Financials CPN Retail Growth Leasehold REIT

Equities

CPNREIT

TH8351010005

Commercial REITs

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-05-02 pm EDT			5-day change	1st Jan Change
10.3 ^THB	-0.96%		-5.50%	-8.85%

Apr. 05	CPN Retail Growth Leasehold REIT Approves Dividend for the Period from 1 January to 3 May 2024, Payable on 17 May 2024	CI
Feb. 20	CPN Retail Growth Leasehold REIT Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	72,459	42,037	51,874	50,077	29,019	26,451	-	-
Enterprise Value (EV) ¹	86,473	63,910	73,277	71,036	29,019	49,113	62,080	63,104
P/E ratio	21.8 x	138 x	59.9 x	23.7 x	8.97 x	11.2 x	12.2 x	8.51 x
Yield	4.96%	1.42%	2.19%	5.55%	-	10%	9.4%	11.1%
Capitalization / Revenue	14.2 x	10.4 x	14.8 x	10.3 x	5.07 x	4.45 x	4.08 x	3.43 x
EV / Revenue	16.9 x	15.8 x	20.9 x	14.6 x	5.07 x	8.26 x	9.57 x	8.17 x
EV / EBITDA	20.4 x	19.7 x	28.5 x	19 x	6.23 x	10.4 x	12.9 x	11.1 x
EV / FCF	20.5 x	-12.1 x	-7.09 x	19.2 x	-	-5.48 x	-11.3 x	10.2 x
FCF Yield	4.87%	-8.29%	-14.1%	5.2%	-	-18.2%	-8.82%	9.81%
Price to Book	2.44 x	1.5 x	1.53 x	1.5 x	-	0.8 x	0.95 x	0.93 x
Nbr of stocks (in thousands)	2,212,477	2,212,477	2,568,034	2,568,034	2,568,034	2,568,034	-	-
Reference price ²	32.75	19.00	20.20	19.50	11.30	10.30	10.30	10.30
Announcement Date	2/24/20	2/19/21	2/18/22	2/20/23	2/20/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,111	4,041	3,502	4,864	5,728	5,942	6,486	7,722
EBITDA ¹	4,248	3,244	2,567	3,749	4,659	4,706	4,827	5,676
EBIT ¹	4,228	3,244	2,567	3,749	4,659	4,697	4,820	5,676
Operating Margin	82.72%	80.27%	73.31%	77.07%	81.34%	79.05%	74.32%	73.5%
Earnings before Tax (EBT) ¹	-	304.6	865.9	2,111	3,235	3,881	4,080	4,274
Net income ¹	3,320	304.6	865.9	2,111	3,235	3,307	3,195	4,573
Net margin	64.95%	7.54%	24.73%	43.41%	56.48%	55.65%	49.26%	59.22%
EPS ²	1.500	0.1377	0.3372	0.8220	1.260	0.9225	0.8425	1.210
Free Cash Flow ¹	4,210	-5,299	-10,342	3,692	-	-8,963	-5,475	6,190
FCF margin	82.37%	-131.13%	-295.35%	75.9%	-	-150.83%	-84.42%	80.15%
FCF Conversion (EBITDA)	99.11%	-	-	98.48%	-	-	-	109.05%
FCF Conversion (Net income)	126.83%	-	-	174.86%	-	-	-	135.34%
Dividend per Share ²	1.623	0.2707	0.4423	1.081	-	1.032	0.9680	1.147
Announcement Date	2/24/20	2/19/21	2/18/22	2/20/23	2/20/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2023 Q1	2023 Q2	2023 Q3	2023 Q4
Net sales ¹	688.1	-	1,089	-	1,412	1,456	1,530
EBITDA ¹	-	-	-	-	1,193	1,247	1,202
EBIT	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	634.2	-	-	-
Net income ¹	-845.9	1,148	465.7	634.2	-	555.9	572.4
Net margin	-122.94%	-	42.78%	-	-	38.17%	37.42%
EPS ²	-	-	-	-	0.1198	0.2165	0.2229
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	11/8/21	2/18/22	5/10/22	5/15/23	8/11/23	11/14/23	2/20/24

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	14,014	21,873	21,402	20,960	-	22,662	35,629	36,653
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.299 x	6.743 x	8.337 x	5.591 x	-	4.816 x	7.381 x	6.458 x
Free Cash Flow ¹	4,210	-5,299	-10,342	3,692	-	-8,963	-5,475	6,190
ROE (net income / shareholders' equity)	12.6%	5.33%	2.8%	4.15%	-	8.58%	8.2%	10%
ROA (Net income/ Total Assets)	8.03%	2.6%	1.15%	1.75%	-	3.92%	3.85%	4.57%
Assets ¹	41,333	11,715	75,275	120,679	-	84,278	82,996	99,998
Book Value Per Share ²	13.40	12.70	13.20	13.00	-	12.90	10.80	11.10
Cash Flow per Share ²	1.900	-3.170	-1.490	-	-	0.7200	0.6600	1.800
Capex ¹	-	8,590	6,524	15.8	-	12,658	8,024	-
Capex / Sales	-	212.56%	186.31%	0.32%	-	213.02%	123.7%	-
Announcement Date	2/24/20	2/19/21	2/18/22	2/20/23	2/20/24	-	-	-

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 CPN Retail Growth Leasehold REIT

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

10.3 THB

Average target price

12.06 THB

Spread / Average Target

+17.09%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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