ASIA GREEN ENERGY

Financials Asia Green Energy

Equities

AGE

TH0990A10Z05

Coal

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-05-02 pm EDT			5-day change	1st Jan Change
1.87 ^THB	0.00%		0.00%	-4.59%

Apr. 23	Asia Green Energy Public Company Limited Approves Cash Dividend for the Year 2023, Payable Within May 15, 2024	CI
Feb. 21	Asia Green Energy Public Company Limited Announces Change of Address of the Head Office	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	1,559	1,721	1,692	3,036	4,438	2,345
Enterprise Value (EV) ¹	4,156	3,880	4,089	6,654	8,424	5,727
P/E ratio	12.3 x	6.31 x	7.51 x	4.76 x	3.56 x	8.23 x
Yield	0.22%	10.1%	5.71%	6.59%	9.94%	10.2%
Capitalization / Revenue	0.2 x	0.28 x	0.21 x	0.24 x	0.24 x	0.18 x
EV / Revenue	0.53 x	0.63 x	0.52 x	0.52 x	0.45 x	0.43 x
EV / EBITDA	18.4 x	9.78 x	10.9 x	7.01 x	4.47 x	10.1 x
EV / FCF	-4.53 x	8.02 x	24.6 x	-6.72 x	-44.9 x	4.37 x
FCF Yield	-22.1%	12.5%	4.07%	-14.9%	-2.23%	22.9%
Price to Book	1.01 x	0.95 x	0.91 x	1.23 x	1.34 x	0.7 x
Nbr of stocks (in thousands)	1,196,532	1,196,531	1,196,531	1,196,531	1,196,526	1,196,523
Reference price ²	1.303	1.438	1.414	2.537	3.709	1.960
Announcement Date	2/28/19	2/20/20	2/24/21	2/21/22	2/21/23	2/19/24

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	7,901	6,196	7,898	12,884	18,851	13,268
EBITDA ¹	225.5	396.7	373.6	949.6	1,883	569.2
EBIT ¹	159.8	312.3	288.1	841.9	1,785	478.2
Operating Margin	2.02%	5.04%	3.65%	6.53%	9.47%	3.6%
Earnings before Tax (EBT) ¹	160.7	302.5	260.2	790.6	1,573	328.1
Net income ¹	127.2	272.8	225.3	638	1,248	285.1
Net margin	1.61%	4.4%	2.85%	4.95%	6.62%	2.15%
EPS ²	0.1063	0.2280	0.1883	0.5332	1.043	0.2383
Free Cash Flow ¹	-917.3	484	166.3	-989.6	-187.6	1,311
FCF margin	-11.61%	7.81%	2.11%	-7.68%	-1%	9.88%
FCF Conversion (EBITDA)	-	122%	44.51%	-	-	230.33%
FCF Conversion (Net income)	-	177.41%	73.8%	-	-	459.88%
Dividend per Share ²	0.002900	0.1455	0.0808	0.1673	0.3687	0.2000
Announcement Date	2/28/19	2/20/20	2/24/21	2/21/22	2/21/23	2/19/24

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	2,597	2,159	2,397	3,618	3,986	3,382
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	11.52 x	5.444 x	6.416 x	3.811 x	2.117 x	5.941 x
Free Cash Flow ¹	-917	484	166	-990	-188	1,311
ROE (net income / shareholders' equity)	8.87%	16.4%	12.4%	29.3%	42.9%	8.47%
ROA (Net income/ Total Assets)	2.19%	4.04%	3.55%	8.09%	13.5%	3.62%
Assets ¹	5,807	6,755	6,346	7,891	9,261	7,880
Book Value Per Share ²	1.290	1.520	1.560	2.060	2.770	2.790
Cash Flow per Share ²	0.1100	0.2200	0.2200	0.0500	0.1100	0.1700
Capex ¹	332	189	215	58.6	26.7	89.3
Capex / Sales	4.2%	3.06%	2.72%	0.46%	0.14%	0.67%
Announcement Date	2/28/19	2/20/20	2/24/21	2/21/22	2/21/23	2/19/24

¹THB in Million²THB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Coal Wholesale

	1st Jan change	Capi.
ASIA GREEN ENERGY	-4.59%	60.86M
GUANGZHOU DEVELOPMENT GROUP INCORPORATED	+22.72%	3.21B
SHANDONG YULONG GOLD CO., LTD.	+2.71%	1.19B
ZJMI ENVIRONMENTAL ENERGY CO., LTD.	-3.22%	1.14B
CCS SUPPLY CHAIN MANAGEMENT CO., LTD.	-21.02%	719M
YUNNAN YUNWEI COMPANY LIMITED	0.00%	496M
PT SUMBER GLOBAL ENERGY TBK	-8.01%	485M
SUMISEKI HOLDINGS,INC.	+14.70%	413M
YANTAI YUANCHENG GOLD CO., LTD.	-43.55%	306M
NIPPON COKE & ENGINEERING COMPANY, LIMITED	+10.26%	242M

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