Financials Supalai

Equities

SPALI

TH0371010Z05

Real Estate Development & Operations

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-05-30 pm EDT			5-day change	1st Jan Change
18.5 ^THB	-1.07%		-2.12%	-0.54%

May. 14	Supalai Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 23	Supalai Public Company Limited Approves Dividend for 2023, Payable on 21 May 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	38,361	39,937	44,223	47,459	36,327	36,131	-	-
Enterprise Value (EV) ¹	50,737	59,934	62,487	47,459	36,327	57,129	56,190	36,131
P/E ratio	7.1 x	9.62 x	6.25 x	5.8 x	6.06 x	5.77 x	5.48 x	5.27 x
Yield	5.59%	4.88%	4.41%	-	-	7.96%	7.24%	7.59%
Capitalization / Revenue	1.63 x	1.94 x	1.52 x	1.38 x	1.17 x	1.07 x	1.1 x	1.06 x
EV / Revenue	2.15 x	2.91 x	2.14 x	1.38 x	1.17 x	1.7 x	1.71 x	1.06 x
EV / EBITDA	7.76 x	11.2 x	7.4 x	4.99 x	4.92 x	6.59 x	6.82 x	4.21 x
EV / FCF	19.1 x	-47.1 x	15.9 x	-	-	19.4 x	13.4 x	9.32 x
FCF Yield	5.22%	-2.12%	6.28%	-	-	5.15%	7.48%	10.7%
Price to Book	1.03 x	1.17 x	1.05 x	-	-	0.65 x	0.61 x	0.57 x
Nbr of stocks (in thousands)	2,143,079	1,948,141	1,948,141	1,953,054	1,953,054	1,953,054	-	-
Reference price ²	17.90	20.50	22.70	24.30	18.60	18.50	18.50	18.50
Announcement Date	2/25/20	2/23/21	2/22/22	2/21/23	2/20/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	23,557	20,588	29,160	34,486	31,177	33,665	32,830	34,188
EBITDA ¹	6,540	5,363	8,444	9,514	7,386	8,665	8,244	8,584
EBIT ¹	6,422	5,246	8,321	9,387	7,249	8,336	7,998	8,529
Operating Margin	27.26%	25.48%	28.54%	27.22%	23.25%	24.76%	24.36%	24.95%
Earnings before Tax (EBT) ¹	6,823	5,594	9,083	10,515	7,670	9,779	8,497	9,075
Net income ¹	5,403	4,251	7,070	8,173	5,989	6,260	6,604	6,900
Net margin	22.93%	20.65%	24.25%	23.7%	19.21%	18.6%	20.12%	20.18%
EPS ²	2.520	2.130	3.630	4.190	3.070	3.205	3.375	3.510
Free Cash Flow ¹	2,651	-1,272	3,926	-	-	2,944	4,204	3,879
FCF margin	11.25%	-6.18%	13.46%	-	-	8.74%	12.81%	11.35%
FCF Conversion (EBITDA)	40.53%	-	46.49%	-	-	33.98%	51%	45.19%
FCF Conversion (Net income)	49.07%	-	55.52%	-	-	47.03%	63.66%	56.21%
Dividend per Share ²	1.000	1.000	1.000	-	-	1.473	1.339	1.404
Announcement Date	2/25/20	2/23/21	2/22/22	2/21/23	2/20/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	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
Net sales	12,813	6,653	-	10,792	10,938	5,433	8,198	13,630	11,133	9,723	5,734	8,165	13,899	7,166	10,111	4,580	-
EBITDA	3,661	1,441	-	2,918	3,338	1,442	-	-	3,312	2,440	-	1,940	3,252	1,671	2,463	916.3	-
EBIT	3,601	1,383	-	2,857	3,307	1,412	2,291	3,703	3,281	2,403	1,281	1,903	3,183	1,638	2,428	880	-
Operating Margin	28.11%	20.78%	-	26.47%	30.24%	25.99%	27.94%	27.17%	29.47%	24.72%	22.34%	23.3%	22.9%	22.85%	24.01%	19.21%	-
Earnings before Tax (EBT)	3,899	1,576	-	3,287	3,603	1,515	2,669	4,185	3,520	2,811	1,419	2,206	3,625	1,531	2,514	829.5	-
Net income ¹	3,109	1,170	-	2,472	2,879	1,178	2,075	3,253	2,749	2,171	1,080	1,701	2,781	1,191	2,018	613.6	1,242
Net margin	24.27%	17.59%	-	22.9%	26.32%	21.68%	25.31%	23.86%	24.69%	22.33%	18.84%	20.83%	20.01%	16.62%	19.95%	13.4%	-
EPS	1.450	0.5700	-	1.270	1.480	0.6000	1.060	1.670	1.410	1.110	0.5500	0.8700	1.420	0.6100	1.040	0.3100	-
Dividend per Share	0.6000	0.5000	0.5000	0.5000	-	-	-	0.7000	-	-	-	-	-	-	-	-	-
Announcement Date	2/25/20	8/11/20	2/23/21	8/10/21	2/22/22	5/11/22	8/9/22	8/9/22	11/8/22	2/21/23	5/9/23	8/8/23	8/8/23	11/14/23	2/20/24	5/15/24	-

¹THB in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	12,376	19,997	18,264	-	-	20,998	20,059	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.892 x	3.729 x	2.163 x	-	-	2.423 x	2.433 x	-
Free Cash Flow ¹	2,651	-1,272	3,926	-	-	2,944	4,204	3,879
ROE (net income / shareholders' equity)	15.2%	11%	18%	-	-	12.7%	11.8%	11.3%
ROA (Net income/ Total Assets)	9.14%	6%	10.1%	-	-	8.8%	7.29%	7.5%
Assets ¹	59,108	70,854	69,819	-	-	71,138	90,539	92,006
Book Value Per Share ²	17.30	17.50	21.60	-	-	28.40	30.30	32.40
Cash Flow per Share ²	1.260	-0.5800	2.060	-	-	2.990	3.570	3.390
Capex ¹	55.2	52.9	83.3	-	-	693	344	423
Capex / Sales	0.23%	0.26%	0.29%	-	-	2.06%	1.05%	1.24%
Announcement Date	2/25/20	2/23/21	2/22/22	2/21/23	2/20/24	-	-	-

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 Supalai

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

18.5 THB

Average target price

22.69 THB

Spread / Average Target

+22.66%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
SUPALAI	-0.54%	981M
SUN HUNG KAI PROPERTIES LIMITED	-10.83%	26.36B
CHINA RESOURCES LAND LIMITED	+1.43%	25.9B
DLF LIMITED	+12.29%	24.19B
MITSUBISHI ESTATE CO., LTD.	+35.85%	21.26B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+7.12%	20.63B
EMAAR PROPERTIES	-3.28%	18.43B
POLY DEVELOPMENTS AND HOLDINGS GROUP CO., LTD.	+3.23%	16.74B
MACROTECH DEVELOPERS LIMITED	+34.62%	16.42B
HENDERSON LAND DEVELOPMENT COMPANY LIMITED	+1.04%	15.04B

Other Real Estate Development & Operations