Financials Charoen Pokphand Foods

Equities

CPF

TH0101A10Z01

Fishing & Farming

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-05-08 pm EDT			5-day change	1st Jan Change
20.2 ^THB	0.00%		+2.02%	+3.06%

Apr. 25	Charoen Pokphand Foods Public Company Limited Announces Establishment of A New Subsidiary	CI
Apr. 24	Charoen Pokphand Foods Public Company Limited Approves Omission of Annual Dividend Payment for the Year 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	225,094	225,054	214,378	207,806	161,564	166,510	-	-
Enterprise Value (EV) ¹	525,500	583,169	642,308	664,828	161,564	598,617	595,846	521,793
P/E ratio	12.6 x	8.63 x	16.5 x	14.7 x	-26.1 x	26.9 x	18.2 x	11.7 x
Yield	2.55%	3.74%	2.55%	3.02%	-	1.77%	2.31%	3.07%
Capitalization / Revenue	0.42 x	0.38 x	0.42 x	0.34 x	0.28 x	0.27 x	0.26 x	0.25 x
EV / Revenue	0.99 x	0.99 x	1.25 x	1.08 x	0.28 x	0.97 x	0.92 x	0.79 x
EV / EBITDA	13.7 x	8.11 x	17.2 x	12.9 x	5.31 x	11.5 x	11 x	9.36 x
EV / FCF	30.1 x	12.9 x	-36.2 x	106 x	-	18.2 x	25.1 x	17.7 x
FCF Yield	3.32%	7.77%	-2.76%	0.95%	-	5.49%	3.99%	5.66%
Price to Book	1.34 x	1.2 x	0.94 x	-	-	0.67 x	0.66 x	0.67 x
Nbr of stocks (in thousands)	8,185,242	8,413,242	8,406,963	8,379,263	8,243,061	8,243,061	-	-
Reference price ²	27.50	26.75	25.50	24.80	19.60	20.20	20.20	20.20
Announcement Date	2/21/20	2/24/21	2/25/22	2/27/23	2/27/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	532,573	589,713	512,704	614,197	585,844	619,990	644,793	657,280
EBITDA ¹	38,424	71,891	37,448	51,691	30,447	52,095	54,225	55,728
EBIT ¹	21,485	49,578	15,009	26,872	5,326	26,525	27,835	25,424
Operating Margin	4.03%	8.41%	2.93%	4.38%	0.91%	4.28%	4.32%	3.87%
Earnings before Tax (EBT) ¹	29,544	55,093	16,732	20,427	-1,931	9,087	14,441	16,412
Net income ¹	18,456	26,022	13,028	13,970	-5,207	6,504	9,136	12,200
Net margin	3.47%	4.41%	2.54%	2.27%	-0.89%	1.05%	1.42%	1.86%
EPS ²	2.180	3.100	1.550	1.690	-0.7500	0.7519	1.112	1.727
Free Cash Flow ¹	17,450	45,310	-17,743	6,288	-	32,848	23,784	29,551
FCF margin	3.28%	7.68%	-3.46%	1.02%	-	5.3%	3.69%	4.5%
FCF Conversion (EBITDA)	45.41%	63.03%	-	12.16%	-	63.05%	43.86%	53.03%
FCF Conversion (Net income)	94.55%	174.12%	-	45.01%	-	505.05%	260.35%	242.22%
Dividend per Share ²	0.7000	1.000	0.6500	0.7500	-	0.3579	0.4670	0.6200
Announcement Date	2/21/20	2/24/21	2/25/22	2/27/23	2/27/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	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
Net sales ¹	285,752	248,984	125,939	137,781	138,887	155,996	294,883	160,266	159,048	143,781	150,246	294,027	144,498	147,319	151,480	-
EBITDA ¹	-	35,093	5,215	1,899	11,409	15,053	26,462	15,962	9,266	8,893	8,777	17,670	7,705	5,072	11,747	-
EBIT ¹	27,638	21,046	-2,027	-4,010	5,667	9,060	-	9,594	2,551	2,792	2,627	5,419	1,479	-1,572	2,980	-
Operating Margin	9.67%	8.45%	-1.61%	-2.91%	4.08%	5.81%	-	5.99%	1.6%	1.94%	1.75%	1.84%	1.02%	-1.07%	1.97%	-
Earnings before Tax (EBT) ¹	-	-	-7,108	5,868	4,154	7,994	12,148	7,118	1,160	-2,375	-142.8	-2,518	-1,324	1,912	-795	-
Net income ¹	12,139	11,683	-5,375	6,720	2,842	4,208	7,050	5,108	1,812	-2,725	-792.3	-3,518	-1,811	121.1	-1,696	-900
Net margin	4.25%	4.69%	-4.27%	4.88%	2.05%	2.7%	2.39%	3.19%	1.14%	-1.9%	-0.53%	-1.2%	-1.25%	0.08%	-1.12%	-
EPS ²	1.450	1.400	-0.6900	0.8200	0.3400	0.5100	0.8500	0.6300	0.2100	-0.3600	-0.1200	-0.4800	-0.2500	-	-0.2400	-
Dividend per Share	-	0.4000	-	-	-	0.2500	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/13/20	8/13/21	11/15/21	2/25/22	5/12/22	8/15/22	8/15/22	11/14/22	2/27/23	5/11/23	8/11/23	8/11/23	11/13/23	2/27/24	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	300,406	358,114	427,931	457,022	-	432,108	429,337	355,283
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.818 x	4.981 x	11.43 x	8.841 x	-	8.295 x	7.918 x	6.375 x
Free Cash Flow ¹	17,450	45,310	-17,743	6,288	-	32,848	23,784	29,551
ROE (net income / shareholders' equity)	11.1%	14.4%	6.4%	4.33%	-	2.7%	4.05%	5.73%
ROA (Net income/ Total Assets)	2.92%	3.73%	2.16%	1.16%	-	0.59%	0.95%	1.7%
Assets ¹	631,076	697,876	602,212	1,206,560	-	1,094,938	959,622	717,637
Book Value Per Share ²	20.60	22.30	27.10	-	-	30.00	30.80	30.00
Cash Flow per Share ²	4.960	8.630	0.7800	4.230	-	6.910	3.670	3.880
Capex ¹	23,159	25,728	23,340	27,362	-	22,759	23,057	20,000
Capex / Sales	4.35%	4.36%	4.55%	4.45%	-	3.67%	3.58%	3.04%
Announcement Date	2/21/20	2/24/21	2/25/22	2/27/23	2/27/24	-	-	-

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

Ratings for Charoen Pokphand Foods

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

20.2 THB

Average target price

22.15 THB

Spread / Average Target

+9.67%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Animal Feed

	1st Jan change	Capi.
CHAROEN POKPHAND FOODS	+3.06%	4.51B
GUANGDONG HAID GROUP CO., LIMITED	+12.83%	11.62B
NEW HOPE LIUHE CO.,LTD.	-2.04%	5.71B
PT CHAROEN POKPHAND INDONESIA TBK	+5.47%	5.41B
BEIJING DABEINONG TECHNOLOGY GROUP CO.,LTD.	-20.13%	2.71B
AKTIESELSKABET SCHOUW & CO.	+3.25%	1.92B
TANGRENSHEN GROUP CO., LTD	-19.47%	1.19B
FUJIAN TIANMA SCIENCE AND TECHNOLOGY GROUP CO., LTD	-17.18%	960M
WELLHOPE FOODS CO., LTD.	-13.20%	924M
GUANGDONG YUEHAI FEEDS GROUP CO.,LTD.	+3.36%	850M

Animal Feed