Company Valuation: Heng Leasing and Capital

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025
Market Cap 1 18,136 11,201 7,315 4,267 3,658
Change - -38.24% -34.69% -41.67% -14.29%
Enterprise Value (EV) 1 22,303 17,785 16,804 11,870 7,543
Change - -20.26% -5.52% -29.36% -36.45%
P/E 42.9x 24.3x 17.3x 58.5x 108x
PBR 3.77x 2.14x 1.35x 0.81x 0.72x
PEG 8.52x 2.69x -2.04x -0.7x -2x
Capitalization / Revenue 14.1x 6.69x 3.62x 2.9x 3.29x
EV / Revenue 17.4x 10.6x 8.3x 8.07x 6.79x
EV / EBITDA - - - - -
EV / EBIT - - - - -
EV / FCF - - - - -
FCF Yield - - - - -
Dividend per Share 2 0.01 0.0666 0.0665 0.0525 0.0262
Rate of return 0.21% 2.27% 3.46% 4.69% 2.73%
EPS 2 0.111 0.121 0.1108 0.0192 0.008918
Distribution rate 9.01% 55% 60% 274% 294%
Net sales 1 1,282 1,675 2,023 1,471 1,112
EBITDA - - - - -
EBIT - - - - -
Net income 1 353.8 461.1 422 72.98 33.98
Net Debt 1 4,168 6,584 9,488 7,603 3,885
Reference price 2 4.7600 2.9400 1.9200 1.1200 0.9600
Nbr of stocks (in thousands) 3,810,000 3,810,000 3,810,000 3,810,000 3,810,000
Announcement Date 2/18/22 2/17/23 2/15/24 2/11/25 2/11/26
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 107M
9.08x1.71x1.9x2.69% 13.53B
9.61x2.4x34.56x6.32% 10.58B
11.52x - - - 6.1B
10.52x - - 4.97% 5.58B
43.57x3.05x14.77x-.--% 2.96B
13.46x - - 0.39% 1.7B
10.44x2.73x - - 1.56B
7.67x3.64x - 5.51% 750M
Average 14.48x 2.71x 17.08x 3.31% 4.76B
Weighted average by Cap. 12.34x 2.20x 16.07x 3.87%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  4. Valuation Heng Leasing and Capital