Financials Kawan Food

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-06-25 pm EDT			5-day change	1st Jan Change
1.75 ^MYR	+0.57%		-1.13%	-2.78%

Jun. 18	Kawan Food Repurchases Shares	MT
Jun. 10	Kawan Food Repurchases Shares	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	499.7	747.8	589.6	803.1	629	608.9	-	-
Enterprise Value (EV) ¹	499.7	747.8	589.6	803.1	629	608.9	608.9	608.9
P/E ratio	42 x	26.8 x	18.2 x	20.7 x	21.6 x	17.1 x	14.9 x	12.6 x
Yield	1.8%	1.2%	1.83%	1.35%	2%	2.23%	2.34%	2.86%
Capitalization / Revenue	2.33 x	2.94 x	2.34 x	2.74 x	2.05 x	1.9 x	1.75 x	1.76 x
EV / Revenue	2.33 x	2.94 x	2.34 x	2.74 x	2.05 x	1.9 x	1.75 x	1.76 x
EV / EBITDA	15.1 x	15.1 x	10.4 x	13.4 x	11.5 x	10.1 x	-	-
EV / FCF	25,405,819 x	21,424,510 x	26,166,618 x	29,975,606 x	-	-	-	-
FCF Yield	0%	0%	0%	0%	-	-	-	-
Price to Book	1.54 x	2.17 x	1.59 x	2.02 x	1.67 x	1.46 x	1.46 x	1.35 x
Nbr of stocks (in thousands)	359,520	359,520	359,520	361,760	349,425	347,920	-	-
Reference price ²	1.390	2.080	1.640	2.220	1.800	1.750	1.750	1.750
Announcement Date	2/26/20	2/18/21	2/28/22	2/22/23	2/22/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	214.1	254.7	251.8	293.2	307.2	320.7	347.7	346.5
EBITDA ¹	33.06	49.59	56.9	60.15	54.82	60.5	-	-
EBIT ¹	16.37	32.79	37.57	40.84	35.14	41.13	46.7	56.8
Operating Margin	7.65%	12.87%	14.92%	13.93%	11.44%	12.83%	13.43%	16.39%
Earnings before Tax (EBT) ¹	15.39	32.02	36.97	40.14	34.27	41.33	47.75	57.5
Net income ¹	11.9	28.02	32.3	38.5	30.13	36.3	41.75	50.6
Net margin	5.56%	11%	12.83%	13.13%	9.81%	11.32%	12.01%	14.6%
EPS ²	0.0331	0.0777	0.0899	0.1070	0.0835	0.1025	0.1175	0.1390
Free Cash Flow	19.67	34.9	22.53	26.79	-	-	-	-
FCF margin	9.19%	13.7%	8.95%	9.14%	-	-	-	-
FCF Conversion (EBITDA)	59.49%	70.38%	39.6%	44.54%	-	-	-	-
FCF Conversion (Net income)	165.32%	124.58%	69.76%	69.59%	-	-	-	-
Dividend per Share ²	0.0250	0.0250	0.0300	0.0300	0.0360	0.0390	0.0410	0.0500
Announcement Date	2/26/20	2/18/21	2/28/22	2/22/23	2/22/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	19.7	34.9	22.5	26.8	-	-	-	-
ROE (net income / shareholders' equity)	3.69%	8.38%	9.05%	10%	7.63%	8.93%	9.7%	11%
ROA (Net income/ Total Assets)	3.14%	7.02%	7.57%	8.6%	6.54%	8%	8.8%	9.5%
Assets ¹	378.5	399.1	426.5	447.8	460.8	453.7	474.4	532.6
Book Value Per Share ²	0.9000	0.9600	1.030	1.100	1.080	1.200	1.200	1.300
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	21.1	17.2	10.9	8.57	-	-	-	-
Capex / Sales	9.85%	6.74%	4.33%	2.92%	-	-	-	-
Announcement Date	2/26/20	2/18/21	2/28/22	2/22/23	2/22/24	-	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1.75 MYR

Average target price

2.04 MYR

Spread / Average Target

+16.57%

	1st Jan change	Capi.
KAWAN FOOD	-2.78%	129M
NESTLÉ S.A.	-4.73%	275B
MONDELEZ INTERNATIONAL, INC.	-7.99%	91.01B
KRAFT HEINZ	-12.66%	39.83B
GENERAL MILLS, INC.	-1.49%	37.97B
THE HERSHEY COMPANY	-1.82%	37.6B
ARCHER-DANIELS-MIDLAND COMPANY	-15.99%	29.99B
NESTLÉ INDIA LIMITED	-4.72%	29.05B
ASSOCIATED BRITISH FOODS PLC	+6.63%	23.53B
YIHAI KERRY ARAWANA HOLDINGS CO., LTD	-15.73%	20.66B