Financials Thong Guan Industries

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-04-28 pm EDT			5-day change	1st Jan Change
2.1 ^MYR	+3.45%		+9.95%	+11.70%

Feb. 28	Thong Guan Industries Berhad Announces Second Interim Dividend for the Financial Year Ended 31 December 2023, Payable on April 18, 2024	CI
Feb. 28	Thong Guan Industries Berhad Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023	CI

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	299.7	618.8	961	1,076	921.5	839.6	839.6	-
Enterprise Value (EV) ¹	299.7	618.8	961	1,076	921.5	643.4	839.6	839.6
P/E ratio	8.19 x	8.97 x	13.1 x	11.9 x	9.24 x	10.5 x	8.79 x	7.33 x
Yield	3.64%	2.67%	1.78%	1.96%	2.54%	2.1%	2.78%	3.17%
Capitalization / Revenue	0.35 x	0.66 x	1 x	0.89 x	0.66 x	0.6 x	0.62 x	0.55 x
EV / Revenue	0.35 x	0.66 x	1 x	0.89 x	0.66 x	0.52 x	0.62 x	0.55 x
EV / EBITDA	4.09 x	6.18 x	7.68 x	7.01 x	5.78 x	4.85 x	4.73 x	4.39 x
EV / FCF	-11.6 x	31.6 x	12.8 x	-50.7 x	-	10.2 x	28.2 x	15.1 x
FCF Yield	-8.6%	3.16%	7.81%	-1.97%	-	9.85%	3.55%	6.62%
Price to Book	0.6 x	1.07 x	1.49 x	1.47 x	1.13 x	0.8 x	0.83 x	0.76 x
Nbr of stocks (in thousands)	272,488	367,227	379,840	384,327	390,471	399,797	399,797	-
Reference price ²	1.100	1.685	2.530	2.800	2.360	2.100	2.100	2.100
Announcement Date	2/27/19	2/26/20	2/25/21	2/28/22	2/28/23	2/28/24	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	861.6	935.1	960.6	1,215	1,387	1,240	1,361	1,539
EBITDA ¹	73.29	100.2	125.1	153.6	159.5	132.8	177.6	191.1
EBIT ¹	54.02	75.72	97.53	123.4	127.3	97.74	129.7	145.8
Operating Margin	6.27%	8.1%	10.15%	10.16%	9.18%	7.88%	9.53%	9.47%
Earnings before Tax (EBT) ¹	53.65	75.93	100.2	125.2	124.4	91.4	121.2	143.2
Net income ¹	45.37	61.89	75.52	92.97	99.95	71	93.3	112.7
Net margin	5.27%	6.62%	7.86%	7.65%	7.21%	5.72%	6.85%	7.32%
EPS ²	0.1343	0.1878	0.1925	0.2353	0.2555	0.1794	0.2390	0.2867
Free Cash Flow ¹	-25.79	19.57	75.09	-21.24	-	63.35	29.8	55.6
FCF margin	-2.99%	2.09%	7.82%	-1.75%	-	5.11%	2.19%	3.61%
FCF Conversion (EBITDA)	-	19.54%	60.01%	-	-	47.71%	16.78%	29.09%
FCF Conversion (Net income)	-	31.62%	99.42%	-	-	89.23%	31.94%	49.33%
Dividend per Share ²	0.0400	0.0450	0.0450	0.0550	0.0600	0.0442	0.0583	0.0667
Announcement Date	2/27/19	2/26/20	2/25/21	2/28/22	2/28/23	2/28/24	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	-	-	-	-	-	100	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-25.8	19.6	75.1	-21.2	-	63.3	29.8	55.6
ROE (net income / shareholders' equity)	9.43%	11.5%	12.3%	13.5%	12.9%	8.14%	9.75%	10.6%
ROA (Net income/ Total Assets)	6.38%	7.74%	8.01%	8.38%	7.79%	5.25%	7.75%	8.2%
Assets ¹	711.5	799.4	942.7	1,109	1,283	1,351	1,204	1,374
Book Value Per Share ²	1.820	1.570	1.690	1.910	2.090	2.350	2.540	2.770
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	46.8	70	55	80	-	109	73.5	110
Capex / Sales	5.43%	7.49%	5.73%	6.59%	-	8.78%	5.4%	7.17%
Announcement Date	2/27/19	2/26/20	2/25/21	2/28/22	2/28/23	2/28/24	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2.1 MYR

Average target price

2.783 MYR

Spread / Average Target

+32.54%

	1st Jan change	Capi.
THONG GUAN INDUSTRIES	+11.70%	170M
AMCOR PLC	-6.02%	12.96B
BERRY GLOBAL GROUP, INC.	-14.99%	6.61B
TAIWAN HON CHUAN ENTERPRISE CO., LTD.	+28.00%	1.39B
SCIENTEX	+9.19%	1.33B
FP CORPORATION	-15.31%	1.29B
SHANGHAI ZIJIANG ENTERPRISE GROUP CO., LTD.	+27.66%	1.26B
SHENZHEN LEAGUER CO., LTD.	-20.63%	997M
HUANGSHAN NOVEL CO.,LTD	+19.88%	855M
MYERS INDUSTRIES, INC.	+13.71%	813M