Financials Dynasty Ceramic

Equities

DCC

TH0278A10Z08

Construction Supplies & Fixtures

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-05-12 pm EDT			5-day change	1st Jan Change
1.91 ^THB	+3.80%		+6.70%	+33.57%

May. 07	Dynasty Ceramic Public Company Limited Announces Cash Dividend for the Operating Period from January 1, 2024 to March 31, 2024, Payable on 06 June 2024	CI
May. 07	Dynasty Ceramic Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	13,667	18,202	25,917	25,734	13,050	17,430	-	-
Enterprise Value (EV) ¹	13,667	18,202	25,917	27,264	15,201	19,260	18,854	17,430
P/E ratio	15.1 x	11.6 x	14.7 x	15.8 x	11 x	13.6 x	12.7 x	11.9 x
Yield	5.52%	7.43%	6.51%	-	3.99%	3.14%	3.14%	4.19%
Capitalization / Revenue	1.68 x	2.14 x	3.09 x	3.08 x	1.69 x	2.2 x	2.13 x	2.06 x
EV / Revenue	1.68 x	2.14 x	3.09 x	3.27 x	1.96 x	2.44 x	2.31 x	2.06 x
EV / EBITDA	7.23 x	6.92 x	9.5 x	10.5 x	7.23 x	8.63 x	7.87 x	6.8 x
EV / FCF	38.8 x	-	14.6 x	21.3 x	21.4 x	22.4 x	19.2 x	15.7 x
FCF Yield	2.58%	-	6.85%	4.7%	4.68%	4.45%	5.2%	6.35%
Price to Book	4.06 x	3.83 x	4.31 x	4.31 x	1.97 x	2.39 x	2.15 x	1.97 x
Nbr of stocks (in thousands)	7,231,433	8,198,942	9,125,611	9,125,611	9,125,611	9,125,611	-	-
Reference price ²	1.890	2.220	2.840	2.820	1.430	1.910	1.910	1.910
Announcement Date	2/18/20	2/10/21	2/15/22	2/14/23	2/13/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	8,118	8,501	8,396	8,342	7,741	7,907	8,170	8,479
EBITDA ¹	1,891	2,630	2,728	2,587	2,103	2,231	2,397	2,562
EBIT ¹	1,357	1,907	2,055	1,963	1,505	1,583	1,698	1,814
Operating Margin	16.72%	22.44%	24.48%	23.53%	19.44%	20.02%	20.78%	21.39%
Earnings before Tax (EBT) ¹	1,388	1,946	2,122	2,009	1,472	1,552	1,673	1,794
Net income ¹	972.8	1,585	1,700	1,631	1,182	1,241	1,338	1,435
Net margin	11.98%	18.65%	20.25%	19.55%	15.27%	15.69%	16.38%	16.92%
EPS ²	0.1250	0.1920	0.1930	0.1790	0.1300	0.1400	0.1500	0.1600
Free Cash Flow ¹	352.2	-	1,775	1,281	711.4	858	981	1,107
FCF margin	4.34%	-	21.14%	15.35%	9.19%	10.85%	12.01%	13.06%
FCF Conversion (EBITDA)	18.63%	-	65.06%	49.52%	33.82%	38.46%	40.93%	43.21%
FCF Conversion (Net income)	36.21%	-	104.4%	78.52%	60.18%	69.14%	73.32%	77.14%
Dividend per Share ²	0.1044	0.1650	0.1850	-	0.0570	0.0600	0.0600	0.0800
Announcement Date	2/18/20	2/10/21	2/15/22	2/14/23	2/13/24	-	-	-

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	2024 Q1
Net sales ¹	4,549	4,592	1,969	2,395	2,126	4,521	1,895	1,926	2,215	1,951	2,018
EBITDA ¹	1,344	1,533	628.5	828.5	702.8	1,531	561.7	545.2	580.4	651.2	580.8
EBIT	981.3	-	-	-	-	-	-	-	-	-	-
Operating Margin	21.57%	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	987	1,183	482.9	668.4	541.9	1,210	400.9	397.5	425	346.3	-
Net income	810.8	946.4	387.6	534.3	432.6	966.9	322.1	342.4	339.6	277.5	-
Net margin	17.82%	20.61%	19.68%	22.31%	20.34%	21.39%	17%	17.77%	15.33%	14.22%	-
EPS	0.1040	0.1120	0.0420	0.0590	0.0470	0.1060	0.0350	0.0380	0.0370	0.0300	-
Dividend per Share	-	0.1000	0.0450	0.0550	0.0350	-	0.0250	-	-	-	-
Announcement Date	8/10/20	8/9/21	2/15/22	5/3/22	8/9/22	8/9/22	11/8/22	2/14/23	5/9/23	8/8/23	5/8/24

¹THB in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	1,530	2,151	1,830	1,424	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	0.5915 x	1.023 x	0.8203 x	0.5941 x	-
Free Cash Flow ¹	352	-	1,775	1,281	711	858	981	1,107
ROE (net income / shareholders' equity)	27.6%	39%	32.2%	27.7%	18.8%	17.8%	17.3%	16.9%
ROA (Net income/ Total Assets)	11.6%	18.1%	19.2%	17.8%	12.2%	-	-	-
Assets ¹	8,362	8,759	8,869	9,164	9,723	-	-	-
Book Value Per Share ²	0.4700	0.5800	0.6600	0.6500	0.7300	0.8000	0.8900	0.9700
Cash Flow per Share	0.1900	-	-	0.2000	-	-	-	-
Capex ¹	1,116	420	537	522	885	1,000	1,000	1,000
Capex / Sales	13.74%	4.94%	6.39%	6.26%	11.44%	12.65%	12.24%	11.79%
Announcement Date	2/18/20	2/10/21	2/15/22	2/14/23	2/13/24	-	-	-

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 Dynasty Ceramic

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1.91 THB

Average target price

2.1 THB

Spread / Average Target

+9.95%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Flooring & Interior Tile Manufacturers

	1st Jan change	Capi.
DYNASTY CERAMIC	+33.57%	457M
KINGSPAN GROUP PLC	+12.95%	17.58B
FORBO HOLDING AG	+3.42%	1.69B
RESPONSIVE INDUSTRIES LIMITED	-9.52%	922M
INTERNACIONAL DE CERÁMICA, S.A.B. DE C.V.	-1.54%	808M
TARKETT	-0.43%	664M
MONALISA GROUP CO.,LTD	-20.90%	623M
ZHEJIANG TIANZHEN TECHNOLOGY CO., LTD.	-14.29%	479M
BIEN YAPI URUNLERI SANAYI TURIZM VE TICARET	-0.68%	476M
EVERJOY HEALTH GROUP CO., LTD.	-19.35%	462M

Flooring & Interior Tile Manufacturers