SBC CORPORATION

Financials SBC Corporation

Equities

SBCCORP

MYL5207OO005

Real Estate Development & Operations

End-of-day quote BURSA MALAYSIA Other stock markets 03:30:00 10/05/2024 am IST			5-day change	1st Jan Change
0.38 ^MYR	-3.80%		+4.11%	+2.70%

29/02	SBC Corporation Berhad Reports Earnings Results for the Third Quarter and Nine Months Ended December 31, 2023	CI
23/02	SBC to Sell Condominium in Kuala Lumpur for MYR7 Million	MT

Valuation

Fiscal Period: March	2018	2019	2020	2021	2022	2023
Capitalization ¹	116.2	123.9	72.26	101.9	101.9	95.49
Enterprise Value (EV) ¹	191.3	186.6	144.8	216.1	195.1	183.7
P/E ratio	55 x	9.36 x	7.43 x	35.3 x	7.32 x	-274 x
Yield	-	2.08%	-	-	-	-
Capitalization / Revenue	2.24 x	0.85 x	0.42 x	1.55 x	0.88 x	1.53 x
EV / Revenue	3.68 x	1.28 x	0.85 x	3.29 x	1.68 x	2.95 x
EV / EBITDA	28.4 x	7.14 x	7.88 x	26.2 x	7.51 x	36.9 x
EV / FCF	55.8 x	14.5 x	4.61 x	6.74 x	10.1 x	35.7 x
FCF Yield	1.79%	6.9%	21.7%	14.8%	9.95%	2.8%
Price to Book	0.3 x	0.3 x	0.17 x	0.24 x	0.24 x	0.23 x
Nbr of stocks (in thousands)	2,34,772	2,58,070	2,58,070	2,58,070	2,58,070	2,58,070
Reference price ²	0.4950	0.4800	0.2800	0.3950	0.3950	0.3700
Announcement Date	31/07/18	31/07/19	28/08/20	30/08/21	29/07/22	31/07/23

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2018	2019	2020	2021	2022	2023
Net sales ¹	51.99	145.8	170.2	65.61	116.1	62.33
EBITDA ¹	6.725	26.14	18.38	8.239	25.98	4.976
EBIT ¹	5.067	24.5	16.85	6.564	24.63	3.114
Operating Margin	9.75%	16.8%	9.9%	10.01%	21.22%	5%
Earnings before Tax (EBT) ¹	5.773	22.52	17.08	6.41	21.93	0.983
Net income ¹	2.112	12.46	9.734	2.886	13.93	-0.348
Net margin	4.06%	8.54%	5.72%	4.4%	12%	-0.56%
EPS ²	0.008995	0.0513	0.0377	0.0112	0.0540	-0.001348
Free Cash Flow ¹	3.43	12.87	31.4	32.04	19.41	5.144
FCF margin	6.6%	8.83%	18.45%	48.84%	16.72%	8.25%
FCF Conversion (EBITDA)	51%	49.25%	170.81%	388.9%	74.72%	103.38%
FCF Conversion (Net income)	162.38%	103.36%	322.58%	1,110.23%	139.3%	-
Dividend per Share	-	0.0100	-	-	-	-
Announcement Date	31/07/18	31/07/19	28/08/20	30/08/21	29/07/22	31/07/23

¹MYR in Million²MYR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2018	2019	2020	2021	2022	2023
Net Debt ¹	75.1	62.8	72.6	114	93.2	88.2
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	11.16 x	2.401 x	3.947 x	13.86 x	3.587 x	17.73 x
Free Cash Flow ¹	3.43	12.9	31.4	32	19.4	5.14
ROE (net income / shareholders' equity)	0.31%	3.36%	2.11%	0.56%	3.43%	-0.37%
ROA (Net income/ Total Assets)	0.5%	2.33%	1.56%	0.61%	2.45%	0.33%
Assets ¹	425.1	535	622.3	474	569.2	-106.3
Book Value Per Share ²	1.640	1.580	1.610	1.620	1.630	1.630
Cash Flow per Share ²	0.0600	0.0800	0.0300	0.0200	0.0100	0.0200
Capex ¹	1.21	0.14	0.04	2.77	0.08	0.4
Capex / Sales	2.33%	0.1%	0.03%	4.23%	0.07%	0.64%
Announcement Date	31/07/18	31/07/19	28/08/20	30/08/21	29/07/22	31/07/23

¹MYR in Million²MYR

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.
SBC CORPORATION	+2.70%	20.69M
CHINA RESOURCES LAND LIMITED	+14.64%	29.29B
MITSUI FUDOSAN CO., LTD.	+36.86%	28.36B
SUN HUNG KAI PROPERTIES LIMITED	-8.82%	25.5B
DLF LIMITED	+13.69%	24.47B
MITSUBISHI ESTATE CO., LTD.	+50.95%	23.83B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+11.92%	21.57B
EMAAR PROPERTIES	+1.39%	19.32B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+31.19%	16.73B
POLY DEVELOPMENTS AND HOLDINGS GROUP CO., LTD.	-1.82%	15.96B

Other Real Estate Development & Operations

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Financials SBC Corporation

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