Financials Gromutual

Equities

GMUTUAL

MYL9962OO001

Real Estate Development & Operations

End-of-day quote BURSA MALAYSIA Other stock markets 03:30:00 27/06/2024 am IST			5-day change	1st Jan Change
0.305 ^MYR	-6.15%		0.00%	0.00%

27/05	Gromutual Berhad Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
15/04	Gromutual Berhad Announces Resignation of Yong May Li as Company Secretary	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	99.54	101.4	93.9	114.6	107	114.6
Enterprise Value (EV) ¹	125.5	135.3	129.3	148.1	139.4	124.3
P/E ratio	16.6 x	8.86 x	9.58 x	9.17 x	11.8 x	7.3 x
Yield	1.89%	1.85%	2%	3.28%	1.75%	3.28%
Capitalization / Revenue	1.96 x	1.72 x	1.38 x	2.14 x	1.98 x	1.45 x
EV / Revenue	2.47 x	2.3 x	1.91 x	2.76 x	2.57 x	1.58 x
EV / EBITDA	9.91 x	8.61 x	7.69 x	11.8 x	11.1 x	5.24 x
EV / FCF	-164 x	-95.6 x	-19.2 x	17.9 x	5.56 x	5.97 x
FCF Yield	-0.61%	-1.05%	-5.2%	5.57%	18%	16.7%
Price to Book	0.28 x	0.28 x	0.26 x	0.31 x	0.28 x	0.29 x
Nbr of stocks (in thousands)	3,75,608	3,75,608	3,75,608	3,75,608	3,75,608	3,75,608
Reference price ²	0.2650	0.2700	0.2500	0.3050	0.2850	0.3050
Announcement Date	25/04/19	29/05/20	26/04/21	29/04/22	28/04/23	26/04/24

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	50.78	58.89	67.85	53.63	54.19	78.87
EBITDA ¹	12.67	15.72	16.83	12.57	12.56	23.73
EBIT ¹	11.75	15.15	16.33	12.1	12.16	23.34
Operating Margin	23.13%	25.73%	24.07%	22.57%	22.43%	29.6%
Earnings before Tax (EBT) ¹	9.886	15.04	16.01	16.29	12.98	21.52
Net income ¹	5.982	11.45	9.807	12.49	9.11	15.69
Net margin	11.78%	19.44%	14.45%	23.29%	16.81%	19.89%
EPS ²	0.0159	0.0305	0.0261	0.0333	0.0243	0.0418
Free Cash Flow ¹	-0.7645	-1.415	-6.723	8.258	25.09	20.81
FCF margin	-1.51%	-2.4%	-9.91%	15.4%	46.3%	26.39%
FCF Conversion (EBITDA)	-	-	-	65.68%	199.75%	87.7%
FCF Conversion (Net income)	-	-	-	66.1%	275.4%	132.65%
Dividend per Share ²	0.005000	0.005000	0.005000	0.0100	0.005000	0.0100
Announcement Date	25/04/19	29/05/20	26/04/21	29/04/22	28/04/23	26/04/24

¹MYR in Million²MYR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	26	33.9	35.4	33.6	32.3	9.79
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.052 x	2.157 x	2.105 x	2.671 x	2.575 x	0.4123 x
Free Cash Flow ¹	-0.76	-1.42	-6.72	8.26	25.1	20.8
ROE (net income / shareholders' equity)	1.72%	3.24%	2.71%	3.38%	2.41%	4.04%
ROA (Net income/ Total Assets)	1.67%	2.13%	2.26%	1.67%	1.62%	2.98%
Assets ¹	358.7	538.7	433.5	746.4	560.8	525.9
Book Value Per Share ²	0.9300	0.9500	0.9700	1.000	1.020	1.050
Cash Flow per Share ²	0.1200	0.0900	0.0700	0.0700	0.1300	0.1600
Capex ¹	1.92	0.13	0.09	0.13	0.5	0.82
Capex / Sales	3.79%	0.22%	0.14%	0.25%	0.92%	1.04%
Announcement Date	25/04/19	29/05/20	26/04/21	29/04/22	28/04/23	26/04/24

¹MYR in Million²MYR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
GROMUTUAL	0.00%	24.28M
MITSUI FUDOSAN CO., LTD.	+27.40%	25.58B
DLF LIMITED	+13.54%	24.49B
CHINA RESOURCES LAND LIMITED	-5.18%	24.25B
SUN HUNG KAI PROPERTIES LIMITED	-20.01%	23.68B
MITSUBISHI ESTATE CO., LTD.	+29.70%	19.8B
EMAAR PROPERTIES	+3.54%	19.73B
CHINA OVERSEAS LAND & INVESTMENT LTD.	-1.60%	18.98B
MACROTECH DEVELOPERS LIMITED	+46.90%	17.94B
POLY DEVELOPMENTS AND HOLDINGS GROUP CO., LTD.	-11.52%	14.3B

Other Real Estate Development & Operations

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