Financials MBM Resources

Equities

MBMR

MYL5983OO001

Auto & Truck Manufacturers

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-05-30 pm EDT			5-day change	1st Jan Change
5.04 ^MYR	+0.20%		+0.60%	+18.87%

May. 30	MBM Resources Berhad Approves Single Tier Final Dividend for the Financial Year Ended 31 December 2023	CI
May. 27	MBM Resources Berhad Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,509	1,325	1,251	1,282	1,657	1,970	-	-
Enterprise Value (EV) ¹	1,281	1,066	1,013	1,282	1,476	1,514	1,442	1,370
P/E ratio	6.84 x	8.39 x	7.45 x	4.55 x	4.96 x	7.37 x	7.46 x	7.36 x
Yield	3.89%	3.24%	6.25%	-	9.2%	7.12%	6.71%	6.48%
Capitalization / Revenue	0.72 x	0.74 x	0.82 x	0.56 x	0.69 x	0.85 x	0.85 x	0.86 x
EV / Revenue	0.61 x	0.59 x	0.66 x	0.56 x	0.61 x	0.65 x	0.62 x	0.6 x
EV / EBITDA	16 x	17.4 x	15.2 x	10.4 x	12.7 x	19.9 x	19.4 x	18.6 x
EV / FCF	74.2 x	15.2 x	2,688 x	-	-52.7 x	56.4 x	51.8 x	24.1 x
FCF Yield	1.35%	6.59%	0.04%	-	-1.9%	1.77%	1.93%	4.15%
Price to Book	0.87 x	0.73 x	0.65 x	-	0.78 x	0.88 x	0.83 x	0.8 x
Nbr of stocks (in thousands)	390,888	390,888	390,888	390,888	390,888	390,888	-	-
Reference price ²	3.860	3.390	3.200	3.280	4.240	5.040	5.040	5.040
Announcement Date	2/26/20	2/25/21	2/25/22	2/20/23	2/28/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,088	1,796	1,532	2,308	2,417	2,327	2,331	2,302
EBITDA ¹	80.27	61.28	66.49	123.2	116.5	76.23	74.32	73.78
EBIT ¹	60.98	43.89	48.81	104.9	97.62	68.73	68.92	69.58
Operating Margin	2.92%	2.44%	3.19%	4.54%	4.04%	2.95%	2.96%	3.02%
Earnings before Tax (EBT) ¹	263.2	204.5	207.4	325.3	394.7	332.3	328	323.3
Net income ¹	220.5	157.9	167.9	281.6	334.5	267.3	264.1	267.6
Net margin	10.56%	8.79%	10.96%	12.2%	13.84%	11.48%	11.33%	11.63%
EPS ²	0.5641	0.4041	0.4296	0.7203	0.8557	0.6839	0.6752	0.6843
Free Cash Flow ¹	17.27	70.27	0.377	-	-28.03	26.85	27.85	56.8
FCF margin	0.83%	3.91%	0.02%	-	-1.16%	1.15%	1.19%	2.47%
FCF Conversion (EBITDA)	21.51%	114.67%	0.57%	-	-	35.22%	37.47%	76.98%
FCF Conversion (Net income)	7.83%	44.5%	0.22%	-	-	10.05%	10.55%	21.23%
Dividend per Share ²	0.1500	0.1100	0.2000	-	0.3900	0.3589	0.3384	0.3264
Announcement Date	2/26/20	2/25/21	2/25/22	2/20/23	2/28/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q4	2023 Q3
Net sales ¹	-	621.3
EBITDA	24.77	-
EBIT	-	-
Operating Margin	-	-
Earnings before Tax (EBT)	-	-
Net income	-	-
Net margin	-	-
EPS	-	-
Dividend per Share	-	-
Announcement Date	2/20/23	11/24/23

¹MYR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	228	259	237	-	181	456	528	600
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	17.3	70.3	0.38	-	-28	26.9	27.9	56.8
ROE (net income / shareholders' equity)	13.4%	8.84%	8.98%	-	16%	11.4%	10.7%	10.7%
ROA (Net income/ Total Assets)	10.4%	7.09%	7.27%	-	13%	10.2%	9.85%	10.9%
Assets ¹	2,119	2,228	2,309	-	2,564	2,629	2,681	2,455
Book Value Per Share ²	4.460	4.670	4.900	-	5.450	5.710	6.040	6.310
Cash Flow per Share ²	0.0700	0.1900	0.0200	-	-0	0.6900	0.8500	-
Capex ¹	12	4.44	8.97	-	26.8	14	14	13.7
Capex / Sales	0.57%	0.25%	0.59%	-	1.11%	0.6%	0.6%	0.6%
Announcement Date	2/26/20	2/25/21	2/25/22	2/20/23	2/28/24	-	-	-

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 MBM Resources

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

5.04 MYR

Average target price

4.875 MYR

Spread / Average Target

-3.27%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Auto & Truck Wholesale

	1st Jan change	Capi.
MBM RESOURCES	+18.87%	419M
AUTOSTREETS DEVELOPMENT LIMITED	-.--%	1.38B
CHINA GRAND AUTOMOTIVE SERVICES GROUP CO.,LTD	-19.19%	1.53B
SINOMACH AUTO MOBILE CO.,LTD	-25.06%	1.38B
PAN GERMAN UNIVERSAL MOTORS LTD.	+6.68%	793M
HOANG HUY INVESTMENT SERVICES	+43.06%	141M
FERRONORDIC AB	+23.24%	121M
PT AUTOPEDIA SUKSES LESTARI TBK	-9.28%	69.04M

Auto & Truck Wholesale