Financials Thai Eastern Group

Equities

TEGH

THA998010005

Tires & Rubber Products

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-07-08 pm EDT			5-day change	1st Jan Change
3.48 ^THB	-4.40%		-2.25%	+24.29%

May. 13	Thai Eastern Group Holdings Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 29	Thai Eastern Group Holdings Public Company Limited Approves Dividend Payment, Payable 24 May 2024	CI

Valuation

Fiscal Period: December	2022	2023	2024	2025
Capitalization ¹	5,119	3,024	3,758	-
Enterprise Value (EV) ¹	7,762	6,091	6,487	5,967
P/E ratio	6.08 x	-	8.49 x	6.33 x
Yield	5.49%	-	3.45%	4.89%
Capitalization / Revenue	0.33 x	0.25 x	0.24 x	0.23 x
EV / Revenue	0.5 x	0.5 x	0.42 x	0.36 x
EV / EBITDA	6.9 x	9.12 x	6.78 x	5.36 x
EV / FCF	11.2 x	-55.1 x	14.5 x	9.12 x
FCF Yield	8.96%	-1.82%	6.87%	11%
Price to Book	1.58 x	0.95 x	1.09 x	0.97 x
Nbr of stocks (in thousands)	1,080,000	1,080,000	1,080,000	-
Reference price ²	4.740	2.800	3.480	3.480
Announcement Date	2/27/23	2/28/24	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2021	2022	2023	2024	2025
Net sales ¹	-	15,403	12,143	15,373	16,513
EBITDA ¹	-	1,124	668.2	957	1,113
EBIT ¹	-	804.1	337.4	605	747
Operating Margin	-	5.22%	2.78%	3.94%	4.52%
Earnings before Tax (EBT) ¹	-	692.3	236.1	482	639
Net income ¹	562.5	684	214.9	443	594
Net margin	-	4.44%	1.77%	2.88%	3.6%
EPS ²	78.15	0.7800	-	0.4100	0.5500
Free Cash Flow ¹	-	695.2	-110.6	446	654
FCF margin	-	4.51%	-0.91%	2.9%	3.96%
FCF Conversion (EBITDA)	-	61.84%	-	46.6%	58.76%
FCF Conversion (Net income)	-	101.64%	-	100.68%	110.1%
Dividend per Share ²	-	0.2600	-	0.1200	0.1700
Announcement Date	3/31/22	2/27/23	2/28/24	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q3	2023 Q4	2024 Q1
Net sales ¹	-	4,249	3,595	3,178	-	2,938	3,709
EBITDA ¹	-	312.7	215.2	206.1	-	186.3	206.7
EBIT ¹	-	231.6	131.4	121.4	-	104.1	120.6
Operating Margin	-	5.45%	3.65%	3.82%	-	3.54%	3.25%
Earnings before Tax (EBT) ¹	-	153.4	159.5	110.9	-	71.21	72.68
Net income ¹	211.2	154	162.8	102.6	40.28	68.5	63.39
Net margin	-	3.62%	4.53%	3.23%	-	2.33%	1.71%
EPS ²	0.2610	0.1870	0.1350	0.0950	0.0370	-	0.0590
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	9/29/22	11/14/22	2/27/23	5/10/23	11/10/23	2/28/24	5/13/24

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2021	2022	2023	2024	2025
Net Debt ¹	-	2,643	3,067	2,729	2,209
Net Cash position ¹	-	-	-	-	-
Leverage (Debt/EBITDA)	-	2.351 x	4.59 x	2.852 x	1.984 x
Free Cash Flow ¹	-	695	-111	446	654
ROE (net income / shareholders' equity)	-	25.7%	6.69%	12.7%	15.2%
ROA (Net income/ Total Assets)	-	10.2%	3%	6.3%	8.3%
Assets ¹	-	6,710	7,174	7,032	7,157
Book Value Per Share ²	-	3.000	2.940	3.200	3.600
Cash Flow per Share	-	-	-	-	-
Capex ¹	-	358	598	380	380
Capex / Sales	-	2.32%	4.93%	2.47%	2.3%
Announcement Date	3/31/22	2/27/23	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 Thai Eastern Group

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3.48 THB

Average target price

4.8 THB

Spread / Average Target

+37.93%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Tires & Rubber Products

	1st Jan change	Capi.
THAI EASTERN GROUP	+24.29%	103M
BRIDGESTONE CORPORATION	+6.88%	26.32B
SAILUN GROUP CO., LTD.	+21.28%	6.18B
VIETNAM RUBBER INDUSTRY GROUP -	+79.25%	4.15B
THE YOKOHAMA RUBBER CO., LTD.	+2.63%	3.42B
DÄTWYLER HOLDING AG	-11.89%	3.25B
THE GOODYEAR TIRE & RUBBER COMPANY	-25.98%	3.02B
KUMHO PETRO CHEMICAL CO.,LTD	+17.68%	2.78B
SUMITOMO RUBBER INDUSTRIES, LTD.	+2.71%	2.53B
TOYO TIRE CORPORATION	+7.25%	2.39B

Other Tires & Rubber Products