Financials Quality Houses

Equities

QH

TH0256A10Z04

Real Estate Development & Operations

End-of-day quote Thailand S.E. 06:00:00 2024-05-30 pm EDT 5-day change 1st Jan Change
2.04 THB +0.99% Intraday chart for Quality Houses +0.99% -8.93%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 27,429 24,857 24,215 24,643 24,000 21,857 - -
Enterprise Value (EV) 1 45,805 40,322 24,215 24,643 34,384 32,357 32,265 36,720
P/E ratio 9.48 x 11.6 x 14.1 x 10.5 x 9.74 x 9.03 x 8.54 x 8.05 x
Yield 9.49% 5.17% 4.42% - 6.7% 7.22% 7.75% 7.97%
Capitalization / Revenue 2.57 x 2.72 x 2.98 x 2.67 x 2.68 x 2.33 x 2.21 x 2.12 x
EV / Revenue 4.29 x 4.41 x 2.98 x 2.67 x 3.83 x 3.46 x 3.26 x 3.56 x
EV / EBITDA 29.1 x 32.9 x 30.6 x 18.7 x 31.7 x 26.4 x 23.5 x 28.7 x
EV / FCF 22.1 x 7.9 x - - 30.7 x -15.8 x -16 x -29.4 x
FCF Yield 4.52% 12.7% - - 3.25% -6.31% -6.26% -3.4%
Price to Book 1.02 x 0.94 x 0.9 x 0.89 x 0.85 x 0.74 x 0.71 x 0.69 x
Nbr of stocks (in thousands) 10,714,382 10,714,382 10,714,382 10,714,382 10,714,382 10,714,382 - -
Reference price 2 2.560 2.320 2.260 2.300 2.240 2.040 2.040 2.040
Announcement Date 2/26/20 2/24/21 2/23/22 2/24/23 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 10,680 9,138 8,120 9,226 8,968 9,361 9,901 10,320
EBITDA 1 1,572 1,224 790.2 1,318 1,085 1,227 1,375 1,281
EBIT 1 1,341 1,030 602 1,134 934.8 735.5 828.2 900.6
Operating Margin 12.56% 11.27% 7.41% 12.29% 10.42% 7.86% 8.36% 8.73%
Earnings before Tax (EBT) 1 3,538 2,407 1,890 2,684 2,723 2,530 2,826 3,105
Net income 1 2,854 2,123 1,670 2,396 2,503 2,431 2,638 2,844
Net margin 26.72% 23.24% 20.56% 25.96% 27.91% 25.97% 26.64% 27.55%
EPS 2 0.2700 0.2000 0.1600 0.2200 0.2300 0.2260 0.2388 0.2533
Free Cash Flow 1 2,071 5,102 - - 1,119 -2,042 -2,020 -1,250
FCF margin 19.39% 55.83% - - 12.47% -21.81% -20.4% -12.11%
FCF Conversion (EBITDA) 131.7% 416.84% - - 103.16% - - -
FCF Conversion (Net income) 72.57% 240.27% - - 44.7% - - -
Dividend per Share 2 0.2430 0.1200 0.1000 - 0.1500 0.1473 0.1582 0.1626
Announcement Date 2/26/20 2/24/21 2/23/22 2/24/23 2/27/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 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 2023 S2 2024 Q1
Net sales 1 - 4,225 4,138 2,394 2,091 2,195 4,285 2,417 2,524 1,903 2,424 4,327 2,349 2,292 - 1,735
EBITDA 1 - 610.7 486 319.9 366.3 - - 408.9 369.4 223.7 388.1 655.9 345.4 214 - 196.1
EBIT 1 - 415.2 296.2 272.4 268.9 - - 317.6 324.7 636.1 302.7 486.5 267.5 180.8 - 131.9
Operating Margin - 9.83% 7.16% 11.38% 12.86% - - 13.14% 12.87% 33.42% 12.49% 11.24% 11.39% 7.89% - 7.6%
Earnings before Tax (EBT) 1 - - - 574.6 649 588.6 - 720.3 - 637.6 317.9 503.2 703.6 - - 523.1
Net income 1 - 968.6 912.8 493.9 584.8 515.2 1,100 640.1 655.4 592.4 669.4 1,262 633.7 607.1 - 490.1
Net margin - 22.92% 22.06% 20.63% 27.97% 23.47% 25.67% 26.48% 25.97% 31.12% 27.62% 29.16% 26.98% 26.48% - 28.25%
EPS - 0.0900 - - 0.0500 - - 0.0600 - - - - 0.0600 0.0500 - -
Dividend per Share 0.1730 - - - - - 0.0400 - - - - - - - 0.1000 -
Announcement Date 2/26/20 8/10/20 8/9/21 2/23/22 5/9/22 8/9/22 8/9/22 11/8/22 2/24/23 5/9/23 8/8/23 8/8/23 11/7/23 2/27/24 2/27/24 5/8/24
1THB in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 18,377 15,465 - - 10,383 10,500 10,408 14,863
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 11.69 x 12.64 x - - 9.574 x 8.554 x 7.568 x 11.6 x
Free Cash Flow 1 2,071 5,102 - - 1,119 -2,042 -2,020 -1,250
ROE (net income / shareholders' equity) 10.7% 7.95% - 8.74% 8.91% 8.49% 8.93% 9.17%
ROA (Net income/ Total Assets) 5.43% 4.31% - 5.33% 5.75% 5.68% 5.97% 5.85%
Assets 1 52,533 49,290 - 44,931 43,534 42,819 44,188 48,650
Book Value Per Share 2 2.510 2.480 2.520 2.600 2.650 2.770 2.880 2.960
Cash Flow per Share 2 0.2000 0.4800 - 0.2500 0.1100 -0.0400 -0.0500 -
Capex 1 78 77.8 - 115 17.4 113 133 -
Capex / Sales 0.73% 0.85% - 1.24% 0.19% 1.21% 1.34% -
Announcement Date 2/26/20 2/24/21 2/23/22 2/24/23 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

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
9
Last Close Price
2.04 THB
Average target price
2.264 THB
Spread / Average Target
+11.00%
Consensus
  1. Stock Market
  2. Equities
  3. QH Stock
  4. Financials Quality Houses