Financials OCK Group

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
0.59 ^MYR	0.00%		+0.85%	+35.63%

Feb. 28	OCK Group Berhad Announces Dividend Policy	CI
Feb. 27	OCK Group Berhad Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023	CI

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	370.4	560.8	431.4	485.1	437.6	623.8	623.8	-
Enterprise Value (EV) ¹	370.4	1,080	950.2	992.4	1,128	1,060	1,200	1,152
P/E ratio	16.3 x	21.1 x	16.9 x	18.7 x	13 x	11.6 x	11.7 x	10.5 x
Yield	-	-	-	-	-	0.73%	1.98%	1.98%
Capitalization / Revenue	0.81 x	1.18 x	0.91 x	1 x	0.71 x	0.63 x	0.78 x	0.73 x
EV / Revenue	0.81 x	2.28 x	2.01 x	2.05 x	1.83 x	1.46 x	1.5 x	1.35 x
EV / EBITDA	-	7.91 x	6.29 x	6.27 x	6.04 x	4.98 x	5.25 x	4.61 x
EV / FCF	-7.92 x	30.4 x	-	18.1 x	-12.2 x	13.8 x	16.2 x	12 x
FCF Yield	-12.6%	3.28%	-	5.52%	-8.19%	7.26%	6.17%	8.33%
Price to Book	-	1.15 x	0.8 x	0.82 x	0.69 x	0.65 x	1 x	0.96 x
Nbr of stocks (in thousands)	871,473	958,573	958,574	1,054,480	1,054,508	1,057,244	1,057,244	-
Reference price ²	0.4250	0.5850	0.4500	0.4600	0.4150	0.5900	0.5900	0.5900
Announcement Date	2/26/19	2/26/20	2/25/21	2/24/22	2/28/23	2/27/24	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	457.4	473.7	473.1	484.2	617.8	724.6	798.6	855.4
EBITDA ¹	-	136.4	151.1	158.3	186.7	212.9	228.4	250
EBIT ¹	68.3	70.99	66.26	66.58	79.8	101.9	118.8	129
Operating Margin	14.93%	14.99%	14%	13.75%	12.92%	14.07%	14.88%	15.07%
Earnings before Tax (EBT) ¹	45.84	39.89	35.89	38.72	49.31	60.48	79.93	91.23
Net income ¹	24.06	28.05	25.62	25.94	33.67	39.42	53.77	59.43
Net margin	5.26%	5.92%	5.42%	5.36%	5.45%	5.44%	6.73%	6.95%
EPS ²	0.0261	0.0277	0.0267	0.0246	0.0319	0.0374	0.0503	0.0560
Free Cash Flow ¹	-46.76	35.46	-	54.78	-92.42	76.94	74	96
FCF margin	-10.22%	7.48%	-	11.31%	-14.96%	10.62%	9.27%	11.22%
FCF Conversion (EBITDA)	-	25.99%	-	34.61%	-	36.14%	32.4%	38.4%
FCF Conversion (Net income)	-	126.39%	-	211.13%	-	195.18%	137.63%	161.53%
Dividend per Share ²	-	-	-	-	-	0.004330	0.0117	0.0117
Announcement Date	2/26/19	2/26/20	2/25/21	2/24/22	2/28/23	2/27/24	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	519	519	507	690	603	576	528
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	3.803 x	3.434 x	3.206 x	3.697 x	2.834 x	2.522 x	2.112 x
Free Cash Flow ¹	-46.8	35.5	-	54.8	-92.4	76.9	74	96
ROE (net income / shareholders' equity)	5.73%	5.85%	4.85%	4.6%	5.48%	5.88%	7.8%	8.67%
ROA (Net income/ Total Assets)	-	2.22%	1.83%	1.8%	2.15%	2.16%	2.9%	2.8%
Assets ¹	-	1,261	1,401	1,440	1,563	1,826	1,854	2,123
Book Value Per Share ²	-	0.5100	0.5600	0.5600	0.6000	0.6700	0.5900	0.6200
Cash Flow per Share	-	0.1700	0.1900	-	-	-	-	-
Capex ¹	-	133	106	131	124	95.4	120	120
Capex / Sales	-	28.02%	22.32%	27.05%	20.12%	13.16%	15.03%	14.03%
Announcement Date	2/26/19	2/26/20	2/25/21	2/24/22	2/28/23	2/27/24	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C-

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.59 MYR

Average target price

0.7233 MYR

Spread / Average Target

+22.60%

	1st Jan change	Capi.
OCK GROUP	+35.63%	131M
INDUS TOWERS LIMITED	+77.49%	11.41B
INWIT S.P.A.	-12.79%	10.07B
PT DAYAMITRA TELEKOMUNIKASI TBK.	-17.73%	2.95B
STATE GRID INFORMATION & COMMUNICATION CO., LTD.	+11.22%	2.8B
PT TOWER BERSAMA INFRASTRUCTURE TBK	-11.24%	2.59B
PT SARANA MENARA NUSANTARA TBK.	-19.70%	2.44B
DIGITAL TELECOMMUNICATIONS INFRASTRUCTURE FUND	0.00%	2.22B
CHORUS LIMITED	-8.46%	1.85B
3BB INTERNET INFRASTRUCTURE FUND	-7.20%	1.25B