Financials Ticon Freehold and Leasehold Real Estate Investment Trust

Equities

End-of-day quote Thailand S.E. Other stock markets 03:30:00 09/05/2024 am IST			5-day change	1st Jan Change
9.6 ^THB	+0.52%		-1.03%	-10.28%

08/05	Frasers Property Thailand Industrial Freehold & Leasehold REIT Approves Dividend for the Period Between January 1 , 2024 to March 31 , 2024, Payable on June 7, 2024	CI
08/05	Ticon Freehold and Leasehold Real Estate Investment Trust Reports Earnings Results for the Second Quarter and Six Months Ended March 31, 2024	CI

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	46,583	40,360	37,986	31,553	31,553	31,521	-
Enterprise Value (EV) ¹	46,583	51,300	47,020	43,486	46,155	43,850	43,650
P/E ratio	-	34 x	17.7 x	13 x	11.1 x	12.1 x	11.8 x
Yield	3.69%	4.67%	5.43%	6.89%	7.26%	7.79%	8%
Capitalization / Revenue	16.6 x	13.2 x	11.1 x	8.78 x	8.47 x	8.01 x	7.87 x
EV / Revenue	16.6 x	16.8 x	13.8 x	12.1 x	12.4 x	11.1 x	10.9 x
EV / EBITDA	-	-	-	-	-	14.3 x	14 x
EV / FCF	-	-	-1,20,42,646 x	-	-	-	-
FCF Yield	-	-	-0%	-	-	-	-
Price to Book	-	1.35 x	1.15 x	0.95 x	-	0.87 x	0.87 x
Nbr of stocks (in thousands)	26,02,387	28,22,387	30,63,387	30,63,387	30,63,387	32,83,387	-
Reference price ²	17.90	14.30	12.40	10.30	10.30	9.600	9.600
Announcement Date	13/11/19	05/11/20	05/11/21	04/11/22	03/11/23	-	-

¹THB in Million²THB

Estimates

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	2,807	3,048	3,417	3,594	3,725	3,933	4,007
EBITDA ¹	-	-	-	-	-	3,067	3,107
EBIT ¹	-	2,414	2,742	-	-	3,025	3,064
Operating Margin	-	79.18%	80.24%	-	-	76.91%	76.47%
Earnings before Tax (EBT) ¹	-	1,194	2,152	2,519	2,494	2,599	2,667
Net income ¹	1,847	1,194	2,152	2,407	2,852	2,599	2,667
Net margin	65.81%	39.18%	62.99%	66.97%	76.56%	66.08%	66.56%
EPS ²	-	0.4200	0.7000	0.7900	0.9310	0.7920	0.8120
Free Cash Flow	-	-	-3,904	-	-	-	-
FCF margin	-	-	-114.28%	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share ²	0.6610	0.6680	0.6730	0.7100	0.7480	0.7480	0.7680
Announcement Date	13/11/19	05/11/20	05/11/21	04/11/22	03/11/23	-	-

¹THB in Million²THB

Estimates

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	10,940	9,034	11,933	14,602	12,329	12,129
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	4.02 x	3.904 x
Free Cash Flow	-	-	-3,904	-	-	-	-
ROE (net income / shareholders' equity)	6.74%	4%	6.85%	7.28%	8.52%	7.4%	7.4%
ROA (Net income/ Total Assets)	-	2.94%	4.84%	5.18%	5.86%	5.2%	5.3%
Assets ¹	-	40,683	44,469	46,479	48,645	49,981	50,321
Book Value Per Share ²	-	10.60	10.70	10.80	-	11.00	11.00
Cash Flow per Share ²	-	-0.8800	-	0.4900	-0.0600	0.7900	0.8100
Capex ¹	-	-	3,644	-	-	-	-
Capex / Sales	-	-	106.66%	-	-	-	-
Announcement Date	13/11/19	05/11/20	05/11/21	04/11/22	03/11/23	-	-

¹THB in Million²THB

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

9.6 THB

Average target price

11.5 THB

Spread / Average Target

+19.79%

	1st Jan change	Capi.
TICON FREEHOLD AND LEASEHOLD REAL ESTATE INVESTMENT TRUST	-10.28%	849M
PROLOGIS, INC.	-18.95%	98.03B
GOODMAN GROUP	+33.44%	42.81B
REXFORD INDUSTRIAL REALTY, INC.	-18.88%	9.76B
EASTGROUP PROPERTIES, INC.	-10.17%	7.77B
AMERICOLD REALTY TRUST, INC.	-24.31%	6.49B
STAG INDUSTRIAL, INC.	-9.26%	6.37B
FIRST INDUSTRIAL REALTY TRUST, INC.	-8.47%	6.27B
WAREHOUSES DE PAUW SA	-8.84%	6.14B
TERRENO REALTY CORPORATION	-12.21%	5.26B