Financials Bursa Malaysia

Equities

BURSA

MYL1818OO003

Financial & Commodity Market Operators

End-of-day quote BURSA MALAYSIA 06:00:00 2024-05-02 pm EDT 5-day change 1st Jan Change
7.68 MYR +1.32% Intraday chart for Bursa Malaysia +2.95% +11.14%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 4,924 6,715 5,301 5,382 5,592 6,215 - -
Enterprise Value (EV) 1 4,672 6,276 4,802 4,935 5,168 5,755 5,789 5,729
P/E ratio 26.5 x 17.8 x 14.9 x 23.8 x 22.1 x 23.2 x 22.7 x 21.8 x
Yield 3.42% 6.14% 6.26% 3.98% 3.84% 3.96% 4.08% 4.24%
Capitalization / Revenue 9.8 x 8.41 x 6.91 x 8.92 x 9.43 x 9.21 x 8.95 x 8.65 x
EV / Revenue 9.3 x 7.86 x 6.26 x 8.18 x 8.72 x 8.53 x 8.33 x 7.98 x
EV / EBITDA 16.9 x 11.9 x 9.58 x 14.6 x 14.5 x 14.9 x 14.5 x 13.9 x
EV / FCF 28.1 x 15.7 x 13.8 x 25.4 x 29.5 x 12.4 x 20.4 x 17.1 x
FCF Yield 3.56% 6.39% 7.22% 3.94% 3.39% 8.04% 4.91% 5.84%
Price to Book 6.48 x 7.48 x 6.49 x - 6.77 x 7.41 x 7.21 x 6.99 x
Nbr of stocks (in thousands) 808,503 809,027 809,299 809,299 809,299 809,299 - -
Reference price 2 6.090 8.300 6.550 6.650 6.910 7.680 7.680 7.680
Announcement Date 1/30/20 2/2/21 1/28/22 1/31/23 1/31/24 - - -
1MYR in Million2MYR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 502.5 798.9 767.5 603.2 592.8 674.9 694.6 718.4
EBITDA 1 277.1 528.5 501 337.5 355.3 386.9 398.3 411.8
EBIT 1 256.3 507.1 479 310.5 322 351.3 359.2 370.7
Operating Margin 51.01% 63.47% 62.4% 51.48% 54.32% 52.05% 51.71% 51.6%
Earnings before Tax (EBT) 1 255.8 506.6 478.4 310 321.5 354.7 363.4 377.6
Net income 1 185.9 377.7 355.3 226.6 252.4 268.5 275 286.3
Net margin 36.99% 47.28% 46.28% 37.56% 42.57% 39.78% 39.59% 39.85%
EPS 2 0.2300 0.4670 0.4390 0.2800 0.3120 0.3308 0.3387 0.3526
Free Cash Flow 1 166.2 401 346.7 194.3 175.1 462.9 284.2 334.6
FCF margin 33.07% 50.2% 45.17% 32.22% 29.53% 68.59% 40.92% 46.58%
FCF Conversion (EBITDA) 59.98% 75.88% 69.21% 57.59% 49.28% 119.65% 71.37% 81.25%
FCF Conversion (Net income) 89.41% 106.17% 97.6% 85.77% 69.37% 172.44% 103.34% 116.87%
Dividend per Share 2 0.2080 0.5100 0.4100 0.2650 0.2650 0.3042 0.3131 0.3257
Announcement Date 1/30/20 2/2/21 1/28/22 1/31/23 1/31/24 - - -
1MYR in Million2MYR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales - 165.3 151.9 135.7 145.7 156.5 - - 151.2 - 187.2 - - - - -
EBITDA - 99.13 - - - - - - 80.43 - - - - - - -
EBIT - 92.77 81.2 68.83 67.74 - - - - - - - - - - -
Operating Margin - 56.12% 53.46% 50.71% 46.49% - - - - - - - - - - -
Earnings before Tax (EBT) - 92.63 81.06 68.7 67.61 76.15 - - - - - - - - 86.53 86.53
Net income 64.95 67.97 59.47 50.13 49 56.17 76.25 60.4 59.55 120 74.33 - - 237.9 - -
Net margin - 41.12% 39.15% 36.93% 33.63% 35.89% - - 39.4% - 39.71% - - - - -
EPS 0.0800 0.0840 0.0730 0.0620 0.0610 0.0690 0.0940 0.0750 0.0740 - - - - 0.2939 - -
Dividend per Share 1 0.1700 - 0.1500 - 0.1150 - 0.1500 - 0.1150 - - 0.1324 - 0.1324 - 0.1372
Announcement Date 1/28/22 4/28/22 7/28/22 10/31/22 1/31/23 5/3/23 7/31/23 10/31/23 1/31/24 1/31/24 4/30/24 - - - - -
1MYR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 252 439 499 447 424 461 426 486
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 166 401 347 194 175 463 284 335
ROE (net income / shareholders' equity) 23% 46% 41.4% 28.3% 31.4% 32.3% 32.1% 32.5%
ROA (Net income/ Total Assets) 7.82% 13.6% 9.38% 5.28% 6.71% 7.86% 7.67% 7.72%
Assets 1 2,378 2,777 3,787 4,293 3,763 3,414 3,584 3,709
Book Value Per Share 2 0.9400 1.110 1.010 - 1.020 1.040 1.060 1.100
Cash Flow per Share 2 0.2300 0.5200 0.4700 0.3100 0.2600 0.9800 0.4400 0.5400
Capex 1 20.4 16.2 29.9 58.4 36.4 43.7 38 34.3
Capex / Sales 4.07% 2.03% 3.9% 9.68% 6.14% 6.48% 5.48% 4.77%
Announcement Date 1/30/20 2/2/21 1/28/22 1/31/23 1/31/24 - - -
1MYR in Million2MYR
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
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
14
Last Close Price
7.68 MYR
Average target price
7.714 MYR
Spread / Average Target
+0.45%
Consensus
  1. Stock Market
  2. Equities
  3. BURSA Stock
  4. Financials Bursa Malaysia