Financials MISC

Equities

MISC

MYL3816OO005

Marine Port Services

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-05-09 pm EDT			5-day change	1st Jan Change
8.14 ^MYR	-0.37%		-0.12%	+11.66%

Apr. 23	MISC Sign Time Charter Parties for Two Ammonia Dual-Fuel Aframax Tankers	MT
Apr. 19	Oil Stocks Rise in Asia on Reports of Israeli Counterstrikes on Iran	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	37,272	30,666	31,469	33,478	32,541	36,335	-	-
Enterprise Value (EV) ¹	43,552	37,251	40,546	44,206	42,354	46,530	46,610	47,153
P/E ratio	26.1 x	-687 x	17.2 x	18.4 x	15.3 x	15.5 x	14.6 x	13.7 x
Yield	3.59%	4.8%	4.68%	4.4%	-	4.25%	4.55%	4.69%
Capitalization / Revenue	4.16 x	3.26 x	2.95 x	2.41 x	2.28 x	2.72 x	2.66 x	2.6 x
EV / Revenue	4.86 x	3.96 x	3.8 x	3.19 x	2.97 x	3.48 x	3.42 x	3.38 x
EV / EBITDA	10.5 x	9.07 x	10.4 x	8.61 x	8.41 x	8.91 x	8.5 x	8.46 x
EV / FCF	12.7 x	77.7 x	-46.8 x	63.2 x	13.3 x	23.2 x	14.3 x	11.7 x
FCF Yield	7.85%	1.29%	-2.14%	1.58%	7.49%	4.3%	6.97%	8.52%
Price to Book	1.07 x	0.95 x	0.92 x	0.89 x	0.83 x	0.9 x	0.88 x	0.86 x
Nbr of stocks (in thousands)	4,463,746	4,463,746	4,463,746	4,463,746	4,463,746	4,463,746	-	-
Reference price ²	8.350	6.870	7.050	7.500	7.290	8.140	8.140	8.140
Announcement Date	2/18/20	2/18/21	2/17/22	2/15/23	2/27/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	8,963	9,401	10,672	13,867	14,272	13,362	13,643	13,956
EBITDA ¹	4,145	4,108	3,898	5,132	5,038	5,224	5,484	5,573
EBIT ¹	1,929	2,017	1,948	3,102	2,881	2,876	3,030	3,194
Operating Margin	21.52%	21.46%	18.26%	22.37%	20.19%	21.53%	22.21%	22.89%
Earnings before Tax (EBT) ¹	1,512	-123.6	1,775	1,874	2,094	2,424	2,600	2,802
Net income ¹	1,426	-43	1,831	1,823	2,124	2,386	2,544	2,721
Net margin	15.91%	-0.46%	17.16%	13.15%	14.88%	17.86%	18.65%	19.49%
EPS ²	0.3200	-0.0100	0.4100	0.4080	0.4760	0.5254	0.5587	0.5951
Free Cash Flow ¹	3,418	479.6	-866.6	700	3,173	2,001	3,248	4,017
FCF margin	38.14%	5.1%	-8.12%	5.05%	22.23%	14.98%	23.81%	28.78%
FCF Conversion (EBITDA)	82.47%	11.67%	-	13.64%	62.98%	38.31%	59.23%	72.08%
FCF Conversion (Net income)	239.65%	-	-	38.4%	149.42%	83.86%	127.69%	147.66%
Dividend per Share ²	0.3000	0.3300	0.3300	0.3300	-	0.3462	0.3706	0.3814
Announcement Date	2/18/20	2/18/21	2/17/22	2/15/23	2/27/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q1	2022 Q2	2022 Q4	2023 Q2
Net sales	-	3,212	-	-
EBITDA	-	-	-	-
EBIT	-	-	1,094	-
Operating Margin	-	-	-	-
Earnings before Tax (EBT)	-	-	650.3	-
Net income ¹	376.4	-19.1	645	452.9
Net margin	-	-0.59%	-	-
EPS ²	0.0840	-0.004000	-	0.1010
Dividend per Share	-	-	-	-
Announcement Date	5/26/22	8/18/22	2/15/23	8/24/23

¹MYR in Million²MYR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	6,280	6,585	9,077	10,728	9,813	10,195	10,275	10,818
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.515 x	1.603 x	2.329 x	2.09 x	1.948 x	1.951 x	1.873 x	1.941 x
Free Cash Flow ¹	3,418	480	-867	700	3,173	2,001	3,248	4,017
ROE (net income / shareholders' equity)	4.07%	-0.13%	5.51%	5.09%	5.53%	5.93%	6.18%	6.4%
ROA (Net income/ Total Assets)	2.74%	4.16%	3.45%	3.03%	3.33%	3.66%	3.84%	4.09%
Assets ¹	51,963	-1,033	53,028	60,092	63,863	65,146	66,275	66,453
Book Value Per Share ²	7.780	7.230	7.650	8.390	8.800	9.010	9.200	9.450
Cash Flow per Share ²	1.250	1.250	0.6500	0.6700	1.280	0.2000	1.100	1.210
Capex ¹	2,161	5,108	3,775	2,294	2,523	3,013	3,063	2,671
Capex / Sales	24.11%	54.34%	35.38%	16.54%	17.68%	22.55%	22.45%	19.14%
Announcement Date	2/18/20	2/18/21	2/17/22	2/15/23	2/27/24	-	-	-

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 MISC

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

8.14 MYR

Average target price

8.409 MYR

Spread / Average Target

+3.30%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Marine Port Services

	1st Jan change	Capi.
MISC	+11.66%	7.67B
ADANI PORTS & SPECIAL ECONOMIC ZONE LIMITED	+23.66%	32.76B
SHANGHAI INTERNATIONAL PORT (GROUP) CO., LTD.	+17.96%	18.63B
DP WORLD PLC	0.00%	13.47B
ABU DHABI PORTS COMPANY	-13.79%	7.62B
QINGDAO PORT INTERNATIONAL CO., LTD.	+30.50%	6.99B
JSW INFRASTRUCTURE LIMITED	+17.19%	6B
CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED	+8.08%	6.18B
LIAONING PORT CO., LTD.	+4.84%	4.23B
QUBE HOLDINGS LIMITED	+10.49%	4.18B

Other Marine Port Services