Financials Siam Makro Thailand S.E.

Equities

CPAXT-R

TH0429010R19

Discount Stores

End-of-day quote Thailand S.E. Other stock markets 18:00:00 2024-07-15 EDT			5-day change	1st Jan Change
29.75 ^THB	-0.83%		0.00%	+10.19%

05-09	CP Axtra Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
03-29	Cp Axtra Public Company Limited Approves Dividend for the Year 2023, Payable on 29 April 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	148,800	189,600	444,374	423,213	285,669	314,765	-	-
Enterprise Value (EV) ¹	152,444	187,636	515,233	542,014	381,864	385,082	386,744	382,627
P/E ratio	23.8 x	28.8 x	17.6 x	54.8 x	32.9 x	29.6 x	25.2 x	21.8 x
Yield	3.1%	2.53%	1.71%	1.28%	2.11%	2.27%	2.65%	3.05%
Capitalization / Revenue	0.71 x	0.87 x	1.67 x	0.9 x	0.58 x	0.62 x	0.59 x	0.56 x
EV / Revenue	0.72 x	0.86 x	1.93 x	1.16 x	0.78 x	0.76 x	0.72 x	0.68 x
EV / EBITDA	14.1 x	16.2 x	32.5 x	15.8 x	11.1 x	10.9 x	10.2 x	9.47 x
EV / FCF	19.8 x	16.3 x	35.8 x	57.4 x	18.5 x	32 x	25.1 x	22.2 x
FCF Yield	5.05%	6.14%	2.79%	1.74%	5.4%	3.12%	3.99%	4.5%
Price to Book	7.35 x	8.53 x	0.84 x	1.46 x	0.98 x	1.06 x	1.04 x	1.02 x
Nbr of stocks (in thousands)	4,800,000	4,800,000	10,580,324	10,580,324	10,580,324	10,580,324	-	-
Reference price ²	31.00	39.50	42.00	40.00	27.00	29.75	29.75	29.75
Announcement Date	2/18/20	2/19/21	2/18/22	2/20/23	2/14/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	210,627	218,760	266,435	469,131	489,949	505,271	536,212	565,092
EBITDA ¹	10,809	11,587	15,873	34,252	34,319	35,446	37,965	40,425
EBIT ¹	8,204	8,956	10,494	16,701	16,707	18,807	20,867	23,087
Operating Margin	3.9%	4.09%	3.94%	3.56%	3.41%	3.72%	3.89%	4.09%
Earnings before Tax (EBT) ¹	7,895	8,337	15,425	10,411	11,134	13,324	15,602	17,981
Net income ¹	6,245	6,563	13,687	7,697	8,640	10,557	12,323	14,356
Net margin	2.96%	3%	5.14%	1.64%	1.76%	2.09%	2.3%	2.54%
EPS ²	1.300	1.370	2.380	0.7300	0.8200	1.004	1.183	1.365
Free Cash Flow ¹	7,693	11,522	14,397	9,447	20,624	12,023	15,436	17,214
FCF margin	3.65%	5.27%	5.4%	2.01%	4.21%	2.38%	2.88%	3.05%
FCF Conversion (EBITDA)	71.17%	99.43%	90.7%	27.58%	60.09%	33.92%	40.66%	42.58%
FCF Conversion (Net income)	123.2%	175.57%	105.19%	122.74%	238.7%	113.88%	125.26%	119.91%
Dividend per Share ²	0.9600	1.000	0.7200	0.5100	0.5700	0.6756	0.7879	0.9081
Announcement Date	2/18/20	2/19/21	2/18/22	2/20/23	2/14/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	111,053	100,411	108,159	118,463	229,680	115,560	123,687	-	120,222	121,612	241,834	119,502	128,613	127,020	126,133	253,246	-	-	-	-
EBITDA ¹	-	-	8,413	7,897	-	8,181	9,761	-	8,845	7,802	-	7,776	9,896	8,839	8,291	-	-	-	-	-
EBIT ¹	4,072	4,249	4,087	3,517	7,604	3,798	5,299	-	4,500	3,398	7,898	3,332	5,477	4,479	4,017	8,370	-	-	-	-
Operating Margin	3.67%	4.23%	3.78%	2.97%	3.31%	3.29%	4.28%	-	3.74%	2.79%	3.27%	2.79%	4.26%	3.53%	3.18%	3.31%	-	-	-	-
Earnings before Tax (EBT) ¹	-	9,590	2,817	2,122	-	2,202	3,270	-	2,798	2,029	4,827	2,114	4,193	3,239	2,627	5,524	-	-	-	-
Net income ¹	3,021	9,094	2,050	1,573	3,623	1,602	2,471	-	2,166	1,516	3,682	1,677	1,699	2,481	2,082	4,508	-	-	-	-
Net margin	2.72%	9.06%	1.9%	1.33%	1.58%	1.39%	2%	-	1.8%	1.25%	1.52%	1.4%	1.32%	1.95%	1.65%	1.78%	-	-	-	-
EPS ²	0.6300	1.420	0.1900	0.1500	0.3400	0.1500	0.2400	-	0.2000	0.1400	0.3500	0.1600	0.3100	0.2300	0.2060	0.4300	-	-	-	-
Dividend per Share ²	-	-	-	0.1800	-	-	-	0.3300	-	0.1800	-	-	-	-	0.5725	-	-	-	-	0.7491
Announcement Date	8/10/21	2/18/22	5/10/22	8/8/22	8/8/22	11/10/22	2/20/23	2/20/23	5/17/23	8/7/23	8/7/23	11/8/23	2/14/24	5/9/24	-	-	-	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,644	-	70,859	118,801	96,195	70,318	71,979	67,862
Net Cash position ¹	-	1,964	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.3371 x	-	4.464 x	3.468 x	2.803 x	1.984 x	1.896 x	1.679 x
Free Cash Flow ¹	7,693	11,522	14,397	9,447	20,624	12,023	15,436	17,214
ROE (net income / shareholders' equity)	32.1%	30.9%	5.09%	2.66%	2.96%	3.65%	4.23%	4.76%
ROA (Net income/ Total Assets)	10%	9.5%	2.17%	1.38%	1.59%	1.98%	2.27%	2.55%
Assets ¹	62,384	69,081	631,685	559,084	544,497	532,973	543,389	564,080
Book Value Per Share ²	4.220	4.630	50.00	27.40	27.70	28.10	28.60	29.10
Cash Flow per Share ²	2.140	2.780	2.910	2.080	3.300	0.4200	2.660	3.020
Capex ¹	3,130	2,288	3,459	17,164	14,239	18,437	20,063	19,979
Capex / Sales	1.49%	1.05%	1.3%	3.66%	2.91%	3.65%	3.74%	3.54%
Announcement Date	2/18/20	2/19/21	2/18/22	2/20/23	2/14/24	-	-	-

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 Siam Makro

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

29.75 THB

Average target price

35.04 THB

Spread / Average Target

+17.77%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Discount Stores

	1st Jan change	Capi.
COSTCO WHOLESALE CORPORATION	+28.89%	376B
TARGET CORPORATION	+8.84%	70B
WAL-MART DE MÉXICO, S.A.B. DE C.V.	-8.40%	65.77B
DOLLAR GENERAL CORPORATION	-6.23%	27.92B
DOLLARAMA INC.	+34.89%	26.6B
PAN PACIFIC INTERNATIONAL HOLDINGS CORPORATION	+16.23%	14.84B
BJ'S WHOLESALE CLUB HOLDINGS, INC.	+37.08%	11.96B
OLLIE'S BARGAIN OUTLET HOLDINGS, INC.	+37.00%	6.33B
PEPCO GROUP N.V.	-24.21%	2.96B

Other Discount Stores