PT MEGA MANUNGGAL PROPERTY TBK

Financials PT Mega Manunggal Property Tbk

Equities

MMLP

ID1000134307

Real Estate Development & Operations

End-of-day quote INDONESIA S.E. Other stock markets 03:30:00 08/05/2024 am IST			5-day change	1st Jan Change
274 ^IDR	-0.72%		-0.72%	-8.05%

02/05	PT Mega Manunggal Property Tbk Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04/04	PT Mega Manunggal Property Tbk Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	35,82,350	13,64,049	20,52,962	38,92,361	32,65,450	20,52,962
Enterprise Value (EV) ¹	40,10,194	20,29,819	14,74,408	39,13,303	30,04,152	29,07,099
P/E ratio	16.3 x	12.4 x	-13.5 x	19.6 x	30.5 x	22.9 x
Yield	-	-	-	-	-	-
Capitalization / Revenue	12 x	4.08 x	6 x	10.9 x	8.73 x	5.62 x
EV / Revenue	13.4 x	6.08 x	4.31 x	11 x	8.03 x	7.96 x
EV / EBITDA	18.2 x	8.14 x	6.33 x	15.8 x	11.5 x	11.1 x
EV / FCF	72.9 x	29 x	11.6 x	-335 x	8.6 x	4.71 x
FCF Yield	1.37%	3.45%	8.62%	-0.3%	11.6%	21.2%
Price to Book	0.89 x	0.33 x	0.52 x	0.93 x	0.76 x	0.46 x
Nbr of stocks (in thousands)	68,89,135	68,89,135	68,89,135	68,89,135	68,89,135	68,89,135
Reference price ²	520.0	198.0	298.0	565.0	474.0	298.0
Announcement Date	29/03/19	31/03/20	02/08/21	30/05/22	01/04/23	04/04/24

¹IDR in Million²IDR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	2,99,234	3,33,987	3,42,058	3,56,265	3,74,230	3,65,112
EBITDA ¹	2,20,051	2,49,507	2,32,806	2,48,055	2,62,060	2,62,715
EBIT ¹	2,16,299	2,45,425	2,29,816	2,46,812	2,60,580	2,61,550
Operating Margin	72.28%	73.48%	67.19%	69.28%	69.63%	71.64%
Earnings before Tax (EBT) ¹	3,11,325	3,07,524	-55,545	3,92,185	2,26,591	1,47,788
Net income ¹	2,20,471	1,13,179	-1,51,859	1,98,853	1,07,228	92,324
Net margin	73.68%	33.89%	-44.4%	55.82%	28.65%	25.29%
EPS ²	32.00	16.00	-22.04	28.86	15.56	13.00
Free Cash Flow ¹	54,994	69,968	1,27,061	-11,678	3,49,384	6,17,216
FCF margin	18.38%	20.95%	37.15%	-3.28%	93.36%	169.05%
FCF Conversion (EBITDA)	24.99%	28.04%	54.58%	-	133.32%	234.94%
FCF Conversion (Net income)	24.94%	61.82%	-	-	325.83%	668.53%
Dividend per Share	-	-	-	-	-	-
Announcement Date	29/03/19	31/03/20	02/08/21	30/05/22	01/04/23	04/04/24

¹IDR in Million²IDR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	4,27,844	6,65,771	-	20,942	-	8,54,137
Net Cash position ¹	-	-	5,78,555	-	2,61,298	-
Leverage (Debt/EBITDA)	1.944 x	2.668 x	-	0.0844 x	-	3.251 x
Free Cash Flow ¹	54,994	69,968	1,27,061	-11,678	3,49,384	6,17,216
ROE (net income / shareholders' equity)	5.64%	5.01%	-1.56%	6.15%	3.15%	2.11%
ROA (Net income/ Total Assets)	2.36%	2.39%	2.13%	2.23%	2.21%	2.28%
Assets ¹	93,40,805	47,39,677	-71,26,839	89,16,393	48,53,470	40,51,778
Book Value Per Share ²	581.0	598.0	576.0	605.0	620.0	642.0
Cash Flow per Share ²	22.10	18.80	182.0	112.0	209.0	81.00
Capex ¹	3,964	544	719	304	4,151	2,802
Capex / Sales	1.32%	0.16%	0.21%	0.09%	1.11%	0.77%
Announcement Date	29/03/19	31/03/20	02/08/21	30/05/22	01/04/23	04/04/24

¹IDR in Million²IDR

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.
PT MEGA MANUNGGAL PROPERTY TBK	-8.05%	118M
MITSUI FUDOSAN CO., LTD.	+36.94%	27.86B
SUN HUNG KAI PROPERTIES LIMITED	-10.83%	24.62B
CHINA RESOURCES LAND LIMITED	+10.18%	27.33B
DLF LIMITED	+15.04%	24.82B
MITSUBISHI ESTATE CO., LTD.	+51.80%	23.43B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+8.72%	20.61B
EMAAR PROPERTIES	+2.27%	19.49B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+31.90%	16.41B
CK ASSET HOLDINGS LIMITED	-11.99%	15.23B

Other Real Estate Development & Operations

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Financials PT Mega Manunggal Property Tbk

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