Financials Panasonic Manufacturing Malaysia

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-05-02 pm EDT			5-day change	1st Jan Change
19.1 ^MYR	+0.63%		+0.53%	+6.11%

Apr. 02	Malaysian Shares Maintain Winning Streak; Shares of Ge-Shen Rally 10%	MT
Feb. 28	Panasonic Manufacturing Malaysia Berhad Reports Earnings Results for the Third Quarter and Nine Months Ended December 31, 2023	CI

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,290	1,633	1,883	1,731	1,385	1,160	-	-
Enterprise Value (EV) ¹	2,290	1,633	1,883	1,731	1,385	1,160	1,160	1,160
P/E ratio	21.7 x	13.9 x	16.1 x	33.5 x	17.3 x	15.5 x	12.4 x	11.3 x
Yield	5.99%	7.37%	5.26%	2.91%	5.35%	4.52%	6.05%	6.65%
Capitalization / Revenue	2.03 x	1.55 x	1.93 x	1.99 x	1.4 x	1.06 x	0.98 x	0.93 x
EV / Revenue	2.03 x	1.55 x	1.93 x	1.99 x	1.4 x	1.06 x	0.98 x	0.93 x
EV / EBITDA	17 x	9.42 x	13.8 x	28 x	14.4 x	11.7 x	10.2 x	9.3 x
EV / FCF	34,564,657 x	22,263,458 x	35,499,739 x	97,097,854 x	19,023,209 x	-	-	-
FCF Yield	0%	0%	0%	0%	0%	-	-	-
Price to Book	2.74 x	2 x	2.32 x	2.26 x	1.74 x	1.38 x	1.35 x	1.31 x
Nbr of stocks (in thousands)	60,746	60,746	60,746	60,746	60,746	60,746	-	-
Reference price ²	37.70	26.88	31.00	28.50	22.80	19.10	19.10	19.10
Announcement Date	5/28/19	6/29/20	5/28/21	5/31/22	5/30/23	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,128	1,052	974.6	868.8	991.6	1,090	1,186	1,245
EBITDA ¹	134.8	173.4	136.6	61.86	96.27	99.3	113.4	124.7
EBIT ¹	105.8	141.4	104.6	31.26	68.43	65.3	77.7	87.2
Operating Margin	9.38%	13.44%	10.73%	3.6%	6.9%	5.99%	6.55%	7%
Earnings before Tax (EBT) ¹	131.3	141.2	135.2	53.04	91.34	90.4	112.7	123.9
Net income ¹	105.8	117	116.5	51.51	80.13	75	93.5	102.9
Net margin	9.38%	11.12%	11.95%	5.93%	8.08%	6.88%	7.88%	8.26%
EPS ²	1.740	1.930	1.920	0.8500	1.320	1.235	1.541	1.695
Free Cash Flow	66.26	73.34	53.05	17.83	72.81	-	-	-
FCF margin	5.87%	6.97%	5.44%	2.05%	7.34%	-	-	-
FCF Conversion (EBITDA)	49.14%	42.29%	38.82%	28.83%	75.63%	-	-	-
FCF Conversion (Net income)	62.65%	62.69%	45.55%	34.61%	90.86%	-	-	-
Dividend per Share ²	2.260	1.980	1.630	0.8300	1.220	0.8640	1.156	1.271
Announcement Date	5/28/19	6/29/20	5/28/21	5/31/22	5/30/23	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	66.3	73.3	53	17.8	72.8	-	-	-
ROE (net income / shareholders' equity)	12.3%	14.2%	14.3%	6.53%	10.3%	8.9%	10.9%	11.6%
ROA (Net income/ Total Assets)	10.2%	11.8%	11.9%	5.45%	8.71%	7.5%	9%	9.6%
Assets ¹	1,040	993.2	974.7	945.2	920	1,000	1,039	1,072
Book Value Per Share ²	13.80	13.40	13.40	12.60	13.10	13.80	14.20	14.60
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	54.4	45.2	42.5	34.4	17	30	30	30
Capex / Sales	4.82%	4.3%	4.36%	3.96%	1.71%	2.75%	2.53%	2.41%
Announcement Date	5/28/19	6/29/20	5/28/21	5/31/22	5/30/23	-	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

19.1 MYR

Average target price

18.5 MYR

Spread / Average Target

-3.14%

	1st Jan change	Capi.
PANASONIC MANUFACTURING MALAYSIA	+6.11%	245M
MIDEA GROUP CO., LTD.	+27.73%	66.05B
HAIER SMART HOME CO., LTD.	+44.10%	36.81B
SHARKNINJA, INC.	+29.14%	9.19B
SEB S.A.	-0.53%	6.67B
ZHEJIANG SUPOR CO., LTD.	+11.11%	6.49B
DE'LONGHI S.P.A.	+3.67%	5.13B
HUSQVARNA AB	+4.41%	4.59B
NEWELL BRANDS INC.	-11.75%	3.18B
SPECTRUM BRANDS HOLDINGS, INC.	+4.89%	2.53B