Financials Thong Guan Industries

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-05-22 pm EDT			5-day change	1st Jan Change
2.05 ^MYR	+0.99%		+0.49%	+9.04%

02:32pm	Thong Guan Industries Berhad Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
May. 17	Thong Guan Industries, Perbandaran Kemajuan Negeri to Develop Land Plots	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	618.8	961	1,076	921.5	743.4	819.6	-	-
Enterprise Value (EV) ¹	618.8	961	1,076	921.5	643.4	819.6	819.6	819.6
P/E ratio	8.97 x	13.1 x	11.9 x	9.24 x	10.5 x	8.58 x	7.15 x	7.59 x
Yield	2.67%	1.78%	1.96%	2.54%	-	2.85%	3.25%	3.9%
Capitalization / Revenue	0.66 x	1 x	0.89 x	0.66 x	0.6 x	0.6 x	0.53 x	0.5 x
EV / Revenue	0.66 x	1 x	0.89 x	0.66 x	0.6 x	0.6 x	0.53 x	0.5 x
EV / EBITDA	6.18 x	7.68 x	7.01 x	5.78 x	5.6 x	5 x	4.27 x	4.43 x
EV / FCF	31.6 x	12.8 x	-50.7 x	-	11.7 x	27.5 x	14.7 x	21.6 x
FCF Yield	3.16%	7.81%	-1.97%	-	8.52%	3.64%	6.78%	4.64%
Price to Book	1.07 x	1.49 x	1.47 x	1.13 x	0.8 x	0.81 x	0.74 x	0.73 x
Nbr of stocks (in thousands)	367,227	379,840	384,327	390,471	395,436	399,797	-	-
Reference price ²	1.685	2.530	2.800	2.360	1.880	2.050	2.050	2.050
Announcement Date	2/26/20	2/25/21	2/28/22	2/28/23	2/28/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	935.1	960.6	1,215	1,387	1,240	1,361	1,539	1,639
EBITDA ¹	100.2	125.1	153.6	159.5	132.8	163.8	192.1	185.2
EBIT ¹	75.72	97.53	123.4	127.3	97.74	129.7	145.8	140
Operating Margin	8.1%	10.15%	10.16%	9.18%	7.88%	9.53%	9.47%	8.54%
Earnings before Tax (EBT) ¹	75.93	100.2	125.2	124.4	91.4	121.2	143.2	135
Net income ¹	61.89	75.52	92.97	99.95	71	93.3	112.7	104.4
Net margin	6.62%	7.86%	7.65%	7.21%	5.72%	6.85%	7.32%	6.37%
EPS ²	0.1878	0.1925	0.2353	0.2555	0.1794	0.2390	0.2867	0.2700
Free Cash Flow ¹	19.57	75.09	-21.24	-	63.35	29.8	55.6	38
FCF margin	2.09%	7.82%	-1.75%	-	5.11%	2.19%	3.61%	2.32%
FCF Conversion (EBITDA)	19.54%	60.01%	-	-	47.71%	18.19%	28.95%	20.52%
FCF Conversion (Net income)	31.62%	99.42%	-	-	89.23%	31.94%	49.33%	36.4%
Dividend per Share ²	0.0450	0.0450	0.0550	0.0600	-	0.0583	0.0667	0.0800
Announcement Date	2/26/20	2/25/21	2/28/22	2/28/23	2/28/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	100	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	19.6	75.1	-21.2	-	63.3	29.8	55.6	38
ROE (net income / shareholders' equity)	11.5%	12.3%	13.5%	12.9%	8.14%	9.75%	10.6%	10%
ROA (Net income/ Total Assets)	7.74%	8.01%	8.38%	7.79%	5.25%	7.45%	7.8%	8.7%
Assets ¹	799.4	942.7	1,109	1,283	1,351	1,252	1,445	1,200
Book Value Per Share ²	1.570	1.690	1.910	2.090	2.350	2.540	2.770	2.790
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	70	55	80	-	109	73.5	110	73.8
Capex / Sales	7.49%	5.73%	6.59%	-	8.78%	5.4%	7.17%	4.5%
Announcement Date	2/26/20	2/25/21	2/28/22	2/28/23	2/28/24	-	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2.05 MYR

Average target price

2.783 MYR

Spread / Average Target

+35.77%

	1st Jan change	Capi.
THONG GUAN INDUSTRIES	+9.04%	173M
AMCOR PLC	+2.49%	14.54B
APTARGROUP, INC.	+19.50%	9.86B
BERRY GLOBAL GROUP, INC.	-13.03%	6.89B
SCIENTEX	+15.75%	1.45B
TAIWAN HON CHUAN ENTERPRISE CO., LTD.	+28.00%	1.43B
FP CORPORATION	-12.98%	1.34B
SHANGHAI ZIJIANG ENTERPRISE GROUP CO., LTD.	+21.91%	1.23B
SHENZHEN LEAGUER CO., LTD.	-25.53%	1.02B
HUANGSHAN NOVEL CO.,LTD	+20.60%	857M