Financials Impact Growth Real Estate Investment Trust

Equities

IMPACT

TH5882010009

Commercial REITs

End-of-day quote Thailand S.E. 06:00:00 2024-05-30 pm EDT 5-day change 1st Jan Change
11.2 THB +1.82% Intraday chart for Impact Growth Real Estate Investment Trust -1.75% -9.68%

Valuation

Fiscal Period: März 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 21,644 28,760 25,351 19,124 17,642 16,604 -
Enterprise Value (EV) 1 24,838 32,372 25,351 22,131 17,642 19,641 19,551
P/E ratio 17.5 x 64.4 x - 19.8 x - 19.6 x 16.2 x
Yield 5.14% 1.65% - 4.65% - 4.82% 5.54%
Capitalization / Revenue 9.48 x 26.5 x 38.6 x 10.8 x 10.2 x 9.61 x 8.31 x
EV / Revenue 10.9 x 29.8 x 38.6 x 12.5 x 10.2 x 11.4 x 9.78 x
EV / EBITDA 18,332,558 x 60,007,908 x - - - - -
EV / FCF 12,905,755 x - - - - - -
FCF Yield 0% - - - - - -
Price to Book 1.34 x 1.8 x - - - - -
Nbr of stocks (in thousands) 1,482,500 1,482,500 1,482,500 1,482,500 1,482,500 1,482,500 -
Reference price 2 14.60 19.40 17.10 12.90 11.90 11.20 11.20
Announcement Date 5/21/20 5/20/21 5/19/22 5/18/23 5/23/24 - -
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,283 1,087 656.5 1,770 1,729 1,728 1,999
EBITDA 1,355 539.5 - - - - -
EBIT 1,355 539.5 - - 833.5 - -
Operating Margin 59.34% 49.62% - - 48.21% - -
Earnings before Tax (EBT) 1 1,238 446.7 - 963.1 854.3 848 1,029
Net income 1 1,238 446.7 160.9 963.1 854.3 847 1,029
Net margin 54.22% 41.09% 24.51% 54.42% 49.41% 49.02% 51.48%
EPS 2 0.8350 0.3013 - 0.6500 - 0.5700 0.6900
Free Cash Flow 1,925 - - - - - -
FCF margin 84.3% - - - - - -
FCF Conversion (EBITDA) 142.05% - - - - - -
FCF Conversion (Net income) 155.48% - - - - - -
Dividend per Share 2 0.7500 0.3200 - 0.6000 - 0.5400 0.6200
Announcement Date 5/21/20 5/20/21 5/19/22 5/18/23 5/23/24 - -
1THB in Million2THB
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März 2023 Q1 2023 Q2
Net sales 350.7 -
EBITDA - -
EBIT - -
Operating Margin - -
Earnings before Tax (EBT) 1 - 236.3
Net income 1 175 236.3
Net margin 49.89% -
EPS - -
Dividend per Share - -
Announcement Date 8/11/22 11/10/22
1THB in Million
Estimates

Balance Sheet Analysis

Fiscal Period: März 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 3,194 3,611 - 3,007 - 3,037 2,947
Net Cash position 1 - - - - - - -
Leverage (Debt/EBITDA) 2.357 x 6.694 x - - - - -
Free Cash Flow 1,925 - - - - - -
ROE (net income / shareholders' equity) 7.67% 2.78% - 5.95% - 5.2% 6.3%
ROA (Net income/ Total Assets) 6.02% 2.2% - 4.7% - 4.1% 4.9%
Assets 1 20,573 20,340 - 20,487 - 20,659 21,000
Book Value Per Share 10.90 10.80 - - - - -
Cash Flow per Share 2 1.300 0.1700 - 0.6200 - 0.5700 0.6900
Capex 1 - - - - - 143 68.9
Capex / Sales - - - - - 8.28% 3.45%
Announcement Date 5/21/20 5/20/21 5/19/22 5/18/23 5/23/24 - -
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

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
1
Last Close Price
11.2 THB
Average target price
12.8 THB
Spread / Average Target
+14.29%
Consensus

Annual profits - Rate of surprise

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