Financials Bangkok Commercial Asset Management

Equities

BAM

TH9479010000

Investment Management & Fund Operators

End-of-day quote Thailand S.E. 06:00:00 2024-04-28 pm EDT 5-day change 1st Jan Change
9.85 THB -2.48% Intraday chart for Bangkok Commercial Asset Management +2.07% +20.86%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 54,572 70,782 69,812 51,066 26,341 31,836 - -
Enterprise Value (EV) 1 128,875 150,490 69,812 51,066 26,341 31,836 31,836 31,836
P/E ratio 8.33 x 38.4 x 27 x 18.8 x 17.3 x 16.9 x 14.9 x 12.2 x
Yield 5.8% 2.34% 2.55% 3.48% - 4.69% 4.89% 5.71%
Capitalization / Revenue 5.4 x 7.04 x 6.5 x 5.03 x 2.9 x 3.17 x 2.96 x 2.75 x
EV / Revenue 5.4 x 7.04 x 6.5 x 5.03 x 2.9 x 3.17 x 2.96 x 2.75 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.47 x 1.69 x 1.63 x 1.17 x - 0.72 x 0.71 x 0.7 x
Nbr of stocks (in thousands) 3,015,000 3,232,042 3,232,042 3,232,042 3,232,042 3,232,042 - -
Reference price 2 18.10 21.90 21.60 15.80 8.150 9.850 9.850 9.850
Announcement Date 2/27/20 2/25/21 2/25/22 2/23/23 2/23/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 10,104 10,053 10,747 10,144 9,097 10,051 10,746 11,572
EBITDA - - - - - - - -
EBIT 1 6,347 7,395 8,021 7,256 6,068 7,039 7,602 8,232
Operating Margin 62.81% 73.56% 74.63% 71.53% 66.71% 70.03% 70.74% 71.14%
Earnings before Tax (EBT) 1 6,212 2,196 3,256 3,207 1,844 2,374 2,726 3,203
Net income 1 6,549 1,841 2,600 2,725 1,534 1,911 2,206 2,611
Net margin 64.82% 18.31% 24.19% 26.86% 16.87% 19.01% 20.53% 22.57%
EPS 2 2.172 0.5700 0.8000 0.8400 0.4700 0.5832 0.6631 0.8044
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 1.050 0.5125 0.5500 0.5500 - 0.4622 0.4815 0.5623
Announcement Date 2/27/20 2/25/21 2/25/22 2/23/23 2/23/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 2,624 3,133 2,028 2,729 4,757 2,608 2,779 - 2,381 - 2,329 2,393 - - - - -
EBITDA - - - - - - - - - - - - - - - - -
EBIT 1,910 2,347 1,430 1,993 3,423 1,916 - - 1,639 2,949 1,551 1,568 - - - - -
Operating Margin 72.78% 74.91% 70.52% 73.01% 71.95% 73.45% - - 68.84% - 66.62% 65.53% - - - - -
Earnings before Tax (EBT) - 1,236 - 909.1 1,281 867.6 - - 513.5 836.8 - - - - - - -
Net income 1 576.3 986.6 311.8 830.6 1,142 715.8 866.5 - 425.2 691.7 382.8 459.9 300 472 - - -
Net margin 21.96% 31.49% 15.38% 30.43% 24.02% 27.45% 31.18% - 17.86% - 16.44% 19.22% - - - - -
EPS 0.1800 0.3000 0.1000 0.2600 - 0.2200 0.2700 - 0.1300 0.2100 0.1200 0.1400 - - - - -
Dividend per Share 2 - - - - - - 0.5500 - - - - - - - - 0.3633 -
Announcement Date 11/11/21 2/25/22 5/12/22 8/11/22 8/11/22 11/10/22 2/23/23 5/11/23 8/11/23 8/11/23 11/10/23 2/23/24 - - - - -
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 74,304 79,708 - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 16.6% 4.4% 6.15% 6.3% - 4.33% 4.85% 5.75%
ROA (Net income/ Total Assets) 5.86% 1.5% 2.02% 2.11% - 1.41% 1.56% 1.79%
Assets 1 111,721 122,708 128,987 129,356 - 135,213 141,436 146,152
Book Value Per Share 2 12.30 12.90 13.20 13.50 - 13.60 13.90 14.10
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 2/27/20 2/25/21 2/25/22 2/23/23 2/23/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
6
Last Close Price
9.85 THB
Average target price
9.142 THB
Spread / Average Target
-7.19%
Consensus
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