Financials Taokaenoi Food & Marketing

Equities

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
10 ^THB	-0.99%		+3.09%	+5.26%

Feb. 23	Taokaenoi Food & Marketing Public Company Limited Proposes Dividend from the Operation Results Ended December 31, 2023, Payable on May 7, 2024	CI
Feb. 23	Taokaenoi Food & Marketing Public Company Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	14,490	14,352	10,626	16,008	13,110	13,800	-	-
Enterprise Value (EV) ¹	15,199	14,666	11,055	15,876	13,110	13,501	13,628	13,274
P/E ratio	40.4 x	57.8 x	59.2 x	37.4 x	17.6 x	16.7 x	16.7 x	14.3 x
Yield	2.48%	2.02%	1.82%	2.5%	-	5%	5.5%	6%
Capitalization / Revenue	2.75 x	3.6 x	2.94 x	3.67 x	2.46 x	2.28 x	2.04 x	1.86 x
EV / Revenue	2.89 x	3.68 x	3.06 x	3.64 x	2.46 x	2.24 x	2.02 x	1.79 x
EV / EBITDA	27 x	32 x	31.4 x	24.7 x	13.8 x	11.7 x	11.2 x	9.24 x
EV / FCF	37.9 x	16.8 x	37.3 x	17.9 x	-	17.8 x	22.3 x	14 x
FCF Yield	2.64%	5.97%	2.68%	5.58%	-	5.62%	4.48%	7.14%
Price to Book	6.77 x	7.09 x	5.32 x	7.69 x	-	5.71 x	5.41 x	4.88 x
Nbr of stocks (in thousands)	1,380,000	1,380,000	1,380,000	1,380,000	1,380,000	1,380,000	-	-
Reference price ²	10.50	10.40	7.700	11.60	9.500	10.00	10.00	10.00
Announcement Date	2/25/20	3/2/21	2/22/22	2/24/23	2/23/24	-	-	-

¹THB in Million²THB

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,267	3,983	3,611	4,367	5,323	6,040	6,760	7,431
EBITDA ¹	562.5	457.9	352.1	643.2	951.2	1,158	1,213	1,436
EBIT ¹	399.2	275	170.4	452.6	776.3	892.5	920	1,116
Operating Margin	7.58%	6.9%	4.72%	10.36%	14.58%	14.78%	13.61%	15.01%
Earnings before Tax (EBT) ¹	372.9	273.1	191.3	474.1	795.6	892	924	1,122
Net income ¹	366.2	242.6	182.1	434.7	743	816.5	828.5	993.5
Net margin	6.95%	6.09%	5.04%	9.96%	13.96%	13.52%	12.26%	13.37%
EPS ²	0.2600	0.1800	0.1300	0.3100	0.5400	0.6000	0.6000	0.7000
Free Cash Flow ¹	401.6	875.5	296.6	886	-	759	611	948
FCF margin	7.62%	21.98%	8.21%	20.29%	-	12.57%	9.04%	12.76%
FCF Conversion (EBITDA)	71.38%	191.19%	84.23%	137.74%	-	65.52%	50.37%	66.02%
FCF Conversion (Net income)	109.64%	360.83%	162.86%	203.79%	-	92.96%	73.75%	95.42%
Dividend per Share ²	0.2600	0.2100	0.1400	0.2900	-	0.5000	0.5500	0.6000
Announcement Date	2/25/20	3/2/21	2/22/22	2/24/23	2/23/24	-	-	-

¹THB in Million²THB

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	709	314	429	-	-	-	-	-
Net Cash position ¹	-	-	-	132	-	299	172	526
Leverage (Debt/EBITDA)	1.26 x	0.6867 x	1.219 x	-	-	-	-	-
Free Cash Flow ¹	402	875	297	886	-	759	611	948
ROE (net income / shareholders' equity)	17%	11.7%	9.06%	21.3%	-	35.3%	33.5%	37%
ROA (Net income/ Total Assets)	9.77%	6.75%	5.25%	13%	-	24.5%	23%	25.5%
Assets ¹	3,747	3,594	3,468	3,333	-	3,339	3,602	3,896
Book Value Per Share ²	1.550	1.470	1.450	1.510	-	1.750	1.850	2.050
Cash Flow per Share ²	0.3500	0.7300	0.3400	0.7200	-	0.6500	0.6500	0.8000
Capex ¹	116	132	187	103	-	135	243	150
Capex / Sales	2.2%	3.3%	5.18%	2.35%	-	2.24%	3.59%	2.02%
Announcement Date	2/25/20	3/2/21	2/22/22	2/24/23	2/23/24	-	-	-

¹THB in Million²THB

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

10 THB

Average target price

13.38 THB

Spread / Average Target

+33.83%