Financials Eco World Development Group

Equities

ECOWLD

MYL8206OO004

Real Estate Development & Operations

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
1.48 ^MYR	+0.68%		+4.96%	+40.95%

Apr. 09	Malaysian Shares Snap Three-Day Winning Streak; IJM's Shares Drop 3%	MT
Mar. 25	Eco World Development Group Berhad Announces the Cessation of Office of Dato' Noor Farida Binti Mohd Ariffin as Independent and Non Executive Chairman of Remuneration Committee	CI

Valuation

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,914	1,119	3,003	1,781	2,974	4,358	-	-
Enterprise Value (EV) ¹	5,288	4,197	5,426	3,261	4,166	6,328	6,402	6,423
P/E ratio	9.41 x	8.28 x	16.4 x	11.3 x	15.7 x	16 x	14.6 x	13.6 x
Yield	-	-	3.92%	8.26%	5.94%	4.05%	4.2%	4.22%
Capitalization / Revenue	0.78 x	0.56 x	1.47 x	0.87 x	1.34 x	1.77 x	1.65 x	1.57 x
EV / Revenue	2.15 x	2.1 x	2.66 x	1.6 x	1.87 x	2.57 x	2.43 x	2.31 x
EV / EBITDA	20.1 x	30.3 x	18.7 x	23.5 x	12.7 x	17.1 x	15.6 x	14.6 x
EV / FCF	10.1 x	8.49 x	7.12 x	4.07 x	19.3 x	48.8 x	46.6 x	36.4 x
FCF Yield	9.89%	11.8%	14%	24.6%	5.17%	2.05%	2.14%	2.74%
Price to Book	0.42 x	0.24 x	0.63 x	0.38 x	0.62 x	0.89 x	0.87 x	0.85 x
Nbr of stocks (in thousands)	2,944,368	2,944,368	2,944,368	2,944,369	2,944,369	2,944,370	-	-
Reference price ²	0.6500	0.3800	1.020	0.6050	1.010	1.480	1.480	1.480
Announcement Date	12/11/19	12/17/20	12/16/21	12/16/22	12/14/23	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,462	1,997	2,043	2,044	2,227	2,458	2,634	2,781
EBITDA ¹	263.1	138.5	289.6	138.6	328.1	371	410.9	440.8
EBIT ¹	225.9	112.6	266	117	305.8	368	402.1	421.8
Operating Margin	9.17%	5.64%	13.02%	5.73%	13.73%	14.97%	15.27%	15.17%
Earnings before Tax (EBT) ¹	266	169	239.3	225.8	270	376.3	401.5	427.2
Net income ¹	203.4	135.2	182.7	157.2	189.3	281.1	299.7	319.6
Net margin	8.26%	6.77%	8.95%	7.69%	8.5%	11.44%	11.38%	11.49%
EPS ²	0.0691	0.0459	0.0621	0.0534	0.0643	0.0924	0.1015	0.1089
Free Cash Flow ¹	523.2	494.4	761.9	802	215.5	129.7	137.3	176.3
FCF margin	21.25%	24.76%	37.3%	39.25%	9.68%	5.28%	5.21%	6.34%
FCF Conversion (EBITDA)	198.84%	357.07%	263.1%	578.55%	65.68%	34.96%	33.41%	40%
FCF Conversion (Net income)	257.19%	365.74%	416.92%	510.17%	113.83%	46.14%	45.82%	55.17%
Dividend per Share ²	-	-	0.0400	0.0500	0.0600	0.0600	0.0621	0.0625
Announcement Date	12/11/19	12/17/20	12/16/21	12/16/22	12/14/23	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: October	2023 Q1	2023 S1	2023 S2	2024 Q4
Net sales	484.7	-	-	-
EBITDA	-	-	-	-
EBIT	-	-	-	-
Operating Margin	-	-	-	-
Earnings before Tax (EBT)	79.8	-	-	-
Net income	57	119.7	69.63	-
Net margin	11.76%	-	-	-
EPS ¹	0.0194	0.0407	-	0.0970
Dividend per Share	-	-	-	-
Announcement Date	3/23/23	6/22/23	12/14/23	-

¹MYR

Estimates

Balance Sheet Analysis

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,375	3,078	2,422	1,480	1,192	1,970	2,044	2,065
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	12.83 x	22.23 x	8.365 x	10.67 x	3.632 x	5.31 x	4.975 x	4.686 x
Free Cash Flow ¹	523	494	762	802	216	130	137	176
ROE (net income / shareholders' equity)	4.59%	2.94%	3.88%	3.31%	3.98%	5.6%	6.07%	6.29%
ROA (Net income/ Total Assets)	1.91%	1.28%	1.82%	1.64%	2.07%	3.06%	3.22%	3.34%
Assets ¹	10,678	10,521	10,038	9,574	9,151	9,191	9,319	9,580
Book Value Per Share ²	1.540	1.590	1.620	1.610	1.620	1.660	1.700	1.750
Cash Flow per Share ²	0.1800	0.1800	0.3300	0.3200	0.1900	-0.2100	0.0400	0.0600
Capex ¹	19.3	24.1	101	134	357	239	161	191
Capex / Sales	0.78%	1.21%	4.96%	6.55%	16.01%	9.72%	6.12%	6.85%
Announcement Date	12/11/19	12/17/20	12/16/21	12/16/22	12/14/23	-	-	-

¹MYR in Million²MYR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Eco World Development Group

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1.48 MYR

Average target price

1.564 MYR

Spread / Average Target

+5.71%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
ECO WORLD DEVELOPMENT GROUP	+40.95%	914M
MITSUI FUDOSAN CO., LTD.	+36.16%	27.94B
SUN HUNG KAI PROPERTIES LIMITED	-13.74%	26.97B
DLF LIMITED	+25.00%	26.95B
CHINA RESOURCES LAND LIMITED	-0.71%	25.32B
MITSUBISHI ESTATE CO., LTD.	+44.49%	22.58B
EMAAR PROPERTIES	+2.78%	19.59B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+1.45%	19.52B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+28.54%	16.23B
CK ASSET HOLDINGS LIMITED	-14.80%	14.98B

Other Real Estate Development & Operations