Financials Sabina Thailand S.E.

Equities

SABINA-F

TH0976010Z19

Apparel & Accessories

End-of-day quote Thailand S.E. Other stock markets 18:00:00 2023-08-02 EDT			5-day change	1st Jan Change
18.55 ^THB	-19.52%		-.--%	-.--%

05-13	Sabina Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-25	Sabina Public Company Limited Appoints Chakkris Uthayoplas as Member of the Audit Committee	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	8,270	7,089	6,880	8,097	8,948	8,375	-	-
Enterprise Value (EV) ¹	8,270	7,585	7,215	8,351	9,295	8,691	8,856	8,375
P/E ratio	20 x	25.5 x	23.3 x	19.4 x	19.4 x	16 x	14.6 x	13.6 x
Yield	5%	3.92%	4.29%	5.15%	5.17%	6.12%	6.71%	7.34%
Capitalization / Revenue	2.51 x	2.43 x	2.61 x	2.56 x	2.61 x	2.27 x	2.1 x	1.98 x
EV / Revenue	2.51 x	2.6 x	2.74 x	2.64 x	2.71 x	2.35 x	2.22 x	1.98 x
EV / EBITDA	14.4 x	18.6 x	17.5 x	14.9 x	13.9 x	12.3 x	11.5 x	10.2 x
EV / FCF	-	24.9 x	14.5 x	12.9 x	25.9 x	21.9 x	19 x	14.5 x
FCF Yield	-	4.02%	6.88%	7.76%	3.87%	4.56%	5.27%	6.9%
Price to Book	4.44 x	3.95 x	3.74 x	4.34 x	4.79 x	4.35 x	4.26 x	4.23 x
Nbr of stocks (in thousands)	347,500	347,500	347,500	347,500	347,500	347,500	-	-
Reference price ²	23.80	20.40	19.80	23.30	25.75	24.10	24.10	24.10
Announcement Date	2/21/20	2/19/21	2/21/22	2/20/23	2/22/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,295	2,914	2,631	3,168	3,431	3,691	3,990	4,229
EBITDA ¹	572.7	408.7	413.5	559.3	667.4	708	771.1	817.8
EBIT ¹	524.4	354.9	373	520.1	586.4	654.7	718.6	760.8
Operating Margin	15.91%	12.18%	14.18%	16.42%	17.09%	17.74%	18.01%	17.99%
Earnings before Tax (EBT) ¹	516	345.8	368.1	515.7	577.8	654.7	720.3	769
Net income ¹	413.3	276.8	294.2	417.2	462.5	521.7	574.9	618.3
Net margin	12.54%	9.5%	11.18%	13.17%	13.48%	14.13%	14.41%	14.62%
EPS ²	1.190	0.8000	0.8500	1.200	1.330	1.506	1.652	1.770
Free Cash Flow ¹	-	305.2	496.1	647.7	359.4	396.2	466.3	578.2
FCF margin	-	10.47%	18.85%	20.45%	10.48%	10.73%	11.69%	13.67%
FCF Conversion (EBITDA)	-	74.67%	119.99%	115.81%	53.86%	55.96%	60.48%	70.7%
FCF Conversion (Net income)	-	110.24%	168.63%	155.25%	77.71%	75.93%	81.11%	93.52%
Dividend per Share ²	1.190	0.8000	0.8500	1.200	1.330	1.476	1.618	1.770
Announcement Date	2/21/20	2/19/21	2/21/22	2/20/23	2/22/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1
Net sales ¹	-	1,308	1,291	799.5	720.6	837.1	1,558	774.8	836.2	869.1	837.9	1,707	849.7	874.4	899.3	874	1,774
EBITDA	-	188.2	201.6	132.5	134.1	146.7	280.7	135.8	142.8	160.1	170.7	330.8	170	163.8	-	-	-
EBIT	-	157	179.3	122.6	124.5	136.9	261.4	125.9	132.7	150	142.2	-	148.5	142.9	158.6	-	-
Operating Margin	-	12.01%	13.89%	15.33%	17.28%	16.35%	16.78%	16.26%	15.87%	17.26%	16.97%	-	17.48%	16.34%	17.63%	-	-
Earnings before Tax (EBT)	-	151.9	176.8	121.4	123.5	136	259.4	125	131.3	148.2	140.4	-	149.1	140.2	155.8	-	-
Net income ¹	-	120.9	141.1	97.97	101.6	109.3	210.9	100.2	106.1	117.3	115.1	232.4	118.9	113.6	122.7	120	243
Net margin	-	9.24%	10.93%	12.25%	14.1%	13.06%	13.54%	12.94%	12.69%	13.49%	13.74%	13.61%	13.99%	12.99%	13.65%	13.73%	13.7%
EPS ²	-	0.3500	0.4100	0.2900	0.2900	0.3100	0.6100	0.2900	0.3000	0.3400	0.3300	0.6700	0.3400	0.3300	0.3500	0.3500	0.7000
Dividend per Share	0.6200	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/21/20	8/13/20	8/13/21	2/21/22	5/12/22	8/11/22	8/11/22	11/14/22	2/20/23	5/11/23	8/15/23	8/15/23	11/13/23	2/22/24	5/13/24	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	496	335	254	347	316	482	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	1.214 x	0.8101 x	0.4543 x	0.5199 x	0.4466 x	0.6246 x	-
Free Cash Flow ¹	-	305	496	648	359	396	466	578
ROE (net income / shareholders' equity)	22.4%	15.1%	16.2%	22.6%	24.8%	27.4%	29.5%	31.4%
ROA (Net income/ Total Assets)	14.7%	9.51%	10.7%	15.3%	16.5%	18.5%	20.6%	22.4%
Assets ¹	2,810	2,911	2,749	2,722	2,810	2,815	2,786	2,760
Book Value Per Share ²	5.360	5.170	5.300	5.370	5.370	5.540	5.650	5.700
Cash Flow per Share ²	-	-	1.660	1.960	1.180	1.400	1.700	1.600
Capex ¹	31.2	35.4	15.1	34.5	49.5	72.8	66	26.1
Capex / Sales	0.95%	1.21%	0.58%	1.09%	1.44%	1.97%	1.65%	0.62%
Announcement Date	2/21/20	2/19/21	2/21/22	2/20/23	2/22/24	-	-	-

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 Sabina

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

24.1 THB

Average target price

30.22 THB

Spread / Average Target

+25.39%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Lingerie

	1st Jan change	Capi.
VAN DE VELDE NV	-8.00%	424M
REGINA MIRACLE INTERNATIONAL (HOLDINGS) LIMITED	+11.63%	386M
SHENZHEN HUIJIE GROUP CO., LTD.	-21.17%	382M
SHINYOUNGWACOAL,INC.	-3.92%	58.52M
COSMO LADY (CHINA) HOLDINGS COMPANY LIMITED	-13.39%	58.47M

Lingerie