Financials Sarawak Oil Palms

Equities

SOP

MYL5126OO007

Fishing & Farming

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-05-20 pm EDT			5-day change	1st Jan Change
3 ^MYR	+2.04%		+2.74%	+15.83%

Apr. 30	Sarawak Oil Palms Berhad Proposes Final Dividend for the Year Ended December 31, 2023, Payable on 19 July 2024	CI
Apr. 18	Sarawak Oil Palms' Related Party Transaction Value Variance Exceeds 10%	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,341	2,284	1,995	2,314	2,306	2,671	-	-
Enterprise Value (EV) ¹	2,749	2,449	1,984	1,698	1,503	1,641	1,400	1,150
P/E ratio	26.1 x	11.3 x	3.91 x	4.77 x	7.68 x	8.12 x	7.99 x	9.17 x
Yield	1.22%	1.5%	1.15%	3.85%	-	2.78%	3.18%	3.28%
Capitalization / Revenue	0.8 x	0.83 x	0.45 x	0.43 x	0.45 x	0.55 x	0.55 x	0.54 x
EV / Revenue	0.94 x	0.89 x	0.45 x	0.32 x	0.29 x	0.34 x	0.29 x	0.23 x
EV / EBITDA	8.92 x	5.01 x	2.19 x	2 x	2.58 x	2.94 x	2.55 x	2.06 x
EV / FCF	8.46 x	8.05 x	6.47 x	2.78 x	7.3 x	5.26 x	4.24 x	3.34 x
FCF Yield	11.8%	12.4%	15.5%	36%	13.7%	19%	23.6%	30%
Price to Book	1.06 x	0.96 x	0.71 x	0.7 x	0.66 x	0.72 x	0.67 x	0.64 x
Nbr of stocks (in thousands)	856,312	856,683	857,541	890,164	890,322	890,351	-	-
Reference price ²	2.733	2.667	2.327	2.600	2.590	3.000	3.000	3.000
Announcement Date	2/28/20	2/25/21	2/24/22	2/28/23	2/29/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,915	2,759	4,433	5,365	5,124	4,896	4,845	4,933
EBITDA ¹	308.3	488.9	907.5	847.9	583.6	559	548	557.8
EBIT ¹	158.4	335.2	732.4	674.4	404	406	372	377.2
Operating Margin	5.43%	12.15%	16.52%	12.57%	7.88%	8.29%	7.68%	7.65%
Earnings before Tax (EBT) ¹	127.2	300.3	714.1	669.5	421.6	419.1	394.5	407.3
Net income ¹	89.81	202.2	511.2	480.4	300.4	328.2	334.1	291.4
Net margin	3.08%	7.33%	11.53%	8.95%	5.86%	6.7%	6.9%	5.91%
EPS ²	0.1049	0.2360	0.5947	0.5456	0.3372	0.3693	0.3753	0.3270
Free Cash Flow ¹	324.9	304.4	306.7	610.9	206	312	330.2	344.6
FCF margin	11.14%	11.03%	6.92%	11.39%	4.02%	6.37%	6.81%	6.99%
FCF Conversion (EBITDA)	105.37%	62.26%	33.8%	72.05%	35.29%	55.82%	60.26%	61.78%
FCF Conversion (Net income)	361.76%	150.53%	60%	127.15%	68.55%	95.05%	98.83%	118.28%
Dividend per Share ²	0.0333	0.0400	0.0267	0.1000	-	0.0832	0.0955	0.0985
Announcement Date	2/28/20	2/25/21	2/24/22	2/28/23	2/29/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q1	2022 Q2
Net sales ¹	-	1,399
EBITDA	-	-
EBIT	-	-
Operating Margin	-	-
Earnings before Tax (EBT)	-	-
Net income	195	-
Net margin	-	-
EPS	0.2249	-
Dividend per Share	-	-
Announcement Date	5/23/22	8/26/22

¹MYR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	408	165	-	-	-	-	-	-
Net Cash position ¹	-	-	11.1	616	803	1,030	1,271	1,522
Leverage (Debt/EBITDA)	1.325 x	0.3369 x	-	-	-	-	-	-
Free Cash Flow ¹	325	304	307	611	206	312	330	345
ROE (net income / shareholders' equity)	4.13%	8.83%	19.7%	15.8%	8.83%	7.7%	7.4%	7.2%
ROA (Net income/ Total Assets)	2.16%	4.79%	11.5%	10.1%	5.95%	4.9%	4.9%	5.1%
Assets ¹	4,153	4,220	4,461	4,773	5,054	6,699	6,818	5,713
Book Value Per Share ²	2.570	2.770	3.270	3.700	3.950	4.190	4.460	4.700
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	126	105	155	129	152	168	174	181
Capex / Sales	4.31%	3.81%	3.49%	2.41%	2.96%	3.42%	3.58%	3.67%
Announcement Date	2/28/20	2/25/21	2/24/22	2/28/23	2/29/24	-	-	-

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 Sarawak Oil Palms

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3 MYR

Average target price

3.055 MYR

Spread / Average Target

+1.83%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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