Financials Bintulu Port Holdings

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-04-28 pm EDT			5-day change	1st Jan Change
6.02 ^MYR	+0.33%		+4.33%	+17.12%

Apr. 02	Bintulu Port Holdings Berhad Announces the Appointment of Datuk Dyg Sadiah Binti Abg Bohan as Independent and Non Executive Member of Nomination and Remuneration Committee	CI
Apr. 02	Bintulu Port Holdings Berhad Announces the Appointment of Datuk Dyg Sadiah Binti Abg Bohan as Independent and Non Executive Chairman of Risk Committee	CI

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,208	2,208	2,364	2,769	-	-
Enterprise Value (EV) ¹	2,208	2,217	2,364	2,366	2,495	2,558
P/E ratio	6.08 x	17.3 x	18.9 x	22.3 x	18.4 x	16 x
Yield	-	2.92%	2.33%	2.25%	2.73%	3.12%
Capitalization / Revenue	-	2.78 x	3.07 x	3.2 x	2.7 x	2.54 x
EV / Revenue	-	2.8 x	3.07 x	2.73 x	2.44 x	2.34 x
EV / EBITDA	-	5.03 x	5.69 x	5.29 x	5.51 x	5.48 x
EV / FCF	-	-	-	8.47 x	8.17 x	-
FCF Yield	-	-	-	11.8%	12.2%	-
Price to Book	-	1.26 x	1.3 x	1.52 x	1.46 x	1.43 x
Nbr of stocks (in thousands)	460,000	460,000	460,000	460,000	-	-
Reference price ²	4.800	4.800	5.140	6.020	6.020	6.020
Announcement Date	2/25/22	2/28/23	2/29/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net sales ¹	-	793.1	770.1	865.8	1,024	1,092
EBITDA ¹	-	440.5	415.7	447.1	452.9	467.2
EBIT ¹	-	226.4	195.3	225.6	237	252
Operating Margin	-	28.54%	25.36%	26.06%	23.14%	23.08%
Earnings before Tax (EBT) ¹	-	178	158.9	162.9	197.9	228.1
Net income ¹	363.2	127.7	125.1	124.2	150.8	173.3
Net margin	-	16.1%	16.24%	14.35%	14.73%	15.87%
EPS ²	0.7895	0.2777	0.2719	0.2700	0.3280	0.3770
Free Cash Flow ¹	-	-	-	279.2	305.2	-
FCF margin	-	-	-	32.25%	29.8%	-
FCF Conversion (EBITDA)	-	-	-	62.45%	67.39%	-
FCF Conversion (Net income)	-	-	-	224.8%	202.32%	-
Dividend per Share ²	-	0.1400	0.1200	0.1355	0.1645	0.1880
Announcement Date	2/25/22	2/28/23	2/29/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	9.45	-	-	-	-
Net Cash position ¹	-	-	-	403	274	211
Leverage (Debt/EBITDA)	-	0.0215 x	-	-	-	-
Free Cash Flow ¹	-	-	-	279	305	-
ROE (net income / shareholders' equity)	-	7.42%	6.99%	5.45%	6.6%	8.6%
ROA (Net income/ Total Assets)	-	-	-	13.7%	14.4%	-
Assets ¹	-	-	-	906.6	1,048	-
Book Value Per Share ²	-	3.810	3.970	3.970	4.130	4.200
Cash Flow per Share	-	-	-	-	-	-
Capex ¹	-	36.2	10.2	159	198	200
Capex / Sales	-	4.57%	1.32%	18.37%	19.36%	18.35%
Announcement Date	2/25/22	2/28/23	2/29/24	-	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

6 MYR

Average target price

6.2 MYR

Spread / Average Target

+3.33%

	1st Jan change	Capi.
BINTULU PORT HOLDINGS	+17.12%	579M
ADANI PORTS & SPECIAL ECONOMIC ZONE LIMITED	+28.59%	34.31B
SHANGHAI INTERNATIONAL PORT (GROUP) CO., LTD.	+14.29%	18.09B
DP WORLD PLC	0.00%	13.47B
ABU DHABI PORTS COMPANY	-10.97%	7.59B
MISC	+9.05%	7.39B
QINGDAO PORT INTERNATIONAL CO., LTD.	+19.86%	6.85B
JSW INFRASTRUCTURE LIMITED	+21.22%	6.19B
CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED	-1.69%	5.56B
LIAONING PORT CO., LTD.	-1.61%	4.12B