K. SENG SENG CORPORATION

Financials K. Seng Seng Corporation

Equities

KSSC

MYL5192OO009

Iron & Steel

End-of-day quote BURSA MALAYSIA Other stock markets 18:00:00 2024-05-09 EDT			5-day change	1st Jan Change
1.01 ^MYR	+1.00%		-1.94%	+14.77%

05-03	K. Seng Seng Buys Out Industrial Equipment Supplier for MYR3 Million; Shares Rise 3%	MT
05-02	K. Seng Seng Corporation Berhad agreed to acquire the remaining 40% stake in Eie Asian Holding Sdn Bhd from Lee Choon Ming for MYR 2.8 million	CI

Valuation

Fiscal Period: December	2017	2018	2019	2020	2021	2022
Capitalization ¹	38.88	28.8	40.32	60.81	86.4	186.6
Enterprise Value (EV) ¹	55.73	51.82	58.35	75.58	126.5	233.7
P/E ratio	7.1 x	28.4 x	-20 x	-56.5 x	8.09 x	130 x
Yield	4.94%	1.65%	-	-	1.34%	-
Capitalization / Revenue	0.32 x	0.27 x	0.38 x	0.57 x	0.57 x	0.97 x
EV / Revenue	0.45 x	0.49 x	0.54 x	0.71 x	0.83 x	1.21 x
EV / EBITDA	5.25 x	9.23 x	13.4 x	18.9 x	7.23 x	34.6 x
EV / FCF	-25.6 x	-32.2 x	6.11 x	104 x	-4.38 x	-37.6 x
FCF Yield	-3.9%	-3.11%	16.4%	0.96%	-22.8%	-2.66%
Price to Book	0.48 x	0.36 x	0.52 x	0.75 x	0.9 x	1.91 x
Nbr of stocks (in thousands)	108,000	108,000	108,000	116,944	129,600	129,600
Reference price ²	0.3600	0.2667	0.3733	0.5200	0.6667	1.440
Announcement Date	18-04-30	19-04-30	20-06-30	21-05-28	22-04-26	23-04-25

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2017	2018	2019	2020	2021	2022
Net sales ¹	123.2	106.8	107.5	105.9	151.9	192.7
EBITDA ¹	10.61	5.612	4.344	4.003	17.5	6.755
EBIT ¹	8.709	3.783	2.014	3.043	16.32	5.552
Operating Margin	7.07%	3.54%	1.87%	2.87%	10.74%	2.88%
Earnings before Tax (EBT) ¹	7.629	1.184	-0.7642	1.212	14.88	2.989
Net income ¹	5.475	1.018	-2.017	-0.9976	10.67	1.481
Net margin	4.44%	0.95%	-1.88%	-0.94%	7.02%	0.77%
EPS ²	0.0507	0.009400	-0.0187	-0.009201	0.0825	0.0111
Free Cash Flow ¹	-2.174	-1.611	9.548	0.7241	-28.91	-6.211
FCF margin	-1.76%	-1.51%	8.88%	0.68%	-19.03%	-3.22%
FCF Conversion (EBITDA)	-	-	219.78%	18.09%	-	-
FCF Conversion (Net income)	-	-	-	-	-	-
Dividend per Share ²	0.0178	0.004400	-	-	0.008900	-
Announcement Date	18-04-30	19-04-30	20-06-30	21-05-28	22-04-26	23-04-25

¹MYR in Million²MYR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2017	2018	2019	2020	2021	2022
Net Debt ¹	16.8	23	18	14.8	40.1	47.1
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.587 x	4.102 x	4.149 x	3.688 x	2.293 x	6.97 x
Free Cash Flow ¹	-2.17	-1.61	9.55	0.72	-28.9	-6.21
ROE (net income / shareholders' equity)	7.13%	1.27%	-2.43%	-0.93%	12.2%	1.77%
ROA (Net income/ Total Assets)	4.35%	1.91%	1.01%	1.42%	6.34%	1.76%
Assets ¹	125.9	53.27	-198.8	-70.03	168.2	84.08
Book Value Per Share ²	0.7500	0.7400	0.7200	0.6900	0.7400	0.7500
Cash Flow per Share ²	0.1200	0.0900	0.0800	0.1800	0.1100	0.0500
Capex ¹	0.88	1.32	0.6	0.95	1.22	7.98
Capex / Sales	0.71%	1.23%	0.56%	0.9%	0.8%	4.14%
Announcement Date	18-04-30	19-04-30	20-06-30	21-05-28	22-04-26	23-04-25

¹MYR in Million²MYR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Metallic Rolling & Drawing Products

	1st Jan change	Capi.
K. SENG SENG CORPORATION	+14.77%	32.03M
BORUSAN MANNESMANN BORU SANAYI VE TICARET	-3.89%	2.5B
HANWA CO., LTD.	+26.53%	1.65B
ALLEIMA AB	-15.49%	1.5B
SICHUAN FURONG TECHNOLOGY CO., LTD.	+11.78%	1.4B
FANGDA SPECIAL STEEL TECHNOLOGY CO., LTD.	-9.54%	1.35B
TIANJIN YOU FA STEEL PIPE GROUP STOCK CO., LTD.	-6.34%	1.12B
YONGJIN TECHNOLOGY GROUP CO., LTD.	-1.46%	962M
JIANGSU CHANGBAO STEELTUBE CO.,LTD	+12.11%	756M
PAO TMK	-.--%	682M

Metallic Rolling & Drawing Products

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KSSC Stock
Financials K. Seng Seng Corporation

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