Financials Tanco Holdings

Equities

TANCO

MYL2429OO008

Real Estate Development & Operations

End-of-day quote BURSA MALAYSIA Other stock markets 03:30:00 08/05/2024 am IST			5-day change	1st Jan Change
0.86 ^MYR	-0.58%		+4.24%	+45.76%

09/04	Tanco Unit's Outstanding Loans Granted as of March 31 Reach MYR36 Million	MT
27/02	Tanco Holdings Berhad Reports Earnings Results for the Second Quarter and Six Months Ended December 31, 2023	CI

Valuation

Fiscal Period: June	2018	2019	2020	2021	2022	2023
Capitalization ¹	80.57	32.91	61.95	233.1	496.4	1,105
Enterprise Value (EV) ¹	116.1	81.63	101.5	271.1	535.9	1,123
P/E ratio	70.6 x	-2 x	-2.42 x	-14.4 x	-37 x	81 x
Yield	-	-	-	-	-	-
Capitalization / Revenue	4.03 x	10.8 x	18.5 x	52.7 x	34.7 x	11.8 x
EV / Revenue	5.81 x	26.8 x	30.3 x	61.3 x	37.4 x	12 x
EV / EBITDA	95.8 x	-9.38 x	-8.78 x	-28.7 x	-63.2 x	64.6 x
EV / FCF	15.4 x	-9.97 x	-12.3 x	-28.8 x	-61.3 x	109 x
FCF Yield	6.51%	-10%	-8.16%	-3.48%	-1.63%	0.92%
Price to Book	0.5 x	0.22 x	0.39 x	1.46 x	2.89 x	4.63 x
Nbr of stocks (in thousands)	6,71,432	7,31,432	12,39,031	15,53,760	17,41,787	19,22,299
Reference price ²	0.1200	0.0450	0.0500	0.1500	0.2850	0.5750
Announcement Date	31/10/18	31/10/19	26/10/20	20/10/21	31/10/22	30/10/23

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2018	2019	2020	2021	2022	2023
Net sales ¹	19.97	3.044	3.354	4.423	14.32	93.85
EBITDA ¹	1.211	-8.703	-11.57	-9.432	-8.477	17.37
EBIT ¹	-2.212	-11.22	-13.4	-11.26	-10.31	15.4
Operating Margin	-11.08%	-368.63%	-399.37%	-254.56%	-71.97%	16.4%
Earnings before Tax (EBT) ¹	1.136	-15.99	-16.08	-13.73	-12.98	21.78
Net income ¹	1.136	-15.54	-17.14	-13.72	-12.9	18.53
Net margin	5.69%	-510.64%	-510.97%	-310.24%	-90.05%	19.75%
EPS ²	0.001700	-0.0225	-0.0206	-0.0104	-0.007699	0.007100
Free Cash Flow ¹	7.557	-8.185	-8.284	-9.428	-8.746	10.34
FCF margin	37.84%	-268.89%	-247%	-213.16%	-61.06%	11.02%
FCF Conversion (EBITDA)	624.02%	-	-	-	-	59.52%
FCF Conversion (Net income)	665.22%	-	-	-	-	55.8%
Dividend per Share	-	-	-	-	-	-
Announcement Date	31/10/18	31/10/19	26/10/20	20/10/21	31/10/22	30/10/23

¹MYR in Million²MYR

Estimates

Balance Sheet Analysis

Fiscal Period: June	2018	2019	2020	2021	2022	2023
Net Debt ¹	35.5	48.7	39.6	38	39.5	17.2
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	29.31 x	-5.597 x	-3.422 x	-4.03 x	-4.661 x	0.9895 x
Free Cash Flow ¹	7.56	-8.18	-8.28	-9.43	-8.75	10.3
ROE (net income / shareholders' equity)	0.71%	-10.1%	-11.2%	-8.65%	-7.63%	10.1%
ROA (Net income/ Total Assets)	-0.51%	-2.48%	-3.03%	-2.57%	-2.29%	2.73%
Assets ¹	-221.7	625.9	566.5	533.2	562.7	679.6
Book Value Per Share ²	0.2400	0.2000	0.1300	0.1000	0.1000	0.1200
Cash Flow per Share ²	0.0200	0	0	0	0	0
Capex ¹	8.91	5.86	0.08	0.24	0.04	1.35
Capex / Sales	44.6%	192.38%	2.27%	5.36%	0.3%	1.44%
Announcement Date	31/10/18	31/10/19	26/10/20	20/10/21	31/10/22	30/10/23

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.
TANCO HOLDINGS	+45.76%	381M
MITSUI FUDOSAN CO., LTD.	+36.25%	29.21B
CHINA RESOURCES LAND LIMITED	+7.68%	28.04B
SUN HUNG KAI PROPERTIES LIMITED	-11.72%	27.86B
DLF LIMITED	+19.20%	25.39B
MITSUBISHI ESTATE CO., LTD.	+49.77%	24.16B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+8.43%	20.93B
EMAAR PROPERTIES	+3.41%	19.25B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+28.80%	16.61B
CK ASSET HOLDINGS LIMITED	-13.01%	15.42B

Other Real Estate Development & Operations

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