Financials OCK Group

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-05-20 pm EDT			5-day change	1st Jan Change
0.64 ^MYR	+1.59%		+1.59%	+47.13%

Feb. 28	OCK Group Berhad Announces Dividend Policy	CI
Feb. 27	OCK Group Berhad Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	560.8	431.4	485.1	437.6	457.2	677.9	-	-
Enterprise Value (EV) ¹	1,080	950.2	992.4	1,128	1,060	1,254	1,206	677.9
P/E ratio	21.1 x	16.9 x	18.7 x	13 x	11.6 x	12.8 x	11.5 x	10.7 x
Yield	-	-	-	-	-	1.82%	1.82%	1.56%
Capitalization / Revenue	1.18 x	0.91 x	1 x	0.71 x	0.63 x	0.85 x	0.79 x	0.75 x
EV / Revenue	2.28 x	2.01 x	2.05 x	1.83 x	1.46 x	1.57 x	1.41 x	0.75 x
EV / EBITDA	7.91 x	6.29 x	6.27 x	6.04 x	4.98 x	5.49 x	4.82 x	2.44 x
EV / FCF	30.4 x	-	18.1 x	-12.2 x	13.8 x	16.9 x	12.6 x	-
FCF Yield	3.28%	-	5.52%	-8.19%	7.26%	5.9%	7.96%	-
Price to Book	1.15 x	0.8 x	0.82 x	0.69 x	0.65 x	1.08 x	1.04 x	1.1 x
Nbr of stocks (in thousands)	958,573	958,574	1,054,480	1,054,508	1,050,992	1,059,211	-	-
Reference price ²	0.5850	0.4500	0.4600	0.4150	0.4350	0.6400	0.6400	0.6400
Announcement Date	2/26/20	2/25/21	2/24/22	2/28/23	2/27/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	473.7	473.1	484.2	617.8	724.6	798.7	855.3	902
EBITDA ¹	136.4	151.1	158.3	186.7	212.9	228.4	250	278
EBIT ¹	70.99	66.26	66.58	79.8	101.9	118.8	129	147
Operating Margin	14.99%	14%	13.75%	12.92%	14.07%	14.87%	15.08%	16.3%
Earnings before Tax (EBT) ¹	39.89	35.89	38.72	49.31	60.48	79.93	91.23	109
Net income ¹	28.05	25.62	25.94	33.67	39.42	53.77	59.43	70
Net margin	5.92%	5.42%	5.36%	5.45%	5.44%	6.73%	6.95%	7.76%
EPS ²	0.0277	0.0267	0.0246	0.0319	0.0374	0.0500	0.0557	0.0600
Free Cash Flow ¹	35.46	-	54.78	-92.42	76.94	74	96	-
FCF margin	7.48%	-	11.31%	-14.96%	10.62%	9.27%	11.22%	-
FCF Conversion (EBITDA)	25.99%	-	34.61%	-	36.14%	32.4%	38.4%	-
FCF Conversion (Net income)	126.39%	-	211.13%	-	195.18%	137.63%	161.53%	-
Dividend per Share ²	-	-	-	-	-	0.0117	0.0117	0.0100
Announcement Date	2/26/20	2/25/21	2/24/22	2/28/23	2/27/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	519	519	507	690	603	576	528	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.803 x	3.434 x	3.206 x	3.697 x	2.834 x	2.522 x	2.112 x	-
Free Cash Flow ¹	35.5	-	54.8	-92.4	76.9	74	96	-
ROE (net income / shareholders' equity)	5.85%	4.85%	4.6%	5.48%	5.88%	7.8%	8.67%	11%
ROA (Net income/ Total Assets)	2.22%	1.83%	1.8%	2.15%	2.16%	2.9%	2.8%	-
Assets ¹	1,261	1,401	1,440	1,563	1,826	1,854	2,123	-
Book Value Per Share ²	0.5100	0.5600	0.5600	0.6000	0.6700	0.5900	0.6200	0.5800
Cash Flow per Share	0.1700	0.1900	-	-	-	-	-	-
Capex ¹	133	106	131	124	95.4	120	120	120
Capex / Sales	28.02%	22.32%	27.05%	20.12%	13.16%	15.02%	14.03%	13.3%
Announcement Date	2/26/20	2/25/21	2/24/22	2/28/23	2/27/24	-	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C-

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.64 MYR

Average target price

0.7833 MYR

Spread / Average Target

+22.40%

	1st Jan change	Capi.
OCK GROUP	+47.13%	144M
INDUS TOWERS LIMITED	+70.56%	10.97B
PT DAYAMITRA TELEKOMUNIKASI TBK.	-14.18%	3.1B
STATE GRID INFORMATION & COMMUNICATION CO., LTD.	+17.43%	2.91B
PT TOWER BERSAMA INFRASTRUCTURE TBK	-11.48%	2.62B
PT SARANA MENARA NUSANTARA TBK.	-22.73%	2.32B
DIGITAL TELECOMMUNICATIONS INFRASTRUCTURE FUND	+1.94%	2.31B
CHORUS LIMITED	-6.74%	1.94B
3BB INTERNET INFRASTRUCTURE FUND	-9.60%	1.24B
EASTONE CENTURY TECHNOLOGY CO.,LTD.	+4.30%	569M