Financials PTT Global Chemical

Equities

PTTGC

TH1074010006

Commodity Chemicals

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-05-19 pm EDT			5-day change	1st Jan Change
38 ^THB	+0.66%		+4.83%	-1.30%

May. 13	PTT Global Chemical Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
May. 02	Modulus Venture Co., Ltd. agreed to acquire 20% stake in PTT Digital Solutions Company Limited from PTT Global Chemical Public Company Limited for THB 1020 million.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	255,733	262,463	264,895	213,043	173,591	171,336	-	-
Enterprise Value (EV) ¹	337,261	356,888	465,276	482,935	417,445	395,464	366,849	348,901
P/E ratio	22 x	1,463 x	5.87 x	-24.4 x	175 x	19.2 x	11.6 x	11.6 x
Yield	3.51%	1.71%	6.38%	-	1.95%	2.35%	3.77%	4.14%
Capitalization / Revenue	0.62 x	0.8 x	0.56 x	0.31 x	0.28 x	0.28 x	0.27 x	0.28 x
EV / Revenue	0.82 x	1.08 x	0.99 x	0.71 x	0.67 x	0.64 x	0.58 x	0.57 x
EV / EBITDA	13.5 x	20.3 x	7.73 x	11.3 x	10.3 x	8.59 x	7.16 x	6.63 x
EV / FCF	-34.9 x	-122 x	8.85 x	-19.5 x	14.6 x	12.8 x	12.4 x	12.1 x
FCF Yield	-2.86%	-0.82%	11.3%	-5.13%	6.86%	7.82%	8.04%	8.24%
Price to Book	0.9 x	0.93 x	0.83 x	0.73 x	0.6 x	0.58 x	0.56 x	0.55 x
Nbr of stocks (in thousands)	4,486,549	4,486,549	4,508,849	4,508,849	4,508,849	4,508,849	-	-
Reference price ²	57.00	58.50	58.75	47.25	38.50	38.00	38.00	38.00
Announcement Date	2/17/20	2/15/21	2/14/22	2/13/23	2/12/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	412,810	329,291	468,953	683,954	621,631	620,061	627,362	615,809
EBITDA ¹	24,920	17,608	60,181	42,592	40,449	46,018	51,260	52,597
EBIT ¹	5,722	-2,683	37,443	15,029	3,220	17,998	22,202	23,901
Operating Margin	1.39%	-0.81%	7.98%	2.2%	0.52%	2.9%	3.54%	3.88%
Earnings before Tax (EBT) ¹	12,999	542.6	52,778	-9,909	2,217	8,610	17,981	18,633
Net income ¹	11,682	199.6	44,982	-8,752	999.1	8,085	14,996	14,716
Net margin	2.83%	0.06%	9.59%	-1.28%	0.16%	1.3%	2.39%	2.39%
EPS ²	2.590	0.0400	10.01	-1.940	0.2200	1.980	3.265	3.279
Free Cash Flow ¹	-9,653	-2,914	52,576	-24,798	28,648	30,927	29,512	28,767
FCF margin	-2.34%	-0.88%	11.21%	-3.63%	4.61%	4.99%	4.7%	4.67%
FCF Conversion (EBITDA)	-	-	87.36%	-	70.82%	67.21%	57.57%	54.69%
FCF Conversion (Net income)	-	-	116.88%	-	2,867.27%	382.55%	196.8%	195.47%
Dividend per Share ²	2.000	1.000	3.750	-	0.7500	0.8922	1.431	1.575
Announcement Date	2/17/20	2/15/21	2/14/22	2/13/23	2/12/24	-	-	-

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	2024 Q2	2024 Q3	2024 Q4
Net sales	163,782	-	140,461	176,767	197,603	-	183,141	126,442	148,147	147,949	296,095	161,678	163,858	156,242	-	-	-
EBITDA	1,014	33,648	9,929	18,757	23,745	-	-	-	9,115	6,835	16,365	14,684	12,585	11,429	-	-	-
EBIT	-8,918	22,602	4,075	11,920	16,963	28,882	-5,954	-7,900	727.7	-3,185	-	7,484	-1,808	3,691	-	-	-
Operating Margin	-5.44%	-	2.9%	6.74%	8.58%	-	-3.25%	-6.25%	0.49%	-2.15%	-	4.63%	-1.1%	2.36%	-	-	-
Earnings before Tax (EBT)	-	-	3,499	4,865	1,502	-	-13,285	-	16.46	-5,878	-	1,864	6,215	-304.6	-	-	-
Net income ¹	-7,113	-	3,248	4,212	1,388	5,600	-13,384	-968	82.45	-5,591	-5,509	1,427	5,081	-606.1	2,049	-	-
Net margin	-4.34%	-	2.31%	2.38%	0.7%	-	-7.31%	-0.77%	0.06%	-3.78%	-1.86%	0.88%	3.1%	-0.39%	-	-	-
EPS	-1.590	-	0.7100	0.9300	0.3100	1.240	-2.970	-0.2100	0.0200	-1.240	-1.220	0.3200	1.130	-0.1300	-	-	-
Dividend per Share ²	-	-	-	-	0.7500	-	-	-	-	-	-	-	-	-	0.6384	-	-
Announcement Date	8/7/20	8/9/21	2/14/22	5/11/22	8/10/22	8/10/22	11/9/22	2/13/23	5/10/23	8/9/23	8/9/23	11/8/23	2/12/24	5/13/24	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	81,527	94,425	200,381	269,892	243,854	224,128	195,513	177,565
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.272 x	5.362 x	3.33 x	6.337 x	6.029 x	4.87 x	3.814 x	3.376 x
Free Cash Flow ¹	-9,653	-2,914	52,576	-24,798	28,648	30,927	29,512	28,767
ROE (net income / shareholders' equity)	4.02%	0.07%	15%	3.04%	0.34%	2.84%	5%	5.18%
ROA (Net income/ Total Assets)	2.53%	0.04%	7.23%	1.26%	0.14%	1.69%	2.09%	2.45%
Assets ¹	460,886	470,770	621,750	-692,421	719,315	477,569	716,332	600,321
Book Value Per Share ²	63.40	62.60	70.60	64.60	64.10	65.10	67.60	69.10
Cash Flow per Share ²	6.700	4.940	15.30	-0.7600	10.70	1.300	7.420	7.050
Capex ¹	39,828	25,059	16,074	21,372	19,586	19,095	17,689	17,353
Capex / Sales	9.65%	7.61%	3.43%	3.12%	3.15%	3.08%	2.82%	2.82%
Announcement Date	2/17/20	2/15/21	2/14/22	2/13/23	2/12/24	-	-	-

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 PTT Global Chemical

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

38 THB

Average target price

39.2 THB

Spread / Average Target

+3.16%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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