PARKWOOD HOLDINGS

Financials Parkwood Holdings

Equities

PARKWD

MYL2682OO002

Real Estate Development & Operations

End-of-day quote BURSA MALAYSIA Other stock markets 18:00:00 2024-05-20 EDT			5-day change	1st Jan Change
0.15 ^MYR	+11.11%		+15.38%	+3.45%

02-27	Parkwood Holdings Berhad Announces the Re-Designation of Lim Chin Sean from Executive Director to Executive Chairman	CI
02-26	Parkwood Holdings Berhad Appoints Chan Keen Wai, as Executive Alternate Director	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	28.89	35.77	44.72	50.91	39.9	39.9
Enterprise Value (EV) ¹	-18.37	8.776	56.52	47.41	44.69	38.16
P/E ratio	-6.93 x	-13 x	-11.2 x	-10.3 x	17.1 x	-9.48 x
Yield	-	-	-	-	-	-
Capitalization / Revenue	6.78 x	7.13 x	6.87 x	5.14 x	2.17 x	1.45 x
EV / Revenue	-4.31 x	1.75 x	8.68 x	4.79 x	2.43 x	1.39 x
EV / EBITDA	4.98 x	-1.74 x	-15.1 x	-15.9 x	-39.6 x	-15.6 x
EV / FCF	0.47 x	-0.5 x	-13.5 x	-7.31 x	-6.66 x	3.65 x
FCF Yield	212%	-201%	-7.42%	-13.7%	-15%	27.4%
Price to Book	0.21 x	0.26 x	0.34 x	0.34 x	0.26 x	0.27 x
Nbr of stocks (in thousands)	137,585	137,585	137,585	275,171	275,171	275,171
Reference price ²	0.2100	0.2600	0.3250	0.1850	0.1450	0.1450
Announcement Date	4/30/19	5/20/20	4/30/21	4/29/22	4/28/23	4/30/24

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	4.259	5.015	6.512	9.906	18.42	27.43
EBITDA ¹	-3.689	-5.034	-3.744	-2.978	-1.128	-2.451
EBIT ¹	-3.802	-5.197	-3.872	-3.105	-1.196	-2.501
Operating Margin	-89.27%	-103.63%	-59.45%	-31.35%	-6.49%	-9.12%
Earnings before Tax (EBT) ¹	-4.975	-4.093	-3.814	-3.817	3.281	-4.253
Net income ¹	-4.17	-2.75	-3.99	-4.315	2.347	-4.2
Net margin	-97.92%	-54.84%	-61.27%	-43.56%	12.75%	-15.32%
EPS ²	-0.0303	-0.0200	-0.0290	-0.0179	0.008500	-0.0153
Free Cash Flow ¹	-38.88	-17.65	-4.196	-6.486	-6.706	10.44
FCF margin	-912.86%	-352.06%	-64.43%	-65.47%	-36.42%	38.08%
FCF Conversion (EBITDA)	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-
Announcement Date	4/30/19	5/20/20	4/30/21	4/29/22	4/28/23	4/30/24

¹MYR in Million²MYR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	-	-	11.8	-	4.8	-
Net Cash position ¹	47.3	27	-	3.5	-	1.74
Leverage (Debt/EBITDA)	-	-	-3.153 x	-	-4.249 x	-
Free Cash Flow ¹	-38.9	-17.7	-4.2	-6.49	-6.71	10.4
ROE (net income / shareholders' equity)	-2.98%	-2.02%	-3%	-3.06%	1.54%	-2.78%
ROA (Net income/ Total Assets)	-1.6%	-2.25%	-1.57%	-1.12%	-0.41%	-0.85%
Assets ¹	260.1	122.1	253.9	384.5	-577.7	495.5
Book Value Per Share ²	1.000	0.9800	0.9500	0.5500	0.5600	0.5400
Cash Flow per Share ²	0.0200	0.0500	0.0400	0.0300	0.0400	0.0600
Capex ¹	0.21	0.22	0.02	0.01	0.07	0
Capex / Sales	5.02%	4.44%	0.25%	0.15%	0.37%	0.01%
Announcement Date	4/30/19	5/20/20	4/30/21	4/29/22	4/28/23	4/30/24

¹MYR in Million²MYR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
PARKWOOD HOLDINGS	+3.45%	7.93M
CHINA RESOURCES LAND LIMITED	+15.36%	29.95B
SUN HUNG KAI PROPERTIES LIMITED	-5.62%	28.43B
MITSUI FUDOSAN CO., LTD.	+27.44%	26.75B
DLF LIMITED	+17.28%	25.3B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+16.86%	22.93B
MITSUBISHI ESTATE CO., LTD.	+38.78%	22.41B
EMAAR PROPERTIES	+2.02%	18.62B
POLY DEVELOPMENTS AND HOLDINGS GROUP CO., LTD.	+13.03%	18.17B
HENDERSON LAND DEVELOPMENT COMPANY LIMITED	+11.43%	16.92B

Other Real Estate Development & Operations

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