Financials KLCC Property Holdings

Equities

KLCC

MYL5235SS008

Commercial REITs

End-of-day quote BURSA MALAYSIA 06:00:00 2024-07-01 pm EDT 5-day change 1st Jan Change
7.47 MYR 0.00% Intraday chart for KLCC Property Holdings -0.40% +5.36%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 14,262 12,782 11,825 12,114 12,800 13,486 - -
Enterprise Value (EV) 1 15,725 14,260 13,241 13,387 13,972 16,056 15,960 15,877
P/E ratio 18 x 29.6 x 23.8 x 15.5 x 13.7 x 16.8 x 15.5 x 15 x
Yield 4.81% 4.24% 5.13% 5.66% 5.71% 5.58% 6.02% 6.11%
Capitalization / Revenue 10 x 10.3 x 10.1 x 8.3 x 7.91 x 8.18 x 7.94 x 7.79 x
EV / Revenue 11.1 x 11.5 x 11.3 x 9.17 x 8.63 x 9.74 x 9.39 x 9.17 x
EV / EBITDA 14.8 x 17.5 x 15.9 x 13.3 x 13.3 x 14.4 x 13.7 x 13.4 x
EV / FCF 16.7 x 18.6 x 18.2 x 13.2 x 13.5 x 21.1 x 17.9 x 16.5 x
FCF Yield 5.99% 5.39% 5.5% 7.57% 7.43% 4.75% 5.59% 6.07%
Price to Book 1.08 x 0.98 x 0.91 x 0.92 x 0.96 x 0.97 x 0.97 x 0.96 x
Nbr of stocks (in thousands) 1,805,333 1,805,333 1,805,333 1,805,333 1,805,333 1,805,333 - -
Reference price 2 7.900 7.080 6.550 6.710 7.090 7.470 7.470 7.470
Announcement Date 1/23/20 1/27/21 1/28/22 1/31/23 2/7/24 - - -
1MYR in Million2MYR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,423 1,239 1,171 1,459 1,619 1,648 1,699 1,731
EBITDA 1 1,063 814.8 831.8 1,004 1,053 1,115 1,167 1,185
EBIT 1 1,020 764.5 785.2 958.8 1,020 1,078 1,109 1,146
Operating Margin 71.68% 61.69% 67.05% 65.7% 63.01% 65.37% 65.28% 66.19%
Earnings before Tax (EBT) 1 1,071 546.8 565.8 1,019 1,187 971.1 991.8 1,024
Net income 1 790.2 432.2 495.9 782.7 931.3 802 870.1 896.2
Net margin 55.53% 34.88% 42.34% 53.63% 57.52% 48.65% 51.21% 51.78%
EPS 2 0.4377 0.2394 0.2747 0.4335 0.5159 0.4437 0.4819 0.4970
Free Cash Flow 1 941.4 768.3 727.8 1,014 1,038 762.1 892.9 963.5
FCF margin 66.15% 62.01% 62.15% 69.48% 64.11% 46.23% 52.55% 55.67%
FCF Conversion (EBITDA) 88.53% 94.3% 87.49% 101.01% 98.58% 68.36% 76.52% 81.3%
FCF Conversion (Net income) 119.14% 177.79% 146.78% 129.54% 111.47% 95.03% 102.62% 107.51%
Dividend per Share 2 0.3800 0.3000 0.3360 0.3800 0.4050 0.4170 0.4499 0.4565
Announcement Date 1/23/20 1/27/21 1/28/22 1/31/23 2/7/24 - - -
1MYR in Million2MYR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2023 Q1
Net sales -
EBITDA -
EBIT 1 251.4
Operating Margin -
Earnings before Tax (EBT) -
Net income 1 180.6
Net margin -
EPS 2 0.1000
Dividend per Share -
Announcement Date 5/29/23
1MYR in Million2MYR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,463 1,478 1,416 1,274 1,172 2,570 2,474 2,391
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.376 x 1.814 x 1.703 x 1.269 x 1.113 x 2.305 x 2.12 x 2.018 x
Free Cash Flow 1 941 768 728 1,014 1,038 762 893 964
ROE (net income / shareholders' equity) 6.01% 3.3% 3.81% 5.99% 7.04% 5.88% 6.16% 8.09%
ROA (Net income/ Total Assets) 4.38% 2.39% 2.76% 4.34% 5.11% 4.36% 4.39% 4.48%
Assets 1 18,036 18,103 17,966 18,023 18,225 18,389 19,801 19,998
Book Value Per Share 2 7.320 7.210 7.210 7.270 7.390 7.690 7.740 7.780
Cash Flow per Share 2 0.5800 0.4500 0.4300 0.5700 0.5800 0.4300 0.5100 0.5500
Capex 1 99.2 40.1 47 12.5 14.7 14.1 25 25.2
Capex / Sales 6.97% 3.24% 4.01% 0.86% 0.91% 0.86% 1.47% 1.46%
Announcement Date 1/23/20 1/27/21 1/28/22 1/31/23 2/7/24 - - -
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

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
7.47 MYR
Average target price
7.982 MYR
Spread / Average Target
+6.85%
Consensus

Annual profits - Rate of surprise

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