Financials Lotus's Retail Growth Freehold and Leasehold Property Fund

Equities

End-of-day quote Thailand S.E. Other stock markets 18:00:00 2024-05-14 EDT			5-day change	1st Jan Change
13.1 ^THB	+0.77%		0.00%	-2.24%

04-24	Lotus's Retail Growth Freehold and Leasehold Property Fund Reports Earnings Results for the Full Year Ended February 29, 2024	CI
04-18	Lotus's Retail Growth Freehold and Leasehold Property Fund Declares Dividend from the Operation Period During December 1, 2023 to February 29, 2024, Payable on May 2, 2024	CI

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	46,979	32,021	32,956	32,722	30,618	30,618	-
Enterprise Value (EV) ¹	48,663	32,021	34,451	33,206	31,120	31,058	30,926
P/E ratio	17.2 x	-	23.1 x	46.2 x	13.7 x	12.9 x	12.2 x
Yield	4.65%	5.11%	4.8%	5.92%	-	7.09%	7.4%
Capitalization / Revenue	15.3 x	13.4 x	13.9 x	11.7 x	10.5 x	10.2 x	9.79 x
EV / Revenue	15.8 x	13.4 x	14.5 x	11.9 x	10.6 x	10.4 x	9.89 x
EV / EBITDA	19.6 x	17.1 x	18.9 x	14.9 x	13.1 x	13.8 x	12.7 x
EV / FCF	20,680,678 x	-	-	-	-	-	-
FCF Yield	0%	-	-	-	-	-	-
Price to Book	1.57 x	-	-	-	1.08 x	1.07 x	-
Nbr of stocks (in thousands)	2,337,283	2,337,283	2,337,283	2,337,283	2,337,283	2,337,283	-
Reference price ²	20.10	13.70	14.10	14.00	13.10	13.10	13.10
Announcement Date	4/28/20	4/29/21	4/27/22	4/24/23	4/24/24	-	-

¹THB in Million²THB

Estimates

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,071	2,381	2,373	2,787	2,925	2,998	3,128
EBITDA ¹	2,477	1,871	1,822	2,226	2,372	2,245	2,434
EBIT ¹	2,477	1,871	1,822	2,226	2,372	2,434	2,549
Operating Margin	80.63%	78.59%	76.77%	79.89%	81.12%	81.21%	81.49%
Earnings before Tax (EBT) ¹	2,701	-	-	-	2,230	2,240	2,293
Net income ¹	2,701	-	1,426	707.1	2,230	2,381	2,506
Net margin	87.95%	-	60.1%	25.38%	76.26%	79.41%	80.11%
EPS ²	1.168	-	0.6102	0.3030	0.9542	1.019	1.072
Free Cash Flow	2,353	-	-	-	-	-	-
FCF margin	76.61%	-	-	-	-	-	-
FCF Conversion (EBITDA)	95.01%	-	-	-	-	-	-
FCF Conversion (Net income)	87.1%	-	-	-	-	-	-
Dividend per Share ²	0.9346	0.6995	0.6774	0.8282	-	0.9283	0.9698
Announcement Date	4/28/20	4/29/21	4/27/22	4/24/23	4/24/24	-	-

¹THB in Million²THB

Estimates

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,683	-	1,496	484	502	440	308
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.6798 x	-	0.8211 x	0.2176 x	0.2116 x	0.196 x	0.1265 x
Free Cash Flow	2,353	-	-	-	-	-	-
ROE (net income / shareholders' equity)	8.17%	6.1%	4.83%	2.45%	7.86%	8.35%	8.36%
ROA (Net income/ Total Assets)	7.36%	-	4.28%	2.16%	6.92%	6.9%	7%
Assets ¹	36,683	-	33,285	32,708	32,239	34,501	35,796
Book Value Per Share ²	12.80	-	-	-	12.20	12.30	-
Cash Flow per Share ²	1.060	-	0.8300	0.6400	-	0.9800	1.010
Capex ¹	92.8	-	-	-	71.5	110	110
Capex / Sales	3.02%	-	-	-	2.44%	3.67%	3.52%
Announcement Date	4/28/20	4/29/21	4/27/22	4/24/23	4/24/24	-	-

¹THB in Million²THB

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

13 THB

Average target price

15.05 THB

Spread / Average Target

+15.77%

	1st Jan change	Capi.
LOTUS'S RETAIL GROWTH FREEHOLD AND LEASEHOLD PROPERTY FUND	-2.24%	831M
SIMON PROPERTY GROUP, INC.	+5.87%	48.74B
KIMCO REALTY CORPORATION	-9.03%	12.95B
THE LINK REAL ESTATE INVESTMENT TRUST	-17.67%	11.8B
REGENCY CENTERS CORPORATION	-9.67%	11.01B
NNN REIT, INC.	-0.16%	7.83B
AGREE REALTY CORPORATION	-4.02%	6.06B
VICINITY CENTRES	-5.64%	5.76B
KITE REALTY GROUP TRUST	-7.15%	4.59B
GENERAL DE GALERÍAS COMERCIALES SOCIMI, S.A.	0.00%	3.99B