Financials Inoue Rubber (Thailand)

Equities

IRC

TH0437010Z04

Tires & Rubber Products

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
13.1 ^THB	+2.34%		+3.97%	-5.07%

Feb. 12	Inoue Rubber Public Company Limited Reports Earnings Results for the First Quarter Ended December 31, 2023	CI
Jan. 29	Inoue Rubber Public Company Limited Approves the Appointment of Kenjiro Miwa as Director	CI

Valuation

Fiscal Period: September	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,364	3,248	2,749	2,576	2,583	-	-
Enterprise Value (EV) ¹	2,364	3,248	2,749	2,576	2,583	2,583	2,583
P/E ratio	11 x	9.55 x	25.1 x	16.1 x	15.2 x	12.4 x	12.1 x
Yield	-	5.23%	2.03%	3.12%	3.28%	4.05%	4.12%
Capitalization / Revenue	-	0.61 x	0.47 x	0.48 x	0.45 x	0.42 x	0.39 x
EV / Revenue	-	0.61 x	0.47 x	0.48 x	0.45 x	0.42 x	0.39 x
EV / EBITDA	-	4.15 x	5.69 x	5.02 x	4.74 x	4.4 x	4.23 x
EV / FCF	-	15.6 x	42.9 x	8.4 x	-19.7 x	35.2 x	33.7 x
FCF Yield	-	6.4%	2.33%	11.9%	-5.09%	2.84%	2.97%
Price to Book	-	0.83 x	0.75 x	0.66 x	0.63 x	0.61 x	0.6 x
Nbr of stocks (in thousands)	192,208	192,208	192,208	192,208	197,208	-	-
Reference price ²	12.30	16.90	14.30	13.40	13.10	13.10	13.10
Announcement Date	11/23/20	11/24/21	11/24/22	11/24/23	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	5,297	5,883	5,417	5,728	6,129	6,552
EBITDA ¹	-	782.3	483.3	513	545	587	611
EBIT ¹	-	347.3	54.45	170.1	189	232	258
Operating Margin	-	6.56%	0.93%	3.14%	3.3%	3.79%	3.94%
Earnings before Tax (EBT) ¹	-	421	122.3	170.1	189	232	258
Net income ¹	219.1	340	109.9	159.8	166	205	207
Net margin	-	6.42%	1.87%	2.95%	2.9%	3.34%	3.16%
EPS ²	1.120	1.770	0.5700	0.8300	0.8600	1.060	1.080
Free Cash Flow ¹	-	208	64.12	306.7	-131.4	73.33	76.68
FCF margin	-	3.93%	1.09%	5.66%	-2.29%	1.2%	1.17%
FCF Conversion (EBITDA)	-	26.59%	13.27%	59.78%	-	12.49%	12.55%
FCF Conversion (Net income)	-	61.17%	58.32%	191.94%	-	35.77%	37.04%
Dividend per Share ²	-	0.8845	0.2910	0.4178	0.4300	0.5300	0.5400
Announcement Date	11/23/20	11/24/21	11/24/22	11/24/23	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1
Net sales ¹	-	1,441	2,905	-	1,255	1,127
EBITDA	-	-	-	-	-	-
EBIT ¹	-	34.61	52.49	-	56.79	45.38
Operating Margin	-	2.4%	1.81%	-	4.53%	4.03%
Earnings before Tax (EBT) ¹	-	65.18	82.19	-	56.78	57.33
Net income ¹	-	60.91	76.62	29.73	53.41	51.71
Net margin	-	4.23%	2.64%	-	4.26%	4.59%
EPS ²	0.0800	0.3200	0.4000	0.1500	0.2800	0.2700
Dividend per Share	-	-	-	-	-	-
Announcement Date	2/9/23	5/12/23	5/12/23	8/11/23	11/24/23	2/12/24

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: September	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-	208	64.1	307	-131	73.3	76.7
ROE (net income / shareholders' equity)	-	9.14%	2.85%	4.12%	4.2%	5%	5%
ROA (Net income/ Total Assets)	-	6.88%	2.08%	3.1%	3.2%	3.9%	3.8%
Assets ¹	-	4,942	5,283	5,152	5,188	5,256	5,447
Book Value Per Share ²	-	20.30	19.20	20.40	20.90	21.40	22.00
Cash Flow per Share ²	-	-	-	2.790	2.720	2.910	2.910
Capex ¹	-	225	292	230	235	218	218
Capex / Sales	-	4.25%	4.96%	4.24%	4.1%	3.56%	3.33%
Announcement Date	11/23/20	11/24/21	11/24/22	11/24/23	-	-	-

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

Ratings for Inoue Rubber (Thailand)

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

13.1 THB

Average target price

15 THB

Spread / Average Target

+14.50%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Tire & Tube Manufacturers

	1st Jan change	Capi.
INOUE RUBBER (THAILAND)	-5.07%	69.76M
MRF LIMITED	+0.51%	6.62B
PIRELLI & C. S.P.A.	+21.41%	6.39B
BALKRISHNA INDUSTRIES LIMITED	-7.58%	5.5B
HANKOOK TIRE & TECHNOLOGY CO., LTD.	+24.89%	5.03B
CHENG SHIN RUBBER IND. CO., LTD.	+2.23%	4.56B
SHANDONG LINGLONG TYRE CO.,LTD.	+17.11%	4.55B
APOLLO TYRES LIMITED	+8.45%	3.75B
QINGDAO SENTURY TIRE CO., LTD.	+25.05%	3.65B
PT MULTISTRADA ARAH SARANA TBK	+43.04%	3.08B

Tire & Tube Manufacturers