Financials Sansiri

Equities

SIRI

TH0577C10Z04

Real Estate Development & Operations

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
1.71 ^THB	+1.18%		+2.40%	-3.39%

Mar. 19	Sansiri Public Company Limited Announces Setting Up the New Subsidiaries	CI
Feb. 28	Sansiri Public Company Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	15,416	12,039	18,306	26,265	29,181	29,434	-	-
Enterprise Value (EV) ¹	75,554	68,986	80,830	26,265	29,181	107,126	111,526	29,434
P/E ratio	6.41 x	7.36 x	11 x	6.67 x	5.12 x	5.81 x	5.86 x	5.58 x
Yield	7.34%	4.94%	4.88%	-	-	9.92%	9.47%	9.9%
Capitalization / Revenue	0.61 x	0.36 x	0.64 x	0.78 x	0.79 x	0.76 x	0.77 x	0.74 x
EV / Revenue	2.99 x	2.04 x	2.82 x	0.78 x	0.79 x	2.77 x	2.93 x	0.74 x
EV / EBITDA	38.9 x	28.4 x	23.2 x	5.46 x	4.86 x	18 x	17.9 x	4.52 x
EV / FCF	-9.18 x	45.8 x	-26.6 x	-	-	10 x	35.7 x	8.09 x
FCF Yield	-10.9%	2.18%	-3.76%	-	-	9.97%	2.8%	12.4%
Price to Book	0.5 x	0.32 x	0.47 x	-	-	0.58 x	0.56 x	0.56 x
Nbr of stocks (in thousands)	14,142,734	14,862,734	14,883,054	14,923,126	16,486,281	17,212,621	-	-
Reference price ²	1.090	0.8100	1.230	1.760	1.770	1.710	1.710	1.710
Announcement Date	3/2/20	3/1/21	3/1/22	2/28/23	2/28/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	25,241	33,833	28,642	33,712	36,965	38,721	38,051	39,598
EBITDA ¹	1,941	2,432	3,477	4,807	6,003	5,966	6,246	6,506
EBIT ¹	1,512	1,605	2,660	3,957	5,098	5,208	5,471	5,626
Operating Margin	5.99%	4.74%	9.29%	11.74%	13.79%	13.45%	14.38%	14.21%
Earnings before Tax (EBT) ¹	2,897	2,218	2,675	5,193	7,366	5,928	5,944	6,299
Net income ¹	2,392	1,673	2,017	4,280	6,060	4,894	4,896	5,015
Net margin	9.48%	4.95%	7.04%	12.7%	16.39%	12.64%	12.87%	12.66%
EPS ²	0.1700	0.1100	0.1120	0.2640	0.3460	0.2943	0.2917	0.3067
Free Cash Flow ¹	-8,230	1,507	-3,040	-	-	10,685	3,127	3,636
FCF margin	-32.61%	4.45%	-10.61%	-	-	27.6%	8.22%	9.18%
FCF Conversion (EBITDA)	-	61.95%	-	-	-	179.1%	50.06%	55.89%
FCF Conversion (Net income)	-	90.04%	-	-	-	218.34%	63.88%	72.51%
Dividend per Share ²	0.0800	0.0400	0.0600	-	-	0.1696	0.1620	0.1692
Announcement Date	3/2/20	3/1/21	3/1/22	2/28/23	2/28/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2
Net sales ¹	17,390	14,539	-	7,087	5,057	7,269	8,669	12,835	7,648	9,185	16,832	9,332	10,801	9,927	-
EBITDA	615.8	2,042	-	335.5	868.3	-	1,501	1,783	1,322	1,395	2,718	1,765	-	-	-
EBIT ¹	212.8	1,628	-	131.5	654.8	772	1,288	1,575	1,088	1,158	2,247	1,542	1,309	1,409	-
Operating Margin	1.22%	11.2%	-	1.86%	12.95%	10.62%	14.86%	12.27%	14.23%	12.61%	13.35%	16.53%	12.12%	14.19%	-
Earnings before Tax (EBT)	538.6	1,425	-	375.2	403.4	1,154	1,582	2,054	1,947	-	-	1,881	1,562	-	-
Net income ¹	320.1	1,046	628.4	343	302.6	917.6	1,268	1,791	1,536	1,621	3,203	1,557	1,300	1,226	1,306
Net margin	1.84%	7.19%	-	4.84%	5.98%	12.62%	14.63%	13.96%	20.09%	17.65%	19.03%	16.69%	12.04%	12.35%	-
EPS	-	-	-	-	-	-	-	-	0.0920	0.0930	-	0.0870	0.0740	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/17/20	8/16/21	11/15/21	3/1/22	5/17/22	8/15/22	11/14/22	2/28/23	5/15/23	8/11/23	8/11/23	11/13/23	2/28/24	-	-

¹THB in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	60,139	56,947	62,524	-	-	77,692	82,093	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	30.98 x	23.42 x	17.98 x	-	-	13.02 x	13.14 x	-
Free Cash Flow ¹	-8,230	1,507	-3,040	-	-	10,685	3,127	3,636
ROE (net income / shareholders' equity)	7.74%	4.9%	5.27%	-	-	10.5%	9.99%	9.77%
ROA (Net income/ Total Assets)	2.35%	1.51%	1.76%	-	-	3.45%	3.35%	3.5%
Assets ¹	101,845	110,484	114,631	-	-	141,687	145,965	143,422
Book Value Per Share ²	2.190	2.510	2.640	-	-	2.960	3.070	3.080
Cash Flow per Share ²	1.150	1.780	1.450	-	-	0.3200	0.3200	0.3200
Capex ¹	943	1,324	666	-	-	1,372	1,035	1,545
Capex / Sales	3.74%	3.91%	2.33%	-	-	3.54%	2.72%	3.9%
Announcement Date	3/2/20	3/1/21	3/1/22	2/28/23	2/28/24	-	-	-

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 Sansiri

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1.71 THB

Average target price

2.081 THB

Spread / Average Target

+21.72%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Residential Real Estate Development

	1st Jan change	Capi.
SANSIRI	-3.39%	795M
VONOVIA SE	-9.36%	22.5B
AKELIUS RESIDENTIAL PROPERTY AB	+9.02%	10.79B
CHINA VANKE CO., LTD.	-34.32%	10.32B
DEUTSCHE WOHNEN SE	-28.99%	7.2B
VINHOMES	-5.56%	7.01B
VINGROUP	-0.34%	6.53B
LEG IMMOBILIEN SE	-3.03%	6.09B
OPEN HOUSE GROUP CO., LTD.	+12.96%	3.57B
IIDA GROUP HOLDINGS CO., LTD.	-5.92%	3.54B

Residential Real Estate Development