Financials Asian Alliance International

Equities

AAI

THA984010001

Food Processing

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-05-27 pm EDT			5-day change	1st Jan Change
5.85 ^THB	0.00%		-0.85%	+34.79%

May. 07	Asian Alliance International Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 24	Asian Alliance International Public Company Limited Approves Dividend for the Year 2023, Payable May 17, 2024	CI

Valuation

Fiscal Period: December	2022	2023	2024	2025	2026
Capitalization ¹	14,662	9,222	12,431	-	-
Enterprise Value (EV) ¹	14,662	9,222	10,760	10,517	9,962
P/E ratio	14.4 x	24.1 x	14.6 x	12.4 x	10.4 x
Yield	-	-	3.42%	4.1%	4.79%
Capitalization / Revenue	2.06 x	1.7 x	1.92 x	1.7 x	1.51 x
EV / Revenue	2.06 x	1.7 x	1.67 x	1.44 x	1.21 x
EV / EBITDA	12.3 x	15.6 x	9.32 x	7.78 x	6.31 x
EV / FCF	-	-	37.9 x	15.8 x	9.45 x
FCF Yield	-	-	2.64%	6.31%	10.6%
Price to Book	-	-	2.32 x	2.1 x	1.88 x
Nbr of stocks (in thousands)	2,125,000	2,125,000	2,125,000	-	-
Reference price ²	6.900	4.340	5.850	5.850	5.850
Announcement Date	2/22/23	2/20/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net sales ¹	5,036	7,124	5,439	6,458	7,303	8,247
EBITDA ¹	-	1,191	589.8	1,155	1,352	1,580
EBIT ¹	-	1,017	382.2	901	1,078	1,287
Operating Margin	-	14.28%	7.03%	13.95%	14.76%	15.61%
Earnings before Tax (EBT) ¹	-	984.9	396.8	979	1,160	1,375
Net income ¹	639	859.1	382.9	851	1,009	1,196
Net margin	12.69%	12.06%	7.04%	13.18%	13.82%	14.5%
EPS ²	-	0.4800	0.1800	0.4000	0.4700	0.5600
Free Cash Flow ¹	-	-	-	284	664	1,054
FCF margin	-	-	-	4.4%	9.09%	12.78%
FCF Conversion (EBITDA)	-	-	-	24.59%	49.11%	66.71%
FCF Conversion (Net income)	-	-	-	33.37%	65.81%	88.13%
Dividend per Share ²	-	-	-	0.2000	0.2400	0.2800
Announcement Date	4/25/22	2/22/23	2/20/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4
Net sales ¹	-	1,701	1,391	1,196	2,587	1,359	1,494
EBITDA ¹	-	389.7	122.8	49.24	158.1	174.2	229.5
EBIT ¹	-	342.7	74.77	-3.126	57.71	120.8	175.7
Operating Margin	-	20.15%	5.38%	-0.26%	2.23%	8.89%	11.76%
Earnings before Tax (EBT)	-	335.9	70.72	12.8	83.53	-	-
Net income ¹	195.2	300.4	72.31	26.24	98.55	118.2	166.2
Net margin	-	17.66%	5.2%	2.19%	3.81%	8.7%	11.12%
EPS	0.1100	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	11/10/22	2/22/23	5/10/23	8/9/23	8/9/23	11/8/23	2/20/24

¹THB in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-
Net Cash position ¹	-	-	-	1,671	1,914	2,469
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-	284	664	1,054
ROE (net income / shareholders' equity)	-	-	-	16.6%	17.9%	19%
ROA (Net income/ Total Assets)	-	-	-	14.6%	15.7%	-
Assets ¹	-	-	-	5,829	6,427	-
Book Value Per Share ²	-	-	-	2.520	2.790	3.120
Cash Flow per Share	-	-	-	-	-	-
Capex ¹	-	-	-	434	203	203
Capex / Sales	-	-	-	6.72%	2.78%	2.46%
Announcement Date	4/25/22	2/22/23	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 Asian Alliance International

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

5.85 THB

Average target price

8 THB

Spread / Average Target

+36.75%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Food Processing

	1st Jan change	Capi.
ASIAN ALLIANCE INTERNATIONAL	+34.79%	340M
NESTLÉ S.A.	-5.81%	264B
MONDELEZ INTERNATIONAL, INC.	-6.71%	90.64B
KRAFT HEINZ	-5.22%	42.56B
DANONE	+0.27%	41.13B
THE HERSHEY COMPANY	+5.99%	39.96B
GENERAL MILLS, INC.	+2.36%	37.64B
ARCHER-DANIELS-MIDLAND COMPANY	-15.69%	30.11B
NESTLÉ INDIA LIMITED	-6.83%	28.41B
ASSOCIATED BRITISH FOODS PLC	+12.08%	25.17B

Other Food Processing