Financials Bangkok Life Assurance

Equities

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
17.5 ^THB	0.00%		+1.16%	-12.50%

Apr. 24	Bangkok Life Assurance Public Company Limited Approves Dividend for the Year Ended December 31, 2023, Payable on May 21, 2024	CI
Feb. 21	Bangkok Life Assurance Public Company Limited Proposes Dividend for the Year 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	35,347	35,859	63,607	49,093	34,151	29,882	-	-
Enterprise Value (EV) ¹	35,347	35,859	63,607	49,093	34,151	29,882	29,882	29,882
P/E ratio	8.06 x	22.3 x	19.9 x	15.3 x	13.4 x	9.31 x	7.68 x	6.55 x
Yield	3.14%	1.1%	1.5%	2.09%	-	3.2%	3.89%	4.57%
Capitalization / Revenue	0.72 x	0.76 x	1.32 x	1.02 x	0.75 x	0.65 x	0.63 x	0.61 x
EV / Revenue	0.72 x	0.76 x	1.32 x	1.02 x	0.75 x	0.65 x	0.63 x	0.61 x
EV / EBITDA	6,555,340 x	19,266,965 x	-	-	-	-	-	-
EV / FCF	7,345,748 x	-7,390,018 x	-	-	-	-	-	-
FCF Yield	0%	-0%	-	-	-	-	-	-
Price to Book	0.8 x	0.78 x	1.33 x	1.1 x	0.77 x	0.57 x	0.54 x	0.51 x
Nbr of stocks (in thousands)	1,707,566	1,707,566	1,707,566	1,707,566	1,707,566	1,707,566	-	-
Reference price ²	20.70	21.00	37.25	28.75	20.00	17.50	17.50	17.50
Announcement Date	2/26/20	2/24/21	2/25/22	2/22/23	2/21/24	-	-	-

¹THB in Million²THB

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	48,902	47,337	48,169	48,185	45,434	45,941	47,485	49,045
EBITDA	5,392	1,861	-	-	-	-	-	-
EBIT ¹	5,306	1,761	3,764	3,779	2,992	6,133	6,881	7,629
Operating Margin	10.85%	3.72%	7.81%	7.84%	6.58%	13.35%	14.49%	15.56%
Earnings before Tax (EBT) ¹	5,306	-	3,764	3,779	2,992	4,004	4,862	5,704
Net income ¹	4,386	1,608	3,196	3,212	2,548	3,203	3,889	4,563
Net margin	8.97%	3.4%	6.63%	6.67%	5.61%	6.97%	8.19%	9.3%
EPS ²	2.569	0.9410	1.872	1.880	1.490	1.880	2.280	2.670
Free Cash Flow	4,812	-4,852	-	-	-	-	-	-
FCF margin	9.84%	-10.25%	-	-	-	-	-	-
FCF Conversion (EBITDA)	89.24%	-	-	-	-	-	-	-
FCF Conversion (Net income)	109.71%	-	-	-	-	-	-	-
Dividend per Share ²	0.6500	0.2300	0.5600	0.6000	-	0.5600	0.6800	0.8000
Announcement Date	2/26/20	2/24/21	2/25/22	2/22/23	2/21/24	-	-	-

¹THB in Million²THB

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	4,812	-4,852	-	-	-	-	-	-
ROE (net income / shareholders' equity)	10.6%	3.64%	6.8%	6.93%	5.71%	6.6%	7.3%	8.1%
ROA (Net income/ Total Assets)	1.33%	0.48%	0.93%	0.93%	0.76%	0.9%	1.1%	1.2%
Assets ¹	329,130	336,732	343,281	344,886	334,422	355,889	353,545	380,250
Book Value Per Share ²	25.90	27.00	28.10	26.20	26.00	30.50	32.10	34.00
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	158	861	-	-	-	-	-	-
Capex / Sales	0.32%	1.82%	-	-	-	-	-	-
Announcement Date	2/26/20	2/24/21	2/25/22	2/22/23	2/21/24	-	-	-

¹THB in Million²THB

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

17.5 THB

Average target price

22.9 THB

Spread / Average Target

+30.86%

	1st Jan change	Capi.
BANGKOK LIFE ASSURANCE	-12.50%	807M
AXA	+14.78%	79.51B
METLIFE, INC.	+6.49%	50.22B
AFLAC INCORPORATED	+1.35%	48.11B
PRUDENTIAL FINANCIAL, INC.	+6.55%	39.71B
GENERALI	+19.34%	37.78B
SUN LIFE FINANCIAL INC.	+2.84%	30.07B
GREAT-WEST LIFECO INC.	-7.77%	27.56B
PRUDENTIAL PLC	-18.42%	24.71B
CATHAY FINANCIAL HOLDING CO., LTD.	+6.89%	21.99B