Financials Thailand Future Fund

Equities

End-of-day quote Thailand S.E. Other stock markets 03:30:00 26/04/2024 am IST			5-day change	1st Jan Change
6.2 ^THB	0.00%		0.00%	-5.34%

21/02	Thailand Future Fund Announces Dividend for the Period During October 1, 2023 to December 31, 2023, Payable on March 20, 2024	CI
2023	Thailand Future Fund Approves Dividend for the Period During July 1, 2023 to September 30, 2023, Payable on December 28, 2023	CI

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	45,014	34,732	34,046	32,447	28,334	28,334	-
Enterprise Value (EV) ¹	44,478	34,265	33,746	32,447	27,839	27,803	27,758
P/E ratio	27.5 x	27.4 x	30.3 x	17.5 x	3 x	14.4 x	13.3 x
Yield	3.78%	5.24%	2.09%	1.3%	6.61%	7.47%	8.03%
Capitalization / Revenue	21.9 x	18.1 x	22 x	18.1 x	14.3 x	12.8 x	11.8 x
EV / Revenue	21.7 x	17.9 x	21.8 x	18.1 x	14.1 x	12.5 x	11.6 x
EV / EBITDA	26.2 x	18.8 x	29.2 x	19.3 x	14.7 x	13.2 x	12.2 x
EV / FCF	-	1,76,78,927 x	2,07,77,442 x	-	-	1,36,15,573 x	1,25,94,374 x
FCF Yield	-	0%	0%	-	-	0%	0%
Price to Book	0.83 x	0.65 x	0.64 x	0.61 x	0.46 x	0.52 x	0.52 x
Nbr of stocks (in thousands)	45,70,000	45,70,000	45,70,000	45,70,000	45,70,000	45,70,000	-
Reference price ²	9.850	7.600	7.450	7.100	6.200	6.200	6.200
Announcement Date	18/11/19	21/11/20	16/11/21	30/11/22	29/11/23	-	-

¹THB in Million²THB

Estimates

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	2,054	1,917	1,550	1,794	1,977	2,218	2,394
EBITDA ¹	1,700	1,820	1,156	1,679	1,888	2,111	2,280
EBIT ¹	1,700	1,525	1,156	1,679	1,888	2,111	2,279
Operating Margin	82.77%	79.56%	74.58%	93.62%	95.46%	95.17%	95.22%
Earnings before Tax (EBT) ¹	10,054	1,267	1,126	1,851	9,459	2,072	2,246
Net income ¹	10,054	1,267	1,126	1,851	9,459	2,111	2,279
Net margin	489.49%	66.06%	72.64%	103.21%	478.36%	95.17%	95.22%
EPS ²	0.3580	0.2772	0.2462	0.4051	2.070	0.4296	0.4647
Free Cash Flow	-	1,938	1,624	-	-	2,042	2,204
FCF margin	-	101.09%	104.82%	-	-	92.06%	92.07%
FCF Conversion (EBITDA)	-	106.49%	140.55%	-	-	96.72%	96.68%
FCF Conversion (Net income)	-	153.03%	144.3%	-	-	96.73%	96.69%
Dividend per Share ²	0.3720	0.3980	0.1560	0.0920	0.4100	0.4629	0.4980
Announcement Date	18/11/19	21/11/20	16/11/21	30/11/22	29/11/23	-	-

¹THB in Million²THB

Estimates

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	-	-	-	-
Net Cash position ¹	537	467	301	-	495	531	576
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow	-	1,938	1,624	-	-	2,042	2,204
ROE (net income / shareholders' equity)	36.3%	2.34%	2.11%	3.47%	3.5%	3.83%	4.25%
ROA (Net income/ Total Assets)	36.2%	2.34%	2.11%	3.47%	3.29%	3.4%	3.7%
Assets ¹	27,748	54,026	53,469	53,375	2,87,311	62,087	61,605
Book Value Per Share ²	11.90	11.70	11.60	11.70	13.40	12.00	12.00
Cash Flow per Share ²	-	0.4200	-	0.3400	0.4000	0.4600	0.5000
Capex	44,811	-	-	-	-	-	-
Capex / Sales	2,181.64%	-	-	-	-	-	-
Announcement Date	18/11/19	21/11/20	16/11/21	30/11/22	29/11/23	-	-

¹THB in Million²THB

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6.2 THB

Average target price

8.907 THB

Spread / Average Target

+43.66%

	1st Jan change	Capi.
THAILAND FUTURE FUND	-5.34%	765M
GETLINK SE	-4.56%	9.14B
ANHUI EXPRESSWAY COMPANY LIMITED	+16.10%	2.85B
CHONGQING ROAD & BRIDGE CO.,LTD	-14.22%	1.05B
CHINA HIGH-SPEED RAILWAY TECHNOLOGY CO., LTD.	-5.51%	836M
RAILCARE GROUP AB	+25.23%	61.17M