Financials Sime Darby Property

Equities

SIMEPROP

MYL5288OO005

Real Estate Development & Operations

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-05-09 pm EDT			5-day change	1st Jan Change
0.995 ^MYR	-1.49%		+3.65%	+59.20%

Feb. 26	Sime Darby Property Hikes Dividend as Profit Jumps in Q4	MT
Feb. 23	Sime Darby Property Berhad Declares Second Single Tier Dividend in Respect of the Financial Year Ended 31 December 2023, Payable on May 8, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6,223	4,523	4,046	3,060	4,251	6,767	-	-
Enterprise Value (EV) ¹	9,232	7,476	7,327	6,277	6,913	9,253	9,029	8,458
P/E ratio	10.4 x	-9.5 x	74.4 x	9.78 x	10.4 x	16.3 x	15.2 x	14.2 x
Yield	3.28%	1.5%	1.68%	-	4%	2.65%	2.79%	3.05%
Capitalization / Revenue	1.96 x	2.19 x	1.82 x	1.12 x	1.24 x	1.87 x	1.81 x	1.73 x
EV / Revenue	2.9 x	3.62 x	3.3 x	2.29 x	2.01 x	2.56 x	2.42 x	2.16 x
EV / EBITDA	19.3 x	-20.1 x	44.5 x	12.1 x	10.8 x	14.8 x	14.5 x	12.4 x
EV / FCF	22.8 x	18.9 x	15 x	12.9 x	-62.8 x	23.5 x	22.8 x	23.7 x
FCF Yield	4.38%	5.3%	6.67%	7.78%	-1.59%	4.26%	4.38%	4.22%
Price to Book	0.64 x	0.51 x	0.44 x	0.32 x	0.42 x	0.65 x	0.65 x	0.62 x
Nbr of stocks (in thousands)	6,800,839	6,800,839	6,800,839	6,800,839	6,800,839	6,800,839	-	-
Reference price ²	0.9150	0.6650	0.5950	0.4500	0.6250	0.9950	0.9950	0.9950
Announcement Date	2/26/20	2/25/21	2/24/22	2/28/23	2/23/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,180	2,063	2,220	2,742	3,437	3,618	3,736	3,920
EBITDA ¹	478.8	-371.1	164.7	519.8	638.2	625.1	624.5	680.9
EBIT ¹	425.6	-433.2	132.3	487.8	606.4	615.2	605.4	656.6
Operating Margin	13.38%	-21%	5.96%	17.79%	17.64%	17%	16.2%	16.75%
Earnings before Tax (EBT) ¹	665.7	-444.7	116	-	610.3	592.2	616.5	678.2
Net income ¹	598.5	-478.8	56.39	-	407.9	417.6	442.4	473.4
Net margin	18.82%	-23.21%	2.54%	-	11.87%	11.54%	11.84%	12.08%
EPS ²	0.0880	-0.0700	0.008000	0.0460	0.0600	0.0611	0.0656	0.0702
Free Cash Flow ¹	404.7	396	488.8	488.3	-110	394.2	395.3	357.3
FCF margin	12.73%	19.2%	22.02%	17.81%	-3.2%	10.9%	10.58%	9.11%
FCF Conversion (EBITDA)	84.53%	-	296.73%	93.94%	-	63.07%	63.3%	52.47%
FCF Conversion (Net income)	67.61%	-	866.88%	-	-	94.42%	89.35%	75.47%
Dividend per Share ²	0.0300	0.0100	0.0100	-	0.0250	0.0264	0.0278	0.0303
Announcement Date	2/26/20	2/25/21	2/24/22	2/28/23	2/23/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2023 Q1
Net sales	-	-
EBITDA	-	-
EBIT	-	-
Operating Margin	-	-
Earnings before Tax (EBT)	-	-
Net income ¹	-15.8	60.67
Net margin	-	-
EPS ²	-0.002000	0.009000
Dividend per Share	-	-
Announcement Date	11/25/21	5/25/23

¹MYR in Million²MYR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,009	2,953	3,280	3,217	2,663	2,487	2,262	1,691
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.286 x	-7.959 x	19.91 x	6.188 x	4.173 x	3.978 x	3.623 x	2.484 x
Free Cash Flow ¹	405	396	489	488	-110	394	395	357
ROE (net income / shareholders' equity)	6.32%	-5.09%	1.51%	-	4.17%	4.04%	4.12%	4.36%
ROA (Net income/ Total Assets)	3.91%	-3.15%	0.91%	-	2.61%	2.72%	2.81%	2.9%
Assets ¹	15,300	15,184	6,188	-	15,601	15,367	15,768	16,339
Book Value Per Share ²	1.430	1.300	1.340	1.400	1.480	1.530	1.540	1.610
Cash Flow per Share ²	0.0600	0.0600	0.0700	0.1500	-0.0100	0.0900	0.1300	0.0600
Capex ¹	118	17	5.49	11.3	34.9	62	62.2	61
Capex / Sales	3.71%	0.82%	0.25%	0.41%	1.02%	1.71%	1.66%	1.56%
Announcement Date	2/26/20	2/25/21	2/24/22	2/28/23	2/23/24	-	-	-

¹MYR in Million²MYR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Sime Darby Property

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.995 MYR

Average target price

0.9248 MYR

Spread / Average Target

-7.06%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
SIME DARBY PROPERTY	+59.20%	1.43B
CHINA RESOURCES LAND LIMITED	+14.64%	29.29B
MITSUI FUDOSAN CO., LTD.	+36.86%	28.36B
SUN HUNG KAI PROPERTIES LIMITED	-8.82%	25.5B
DLF LIMITED	+13.69%	24.47B
MITSUBISHI ESTATE CO., LTD.	+50.95%	23.83B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+11.92%	21.57B
EMAAR PROPERTIES	+1.39%	19.32B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+31.19%	16.73B
POLY DEVELOPMENTS AND HOLDINGS GROUP CO., LTD.	-1.82%	15.96B

Other Real Estate Development & Operations