COMPANY UPDATE

10 
 2556

  

. 
 

EARTH
Current

Previous

Close

2013 TP

Exp Return

Support

Resistance

CGR 2012

BUY

BUY

7.60

9.00

+ 18.4%

7.50

8.00

N/R

Consolidated earnings
BT (mn)
Normalized profit
Net profit
EPS (Bt)*Norm

2011

2012

2013E

2014E

396

1,251

1,998

3,106

396

1,280

1,998

3,106

0.15

0.48

0.65

1.02

0.15

0.49

0.65

1.02

% growth y-y

-32.7

217.3

32.8

55.5

Dividend (Bt)

0.00

0.10

0.26

0.41

BV/share (Bt)

0.72

1.18

2.78

3.53

EV/EBITDA (x)

33.6

13.5

10.7

7.6

PER (x) - Norm

49.1

15.8

11.6

7.5

PER (x) reported

49.1

15.5

11.6

7.5

PBV (x)

10.6

6.4

2.7

2.2

0.0

1.3

3.4

5.3

YE no. of shares (mn)

2,554

2,605

3,060

3,060

No. of share-fully diluted

2,554

2,657

4,113

4,113

1.0

1.0

1.0

1.0

EPS (Bt)- reported

Dividend yield (%)

Par (Bt)

Source: Company data, FSS estimates

Share data
Close (07/06/2013)
SET Index

7.60
1,516.24

Foreign limit/actual (%)

49.00/3.48

Paid-up shares (million)

2,949.09

Free float (%)

39.24

Market cap (Bt mn)

Avg daily T/O (Bt mn) (2013 YTD)
hi, lo, avg (Bt) (2013 YTD)

22,413.07
137.80
8.85, 6.20, 7.89

Source: Setsmarts

SET Index

Price (Bt)

1,750.00

18.00

1,600.00

16.00

1,450.00

14.00

1,300.00

12.00

1,150.00

10.00

1,000.00

8.00

850.00

6.00

700.00

4.00
SET

550.00

EARTH
May-11
Jun-11
Jun-11
Jul-11
Aug-11
Aug-11
Sep-11
Sep-11
Oct-11
Nov-11
Nov-11
Dec-11
Dec-11
Jan-12
Feb-12
Feb-12
Mar-12
Apr-12
Apr-12
May-12
Jun-12
Jun-12
Jul-12
Aug-12
Aug-12
Sep-12
Sep-12
Oct-12
Nov-12
Nov-12
Dec-12
Jan-13
Jan-13
Feb-13
Feb-13
Mar-13
Apr-13
Apr-13
May-13
Jun-13

400.00

Source: SET

Analyst: Songklod Wongchai

Register No.: 019459
Tel.: +662 646 9680
email: sunanta.v@fnsyrus.co.th
www.fnsyrus.com

2.00
0.00

!  " #$$ 1 %&

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)'"
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&" )+G.= PEG ;
 0.24 &"  G G .@ #

& 9  &  PE 13.8 &"

EARTH '$0.@

./0 8  '$ )+ 11  '$-./ 2014
EARTH 
  8  2013  !
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EARTH 3
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Y-Y 3$@31(2.$2< A 187,000  .$2<  36% Q-Q %- 58% YY /#03EF(2.$2<  5% Q-Q %- 7% Y-Y A US$60/ %#!2

43$J1&3$ 63K4L6( #A%44 Functional Currency /Y3Z
E#
$411(2%[
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EARTH 
 "# $ 8   2013 %- 2014 
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0#13
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1* E0#*&3/Y1g$ 2013 - 2014 -$4'F(2/_
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55.5% Y-Y

$)+! 230  G .@ #

9  &/# ( PE 13.8 &" )
E3@Z*&3/Y1g$ 2013 1(2'03-' 56% 66 Dilution 1(2$
3.$21Y (.!2% !
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PE 11.6 1# /_
0# BANPU 1(2( PE 11.2 1# %#3$4'
*&3

EARTH /_
0# E$A PEG .(
0.24 1# (2Y EPS CAGR ~44%) 3

E
3E -/1(2 9 41 $
PER 13.8 1# %-* )! 

EARTH
Income Statement (Consolidated)

Cash Flow Statement (Consolidated)

(Bt mn)

2010

2011

2012

2013E

2014E

(Bt mn)

Revenues

1,755

4,685

10,406

14,400

21,600

Net profit

Cost of sales

1,518

3,899

8,279

11,290

16,848

Depre. & amort.

238

786

2,128

3,110

4,752

Gross profit
SG&A

116

154

292

410

616

Operating profit

122

632

1,836

2,700

4,136

Other income

Change in working capital

Other adjustments
Cash flow from operation

2010

2011

2012

2013E

2014E

46

396

1,280

1,998

3,106

32

-1,339

-4,690

-2,428

-4,445

36

-37

-118

103

-944

-3,439

-431

-1,339
-696

35

25

Capital expenditure

-385

-1,133

297

-3,500

EBIT

111

559

1,687

2,497

3,883

Cash flow from investing

-400

-1,381

198

-3,501

-697

EBITDA

122

632

1,836

2,700

4,136

Free cash flow

-297

-2,325

-3,241

-3,932

-2,037
2,501

Interest expense

32

68

140

203

254

Net borrowings

297

1,338

3,257

857

Tax

40

163

436

499

777

Capital raised

40

1,140

75

3,691

Earning after tax

71

396

1,251

1,998

3,106

Paid Dividends

-39

-261

-799

Cash flow from financing

334

2,442

3,214

4,288

1,702

37

117

-27

356

-335

2010

2011

2012

2013E

2014E
50.00

Minority interest

71

396

1,251

1,998

3,106

-25

29

46

396

1,280

1,998

3,106

2010

2011

2012

2013E

2014E

Cash& equivalents

57

174

148

504

169

Account receivable

284

1,305

4,335

5,998

8,997

Revenues

74.33

166.92

122.11

38.38

Inventory

189

195

2,493

3,400

5,073

EBITDA

261.85

419.89

190.53

47.06

53.20

Other current asset

169

415

21

22

24

Net profit

512.97

759.43

223.61

56.01

55.49

Total current asset

699

2,089

6,997

9,924

14,263

Norm profit

842.40

459.00

216.18

59.67

55.49

Investment

178

426

525

525

525

PPE

Norm profit
Extra ordinary
Net profit

Balance Sheet (Consolidated)

(Bt mn)

Net change in cash

Important Ratios (Consolidated)

418

1,550

1,253

4,753

5,449

Other asset

37

38

38

39

40

Total assets

Growth (%)

Profitability Ratios (%)

Gross profit margin
EBITDA margin

13.54

16.79

20.44

21.60

22.00

6.93

13.49

17.64

18.75

19.15

1,332

4,102

8,813

15,241

20,278

EBIT margin

6.93

13.49

17.64

18.75

19.15

Short term loan loans

544

1,897

5,142

6,000

8,500

Operating Margin

6.33

11.93

16.21

17.34

17.97

Accounts payable

14.38

300

128

248

338

504

Net profit margin

2.62

8.45

12.30

13.87

Other current liabilities

82

186

310

362

426

Norm ROA

5.31

9.64

14.20

13.11

15.32

Total current liabilities

926

2,211

5,700

6,700

9,430

Norm ROE

18.21

24.07

37.32

27.23

28.17

67

53

36

36

36

9.67

20.02

23.45

19.55

19.95

Risk (x)
Net D/E

1.68

0.98

1.64

0.65

0.78
1.02

Long-term debt
Other LT liabilities
Total LT liabilities

Norm ROCE

67

53

36

36

36

Total liabilities

993

2,264

5,736

6,736

9,466

Per share data (Bt)

Registered capital

200

2,554

2,605

3,060

3,060

Reported EPS

0.23

0.15

0.49

0.65

Paid up capital

200

2,554

2,605

3,060

3,060

Norm EPS

0.35

0.15

0.48

0.65

1.02

Share premium

-1,214

-1,190

2,047

2,047

Book value

1.70

0.72

1.18

2.78

3.53

140

498

1,660

3,397

5,704

Dividend

0.00

0.00

0.10

0.26

0.41

Par

1.00

1.00

1.00

1.00

1.00

340

1,838

3,075

8,504

10,811

P/E

33.01

49.06

15.46

11.64

7.49

Norm P/E

21.47

49.06

15.82

11.64

7.49

4.48

10.56

6.44

2.73

2.15

17.21

33.55

13.53

10.67

7.65

0.00

0.00

1.32

3.44

5.34

Retained earnings
Minority Interest
Shareholders' equity

Valuations (x)

P/BV
EV/EBTDA
Dividend yield (%)
Source: Company data, FSS research

 ()

999/9
17, 18 , 25
. 1

25 9,14,15
. .

496/502
20 .

130-132 1
2 .

130-132 3
24 .

21

130-132 3
19 .
.

50
15 . 21 ()

159 17
. 21 .

191
2, 3-1 21 .

1 23 3
.

2034/52
11 11-07/01
.

1768
2 .

1768
4, 31 .

7/129-221
14 1404
.

7/3

14 1408 .

7/3
16 1605-6
.

68/127 8 .
. .

555 2
1106 11 .

105/1 4
.

1093 1
19 1093/105
12 .-(.3)

3105 3
A3R02 .

1/832 60
. .

28/16-17 . .
. .

44 . .
. .

1045/16-17 .
. .
.

233-233/2 1 12 .
. .
.

308

. .
. .

310

. .
. .

311/16 2 .
. .
.

26/9 2 7 .
. . .

4/6 2

104/6 2

()()

()()

353/15 4 .
. .

119 10 .
. .

. .
. .

. .
. .

173/83-84 1 .-
. .
.

200/221, 200/223
2
. 3 .
. .

106 . .
. .

200/222, 200/224, 200/226

2
. 3 .
. .

22/18
.
. .
.

59/28 . .
. .

223/20 . .
. .

300/69-70 4 .
. .

0-2646-9966

/ / /

0-2646-9964

jitra.a@fnsyrus.com
pornsook.a@fnsyrus.com

/ /

0-2646-9817

songklod.w@fnsyrus.com

0-2646-9680

sunanta.v@fnsyrus.com

0-2646-9856

worarat.p@fnsyrus.com

/ / /

0-2646-9972

sureeporn.t@fnsyrus.com

0-2646-9712

amnart.n@fnsyrus.com

0-2646-9821

veeravat.v@fnsyrus.com

0-2646-9967

somchai.a@fnsyrus.com

Derivatives

0-2646-9820

natapon.k@fnsyrus.com

BUY
HOLD
SELL
TRADING BUY
OVERWEIGHT
NEUTRAL
UNDERWEIGHT

10%

0% - 10%

Thai Institute of Directors Association (IOD) Corporate Governance Report Rating 2012

ADVANC
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