Financials Wah Seong Corporation

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 03:30:00 09/05/2024 am IST			5-day change	1st Jan Change
1.45 ^MYR	0.00%		0.00%	+45.73%

29/04	Wasco's MYR36 Million Sale of Shop Office Units Becomes Unconditional	MT
22/04	Wasco Closes MYR65 Million Sale of Properties in Selangor, Malaysia	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	924.6	615.6	511	480.1	770.4	1,123	-	-
Enterprise Value (EV) ¹	1,960	1,254	1,023	941	1,063	1,274	1,080	866.8
P/E ratio	38.5 x	-2.08 x	-4.76 x	-76.5 x	7.11 x	11.6 x	10.8 x	11 x
Yield	0.83%	0.5%	-	-	-	-	-	-
Capitalization / Revenue	0.37 x	0.44 x	0.36 x	0.18 x	0.3 x	0.37 x	0.35 x	0.34 x
EV / Revenue	0.78 x	0.89 x	0.72 x	0.35 x	0.41 x	0.42 x	0.33 x	0.26 x
EV / EBITDA	9.01 x	12.2 x	9.44 x	3.16 x	3.02 x	3.89 x	3.19 x	2.51 x
EV / FCF	10.8 x	9.8 x	8.13 x	7.47 x	9.49 x	6.9 x	4.76 x	4.04 x
FCF Yield	9.26%	10.2%	12.3%	13.4%	10.5%	14.5%	21%	24.8%
Price to Book	0.94 x	0.87 x	0.87 x	0.83 x	1.09 x	1.38 x	1.21 x	1.1 x
Nbr of stocks (in thousands)	7,70,461	7,74,311	7,74,311	7,74,311	7,74,311	7,74,311	-	-
Reference price ²	1.200	0.7950	0.6600	0.6200	0.9950	1.450	1.450	1.450
Announcement Date	18/02/20	23/02/21	24/02/22	23/02/23	27/02/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,515	1,409	1,429	2,687	2,606	3,020	3,231	3,317
EBITDA ¹	217.6	103.2	108.5	297.9	352.1	328	338.5	345.5
EBIT ¹	63.98	5.915	42.09	227.3	274.3	246.5	264.9	271
Operating Margin	2.54%	0.42%	2.94%	8.46%	10.53%	8.16%	8.2%	8.17%
Earnings before Tax (EBT) ¹	5.562	-268	-100.3	82.02	218.3	183.9	204.6	204.5
Net income ¹	24.14	-295.1	-107.5	-6.3	108.4	96.63	103.9	103.1
Net margin	0.96%	-20.95%	-7.52%	-0.23%	4.16%	3.2%	3.22%	3.11%
EPS ²	0.0311	-0.3817	-0.1388	-0.008100	0.1400	0.1250	0.1347	0.1320
Free Cash Flow ¹	181.5	128	126	125.9	112	184.8	227	214.6
FCF margin	7.22%	9.08%	8.81%	4.69%	4.3%	6.12%	7.03%	6.47%
FCF Conversion (EBITDA)	83.41%	124.01%	116.15%	42.27%	31.82%	56.34%	67.07%	62.11%
FCF Conversion (Net income)	751.9%	-	-	-	103.36%	191.24%	218.49%	208.08%
Dividend per Share	0.0100	0.004000	-	-	-	-	-	-
Announcement Date	18/02/20	23/02/21	24/02/22	23/02/23	27/02/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,035	639	512	461	293	152	-	-
Net Cash position ¹	-	-	-	-	-	-	42.4	256
Leverage (Debt/EBITDA)	4.759 x	6.188 x	4.725 x	1.548 x	0.8311 x	0.4625 x	-	-
Free Cash Flow ¹	181	128	126	126	112	185	227	215
ROE (net income / shareholders' equity)	7.03%	-12.4%	0.45%	10.9%	16.9%	12.4%	11.7%	10.6%
ROA (Net income/ Total Assets)	2.5%	-4.23%	0.13%	2.57%	3.83%	3.89%	3.92%	3.35%
Assets ¹	963.8	6,974	-83,386	-244.9	2,830	2,486	2,653	3,079
Book Value Per Share ²	1.270	0.9100	0.7600	0.7500	0.9100	1.050	1.200	1.320
Cash Flow per Share	0.2700	-	-	-	-	-	-	-
Capex ¹	62.3	52.8	96.1	36.7	128	56.7	53.3	55
Capex / Sales	2.48%	3.75%	6.72%	1.36%	4.89%	1.88%	1.65%	1.66%
Announcement Date	18/02/20	23/02/21	24/02/22	23/02/23	27/02/24	-	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1.45 MYR

Average target price

1.493 MYR

Spread / Average Target

+2.99%

	1st Jan change	Capi.
WAH SEONG CORPORATION	+45.73%	237M
SCHLUMBERGER LIMITED	-6.84%	68.41B
HALLIBURTON COMPANY	+3.68%	32.79B
BAKER HUGHES COMPANY	-4.10%	31.84B
TECHNIPFMC PLC	+33.22%	11.46B
WEATHERFORD INTERNATIONAL PLC	+28.15%	8.97B
NOV INC.	-5.67%	7.48B
CHAMPIONX CORPORATION	+17.15%	6.45B
CNOOC ENERGY TECHNOLOGY & SERVICES LIMITED	+46.32%	5.85B
TIDEWATER INC.	+48.34%	5.65B