THREE-A RESOURCES

Financials Three-A Resources

Equities

3A

MYQ0012OO003

Food Processing

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-05-19 pm EDT			5-day change	1st Jan Change
0.945 ^MYR	-0.53%		+3.85%	+13.17%

Feb. 29	Three-A Resources Berhad Appoints Tan Soon Hoe as Non Independent and Non Executive Director	CI
Feb. 29	Three-A Resources Berhad Announces the Resignation of Lim Yee Mein as Non Independent and Non Executive Director	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	346.9	361.6	414.2	495.1	484.1	408.3
Enterprise Value (EV) ¹	357.5	331	399.4	447.6	482.2	358.7
P/E ratio	11.9 x	12.3 x	13.7 x	10.6 x	13.8 x	9.04 x
Yield	2.84%	2.72%	2.6%	2.18%	2.53%	2.99%
Capitalization / Revenue	0.79 x	0.83 x	0.95 x	0.96 x	0.73 x	0.68 x
EV / Revenue	0.82 x	0.76 x	0.92 x	0.87 x	0.73 x	0.59 x
EV / EBITDA	8.43 x	6.84 x	8.15 x	6.49 x	9.05 x	5.44 x
EV / FCF	-10.3 x	6.85 x	-425 x	11.1 x	-11.1 x	6.24 x
FCF Yield	-9.74%	14.6%	-0.24%	9.01%	-8.99%	16%
Price to Book	1.06 x	1.04 x	1.13 x	1.24 x	1.15 x	0.91 x
Nbr of stocks (in thousands)	492,000	492,000	490,231	490,231	489,000	489,000
Reference price ²	0.7050	0.7350	0.8450	1.010	0.9900	0.8350
Announcement Date	4/26/19	5/29/20	4/30/21	4/29/22	4/27/23	4/30/24

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	438	436.1	436.2	515.6	658.7	603.9
EBITDA ¹	42.4	48.41	48.98	69.02	53.28	65.92
EBIT ¹	33.54	40.14	40.27	59.79	42.93	54.42
Operating Margin	7.66%	9.21%	9.23%	11.6%	6.52%	9.01%
Earnings before Tax (EBT) ¹	34.2	40.26	40.71	62.51	47.8	57.42
Net income ¹	29.12	29.42	30.16	46.54	35.09	45.16
Net margin	6.65%	6.75%	6.92%	9.03%	5.33%	7.48%
EPS ²	0.0592	0.0598	0.0616	0.0949	0.0717	0.0923
Free Cash Flow ¹	-34.83	48.35	-0.9408	40.33	-43.33	57.47
FCF margin	-7.95%	11.09%	-0.22%	7.82%	-6.58%	9.52%
FCF Conversion (EBITDA)	-	99.88%	-	58.43%	-	87.18%
FCF Conversion (Net income)	-	164.36%	-	86.64%	-	127.27%
Dividend per Share ²	0.0200	0.0200	0.0220	0.0220	0.0250	0.0250
Announcement Date	4/26/19	5/29/20	4/30/21	4/29/22	4/27/23	4/30/24

¹MYR in Million²MYR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	10.6	-	-	-	-	-
Net Cash position ¹	-	30.6	14.9	47.6	1.94	49.6
Leverage (Debt/EBITDA)	0.2506 x	-	-	-	-	-
Free Cash Flow ¹	-34.8	48.4	-0.94	40.3	-43.3	57.5
ROE (net income / shareholders' equity)	9.13%	8.69%	8.44%	12.2%	8.58%	10.4%
ROA (Net income/ Total Assets)	5.47%	6.26%	6%	8.35%	5.52%	6.7%
Assets ¹	532.7	469.7	502.3	557.6	636.1	673.5
Book Value Per Share ²	0.6700	0.7100	0.7500	0.8100	0.8600	0.9200
Cash Flow per Share ²	0.0200	0.0900	0.0500	0.1100	0.0400	0.1100
Capex ¹	14.9	12.1	22.9	14.2	22.8	11.9
Capex / Sales	3.4%	2.78%	5.26%	2.75%	3.46%	1.97%
Announcement Date	4/26/19	5/29/20	4/30/21	4/29/22	4/27/23	4/30/24

¹MYR in Million²MYR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Chiffre d''affaires - Rate of surprise

Company calendar

Sector Food Ingredients

	1st Jan change	Capi.
THREE-A RESOURCES	+13.17%	99.1M
FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD.	+1.05%	29.22B
INTERNATIONAL FLAVORS & FRAGRANCES INC.	+22.05%	25.46B
KIKKOMAN CORPORATION	+6.38%	11.06B
LANCASTER COLONY CORPORATION	+15.43%	5.27B
MEIHUA HOLDINGS GROUP CO.,LTD	+17.59%	4.47B
ANGEL YEAST CO., LTD	-7.93%	3.83B
TATE & LYLE PLC	+2.73%	3.4B
JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO.,LTD	-0.32%	2.99B
KEWPIE CORPORATION	+26.22%	2.79B

Food Ingredients

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