Financials Mega First Corporation

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
4.67 ^MYR	-0.21%		-3.31%	+26.56%

Mar. 21	Mega First Commence Voluntarily Liquidation of Two Units	MT
Mar. 19	Mega First to Pay Dividend; Shares Rise 5%	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,110	3,268	3,309	3,138	3,479	4,403	-	-
Enterprise Value (EV) ¹	2,779	3,848	3,853	3,379	3,868	4,148	3,789	3,389
P/E ratio	13.8 x	9.77 x	7.17 x	7.91 x	9.08 x	9.66 x	9.02 x	9.12 x
Yield	1.17%	1.81%	1.93%	2.24%	2.24%	1.92%	2.08%	2.28%
Capitalization / Revenue	3.01 x	4.26 x	3.62 x	2.34 x	2.64 x	3.17 x	2.97 x	2.82 x
EV / Revenue	3.96 x	5.02 x	4.21 x	2.52 x	2.94 x	2.98 x	2.55 x	2.17 x
EV / EBITDA	13.1 x	9.01 x	7.13 x	5.57 x	6.05 x	6.47 x	5.32 x	4.55 x
EV / FCF	182 x	15.9 x	10.8 x	6.72 x	8.29 x	7.26 x	6.71 x	6.56 x
FCF Yield	0.55%	6.28%	9.26%	14.9%	12.1%	13.8%	14.9%	15.2%
Price to Book	1.39 x	1.69 x	1.38 x	1.14 x	1.14 x	1.27 x	1.14 x	1.02 x
Nbr of stocks (in thousands)	825,689	947,358	945,421	945,306	942,760	942,760	-	-
Reference price ²	2.555	3.450	3.500	3.320	3.690	4.670	4.670	4.670
Announcement Date	2/25/20	2/26/21	2/25/22	2/27/23	2/28/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	701.9	767.1	914.7	1,340	1,318	1,391	1,483	1,562
EBITDA ¹	211.8	427.3	540.6	606.9	639	641.6	712.8	744.5
EBIT ¹	197.4	411.6	439.6	503	530.5	520.1	566.3	590.1
Operating Margin	28.13%	53.66%	48.06%	37.55%	40.26%	37.39%	38.18%	37.77%
Earnings before Tax (EBT) ¹	189	389.3	539.6	490.6	476.8	501.8	561.3	595.1
Net income ¹	151.7	321.4	462.3	396.8	383.7	456.4	488.4	483.2
Net margin	21.62%	41.89%	50.55%	29.62%	29.12%	32.82%	32.93%	30.93%
EPS ²	0.1847	0.3530	0.4881	0.4198	0.4065	0.4835	0.5175	0.5120
Free Cash Flow ¹	15.23	241.5	356.8	502.6	466.3	571.2	564.9	516.3
FCF margin	2.17%	31.48%	39%	37.52%	35.39%	41.07%	38.09%	33.05%
FCF Conversion (EBITDA)	7.19%	56.52%	65.99%	82.82%	72.98%	89.03%	79.25%	69.35%
FCF Conversion (Net income)	10.04%	75.14%	77.16%	126.67%	121.53%	125.14%	115.68%	106.86%
Dividend per Share ²	0.0300	0.0625	0.0675	0.0745	0.0825	0.0898	0.0972	0.1062
Announcement Date	2/25/20	2/26/21	2/25/22	2/27/23	2/28/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	669	580	544	240	389	-	-	-
Net Cash position ¹	-	-	-	-	-	255	614	1,014
Leverage (Debt/EBITDA)	3.158 x	1.356 x	1.006 x	0.3961 x	0.609 x	-	-	-
Free Cash Flow ¹	15.2	241	357	503	466	571	565	516
ROE (net income / shareholders' equity)	10.7%	18.5%	21.4%	15.4%	13.2%	13.7%	13.1%	11.8%
ROA (Net income/ Total Assets)	5.67%	10.7%	13.3%	9.73%	8.73%	9.9%	9.45%	8.05%
Assets ¹	2,674	2,994	3,475	4,080	4,397	4,611	5,168	6,002
Book Value Per Share ²	1.830	2.040	2.530	2.910	3.240	3.690	4.110	4.560
Cash Flow per Share ²	-	-	0.4900	0.6100	0.6200	0.6600	0.7300	0.7900
Capex ¹	26.9	52.3	112	77.4	121	132	129	127
Capex / Sales	3.84%	6.82%	12.25%	5.78%	9.15%	9.48%	8.7%	8.15%
Announcement Date	2/25/20	2/26/21	2/25/22	2/27/23	2/28/24	-	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.67 MYR

Average target price

4.995 MYR

Spread / Average Target

+6.96%

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