CPN RETAIL GROWTH LEASEHOLD REIT |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 10.2 THB | +0.99% |
|
-1.92% | -9.73% |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 72,459 | 42,037 | 51,874 | 50,077 | 29,019 | 36,935 | - | - |
| Enterprise Value (EV) 1 | 86,473 | 63,910 | 73,277 | 71,036 | 29,019 | 59,597 | 72,564 | 73,588 |
| P/E ratio | 21.8 x | 138 x | 59.9 x | 23.7 x | 8.97 x | 11.4 x | 12.3 x | 9.36 x |
| Yield | 4.96% | 1.42% | 2.19% | 5.55% | - | 10.1% | 9.77% | 11.2% |
| Capitalization / Revenue | 14.2 x | 10.4 x | 14.8 x | 10.3 x | 5.07 x | 6.21 x | 5.73 x | 4.97 x |
| EV / Revenue | 16.9 x | 15.8 x | 20.9 x | 14.6 x | 5.07 x | 10 x | 11.2 x | 9.89 x |
| EV / EBITDA | 20.4 x | 19.7 x | 28.5 x | 19 x | 6.23 x | 12.7 x | 15 x | 13.4 x |
| EV / FCF | 20.5 x | -12.1 x | -7.09 x | 19.2 x | - | -18.6 x | -45.2 x | 11.3 x |
| FCF Yield | 4.87% | -8.29% | -14.1% | 5.2% | - | -5.38% | -2.21% | 8.83% |
| Price to Book | 2.44 x | 1.5 x | 1.53 x | 1.5 x | - | 0.76 x | 0.91 x | 0.88 x |
| Nbr of stocks (in thousands) | 22,12,477 | 22,12,477 | 25,68,034 | 25,68,034 | 25,68,034 | 36,21,074 | - | - |
| Reference price 2 | 32.75 | 19.00 | 20.20 | 19.50 | 11.30 | 10.20 | 10.20 | 10.20 |
| Announcement Date | 24/02/20 | 19/02/21 | 18/02/22 | 20/02/23 | 20/02/24 | - | - | - |
1THB in Million2THB
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 5,111 | 4,041 | 3,502 | 4,864 | 5,728 | 5,943 | 6,451 | 7,438 |
| EBITDA 1 | 4,248 | 3,244 | 2,567 | 3,749 | 4,659 | 4,700 | 4,831 | 5,478 |
| EBIT 1 | 4,228 | 3,244 | 2,567 | 3,749 | 4,659 | 4,694 | 4,826 | 5,478 |
| Operating Margin | 82.72% | 80.27% | 73.31% | 77.07% | 81.34% | 78.97% | 74.81% | 73.66% |
| Earnings before Tax (EBT) 1 | - | 304.6 | 865.9 | 2,111 | 3,235 | 3,530 | 3,657 | 3,894 |
| Net income 1 | 3,320 | 304.6 | 865.9 | 2,111 | 3,235 | 3,141 | 3,099 | 4,093 |
| Net margin | 64.95% | 7.54% | 24.73% | 43.41% | 56.48% | 52.84% | 48.04% | 55.03% |
| EPS 2 | 1.500 | 0.1377 | 0.3372 | 0.8220 | 1.260 | 0.8960 | 0.8280 | 1.090 |
| Free Cash Flow 1 | 4,210 | -5,299 | -10,342 | 3,692 | - | -3,209 | -1,605 | 6,499 |
| FCF margin | 82.37% | -131.13% | -295.35% | 75.9% | - | -53.99% | -24.89% | 87.38% |
| FCF Conversion (EBITDA) | 99.11% | - | - | 98.48% | - | - | - | 118.63% |
| FCF Conversion (Net income) | 126.83% | - | - | 174.86% | - | - | - | 158.77% |
| Dividend per Share 2 | 1.623 | 0.2707 | 0.4423 | 1.081 | - | 1.035 | 0.9967 | 1.138 |
| Announcement Date | 24/02/20 | 19/02/21 | 18/02/22 | 20/02/23 | 20/02/24 | - | - | - |
1THB in Million2THB
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 |
|---|---|---|---|---|---|---|---|
| Net sales 1 | 688.1 | - | 1,089 | - | 1,412 | 1,456 | 1,530 |
| EBITDA 1 | - | - | - | - | 1,193 | 1,247 | 1,202 |
| EBIT | - | - | - | - | - | - | - |
| Operating Margin | - | - | - | - | - | - | - |
| Earnings before Tax (EBT) | - | - | - | 634.2 | - | - | - |
| Net income 1 | -845.9 | 1,148 | 465.7 | 634.2 | - | 555.9 | 572.4 |
| Net margin | -122.94% | - | 42.78% | - | - | 38.17% | 37.42% |
| EPS 2 | - | - | - | - | 0.1198 | 0.2165 | 0.2229 |
| Dividend per Share | - | - | - | - | - | - | - |
| Announcement Date | 08/11/21 | 18/02/22 | 10/05/22 | 15/05/23 | 11/08/23 | 14/11/23 | 20/02/24 |
1THB in Million2THB
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 14,014 | 21,873 | 21,402 | 20,960 | - | 22,662 | 35,629 | 36,653 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 3.299 x | 6.743 x | 8.337 x | 5.591 x | - | 4.822 x | 7.375 x | 6.691 x |
| Free Cash Flow 1 | 4,210 | -5,299 | -10,342 | 3,692 | - | -3,209 | -1,605 | 6,499 |
| ROE (net income / shareholders' equity) | 12.6% | 5.33% | 2.8% | 4.15% | - | 8.22% | 7.82% | 9.28% |
| ROA (Net income/ Total Assets) | 8.03% | 2.6% | 1.15% | 1.75% | - | 4.2% | 4.14% | 4.91% |
| Assets 1 | 41,333 | 11,715 | 75,275 | 1,20,679 | - | 74,718 | 74,831 | 83,449 |
| Book Value Per Share 2 | 13.40 | 12.70 | 13.20 | 13.00 | - | 13.30 | 11.20 | 11.60 |
| Cash Flow per Share 2 | 1.900 | -3.170 | -1.490 | - | - | 0.2900 | 0.6200 | 1.330 |
| Capex 1 | - | 8,590 | 6,524 | 15.8 | - | 12,658 | 8,024 | - |
| Capex / Sales | - | 212.56% | 186.31% | 0.32% | - | 212.98% | 124.38% | - |
| Announcement Date | 24/02/20 | 19/02/21 | 18/02/22 | 20/02/23 | 20/02/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
Sell
Buy
Mean consensus
BUY
Number of Analysts
6
Last Close Price
10.2
THB
Average target price
12.13
THB
Spread / Average Target
+18.95%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -9.73% | 71Cr | |
| -4.02% | 4.78TCr | |
| -1.26% | 2.17TCr | |
| +5.69% | 1.37TCr | |
| +19.55% | 1.18TCr | |
| -3.40% | 970.88Cr | |
| -11.22% | 851.4Cr | |
| -0.06% | 849.97Cr | |
| +3.81% | 782.41Cr | |
| -16.98% | 574.52Cr |
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