Financials Ticon Freehold and Leasehold Real Estate Investment Trust

Equities

FTREIT

TH6172010006

Commercial REITs

End-of-day quote Thailand S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
9.85 THB -1.01% Intraday chart for Ticon Freehold and Leasehold Real Estate Investment Trust -1.50% -7.94%

Valuation

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 46,583 40,360 37,986 31,553 31,553 32,341 -
Enterprise Value (EV) 1 46,583 51,300 47,020 43,486 46,155 44,670 44,470
P/E ratio - 34 x 17.7 x 13 x 11.1 x 12.4 x 12.1 x
Yield 3.69% 4.67% 5.43% 6.89% 7.26% 7.59% 7.8%
Capitalization / Revenue 16.6 x 13.2 x 11.1 x 8.78 x 8.47 x 8.22 x 8.07 x
EV / Revenue 16.6 x 16.8 x 13.8 x 12.1 x 12.4 x 11.4 x 11.1 x
EV / EBITDA - - - - - 14.6 x 14.3 x
EV / FCF - - -12,042,646 x - - - -
FCF Yield - - -0% - - - -
Price to Book - 1.35 x 1.15 x 0.95 x - 0.9 x 0.89 x
Nbr of stocks (in thousands) 2,602,387 2,822,387 3,063,387 3,063,387 3,063,387 3,283,387 -
Reference price 2 17.90 14.30 12.40 10.30 10.30 9.850 9.850
Announcement Date 11/13/19 11/5/20 11/5/21 11/4/22 11/3/23 - -
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025
Net sales 1 2,807 3,048 3,417 3,594 3,725 3,933 4,007
EBITDA 1 - - - - - 3,067 3,107
EBIT 1 - 2,414 2,742 - - 3,025 3,064
Operating Margin - 79.18% 80.24% - - 76.91% 76.47%
Earnings before Tax (EBT) 1 - 1,194 2,152 2,519 2,494 2,599 2,667
Net income 1 1,847 1,194 2,152 2,407 2,852 2,599 2,667
Net margin 65.81% 39.18% 62.99% 66.97% 76.56% 66.08% 66.56%
EPS 2 - 0.4200 0.7000 0.7900 0.9310 0.7920 0.8120
Free Cash Flow - - -3,904 - - - -
FCF margin - - -114.28% - - - -
FCF Conversion (EBITDA) - - - - - - -
FCF Conversion (Net income) - - - - - - -
Dividend per Share 2 0.6610 0.6680 0.6730 0.7100 0.7480 0.7480 0.7680
Announcement Date 11/13/19 11/5/20 11/5/21 11/4/22 11/3/23 - -
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 - 10,940 9,034 11,933 14,602 12,329 12,129
Net Cash position 1 - - - - - - -
Leverage (Debt/EBITDA) - - - - - 4.02 x 3.904 x
Free Cash Flow - - -3,904 - - - -
ROE (net income / shareholders' equity) 6.74% 4% 6.85% 7.28% 8.52% 7.4% 7.4%
ROA (Net income/ Total Assets) - 2.94% 4.84% 5.18% 5.86% 5.2% 5.3%
Assets 1 - 40,683 44,469 46,479 48,645 49,981 50,321
Book Value Per Share 2 - 10.60 10.70 10.80 - 11.00 11.00
Cash Flow per Share 2 - -0.8800 - 0.4900 -0.0600 0.7900 0.8100
Capex 1 - - 3,644 - - - -
Capex / Sales - - 106.66% - - - -
Announcement Date 11/13/19 11/5/20 11/5/21 11/4/22 11/3/23 - -
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

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
1
Last Close Price
9.85 THB
Average target price
11.5 THB
Spread / Average Target
+16.75%
Consensus

Annual profits - Rate of surprise

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