Financials Salcon

Equities

SALCON

MYL8567OO009

Construction & Engineering

End-of-day quote BURSA MALAYSIA Other stock markets 03:30:00 09/05/2024 am IST			5-day change	1st Jan Change
0.3 ^MYR	-3.23%		-1.64%	+5.26%

06:50am	Salcon Unit Bags About MYR10 Million Treatment Plant Construction Deal	MT
28/02	Salcon Berhad Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	192.7	204.1	258	248.8	231.8	288.4
Enterprise Value (EV) ¹	134.5	111.7	136.7	138.8	107	179.5
P/E ratio	93.1 x	-23.8 x	-37 x	21.1 x	-9.56 x	-13.5 x
Yield	-	-	-	-	-	-
Capitalization / Revenue	1.48 x	1.07 x	1.33 x	0.87 x	1.14 x	1.87 x
EV / Revenue	1.03 x	0.58 x	0.7 x	0.48 x	0.52 x	1.16 x
EV / EBITDA	-14.1 x	-5.79 x	-512 x	5.27 x	-16.1 x	18.6 x
EV / FCF	-4.13 x	5.04 x	13.4 x	1.06 x	-2.44 x	6.41 x
FCF Yield	-24.2%	19.8%	7.49%	94.4%	-41.1%	15.6%
Price to Book	0.43 x	0.47 x	0.58 x	0.55 x	0.55 x	0.74 x
Nbr of stocks (in thousands)	8,19,925	8,33,094	9,92,227	9,95,377	10,07,614	10,12,091
Reference price ²	0.2350	0.2450	0.2600	0.2500	0.2300	0.2850
Announcement Date	30/04/19	22/05/20	30/04/21	29/04/22	28/04/23	30/04/24

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	130.2	191.3	194.1	286.9	204.1	154.6
EBITDA ¹	-9.563	-19.31	-0.267	26.34	-6.664	9.643
EBIT ¹	-14.41	-23.32	-4.1	17.86	-15.42	-2.078
Operating Margin	-11.07%	-12.19%	-2.11%	6.23%	-7.56%	-1.34%
Earnings before Tax (EBT) ¹	-1.562	-7.331	-8.75	27.48	-51.64	-38.4
Net income ¹	2.116	-8.651	-6.067	11.97	-24.33	-21.19
Net margin	1.62%	-4.52%	-3.12%	4.17%	-11.92%	-13.71%
EPS ²	0.002525	-0.0103	-0.007025	0.0119	-0.0240	-0.0211
Free Cash Flow ¹	-32.53	22.18	10.24	131	-43.94	28
FCF margin	-24.98%	11.59%	5.27%	45.65%	-21.53%	18.11%
FCF Conversion (EBITDA)	-	-	-	497.2%	-	290.34%
FCF Conversion (Net income)	-	-	-	1,094.27%	-	-
Dividend per Share	-	-	-	-	-	-
Announcement Date	30/04/19	22/05/20	30/04/21	29/04/22	28/04/23	30/04/24

¹MYR in Million²MYR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	-	-	-	-	-	-
Net Cash position ¹	58.2	92.4	121	110	125	109
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow ¹	-32.5	22.2	10.2	131	-43.9	28
ROE (net income / shareholders' equity)	-0.79%	-2.11%	-2.13%	3.93%	-8.77%	-8.76%
ROA (Net income/ Total Assets)	-1.45%	-2.46%	-0.44%	1.78%	-1.54%	-0.22%
Assets ¹	-145.5	351.3	1,384	673.6	1,584	9,546
Book Value Per Share ²	0.5500	0.5200	0.4500	0.4600	0.4200	0.3800
Cash Flow per Share ²	0.1400	0.1500	0.1400	0.1200	0.1400	0.1500
Capex ¹	0.51	1.55	0.5	12	9.7	3.98
Capex / Sales	0.39%	0.81%	0.26%	4.19%	4.75%	2.58%
Announcement Date	30/04/19	22/05/20	30/04/21	29/04/22	28/04/23	30/04/24

¹MYR in Million²MYR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Water & Sewage Construction

	1st Jan change	Capi.
SALCON	+5.26%	64.05M
ZHEJIANG QIANJIANG BIOCHEMICAL CO., LTD	-3.59%	677M
MEGA UNION TECHNOLOGY INC.	+123.87%	703M
KUO TOONG INTERNATIONAL CO., LTD.	+92.56%	673M
GREAT LAKES DREDGE & DOCK CORPORATION	+19.53%	615M
METAWATER CO., LTD.	-9.60%	557M
PENYAO ENVIRONMENTAL PROTECTION CO., LTD.	-4.30%	535M
SHENZHEN WATER PLANNING & DESIGN INSTITUTE CO., LTD.	-21.05%	360M
ZHEJIANG RECLAIM CONSTRUCTION GROUP CO., LTD.	-59.89%	235M
FOREST WATER ENVIRONMENTAL ENGINEERING CO., LTD.	+41.45%	211M

Water & Sewage Construction

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