Financials IOI Properties Group

Equities

IOIPG

MYL5249OO007

Real Estate Development & Operations

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
2.15 ^MYR	-0.46%		+0.47%	+22.86%

Feb. 28	IOI Properties Group Berhad Reports Earnings Results for the Second Quarter and Six Months Ended December 31, 2023	CI
Feb. 28	IOI Properties Group Berhad Appoints Jeanie Lim Lai Ling as Independent and Non Executive Director, Effective 01 March 2024	CI

Valuation

Fiscal Period: Juni	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,598	5,396	6,167	5,506	5,892	11,838	-	-
Enterprise Value (EV) ¹	17,348	14,819	15,329	19,972	21,044	26,226	25,248	27,517
P/E ratio	11.5 x	11.8 x	9.34 x	8.02 x	4.23 x	16.3 x	14.2 x	12.1 x
Yield	2.17%	1.53%	1.79%	-	4.67%	2.48%	2.7%	3.06%
Capitalization / Revenue	3.46 x	2.55 x	2.48 x	2.13 x	2.27 x	4.34 x	3.74 x	3.18 x
EV / Revenue	7.89 x	7 x	6.16 x	7.71 x	8.12 x	9.62 x	7.98 x	7.38 x
EV / EBITDA	17.6 x	18.4 x	16.4 x	18.3 x	15.7 x	27.6 x	21.5 x	19.7 x
EV / FCF	-	-	-	-24.1 x	15.1 x	-140 x	-260 x	64.7 x
FCF Yield	-	-	-	-4.16%	6.6%	-0.72%	-0.38%	1.55%
Price to Book	0.4 x	0.28 x	0.32 x	0.27 x	0.26 x	0.52 x	0.51 x	0.5 x
Nbr of stocks (in thousands)	5,506,145	5,506,145	5,506,145	5,506,145	5,506,145	5,506,145	-	-
Reference price ²	1.380	0.9800	1.120	1.000	1.070	2.150	2.150	2.150
Announcement Date	8/29/19	8/28/20	8/26/21	8/22/22	10/4/23	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Juni	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,198	2,116	2,489	2,590	2,593	2,727	3,163	3,729
EBITDA ¹	984.6	807.4	936.6	1,090	1,340	949.1	1,172	1,397
EBIT ¹	943.7	764.5	894.1	1,040	1,276	830.8	1,011	1,225
Operating Margin	42.94%	36.13%	35.93%	40.14%	49.22%	30.47%	31.98%	32.85%
Earnings before Tax (EBT) ¹	1,086	897.1	1,078	1,103	1,620	1,024	1,206	1,438
Net income ¹	661.3	455.7	660.2	686.7	1,393	725.3	831.7	977.5
Net margin	30.09%	21.53%	26.53%	26.51%	53.72%	26.6%	26.3%	26.22%
EPS ²	0.1201	0.0828	0.1199	0.1247	0.2530	0.1320	0.1510	0.1774
Free Cash Flow ¹	-	-	-	-830.3	1,389	-187.7	-97	425.2
FCF margin	-	-	-	-32.06%	53.58%	-6.88%	-3.07%	11.4%
FCF Conversion (EBITDA)	-	-	-	-	103.71%	-	-	30.44%
FCF Conversion (Net income)	-	-	-	-	99.73%	-	-	43.5%
Dividend per Share ²	0.0300	0.0150	0.0200	-	0.0500	0.0532	0.0580	0.0659
Announcement Date	8/29/19	8/28/20	8/26/21	8/22/22	10/4/23	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Junio	2022 Q1	2023 Q2	2024 Q1
Net sales	-	670.4	-
EBITDA	-	-	-
EBIT	-	-	-
Operating Margin	-	-	-
Earnings before Tax (EBT)	-	-	-
Net income ¹	208.8	402	174.4
Net margin	-	59.96%	-
EPS ²	0.0379	0.0730	0.0317
Dividend per Share	-	-	-
Announcement Date	11/25/21	2/24/23	11/24/23

¹MYR in Million²MYR

Estimates

Balance Sheet Analysis

Fiscal Period: Junio	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	9,750	9,423	9,162	14,466	15,152	14,388	13,410	15,679
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	9.903 x	11.67 x	9.782 x	13.28 x	11.31 x	15.16 x	11.44 x	11.22 x
Free Cash Flow ¹	-	-	-	-830	1,389	-188	-97	425
ROE (net income / shareholders' equity)	3.56%	2.41%	3.44%	3.43%	6.52%	3.17%	3.65%	4.12%
ROA (Net income/ Total Assets)	2.02%	1.39%	2%	1.88%	3.39%	1.66%	1.84%	2.12%
Assets ¹	32,719	32,809	33,058	36,466	41,063	43,692	45,200	46,108
Book Value Per Share ²	3.420	3.450	3.550	3.710	4.050	4.140	4.220	4.300
Cash Flow per Share ²	0.1400	0.1900	0.0200	0.1300	0.2800	0.6200	-0.0900	-
Capex ¹	126	160	123	1,523	167	132	158	161
Capex / Sales	5.73%	7.56%	4.95%	58.78%	6.42%	4.86%	4.99%	4.31%
Announcement Date	8/29/19	8/28/20	8/26/21	8/22/22	10/4/23	-	-	-

¹MYR in Million²MYR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for IOI Properties Group

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2.15 MYR

Average target price

2.661 MYR

Spread / Average Target

+23.78%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
IOI PROPERTIES GROUP	+22.86%	2.48B
MITSUI FUDOSAN CO., LTD.	+36.16%	27.94B
SUN HUNG KAI PROPERTIES LIMITED	-13.74%	26.97B
DLF LIMITED	+25.00%	26.95B
CHINA RESOURCES LAND LIMITED	-0.71%	25.32B
MITSUBISHI ESTATE CO., LTD.	+44.49%	22.58B
EMAAR PROPERTIES	+2.78%	19.59B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+1.45%	19.52B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+28.54%	16.23B
CK ASSET HOLDINGS LIMITED	-14.80%	14.98B

Other Real Estate Development & Operations