Financials LH Hotel Leasehold Real Estate Investment Trust

Equities

End-of-day quote Thailand S.E. Other stock markets 03:30:00 16/05/2024 am IST			5-day change	1st Jan Change
11.5 ^THB	+0.88%		0.00%	-3.36%

15/05	LH Hotel Leasehold Real Estate Investment Trust Announces Dividend for the Operating Period from January 1, 2024 to March 31, 2024, Payable on June 13, 2024	CI
14/05	LH Hotel Leasehold Real Estate Investment Trust Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,489	5,379	4,411	6,563	12,482	12,063	-	-
Enterprise Value (EV) ¹	16,276	11,166	4,411	12,116	12,482	21,874	21,720	12,063
P/E ratio	15.3 x	-11.1 x	-	9.23 x	7.92 x	8.59 x	8.06 x	7.57 x
Yield	5.64%	1%	-	5.74%	-	10.2%	10.4%	11.2%
Capitalization / Revenue	12.9 x	29 x	236 x	9.74 x	9.45 x	6.06 x	5.81 x	5.48 x
EV / Revenue	20 x	60.3 x	236 x	18 x	9.45 x	11 x	10.5 x	5.48 x
EV / EBITDA	21.5 x	73.5 x	-	-	-	12 x	11.4 x	6.16 x
EV / FCF	-	-	-	51.1 x	-	11.1 x	9.81 x	4.89 x
FCF Yield	-	-	-	1.96%	-	9.03%	10.2%	20.5%
Price to Book	1.53 x	0.79 x	-	-	-	0.97 x	0.95 x	0.94 x
Nbr of stocks (in thousands)	5,37,920	5,37,920	5,37,920	5,37,920	10,48,920	10,48,920	-	-
Reference price ²	19.50	10.00	8.200	12.20	11.90	11.50	11.50	11.50
Announcement Date	11/02/20	25/02/21	28/02/22	27/02/23	28/02/24	-	-	-

¹THB in Million²THB

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	812.6	185.2	18.67	673.5	1,321	1,991	2,076	2,202
EBITDA ¹	756.8	152	-	-	-	1,830	1,902	1,959
EBIT ¹	720.1	152	-	-	-	1,830	1,902	1,959
Operating Margin	88.62%	82.07%	-	-	-	91.89%	91.62%	88.96%
Earnings before Tax (EBT) ¹	685.6	-485	-	711.3	1,577	1,404	1,494	1,590
Net income ¹	685.6	-485	-437	711.3	1,577	1,404	1,494	1,590
Net margin	84.37%	-261.84%	-2,341.2%	105.61%	119.39%	70.49%	71.95%	72.21%
EPS ²	1.275	-0.9016	-	1.322	1.503	1.338	1.426	1.520
Free Cash Flow ¹	-	-	-	237	-	1,974	2,214	2,469
FCF margin	-	-	-	35.19%	-	99.16%	106.63%	112.11%
FCF Conversion (EBITDA)	-	-	-	-	-	107.91%	116.38%	126.02%
FCF Conversion (Net income)	-	-	-	33.32%	-	140.67%	148.21%	155.26%
Dividend per Share ²	1.100	0.1000	-	0.7000	-	1.170	1.200	1.289
Announcement Date	11/02/20	25/02/21	28/02/22	27/02/23	28/02/24	-	-	-

¹THB in Million²THB

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	5,787	5,787	-	5,553	-	9,811	9,657	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.647 x	38.07 x	-	-	-	5.363 x	5.076 x	-
Free Cash Flow ¹	-	-	-	237	-	1,974	2,214	2,469
ROE (net income / shareholders' equity)	10.1%	-7.44%	-	11.8%	-	11.4%	11.9%	12.5%
ROA (Net income/ Total Assets)	6.51%	-3.94%	-	5.93%	-	7.05%	7.35%	8.5%
Assets ¹	10,528	12,320	-	11,996	-	19,908	20,327	18,706
Book Value Per Share ²	12.80	12.60	-	-	-	11.90	12.10	12.30
Cash Flow per Share ²	-6.550	0.7500	-	0.4400	-	1.330	1.410	1.650
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	11/02/20	25/02/21	28/02/22	27/02/23	28/02/24	-	-	-

¹THB in Million²THB

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

11.5 THB

Average target price

14.45 THB

Spread / Average Target

+25.65%

	1st Jan change	Capi.
LH HOTEL LEASEHOLD REAL ESTATE INVESTMENT TRUST	-3.36%	33Cr
VICI PROPERTIES, INC.	-4.45%	3.18TCr
HOST HOTELS & RESORTS, INC.	-4.03%	1.3TCr
GAMING AND LEISURE PROPERTIES, INC.	-6.97%	1.25TCr
RYMAN HOSPITALITY PROPERTIES, INC.	-3.10%	627.99Cr
APPLE HOSPITALITY REIT, INC.	-11.32%	355.28Cr
PARK HOTELS & RESORTS INC.	+6.76%	339.69Cr
JAPAN HOTEL REIT INVESTMENT CORPORATION	+21.53%	254.56Cr
CAPITALAND ASCOTT TRUST	-8.08%	253.24Cr
SUNSTONE HOTEL INVESTORS, INC.	-1.63%	211.01Cr