Financials AEON Thana Sinsap (Thailand)

Equities

AEONTS

TH0664010Z03

Consumer Lending

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
161.5 ^THB	-0.92%		+3.86%	+0.94%

Apr. 09	AEON Thana Sinsap Public Company Limited Announces Completion of Term of Office of Mitsugu Tamai as Director, Effective June 21, 2024	CI
Apr. 09	AEON Thana Sinsap Public Company Limited Proposes Final Dividend for the Fiscal Year Ended February 29, 2024, Payable on July 17, 2024	CI

Valuation

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	34,625	49,500	49,250	50,500	37,500	40,375	-	-
Enterprise Value (EV) ¹	34,625	49,500	49,250	50,500	37,500	40,375	40,375	40,375
P/E ratio	8.71 x	13.4 x	13.9 x	13.2 x	11.5 x	11.5 x	10.6 x	10.8 x
Yield	3.61%	2.27%	2.61%	2.72%	-	3.48%	3.72%	4.07%
Capitalization / Revenue	1.64 x	2.58 x	2.59 x	2.47 x	2 x	2.01 x	1.9 x	1.79 x
EV / Revenue	1.64 x	2.58 x	2.59 x	2.47 x	2 x	2.01 x	1.9 x	1.79 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.67 x	2.9 x	2.47 x	2.21 x	-	1.5 x	1.38 x	1.31 x
Nbr of stocks (in thousands)	250,000	250,000	250,000	250,000	250,000	250,000	-	-
Reference price ²	138.5	198.0	197.0	202.0	150.0	161.5	161.5	161.5
Announcement Date	4/28/20	4/27/21	4/29/22	4/11/23	4/9/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	21,092	19,206	19,046	20,428	18,767	20,096	21,212	22,585
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	11,790	10,882	11,202	12,213	11,402	11,635	12,379	13,301
Operating Margin	55.9%	56.66%	58.82%	59.78%	60.75%	57.9%	58.36%	58.89%
Earnings before Tax (EBT) ¹	5,144	4,647	4,574	4,950	4,161	4,445	4,751	4,771
Net income ¹	3,975	3,690	3,553	3,815	3,259	3,500	3,803	3,734
Net margin	18.85%	19.21%	18.66%	18.68%	17.36%	17.42%	17.93%	16.53%
EPS ²	15.90	14.76	14.21	15.26	13.04	13.99	15.22	14.93
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	5.000	4.500	5.150	5.500	-	5.627	6.009	6.580
Announcement Date	4/28/20	4/27/21	4/29/22	4/11/23	4/9/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	-	4,776	-	5,007	10,055	5,344	5,029	4,932	5,102	-	4,894	4,622
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,834	2,788	-	3,021	6,034	3,305	2,874	2,899	4,528	-	2,780	2,692
Operating Margin	-	58.38%	-	60.34%	60.01%	61.84%	57.14%	58.77%	88.75%	-	56.81%	58.24%
Earnings before Tax (EBT) ¹	1,055	1,169	-	1,170	-	-	909.4	804.8	1,082	-	880.6	1,394
Net income ¹	815	910.5	1,115	903.6	2,018	1,104	693	617.3	841.9	1,459	706	1,094
Net margin	-	19.06%	-	18.05%	20.07%	20.66%	13.78%	12.52%	16.5%	-	14.43%	23.66%
EPS ²	3.260	3.640	-	3.610	8.070	4.420	2.770	2.470	3.370	5.840	2.820	4.380
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	1/7/22	4/29/22	7/5/22	10/4/22	10/4/22	1/11/23	4/11/23	7/6/23	10/6/23	10/6/23	1/11/24	4/9/24

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	20.5%	19.5%	19.2%	17.9%	-	13.9%	13.6%	12.9%
ROA (Net income/ Total Assets)	4.35%	4.04%	4%	4.1%	-	3.78%	3.88%	3.5%
Assets ¹	91,388	91,391	88,826	93,052	-	92,590	98,113	106,682
Book Value Per Share ²	82.90	68.20	79.60	91.30	-	107.0	117.0	123.0
Cash Flow per Share	-	31.60	3.020	5.890	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	4/28/20	4/27/21	4/29/22	4/11/23	4/9/24	-	-	-

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 AEON Thana Sinsap (Thailand)

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

161.5 THB

Average target price

184.2 THB

Spread / Average Target

+14.09%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Consumer Leasing

	1st Jan change	Capi.
AEON THANA SINSAP (THAILAND)	+0.94%	1.09B
ALLY FINANCIAL INC.	+12.54%	11.95B
CREDIT ACCEPTANCE CORPORATION	-1.15%	6.44B
JIANGSU FINANCIAL LEASING CO., LTD.	+11.16%	3.24B
UPSTART HOLDINGS, INC.	-42.58%	2.06B
HAITONG UNITRUST INTERNATIONAL FINANCIAL LEASING CO., LTD.	+7.32%	884M
LATITUDE GROUP HOLDINGS LIMITED	-0.43%	793M
ESCAR FILO KIRALAMA HIZMETLERI	+74.17%	466M
ATLANTICUS HOLDINGS CORPORATION	-29.89%	396M
DIRECT FINANCE OF DIRECT GROUP (2006)LTD	+13.03%	366M

Consumer Leasing