Financials Ajinomoto (Malaysia)

Equities

AJI

MYL2658OO002

Food Processing

End-of-day quote BURSA MALAYSIA 06:00:00 2024-04-29 pm EDT 5-day change 1st Jan Change
19.42 MYR -0.10% Intraday chart for Ajinomoto (Malaysia) +2.53% +22.14%

Valuation

Fiscal Period: March 2018 2019 2020 2021 2022 2023
Capitalization 1 1,356 1,094 790.4 965.5 881.6 971.6
Enterprise Value (EV) 1 1,059 740 556.1 847 857.7 991.9
P/E ratio 24.1 x 19.3 x 13.2 x 20.8 x 51.9 x 35.3 x
Yield 2.09% 2.61% 3.79% 2.41% 0.59% 0.57%
Capitalization / Revenue 3.11 x 2.44 x 1.71 x 2.18 x 1.82 x 1.61 x
EV / Revenue 2.43 x 1.65 x 1.2 x 1.91 x 1.77 x 1.64 x
EV / EBITDA 14.6 x 9.56 x 6.57 x 11.5 x 21.3 x 29.2 x
EV / FCF 25.6 x 12.5 x -5.71 x -24.8 x -14.9 x -17.1 x
FCF Yield 3.9% 8.03% -17.5% -4.03% -6.72% -5.85%
Price to Book 3.1 x 2.35 x 1.59 x 1.88 x 1.74 x 1.84 x
Nbr of stocks (in thousands) 60,799 60,799 60,799 60,799 60,799 60,799
Reference price 2 22.30 18.00 13.00 15.88 14.50 15.98
Announcement Date 7/27/18 7/26/19 8/13/20 8/13/21 7/28/22 7/28/23
1MYR in Million2MYR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2018 2019 2020 2021 2022 2023
Net sales 1 436.3 447.7 461.7 443.1 484.7 603.7
EBITDA 1 72.43 77.37 84.61 73.33 40.19 34.01
EBIT 1 59.34 61.26 67.83 56.74 21.83 15.95
Operating Margin 13.6% 13.68% 14.69% 12.81% 4.5% 2.64%
Earnings before Tax (EBT) 1 67.07 72.66 77.75 61.26 24.29 15.86
Net income 1 56.26 56.58 59.85 46.5 17 27.49
Net margin 12.9% 12.64% 12.96% 10.49% 3.51% 4.55%
EPS 2 0.9254 0.9306 0.9844 0.7649 0.2795 0.4522
Free Cash Flow 1 41.32 59.41 -97.43 -34.17 -57.64 -57.99
FCF margin 9.47% 13.27% -21.1% -7.71% -11.89% -9.61%
FCF Conversion (EBITDA) 57.06% 76.78% - - - -
FCF Conversion (Net income) 73.45% 105% - - - -
Dividend per Share 2 0.4650 0.4700 0.4930 0.3825 0.0850 0.0910
Announcement Date 7/27/18 7/26/19 8/13/20 8/13/21 7/28/22 7/28/23
1MYR in Million2MYR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - 20.3
Net Cash position 1 297 354 234 119 23.9 -
Leverage (Debt/EBITDA) - - - - - 0.5974 x
Free Cash Flow 1 41.3 59.4 -97.4 -34.2 -57.6 -58
ROE (net income / shareholders' equity) 12.3% 12.5% 12.5% 9.23% 3.34% 5.31%
ROA (Net income/ Total Assets) 7.28% 7.51% 7.61% 5.42% 1.87% 1.35%
Assets 1 773 753.6 786.2 857.5 908.6 2,031
Book Value Per Share 2 7.190 7.650 8.150 8.430 8.320 8.700
Cash Flow per Share 2 2.080 1.750 1.860 1.950 1.240 0.9400
Capex 1 8.34 7.66 115 155 68.7 51.8
Capex / Sales 1.91% 1.71% 24.91% 35.05% 14.17% 8.59%
Announcement Date 7/27/18 7/26/19 8/13/20 8/13/21 7/28/22 7/28/23
1MYR in Million2MYR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

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