Financials Land and Houses

Equities

LH

TH0143010Z08

Real Estate Development & Operations

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-05-22 pm EDT			5-day change	1st Jan Change
6.75 ^THB	-1.46%		0.00%	-17.18%

May. 14	Land and Houses Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 25	Land and Houses Public Company Limited Approves Dividend for 2023, Payable on May 21, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	117,107	95,000	105,157	118,302	97,390	80,661	-	-
Enterprise Value (EV) ¹	162,375	141,883	160,558	176,090	97,390	141,867	141,592	141,849
P/E ratio	11.7 x	13.3 x	15.2 x	14.1 x	12.9 x	11.6 x	10.6 x	9.25 x
Yield	7.14%	6.29%	5.68%	-	-	7.28%	7.79%	8.95%
Capitalization / Revenue	3.93 x	3.2 x	3.26 x	3.32 x	3.64 x	2.6 x	2.44 x	2.15 x
EV / Revenue	5.46 x	4.78 x	4.98 x	4.95 x	3.64 x	4.58 x	4.29 x	3.78 x
EV / EBITDA	25.3 x	22.9 x	20.9 x	20.7 x	18.4 x	20.7 x	17.8 x	16.3 x
EV / FCF	2,018 x	73.5 x	17.5 x	34.7 x	-	19.5 x	31.9 x	18.6 x
FCF Yield	0.05%	1.36%	5.73%	2.89%	-	5.12%	3.14%	5.39%
Price to Book	2.23 x	1.9 x	2.11 x	2.29 x	-	1.52 x	1.48 x	1.4 x
Nbr of stocks (in thousands)	11,949,713	11,949,713	11,949,713	11,949,713	11,949,713	11,949,713	-	-
Reference price ²	9.800	7.950	8.800	9.900	8.150	6.750	6.750	6.750
Announcement Date	2/27/20	2/24/21	2/24/22	2/27/23	2/28/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	29,762	29,668	32,270	35,597	26,745	30,987	33,005	37,502
EBITDA ¹	6,413	6,199	7,699	8,501	5,295	6,866	7,960	8,713
EBIT ¹	5,674	5,248	6,183	6,834	3,418	5,121	5,775	7,166
Operating Margin	19.06%	17.69%	19.16%	19.2%	12.78%	16.53%	17.5%	19.11%
Earnings before Tax (EBT) ¹	11,766	8,338	8,218	9,830	8,286	8,012	8,872	9,769
Net income ¹	10,025	7,145	6,936	8,313	7,482	6,924	7,593	8,725
Net margin	33.68%	24.08%	21.49%	23.35%	27.98%	22.34%	23%	23.27%
EPS ²	0.8400	0.6000	0.5800	0.7000	0.6300	0.5813	0.6390	0.7299
Free Cash Flow ¹	80.48	1,930	9,195	5,081	-	7,270	4,444	7,640
FCF margin	0.27%	6.51%	28.49%	14.27%	-	23.46%	13.46%	20.37%
FCF Conversion (EBITDA)	1.25%	31.13%	119.42%	59.77%	-	105.89%	55.83%	87.68%
FCF Conversion (Net income)	0.8%	27.01%	132.57%	61.12%	-	105.01%	58.52%	87.55%
Dividend per Share ²	0.7000	0.5000	0.5000	-	-	0.4914	0.5256	0.6044
Announcement Date	2/27/20	2/24/21	2/24/22	2/27/23	2/28/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2020 S2	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	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	13,486	-	16,750	8,915	7,627	9,280	16,907	8,865	9,825	6,707	6,888	13,595	6,423	6,726	6,666	7,783	7,783	8,900	-	-
EBITDA	2,476	-	4,165	2,256	1,848	2,172	4,020	2,021	2,460	1,290	1,502	2,793	1,238	1,265	1,217	-	-	-	-	-
EBIT ¹	1,958	-	3,409	1,888	1,470	1,790	3,260	1,581	1,993	826	1,030	1,856	766.9	795.1	720.3	1,155	1,155	1,590	-	-
Operating Margin	14.52%	-	20.35%	21.18%	19.28%	19.29%	19.28%	17.84%	20.28%	12.31%	14.95%	13.65%	11.94%	11.82%	10.8%	14.84%	14.84%	17.87%	-	-
Earnings before Tax (EBT)	3,077	-	4,217	2,459	2,252	2,536	4,788	2,722	2,320	1,503	1,649	3,152	1,331	3,803	1,425	-	-	-	-	-
Net income ¹	2,739	-	3,614	2,015	1,931	2,139	4,071	2,249	1,993	1,354	1,450	2,804	1,185	3,493	1,231	1,039	-	-	-	-
Net margin	20.31%	-	21.58%	22.6%	25.33%	23.05%	24.08%	25.37%	20.28%	20.19%	21.05%	20.62%	18.46%	51.93%	18.47%	13.35%	-	-	-	-
EPS ²	0.2300	-	0.3000	0.1600	0.1600	0.1800	0.3400	0.1900	0.1700	0.1100	0.1200	0.2300	0.1000	0.3000	0.1000	0.1400	0.1400	0.1700	0.1900	0.1600
Dividend per Share	0.2000	0.3000	0.2500	-	-	-	0.2500	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/13/20	2/24/21	8/10/21	2/24/22	5/12/22	8/11/22	8/11/22	11/10/22	2/27/23	5/11/23	8/10/23	8/10/23	11/9/23	2/28/24	5/15/24	-	-	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	45,268	46,883	55,400	57,788	-	61,207	60,932	61,189
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.059 x	7.563 x	7.195 x	6.798 x	-	8.915 x	7.655 x	7.023 x
Free Cash Flow ¹	80.5	1,930	9,195	5,081	-	7,270	4,444	7,640
ROE (net income / shareholders' equity)	19.6%	14%	13.9%	16.4%	-	13.3%	14.2%	15.7%
ROA (Net income/ Total Assets)	8.93%	6.06%	5.6%	6.67%	-	5.39%	5.85%	6.52%
Assets ¹	112,310	117,864	123,884	124,573	-	128,487	129,820	133,757
Book Value Per Share ²	4.390	4.180	4.180	4.320	-	4.450	4.570	4.810
Cash Flow per Share ²	0.1000	0.2800	0.8600	0.6800	-	0.1100	0.5400	1.000
Capex ¹	1,117	1,396	1,125	3,070	-	3,677	2,591	3,138
Capex / Sales	3.75%	4.71%	3.49%	8.62%	-	11.87%	7.85%	8.37%
Announcement Date	2/27/20	2/24/21	2/24/22	2/27/23	2/28/24	-	-	-

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 Land and Houses

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

6.75 THB

Average target price

8.403 THB

Spread / Average Target

+24.49%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Residential Real Estate Development

	1st Jan change	Capi.
LAND AND HOUSES	-17.18%	2.24B
VONOVIA SE	-0.46%	25.59B
CHINA VANKE CO., LTD.	-8.60%	14.51B
AKELIUS RESIDENTIAL PROPERTY AB	+11.90%	11.29B
DEUTSCHE WOHNEN SE	-24.90%	7.97B
LEG IMMOBILIEN SE	+5.77%	6.95B
VINHOMES	-6.13%	6.9B
VINGROUP	+2.13%	6.65B
IIDA GROUP HOLDINGS CO., LTD.	+0.59%	3.73B
OPEN HOUSE GROUP CO., LTD.	+7.63%	3.42B

Residential Real Estate Development