Company Valuation: Tiong Nam Logistics Holdings

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 436.9 372.7 372.7 398.4 368.8 403.1
Change - -14.71% -0% 6.9% -7.42% 9.29%
Enterprise Value (EV) 1 1,484 1,435 1,754 2,066 2,244 2,393
Change - -3.29% 22.24% 17.78% 8.59% 6.67%
P/E 35.2x 71.8x 13.4x 6.96x 8.51x 12x
PBR 0.55x 0.47x 0.42x 0.42x 0.35x 0.37x
PEG - -1.2x 0x 0x -0.3x -0.5x
Capitalization / Revenue 0.73x 0.54x 0.51x 0.53x 0.43x 0.42x
EV / Revenue 2.46x 2.08x 2.42x 2.72x 2.62x 2.48x
EV / EBITDA 14.6x 14.5x 13.8x 11.8x 14.7x 13x
EV / EBIT 22.8x 22.4x 18.7x 14.9x 19.4x 16.9x
EV / FCF 62.3x 30.8x 29.5x -23.7x -38.4x 35.2x
FCF Yield 1.6% 3.24% 3.39% -4.21% -2.6% 2.84%
Dividend per Share 2 0.01 - - - - -
Rate of return 1.18% - - - - -
EPS 2 0.0242 0.0101 0.0542 0.1114 0.0823 0.0639
Distribution rate 41.4% - - - - -
Net sales 1 602.1 689.8 725.7 758.6 856.8 964.3
EBITDA 1 101.7 98.85 127.5 174.5 152.2 184.3
EBIT 1 65.02 64.18 93.82 138.9 115.7 141.6
Net income 1 11.35 5.203 27.87 57.27 42.65 33.67
Net Debt 1 1,047 1,063 1,382 1,668 1,875 1,990
Reference price 2 0.8500 0.7250 0.7250 0.7750 0.7000 0.7650
Nbr of stocks (in thousands) 514,050 514,048 514,045 514,044 526,892 526,890
Announcement Date 7/23/21 7/29/22 7/28/23 7/26/24 7/25/25 7/24/26
1MYR in Million2MYR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 106M
26.39x8.53x16.52x0.76% 81.25B
22.31x7.16x14.7x2.03% 78.01B
46.84x3.09x18.67x-.--% 24.44B
28.75x1.27x20.43x1.44% 20.56B
55.27x - - - 12.71B
39.73x1.65x10.32x1.13% 11.49B
19.09x1.34x6.12x1.33% 10.3B
39.65x1.1x9.53x1.07% 6.44B
14.48x3.25x5.88x2.2% 5.02B
Average 32.50x 3.42x 12.77x 1.25% 25.03B
Weighted average by Cap. 29.19x 5.93x 15.32x 1.24%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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