THAI CAPITAL CORPORATION

Financials Thai Capital Corporation

Equities

TCC

TH0226A10Z01

Coal

End-of-day quote Thailand S.E. Other stock markets 03:30:00 16/05/2024 am IST			5-day change	1st Jan Change
0.5 ^THB	0.00%		+8.70%	-7.41%

15/05	Thai Capital Corporation Public Company Limited Announces Interim Dividend Payment, Payable on June 14, 2024	CI
30/04	Thai Capital Corporation Public Company Limited Approves to Omit Dividend Payment	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	524.6	294.3	294.3	1,499	1,281	753.6
Enterprise Value (EV) ¹	603.6	338.8	379.4	1,559	1,199	867.3
P/E ratio	128 x	-18.7 x	-14 x	20.2 x	7.08 x	13.8 x
Yield	-	-	-	-	-	-
Capitalization / Revenue	0.4 x	0.42 x	0.61 x	1.3 x	0.64 x	0.48 x
EV / Revenue	0.45 x	0.48 x	0.79 x	1.36 x	0.6 x	0.55 x
EV / EBITDA	27.3 x	-197 x	-29.6 x	14.2 x	4.65 x	7.76 x
EV / FCF	-7.57 x	9.06 x	-19.9 x	-36.5 x	14.3 x	158 x
FCF Yield	-13.2%	11%	-5.02%	-2.74%	7%	0.63%
Price to Book	0.66 x	0.38 x	0.39 x	1.68 x	1.14 x	0.68 x
Nbr of stocks (in thousands)	12,79,416	12,79,416	12,79,416	12,81,313	13,92,723	13,95,550
Reference price ²	0.4100	0.2300	0.2300	1.170	0.9200	0.5400
Announcement Date	28/02/19	28/02/20	01/03/21	25/02/22	28/02/23	29/02/24

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	1,328	705.3	482.9	1,150	1,997	1,569
EBITDA ¹	22.1	-1.721	-12.82	109.9	257.9	111.8
EBIT ¹	9.255	-11.33	-19.33	103.7	252.2	106.5
Operating Margin	0.7%	-1.61%	-4%	9.02%	12.63%	6.79%
Earnings before Tax (EBT) ¹	15.36	-11.4	-21.57	98.73	243.5	78.65
Net income ¹	4.085	-15.73	-21.05	75.82	193	55.41
Net margin	0.31%	-2.23%	-4.36%	6.6%	9.66%	3.53%
EPS ²	0.003192	-0.0123	-0.0165	0.0580	0.1300	0.0390
Free Cash Flow ¹	-79.7	37.38	-19.05	-42.66	83.93	5.488
FCF margin	-6%	5.3%	-3.94%	-3.71%	4.2%	0.35%
FCF Conversion (EBITDA)	-	-	-	-	32.55%	4.91%
FCF Conversion (Net income)	-	-	-	-	43.5%	9.9%
Dividend per Share	-	-	-	-	-	-
Announcement Date	28/02/19	28/02/20	01/03/21	25/02/22	28/02/23	29/02/24

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	79	44.6	85.1	59.5	-	114
Net Cash position ¹	-	-	-	-	82.7	-
Leverage (Debt/EBITDA)	3.575 x	-25.89 x	-6.635 x	0.542 x	-	1.017 x
Free Cash Flow ¹	-79.7	37.4	-19.1	-42.7	83.9	5.49
ROE (net income / shareholders' equity)	0.51%	-1.99%	-2.73%	9.18%	19.2%	4.96%
ROA (Net income/ Total Assets)	0.55%	-0.74%	-1.27%	5.96%	11.8%	4.32%
Assets ¹	748.4	2,122	1,658	1,273	1,640	1,283
Book Value Per Share ²	0.6300	0.6100	0.5900	0.7000	0.8100	0.8000
Cash Flow per Share ²	0.0100	0.0200	0.0300	0.0700	0.2000	0.2100
Capex ¹	11.3	0.37	0.15	0.16	0.87	1.52
Capex / Sales	0.85%	0.05%	0.03%	0.01%	0.04%	0.1%
Announcement Date	28/02/19	28/02/20	01/03/21	25/02/22	28/02/23	29/02/24

¹THB in Million²THB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Coal Wholesale

	1st Jan change	Capi.
THAI CAPITAL CORPORATION	-7.41%	1.92Cr
GUANGZHOU DEVELOPMENT GROUP INCORPORATED	+21.79%	322.92Cr
SHANDONG YULONG GOLD CO., LTD.	+2.99%	119.35Cr
ZJMI ENVIRONMENTAL ENERGY CO., LTD.	-3.55%	113.42Cr
CCS SUPPLY CHAIN MANAGEMENT CO., LTD.	-22.82%	70Cr
PT SUMBER GLOBAL ENERGY TBK	+2.84%	52Cr
YUNNAN YUNWEI COMPANY LIMITED	+1.03%	50Cr
SUMISEKI HOLDINGS,INC.	+41.92%	42Cr
YANTAI YUANCHENG GOLD CO., LTD.	-43.55%	31Cr
NIPPON COKE & ENGINEERING COMPANY, LIMITED	+10.26%	25Cr

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