Financials Exotic Food

Equities

XO

TH5778010006

Food Processing

End-of-day quote Thailand S.E. Other stock markets 18:00:00 2024-05-19 EDT			5-day change	1st Jan Change
30.25 ^THB	0.00%		-7.63%	+26.04%

05-13	Exotic Food Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-29	Exotic Food Public Company Limited Approves Cash Dividend for fiscal year 2023, Payable on May 15Th, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,442	4,715	8,453	5,533	10,243	12,911	-	-
Enterprise Value (EV) ¹	2,442	4,715	8,453	5,533	10,243	12,911	12,911	12,911
P/E ratio	19.8 x	14.8 x	18.3 x	16.3 x	13 x	15.8 x	14.3 x	12.9 x
Yield	-	5.48%	4.06%	3.06%	-	3.14%	3.47%	3.87%
Capitalization / Revenue	-	3.7 x	5.5 x	3.74 x	4.06 x	5.1 x	4.61 x	4.15 x
EV / Revenue	-	3.7 x	5.5 x	3.74 x	4.06 x	5.1 x	4.61 x	4.15 x
EV / EBITDA	-	-	15.7 x	13.3 x	11.3 x	13.9 x	12.5 x	11.2 x
EV / FCF	-	-	22.5 x	34.7 x	-	27.9 x	21.7 x	18.7 x
FCF Yield	-	-	4.44%	2.88%	-	3.59%	4.62%	5.36%
Price to Book	-	4.59 x	7.45 x	4.47 x	-	5.78 x	4.74 x	3.95 x
Nbr of stocks (in thousands)	424,764	424,764	424,764	425,607	426,812	426,812	-	-
Reference price ²	5.750	11.10	19.90	13.00	24.00	30.25	30.25	30.25
Announcement Date	2/24/20	2/23/21	2/21/22	2/17/23	2/20/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	1,275	1,538	1,480	2,521	2,530	2,803	3,108
EBITDA ¹	-	-	540	415.6	905.5	930	1,035	1,149
EBIT ¹	-	-	482.9	355.8	811.4	847	937	1,037
Operating Margin	-	-	31.41%	24.04%	32.19%	33.48%	33.43%	33.37%
Earnings before Tax (EBT) ¹	-	-	481.4	353.7	807.7	844	933	1,033
Net income ¹	122	-	462.3	340.2	785	810	896	992
Net margin	-	-	30.07%	22.98%	31.14%	32.02%	31.97%	31.92%
EPS ²	0.2900	0.7500	1.090	0.8000	1.840	1.910	2.110	2.340
Free Cash Flow ¹	-	-	375.6	159.4	-	463	596	692
FCF margin	-	-	24.43%	10.76%	-	18.3%	21.26%	22.27%
FCF Conversion (EBITDA)	-	-	69.55%	38.35%	-	49.78%	57.58%	60.23%
FCF Conversion (Net income)	-	-	81.24%	46.85%	-	57.16%	66.52%	69.76%
Dividend per Share ²	-	0.6080	0.8080	0.3980	-	0.9500	1.050	1.170
Announcement Date	2/24/20	2/23/21	2/21/22	2/17/23	2/20/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q3	2023 Q4	2024 Q1
Net sales ¹	-	810.9	709.1
EBITDA ¹	-	258.5	291
EBIT ¹	-	243.3	275.6
Operating Margin	-	30%	38.87%
Earnings before Tax (EBT) ¹	-	234.3	273.2
Net income ¹	248.1	227.6	263.7
Net margin	-	28.06%	37.18%
EPS ²	0.5800	0.5300	0.6200
Dividend per Share	-	-	-
Announcement Date	11/13/23	2/20/24	5/13/24

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	376	159	-	463	596	692
ROE (net income / shareholders' equity)	-	-	42.8%	28.7%	-	40.3%	36.3%	33.2%
ROA (Net income/ Total Assets)	-	-	35.3%	23.1%	-	-	-	-
Assets ¹	-	-	1,308	1,471	-	-	-	-
Book Value Per Share ²	-	2.420	2.670	2.910	-	5.230	6.380	7.660
Cash Flow per Share	-	-	1.110	-	-	-	-	-
Capex ¹	-	-	94	305	-	347	300	300
Capex / Sales	-	-	6.11%	20.6%	-	13.72%	10.7%	9.65%
Announcement Date	2/24/20	2/23/21	2/21/22	2/17/23	2/20/24	-	-	-

¹THB in Million²THB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Exotic Food

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

30.25 THB

Average target price

22.75 THB

Spread / Average Target

-24.79%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Food Ingredients

	1st Jan change	Capi.
EXOTIC FOOD	+26.04%	357M
FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD.	+1.05%	29.22B
INTERNATIONAL FLAVORS & FRAGRANCES INC.	+22.05%	25.46B
KIKKOMAN CORPORATION	+6.61%	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	+25.94%	2.79B

Food Ingredients