Stock STEC SINO-THAI ENGINEERING AND CONSTRUCTION
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Financials Sino-Thai Engineering and Construction

Equities

STEC

TH0307010Z09

Construction & Engineering

End-of-day quote Thailand S.E.
Other stock markets
 06:00:00 2024-06-09 pm EDT 		5-day change 1st Jan Change
8.8 THB -1.68% Intraday chart for Sino-Thai Engineering and Construction -6.88% +4.76%
May. 15 Sino-Thai Engineering and Construction Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
Apr. 26 Sino-Thai Engineering and Construction Public Company Limited Approves Board Appointments CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 21,657 19,369 22,419 20,741 12,811 13,650 - -
Enterprise Value (EV) 1 16,041 15,342 19,492 20,741 12,811 14,054 13,883 9,456
P/E ratio 14.6 x 17.6 x 31.3 x 24.3 x 24 x 33.6 x 20.6 x 16.9 x
Yield 3.52% 2.36% 2.04% 2.21% - 1.81% 2.55% 2.77%
Capitalization / Revenue 0.65 x 0.54 x 0.81 x 0.68 x 0.43 x 0.44 x 0.42 x 0.41 x
EV / Revenue 0.48 x 0.43 x 0.7 x 0.68 x 0.43 x 0.45 x 0.43 x 0.28 x
EV / EBITDA 6.48 x 7.84 x 11.3 x 10.7 x 8.88 x 8.04 x 7.37 x 4.76 x
EV / FCF -34.1 x 57.9 x 4.99 x - - 6.5 x 12.1 x 5.95 x
FCF Yield -2.93% 1.73% 20% - - 15.4% 8.28% 16.8%
Price to Book 1.51 x 1.34 x 1.31 x - - 0.76 x 0.73 x 0.73 x
Nbr of stocks (in thousands) 1,525,107 1,525,107 1,525,107 1,525,107 1,525,107 1,525,107 - -
Reference price 2 14.20 12.70 14.70 13.60 8.400 8.950 8.950 8.950
Announcement Date 2/28/20 3/1/21 2/28/22 2/27/23 2/29/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 33,384 35,841 27,675 30,326 29,598 30,937 32,551 33,536
EBITDA 1 2,476 1,956 1,729 1,933 1,443 1,749 1,884 1,987
EBIT 1 1,705 905.6 600 895 637.6 843 950 1,020
Operating Margin 5.11% 2.53% 2.17% 2.95% 2.15% 2.72% 2.92% 3.04%
Earnings before Tax (EBT) 1 1,820 1,339 878.3 1,054 637.3 574 894.2 1,026
Net income 1 1,484 1,093 710.9 857.4 527.7 398.6 644 769.9
Net margin 4.44% 3.05% 2.57% 2.83% 1.78% 1.29% 1.98% 2.3%
EPS 2 0.9700 0.7200 0.4700 0.5600 0.3500 0.2662 0.4354 0.5300
Free Cash Flow 1 -470.3 265.1 3,905 - - 2,162 1,149 1,588
FCF margin -1.41% 0.74% 14.11% - - 6.99% 3.53% 4.74%
FCF Conversion (EBITDA) - 13.55% 225.83% - - 123.67% 60.99% 79.92%
FCF Conversion (Net income) - 24.25% 549.3% - - 542.44% 178.43% 206.25%
Dividend per Share 2 0.5000 0.3000 0.3000 0.3000 - 0.1621 0.2282 0.2483
Announcement Date 2/28/20 3/1/21 2/28/22 2/27/23 2/29/24 - - -
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
Net sales 1 18,463 14,742 6,982 7,620 6,759 14,380 7,437 8,509 - 7,231 13,669 7,876 8,053 6,484
EBITDA 1 962.6 905.8 562 526 433.4 959.5 425.4 563.2 - 323.6 769.1 422.3 336.7 370.5
EBIT 1 456.2 - 272.2 249.1 162.8 412 - 335.5 - -60.44 125.7 175.2 142 182.2
Operating Margin 2.47% - 3.9% 3.27% 2.41% 2.86% - 3.94% - -0.84% 0.92% 2.22% 1.76% 2.81%
Earnings before Tax (EBT) 1 475 271.9 455.9 289.1 198.2 487.3 - 389.2 - 147.5 - 172.6 101 56.42
Net income 1 390.3 198.9 375.9 231.7 173.1 404.9 138.3 314.2 171 153.6 324.6 129.5 73.58 11.85
Net margin 2.11% 1.35% 5.38% 3.04% 2.56% 2.82% 1.86% 3.69% - 2.12% 2.37% 1.64% 0.91% 0.18%
EPS 2 0.2600 0.1300 0.2500 0.1500 0.1140 0.2650 0.0900 0.2000 0.1100 0.1000 0.2100 0.0800 0.0500 0.0100
Dividend per Share - - 0.3000 - - - - 0.3000 - - - - - -
Announcement Date 8/14/20 8/16/21 2/28/22 5/17/22 8/15/22 8/15/22 11/14/22 2/27/23 5/15/23 8/15/23 8/15/23 11/14/23 2/29/24 5/20/24
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - 405 233 -
Net Cash position 1 5,615 4,027 2,927 - - - - 4,194
Leverage (Debt/EBITDA) - - - - - 0.2313 x 0.1238 x -
Free Cash Flow 1 -470 265 3,905 - - 2,162 1,149 1,588
ROE (net income / shareholders' equity) 11.7% 7.59% 4.51% - - 2.26% 3.44% 4.12%
ROA (Net income/ Total Assets) 3.13% 2.34% 1.57% - - 0.8% 1.39% 1.59%
Assets 1 47,391 46,620 45,328 - - 49,831 46,250 48,500
Book Value Per Share 2 9.430 9.460 11.20 - - 11.70 12.30 12.30
Cash Flow per Share 2 0.1500 0.5100 2.930 - - 0.8000 1.100 0.9800
Capex 1 697 512 556 - - 898 1,360 1,355
Capex / Sales 2.09% 1.43% 2.01% - - 2.9% 4.18% 4.04%
Announcement Date 2/28/20 3/1/21 2/28/22 2/27/23 2/29/24 - - -
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 Sino-Thai Engineering and Construction

Trading Rating
Investor Rating
ESG Refinitiv
C
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
12
Last Close Price
8.95 THB
Average target price
11.23 THB
Spread / Average Target
+25.51%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Highway & Bridge Construction

1st Jan change Capi.
SINO-THAI ENGINEERING AND CONSTRUCTION Stock Sino-Thai Engineering and Construction
+4.76% 371M
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ZHEJIANG COMMUNICATIONS TECHNOLOGY CO., LTD. Stock Zhejiang Communications Technology Co., Ltd.
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SHANDONG HI-SPEED ROAD&BRIDGE GROUP CO., LTD. Stock Shandong Hi-Speed Road&Bridge Group Co., Ltd.
-3.19% 1.18B
NATIONAL HIGHWAYS INFRA TRUST Stock National Highways Infra Trust
+6.96% 903M
SHANGHAI PUDONG CONSTRUCTION CO.,LTD. Stock Shanghai Pudong Construction Co.,Ltd.
-7.30% 782M
Highway & Bridge Construction
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