Stock HFT HWA FONG RUBBER (THAILAND)
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Financials Hwa Fong Rubber (Thailand)

Equities

HFT

TH0755010Z09

Tires & Rubber Products

End-of-day quote Thailand S.E.
Other stock markets
 06:00:00 2024-05-02 pm EDT 		5-day change 1st Jan Change
4.08 THB 0.00% Intraday chart for Hwa Fong Rubber (Thailand) 0.00% -8.93%
Feb. 22 Hwa Fong Rubber Public Company Limited Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 Hwa Fong Rubber Public Company Limited Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 1,923 2,028 3,292 5,663 4,280 2,950
Enterprise Value (EV) 1 1,564 1,289 2,353 4,960 3,200 1,637
P/E ratio 8.59 x 7.27 x 7.98 x 12.3 x 11.8 x 11.8 x
Yield 5.14% 4.71% 6.3% 4.94% 5.85% 6.7%
Capitalization / Revenue 0.75 x 0.74 x 1.24 x 1.65 x 1.25 x 1.11 x
EV / Revenue 0.61 x 0.47 x 0.88 x 1.45 x 0.94 x 0.62 x
EV / EBITDA 4.46 x 2.93 x 4.18 x 8.25 x 6.41 x 4.1 x
EV / FCF -6.58 x 5.69 x 14.3 x -25.9 x 6.01 x 4.96 x
FCF Yield -15.2% 17.6% 6.98% -3.86% 16.7% 20.2%
Price to Book 0.68 x 0.69 x 1.01 x 1.6 x 1.18 x 0.82 x
Nbr of stocks (in thousands) 658,434 658,434 658,434 658,434 658,434 658,434
Reference price 2 2.920 3.080 5.000 8.600 6.500 4.480
Announcement Date 2/27/19 2/28/20 2/25/21 2/25/22 2/22/23 2/22/24
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 2,571 2,737 2,665 3,427 3,412 2,649
EBITDA 1 351 439.5 562.8 601.1 499.1 399.4
EBIT 1 266.1 344.8 468.2 502.3 384.8 287.7
Operating Margin 10.35% 12.6% 17.57% 14.66% 11.28% 10.86%
Earnings before Tax (EBT) 1 273.5 338.7 495.1 561.2 432.6 299
Net income 1 223.7 278.8 412.6 460.9 361.6 249.9
Net margin 8.7% 10.19% 15.48% 13.45% 10.6% 9.43%
EPS 2 0.3398 0.4235 0.6267 0.7000 0.5491 0.3795
Free Cash Flow 1 -237.9 226.5 164.1 -191.3 532.9 330.3
FCF margin -9.25% 8.28% 6.16% -5.58% 15.62% 12.47%
FCF Conversion (EBITDA) - 51.54% 29.16% - 106.77% 82.7%
FCF Conversion (Net income) - 81.24% 39.77% - 147.4% 132.2%
Dividend per Share 2 0.1500 0.1450 0.3150 0.4250 0.3800 0.3000
Announcement Date 2/27/19 2/28/20 2/25/21 2/25/22 2/22/23 2/22/24
1THB in Million2THB
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2
Net sales 1 - - - 907.6
EBITDA 1 116.2 161.7 - 148.9
EBIT 1 - - - 117.6
Operating Margin - - - 12.95%
Earnings before Tax (EBT) 1 - 135.3 - 148.2
Net income 1 - - 98.72 119.1
Net margin - - - 13.12%
EPS - - 0.1500 -
Dividend per Share - - - -
Announcement Date 11/3/21 2/25/22 5/6/22 8/5/22
1THB in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 358 739 940 702 1,079 1,313
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 -238 227 164 -191 533 330
ROE (net income / shareholders' equity) 8.08% 9.72% 13.3% 13.6% 10.1% 6.92%
ROA (Net income/ Total Assets) 5.12% 6.18% 7.79% 7.67% 5.72% 4.39%
Assets 1 4,374 4,514 5,299 6,010 6,326 5,695
Book Value Per Share 2 4.260 4.480 4.940 5.370 5.490 5.490
Cash Flow per Share 2 0.7100 1.090 1.440 1.020 1.460 1.730
Capex 1 501 170 279 130 68.1 103
Capex / Sales 19.5% 6.22% 10.45% 3.79% 2% 3.88%
Announcement Date 2/27/19 2/28/20 2/25/21 2/25/22 2/22/23 2/22/24
1THB in Million2THB
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

Company calendar

Sector Other Tires & Rubber Products

1st Jan change Capi.
HWA FONG RUBBER (THAILAND) Stock Hwa Fong Rubber (Thailand)
-8.93% 72.94M
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THE YOKOHAMA RUBBER CO., LTD. Stock The Yokohama Rubber Co., Ltd.
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DÄTWYLER HOLDING AG Stock Dätwyler Holding AG
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THE GOODYEAR TIRE & RUBBER COMPANY Stock The Goodyear Tire & Rubber Company
-14.53% 3.48B
SUMITOMO RUBBER INDUSTRIES, LTD. Stock Sumitomo Rubber Industries, Ltd.
+23.20% 3.25B
VIETNAM RUBBER INDUSTRY GROUP - Stock Vietnam Rubber Industry Group -
+38.68% 3.22B
TOYO TIRE CORPORATION Stock Toyo Tire Corporation
+22.99% 2.92B
KUMHO PETRO CHEMICAL CO.,LTD Stock Kumho Petro Chemical Co.,Ltd
+4.29% 2.44B
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