Financials Panjawattana Plastic

Equities

PJW

TH1083010005

Non-Paper Containers & Packaging

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
2.92 ^THB	-2.01%		+1.39%	-22.75%

Apr. 23	Panjawattana Plastic Public Company Limited Approves Dividend for the Year Ended December 31, 2023, Payable on May 17, 2024	CI
Feb. 27	Panjawattana Plastic Public Company Limited Proposes Dividend for the Year Ended December 31, 2023, Payable on May 17, 2024	CI

Valuation

Fiscal Period: December	2019	2022	2023	2024	2025	2026
Capitalization ¹	706.1	2,467	2,345	1,812	-	-
Enterprise Value (EV) ¹	706.1	2,467	2,345	1,812	1,812	1,812
P/E ratio	11.2 x	32.2 x	16.6 x	9.42 x	8.34 x	7.3 x
Yield	5.69%	-	-	4.45%	5.14%	5.82%
Capitalization / Revenue	0.22 x	-	0.68 x	0.48 x	0.44 x	0.41 x
EV / Revenue	0.22 x	-	0.68 x	0.48 x	0.44 x	0.41 x
EV / EBITDA	2.17 x	-	4.75 x	3.36 x	3.14 x	2.92 x
EV / FCF	-3.23 x	-	-	9.28 x	7.22 x	7.22 x
FCF Yield	-30.9%	-	-	10.8%	13.9%	13.9%
Price to Book	-	-	-	1.27 x	1.23 x	1.2 x
Nbr of stocks (in thousands)	602,784	613,766	620,436	620,436	-	-
Reference price ²	1.171	4.020	3.780	2.920	2.920	2.920
Announcement Date	2/25/20	2/23/23	2/27/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2022	2023	2024	2025	2026
Net sales ¹	3,156	-	3,453	3,778	4,078	4,379
EBITDA ¹	325.9	-	494.2	539	577	621
EBIT ¹	118.1	-	255.1	293	324	359
Operating Margin	3.74%	-	7.39%	7.76%	7.95%	8.2%
Earnings before Tax (EBT) ¹	62.66	-	196.6	237	273	312
Net income ¹	63.33	83.53	152.3	189	218	250
Net margin	2.01%	-	4.41%	5%	5.35%	5.71%
EPS ²	0.1048	0.1250	0.2280	0.3100	0.3500	0.4000
Free Cash Flow ¹	-218.3	-	-	195.2	251	251
FCF margin	-6.92%	-	-	5.17%	6.16%	5.73%
FCF Conversion (EBITDA)	-	-	-	36.21%	43.5%	40.42%
FCF Conversion (Net income)	-	-	-	103.26%	115.15%	100.4%
Dividend per Share ²	0.0667	-	-	0.1300	0.1500	0.1700
Announcement Date	2/25/20	2/23/23	2/27/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q2	2023 Q3	2023 Q4
Net sales ¹	-	781.8	829
EBITDA ¹	-	133.8	113
EBIT ¹	-	69.07	47.48
Operating Margin	-	8.83%	5.73%
Earnings before Tax (EBT) ¹	-	-	31.9
Net income ¹	0.0417	40.29	29.08
Net margin	-	5.15%	3.51%
EPS ²	0.0680	0.0600	0.0440
Dividend per Share	-	-	-
Announcement Date	8/15/23	11/13/23	2/27/24

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow ¹	-218	-	-	195	251	251
ROE (net income / shareholders' equity)	6.23%	-	-	13.5%	15%	16.7%
ROA (Net income/ Total Assets)	2.17%	-	-	6.8%	7.5%	8.2%
Assets ¹	2,919	-	-	2,779	2,907	3,049
Book Value Per Share ²	-	-	-	2.300	2.370	2.430
Cash Flow per Share ²	-	-	-	0.6000	0.6500	0.6700
Capex ¹	274	-	-	270	270	368
Capex / Sales	8.68%	-	-	7.15%	6.62%	8.4%
Announcement Date	2/25/20	2/23/23	2/27/24	-	-	-

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 Panjawattana Plastic

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2.92 THB

Average target price

6.15 THB

Spread / Average Target

+110.62%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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