Financials Master Style

Equities

MASTER

THB207010000

Healthcare Facilities & Services

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-07-07 pm EDT			5-day change	1st Jan Change
60.5 ^THB	-0.41%		-0.41%	+19.21%

May. 15	Master Style Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 23	Master Style Public Company Limited Approves Dividend for the Year Ended December 31, 2023, Payable by May 9, 2024	CI

Valuation

Fiscal Period: December	2023	2024	2025	2026
Capitalization ¹	15,312	18,254	-	-
Enterprise Value (EV) ¹	13,866	17,810	17,499	18,254
P/E ratio	36.5 x	31.6 x	26.1 x	22.1 x
Yield	0.71%	1.49%	1.92%	2.1%
Capitalization / Revenue	7.99 x	7.92 x	6.84 x	6.01 x
EV / Revenue	7.23 x	7.73 x	6.56 x	6.01 x
EV / EBITDA	23.6 x	24.6 x	19.9 x	18.7 x
EV / FCF	-49.1 x	32.6 x	30.8 x	21.6 x
FCF Yield	-2.04%	3.06%	3.25%	4.63%
Price to Book	5.12 x	5.49 x	4.88 x	4.29 x
Nbr of stocks (in thousands)	301,714	301,712	-	-
Reference price ²	50.75	60.50	60.50	60.50
Announcement Date	2/22/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2022	2023	2024	2025	2026
Net sales ¹	-	1,917	2,305	2,668	3,038
EBITDA ¹	-	586.4	724.4	877.6	976.7
EBIT ¹	-	524.8	636	752.3	879
Operating Margin	-	27.38%	27.59%	28.2%	28.94%
Earnings before Tax (EBT) ¹	-	521	724	820.3	948
Net income ¹	300.9	416.3	572.2	701.8	826.3
Net margin	-	21.72%	24.82%	26.3%	27.2%
EPS ²	1.408	1.391	1.913	2.321	2.743
Free Cash Flow ¹	-	-282.2	545.5	568.8	845.9
FCF margin	-	-14.73%	23.66%	21.32%	27.85%
FCF Conversion (EBITDA)	-	-	75.3%	64.81%	86.61%
FCF Conversion (Net income)	-	-	95.34%	81.04%	102.37%
Dividend per Share ²	-	0.3588	0.9008	1.161	1.270
Announcement Date	2/27/23	2/22/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1
Net sales ¹	-	479.2	542.6	477	501	-
EBITDA	-	130.1	230.3	150.7	-	-
EBIT ¹	-	118.4	200.1	122.5	142	265
Operating Margin	-	24.71%	36.88%	25.68%	28.34%	-
Earnings before Tax (EBT)	-	124.9	203.6	129.7	-	-
Net income	81.49	99.8	163.5	106.2	-	-
Net margin	-	20.82%	30.13%	22.27%	-	-
EPS	0.2704	0.3675	0.4550	0.3500	-	-
Dividend per Share	-	-	-	-	-	-
Announcement Date	8/21/23	11/14/23	2/22/24	5/15/24	-	-

¹THB in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-
Net Cash position ¹	-	1,446	444	755	-
Leverage (Debt/EBITDA)	-	-	-	-	-
Free Cash Flow ¹	-	-282	546	569	846
ROE (net income / shareholders' equity)	-	24.5%	18.1%	19.8%	20.6%
ROA (Net income/ Total Assets)	-	18.2%	14.8%	15.5%	16.5%
Assets ¹	-	2,292	3,857	4,518	5,023
Book Value Per Share ²	-	9.910	11.00	12.40	14.10
Cash Flow per Share ²	-	1.550	1.850	2.610	3.000
Capex ¹	-	745	931	168	78.5
Capex / Sales	-	38.84%	40.37%	6.29%	2.58%
Announcement Date	2/27/23	2/22/24	-	-	-

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 Master Style

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

60.5 THB

Average target price

75.17 THB

Spread / Average Target

+24.24%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Hospitals, Clinics & Primary Care Services

	1st Jan change	Capi.
MASTER STYLE	+19.21%	502M
AIER EYE HOSPITAL GROUP CO., LTD.	-37.55%	12.64B
IHH HEALTHCARE	+4.81%	11.82B
BANGKOK DUSIT MEDICAL SERVICES	-4.50%	11.57B
APOLLO HOSPITALS ENTERPRISE LIMITED	+10.80%	10.88B
ENCOMPASS HEALTH CORPORATION	+25.85%	8.46B
RAMSAY HEALTH CARE LIMITED	-11.54%	7.17B
THE ENSIGN GROUP, INC.	+11.42%	7.06B
MOUWASAT MEDICAL SERVICES COMPANY	+8.41%	6.43B
FORTIS HEALTHCARE LIMITED	+8.61%	4.12B

Hospitals, Clinics & Primary Care Services