Financials AIM Industrial Growth Freehold and Leasehold Real Estate Investment Trust

Equities

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
10.7 ^THB	0.00%		+1.90%	+2.88%

Feb. 28	AIM Industrial Growth Freehold and Leasehold Real Estate Investment Trust Announces Distribution for the Period from 1 October 2023 to 31 December 2023, Payable on 28 March 2024	CI
Feb. 28	AIM Industrial Growth Freehold and Leasehold Real Estate Investment Trust Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	5,712	5,541	7,979	7,205	6,193	6,372	-
Enterprise Value (EV) ¹	7,308	7,649	10,232	10,311	6,193	9,339	9,336
P/E ratio	14.7 x	-	16.4 x	-	11.8 x	12 x	11.1 x
Yield	5.72%	6.52%	6.58%	7.34%	-	8.41%	8.6%
Capitalization / Revenue	16.9 x	9.45 x	11 x	8.31 x	6.86 x	6.2 x	5.62 x
EV / Revenue	21.6 x	13.1 x	14.1 x	11.9 x	6.86 x	9.08 x	8.24 x
EV / EBITDA	-	-	-	-	9.09 x	12.1 x	10.3 x
EV / FCF	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-
Price to Book	1.12 x	1.07 x	1.11 x	-	-	0.76 x	0.87 x
Nbr of stocks (in thousands)	426,250	426,250	595,481	595,481	595,481	595,481	-
Reference price ²	13.40	13.00	13.40	12.10	10.40	10.70	10.70
Announcement Date	2/27/20	2/24/21	2/28/22	2/27/23	2/28/24	-	-

¹THB in Million²THB

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	337.6	586.1	724.4	867.3	902.9	1,028	1,133
EBITDA ¹	-	-	-	-	681	770	906
EBIT ¹	277	472.3	556.2	-	681	770	906
Operating Margin	82.05%	80.58%	76.78%	-	75.43%	74.9%	79.96%
Earnings before Tax (EBT) ¹	386.3	413.8	487.8	688.4	501.9	621	758
Net income ¹	386.3	413.8	487.8	-	525.9	621	758
Net margin	114.42%	70.6%	67.34%	-	58.25%	60.41%	66.9%
EPS ²	0.9100	-	0.8191	-	0.8832	0.8900	0.9600
Free Cash Flow	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share ²	0.7664	0.8472	0.8822	0.8880	-	0.9000	0.9200
Announcement Date	2/27/20	2/24/21	2/28/22	2/27/23	2/28/24	-	-

¹THB in Million²THB

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	1,596	2,108	2,252	3,105	-	2,967	2,964
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	3.853 x	3.272 x
Free Cash Flow	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	6.62%	8.06%	7.88%	7.77%	-	7.3%	7.8%
ROA (Net income/ Total Assets)	4.81%	5.75%	5.57%	5.35%	-	5%	5.5%
Assets ¹	8,032	7,202	8,760	-	-	12,420	13,782
Book Value Per Share ²	12.00	12.10	12.10	-	-	14.00	12.30
Cash Flow per Share ²	-	-0.2000	-2.710	-0.3700	-	0.8900	0.9600
Capex ¹	-	-	2,396	892	-	2,434	15.2
Capex / Sales	-	-	330.81%	102.89%	-	236.77%	1.34%
Announcement Date	2/27/20	2/24/21	2/28/22	2/27/23	2/28/24	-	-

¹THB in Million²THB

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

10.7 THB

Average target price

14.5 THB

Spread / Average Target

+35.51%

	1st Jan change	Capi.
AIM INDUSTRIAL GROWTH FREEHOLD AND LEASEHOLD REAL ESTATE INVESTMENT TRUST	+2.88%	172M
PROLOGIS, INC.	-21.94%	96.34B
GOODMAN GROUP	+21.78%	38.16B
REXFORD INDUSTRIAL REALTY, INC.	-22.99%	9.39B
EASTGROUP PROPERTIES, INC.	-15.05%	7.49B
AMERICOLD REALTY TRUST, INC.	-26.53%	6.32B
STAG INDUSTRIAL, INC.	-12.18%	6.27B
FIRST INDUSTRIAL REALTY TRUST, INC.	-12.66%	6.09B
WAREHOUSES DE PAUW SA	-13.12%	5.8B
FIBRA PROLOGIS	-11.75%	5.48B