Financials Asset Five Group

Equities

A5

TH0746010Z08

Real Estate Development & Operations

End-of-day quote Thailand S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
3.28 THB +1.23% Intraday chart for Asset Five Group +1.86% -1.20%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 15,722 1,684 1,814 1,814 4,765 4,015
Enterprise Value (EV) 1 16,673 2,604 2,429 1,854 5,770 4,755
P/E ratio -1.78 x 38.5 x 30.9 x 13.9 x 48.7 x 7.93 x
Yield - - - 0.67% - 1.51%
Capitalization / Revenue 79 x 3.3 x 2.19 x 2.15 x 7.2 x 2.69 x
EV / Revenue 83.8 x 5.1 x 2.94 x 2.19 x 8.71 x 3.18 x
EV / EBITDA -1,928 x 38.7 x 24.3 x 10 x 55.2 x 9.78 x
EV / FCF -90.1 x -6.98 x 5.63 x 3.2 x -6.13 x -118 x
FCF Yield -1.11% -14.3% 17.7% 31.2% -16.3% -0.84%
Price to Book 32.7 x 3.16 x 2.68 x 2.24 x 5.32 x 2.86 x
Nbr of stocks (in thousands) 1,123,000 1,123,000 1,209,385 1,209,385 1,209,385 1,209,385
Reference price 2 14.00 1.500 1.500 1.500 3.940 3.320
Announcement Date 3/8/19 3/2/20 3/1/21 2/25/22 2/28/23 2/28/24
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 198.9 510.6 826.9 844.8 662.2 1,494
EBITDA 1 -8.646 67.23 99.91 184.7 104.5 486.2
EBIT 1 -10.48 65.04 97.19 182.5 102.6 484.4
Operating Margin -5.27% 12.74% 11.75% 21.6% 15.49% 32.43%
Earnings before Tax (EBT) 1 -296.2 57.66 73.54 173.8 92.59 605.7
Net income 1 -281.2 43.73 57.24 130.7 97.79 506.4
Net margin -141.38% 8.57% 6.92% 15.47% 14.77% 33.9%
EPS 2 -7.860 0.0389 0.0486 0.1081 0.0809 0.4188
Free Cash Flow 1 -185.1 -373.3 431.2 578.6 -941.5 -40.15
FCF margin -93.04% -73.11% 52.15% 68.49% -142.18% -2.69%
FCF Conversion (EBITDA) - - 431.59% 313.2% - -
FCF Conversion (Net income) - - 753.31% 442.71% - -
Dividend per Share - - - 0.0100 - 0.0500
Announcement Date 3/8/19 3/2/20 3/1/21 2/25/22 2/28/23 2/28/24
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 951 919 615 39.5 1,005 740
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) -110 x 13.67 x 6.158 x 0.2137 x 9.615 x 1.522 x
Free Cash Flow 1 -185 -373 431 579 -941 -40.1
ROE (net income / shareholders' equity) -105% 8.67% 9.57% 17.9% 11.8% 44.1%
ROA (Net income/ Total Assets) -0.42% 2.4% 3.36% 7.66% 3.56% 10.2%
Assets 1 66,577 1,825 1,706 1,707 2,745 4,949
Book Value Per Share 2 0.4300 0.4800 0.5600 0.6700 0.7400 1.160
Cash Flow per Share 2 0.0800 0.0200 0.1600 0.1000 0.2400 0.5500
Capex 1 4.31 1.51 2.18 0.93 2.47 4.16
Capex / Sales 2.17% 0.3% 0.26% 0.11% 0.37% 0.28%
Announcement Date 3/8/19 3/2/20 3/1/21 2/25/22 2/28/23 2/28/24
1THB in Million2THB
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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