Financials AIM Industrial Growth Freehold and Leasehold Real Estate Investment Trust

Equities

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-05-02 pm EDT			5-day change	1st Jan Change
10.8 ^THB	0.00%		+0.93%	+3.85%

Feb. 28	AIM Industrial Growth Freehold and Leasehold Real Estate Investment Trust Announces Distribution for the Period from 1 October 2023 to 31 December 2023, Payable on 28 March 2024	CI
Feb. 28	AIM Industrial Growth Freehold and Leasehold Real Estate Investment Trust Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,712	5,541	7,979	7,205	6,193	6,431	-	-
Enterprise Value (EV) ¹	7,308	7,649	10,232	10,311	6,193	9,398	9,395	6,431
P/E ratio	14.7 x	-	16.4 x	-	11.8 x	12.9 x	11.5 x	11 x
Yield	5.72%	6.52%	6.58%	7.34%	-	8.38%	8.47%	8.8%
Capitalization / Revenue	16.9 x	9.45 x	11 x	8.31 x	6.86 x	6.2 x	5.66 x	5.35 x
EV / Revenue	21.6 x	13.1 x	14.1 x	11.9 x	6.86 x	9.06 x	8.26 x	5.35 x
EV / EBITDA	-	-	-	-	9.09 x	12 x	10.5 x	6.95 x
EV / FCF	-	-	-	-	-	-6.63 x	9.58 x	5.97 x
FCF Yield	-	-	-	-	-	-15.1%	10.4%	16.7%
Price to Book	1.12 x	1.07 x	1.11 x	-	-	0.84 x	0.9 x	0.92 x
Nbr of stocks (in thousands)	426,250	426,250	595,481	595,481	595,481	595,481	-	-
Reference price ²	13.40	13.00	13.40	12.10	10.40	10.80	10.80	10.80
Announcement Date	2/27/20	2/24/21	2/28/22	2/27/23	2/28/24	-	-	-

¹THB in Million²THB

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	337.6	586.1	724.4	867.3	902.9	1,038	1,137	1,202
EBITDA ¹	-	-	-	-	681	780.5	893	926
EBIT ¹	277	472.3	556.2	-	681	780.5	893	926
Operating Margin	82.05%	80.58%	76.78%	-	75.43%	75.23%	78.54%	77.04%
Earnings before Tax (EBT) ¹	386.3	413.8	487.8	688.4	501.9	624.5	741.5	772
Net income ¹	386.3	413.8	487.8	-	525.9	624.5	741.5	772
Net margin	114.42%	70.6%	67.34%	-	58.25%	60.19%	65.22%	64.23%
EPS ²	0.9100	-	0.8191	-	0.8832	0.8400	0.9400	0.9800
Free Cash Flow ¹	-	-	-	-	-	-1,417	980.3	1,077
FCF margin	-	-	-	-	-	-136.6%	86.22%	89.59%
FCF Conversion (EBITDA)	-	-	-	-	-	-	109.78%	116.29%
FCF Conversion (Net income)	-	-	-	-	-	-	132.21%	139.49%
Dividend per Share ²	0.7664	0.8472	0.8822	0.8880	-	0.9050	0.9150	0.9500
Announcement Date	2/27/20	2/24/21	2/28/22	2/27/23	2/28/24	-	-	-

¹THB in Million²THB

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,596	2,108	2,252	3,105	-	2,967	2,964	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	3.801 x	3.319 x	-
Free Cash Flow ¹	-	-	-	-	-	-1,417	980	1,077
ROE (net income / shareholders' equity)	6.62%	8.06%	7.88%	7.77%	-	7.45%	7.85%	8.4%
ROA (Net income/ Total Assets)	4.81%	5.75%	5.57%	5.35%	-	5.7%	6%	6.8%
Assets ¹	8,032	7,202	8,760	-	-	10,956	12,358	11,353
Book Value Per Share ²	12.00	12.10	12.10	-	-	12.80	12.00	11.70
Cash Flow per Share ²	-	-0.2000	-2.710	-0.3700	-	0.8900	0.9400	0.9800
Capex ¹	-	-	2,396	892	-	2,434	15.2	-
Capex / Sales	-	-	330.81%	102.89%	-	234.6%	1.34%	-
Announcement Date	2/27/20	2/24/21	2/28/22	2/27/23	2/28/24	-	-	-

¹THB in Million²THB

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

10.8 THB

Average target price

14.25 THB

Spread / Average Target

+31.94%

	1st Jan change	Capi.
AIM INDUSTRIAL GROWTH FREEHOLD AND LEASEHOLD REAL ESTATE INVESTMENT TRUST	+3.85%	175M
PROLOGIS, INC.	-20.56%	98.04B
GOODMAN GROUP	+28.97%	40.98B
REXFORD INDUSTRIAL REALTY, INC.	-20.86%	9.65B
EASTGROUP PROPERTIES, INC.	-12.90%	7.68B
AMERICOLD REALTY TRUST, INC.	-25.01%	6.45B
STAG INDUSTRIAL, INC.	-10.29%	6.41B
FIRST INDUSTRIAL REALTY TRUST, INC.	-10.29%	6.25B
WAREHOUSES DE PAUW SA	-9.12%	6.12B
TERRENO REALTY CORPORATION	-12.41%	5.3B