Financials Siam Makro

Equities

CPAXT

TH0429010Z01

Discount Stores

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-05-19 pm EDT			5-day change	1st Jan Change
30.25 ^THB	-0.82%		-1.63%	+12.04%

May. 09	CP Axtra Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Mar. 29	Cp Axtra Public Company Limited Approves Dividend for the Year 2023, Payable on 29 April 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	148,800	189,600	444,374	423,213	285,669	320,055	-	-
Enterprise Value (EV) ¹	152,444	187,636	515,233	542,014	285,669	392,968	388,359	381,908
P/E ratio	23.8 x	28.8 x	17.6 x	54.8 x	32.9 x	30 x	25.4 x	22.1 x
Yield	3.1%	2.53%	1.71%	1.28%	-	2.19%	2.63%	3.03%
Capitalization / Revenue	0.71 x	0.87 x	1.67 x	0.9 x	0.58 x	0.63 x	0.6 x	0.56 x
EV / Revenue	0.72 x	0.86 x	1.93 x	1.16 x	0.58 x	0.77 x	0.72 x	0.67 x
EV / EBITDA	14.1 x	16.2 x	32.5 x	15.8 x	8.32 x	11.4 x	10.2 x	9.48 x
EV / FCF	19.8 x	16.3 x	35.8 x	57.4 x	-	30.5 x	25.8 x	23.4 x
FCF Yield	5.05%	6.14%	2.79%	1.74%	-	3.28%	3.87%	4.27%
Price to Book	7.35 x	8.53 x	0.84 x	1.46 x	-	1.08 x	1.06 x	1.04 x
Nbr of stocks (in thousands)	4,800,000	4,800,000	10,580,324	10,580,324	10,580,324	10,580,324	-	-
Reference price ²	31.00	39.50	42.00	40.00	27.00	30.25	30.25	30.25
Announcement Date	2/18/20	2/19/21	2/18/22	2/20/23	2/14/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	210,627	218,760	266,435	469,131	489,949	508,599	537,574	566,986
EBITDA ¹	10,809	11,587	15,873	34,252	34,319	34,555	37,945	40,299
EBIT ¹	8,204	8,956	10,494	16,701	16,707	18,592	20,805	22,975
Operating Margin	3.9%	4.09%	3.94%	3.56%	3.41%	3.66%	3.87%	4.05%
Earnings before Tax (EBT) ¹	7,895	8,337	15,425	10,411	11,134	13,445	15,911	18,237
Net income ¹	6,245	6,563	13,687	7,697	8,640	10,765	12,444	14,382
Net margin	2.96%	3%	5.14%	1.64%	1.76%	2.12%	2.31%	2.54%
EPS ²	1.300	1.370	2.380	0.7300	0.8200	1.010	1.191	1.369
Free Cash Flow ¹	7,693	11,522	14,397	9,447	-	12,880	15,025	16,289
FCF margin	3.65%	5.27%	5.4%	2.01%	-	2.53%	2.79%	2.87%
FCF Conversion (EBITDA)	71.17%	99.43%	90.7%	27.58%	-	37.28%	39.6%	40.42%
FCF Conversion (Net income)	123.2%	175.57%	105.19%	122.74%	-	119.66%	120.74%	113.26%
Dividend per Share ²	0.9600	1.000	0.7200	0.5100	-	0.6628	0.7941	0.9158
Announcement Date	2/18/20	2/19/21	2/18/22	2/20/23	2/14/24	-	-	-

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	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales	111,053	100,411	108,159	118,463	229,680	115,560	123,687	-	120,222	121,612	241,834	119,502	128,613	127,020	-	-	-	-	-
EBITDA	-	-	8,413	7,897	-	8,181	9,761	-	8,845	7,802	-	7,776	9,896	8,839	-	-	-	-	-
EBIT	4,072	4,249	4,087	3,517	7,604	3,798	5,299	-	4,500	3,398	7,898	3,332	5,477	4,479	-	-	-	-	-
Operating Margin	3.67%	4.23%	3.78%	2.97%	3.31%	3.29%	4.28%	-	3.74%	2.79%	3.27%	2.79%	4.26%	3.53%	-	-	-	-	-
Earnings before Tax (EBT)	-	9,590	2,817	2,122	-	2,202	3,270	-	2,798	2,029	4,827	2,114	4,193	3,239	-	-	-	-	-
Net income ¹	3,021	9,094	2,050	1,573	3,623	1,602	2,471	-	2,166	1,516	3,682	1,677	1,699	2,481	2,810	-	-	-	-
Net margin	2.72%	9.06%	1.9%	1.33%	1.58%	1.39%	2%	-	1.8%	1.25%	1.52%	1.4%	1.32%	1.95%	-	-	-	-	-
EPS ²	0.6300	1.420	0.1900	0.1500	0.3400	0.1500	0.2400	-	0.2000	0.1400	0.3500	0.1600	0.3100	0.2300	0.2351	0.2671	0.3300	-	-
Dividend per Share ²	-	-	-	0.1800	-	-	-	0.3300	-	0.1800	-	-	-	-	0.5725	-	-	-	0.7491
Announcement Date	8/10/21	2/18/22	5/10/22	8/8/22	8/8/22	11/10/22	2/20/23	2/20/23	5/17/23	8/7/23	8/7/23	11/8/23	2/14/24	5/9/24	-	-	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,644	-	70,859	118,801	-	72,913	68,305	61,853
Net Cash position ¹	-	1,964	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.3371 x	-	4.464 x	3.468 x	-	2.11 x	1.8 x	1.535 x
Free Cash Flow ¹	7,693	11,522	14,397	9,447	-	12,881	15,025	16,289
ROE (net income / shareholders' equity)	32.1%	30.9%	5.09%	2.66%	-	3.63%	4.27%	4.79%
ROA (Net income/ Total Assets)	10%	9.5%	2.17%	1.38%	-	2.33%	2.62%	2.98%
Assets ¹	62,384	69,081	631,685	559,084	-	462,397	474,968	483,077
Book Value Per Share ²	4.220	4.630	50.00	27.40	-	28.10	28.60	29.10
Cash Flow per Share ²	2.140	2.780	2.910	2.080	-	2.580	2.670	2.960
Capex ¹	3,130	2,288	3,459	17,164	-	19,697	20,026	19,935
Capex / Sales	1.49%	1.05%	1.3%	3.66%	-	3.87%	3.73%	3.52%
Announcement Date	2/18/20	2/19/21	2/18/22	2/20/23	2/14/24	-	-	-

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 Siam Makro

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

30.25 THB

Average target price

35.4 THB

Spread / Average Target

+17.02%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Discount Stores

	1st Jan change	Capi.
SIAM MAKRO	+12.04%	8.86B
COSTCO WHOLESALE CORPORATION	+20.14%	352B
TARGET CORPORATION	+10.03%	72.5B
WAL-MART DE MÉXICO, S.A.B. DE C.V.	-5.03%	71.48B
DOLLAR GENERAL CORPORATION	+1.38%	30.28B
DOLLARAMA INC.	+28.56%	25.05B
PAN PACIFIC INTERNATIONAL HOLDINGS CORPORATION	+14.30%	14.64B
BJ'S WHOLESALE CLUB HOLDINGS, INC.	+21.05%	10.75B
B&M EUROPEAN VALUE RETAIL S.A.	-3.11%	6.97B
OLLIE'S BARGAIN OUTLET HOLDINGS, INC.	-3.58%	4.48B

Other Discount Stores