Financials Taliworks Corporation

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
0.81 ^MYR	+1.25%		+1.25%	-2.99%

Feb. 27	Taliworks Corporation Berhad Announces Fourth Interim Single-Tier Dividend for the Financial Year Ended 31 December 2023, Payable on 29 March 2024	CI
Feb. 27	Taliworks Corporation Berhad Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023	CI

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	1,592	1,794	1,683	1,744	1,744	1,633	1,633	-
Enterprise Value (EV) ¹	1,592	1,794	1,683	1,744	1,744	1,683	1,761	1,633
P/E ratio	16.1 x	23.5 x	28.3 x	22.2 x	31.6 x	40.1 x	21 x	20.8 x
Yield	6.08%	5.9%	7.9%	7.63%	7.63%	7.13%	7.1%	7.1%
Capitalization / Revenue	4.25 x	4.76 x	5.3 x	5.77 x	5.16 x	4.49 x	2.69 x	2.78 x
EV / Revenue	4.25 x	4.76 x	5.3 x	5.77 x	5.16 x	4.49 x	2.69 x	2.78 x
EV / EBITDA	7.46 x	10 x	13.1 x	11.5 x	10.9 x	11.6 x	10.4 x	8.84 x
EV / FCF	25,797,345 x	2,807,712 x	39,473,000 x	13,241,111 x	21,008,219 x	-	-	-
FCF Yield	0%	0%	0%	0%	0%	-	-	-
Price to Book	1.51 x	1.74 x	1.75 x	1.93 x	2.21 x	2.42 x	1.69 x	1.72 x
Nbr of stocks (in thousands)	2,015,818	2,015,818	2,015,818	2,015,818	2,015,818	2,015,818	2,015,818	-
Reference price ²	0.7900	0.8900	0.8350	0.8650	0.8650	0.8100	0.8100	0.8100
Announcement Date	2/28/19	2/27/20	2/26/21	2/22/22	2/16/23	2/27/24	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	375.1	377.1	317.9	302.3	337.7	374.7	607.2	586.4
EBITDA ¹	213.5	179.2	128.9	152.2	159.5	145.4	157.2	184.8
EBIT ¹	180.1	143.6	96.9	118.8	116.6	99.87	127.4	150
Operating Margin	48.01%	38.07%	30.48%	39.29%	34.54%	26.65%	20.98%	25.58%
Earnings before Tax (EBT) ¹	143.4	108.8	78.52	114	81.87	67.07	115.5	137.1
Net income ¹	99.21	76.45	59.49	78.5	55.14	41.96	75.6	82.55
Net margin	26.45%	20.27%	18.71%	25.97%	16.33%	11.2%	12.45%	14.08%
EPS ²	0.0492	0.0379	0.0295	0.0389	0.0274	0.0208	0.0385	0.0390
Free Cash Flow	61.73	639	42.64	131.7	83	-	-	-
FCF margin	16.46%	169.44%	13.41%	43.57%	24.58%	-	-	-
FCF Conversion (EBITDA)	28.92%	356.51%	33.08%	86.51%	52.04%	-	-	-
FCF Conversion (Net income)	62.22%	835.81%	71.68%	167.76%	150.53%	-	-	-
Dividend per Share ²	0.0480	0.0525	0.0660	0.0660	0.0660	0.0595	0.0575	0.0575
Announcement Date	2/28/19	2/27/20	2/26/21	2/22/22	2/16/23	2/27/24	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-	128	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	0.814 x	-
Free Cash Flow	61.7	639	42.6	132	83	-	-	-
ROE (net income / shareholders' equity)	9.41%	7.32%	5.97%	8.42%	6.52%	5.66%	10.9%	12.2%
ROA (Net income/ Total Assets)	4.12%	3.19%	2.69%	3.91%	2.9%	2.33%	4.6%	5.1%
Assets ¹	2,407	2,399	2,214	2,009	1,899	1,801	1,643	1,619
Book Value Per Share ²	0.5200	0.5100	0.4800	0.4500	0.3900	0.3500	0.4800	0.4700
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	1.18	3.79	0.45	1.16	3.61	2.33	5	5
Capex / Sales	0.32%	1%	0.14%	0.39%	1.07%	0.62%	0.82%	0.85%
Announcement Date	2/28/19	2/27/20	2/26/21	2/22/22	2/16/23	2/27/24	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

0.81 MYR

Average target price

0.91 MYR

Spread / Average Target

+12.35%

	1st Jan change	Capi.
TALIWORKS CORPORATION	-2.99%	342M
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COMPANHIA CATARINENSE DE ÁGUAS E SANEAMENTO - CASAN	-.--%	2.12B
SJW GROUP	-18.13%	1.72B
COMPANHIA DE SANEAMENTO DE MINAS GERAIS	+5.32%	1.6B
COMPANHIA DE SANEAMENTO DO PARANÁ - SANEPAR	-10.87%	1.52B
MANILA WATER COMPANY, INC.	+30.91%	1.24B
GUANGDONG SHUNKONG DEVELOPMENT CO.,LTD.	-11.02%	1.15B