Financials Amata Corporation

Equities

AMATA

TH0617A10Z08

Real Estate Development & Operations

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-05-02 pm EDT			5-day change	1st Jan Change
22.8 ^THB	+0.88%		+0.44%	-14.77%

Apr. 26	Amata Corporation Public Company Limited Announces Changes in the Board of Directors Structure and Sub-Committees Structure	CI
Apr. 26	Amata Corporation Public Company Limited Approves Dividends for the Year 2023, Payable on May 24, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	21,447	18,745	24,150	24,495	30,762	26,220	-	-
Enterprise Value (EV) ¹	32,600	32,440	36,424	36,570	44,460	42,365	40,525	42,368
P/E ratio	12.3 x	16 x	17.2 x	10.4 x	16.3 x	11.3 x	9.89 x	8.73 x
Yield	2.24%	1.84%	1.9%	2.82%	2.43%	3.19%	3.62%	4.08%
Capitalization / Revenue	3.63 x	4.46 x	4.74 x	3.77 x	3.23 x	2.27 x	1.99 x	1.81 x
EV / Revenue	5.51 x	7.72 x	7.15 x	5.62 x	4.67 x	3.67 x	3.08 x	2.93 x
EV / EBITDA	15.5 x	19.9 x	19.2 x	14.6 x	15.4 x	10.3 x	8.56 x	8.09 x
EV / FCF	14.4 x	-13.2 x	232 x	23.1 x	5.37 x	118 x	35.8 x	14.9 x
FCF Yield	6.93%	-7.55%	0.43%	4.32%	18.6%	0.85%	2.79%	6.71%
Price to Book	1.53 x	1.2 x	1.36 x	1.26 x	1.51 x	1.11 x	1.06 x	1.02 x
Nbr of stocks (in thousands)	1,067,000	1,150,000	1,150,000	1,150,000	1,150,000	1,150,000	-	-
Reference price ²	20.10	16.30	21.00	21.30	26.75	22.80	22.80	22.80
Announcement Date	2/28/20	2/25/21	2/28/22	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	5,914	4,202	5,097	6,502	9,517	11,542	13,147	14,473
EBITDA ¹	2,109	1,631	1,898	2,511	2,882	4,102	4,734	5,234
EBIT ¹	1,799	1,276	1,496	2,123	2,452	3,259	3,735	4,257
Operating Margin	30.42%	30.36%	29.34%	32.65%	25.76%	28.24%	28.41%	29.42%
Earnings before Tax (EBT) ¹	2,502	1,566	2,313	3,629	2,938	3,097	3,629	4,340
Net income ¹	1,742	1,103	1,402	2,341	1,885	2,299	2,592	2,957
Net margin	29.46%	26.26%	27.51%	36.01%	19.8%	19.92%	19.72%	20.43%
EPS ²	1.630	1.020	1.220	2.040	1.640	2.018	2.305	2.611
Free Cash Flow ¹	2,258	-2,449	156.8	1,582	8,273	358	1,130	2,842
FCF margin	38.18%	-58.28%	3.08%	24.33%	86.93%	3.1%	8.6%	19.64%
FCF Conversion (EBITDA)	107.05%	-	8.26%	62.98%	287.08%	8.73%	23.88%	54.3%
FCF Conversion (Net income)	129.63%	-	11.18%	67.55%	438.95%	15.57%	43.61%	96.1%
Dividend per Share ²	0.4500	0.3000	0.4000	0.6000	0.6500	0.7274	0.8252	0.9311
Announcement Date	2/28/20	2/25/21	2/28/22	2/28/23	2/28/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	914	2,495	1,044	1,587	1,584	2,287	2,140	1,414	2,839	3,124	2,567	-	-	-	-
EBITDA ¹	-	-	-	-	568	984.5	-	320.7	786.2	831.7	798.5	-	-	-	-
EBIT ¹	295.6	756.1	293.6	476.8	452.7	899.6	839	209	669.2	734.7	853.1	380.8	744.7	849.2	-
Operating Margin	32.34%	30.3%	28.13%	30.05%	28.58%	39.33%	39.2%	14.78%	23.57%	23.52%	33.23%	-	-	-	-
Earnings before Tax (EBT) ¹	-	1,249	957.5	1,032	644.1	995.1	819.3	445.9	708.6	-	526	-	-	-	-
Net income ¹	228.7	740.8	553.5	648.8	353.4	785.6	492	313.3	396.4	683.1	506.7	695	-	-	-
Net margin	25.02%	29.69%	53.03%	40.89%	22.32%	34.35%	22.99%	22.16%	13.96%	21.87%	19.74%	-	-	-	-
EPS ²	-	0.6400	0.4800	0.5600	0.3100	0.6900	0.4300	0.2700	0.3400	0.6000	0.4459	0.3169	0.4010	0.7777	-
Dividend per Share ²	-	-	-	-	-	0.6000	-	-	-	0.6500	-	-	-	0.7973	-
Announcement Date	11/12/21	2/28/22	5/13/22	8/11/22	11/14/22	2/28/23	5/15/23	8/11/23	11/14/23	2/28/24	-	-	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	11,153	13,695	12,274	12,075	13,698	16,145	14,305	16,148
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.287 x	8.398 x	6.467 x	4.808 x	4.753 x	3.936 x	3.022 x	3.085 x
Free Cash Flow ¹	2,258	-2,449	157	1,582	8,273	358	1,131	2,842
ROE (net income / shareholders' equity)	12.9%	7.43%	8.4%	12.6%	9.45%	10.7%	11.4%	11.8%
ROA (Net income/ Total Assets)	5.02%	2.88%	3.27%	5.03%	3.58%	4.54%	5.08%	5.87%
Assets ¹	34,709	38,310	42,844	46,548	52,623	50,630	51,048	50,357
Book Value Per Share ²	13.20	13.60	15.40	16.90	17.80	20.60	21.50	22.30
Cash Flow per Share ²	2.250	1.050	2.080	2.660	7.490	1.970	2.270	3.610
Capex ¹	3,109	78.3	104	285	336	1,657	1,468	2,272
Capex / Sales	52.56%	1.86%	2.04%	4.38%	3.53%	14.36%	11.17%	15.7%
Announcement Date	2/28/20	2/25/21	2/28/22	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 Amata Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

22.8 THB

Average target price

29.21 THB

Spread / Average Target

+28.10%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Industrial Real Estate Development

	1st Jan change	Capi.
AMATA CORPORATION	-14.77%	712M
AB SAGAX	+0.36%	9.1B
CTP N.V.	+8.25%	8.01B
CORPORACIÓN INMOBILIARIA VESTA, S.A.B. DE C.V.	-9.22%	3.12B
INVESTMENT AND INDUSTRIAL DEVELOPMENT CORPORATION	-12.40%	2.2B
WHA CORPORATION	-3.77%	2.07B
SWEDISH LOGISTIC PROPERTY AB	+0.46%	695M
PROPERTY FOR INDUSTRY LIMITED	-2.44%	671M
TRITAX EUROBOX PLC	-0.17%	605M
PT PURADELTA LESTARI TBK	0.00%	486M

Industrial Real Estate Development