Financials Asia Hotel

Equities

ASIA

TH0156010Z00

Hotels, Motels & Cruise Lines

End-of-day quote Thailand S.E. Other stock markets 03:30:00 13/05/2024 am IST			5-day change	1st Jan Change
6.5 ^THB	-0.76%		+0.78%	+3.17%

13/02	Asia Hotel Public Company Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Asia Hotel Public Company Limited Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	2,048	1,776	1,555	1,808	2,416	2,016
Enterprise Value (EV) ¹	4,469	4,109	4,111	4,366	4,848	4,323
P/E ratio	668 x	-32 x	-12.9 x	-8.65 x	-21.7 x	-37.2 x
Yield	2.03%	0.9%	-	-	-	-
Capitalization / Revenue	1.53 x	1.31 x	1.92 x	3.01 x	2.61 x	1.7 x
EV / Revenue	3.35 x	3.03 x	5.07 x	7.28 x	5.24 x	3.64 x
EV / EBITDA	14.2 x	14.4 x	14.5 x	25.4 x	17.4 x	12.3 x
EV / FCF	-13.5 x	33.9 x	29.5 x	43.6 x	27.1 x	25.5 x
FCF Yield	-7.41%	2.95%	3.39%	2.29%	3.69%	3.93%
Price to Book	0.38 x	0.33 x	0.3 x	0.31 x	0.41 x	0.34 x
Nbr of stocks (in thousands)	3,20,000	3,20,000	3,20,000	3,20,000	3,20,000	3,20,000
Reference price ²	6.400	5.550	4.860	5.650	7.550	6.300
Announcement Date	25/02/19	24/02/20	23/02/21	28/02/22	27/02/23	13/02/24

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	1,336	1,356	810.5	599.8	924.3	1,188
EBITDA ¹	313.8	285.1	283.5	172	277.9	352.1
EBIT ¹	31.14	-20.5	0.5117	-78.49	34.13	112.8
Operating Margin	2.33%	-1.51%	0.06%	-13.08%	3.69%	9.49%
Earnings before Tax (EBT) ¹	6.444	-60.36	-122.7	-203.9	-114.4	-77.82
Net income ¹	3.064	-55.46	-120.7	-209.1	-111.5	-54.26
Net margin	0.23%	-4.09%	-14.89%	-34.86%	-12.06%	-4.57%
EPS ²	0.009574	-0.1733	-0.3772	-0.6534	-0.3483	-0.1696
Free Cash Flow ¹	-331.2	121.2	139.3	100.1	178.9	169.7
FCF margin	-24.79%	8.94%	17.18%	16.69%	19.35%	14.28%
FCF Conversion (EBITDA)	-	42.51%	49.13%	58.18%	64.35%	48.19%
FCF Conversion (Net income)	-	-	-	-	-	-
Dividend per Share ²	0.1300	0.0500	-	-	-	-
Announcement Date	25/02/19	24/02/20	23/02/21	28/02/22	27/02/23	13/02/24

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	2,421	2,333	2,556	2,558	2,432	2,307
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.715 x	8.184 x	9.015 x	14.87 x	8.749 x	6.552 x
Free Cash Flow ¹	-331	121	139	100	179	170
ROE (net income / shareholders' equity)	0.05%	-1%	-2.26%	-3.69%	-1.85%	-1%
ROA (Net income/ Total Assets)	0.21%	-0.13%	0%	-0.49%	0.2%	0.68%
Assets ¹	1,494	41,452	-36,57,708	42,777	-54,768	-7,956
Book Value Per Share ²	17.00	16.60	16.20	18.50	18.50	18.40
Cash Flow per Share ²	0.1800	0.1600	0.3300	0.3500	0.5600	0.4300
Capex ¹	799	107	42.8	18.6	27.8	78.9
Capex / Sales	59.77%	7.92%	5.28%	3.09%	3.01%	6.64%
Announcement Date	25/02/19	24/02/20	23/02/21	28/02/22	27/02/23	13/02/24

¹THB in Million²THB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Hotels & Motels

	1st Jan change	Capi.
ASIA HOTEL	+3.17%	5.7Cr
H WORLD GROUP LIMITED	+21.71%	1.25TCr
WHITBREAD PLC	-15.02%	701.97Cr
WYNDHAM HOTELS & RESORTS, INC.	-11.94%	583.13Cr
CHOICE HOTELS INTERNATIONAL, INC.	+3.80%	559.92Cr
SHANGHAI JIN JIANG INTERNATIONAL HOTELS CO., LTD.	-2.78%	398.29Cr
SHANGRI-LA ASIA LIMITED	+10.26%	262.71Cr
ATOUR LIFESTYLE HOLDINGS LIMITED	+4.78%	247.53Cr
BTG HOTELS (GROUP) CO., LTD.	-5.63%	231.03Cr
CHALET HOTELS LIMITED	+16.67%	217.26Cr

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