Financials M.K. Real Estate Development

Equities

MK

TH0182A10Z03

Real Estate Development & Operations

End-of-day quote Thailand S.E. 06:00:00 2024-05-02 pm EDT 5-day change 1st Jan Change
2 THB -0.99% Intraday chart for M.K. Real Estate Development -0.99% -6.54%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 3,690 3,361 3,405 3,317 3,034 2,335
Enterprise Value (EV) 1 11,410 11,289 12,669 13,673 14,946 12,382
P/E ratio 12.1 x 18.9 x -996 x -17.9 x -84.7 x -3.48 x
Yield 0.3% 3.57% - - 3.96% -
Capitalization / Revenue 0.8 x 0.74 x 1.07 x 1.06 x 1.22 x 0.97 x
EV / Revenue 2.46 x 2.5 x 3.99 x 4.39 x 6 x 5.15 x
EV / EBITDA 14.2 x 16 x 37.5 x 101 x 49.8 x 72.7 x
EV / FCF -1,291 x 90.1 x -22.8 x 11 x -7.5 x 4.67 x
FCF Yield -0.08% 1.11% -4.39% 9.07% -13.3% 21.4%
Price to Book 0.56 x 0.49 x 0.51 x 0.51 x 0.47 x 0.41 x
Nbr of stocks (in thousands) 1,091,211 1,091,205 1,091,205 1,091,205 1,091,205 1,091,205
Reference price 2 3.382 3.080 3.120 3.040 2.780 2.140
Announcement Date 2/22/19 2/28/20 2/24/21 2/28/22 2/28/23 2/29/24
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 4,641 4,512 3,172 3,116 2,492 2,402
EBITDA 1 806.1 704.7 338.2 135.8 300.3 170.3
EBIT 1 632.1 496.6 88.39 -154 31.39 -194
Operating Margin 13.62% 11.01% 2.79% -4.94% 1.26% -8.07%
Earnings before Tax (EBT) 1 384 235 -9.839 -273.1 -491.8 -558.3
Net income 1 305.9 177.4 -3.421 -185.3 -35.83 -671.9
Net margin 6.59% 3.93% -0.11% -5.95% -1.44% -27.97%
EPS 2 0.2804 0.1626 -0.003134 -0.1698 -0.0328 -0.6158
Free Cash Flow 1 -8.837 125.2 -555.9 1,241 -1,993 2,649
FCF margin -0.19% 2.78% -17.52% 39.82% -80% 110.27%
FCF Conversion (EBITDA) - 17.77% - 913.65% - 1,555.16%
FCF Conversion (Net income) - 70.58% - - - -
Dividend per Share 2 0.0101 0.1100 - - 0.1100 -
Announcement Date 2/22/19 2/28/20 2/24/21 2/28/22 2/28/23 2/29/24
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 7,720 7,928 9,265 10,356 11,913 10,046
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 9.576 x 11.25 x 27.39 x 76.27 x 39.68 x 58.98 x
Free Cash Flow 1 -8.84 125 -556 1,241 -1,993 2,649
ROE (net income / shareholders' equity) 4.56% 2.64% -0.05% -2.83% -7.93% -11.2%
ROA (Net income/ Total Assets) 2.64% 1.91% 0.32% -0.52% 0.1% -0.62%
Assets 1 11,581 9,271 -1,074 35,657 -35,550 108,712
Book Value Per Share 2 6.090 6.230 6.090 5.930 5.890 5.170
Cash Flow per Share 2 0.0800 0.1000 0.1500 0.1600 0.3800 0.2100
Capex 1 2,776 505 733 230 833 314
Capex / Sales 59.82% 11.18% 23.11% 7.4% 33.43% 13.08%
Announcement Date 2/22/19 2/28/20 2/24/21 2/28/22 2/28/23 2/29/24
1THB in Million2THB
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

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