Financials Supalai

Stocks

SPALI

TH0371010Z05

Real Estate Development & Operations

End-of-day quote Thailand S.E. 06/10/2026			5-day change	1st Jan Change
15.80 ^THB	-0.63%		-2.47%	-7.06%

28/09	Innovest X Securities Upgrades Supalai to Outperform from Neutral; Price Target is THB19	MT
11/08	Supalai Public Company Limited Announces Interim Dividend for the Operating Period from 01 January 2026 to 30 June 2026, Payable on September 10, 2026	CI

Projected Income Statement: Supalai

Projected Income Statement - Annual - Supalai

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	29,160	34,486	31,177	31,194	24,124	25,494	25,922	27,366
Change	-	18.26%	-9.6%	0.06%	-22.66%	5.68%	1.68%	5.57%
EBITDA ¹	8,444	9,514	7,386	7,665	4,680	5,274	5,491	5,927
Change	-	12.68%	-22.36%	3.77%	-38.94%	12.69%	4.12%	7.93%
EBIT ¹	8,321	9,387	7,249	7,462	4,467	4,711	4,955	5,499
Change	-	12.81%	-22.78%	2.93%	-40.13%	5.46%	5.18%	10.97%
Interest Paid ¹	-258.9	-276.8	-467.4	-708.5	-724.6	-643.7	-662.6	-644.6
Earnings before Tax (EBT) ¹	9,083	10,515	7,670	7,937	5,121	5,550	5,736	6,261
Change	-	15.78%	-27.06%	3.48%	-35.48%	8.38%	3.36%	9.15%
Net income ¹	7,070	8,173	5,989	6,190	4,015	4,434	4,638	5,066
Change	-	15.6%	-26.72%	3.34%	-35.13%	10.44%	4.59%	9.23%
Announcement Date	22/02/22	21/02/23	20/02/24	25/02/25	25/02/26	-	-	-

¹THB in Million

Estimates

Projected Income Statement - Quarterly - Supalai

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales	7,430	10,938	5,433	8,198	11,133	9,723	5,734	8,165	7,166	10,111	4,580	7,942	9,836	8,837	3,634	6,912	6,371	7,207	3,792	6,936	-	-
Change	-	47.22%	-50.33%	50.9%	35.8%	-12.67%	-41.02%	42.4%	-12.24%	41.1%	-54.7%	73.4%	23.85%	-10.15%	-58.88%	90.2%	-7.82%	13.11%	-47.39%	82.94%	-	-
EBITDA	2,187	3,338	1,442	-	3,312	2,440	-	1,940	1,671	2,463	916.3	1,901	2,621	2,225	659.3	1,264	1,344	1,478	468.4	1,174	-	-
Change	-	52.64%	-56.82%	-	-	-26.32%	-	-	-13.84%	47.36%	-62.8%	107.52%	37.86%	-15.1%	-70.38%	91.8%	6.32%	9.94%	-68.31%	150.76%	-	-
EBIT	2,157	3,307	1,412	2,291	3,281	2,403	1,281	1,903	1,638	2,428	880	1,862	2,573	2,146	530.8	1,196	1,277	1,463	413.2	1,094	-	-
Change	-	53.35%	-57.31%	62.24%	43.22%	-26.74%	-46.71%	48.54%	-13.92%	48.23%	-63.75%	111.64%	38.17%	-16.6%	-75.27%	125.33%	6.78%	14.55%	-71.76%	164.78%	-	-
Charge d'intérêts	-64.46	-61.15	-59.02	-61.25	-75.24	-81.28	-95.81	-103.1	-136.7	-131.8	-145	-158.3	-200.6	-204.6	-189.5	-191	-177.5	-166.6	-151.1	-149.5	-	-
Earnings before Tax (EBT)	2,193	3,603	1,515	2,669	3,520	2,811	1,419	2,206	1,531	2,514	829.5	2,132	2,561	2,414	538.6	1,507	1,546	1,529	529.8	2,023	-	-
Change	-	64.25%	-57.94%	76.15%	31.85%	-20.13%	-49.53%	55.48%	-30.6%	64.23%	-67.01%	157.02%	20.12%	-5.72%	-77.69%	179.77%	2.6%	-1.07%	-65.36%	281.84%	-	-
Net income ¹	1,720	2,879	1,178	2,075	2,749	2,171	1,080	1,701	1,191	2,018	613.6	1,599	1,989	1,988	404.8	1,104	1,168	1,338	402.1	1,647	1,390	1,792
Change	-	67.43%	-59.09%	76.18%	32.47%	-21%	-50.25%	57.41%	-29.99%	69.44%	-69.59%	160.56%	24.38%	-0.02%	-79.64%	172.85%	5.73%	14.57%	-69.95%	309.53%	-15.62%	28.97%
Announcement Date	09/11/21	22/02/22	11/05/22	09/08/22	08/11/22	21/02/23	09/05/23	08/08/23	14/11/23	20/02/24	15/05/24	13/08/24	13/11/24	25/02/25	14/05/25	13/08/25	11/11/25	25/02/26	13/05/26	11/08/26	-	-

¹THB in Million

Estimates

Projected Income Statement - Halfyear - Supalai

Fiscal Period: December	2022 S1	2023 S1	2024 S1	2025 S1	2026 S1
Net sales ¹	13,630	13,899	12,522	10,546	10,728
Change	-	1.97%	-9.91%	-15.78%	1.73%
EBITDA ¹	-	3,252	2,818	1,858	1,668
Change	-	-	-13.36%	-34.06%	-10.24%
EBIT ¹	3,703	3,183	2,742	1,727	1,507
Change	-	-14.03%	-13.86%	-37.03%	-12.72%
Charge d'intérêts ¹	-	-198.9	-303.3	-380.5	-300.7
Earnings before Tax (EBT) ¹	4,185	3,625	2,962	2,045	2,553
Change	-	-13.39%	-18.29%	-30.94%	24.82%
Net income ¹	3,253	2,781	2,213	1,509	2,049
Change	-	-14.5%	-20.44%	-31.79%	35.75%
Announcement Date	09/08/22	08/08/23	13/08/24	13/08/25	11/08/26

¹THB in Million

Estimates

Forecast Balance Sheet: Supalai

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	18,264	-	22,453	29,064	34,200	32,352	32,524	32,848
Change	-	-	-	29.44%	17.67%	-5.4%	0.53%	1%
Announcement Date	22/02/22	21/02/23	20/02/24	25/02/25	25/02/26	-	-	-

¹THB in Million

Estimates

Cash Flow Forecast: Supalai

Fiscal Period: December	2021	2023	2024	2025	2026	2027	2028
CAPEX ¹	83.27	79.23	243	141.4	186	287	247.4
Change	-	-	206.67%	-41.8%	31.54%	54.33%	-13.81%
Free Cash Flow (FCF) ¹	3,926	-258.7	-930.2	711.7	5,820	3,698	4,620
Change	-	-	-259.48%	176.51%	717.88%	-36.46%	24.91%
Announcement Date	22/02/22	20/02/24	25/02/25	25/02/26	-	-	-

¹THB in Million

Estimates

Forecast Financial Ratios: Supalai

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	28.96%	27.59%	23.69%	24.57%	19.4%	20.69%	21.18%	21.66%
EBIT Margin (%)	28.54%	27.22%	23.25%	23.92%	18.52%	18.48%	19.12%	20.09%
EBT Margin (%)	31.15%	30.49%	24.6%	25.44%	21.23%	21.77%	22.13%	22.88%
Net margin (%)	24.25%	23.7%	19.21%	19.84%	16.64%	17.39%	17.89%	18.51%
FCF margin (%)	13.46%	-	-0.83%	-2.98%	2.95%	22.83%	14.27%	16.88%
FCF / Net Income (%)	55.52%	-	-4.32%	-15.03%	17.72%	131.26%	79.75%	91.2%
Profitability
ROA	10.13%	-	7.21%	6.79%	4.11%	4.39%	4.6%	4.96%
ROE	17.98%	-	12.35%	11.94%	7.51%	7.91%	7.94%	8.47%
Financial Health
Leverage (Debt/EBITDA)	2.16x	-	3.04x	3.79x	7.31x	6.13x	5.92x	5.54x
Debt / Free cash flow	4.65x	-	-86.78x	-31.25x	48.06x	5.56x	8.79x	7.11x
Capital Intensity
CAPEX / Current Assets (%)	0.29%	-	0.25%	0.78%	0.59%	0.73%	1.11%	0.9%
CAPEX / EBITDA (%)	0.99%	-	1.07%	3.17%	3.02%	3.53%	5.23%	4.17%
CAPEX / FCF (%)	2.12%	-	-30.62%	-26.12%	19.87%	3.2%	7.76%	5.36%
Items per share
Cash flow per share ¹	2.058	-	-0.092	-0.3518	0.4447	2.09	2.415	2.593
Change	-	-	-	-282.39%	226.41%	369.98%	15.55%	7.38%
Dividend per Share ¹	1	-	1.45	1.35	1.4	1.269	1.275	1.376
Change	-	-	-	-6.9%	3.7%	-9.34%	0.42%	7.99%
Book Value Per Share ¹	21.59	-	25.84	27.23	28.48	29.19	30.48	31.65
Change	-	-	-	5.35%	4.61%	2.5%	4.42%	3.81%
EPS ¹	3.63	4.19	3.07	3.17	2.09	2.278	2.385	2.617
Change	-	15.43%	-26.73%	3.26%	-34.07%	8.99%	4.71%	9.73%
Nbr of stocks (in thousands)	19,48,141	19,53,054	19,53,054	19,53,054	18,86,454	18,99,871	18,99,871	18,99,871
Announcement Date	22/02/22	21/02/23	20/02/24	25/02/25	25/02/26	-	-	-