BST:MAOA

Stock Analysis Report

Executive Summary

Siam Makro Public Company Limited operates cash and carry trade centers under the Makro name in Thailand.


Snowflake Analysis

Excellent balance sheet with solid track record and pays a dividend.


Similar Companies

Share Price & News

How has Siam Makro's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: MAOA has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-8.6%

MAOA

-4.5%

DE Consumer Retailing

-6.8%

DE Market


1 Year Return

-10.9%

MAOA

-1.0%

DE Consumer Retailing

6.5%

DE Market

Return vs Industry: MAOA underperformed the German Consumer Retailing industry which returned -1% over the past year.

Return vs Market: MAOA underperformed the German Market which returned 6.5% over the past year.


Shareholder returns

MAOAIndustryMarket
7 Day-8.6%-4.5%-6.8%
30 Day-5.8%-1.1%-3.7%
90 Day-5.8%-1.8%-3.6%
1 Year-8.5%-10.9%2.9%-1.0%9.8%6.5%
3 Year11.4%3.0%3.4%-6.9%6.8%-2.6%
5 Year2.2%-9.9%5.5%-10.7%12.5%-2.9%

Price Volatility Vs. Market

How volatile is Siam Makro's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Siam Makro undervalued compared to its fair value and its price relative to the market?

24.79x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: MAOA (€0.9) is trading above our estimate of fair value (€0.89)

Significantly Below Fair Value: MAOA is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: MAOA is poor value based on its PE Ratio (24.8x) compared to the Consumer Retailing industry average (19.4x).

PE vs Market: MAOA is poor value based on its PE Ratio (24.8x) compared to the German market (20x).


Price to Earnings Growth Ratio

PEG Ratio: MAOA is poor value based on its PEG Ratio (2.6x)


Price to Book Ratio

PB vs Industry: MAOA is overvalued based on its PB Ratio (7.6x) compared to the XE Consumer Retailing industry average (1.6x).


Next Steps

Future Growth

How is Siam Makro forecast to perform in the next 1 to 3 years based on estimates from 10 analysts?

9.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MAOA's forecast earnings growth (9.6% per year) is above the savings rate (-0.4%).

Earnings vs Market: MAOA's earnings (9.6% per year) are forecast to grow slower than the German market (13.1% per year).

High Growth Earnings: MAOA's earnings are forecast to grow, but not significantly.

Revenue vs Market: MAOA's revenue (7.5% per year) is forecast to grow faster than the German market (5.1% per year).

High Growth Revenue: MAOA's revenue (7.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: MAOA's Return on Equity is forecast to be high in 3 years time (32.9%)


Next Steps

Past Performance

How has Siam Makro performed over the past 5 years?

4.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MAOA has high quality earnings.

Growing Profit Margin: MAOA's current net profit margins (3%) are lower than last year (3.1%).


Past Earnings Growth Analysis

Earnings Trend: MAOA's earnings have grown by 4.1% per year over the past 5 years.

Accelerating Growth: MAOA's earnings growth over the past year (5.1%) exceeds its 5-year average (4.1% per year).

Earnings vs Industry: MAOA earnings growth over the past year (5.1%) exceeded the Consumer Retailing industry 2.2%.


Return on Equity

High ROE: MAOA's Return on Equity (29.8%) is considered high.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Siam Makro's financial position?


Financial Position Analysis

Short Term Liabilities: MAOA's short term assets (฿23.3B) do not cover its short term liabilities (฿32.7B).

Long Term Liabilities: MAOA's short term assets (฿23.3B) exceed its long term liabilities (฿9.2B).


Debt to Equity History and Analysis

Debt Level: MAOA's debt to equity ratio (37.8%) is considered satisfactory.

Reducing Debt: MAOA's debt to equity ratio has reduced from 40.8% to 37.8% over the past 5 years.

Debt Coverage: MAOA's debt is well covered by operating cash flow (130.9%).

Interest Coverage: MAOA's interest payments on its debt are well covered by EBIT (28.1x coverage).


Balance Sheet

Inventory Level: MAOA has a high level of physical assets or inventory.

Debt Coverage by Assets: MAOA's debt is covered by short term assets (assets are 3x debt).


Next Steps

Dividend

What is Siam Makro's current dividend yield, its reliability and sustainability?

2.98%

Current Dividend Yield


Upcoming Dividend Payment

Purchase Siam Makro before the 'Buy Limit' to receive their next dividend payment.


Dividend Yield vs Market

company3.0%marketbottom25%1.5%markettop25%3.8%industryaverage3.8%forecastin3Years3.5%

Current dividend yield vs market & industry

Notable Dividend: MAOA's dividend (2.98%) is higher than the bottom 25% of dividend payers in the German market (1.46%).

High Dividend: MAOA's dividend (2.98%) is low compared to the top 25% of dividend payers in the German market (3.81%).


Stability and Growth of Payments

Stable Dividend: MAOA's dividend payments have been volatile in the past 10 years.

Growing Dividend: MAOA's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (73.8%), MAOA's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: MAOA's dividends in 3 years are forecast to be covered by earnings (72.9% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

2.4yrs

Average management tenure


CEO

Suchada Ithijarukul (66yo)

10.1yrs

Tenure

0

Mrs. Suchada Ithijarukul has been the Chief Executive Officer of Siam Makro Public Company Limited since 2010. Mrs. Ithijarukul served as Chief Operation Officer of International Business at Siam Makro Pub ...


Leadership Team

NamePositionTenureCompensationOwnership
Suchada Ithijarukul
Second Vice Chairman & Group CEO10.1yrsno datano data
Saowaluck Thithapant
Group CFO & Director15.2yrsno datano data
Thomas Hammer
COO of Sales and Operations2.4yrsno datano data
Paul Howe
Group Chief Information Officer2.9yrsno datano data
Siriporn Dechsingha
Chief Marketing Officer2.4yrsno datano data
Naruemol Worasunthararom
Group Chief Human Resources Officer2.1yrsno datano data
Ricardo Augusto De Oliveira Boarotto
Chief Commercial Officer2.4yrsno datano data
Chi-Lung Lin
Chief Executive Officer of Food Service2.9yrsno datano data
Siriporn Withannititam
Company Secretary2.4yrsno datano data

2.4yrs

Average Tenure

53yo

Average Age

Experienced Management: MAOA's management team is considered experienced (2.4 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Suchada Ithijarukul
Second Vice Chairman & Group CEO10.1yrsno datano data
Saowaluck Thithapant
Group CFO & Director15.2yrsno datano data
Joti Bhokavanij
Independent Director6.6yrsno datano data
Suphachai Chearavanont
Chairman0yrsno datano data
Narong Chearavanont
Director6.6yrsno datano data
Prasert Jarupanich
Director31.8yrsno datano data
Piyawat Titasattavorakul
Director6.6yrsno datano data
Pittaya Jearavisitkul
Director6.6yrsno datano data
Korsak Chairasmisak
First Vice Chairman6.6yrsno datano data
Rawat Chamchalerm
Independent Director0yrsno datano data

6.6yrs

Average Tenure

65yo

Average Age

Experienced Board: MAOA's board of directors are considered experienced (6.6 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Siam Makro Public Company Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Siam Makro Public Company Limited
  • Ticker: MAOA
  • Exchange: BST
  • Founded: 1988
  • Industry: Hypermarkets and Super Centers
  • Sector: Consumer Retailing
  • Market Cap: ฿154.800b
  • Listing Market Cap: ฿4.485b
  • Shares outstanding: 4.80b
  • Website: https://www.siammakro.co.th

Location

  • Siam Makro Public Company Limited
  • 1468 Phatthanakan Road
  • Suan Luang Sub District
  • Bangkok
  • 10250
  • Thailand

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MAKROSET (The Stock Exchange of Thailand)YesOrdinary SharesTHTHBAug 1994
MAOABST (Boerse-Stuttgart)THB0.5(ALIEN MARKET)DEEUROct 1994
MAKRO-FTHAMSE (Bangkok-Alien Market Stock Exchange)THB0.5(ALIEN MARKET)THTHBOct 1994
MAKRO-RSET (The Stock Exchange of Thailand)NON VTG DEP RCPR REP 1 ORD THB10THTHBAug 2001
SMKU.FOTCPK (Pink Sheets LLC)NON VTG DEP RCPR REP 1 ORD THB10USUSDAug 2001
SMKU.YOTCPK (Pink Sheets LLC)UNSPONSOD ADRUSUSDAug 2012

Biography

Siam Makro Public Company Limited operates cash and carry trade centers under the Makro name in Thailand. The company’s trade centers sells food and non-food products to registered members, including small and medium size businesses, retailers, caterers, professional sectors, and institutions. It also imports, exports, trades in, and distributes food products; and provides freight, delivery, rental, and storage services. As of December 31, 2018, it operated 122 Makro stores and 7 frozen shops. The company was founded in 1988 and is headquartered in Bangkok, Thailand. Siam Makro Public Company Limited is a subsidiary of CP ALL Public Company Limited. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/26 21:00
End of Day Share Price2020/02/26 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.