Financials Charoen Pokphand Foods

Equities

CPF

TH0101A10Z01

Fishing & Farming

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-06-06 pm EDT			5-day change	1st Jan Change
22.7 ^THB	+1.34%		-0.44%	+15.82%

May. 13	Charoen Pokphand Foods Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
May. 13	SAP to Provide Environmental Management Tools for Charoen Pokphand Foods	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	225,094	225,054	214,378	207,806	161,564	187,117	-	-
Enterprise Value (EV) ¹	525,500	583,169	642,308	664,828	650,283	621,332	610,603	612,587
P/E ratio	12.6 x	8.63 x	16.5 x	14.7 x	-26.1 x	27.1 x	19.5 x	13.4 x
Yield	2.55%	3.74%	2.55%	3.02%	-	1.51%	2.14%	2.84%
Capitalization / Revenue	0.42 x	0.38 x	0.42 x	0.34 x	0.28 x	0.31 x	0.3 x	0.29 x
EV / Revenue	0.99 x	0.99 x	1.25 x	1.08 x	1.11 x	1.02 x	0.96 x	0.94 x
EV / EBITDA	13.7 x	8.11 x	17.2 x	12.9 x	21.4 x	12.5 x	11.4 x	11.2 x
EV / FCF	30.1 x	12.9 x	-36.2 x	106 x	46.7 x	14.1 x	23.6 x	17.9 x
FCF Yield	3.32%	7.77%	-2.76%	0.95%	2.14%	7.11%	4.24%	5.59%
Price to Book	1.34 x	1.2 x	0.94 x	-	0.69 x	0.77 x	0.73 x	0.75 x
Nbr of stocks (in thousands)	8,185,242	8,413,242	8,406,963	8,379,263	8,243,061	8,243,061	-	-
Reference price ²	27.50	26.75	25.50	24.80	19.60	22.70	22.70	22.70
Announcement Date	2/21/20	2/24/21	2/25/22	2/27/23	2/27/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	532,573	589,713	512,704	614,197	585,844	609,008	633,572	653,507
EBITDA ¹	38,424	71,891	37,448	51,691	30,447	49,702	53,343	54,746
EBIT ¹	21,485	49,578	15,009	26,872	5,326	24,766	26,889	25,056
Operating Margin	4.03%	8.41%	2.93%	4.38%	0.91%	4.07%	4.24%	3.83%
Earnings before Tax (EBT) ¹	29,544	55,093	16,732	20,427	-1,931	10,732	15,315	17,426
Net income ¹	18,456	26,022	13,028	13,970	-5,207	7,739	10,019	12,911
Net margin	3.47%	4.41%	2.54%	2.27%	-0.89%	1.27%	1.58%	1.98%
EPS ²	2.180	3.100	1.550	1.690	-0.7500	0.8389	1.165	1.698
Free Cash Flow ¹	17,450	45,310	-17,743	6,288	13,911	44,159	25,907	34,274
FCF margin	3.28%	7.68%	-3.46%	1.02%	2.37%	7.25%	4.09%	5.24%
FCF Conversion (EBITDA)	45.41%	63.03%	-	12.16%	45.69%	88.85%	48.57%	62.61%
FCF Conversion (Net income)	94.55%	174.12%	-	45.01%	-	570.58%	258.58%	265.46%
Dividend per Share ²	0.7000	1.000	0.6500	0.7500	-	0.3432	0.4861	0.6443
Announcement Date	2/21/20	2/24/21	2/25/22	2/27/23	2/27/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	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	285,752	248,984	137,781	138,887	155,996	294,883	160,266	159,048	143,781	150,246	294,027	144,498	147,319	140,037	-
EBITDA	-	35,093	1,899	11,409	15,053	26,462	15,962	9,266	8,893	8,777	17,670	7,705	5,072	10,877	-
EBIT	27,638	21,046	-4,010	5,667	9,060	-	9,594	2,551	2,792	2,627	5,419	1,479	-1,572	4,632	-
Operating Margin	9.67%	8.45%	-2.91%	4.08%	5.81%	-	5.99%	1.6%	1.94%	1.75%	1.84%	1.02%	-1.07%	3.31%	-
Earnings before Tax (EBT)	-	-	5,868	4,154	7,994	12,148	7,118	1,160	-2,375	-142.8	-2,518	-1,324	1,912	2,101	-
Net income ¹	12,139	11,683	6,720	2,842	4,208	7,050	5,108	1,812	-2,725	-792.3	-3,518	-1,811	121.1	1,152	1,500
Net margin	4.25%	4.69%	4.88%	2.05%	2.7%	2.39%	3.19%	1.14%	-1.9%	-0.53%	-1.2%	-1.25%	0.08%	0.82%	-
EPS	1.450	1.400	0.8200	0.3400	0.5100	0.8500	0.6300	0.2100	-0.3600	-0.1200	-0.4800	-0.2500	0.0100	0.1100	-
Dividend per Share	-	0.4000	-	-	0.2500	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/13/20	8/13/21	2/25/22	5/12/22	8/15/22	8/15/22	11/14/22	2/27/23	5/11/23	8/11/23	8/11/23	11/13/23	2/27/24	5/13/24	-

¹THB in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	300,406	358,114	427,931	457,022	488,719	434,214	423,485	425,470
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.818 x	4.981 x	11.43 x	8.841 x	16.05 x	8.736 x	7.939 x	7.772 x
Free Cash Flow ¹	17,450	45,310	-17,743	6,288	13,911	44,159	25,907	34,274
ROE (net income / shareholders' equity)	11.1%	14.4%	6.4%	4.33%	-2.1%	3.19%	4.36%	5.26%
ROA (Net income/ Total Assets)	2.92%	3.73%	2.16%	1.16%	-0.57%	0.81%	1.05%	2.08%
Assets ¹	631,076	697,876	602,212	1,206,560	907,045	955,485	952,383	622,229
Book Value Per Share ²	20.60	22.30	27.10	-	28.50	29.70	30.90	30.10
Cash Flow per Share ²	4.960	8.630	0.7800	4.230	4.200	6.910	3.570	3.780
Capex ¹	23,159	25,728	23,340	27,362	21,449	23,902	23,026	21,615
Capex / Sales	4.35%	4.36%	4.55%	4.45%	3.66%	3.92%	3.63%	3.31%
Announcement Date	2/21/20	2/24/21	2/25/22	2/27/23	2/27/24	-	-	-

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 Charoen Pokphand Foods

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

22.7 THB

Average target price

24.55 THB

Spread / Average Target

+8.15%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Animal Feed

	1st Jan change	Capi.
CHAROEN POKPHAND FOODS	+15.82%	5.07B
GUANGDONG HAID GROUP CO., LIMITED	+9.64%	11.32B
NEW HOPE LIUHE CO.,LTD.	+4.29%	6.04B
PT CHAROEN POKPHAND INDONESIA TBK	+3.98%	5.27B
BEIJING DABEINONG TECHNOLOGY GROUP CO.,LTD.	-25.67%	2.5B
AKTIESELSKABET SCHOUW & CO.	+3.25%	1.93B
TANGRENSHEN GROUP CO., LTD	-14.27%	1.26B
AVANTI FEEDS LIMITED	+46.19%	923M
WELLHOPE FOODS CO., LTD.	-18.34%	853M
FUJIAN TIANMA SCIENCE AND TECHNOLOGY GROUP CO., LTD	-27.15%	825M

Animal Feed