Financials KCE Electronics

Equities

KCE

TH0122C10Z04

Semiconductors

End-of-day quote Thailand S.E. 03:30:00 13/05/2024 am IST 5-day change 1st Jan Change
38 THB -0.65% Intraday chart for KCE Electronics -1.30% -30.91%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 28,733 48,890 1,03,980 54,961 65,015 45,510 - -
Enterprise Value (EV) 1 29,837 48,902 1,05,683 57,642 65,015 46,319 47,407 48,394
P/E ratio 30.6 x 43.2 x 42.9 x 23.7 x 37.9 x 21.3 x 18.3 x 16 x
Yield 2.24% 1.93% 1.14% 3.44% - 3.36% 3.78% 4.07%
Capitalization / Revenue 2.38 x 4.24 x 6.96 x 2.98 x 3.98 x 2.63 x 2.39 x 2.16 x
EV / Revenue 2.47 x 4.24 x 7.07 x 3.12 x 3.98 x 2.67 x 2.49 x 2.3 x
EV / EBITDA 16.1 x 23.1 x 28.3 x 17.3 x 23.6 x 13.8 x 12.5 x 11.4 x
EV / FCF 17.3 x 24.9 x 10,304 x 56.8 x - 29.1 x 60.1 x 25.8 x
FCF Yield 5.79% 4.02% 0.01% 1.76% - 3.43% 1.66% 3.88%
Price to Book 2.45 x 4.07 x 7.75 x 4.1 x - 3.12 x 2.95 x 2.72 x
Nbr of stocks (in thousands) 11,72,794 11,78,062 11,81,590 11,81,966 11,82,089 11,82,089 - -
Reference price 2 24.50 41.50 88.00 46.50 55.00 38.00 38.00 38.00
Announcement Date 11/02/20 16/02/21 08/02/22 07/02/23 13/02/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 12,097 11,527 14,938 18,456 16,344 17,337 19,061 21,028
EBITDA 1 1,856 2,121 3,733 3,328 2,755 3,350 3,792 4,255
EBIT 1 841 1,278 2,709 2,214 1,629 2,192 2,536 2,986
Operating Margin 6.95% 11.08% 18.13% 11.99% 9.97% 12.64% 13.3% 14.2%
Earnings before Tax (EBT) 1 990.4 1,230 2,683 2,490 1,879 2,294 2,662 3,031
Net income 1 934.5 1,127 2,426 2,317 1,720 2,106 2,449 2,872
Net margin 7.72% 9.78% 16.24% 12.56% 10.52% 12.15% 12.85% 13.66%
EPS 2 0.8000 0.9600 2.050 1.960 1.450 1.782 2.072 2.379
Free Cash Flow 1 1,727 1,967 10.26 1,015 - 1,591 788.2 1,875
FCF margin 14.27% 17.07% 0.07% 5.5% - 9.17% 4.14% 8.92%
FCF Conversion (EBITDA) 93.05% 92.76% 0.27% 30.51% - 47.48% 20.79% 44.07%
FCF Conversion (Net income) 184.79% 174.58% 0.42% 43.81% - 75.51% 32.18% 65.31%
Dividend per Share 2 0.5500 0.8000 1.000 1.600 - 1.279 1.436 1.546
Announcement Date 11/02/20 16/02/21 08/02/22 07/02/23 13/02/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2024 S2
Net sales 1 3,818 4,198 4,533 4,667 4,634 4,622 4,025 3,898 4,326 4,434 4,148 4,350 - 4,550 4,521 -
EBITDA 890.8 - 785.4 842.2 0.8612 - 581.2 - 769.9 728.5 - - - - - -
EBIT 1 663 787.9 526.2 574.7 602 510.6 308.9 330.4 493 496.6 480 - - - - -
Operating Margin 17.36% 18.77% 11.61% 12.31% 12.99% 11.05% 7.67% 8.48% 11.39% 11.2% 11.57% - - - - -
Earnings before Tax (EBT) 1 658.2 781.3 634.7 634.8 682.7 538 376.7 405.7 560.5 536.1 521.3 556 - 625 620 -
Net income 1 604.1 701 589.8 571.9 655.2 500.3 345.5 376.2 519.5 478.4 484 530 - 574 569 -
Net margin 15.82% 16.7% 13.01% 12.25% 14.14% 10.82% 8.58% 9.65% 12.01% 10.79% 11.67% 12.18% - 12.62% 12.59% -
EPS 2 0.5100 0.5900 0.5000 0.4800 0.5500 0.4200 0.2900 0.3200 0.4400 0.4000 0.4100 - - - - -
Dividend per Share - - - - - - - - - - - - 0.6000 - - 0.7000
Announcement Date 09/11/21 08/02/22 11/05/22 09/08/22 08/11/22 07/02/23 09/05/23 08/08/23 07/11/23 13/02/24 - - - - - -
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,103 11.9 1,703 2,680 - 809 1,897 2,884
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.5945 x 0.005632 x 0.4562 x 0.8055 x - 0.2415 x 0.5003 x 0.6778 x
Free Cash Flow 1 1,727 1,967 10.3 1,015 - 1,591 788 1,875
ROE (net income / shareholders' equity) 7.9% 9.5% 19.1% 17.3% - 15% 16.4% 17.6%
ROA (Net income/ Total Assets) 5.4% 6.65% 12.3% 10.8% - 10.8% 11.8% 12.8%
Assets 1 17,311 16,939 19,664 21,472 - 19,558 20,742 22,499
Book Value Per Share 2 9.990 10.20 11.40 11.30 - 12.20 12.90 14.00
Cash Flow per Share 2 2.000 1.940 1.470 1.720 - 2.790 3.220 3.400
Capex 1 623 304 1,725 1,021 - 1,700 2,895 2,472
Capex / Sales 5.15% 2.64% 11.55% 5.53% - 9.81% 15.19% 11.75%
Announcement Date 11/02/20 16/02/21 08/02/22 07/02/23 13/02/24 - - -
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
B
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
12
Last Close Price
38 THB
Average target price
45.9 THB
Spread / Average Target
+20.78%
Consensus
  1. Stock Market
  2. Equities
  3. KCE Stock
  4. Financials KCE Electronics
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