BANGKOK COMMERCIAL ASSET MANAGEMENT Financials Bangkok Commercial Asset Management
Equities
BAM
TH9479010000
Investment Management & Fund Operators
|
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 8.55 THB | -1.16% |
|
-2.29% | +4.91% |
| May. 29 | Thai Government Savings Bank in JV to tackle household debt | RE |
| May. 29 | Thai Government Savings Bank in JV with private firm to tackle household debt | RE |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 54,572 | 70,782 | 69,812 | 51,066 | 26,341 | 27,634 | - | - |
| Enterprise Value (EV) 1 | 128,875 | 150,490 | 69,812 | 51,066 | 26,341 | 27,634 | 27,634 | 27,634 |
| P/E ratio | 8.33 x | 38.4 x | 27 x | 18.8 x | 17.3 x | 15.4 x | 12.8 x | 10.6 x |
| Yield | 5.8% | 2.34% | 2.55% | 3.48% | - | 4.33% | 5.65% | 6.81% |
| Capitalization / Revenue | 5.4 x | 7.04 x | 6.5 x | 5.03 x | 2.9 x | 2.88 x | 2.58 x | 2.4 x |
| EV / Revenue | 5.4 x | 7.04 x | 6.5 x | 5.03 x | 2.9 x | 2.88 x | 2.58 x | 2.4 x |
| EV / EBITDA | - | - | - | - | - | - | - | - |
| EV / FCF | - | - | - | - | - | - | - | - |
| FCF Yield | - | - | - | - | - | - | - | - |
| Price to Book | 1.47 x | 1.69 x | 1.63 x | 1.17 x | - | 0.62 x | 0.62 x | 0.6 x |
| Nbr of stocks (in thousands) | 3,015,000 | 3,232,042 | 3,232,042 | 3,232,042 | 3,232,042 | 3,232,042 | - | - |
| Reference price 2 | 18.10 | 21.90 | 21.60 | 15.80 | 8.150 | 8.550 | 8.550 | 8.550 |
| Announcement Date | 2/27/20 | 2/25/21 | 2/25/22 | 2/23/23 | 2/23/24 | - | - | - |
1THB in Million2THB
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 10,104 | 10,053 | 10,747 | 10,144 | 9,097 | 9,594 | 10,697 | 11,530 |
| EBITDA | - | - | - | - | - | - | - | - |
| EBIT 1 | 6,347 | 7,395 | 8,021 | 7,256 | 6,068 | 6,526 | 7,014 | 7,464 |
| Operating Margin | 62.81% | 73.56% | 74.63% | 71.53% | 66.71% | 68.02% | 65.57% | 64.73% |
| Earnings before Tax (EBT) 1 | 6,212 | 2,196 | 3,256 | 3,207 | 1,844 | 2,169 | 2,699 | 3,203 |
| Net income 1 | 6,549 | 1,841 | 2,600 | 2,725 | 1,534 | 1,802 | 2,168 | 2,598 |
| Net margin | 64.82% | 18.31% | 24.19% | 26.86% | 16.87% | 18.78% | 20.27% | 22.53% |
| EPS 2 | 2.172 | 0.5700 | 0.8000 | 0.8400 | 0.4700 | 0.5553 | 0.6654 | 0.8075 |
| Free Cash Flow | - | - | - | - | - | - | - | - |
| FCF margin | - | - | - | - | - | - | - | - |
| FCF Conversion (EBITDA) | - | - | - | - | - | - | - | - |
| FCF Conversion (Net income) | - | - | - | - | - | - | - | - |
| Dividend per Share 2 | 1.050 | 0.5125 | 0.5500 | 0.5500 | - | 0.3706 | 0.4830 | 0.5824 |
| Announcement Date | 2/27/20 | 2/25/21 | 2/25/22 | 2/23/23 | 2/23/24 | - | - | - |
1THB in Million2THB
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 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 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 2,624 | 3,133 | 2,028 | 2,729 | 4,757 | 2,608 | 2,779 | - | 2,381 | - | 2,329 | 2,393 | 2,297 | - | - | - | - |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 1,910 | 2,347 | 1,430 | 1,993 | 3,423 | 1,916 | - | - | 1,639 | 2,949 | 1,551 | 1,568 | 1,617 | - | - | - | - |
| Operating Margin | 72.78% | 74.91% | 70.52% | 73.01% | 71.95% | 73.45% | - | - | 68.84% | - | 66.62% | 65.53% | 70.41% | - | - | - | - |
| Earnings before Tax (EBT) 1 | - | 1,236 | - | 909.1 | 1,281 | 867.6 | - | - | 513.5 | 836.8 | - | - | 518.5 | - | - | - | - |
| Net income 1 | 576.3 | 986.6 | 311.8 | 830.6 | 1,142 | 715.8 | 866.5 | - | 425.2 | 691.7 | 382.8 | 459.9 | 423.4 | 456 | - | - | - |
| Net margin | 21.96% | 31.49% | 15.38% | 30.43% | 24.02% | 27.45% | 31.18% | - | 17.86% | - | 16.44% | 19.22% | 18.43% | - | - | - | - |
| EPS 2 | 0.1800 | 0.3000 | 0.1000 | 0.2600 | - | 0.2200 | 0.2700 | - | 0.1300 | 0.2100 | 0.1200 | 0.1400 | 0.1300 | - | - | - | - |
| Dividend per Share 2 | - | - | - | - | - | - | 0.5500 | - | - | - | - | - | - | - | - | 0.3712 | - |
| Announcement Date | 11/11/21 | 2/25/22 | 5/12/22 | 8/11/22 | 8/11/22 | 11/10/22 | 2/23/23 | 5/11/23 | 8/11/23 | 8/11/23 | 11/10/23 | 2/23/24 | 5/15/24 | - | - | - | - |
1THB in Million2THB
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt | 74,304 | 79,708 | - | - | - | - | - | - |
| Net Cash position | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - |
| ROE (net income / shareholders' equity) | 16.6% | 4.4% | 6.15% | 6.3% | - | 4.12% | 4.87% | 5.77% |
| ROA (Net income/ Total Assets) | 5.86% | 1.5% | 2.02% | 2.11% | - | 1.3% | 1.52% | 1.79% |
| Assets 1 | 111,721 | 122,708 | 128,987 | 129,356 | - | 138,586 | 143,134 | 145,405 |
| Book Value Per Share 2 | 12.30 | 12.90 | 13.20 | 13.50 | - | 13.70 | 13.80 | 14.10 |
| Cash Flow per Share | - | - | - | - | - | - | - | - |
| Capex | - | - | - | - | - | - | - | - |
| Capex / Sales | - | - | - | - | - | - | - | - |
| Announcement Date | 2/27/20 | 2/25/21 | 2/25/22 | 2/23/23 | 2/23/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
C+
Sell
Buy
Mean consensus
HOLD
Number of Analysts
6
Last Close Price
8.55
THB
Average target price
9.208
THB
Spread / Average Target
+7.70%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +4.91% | 750M | |
| +24.13% | 91.26B | |
| +17.87% | 27.29B | |
| +0.48% | 18.82B | |
| +10.47% | 15.58B | |
| +5.63% | 15.46B | |
| -20.78% | 12.42B | |
| +27.62% | 9.94B | |
| +20.84% | 9.36B | |
| +28.09% | 7.2B |
- Stock Market
- Equities
- BAM Stock
- Financials Bangkok Commercial Asset Management
