Financials Thong Guan Industries

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 18:00:00 2024-04-29 EDT			5-day change	1st Jan Change
2.06 ^MYR	-1.90%		+7.29%	+9.57%

02-28	Thong Guan Industries Berhad Announces Second Interim Dividend for the Financial Year Ended 31 December 2023, Payable on April 18, 2024	CI
02-28	Thong Guan Industries Berhad Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	618.8	961	1,076	921.5	743.4	823.6	-	-
Enterprise Value (EV) ¹	618.8	961	1,076	921.5	643.4	823.6	823.6	823.6
P/E ratio	8.97 x	13.1 x	11.9 x	9.24 x	10.5 x	8.62 x	7.19 x	7.63 x
Yield	2.67%	1.78%	1.96%	2.54%	-	2.83%	3.24%	3.88%
Capitalization / Revenue	0.66 x	1 x	0.89 x	0.66 x	0.6 x	0.6 x	0.54 x	0.5 x
EV / Revenue	0.66 x	1 x	0.89 x	0.66 x	0.6 x	0.6 x	0.54 x	0.5 x
EV / EBITDA	6.18 x	7.68 x	7.01 x	5.78 x	5.6 x	4.64 x	4.31 x	4.45 x
EV / FCF	31.6 x	12.8 x	-50.7 x	-	11.7 x	27.6 x	14.8 x	21.7 x
FCF Yield	3.16%	7.81%	-1.97%	-	8.52%	3.62%	6.75%	4.61%
Price to Book	1.07 x	1.49 x	1.47 x	1.13 x	0.8 x	0.81 x	0.74 x	0.74 x
Nbr of stocks (in thousands)	367,227	379,840	384,327	390,471	395,436	399,797	-	-
Reference price ²	1.685	2.530	2.800	2.360	1.880	2.060	2.060	2.060
Announcement Date	20-02-26	21-02-25	22-02-28	23-02-28	24-02-28	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	935.1	960.6	1,215	1,387	1,240	1,361	1,539	1,639
EBITDA ¹	100.2	125.1	153.6	159.5	132.8	177.6	191.1	185.2
EBIT ¹	75.72	97.53	123.4	127.3	97.74	129.7	145.8	140
Operating Margin	8.1%	10.15%	10.16%	9.18%	7.88%	9.53%	9.47%	8.54%
Earnings before Tax (EBT) ¹	75.93	100.2	125.2	124.4	91.4	121.2	143.2	135
Net income ¹	61.89	75.52	92.97	99.95	71	93.3	112.7	104.4
Net margin	6.62%	7.86%	7.65%	7.21%	5.72%	6.85%	7.32%	6.37%
EPS ²	0.1878	0.1925	0.2353	0.2555	0.1794	0.2390	0.2867	0.2700
Free Cash Flow ¹	19.57	75.09	-21.24	-	63.35	29.8	55.6	38
FCF margin	2.09%	7.82%	-1.75%	-	5.11%	2.19%	3.61%	2.32%
FCF Conversion (EBITDA)	19.54%	60.01%	-	-	47.71%	16.78%	29.09%	20.52%
FCF Conversion (Net income)	31.62%	99.42%	-	-	89.23%	31.94%	49.33%	36.4%
Dividend per Share ²	0.0450	0.0450	0.0550	0.0600	-	0.0583	0.0667	0.0800
Announcement Date	20-02-26	21-02-25	22-02-28	23-02-28	24-02-28	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	100	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	19.6	75.1	-21.2	-	63.3	29.8	55.6	38
ROE (net income / shareholders' equity)	11.5%	12.3%	13.5%	12.9%	8.14%	9.75%	10.6%	10%
ROA (Net income/ Total Assets)	7.74%	8.01%	8.38%	7.79%	5.25%	7.75%	8.2%	8.7%
Assets ¹	799.4	942.7	1,109	1,283	1,351	1,204	1,374	1,200
Book Value Per Share ²	1.570	1.690	1.910	2.090	2.350	2.540	2.770	2.790
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	70	55	80	-	109	73.5	110	73.8
Capex / Sales	7.49%	5.73%	6.59%	-	8.78%	5.4%	7.17%	4.5%
Announcement Date	20-02-26	21-02-25	22-02-28	23-02-28	24-02-28	-	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2.06 MYR

Average target price

2.783 MYR

Spread / Average Target

+35.11%

	1st Jan change	Capi.
THONG GUAN INDUSTRIES	+9.57%	173M
AMCOR PLC	+1.66%	14.15B
BERRY GLOBAL GROUP, INC.	-14.25%	6.7B
TAIWAN HON CHUAN ENTERPRISE CO., LTD.	+27.20%	1.41B
SCIENTEX	+10.24%	1.37B
FP CORPORATION	-12.45%	1.33B
SHANGHAI ZIJIANG ENTERPRISE GROUP CO., LTD.	+30.43%	1.28B
SHENZHEN LEAGUER CO., LTD.	-22.77%	1.03B
HUANGSHAN NOVEL CO.,LTD	+20.36%	850M
MYERS INDUSTRIES, INC.	+14.07%	822M