Financials S P Setia

Equities

SPSETIA

MYL8664OO004

Real Estate Development & Operations

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-04-28 pm EDT			5-day change	1st Jan Change
1.43 ^MYR	+0.70%		+2.88%	+78.75%

Apr. 12	S P Setia Converts Islamic Redeemable Convertible Preference Shares to Ordinary Shares; Shares Rally 4%	MT
Feb. 29	S P Setia Berhad Declares Final Dividend for the Financial Year Ended 31 December 2023, Payable on 23 April 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6,468	4,016	5,248	2,445	3,484	6,611	-	-
Enterprise Value (EV) ¹	16,326	14,563	16,174	11,211	11,176	14,435	14,463	14,242
P/E ratio	30.6 x	-8.85 x	34.5 x	16.9 x	16.7 x	18.6 x	18 x	17.4 x
Yield	0.63%	-	0.5%	2.45%	1.68%	1.16%	1.19%	1.15%
Capitalization / Revenue	1.65 x	1.24 x	1.39 x	0.55 x	0.8 x	1.45 x	1.41 x	1.33 x
EV / Revenue	4.16 x	4.51 x	4.3 x	2.52 x	2.56 x	3.16 x	3.08 x	2.87 x
EV / EBITDA	18.9 x	26.1 x	21.5 x	12.7 x	7.73 x	17.3 x	16.7 x	16.2 x
EV / FCF	15.2 x	-70.4 x	23.4 x	8.84 x	5.88 x	20.7 x	-204 x	-823 x
FCF Yield	6.57%	-1.42%	4.27%	11.3%	17%	4.84%	-0.49%	-0.12%
Price to Book	0.45 x	0.29 x	0.37 x	0.17 x	0.24 x	0.46 x	0.46 x	0.42 x
Nbr of stocks (in thousands)	4,042,482	4,056,734	4,067,979	4,075,488	4,354,837	4,623,408	-	-
Reference price ²	1.600	0.9900	1.290	0.6000	0.8000	1.430	1.430	1.430
Announcement Date	2/26/20	2/25/21	2/28/22	2/28/23	2/29/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,929	3,228	3,763	4,454	4,374	4,568	4,701	4,970
EBITDA ¹	864.9	557.3	750.9	880.7	1,445	835.1	864.2	876.6
EBIT ¹	835.9	527	720.5	845.6	1,051	809	844.5	865.2
Operating Margin	21.28%	16.33%	19.15%	18.98%	24.03%	17.71%	17.96%	17.41%
Earnings before Tax (EBT) ¹	598.2	-156.6	542.5	564.1	655.7	574.1	596.2	620
Net income ¹	343.7	-321	284.4	308.1	298.6	323.5	365.7	372.3
Net margin	8.75%	-9.94%	7.56%	6.92%	6.83%	7.08%	7.78%	7.49%
EPS ²	0.0523	-0.1119	0.0374	0.0356	0.0480	0.0770	0.0796	0.0822
Free Cash Flow ¹	1,073	-207	690.7	1,269	1,900	698.8	-70.9	-17.3
FCF margin	27.3%	-6.41%	18.36%	28.48%	43.44%	15.3%	-1.51%	-0.35%
FCF Conversion (EBITDA)	124.01%	-	91.99%	144.07%	131.49%	83.68%	-	-
FCF Conversion (Net income)	312.03%	-	242.91%	411.8%	636.35%	216.02%	-	-
Dividend per Share ²	0.0100	-	0.006500	0.0147	0.0134	0.0166	0.0171	0.0164
Announcement Date	2/26/20	2/25/21	2/28/22	2/28/23	2/29/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q1	2023 Q2
Net sales	-	-
EBITDA	-	-
EBIT	-	-
Operating Margin	-	-
Earnings before Tax (EBT)	-	-
Net income ¹	55.45	43.06
Net margin	-	-
EPS ²	0.003600	0.0106
Dividend per Share	-	-
Announcement Date	5/17/23	8/16/23

¹MYR in Million²MYR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	9,858	10,547	10,926	8,765	7,692	7,823	7,851	7,631
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	11.4 x	18.93 x	14.55 x	9.953 x	5.323 x	9.368 x	9.085 x	8.705 x
Free Cash Flow ¹	1,073	-207	691	1,269	1,900	699	-70.9	-17.3
ROE (net income / shareholders' equity)	2.42%	1.1%	2.01%	2.18%	2.09%	2.14%	2.23%	2.47%
ROA (Net income/ Total Assets)	1.16%	0.51%	0.92%	1.01%	1.02%	1.49%	1.36%	1.49%
Assets ¹	29,672	-62,578	30,874	30,501	29,393	21,765	26,816	25,038
Book Value Per Share ²	3.580	3.430	3.480	3.450	3.320	3.110	3.120	3.440
Cash Flow per Share ²	0.2900	0.1100	0.2700	0.4200	0.5600	0.3100	0.3900	-
Capex ¹	98.4	91.2	57.1	424	57.9	64.5	77.6	64.5
Capex / Sales	2.5%	2.83%	1.52%	9.51%	1.32%	1.41%	1.65%	1.3%
Announcement Date	2/26/20	2/25/21	2/28/22	2/28/23	2/29/24	-	-	-

¹MYR in Million²MYR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for S P Setia

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1.43 MYR

Average target price

1.212 MYR

Spread / Average Target

-15.22%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
S P SETIA	+78.75%	1.39B
MITSUI FUDOSAN CO., LTD.	+39.94%	28.07B
SUN HUNG KAI PROPERTIES LIMITED	-13.74%	26.92B
DLF LIMITED	+23.54%	26.28B
CHINA RESOURCES LAND LIMITED	+0.89%	26.06B
MITSUBISHI ESTATE CO., LTD.	+49.67%	22.69B
EMAAR PROPERTIES	+3.54%	19.59B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+4.94%	20.3B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+30.95%	16.31B
CK ASSET HOLDINGS LIMITED	-13.90%	15.03B

Other Real Estate Development & Operations