Financials Sansiri

Equities

SIRI

TH0577C10Z04

Real Estate Development & Operations

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-07-10 pm EDT			5-day change	1st Jan Change
1.72 ^THB	+1.18%		+1.18%	-2.82%

Jun. 25	XSpring Asset Management Company Limited completed the acquisition of 44.9% stake in Chatnalin Co., Ltd. from Sansiri Public Company Limited for THB 240 million.	CI
May. 31	Sansiri Public Company Limited Announces Forming of A New Subsidiary	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	15,416	12,039	18,306	26,265	29,181	29,640	-	-
Enterprise Value (EV) ¹	75,554	68,986	80,830	26,265	108,765	105,645	110,587	133,570
P/E ratio	6.41 x	7.36 x	11 x	6.67 x	5.12 x	5.88 x	5.86 x	5.61 x
Yield	7.34%	4.94%	4.88%	-	11.3%	9.67%	9.36%	10%
Capitalization / Revenue	0.61 x	0.36 x	0.64 x	0.78 x	0.79 x	0.76 x	0.76 x	0.73 x
EV / Revenue	2.99 x	2.04 x	2.82 x	0.78 x	2.94 x	2.71 x	2.84 x	3.3 x
EV / EBITDA	38.9 x	28.4 x	23.2 x	5.46 x	18.1 x	18.2 x	17.4 x	19.9 x
EV / FCF	-9.18 x	45.8 x	-26.6 x	-	-63.5 x	9.89 x	35.4 x	36.7 x
FCF Yield	-10.9%	2.18%	-3.76%	-	-1.57%	10.1%	2.83%	2.72%
Price to Book	0.5 x	0.32 x	0.47 x	-	0.62 x	0.62 x	0.59 x	0.58 x
Nbr of stocks (in thousands)	14,142,734	14,862,734	14,883,054	14,923,126	16,486,281	17,232,291	-	-
Reference price ²	1.090	0.8100	1.230	1.760	1.770	1.720	1.720	1.720
Announcement Date	3/2/20	3/1/21	3/1/22	2/28/23	2/28/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	25,241	33,833	28,642	33,712	36,965	39,043	38,968	40,481
EBITDA ¹	1,941	2,432	3,477	4,807	6,003	5,811	6,359	6,704
EBIT ¹	1,512	1,605	2,660	3,957	5,098	5,045	5,472	5,707
Operating Margin	5.99%	4.74%	9.29%	11.74%	13.79%	12.92%	14.04%	14.1%
Earnings before Tax (EBT) ¹	2,897	2,218	2,675	5,193	7,366	6,122	5,938	5,968
Net income ¹	2,392	1,673	2,017	4,280	6,060	5,011	5,119	5,100
Net margin	9.48%	4.95%	7.04%	12.7%	16.39%	12.84%	13.14%	12.6%
EPS ²	0.1700	0.1100	0.1120	0.2640	0.3460	0.2927	0.2934	0.3067
Free Cash Flow ¹	-8,230	1,507	-3,040	-	-1,712	10,685	3,127	3,636
FCF margin	-32.61%	4.45%	-10.61%	-	-4.63%	27.37%	8.02%	8.98%
FCF Conversion (EBITDA)	-	61.95%	-	-	-	183.88%	49.18%	54.24%
FCF Conversion (Net income)	-	90.04%	-	-	-	213.23%	61.09%	71.3%
Dividend per Share ²	0.0800	0.0400	0.0600	-	0.2000	0.1663	0.1610	0.1728
Announcement Date	3/2/20	3/1/21	3/1/22	2/28/23	2/28/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1
Net sales ¹	17,390	14,539	7,087	5,057	7,269	8,669	12,835	7,648	9,185	16,832	9,332	10,801	-	9,734	9,404	19,182
EBITDA	615.8	2,042	335.5	868.3	-	1,501	1,783	1,322	1,395	2,718	1,765	-	-	1,245	-	-
EBIT ¹	212.8	1,628	131.5	654.8	772	1,288	1,575	1,088	1,158	2,247	1,542	1,309	-	1,031	1,124	2,180
Operating Margin	1.22%	11.2%	1.86%	12.95%	10.62%	14.86%	12.27%	14.23%	12.61%	13.35%	16.53%	12.12%	-	10.59%	11.95%	11.36%
Earnings before Tax (EBT) ¹	538.6	1,425	375.2	403.4	1,154	1,582	2,054	1,947	-	-	1,881	1,562	-	1,599	1,322	2,518
Net income ¹	320.1	1,046	343	302.6	917.6	1,268	1,791	1,536	1,621	3,203	1,557	1,300	-	1,315	1,268	2,630
Net margin	1.84%	7.19%	4.84%	5.98%	12.62%	14.63%	13.96%	20.09%	17.65%	19.03%	16.69%	12.04%	-	13.51%	13.49%	13.71%
EPS	-	-	-	-	-	-	-	0.0920	0.0930	-	0.0870	0.0740	-	0.0720	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	0.1000	0.1000	-	-	-
Announcement Date	8/17/20	8/16/21	3/1/22	5/17/22	8/15/22	11/14/22	2/28/23	5/15/23	8/11/23	8/11/23	11/13/23	2/28/24	2/28/24	5/14/24	-	-

¹THB in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	60,139	56,947	62,524	-	79,584	76,005	80,948	103,930
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	30.98 x	23.42 x	17.98 x	-	13.26 x	13.08 x	12.73 x	15.5 x
Free Cash Flow ¹	-8,230	1,507	-3,040	-	-1,712	10,685	3,127	3,636
ROE (net income / shareholders' equity)	7.74%	4.9%	5.27%	-	13.3%	10.7%	10.1%	10.2%
ROA (Net income/ Total Assets)	2.35%	1.51%	1.76%	-	4.41%	3.43%	3.4%	3.49%
Assets ¹	101,845	110,484	114,631	-	137,424	146,100	150,641	146,262
Book Value Per Share ²	2.190	2.510	2.640	-	2.860	2.780	2.910	2.960
Cash Flow per Share ²	1.150	1.780	1.450	-	0.1700	0.2700	0.5800	0.3200
Capex ¹	943	1,324	666	-	4,507	1,372	1,035	1,545
Capex / Sales	3.74%	3.91%	2.33%	-	12.19%	3.51%	2.66%	3.82%
Announcement Date	3/2/20	3/1/21	3/1/22	2/28/23	2/28/24	-	-	-

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 Sansiri

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1.72 THB

Average target price

2.079 THB

Spread / Average Target

+20.87%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Residential Real Estate Development

	1st Jan change	Capi.
SANSIRI	-2.82%	821M
VONOVIA SE	+2.03%	26.11B
AKELIUS RESIDENTIAL PROPERTY AB	+10.07%	11.09B
CHINA VANKE CO., LTD.	-34.89%	10.33B
DEUTSCHE WOHNEN SE	-20.47%	8.22B
VINHOMES	-11.00%	6.58B
LEG IMMOBILIEN SE	+4.74%	6.77B
VINGROUP	-7.85%	6.01B
OPEN HOUSE GROUP CO., LTD.	+29.05%	3.96B
BRIGADE ENTERPRISES LIMITED	+44.89%	3.61B

Residential Real Estate Development