	2,124	2,183	-	-	-
Operating Margin	36.02%	51.15%	53.85%	52.55%	-	41.54%	56.34%	55.07%	55.74%	44.94%	45.94%	-	-	-
Earnings before Tax (EBT)	992.3	1,173	1,223	2,396	-	1,016	1,196	1,164	1,260	1,124	1,374	-	-	-
Net income ¹	795.4	940.4	981.4	1,922	901.1	817.3	955.1	927.2	1,007	901.2	1,104	1,075	-	-
Net margin	25.99%	30.42%	29.47%	29.93%	-	20.43%	24.18%	22.6%	23.14%	19.07%	23.23%	-	-	-
EPS ²	0.2706	0.3514	0.3600	0.6943	0.3171	0.2829	0.3664	0.3375	0.3471	0.2989	0.3900	0.3774	0.3768	0.3968
Dividend per Share ²	0.2181	-	-	-	-	0.2503	-	-	-	0.2816	-	-	-	0.2842
Announcement Date	2/21/22	5/11/22	8/10/22	8/10/22	11/9/22	2/17/23	5/9/23	8/10/23	11/6/23	2/28/24	5/8/24	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	24,680	-	66,558	82,224	97,016	114,819
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	3.928 x	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	-	18.6%	15.2%	14.1%	15%	16.1%	16.4%
ROA (Net income/ Total Assets)	-	5.3%	4.81%	4.1%	4.29%	4.7%	4.85%
Assets ¹	-	59,791	75,626	92,438	105,891	116,468	130,912
Book Value Per Share ²	-	7.940	8.730	9.760	11.00	12.60	13.90
Cash Flow per Share	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-
Announcement Date	5/7/21	2/21/22	2/17/23	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 Ngern Tid Lor

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

21.1 THB

Average target price

26.05 THB

Spread / Average Target

+23.48%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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