Financials Asian Sea Corporation

Equities

ASIAN

TH0405010Y02

Food Processing

End-of-day quote Thailand S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
7.2 THB +2.13% Intraday chart for Asian Sea Corporation +5.88% +3.60%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 3,718 2,312 5,319 14,572 11,153 5,658
Enterprise Value (EV) 1 6,484 4,405 6,968 16,717 10,195 5,065
P/E ratio 10.3 x 17.4 x 6.5 x 14 x 11.4 x 18.7 x
Yield 3.65% 4.69% 5.61% 3.63% 4.74% 5.32%
Capitalization / Revenue 0.38 x 0.28 x 0.61 x 1.53 x 0.99 x 0.59 x
EV / Revenue 0.66 x 0.53 x 0.8 x 1.75 x 0.91 x 0.52 x
EV / EBITDA 9.38 x 9.73 x 6.87 x 11.7 x 6.47 x 5.66 x
EV / FCF 10.2 x 4.92 x 45.2 x -48 x 312 x 10.8 x
FCF Yield 9.79% 20.3% 2.21% -2.08% 0.32% 9.27%
Price to Book 1.34 x 0.82 x 1.52 x 3.6 x 1.77 x 0.91 x
Nbr of stocks (in thousands) 814,091 814,091 814,091 814,088 814,088 814,088
Reference price 2 4.567 2.840 6.533 17.90 13.70 6.950
Announcement Date 2/20/19 2/25/20 2/25/21 2/21/22 2/22/23 2/21/24
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 9,798 8,331 8,680 9,555 11,258 9,650
EBITDA 1 690.9 452.9 1,015 1,424 1,575 894.3
EBIT 1 496.5 249 789.8 1,188 1,305 583.8
Operating Margin 5.07% 2.99% 9.1% 12.44% 11.59% 6.05%
Earnings before Tax (EBT) 1 357.7 137.9 852.3 1,153 1,253 488.2
Net income 1 362.2 132.7 818.1 1,044 978.8 302.5
Net margin 3.7% 1.59% 9.42% 10.93% 8.69% 3.13%
EPS 2 0.4450 0.1630 1.005 1.283 1.202 0.3716
Free Cash Flow 1 634.9 894.4 154.1 -347.9 32.67 469.6
FCF margin 6.48% 10.74% 1.78% -3.64% 0.29% 4.87%
FCF Conversion (EBITDA) 91.89% 197.49% 15.18% - 2.07% 52.51%
FCF Conversion (Net income) 175.28% 674.05% 18.83% - 3.34% 155.24%
Dividend per Share 2 0.1667 0.1333 0.3667 0.6500 0.6500 0.3700
Announcement Date 2/20/19 2/25/20 2/25/21 2/21/22 2/22/23 2/21/24
1THB in Million2THB
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2022 Q2 2022 Q3
Net sales 1 2,429 - 2,996
EBITDA - - -
EBIT 1 295.4 - 306
Operating Margin 12.16% - 10.21%
Earnings before Tax (EBT) 1 293.5 - 312.7
Net income 1 271.1 264.4 242.8
Net margin 11.16% - 8.11%
EPS 2 0.3330 0.3200 0.3000
Dividend per Share - - -
Announcement Date 11/9/21 8/8/22 11/10/22
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 2,766 2,093 1,649 2,145 - -
Net Cash position 1 - - - - 958 593
Leverage (Debt/EBITDA) 4.003 x 4.621 x 1.625 x 1.506 x - -
Free Cash Flow 1 635 894 154 -348 32.7 470
ROE (net income / shareholders' equity) 13.7% 4.76% 25.9% 27.7% 17.4% 5.37%
ROA (Net income/ Total Assets) 4.65% 2.52% 8.19% 10.9% 9.43% 3.85%
Assets 1 7,794 5,272 9,988 9,551 10,385 7,862
Book Value Per Share 2 3.400 3.450 4.300 4.970 7.760 7.670
Cash Flow per Share 2 0.1200 0.1300 0.2500 0.1100 2.300 1.160
Capex 1 234 232 239 458 648 371
Capex / Sales 2.38% 2.78% 2.75% 4.79% 5.75% 3.84%
Announcement Date 2/20/19 2/25/20 2/25/21 2/21/22 2/22/23 2/21/24
1THB in Million2THB
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

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