Stock T12 TAT SENG PACKAGING GROUP LTD
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Financials Tat Seng Packaging Group Ltd

Equities

T12

SG1K31894969

Paper Packaging

Market Closed - Singapore S.E.
Other stock markets
 05:04:35 2024-04-26 am EDT 		5-day change 1st Jan Change
0.7 SGD +0.72% Intraday chart for Tat Seng Packaging Group Ltd -1.41% 0.00%
Apr. 26 Tat Seng Appoints Group Chief Financial Officer MT
Apr. 25 Tat Seng Packaging Group Ltd Announces Appointment of Cheong Poh Hua as Group Chief Financial Officer, Effective April 26, 2024 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 95.89 79.39 94.32 121 100.6 110
Enterprise Value (EV) 1 123 90.15 87.62 112.9 80.69 81.52
P/E ratio 4.96 x 5.54 x 4.08 x 5.19 x 4.87 x 5.84 x
Yield 4.92% 3.96% 3.33% 5.19% 6.25% 6.43%
Capitalization / Revenue 0.29 x 0.28 x 0.31 x 0.33 x 0.3 x 0.43 x
EV / Revenue 0.37 x 0.31 x 0.29 x 0.31 x 0.24 x 0.31 x
EV / EBITDA 3.6 x 3.09 x 2.07 x 2.67 x 2.37 x 2.32 x
EV / FCF -20.8 x 3.68 x 6.68 x -81.7 x 3.3 x 2.72 x
FCF Yield -4.8% 27.2% 15% -1.22% 30.3% 36.8%
Price to Book 0.75 x 0.59 x 0.59 x 0.66 x 0.54 x 0.57 x
Nbr of stocks (in thousands) 157,200 157,200 157,200 157,200 157,200 157,200
Reference price 2 0.6100 0.5050 0.6000 0.7700 0.6400 0.7000
Announcement Date 4/10/19 4/14/20 4/13/21 4/11/22 4/11/23 4/8/24
1SGD in Million2SGD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 333.3 288.6 303.1 367.5 336.3 258.9
EBITDA 1 34.2 29.2 42.23 42.29 34.07 35.07
EBIT 1 27.26 20.47 32.63 32.27 23.63 25.16
Operating Margin 8.18% 7.09% 10.77% 8.78% 7.03% 9.72%
Earnings before Tax (EBT) 1 25.91 18.98 30.16 31.05 23.8 25.98
Net income 1 19.34 14.34 23.13 23.31 20.67 18.84
Net margin 5.8% 4.97% 7.63% 6.34% 6.15% 7.28%
EPS 2 0.1230 0.0912 0.1472 0.1483 0.1315 0.1199
Free Cash Flow 1 -5.901 24.52 13.11 -1.382 24.44 30
FCF margin -1.77% 8.49% 4.33% -0.38% 7.27% 11.59%
FCF Conversion (EBITDA) - 83.95% 31.05% - 71.73% 85.54%
FCF Conversion (Net income) - 171% 56.69% - 118.24% 159.19%
Dividend per Share 2 0.0300 0.0200 0.0200 0.0400 0.0400 0.0450
Announcement Date 4/10/19 4/14/20 4/13/21 4/11/22 4/11/23 4/8/24
1SGD in Million2SGD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 27.1 10.8 - - - -
Net Cash position 1 - - 6.7 8.17 19.9 28.5
Leverage (Debt/EBITDA) 0.7926 x 0.3685 x - - - -
Free Cash Flow 1 -5.9 24.5 13.1 -1.38 24.4 30
ROE (net income / shareholders' equity) 16% 10.5% 16.1% 13.8% 10.8% 9.99%
ROA (Net income/ Total Assets) 5.95% 4.51% 7.28% 6.34% 4.55% 4.99%
Assets 1 324.8 318.2 317.7 367.9 454.1 377.3
Book Value Per Share 2 0.8200 0.8500 1.020 1.170 1.180 1.220
Cash Flow per Share 2 0.3800 0.3300 0.4600 0.6000 0.5300 0.6600
Capex 1 30.4 10.1 4.2 9.11 19.6 11.4
Capex / Sales 9.13% 3.5% 1.39% 2.48% 5.84% 4.39%
Announcement Date 4/10/19 4/14/20 4/13/21 4/11/22 4/11/23 4/8/24
1SGD in Million2SGD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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