Financials Pruksa Holding

Equities

PSH

TH7595010003

Real Estate Development & Operations

End-of-day quote Thailand S.E. Other stock markets 03:30:00 10/05/2024 am IST			5-day change	1st Jan Change
11.4 ^THB	+0.88%		-1.72%	-5.79%

26/04	Pruksa Holding Public Company Limited Approves Dividend for the Year 2023, Payable on 24Th May 2024	CI
26/04	Pruksa Holding Public Company Limited Appoints Roongrote Rangsiyopash as an Independent Director and the Vice Chairman of the Board of Directors	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	32,390	27,356	28,451	28,888	26,481	24,949	-	-
Enterprise Value (EV) ¹	61,716	51,027	44,214	38,765	26,481	37,530	38,240	24,949
P/E ratio	6.04 x	9.84 x	12.1 x	10.4 x	12 x	12.2 x	11.1 x	10.5 x
Yield	10.5%	7.68%	7.38%	7.27%	-	7.1%	7.5%	8.33%
Capitalization / Revenue	0.81 x	0.94 x	1 x	1.02 x	1.1 x	1 x	0.97 x	0.9 x
EV / Revenue	1.55 x	1.74 x	1.56 x	1.36 x	1.1 x	1.5 x	1.48 x	0.9 x
EV / EBITDA	8.2 x	11.6 x	11.4 x	9.05 x	12.9 x	11.3 x	10.3 x	6.8 x
EV / FCF	91.5 x	5.42 x	4.1 x	4.47 x	-	17.8 x	19.1 x	10.8 x
FCF Yield	1.09%	18.5%	24.4%	22.4%	-	5.63%	5.24%	9.28%
Price to Book	0.75 x	0.64 x	0.66 x	0.66 x	-	0.56 x	0.56 x	0.55 x
Nbr of stocks (in thousands)	21,88,505	21,88,505	21,88,505	21,88,505	21,88,505	21,88,505	-	-
Reference price ²	14.80	12.50	13.00	13.20	12.10	11.40	11.40	11.40
Announcement Date	20/02/20	19/02/21	18/02/22	17/02/23	19/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	39,885	29,244	28,311	28,402	24,176	24,992	25,796	27,704
EBITDA ¹	7,522	4,386	3,894	4,286	2,057	3,333	3,696	3,667
EBIT ¹	7,071	3,931	3,429	3,774	1,612	2,541	2,759	2,957
Operating Margin	17.73%	13.44%	12.11%	13.29%	6.67%	10.17%	10.7%	10.68%
Earnings before Tax (EBT) ¹	7,014	3,685	3,108	3,603	2,910	2,852	3,070	3,376
Net income ¹	5,359	2,771	2,353	2,772	2,205	2,047	2,230	2,392
Net margin	13.44%	9.47%	8.31%	9.76%	9.12%	8.19%	8.65%	8.63%
EPS ²	2.450	1.270	1.070	1.270	1.010	0.9329	1.023	1.086
Free Cash Flow ¹	674.7	9,418	10,791	8,677	-	2,114	2,005	2,315
FCF margin	1.69%	32.2%	38.12%	30.55%	-	8.46%	7.77%	8.36%
FCF Conversion (EBITDA)	8.97%	214.73%	277.14%	202.45%	-	63.41%	54.24%	63.12%
FCF Conversion (Net income)	12.59%	339.92%	458.68%	312.97%	-	103.25%	89.9%	96.8%
Dividend per Share ²	1.550	0.9600	0.9600	0.9600	-	0.8100	0.8556	0.9496
Announcement Date	20/02/20	19/02/21	18/02/22	17/02/23	19/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2
Net sales ¹	-	13,308	-	13,222	6,058	9,001	5,679	5,304	11,227	6,760	10,415	6,442	6,090	5,779	5,865	4,332	-
EBITDA ¹	-	2,147	-	1,717	-	1,485	868.2	-	-	953.2	1,763	965.4	581.8	437.5	72.14	307.7	-
EBIT ¹	-	1,919	-	1,504	-	1,359	749.4	562	-	811	1,633	822.9	500.3	320.6	-32.06	165.2	-
Operating Margin	-	14.42%	-	11.38%	-	15.1%	13.2%	10.6%	-	12%	15.68%	12.78%	8.22%	5.55%	-0.55%	3.81%	-
Earnings before Tax (EBT) ¹	-	1,758	-	1,357	-	1,287	706.3	558.9	-	778.5	1,545	864.6	1,294	581	-	135.2	-
Net income ¹	-	1,339	-	1,034	330.6	988.5	551.7	429.9	981.6	619.2	1,172	652.5	1,038	391.6	123.3	129.1	417
Net margin	-	10.06%	-	7.82%	5.46%	10.98%	9.71%	8.1%	8.74%	9.16%	11.25%	10.13%	17.04%	6.78%	2.1%	2.98%	-
EPS ²	-	0.6100	-	-	0.1500	-	-	-	-	0.2800	-	-	-	-	-	0.0600	-
Dividend per Share	0.9500	-	0.6500	0.3100	-	-	-	-	0.3100	-	-	-	-	-	-	-	-
Announcement Date	20/02/20	11/08/20	19/02/21	13/08/21	15/11/21	18/02/22	13/05/22	10/08/22	10/08/22	11/11/22	17/02/23	29/05/23	15/08/23	10/11/23	19/02/24	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	29,326	23,670	15,763	9,877	-	12,581	13,292	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.899 x	5.397 x	4.048 x	2.305 x	-	3.775 x	3.596 x	-
Free Cash Flow ¹	675	9,418	10,791	8,677	-	2,114	2,005	2,315
ROE (net income / shareholders' equity)	12.7%	6.44%	5.45%	6.35%	-	4.54%	4.88%	5.17%
ROA (Net income/ Total Assets)	6.36%	3.36%	3.13%	3.94%	-	3.19%	3.49%	3.56%
Assets ¹	84,313	82,528	75,164	70,354	-	64,171	63,867	67,227
Book Value Per Share ²	19.70	19.70	19.80	20.10	-	20.30	20.40	20.60
Cash Flow per Share	3.530	4.830	5.440	5.640	-	-	-	-
Capex ¹	1,028	1,131	810	254	-	2,080	1,109	1,303
Capex / Sales	2.58%	3.87%	2.86%	0.89%	-	8.32%	4.3%	4.7%
Announcement Date	20/02/20	19/02/21	18/02/22	17/02/23	19/02/24	-	-	-

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

Ratings for Pruksa Holding

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

SELL

Number of Analysts

Last Close Price

11.4 THB

Average target price

9.27 THB

Spread / Average Target

-18.68%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Residential Real Estate Development

	1st Jan change	Capi.
PRUKSA HOLDING	-5.79%	678M
VONOVIA SE	-3.22%	24.23B
CHINA VANKE CO., LTD.	-27.72%	11.5B
AKELIUS RESIDENTIAL PROPERTY AB	+7.71%	10.76B
DEUTSCHE WOHNEN SE	-24.98%	7.68B
VINHOMES	-6.60%	6.9B
VINGROUP	+0.90%	6.58B
LEG IMMOBILIEN SE	+3.63%	6.56B
IIDA GROUP HOLDINGS CO., LTD.	-1.97%	3.72B
OPEN HOUSE GROUP CO., LTD.	+16.88%	3.71B

Residential Real Estate Development