Financials Siam Makro Thailand S.E.

Equities

CPAXT-R

TH0429010R19

Discount Stores

End-of-day quote Thailand S.E. Other stock markets 03:30:00 16/07/2024 am IST			5-day change	1st Jan Change
29.75 ^THB	-0.83%		0.00%	+10.19%

09/05	CP Axtra Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
29/03	Cp Axtra Public Company Limited Approves Dividend for the Year 2023, Payable on 29 April 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,48,800	1,89,600	4,44,374	4,23,213	2,85,669	3,14,765	-	-
Enterprise Value (EV) ¹	1,52,444	1,87,636	5,15,233	5,42,014	3,81,864	3,85,082	3,86,744	3,82,627
P/E ratio	23.8 x	28.8 x	17.6 x	54.8 x	32.9 x	29.6 x	25.2 x	21.8 x
Yield	3.1%	2.53%	1.71%	1.28%	2.11%	2.27%	2.65%	3.05%
Capitalization / Revenue	0.71 x	0.87 x	1.67 x	0.9 x	0.58 x	0.62 x	0.59 x	0.56 x
EV / Revenue	0.72 x	0.86 x	1.93 x	1.16 x	0.78 x	0.76 x	0.72 x	0.68 x
EV / EBITDA	14.1 x	16.2 x	32.5 x	15.8 x	11.1 x	10.9 x	10.2 x	9.47 x
EV / FCF	19.8 x	16.3 x	35.8 x	57.4 x	18.5 x	32 x	25.1 x	22.2 x
FCF Yield	5.05%	6.14%	2.79%	1.74%	5.4%	3.12%	3.99%	4.5%
Price to Book	7.35 x	8.53 x	0.84 x	1.46 x	0.98 x	1.06 x	1.04 x	1.02 x
Nbr of stocks (in thousands)	48,00,000	48,00,000	1,05,80,324	1,05,80,324	1,05,80,324	1,05,80,324	-	-
Reference price ²	31.00	39.50	42.00	40.00	27.00	29.75	29.75	29.75
Announcement Date	18/02/20	19/02/21	18/02/22	20/02/23	14/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,10,627	2,18,760	2,66,435	4,69,131	4,89,949	5,05,271	5,36,212	5,65,092
EBITDA ¹	10,809	11,587	15,873	34,252	34,319	35,446	37,965	40,425
EBIT ¹	8,204	8,956	10,494	16,701	16,707	18,807	20,867	23,087
Operating Margin	3.9%	4.09%	3.94%	3.56%	3.41%	3.72%	3.89%	4.09%
Earnings before Tax (EBT) ¹	7,895	8,337	15,425	10,411	11,134	13,324	15,602	17,981
Net income ¹	6,245	6,563	13,687	7,697	8,640	10,557	12,323	14,356
Net margin	2.96%	3%	5.14%	1.64%	1.76%	2.09%	2.3%	2.54%
EPS ²	1.300	1.370	2.380	0.7300	0.8200	1.004	1.183	1.365
Free Cash Flow ¹	7,693	11,522	14,397	9,447	20,624	12,023	15,436	17,214
FCF margin	3.65%	5.27%	5.4%	2.01%	4.21%	2.38%	2.88%	3.05%
FCF Conversion (EBITDA)	71.17%	99.43%	90.7%	27.58%	60.09%	33.92%	40.66%	42.58%
FCF Conversion (Net income)	123.2%	175.57%	105.19%	122.74%	238.7%	113.88%	125.26%	119.91%
Dividend per Share ²	0.9600	1.000	0.7200	0.5100	0.5700	0.6756	0.7879	0.9081
Announcement Date	18/02/20	19/02/21	18/02/22	20/02/23	14/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	1,11,053	1,00,411	1,08,159	1,18,463	2,29,680	1,15,560	1,23,687	-	1,20,222	1,21,612	2,41,834	1,19,502	1,28,613	1,27,020	1,26,133	2,53,246	-	-	-	-
EBITDA ¹	-	-	8,413	7,897	-	8,181	9,761	-	8,845	7,802	-	7,776	9,896	8,839	8,291	-	-	-	-	-
EBIT ¹	4,072	4,249	4,087	3,517	7,604	3,798	5,299	-	4,500	3,398	7,898	3,332	5,477	4,479	4,017	8,370	-	-	-	-
Operating Margin	3.67%	4.23%	3.78%	2.97%	3.31%	3.29%	4.28%	-	3.74%	2.79%	3.27%	2.79%	4.26%	3.53%	3.18%	3.31%	-	-	-	-
Earnings before Tax (EBT) ¹	-	9,590	2,817	2,122	-	2,202	3,270	-	2,798	2,029	4,827	2,114	4,193	3,239	2,627	5,524	-	-	-	-
Net income ¹	3,021	9,094	2,050	1,573	3,623	1,602	2,471	-	2,166	1,516	3,682	1,677	1,699	2,481	2,082	4,508	-	-	-	-
Net margin	2.72%	9.06%	1.9%	1.33%	1.58%	1.39%	2%	-	1.8%	1.25%	1.52%	1.4%	1.32%	1.95%	1.65%	1.78%	-	-	-	-
EPS ²	0.6300	1.420	0.1900	0.1500	0.3400	0.1500	0.2400	-	0.2000	0.1400	0.3500	0.1600	0.3100	0.2300	0.2060	0.4300	-	-	-	-
Dividend per Share ²	-	-	-	0.1800	-	-	-	0.3300	-	0.1800	-	-	-	-	0.5725	-	-	-	-	0.7491
Announcement Date	10/08/21	18/02/22	10/05/22	08/08/22	08/08/22	10/11/22	20/02/23	20/02/23	17/05/23	07/08/23	07/08/23	08/11/23	14/02/24	09/05/24	-	-	-	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,644	-	70,859	1,18,801	96,195	70,318	71,979	67,862
Net Cash position ¹	-	1,964	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.3371 x	-	4.464 x	3.468 x	2.803 x	1.984 x	1.896 x	1.679 x
Free Cash Flow ¹	7,693	11,522	14,397	9,447	20,624	12,023	15,436	17,214
ROE (net income / shareholders' equity)	32.1%	30.9%	5.09%	2.66%	2.96%	3.65%	4.23%	4.76%
ROA (Net income/ Total Assets)	10%	9.5%	2.17%	1.38%	1.59%	1.98%	2.27%	2.55%
Assets ¹	62,384	69,081	6,31,685	5,59,084	5,44,497	5,32,973	5,43,389	5,64,080
Book Value Per Share ²	4.220	4.630	50.00	27.40	27.70	28.10	28.60	29.10
Cash Flow per Share ²	2.140	2.780	2.910	2.080	3.300	0.4200	2.660	3.020
Capex ¹	3,130	2,288	3,459	17,164	14,239	18,437	20,063	19,979
Capex / Sales	1.49%	1.05%	1.3%	3.66%	2.91%	3.65%	3.74%	3.54%
Announcement Date	18/02/20	19/02/21	18/02/22	20/02/23	14/02/24	-	-	-

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 Siam Makro

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

29.75 THB

Average target price

35.04 THB

Spread / Average Target

+17.77%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Discount Stores

	1st Jan change	Capi.
COSTCO WHOLESALE CORPORATION	+28.89%	38TCr
TARGET CORPORATION	+8.84%	7TCr
WAL-MART DE MÉXICO, S.A.B. DE C.V.	-8.40%	6.58TCr
DOLLAR GENERAL CORPORATION	-6.23%	2.79TCr
DOLLARAMA INC.	+34.89%	2.66TCr
PAN PACIFIC INTERNATIONAL HOLDINGS CORPORATION	+15.73%	1.48TCr
BJ'S WHOLESALE CLUB HOLDINGS, INC.	+37.08%	1.2TCr
OLLIE'S BARGAIN OUTLET HOLDINGS, INC.	+37.00%	633.18Cr
PEPCO GROUP N.V.	-24.21%	295.69Cr

Other Discount Stores