Stock SSP SERMSANG POWER CORPORATION
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Financials Sermsang Power Corporation

Equities

SSP

TH8206010002

Independent Power Producers

End-of-day quote Thailand S.E.
Other stock markets
 03:30:00 30/04/2024 am IST 		5-day change 1st Jan Change
7.8 THB 0.00% Intraday chart for Sermsang Power Corporation +1.30% -2.50%
26/04 Sermsang Power Corporation Public Company Limited Approves Dividend for the Year 2023 CI
20/03 Sermsang Power Corporation Public Company Limited Announces the Resignation of Mr. Viwat Kraipisitkul as Director, Chairman of the Executive Committee, and Member of the Nomination and Remuneration Committee CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 6,777 10,695 13,609 12,489 10,890 10,058 -
Enterprise Value (EV) 1 6,777 10,695 23,708 21,227 10,890 20,113 20,604
P/E ratio 12.5 x 14.5 x 15.1 x 9.55 x 13.5 x 10.4 x 9.87 x
Yield 1.5% 0.96% 0.87% 2.61% - 1.92% 2.05%
Capitalization / Revenue 4.6 x 5.58 x 5.23 x 4.01 x 3.55 x 2.51 x 2.65 x
EV / Revenue 4.6 x 5.58 x 9.11 x 6.81 x 3.55 x 5.03 x 5.43 x
EV / EBITDA 6.3 x 6.88 x 11.4 x 8.99 x 4.89 x 6.53 x 7.16 x
EV / FCF -4.95 x -171 x -9.97 x 11.4 x - -10.7 x -173 x
FCF Yield -20.2% -0.59% -10% 8.79% - -9.31% -0.58%
Price to Book 1.79 x 2.54 x 2.21 x 1.61 x - 1.11 x 1.04 x
Nbr of stocks (in thousands) 12,27,182 12,27,182 12,96,616 13,73,826 13,61,237 12,89,542 -
Reference price 2 5.522 8.715 10.50 9.091 8.000 7.800 7.800
Announcement Date 27/02/20 25/02/21 28/02/22 28/02/23 28/02/24 - -
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 1,474 1,918 2,603 3,117 3,072 4,002 3,796
EBITDA 1 1,076 1,555 2,085 2,361 2,225 3,079 2,876
EBIT 1 770.6 1,058 1,334 1,441 1,368 2,188 1,966
Operating Margin 52.29% 55.14% 51.26% 46.21% 44.53% 54.67% 51.79%
Earnings before Tax (EBT) 1 569 787.9 994.8 1,381 920.7 1,389 1,239
Net income 1 545.7 736.3 859 1,302 812.3 1,031 1,087
Net margin 37.03% 38.39% 33% 41.76% 26.44% 25.76% 28.64%
EPS 2 0.4433 0.6010 0.6949 0.9520 0.5916 0.7500 0.7900
Free Cash Flow 1 -1,368 -62.57 -2,378 1,866 - -1,872 -119
FCF margin -92.87% -3.26% -91.36% 59.87% - -46.78% -3.13%
FCF Conversion (EBITDA) - - - 79.07% - - -
FCF Conversion (Net income) - - - 143.38% - - -
Dividend per Share 2 0.0826 0.0835 0.0918 0.2374 - 0.1500 0.1600
Announcement Date 27/02/20 25/02/21 28/02/22 28/02/23 28/02/24 - -
1THB in Million2THB
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4
Net sales 1 761.9 729.8 856.5 824.7 739.9 697.7 761.3 762.1 810.5 738
EBITDA 1 632.4 499.7 681.8 619.4 575.9 483.5 601.4 596.5 602.6 460
EBIT 1 409.8 270.2 444.1 377.9 350 270 387.6 381.4 387.9 246.2
Operating Margin 53.78% 37.02% 51.85% 45.82% 47.31% 38.69% 50.91% 50.04% 47.86% 33.35%
Earnings before Tax (EBT) 1 319.9 175.2 328.9 656.9 297.1 134.4 289.1 259.4 245.4 147.6
Net income 1 286.5 149.1 294.8 644.9 267.6 131.3 256.2 228.1 218.7 125.9
Net margin 37.6% 20.42% 34.42% 78.19% 36.17% 18.82% 33.65% 29.93% 26.99% 17.06%
EPS 2 0.2317 - - 0.4694 0.1948 - - - - 0.0919
Dividend per Share - - - - - - - - - -
Announcement Date 12/11/21 28/02/22 16/05/22 11/08/22 14/11/22 28/02/23 11/05/23 11/08/23 13/11/23 28/02/24
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 - - 10,099 8,738 - 10,055 10,546
Net Cash position 1 - - - - - - -
Leverage (Debt/EBITDA) - - 4.843 x 3.702 x - 3.266 x 3.667 x
Free Cash Flow 1 -1,368 -62.6 -2,378 1,866 - -1,872 -119
ROE (net income / shareholders' equity) 14.9% 18.4% 17% 19.1% - 11.1% 10.7%
ROA (Net income/ Total Assets) 4.38% 5.05% 4.19% 5.74% - 3.6% 3.7%
Assets 1 12,469 14,575 20,494 22,679 - 28,639 29,378
Book Value Per Share 2 3.080 3.430 4.760 5.660 - 7.000 7.500
Cash Flow per Share 0.5800 1.160 1.930 1.490 - - -
Capex 1 2,082 1,490 4,768 177 - 4,300 2,300
Capex / Sales 141.26% 77.68% 183.2% 5.68% - 107.45% 60.59%
Announcement Date 27/02/20 25/02/21 28/02/22 28/02/23 28/02/24 - -
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 Sermsang Power Corporation

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
1
Last Close Price
7.8 THB
Average target price
11.4 THB
Spread / Average Target
+46.15%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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