Financials Wah Seong Corporation

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
1.51 ^MYR	+3.42%		+11.85%	+51.76%

Apr. 22	Wasco Closes MYR65 Million Sale of Properties in Selangor, Malaysia	MT
Feb. 27	Wasco Berhad Reports Earnings Results for the Fourth Quarter Ended December 31, 2023	CI

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	489.2	924.6	615.6	511	480.1	1,169	1,169	-
Enterprise Value (EV) ¹	1,104	1,960	1,254	1,023	941	1,063	1,321	1,127
P/E ratio	7.61 x	38.5 x	-2.08 x	-4.76 x	-76.5 x	7.11 x	12.1 x	11.2 x
Yield	-	0.83%	0.5%	-	-	-	-	-
Capitalization / Revenue	0.17 x	0.37 x	0.44 x	0.36 x	0.18 x	0.3 x	0.39 x	0.36 x
EV / Revenue	0.37 x	0.78 x	0.89 x	0.72 x	0.35 x	0.41 x	0.44 x	0.35 x
EV / EBITDA	3.12 x	9.01 x	12.2 x	9.44 x	3.16 x	3.02 x	4.03 x	3.33 x
EV / FCF	11.2 x	10.8 x	9.8 x	8.13 x	7.47 x	9.49 x	7.15 x	4.96 x
FCF Yield	8.94%	9.26%	10.2%	12.3%	13.4%	10.5%	14%	20.1%
Price to Book	0.52 x	0.94 x	0.87 x	0.87 x	0.83 x	1.09 x	1.43 x	1.26 x
Nbr of stocks (in thousands)	770,461	770,461	774,311	774,311	774,311	774,311	774,311	-
Reference price ²	0.6350	1.200	0.7950	0.6600	0.6200	1.510	1.510	1.510
Announcement Date	2/25/19	2/18/20	2/23/21	2/24/22	2/23/23	2/27/24	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	2,961	2,515	1,409	1,429	2,687	2,606	3,020	3,231
EBITDA ¹	354.1	217.6	103.2	108.5	297.9	352.1	328	338.5
EBIT ¹	164.3	63.98	5.915	42.09	227.3	274.3	246.5	264.9
Operating Margin	5.55%	2.54%	0.42%	2.94%	8.46%	10.53%	8.16%	8.2%
Earnings before Tax (EBT) ¹	107.1	5.562	-268	-100.3	82.02	218.3	183.9	204.6
Net income ¹	64.8	24.14	-295.1	-107.5	-6.3	108.4	96.63	103.9
Net margin	2.19%	0.96%	-20.95%	-7.52%	-0.23%	4.16%	3.2%	3.22%
EPS ²	0.0835	0.0311	-0.3817	-0.1388	-0.008100	0.1400	0.1250	0.1347
Free Cash Flow ¹	98.74	181.5	128	126	125.9	112	184.8	227
FCF margin	3.33%	7.22%	9.08%	8.81%	4.69%	4.3%	6.12%	7.03%
FCF Conversion (EBITDA)	27.89%	83.41%	124.01%	116.15%	42.27%	31.82%	56.34%	67.07%
FCF Conversion (Net income)	152.39%	751.9%	-	-	-	103.36%	191.24%	218.49%
Dividend per Share	-	0.0100	0.004000	-	-	-	-	-
Announcement Date	2/25/19	2/18/20	2/23/21	2/24/22	2/23/23	2/27/24	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	615	1,035	639	512	461	293	152	-
Net Cash position ¹	-	-	-	-	-	-	-	42.4
Leverage (Debt/EBITDA)	1.737 x	4.759 x	6.188 x	4.725 x	1.548 x	0.8311 x	0.4625 x	-
Free Cash Flow ¹	98.7	181	128	126	126	112	185	227
ROE (net income / shareholders' equity)	7.01%	7.03%	-12.4%	0.45%	10.9%	16.9%	12.4%	11.7%
ROA (Net income/ Total Assets)	2.18%	2.5%	-4.23%	0.13%	2.57%	3.83%	3.89%	3.92%
Assets ¹	2,968	963.8	6,974	-83,386	-244.9	2,830	2,486	2,653
Book Value Per Share ²	1.230	1.270	0.9100	0.7600	0.7500	0.9100	1.050	1.200
Cash Flow per Share	0.2500	0.2700	-	-	-	-	-	-
Capex ¹	98.2	62.3	52.8	96.1	36.7	128	56.7	53.3
Capex / Sales	3.32%	2.48%	3.75%	6.72%	1.36%	4.89%	1.88%	1.65%
Announcement Date	2/25/19	2/18/20	2/23/21	2/24/22	2/23/23	2/27/24	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1.51 MYR

Average target price

1.493 MYR

Spread / Average Target

-1.10%

	1st Jan change	Capi.
WAH SEONG CORPORATION	+51.76%	245M
SCHLUMBERGER LIMITED	-5.46%	70.32B
HALLIBURTON COMPANY	+6.61%	34.12B
BAKER HUGHES COMPANY	-3.92%	32.77B
TECHNIPFMC PLC	+32.03%	11.62B
WEATHERFORD INTERNATIONAL PLC	+30.81%	9.36B
NOV INC.	-6.95%	7.46B
CHAMPIONX CORPORATION	+19.34%	6.64B
CNOOC ENERGY TECHNOLOGY & SERVICES LIMITED	+46.67%	5.86B
TIDEWATER INC.	+32.74%	5B