Financials Charoen Pokphand Foods

Equities

CPF

TH0101A10Z01

Fishing & Farming

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-05-16 pm EDT			5-day change	1st Jan Change
22.5 ^THB	0.00%		+11.39%	+14.80%

May. 13	Charoen Pokphand Foods Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
May. 13	SAP to Provide Environmental Management Tools for Charoen Pokphand Foods	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	225,094	225,054	214,378	207,806	161,564	185,469	-	-
Enterprise Value (EV) ¹	525,500	583,169	642,308	664,828	161,564	611,408	608,954	610,939
P/E ratio	12.6 x	8.63 x	16.5 x	14.7 x	-26.1 x	26.2 x	19.9 x	13.2 x
Yield	2.55%	3.74%	2.55%	3.02%	-	1.55%	2.1%	2.86%
Capitalization / Revenue	0.42 x	0.38 x	0.42 x	0.34 x	0.28 x	0.3 x	0.29 x	0.28 x
EV / Revenue	0.99 x	0.99 x	1.25 x	1.08 x	0.28 x	0.99 x	0.95 x	0.94 x
EV / EBITDA	13.7 x	8.11 x	17.2 x	12.9 x	5.31 x	12.3 x	11.4 x	11.2 x
EV / FCF	30.1 x	12.9 x	-36.2 x	106 x	-	15.6 x	25.1 x	21.2 x
FCF Yield	3.32%	7.77%	-2.76%	0.95%	-	6.4%	3.99%	4.73%
Price to Book	1.34 x	1.2 x	0.94 x	-	-	0.76 x	0.73 x	0.75 x
Nbr of stocks (in thousands)	8,185,242	8,413,242	8,406,963	8,379,263	8,243,061	8,243,061	-	-
Reference price ²	27.50	26.75	25.50	24.80	19.60	22.50	22.50	22.50
Announcement Date	2/21/20	2/24/21	2/25/22	2/27/23	2/27/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	532,573	589,713	512,704	614,197	585,844	614,834	637,851	653,297
EBITDA ¹	38,424	71,891	37,448	51,691	30,447	49,702	53,335	54,733
EBIT ¹	21,485	49,578	15,009	26,872	5,326	25,100	27,113	25,769
Operating Margin	4.03%	8.41%	2.93%	4.38%	0.91%	4.08%	4.25%	3.94%
Earnings before Tax (EBT) ¹	29,544	55,093	16,732	20,427	-1,931	10,494	15,132	17,196
Net income ¹	18,456	26,022	13,028	13,970	-5,207	7,660	9,750	12,822
Net margin	3.47%	4.41%	2.54%	2.27%	-0.89%	1.25%	1.53%	1.96%
EPS ²	2.180	3.100	1.550	1.690	-0.7500	0.8580	1.130	1.704
Free Cash Flow ¹	17,450	45,310	-17,743	6,288	-	39,131	24,283	28,880
FCF margin	3.28%	7.68%	-3.46%	1.02%	-	6.36%	3.81%	4.42%
FCF Conversion (EBITDA)	45.41%	63.03%	-	12.16%	-	78.73%	45.53%	52.77%
FCF Conversion (Net income)	94.55%	174.12%	-	45.01%	-	510.86%	249.06%	225.24%
Dividend per Share ²	0.7000	1.000	0.6500	0.7500	-	0.3484	0.4726	0.6428
Announcement Date	2/21/20	2/24/21	2/25/22	2/27/23	2/27/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1
Net sales ¹	285,752	248,984	137,781	138,887	155,996	294,883	160,266	159,048	143,781	150,246	294,027	144,498	147,319	140,037
EBITDA ¹	-	35,093	1,899	11,409	15,053	26,462	15,962	9,266	8,893	8,777	17,670	7,705	5,072	10,877
EBIT ¹	27,638	21,046	-4,010	5,667	9,060	-	9,594	2,551	2,792	2,627	5,419	1,479	-1,572	4,632
Operating Margin	9.67%	8.45%	-2.91%	4.08%	5.81%	-	5.99%	1.6%	1.94%	1.75%	1.84%	1.02%	-1.07%	3.31%
Earnings before Tax (EBT) ¹	-	-	5,868	4,154	7,994	12,148	7,118	1,160	-2,375	-142.8	-2,518	-1,324	1,912	2,101
Net income ¹	12,139	11,683	6,720	2,842	4,208	7,050	5,108	1,812	-2,725	-792.3	-3,518	-1,811	121.1	1,152
Net margin	4.25%	4.69%	4.88%	2.05%	2.7%	2.39%	3.19%	1.14%	-1.9%	-0.53%	-1.2%	-1.25%	0.08%	0.82%
EPS ²	1.450	1.400	0.8200	0.3400	0.5100	0.8500	0.6300	0.2100	-0.3600	-0.1200	-0.4800	-0.2500	-	0.1100
Dividend per Share	-	0.4000	-	-	0.2500	-	-	-	-	-	-	-	-	-
Announcement Date	8/13/20	8/13/21	2/25/22	5/12/22	8/15/22	8/15/22	11/14/22	2/27/23	5/11/23	8/11/23	8/11/23	11/13/23	2/27/24	5/13/24

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	300,406	358,114	427,931	457,022	-	425,939	423,485	425,470
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.818 x	4.981 x	11.43 x	8.841 x	-	8.57 x	7.94 x	7.774 x
Free Cash Flow ¹	17,450	45,310	-17,743	6,288	-	39,131	24,283	28,880
ROE (net income / shareholders' equity)	11.1%	14.4%	6.4%	4.33%	-	3.36%	4.67%	5.92%
ROA (Net income/ Total Assets)	2.92%	3.73%	2.16%	1.16%	-	0.81%	1.05%	2.09%
Assets ¹	631,076	697,876	602,212	1,206,560	-	945,645	926,796	614,687
Book Value Per Share ²	20.60	22.30	27.10	-	-	29.70	30.90	30.10
Cash Flow per Share ²	4.960	8.630	0.7800	4.230	-	6.920	3.580	3.780
Capex ¹	23,159	25,728	23,340	27,362	-	23,902	23,026	21,615
Capex / Sales	4.35%	4.36%	4.55%	4.45%	-	3.89%	3.61%	3.31%
Announcement Date	2/21/20	2/24/21	2/25/22	2/27/23	2/27/24	-	-	-

¹THB in Million²THB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Charoen Pokphand Foods

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

22.5 THB

Average target price

23.46 THB

Spread / Average Target

+4.27%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Animal Feed

	1st Jan change	Capi.
CHAROEN POKPHAND FOODS	+14.80%	5.12B
GUANGDONG HAID GROUP CO., LIMITED	+16.77%	12.04B
NEW HOPE LIUHE CO.,LTD.	+3.11%	6.01B
PT CHAROEN POKPHAND INDONESIA TBK	+6.97%	5.54B
BEIJING DABEINONG TECHNOLOGY GROUP CO.,LTD.	-20.47%	2.7B
AKTIESELSKABET SCHOUW & CO.	+4.16%	1.96B
TANGRENSHEN GROUP CO., LTD	-14.27%	1.27B
WELLHOPE FOODS CO., LTD.	-10.16%	957M
FUJIAN TIANMA SCIENCE AND TECHNOLOGY GROUP CO., LTD	-18.21%	949M
AVANTI FEEDS LIMITED	+29.59%	871M

Animal Feed