Financials GHL Systems

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
0.735 ^MYR	+0.68%		+4.26%	+5.76%

Mar. 27	GHL Systems Berhad Announces Final Dividend for the Financial Year Ended 31 December 2023, Payable on 10 May 2024	CI
Feb. 27	GHL Systems Berhad Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,011	2,169	1,986	981.7	793.3	839	-	-
Enterprise Value (EV) ¹	1,011	1,986	1,763	844.4	793.3	644.5	608.5	448.1
P/E ratio	35 x	113 x	70.4 x	34.8 x	27.6 x	24.9 x	22.7 x	21.6 x
Yield	-	-	-	2.91%	-	-	-	2.72%
Capitalization / Revenue	2.91 x	6.49 x	5.51 x	2.39 x	1.72 x	1.7 x	1.58 x	1.53 x
EV / Revenue	2.91 x	5.94 x	4.9 x	2.06 x	1.72 x	1.31 x	1.15 x	0.82 x
EV / EBITDA	14.2 x	39.1 x	25.4 x	12.2 x	12 x	8.79 x	7.54 x	5.03 x
EV / FCF	17.2 x	71.6 x	40.2 x	-14 x	-	12.7 x	11.3 x	7.82 x
FCF Yield	5.81%	1.4%	2.48%	-7.14%	-	7.85%	8.87%	12.8%
Price to Book	2.22 x	3.17 x	3.9 x	1.92 x	-	1.44 x	1.41 x	1.41 x
Nbr of stocks (in thousands)	1,123,814	1,141,500	1,141,500	1,141,500	1,141,500	1,141,500	-	-
Reference price ²	0.9000	1.900	1.740	0.8600	0.6950	0.7350	0.7350	0.7350
Announcement Date	2/25/20	2/23/21	2/22/22	2/23/23	2/27/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	347.8	334.4	360.2	410.6	460.4	493.8	529.4	549.5
EBITDA ¹	71.05	50.79	69.32	69.18	65.92	73.33	80.66	89
EBIT ¹	38.83	22.01	39.63	42.92	42.15	49.61	56.47	56.3
Operating Margin	11.16%	6.58%	11%	10.45%	9.16%	10.05%	10.67%	10.25%
Earnings before Tax (EBT) ¹	38.88	19.67	40.68	41.43	40.16	45.67	51.37	56.65
Net income ¹	28.72	13.53	28.16	28.15	28.81	32.52	36.47	40.65
Net margin	8.26%	4.04%	7.82%	6.86%	6.26%	6.59%	6.89%	7.4%
EPS ²	0.0257	0.0168	0.0247	0.0247	0.0252	0.0295	0.0323	0.0340
Free Cash Flow ¹	58.8	27.74	43.81	-60.25	-	50.6	54	57.3
FCF margin	16.91%	8.3%	12.16%	-14.67%	-	10.25%	10.2%	10.43%
FCF Conversion (EBITDA)	82.76%	54.62%	63.2%	-	-	69%	66.95%	64.38%
FCF Conversion (Net income)	204.72%	205.1%	155.58%	-	-	155.57%	148.08%	140.96%
Dividend per Share ²	-	-	-	0.0250	-	-	-	0.0200
Announcement Date	2/25/20	2/23/21	2/22/22	2/23/23	2/27/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	-	182	223	137	-	195	231	391
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	58.8	27.7	43.8	-60.3	-	50.6	54	57.3
ROE (net income / shareholders' equity)	6.74%	2.93%	5.68%	5.52%	-	6.06%	6.43%	6.6%
ROA (Net income/ Total Assets)	4.4%	2%	3.87%	3.68%	-	3.8%	3.9%	4.5%
Assets ¹	653.3	675.7	728.3	765.7	-	855.9	935	903.3
Book Value Per Share ²	0.4100	0.6000	0.4500	0.4500	-	0.5100	0.5200	0.5200
Cash Flow per Share ²	-	0.0800	0.0800	-0.0200	-	0.0700	0.0800	-
Capex ¹	42.8	35.3	43.3	42.4	-	42.5	43.5	45
Capex / Sales	12.3%	10.56%	12.03%	10.33%	-	8.61%	8.22%	8.19%
Announcement Date	2/25/20	2/23/21	2/22/22	2/23/23	2/27/24	-	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.735 MYR

Average target price

0.8867 MYR

Spread / Average Target

+20.64%