Property development and investment
| 6M24 | 6M23 | 2023 | 2022 |
|---|
| Revenues | 7,956.47 | 7,023.05 | 15,065.89 | 12,754.18 |
| Expenses | 6,876.06 | 6,180.69 | 12,985.20 | 11,239.03 |
| Net Profit (Loss) | 10.09 | -77.23 | 210.64 | 489.82 |
| Assets | 75,185.14 | 71,539.31 | 74,598.01 | 68,809.83 |
| Liabilities | 51,511.91 | 48,583.86 | 51,890.28 | 46,204.22 |
| Shareholders' Equity | 17,230.29 | 16,710.87 | 16,649.36 | 16,602.90 |
| Operating | 708.85 | -279.24 | -1,027.81 | 267.14 |
| Investing | -26.19 | -1,568.51 | -2,852.85 | -1,093.77 |
| Financing | -1,187.93 | 733.67 | 3,501.33 | 1,541.63 |
| EPS (Baht) | -0.01 | 0.03 | 0.07 | |
| GP Margin (%) | 36.03 | 32.95 | 34.77 | 35.71 |
| NP Margin (%) | 0.30 | -1.09 | 1.59 | 3.69 |
| D/E Ratio (x) | 2.18 | 2.12 | 2.29 | 2.04 |
| ROE (%) | 1.76 | 2.17 | 1.27 | 3.01 |
| ROA (%) | 4.45 | 3.66 | 4.35 | 3.19 |
- Well-diversified Portfolio: To sustain ongoing investments both in Thailand and abroad to capitalize on emerging opportunities, with a view to rebalancing business portfolio and stabilizing revenue to drive the Company towards sustainable growth.
- Synergy: To leverage cross-business synergies within S Group and build alliance partnerships for mutually beneficial value exchange in all dimensions, unique selling points, and competitive advantage for long-term growth.
- Customer Centric: To pay meticulous attention to detail and keep a keen eye for quality to create an unparalleled value proposition and memorable experience for customers of Singha Estate.
- Green Mission: To establish a green roadmap covering all stages of our operations to achieve carbon neutrality by 2030.
- February 2024: The Company successfully issued 3-year bonds at a 5% annual interest rate, achieving total subscriptions of THB 1,000 million. This underscores investor confidence in Singha Estate Group’s business strategy and growth prospects.
- April 2024: TRIS Rating reaffirmed the company's credit rating at “BBB+” with a “stable” outlook, reflecting the strong quality of its hotel assets, reputable residential brands, and stable revenue from its commercial properties.
- May 2024: The Annual General Meeting approved a dividend payment of THB 0.015 per share for 2023, representing a payout ratio of 45.12% of adjusted net profit.
Hospitality Business: Revenue rose by 8% YoY, driven by 18% growth in ADR. This improvement was propelled by the introduction of new products following the completion of hotel renovation plan.
Residential Business: Revenue from transfer surged by 49% YoY, driven by (1) The commencement of transfers for "The Extro" in March 2024, generating 800 million baht, equivalent to 21% of its project value. (2) Continued ownership transfers for SRIN Ratchapruek Sai 1 after its official launch in Q4/2023, accumulating a transfer value of 950 million baht, representing 26% of the project value.
Commercial Business: Rental revenue increased by 12% YoY due to an increase in occupancy rate of the S OASIS building. The company was also able to maintain its overall occupancy rate at 84% in 6M2024.
Industrial Estate and Infra Structure Business: Recognized revenue from land transfer for the S Industrial Estate Angthong amounting to 209 million baht, following the completion of land and infrastructure development in late 2023.
Total revenue from sales and services reached 7,798 million baht, reflecting a 14% increase from the same period last year. Prudent cost and expense management allowed the group to report an EBITDA of 1,733 million baht, marking a strong 17% growth that surpassed revenue growth. Additionally, the company achieved a net profit of 24 million baht for the first half of 2024, a notable recovery from a loss of 76 million baht in the prior year. These favorable results were achieved despite seasonal pressures and heightened losses from associated companies and joint ventures, primarily due to the commencement of commercial operations at the SO/ Maldives hotel in late 2023.
- March 2024: Ownership transfer for The EXTRO Phayathai Rangnam project commenced
- April 2024: Advanced to the second phase of renovations at the SAii Laguna Phuket hotel to enhance room rates and prepare for a late 2024 relaunch
- May 2024: Launched two new luxury detached house projects under the SHAWN brand: SHAWN Panya Indra and SHAWN Wongwaen – Chatuchot
- May 2024: Executed the Asset Rotation strategy by selling the Mercure Wetherby hotel in the UK and forming a strategic partnership with Ascott. This includes management contracts for four hotels in key tourist and economic locations, aimed at market repositioning and enhancing international appeal.
The Company has implemented a risk management framework aligning with the good corporate governance principles and international standards, i.e. The Committee of Sponsoring Organizations of the Treadway Commission (COSO). In addition, the Company continuously encourages the risk management at the corporate and functional levels, covering all business units of the Company. Risk management shall be taken into consideration along with developing business plans and investment projects, including risk factors which may affect the attainment of business goals and objectives. Business continuity management has been put in place to ensure that the business operations of the Company shall continue unceasingly and sustainably.
| as of 28/06/24 | S | PROP | SET |
|---|---|---|---|
| P/E (X) | 21.02 | 13.45 | 17.05 |
| P/BV (X) | 0.30 | 0.97 | 1.22 |
| Dividend yield (%) | 1.97 | 4.59 | 3.53 |
| 28/06/24 | 28/12/23 | 30/12/22 | |
|---|---|---|---|
| Market Cap (MB) | 5,208.83 | 6,099.81 | 12,679.38 |
| Price (B/Share) | 0.76 | 0.89 | 1.85 |
| P/E (X) | 21.02 | 27.94 | 63.95 |
| P/BV (X) | 0.30 | 0.36 | 0.75 |
“stable” rating outlook.