EAST COAST FURNITECH

Financials East Coast Furnitech

Equities

ECF

TH4397010000

Home Furnishings

End-of-day quote Thailand S.E. Other stock markets 18:00:00 2024-05-16 EDT			5-day change	1st Jan Change
0.76 ^THB	+1.33%		0.00%	-25.49%

02-28	East Coast Furnitech Public Company Limited Proposes Omitting the Dividend for the Year Ended December 31, 2023	CI
02-28	East Coast Furnitech Public Company Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	2,187	1,171	1,276	1,823	1,689	978.7
Enterprise Value (EV) ¹	3,622	2,958	3,082	3,927	4,034	3,380
P/E ratio	63.3 x	29.1 x	31 x	35.9 x	45.1 x	-6.77 x
Yield	1.33%	1.37%	0.94%	0.83%	0.63%	-
Capitalization / Revenue	1.45 x	0.91 x	0.91 x	1.16 x	1.18 x	0.71 x
EV / Revenue	2.41 x	2.29 x	2.21 x	2.49 x	2.81 x	2.45 x
EV / EBITDA	16.5 x	13.4 x	16.8 x	22.7 x	21.9 x	956 x
EV / FCF	-9.28 x	-25.6 x	-43.9 x	-14.6 x	-14.7 x	17 x
FCF Yield	-10.8%	-3.91%	-2.28%	-6.85%	-6.81%	5.87%
Price to Book	1.53 x	0.82 x	1.04 x	1.4 x	1.26 x	0.83 x
Nbr of stocks (in thousands)	959,405	959,488	959,488	959,488	959,488	959,506
Reference price ²	2.280	1.220	1.330	1.900	1.760	1.020
Announcement Date	2/27/19	2/28/20	3/1/21	2/24/22	2/28/23	2/28/24

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	1,504	1,291	1,396	1,578	1,434	1,377
EBITDA ¹	219.5	220.7	183.2	172.7	183.8	3.535
EBIT ¹	143.1	146.2	142.2	132.3	139.5	-30.66
Operating Margin	9.52%	11.33%	10.18%	8.39%	9.73%	-2.23%
Earnings before Tax (EBT) ¹	42.26	41.85	45.45	52.59	38.31	-183.6
Net income ¹	33.76	40.29	41.16	50.85	37.46	-144.5
Net margin	2.25%	3.12%	2.95%	3.22%	2.61%	-10.49%
EPS ²	0.0360	0.0420	0.0429	0.0530	0.0390	-0.1506
Free Cash Flow ¹	-390.1	-115.6	-70.2	-269	-274.9	198.5
FCF margin	-25.95%	-8.96%	-5.03%	-17.05%	-19.18%	14.41%
FCF Conversion (EBITDA)	-	-	-	-	-	5,616.45%
FCF Conversion (Net income)	-	-	-	-	-	-
Dividend per Share ²	0.0302	0.0167	0.0125	0.0157	0.0110	-
Announcement Date	2/27/19	2/28/20	3/1/21	2/24/22	2/28/23	2/28/24

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	1,435	1,787	1,806	2,104	2,345	2,402
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.534 x	8.1 x	9.859 x	12.18 x	12.76 x	679.4 x
Free Cash Flow ¹	-390	-116	-70.2	-269	-275	199
ROE (net income / shareholders' equity)	2.35%	2.71%	2.55%	3.97%	2.76%	-11.5%
ROA (Net income/ Total Assets)	2.9%	2.62%	2.58%	2.27%	2.25%	-0.48%
Assets ¹	1,166	1,540	1,596	2,244	1,663	30,234
Book Value Per Share ²	1.490	1.490	1.280	1.360	1.400	1.230
Cash Flow per Share ²	0.1400	0.0900	0.2000	0.0200	0.0100	0.0200
Capex ¹	136	81.2	100	150	189	89.8
Capex / Sales	9.04%	6.29%	7.16%	9.5%	13.18%	6.52%
Announcement Date	2/27/19	2/28/20	3/1/21	2/24/22	2/28/23	2/28/24

¹THB in Million²THB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Furniture

	1st Jan change	Capi.
EAST COAST FURNITECH	-25.49%	20.19M
TEMPUR SEALY INTERNATIONAL, INC.	+4.06%	9.21B
JASON FURNITURE (HANGZHOU) CO.,LTD.	+9.14%	4.3B
SUOFEIYA HOME COLLECTION CO., LTD.	+35.05%	2.84B
DE RUCCI HEALTHY SLEEP CO., LTD.	+19.34%	2.02B
LA-Z-BOY INCORPORATED	-1.60%	1.55B
MOTOMOTION CHINA CORPORATION	+40.92%	1.24B
SHEELA FOAM LIMITED	-24.94%	1.21B
XILINMEN FURNITURE CO.,LTD	+26.40%	1.13B
HENGLIN HOME FURNISHINGS CO.,LTD	+15.95%	978M

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