Financials The Siam Cement

Equities

SCC

TH0003010Z04

Consumer Goods Conglomerates

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
249 ^THB	-0.40%		+2.89%	-18.63%

Apr. 24	The Siam Cement Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 08	Singapore Shares Start Week Marginally in Red; Baker Technology Shares Rise 9% as Board Proposes Dividend Payment	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	470,400	453,600	463,200	410,400	367,200	298,800	-	-
Enterprise Value (EV) ¹	653,592	650,564	698,704	703,589	640,911	566,332	558,565	583,203
P/E ratio	14.7 x	13.3 x	9.82 x	19.2 x	14.2 x	14.6 x	10.5 x	8.85 x
Yield	3.57%	3.7%	4.79%	2.34%	1.96%	3.13%	4.34%	5.1%
Capitalization / Revenue	1.07 x	1.13 x	0.87 x	0.72 x	0.73 x	0.53 x	0.49 x	0.47 x
EV / Revenue	1.49 x	1.63 x	1.32 x	1.24 x	1.28 x	1 x	0.92 x	0.93 x
EV / EBITDA	12.6 x	11.4 x	9.83 x	4.27 x	18.4 x	9.83 x	7.98 x	7.89 x
EV / FCF	55.6 x	34.1 x	-36.4 x	-84.3 x	53.5 x	-22.5 x	115 x	90.2 x
FCF Yield	1.8%	2.93%	-2.75%	-1.19%	1.87%	-4.45%	0.87%	1.11%
Price to Book	1.68 x	1.41 x	1.27 x	1.1 x	1.01 x	0.77 x	0.73 x	0.71 x
Nbr of stocks (in thousands)	1,200,000	1,200,000	1,200,000	1,200,000	1,200,000	1,200,000	-	-
Reference price ²	392.0	378.0	386.0	342.0	306.0	249.0	249.0	249.0
Announcement Date	1/29/20	1/27/21	1/26/22	1/25/23	1/24/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	437,980	399,939	530,112	569,609	499,646	564,068	604,011	629,068
EBITDA ¹	51,795	57,277	71,091	164,820	34,888	57,600	70,000	73,889
EBIT ¹	27,864	29,899	42,256	135,359	5,148	22,185	30,652	35,121
Operating Margin	6.36%	7.48%	7.97%	23.76%	1.03%	3.93%	5.07%	5.58%
Earnings before Tax (EBT) ¹	39,363	43,109	63,636	22,375	32,155	23,717	34,922	40,051
Net income ¹	32,014	34,144	47,174	21,382	25,915	19,610	27,551	32,089
Net margin	7.31%	8.54%	8.9%	3.75%	5.19%	3.48%	4.56%	5.1%
EPS ²	26.68	28.45	39.31	17.82	21.60	17.08	23.80	28.14
Free Cash Flow ¹	11,760	19,058	-19,207	-8,346	11,985	-25,206	4,842	6,464
FCF margin	2.69%	4.77%	-3.62%	-1.47%	2.4%	-4.47%	0.8%	1.03%
FCF Conversion (EBITDA)	22.7%	33.27%	-	-	34.35%	-	6.92%	8.75%
FCF Conversion (Net income)	36.73%	55.82%	-	-	46.25%	-	17.57%	20.14%
Dividend per Share ²	14.00	14.00	18.50	8.000	6.000	7.786	10.80	12.70
Announcement Date	1/29/20	1/27/21	1/26/22	1/25/23	1/24/24	-	-	-

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 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	201,751	255,621	131,825	142,665	152,494	152,534	305,028	142,392	122,189	128,748	124,631	253,379	125,649	120,618	124,266	138,751	138,751	125,487
EBITDA ¹	37,388	45,645	11,441	14,005	13,685	11,851	25,537	9,122	35,083	9,982	13,938	25,996	10,879	5,445	12,509	-	-	-
EBIT ¹	15,320	31,678	3,990	6,589	6,556	4,579	11,135	1,635	27,512	2,860	3,064	-	3,748	-2,864	4,875	4,634	4,634	4,634
Operating Margin	7.59%	12.39%	3.03%	4.62%	4.3%	3%	3.65%	1.15%	22.52%	2.22%	2.46%	-	2.98%	-2.37%	3.92%	3.34%	3.34%	3.69%
Earnings before Tax (EBT) ¹	18,616	43,925	9,427	10,284	11,014	11,520	22,534	1,800	-1,959	20,329	9,271	29,600	3,230	-674.9	4,050	-	-	-
Net income ¹	16,355	32,050	6,817	8,307	8,844	9,938	18,781	2,444	157.2	16,526	8,082	24,608	2,441	-1,134	2,425	-	-	-
Net margin	8.11%	12.54%	5.17%	5.82%	5.8%	6.52%	6.16%	1.72%	0.13%	12.84%	6.48%	9.71%	1.94%	-0.94%	1.95%	-	-	-
EPS ²	13.63	26.71	5.680	6.920	7.370	8.280	15.65	2.040	0.1300	13.77	6.740	20.51	2.030	-0.9400	2.020	7.040	7.040	7.040
Dividend per Share ²	5.500	8.500	-	10.00	-	-	-	-	-	-	-	-	-	-	-	-	4.500	-
Announcement Date	7/29/20	7/29/21	10/27/21	1/26/22	4/27/22	7/27/22	7/27/22	10/26/22	1/25/23	4/26/23	7/26/23	7/26/23	10/26/23	1/24/24	4/24/24	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	183,192	196,964	235,504	293,189	273,711	267,532	259,765	284,403
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.537 x	3.439 x	3.313 x	1.779 x	7.845 x	4.645 x	3.711 x	3.849 x
Free Cash Flow ¹	11,760	19,058	-19,207	-8,346	11,985	-25,206	4,842	6,464
ROE (net income / shareholders' equity)	11.5%	11.4%	13.7%	5.8%	7.02%	5.39%	7.28%	7.95%
ROA (Net income/ Total Assets)	5.23%	4.9%	5.86%	2.4%	2.88%	2.17%	3.1%	3.86%
Assets ¹	612,257	696,814	805,241	890,931	900,045	905,757	887,365	832,187
Book Value Per Share ²	234.0	268.0	305.0	312.0	303.0	324.0	341.0	351.0
Cash Flow per Share ²	49.80	58.70	32.30	24.80	36.70	39.50	43.80	35.70
Capex ¹	48,057	51,357	58,007	38,065	32,023	40,337	37,321	36,486
Capex / Sales	10.97%	12.84%	10.94%	6.68%	6.41%	7.15%	6.18%	5.8%
Announcement Date	1/29/20	1/27/21	1/26/22	1/25/23	1/24/24	-	-	-

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 The Siam Cement

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

249 THB

Average target price

301.3 THB

Spread / Average Target

+21.00%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Consumer Goods Conglomerates

	1st Jan change	Capi.
THE SIAM CEMENT	-18.63%	8.07B
BERKSHIRE HATHAWAY INC.	+11.85%	869B
INTERNATIONAL HOLDING COMPANY	0.00%	239B
GE AEROSPACE	+27.20%	178B
HONEYWELL INTERNATIONAL INC.	-7.75%	126B
HITACHI, LTD.	+32.50%	79.32B
ILLINOIS TOOL WORKS INC.	-5.21%	74.17B
3M COMPANY	-16.00%	50.82B
ALPHA DHABI HOLDING	-24.57%	38.6B
MITSUBISHI ELECTRIC CORPORATION	+19.71%	31.74B

Consumer Goods Conglomerates