Financials Home Product Center

Equities

HMPRO

TH0661010007

Home Improvement Products & Services Retailers

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-05-07 pm EDT			5-day change	1st Jan Change
10.4 ^THB	0.00%		0.00%	-11.11%

Apr. 30	Home Product Center Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 10	Home Product Center Public Company Limited Approves Dividend for the Second Half Year Ended 31 December 2023, Payable on 8 May 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	210,419	180,171	190,692	203,844	153,869	136,772	-	-
Enterprise Value (EV) ¹	220,947	190,268	204,617	219,757	153,869	151,625	150,994	150,934
P/E ratio	34 x	35.1 x	35.4 x	33 x	23.9 x	19.9 x	18.1 x	16.7 x
Yield	2.38%	2.19%	2.21%	2.45%	-	4.04%	4.44%	4.73%
Capitalization / Revenue	3.34 x	3.09 x	3.15 x	3.13 x	2.25 x	1.84 x	1.72 x	1.62 x
EV / Revenue	3.5 x	3.26 x	3.38 x	3.38 x	2.25 x	2.04 x	1.9 x	1.79 x
EV / EBITDA	20.2 x	19.4 x	20 x	19.5 x	12.9 x	11.7 x	10.8 x	10.1 x
EV / FCF	38.7 x	30.1 x	33 x	49.5 x	-	24.4 x	25 x	20.7 x
FCF Yield	2.58%	3.32%	3.03%	2.02%	-	4.1%	3.99%	4.82%
Price to Book	9.95 x	8.35 x	8.33 x	8.41 x	-	4.98 x	4.72 x	4.39 x
Nbr of stocks (in thousands)	13,151,198	13,151,198	13,151,198	13,151,198	13,151,198	13,151,198	-	-
Reference price ²	16.00	13.70	14.50	15.50	11.70	10.40	10.40	10.40
Announcement Date	2/26/20	2/24/21	2/23/22	2/21/23	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	63,046	58,347	60,568	65,091	68,283	74,182	79,320	84,398
EBITDA ¹	10,951	9,814	10,251	11,244	11,946	13,008	14,016	14,889
EBIT ¹	8,009	6,632	7,043	8,088	8,515	9,381	10,145	10,986
Operating Margin	12.7%	11.37%	11.63%	12.43%	12.47%	12.65%	12.79%	13.02%
Earnings before Tax (EBT) ¹	7,604	6,190	6,634	7,658	7,974	8,610	9,376	10,116
Net income ¹	6,177	5,155	5,441	6,217	6,442	6,966	7,573	8,188
Net margin	9.8%	8.83%	8.98%	9.55%	9.43%	9.39%	9.55%	9.7%
EPS ²	0.4700	0.3900	0.4100	0.4700	0.4900	0.5227	0.5749	0.6221
Free Cash Flow ¹	5,705	6,319	6,208	4,443	-	6,218	6,031	7,275
FCF margin	9.05%	10.83%	10.25%	6.83%	-	8.38%	7.6%	8.62%
FCF Conversion (EBITDA)	52.09%	64.39%	60.56%	39.51%	-	47.8%	43.03%	48.86%
FCF Conversion (Net income)	92.36%	122.59%	114.1%	71.46%	-	89.26%	79.65%	88.85%
Dividend per Share ²	0.3800	0.3000	0.3200	0.3800	-	0.4202	0.4617	0.4923
Announcement Date	2/26/20	2/24/21	2/23/22	2/21/23	2/27/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	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	2025 Q2
Net sales	-	16,191	15,761	16,319	32,080	16,941	16,070	17,223	17,789	35,012	17,491	16,881	17,664	-	-	-	-	-
EBITDA	-	3,015	2,756	2,758	5,514	2,774	2,955	2,954	2,995	5,948	2,915	3,082	3,154	-	-	-	-	-
EBIT	-	2,213	1,983	1,979	3,962	1,989	2,137	2,135	2,127	4,262	2,043	2,209	2,289	-	-	-	-	-
Operating Margin	-	13.67%	12.58%	12.13%	12.35%	11.74%	13.3%	12.4%	11.96%	12.17%	11.68%	13.09%	12.96%	-	-	-	-	-
Earnings before Tax (EBT)	-	2,115	1,891	1,882	3,774	1,870	2,015	2,004	2,008	4,012	1,904	2,058	2,140	-	-	-	-	-
Net income ¹	2,795	1,775	1,511	1,522	3,031	1,533	1,651	1,611	1,620	3,231	1,533	1,677	1,713	1,679	1,672	1,950	-	-
Net margin	-	10.96%	9.59%	9.33%	9.45%	9.05%	10.27%	9.35%	9.11%	9.23%	8.77%	9.94%	9.7%	-	-	-	-	-
EPS ²	0.2100	0.1300	0.1100	0.1200	0.2300	0.1200	0.1200	0.1200	0.1200	0.2500	0.1200	0.1300	0.1300	0.1298	0.1271	0.1483	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	0.4162	-	-	-	0.4550
Announcement Date	7/26/21	2/23/22	4/25/22	7/26/22	7/26/22	10/25/22	2/21/23	4/25/23	7/25/23	7/25/23	10/31/23	2/27/24	4/30/24	-	-	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	10,528	10,097	13,924	15,913	-	14,853	14,221	14,161
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.9614 x	1.029 x	1.358 x	1.415 x	-	1.142 x	1.015 x	0.9512 x
Free Cash Flow ¹	5,705	6,319	6,208	4,443	-	6,218	6,031	7,275
ROE (net income / shareholders' equity)	30.1%	24.1%	24.5%	26.4%	-	26.5%	27.2%	27.3%
ROA (Net income/ Total Assets)	11.6%	9.53%	9.49%	10%	-	10.2%	10.7%	11.2%
Assets ¹	53,430	54,070	57,339	61,886	-	68,498	70,904	73,297
Book Value Per Share ²	1.610	1.640	1.740	1.840	-	2.090	2.200	2.370
Cash Flow per Share ²	0.6400	0.6400	0.6000	0.7600	-	0.8800	0.9200	1.020
Capex ¹	2,671	2,044	1,618	5,596	-	4,745	5,571	5,211
Capex / Sales	4.24%	3.5%	2.67%	8.6%	-	6.4%	7.02%	6.17%
Announcement Date	2/26/20	2/24/21	2/23/22	2/21/23	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 Home Product Center

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

10.4 THB

Average target price

14.4 THB

Spread / Average Target

+38.46%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Other Home Improvement Products & Services Retailers