Financials Cahya Mata Sarawak

Equities

CMSB

MYL2852OO001

Construction Materials

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-05-07 pm EDT			5-day change	1st Jan Change
1.13 ^MYR	+2.73%		+2.73%	+4.63%

Feb. 26	Cahya Mata Sarawak Berhad Proposes First and Final Tax Exempt (Single-Tier) Dividend of the Financial Year Ended 31 December 2023, Payable on 28 June 2024	CI
Feb. 26	Cahya Mata Sarawak Berhad Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,435	2,254	1,375	1,149	1,160	1,214	-	-
Enterprise Value (EV) ¹	2,376	2,823	1,728	721.8	872.5	968.5	509.9	978.2
P/E ratio	15.2 x	11.7 x	6.74 x	3.86 x	10.1 x	7.3 x	6.48 x	6.91 x
Yield	1.32%	0.94%	1.56%	2.8%	-	1.99%	2.21%	2.21%
Capitalization / Revenue	1.4 x	2 x	1.69 x	1.14 x	0.97 x	1.05 x	1.01 x	0.99 x
EV / Revenue	1.36 x	2.51 x	2.12 x	0.72 x	0.73 x	0.84 x	0.43 x	0.8 x
EV / EBITDA	7.67 x	45.7 x	12.8 x	1.47 x	-	6.46 x	2.6 x	4.62 x
EV / FCF	-22.7 x	-13.1 x	13 x	-6.47 x	-6.03 x	-46.6 x	62.2 x	39 x
FCF Yield	-4.4%	-7.61%	7.71%	-15.4%	-16.6%	-2.15%	1.61%	2.57%
Price to Book	0.92 x	0.81 x	0.46 x	0.35 x	0.35 x	0.36 x	0.34 x	0.33 x
Nbr of stocks (in thousands)	1,072,625	1,063,130	1,074,176	1,074,176	1,074,176	1,074,176	-	-
Reference price ²	2.270	2.120	1.280	1.070	1.080	1.130	1.130	1.130
Announcement Date	2/26/20	2/25/21	2/25/22	2/27/23	2/26/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,741	1,124	813.8	1,009	1,201	1,152	1,199	1,223
EBITDA ¹	309.8	61.78	135.1	490.2	-	149.8	196.1	212
EBIT ¹	234.7	-12.3	72.16	259.5	76.8	114.6	121.8	138
Operating Margin	13.48%	-1.09%	8.87%	25.72%	6.4%	9.95%	10.15%	11.28%
Earnings before Tax (EBT) ¹	251.1	62.76	235.8	412.3	129.2	173.6	222.6	208.2
Net income ¹	160.3	194.7	203.4	298.1	115.1	147	182.6	176
Net margin	9.21%	17.32%	25%	29.54%	9.59%	12.76%	15.22%	14.39%
EPS ²	0.1494	0.1818	0.1898	0.2775	0.1072	0.1549	0.1744	0.1635
Free Cash Flow ¹	-104.5	-215	133.2	-111.5	-144.7	-20.8	8.2	25.1
FCF margin	-6%	-19.12%	16.36%	-11.05%	-12.05%	-1.81%	0.68%	2.05%
FCF Conversion (EBITDA)	-	-	98.56%	-	-	-	4.18%	11.84%
FCF Conversion (Net income)	-	-	65.47%	-	-	-	4.49%	14.26%
Dividend per Share ²	0.0300	0.0200	0.0200	0.0300	-	0.0225	0.0250	0.0250
Announcement Date	2/26/20	2/25/21	2/25/22	2/27/23	2/26/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q2
Net sales	-
EBITDA	-
EBIT	-
Operating Margin	-
Earnings before Tax (EBT)	-
Net income ¹	26.34
Net margin	-
EPS ²	0.0245
Dividend per Share	-
Announcement Date	8/30/23

¹MYR in Million²MYR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	569	353	-	-	-	-	-
Net Cash position ¹	58.4	-	-	428	288	245	704	236
Leverage (Debt/EBITDA)	-	9.217 x	2.611 x	-	-	-	-	-
Free Cash Flow ¹	-105	-215	133	-111	-145	-20.8	8.2	25.1
ROE (net income / shareholders' equity)	6.17%	3.68%	7.02%	9.54%	3.53%	3.93%	4.7%	4.85%
ROA (Net income/ Total Assets)	3.66%	2.21%	4.34%	6.11%	2.42%	2.55%	3.1%	3.5%
Assets ¹	4,381	8,801	4,690	4,882	4,764	5,763	5,890	5,029
Book Value Per Share ²	2.460	2.620	2.810	3.080	3.070	3.170	3.290	3.420
Cash Flow per Share ²	0.2400	0.0400	0.2800	0.0100	-0.0600	0.2900	0.1600	-
Capex ¹	366	210	165	121	79	126	112	153
Capex / Sales	21.01%	18.71%	20.32%	12.01%	6.58%	10.96%	9.33%	12.51%
Announcement Date	2/26/20	2/25/21	2/25/22	2/27/23	2/26/24	-	-	-

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

Ratings for Cahya Mata Sarawak

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1.13 MYR

Average target price

1.192 MYR

Spread / Average Target

+5.53%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Cement & Concrete Manufacturing

	1st Jan change	Capi.
CAHYA MATA SARAWAK	+4.63%	249M
HOLCIM LTD	+20.81%	49.11B
JAMES HARDIE INDUSTRIES PLC	-1.73%	16.05B
ANHUI CONCH CEMENT COMPANY LIMITED	+2.66%	15.9B
SHREE CEMENT LIMITED	-10.45%	10.98B
EAGLE MATERIALS INC.	+30.97%	9.24B
DANGOTE CEMENT PLC	+105.28%	7.95B
TAIWAN CEMENT CORP.	-5.02%	7.73B
TIANSHAN MATERIAL CO., LTD.	-4.64%	7.72B
BUZZI S.P.A.	+28.40%	6.99B

Cement & Concrete Manufacturing