Financials LH Hotel Leasehold Real Estate Investment Trust

Equities

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
11.1 ^THB	-1.77%		-2.63%	-6.72%

Feb. 28	LH Hotel Leasehold Real Estate Investment Trust Announces the Dividend Payment for the Operating Period from September 16, 2023 to December 31, 2023, Payable on March 28, 2024	CI
Feb. 28	LH Hotel Leasehold Real Estate Investment Trust Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	10,489	5,379	4,411	6,563	12,482	11,643	-
Enterprise Value (EV) ¹	16,276	11,166	4,411	12,116	12,482	21,454	21,300
P/E ratio	15.3 x	-11.1 x	-	9.23 x	7.92 x	8.13 x	7.75 x
Yield	5.64%	1%	-	5.74%	-	10.5%	10.8%
Capitalization / Revenue	12.9 x	29 x	236 x	9.74 x	9.45 x	5.83 x	5.68 x
EV / Revenue	20 x	60.3 x	236 x	18 x	9.45 x	10.7 x	10.4 x
EV / EBITDA	21.5 x	73.5 x	-	-	-	11.4 x	11 x
EV / FCF	-	-	-	51,119,876 x	-	-	-
FCF Yield	-	-	-	0%	-	-	-
Price to Book	1.53 x	0.79 x	-	-	-	0.93 x	0.91 x
Nbr of stocks (in thousands)	537,920	537,920	537,920	537,920	1,048,920	1,048,920	-
Reference price ²	19.50	10.00	8.200	12.20	11.90	11.10	11.10
Announcement Date	2/11/20	2/25/21	2/28/22	2/27/23	2/28/24	-	-

¹THB in Million²THB

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	812.6	185.2	18.67	673.5	1,321	1,996	2,049
EBITDA ¹	756.8	152	-	-	-	1,882	1,933
EBIT ¹	720.1	152	-	-	-	1,882	1,933
Operating Margin	88.62%	82.07%	-	-	-	94.29%	94.34%
Earnings before Tax (EBT) ¹	685.6	-485	-	711.3	1,577	1,432	1,503
Net income ¹	685.6	-485	-437	711.3	1,577	1,432	1,503
Net margin	84.37%	-261.84%	-2,341.2%	105.61%	119.39%	71.74%	73.35%
EPS ²	1.275	-0.9016	-	1.322	1.503	1.366	1.433
Free Cash Flow	-	-	-	237	-	-	-
FCF margin	-	-	-	35.19%	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	33.32%	-	-	-
Dividend per Share ²	1.100	0.1000	-	0.7000	-	1.160	1.197
Announcement Date	2/11/20	2/25/21	2/28/22	2/27/23	2/28/24	-	-

¹THB in Million²THB

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	5,787	5,787	-	5,553	-	9,811	9,657
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.647 x	38.07 x	-	-	-	5.213 x	4.996 x
Free Cash Flow	-	-	-	237	-	-	-
ROE (net income / shareholders' equity)	10.1%	-7.44%	-	11.8%	-	11.6%	11.9%
ROA (Net income/ Total Assets)	6.51%	-3.94%	-	5.93%	-	6.3%	6.6%
Assets ¹	10,528	12,320	-	11,996	-	22,730	22,773
Book Value Per Share ²	12.80	12.60	-	-	-	12.00	12.20
Cash Flow per Share ²	-6.550	0.7500	-	0.4400	-	1.370	1.430
Capex	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-
Announcement Date	2/11/20	2/25/21	2/28/22	2/27/23	2/28/24	-	-

¹THB in Million²THB

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

11.1 THB

Average target price

14.4 THB

Spread / Average Target

+29.73%

	1st Jan change	Capi.
LH HOTEL LEASEHOLD REAL ESTATE INVESTMENT TRUST	-6.72%	314M
VICI PROPERTIES, INC.	-9.66%	30.15B
HOST HOTELS & RESORTS, INC.	-5.24%	13.26B
GAMING AND LEISURE PROPERTIES, INC.	-11.85%	11.71B
RYMAN HOSPITALITY PROPERTIES, INC.	-4.76%	6.25B
APPLE HOSPITALITY REIT, INC.	-11.68%	3.6B
PARK HOTELS & RESORTS INC.	+4.25%	3.36B
CAPITALAND ASCOTT TRUST	-9.09%	2.52B
JAPAN HOTEL REIT INVESTMENT CORPORATION	+22.40%	2.46B
COVIVIO HOTELS	-8.54%	2.37B