BST:9LE

Stock Analysis Report

L.P.N. Development

Executive Summary

L.P.N. Development Public Company Limited and its affiliated companies carry on the business of real estate development aiming to sell and rent the developed projects, as offices and residential condominiums located in the Central Business District (CBD) of Bangkok and neighbouring provinces.


Snowflake Analysis

Undervalued established dividend payer.


Similar Companies

Share Price & News

How has L.P.N. Development's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: 9LE's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

0%

9LE

9.8%

DE Real Estate

9.9%

DE Market


1 Year Return

-46.4%

9LE

-17.0%

DE Real Estate

-17.5%

DE Market

Return vs Industry: 9LE underperformed the German Real Estate industry which returned -17% over the past year.

Return vs Market: 9LE underperformed the German Market which returned -17.5% over the past year.


Shareholder returns

9LEIndustryMarket
7 Day0%9.8%9.9%
30 Day-7.2%-15.7%-16.6%
90 Day-13.5%-15.6%-24.8%
1 Year-38.7%-46.4%-14.7%-17.0%-15.0%-17.5%
3 Year-61.4%-70.5%26.7%17.0%-17.4%-24.5%
5 Year-72.3%-81.7%58.7%35.9%-16.6%-28.1%

Price Volatility Vs. Market

How volatile is L.P.N. Development's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is L.P.N. Development undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: 9LE (€0.09) is trading below our estimate of fair value (€0.84)

Significantly Below Fair Value: 9LE is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: 9LE is good value based on its PE Ratio (3.6x) compared to the Real Estate industry average (10.1x).

PE vs Market: 9LE is good value based on its PE Ratio (3.6x) compared to the German market (16.3x).


Price to Earnings Growth Ratio

PEG Ratio: 9LE's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: 9LE is good value based on its PB Ratio (0.3x) compared to the DE Real Estate industry average (1.2x).


Next Steps

Future Growth

How is L.P.N. Development forecast to perform in the next 1 to 3 years based on estimates from 12 analysts?

-5.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 9LE's earnings are forecast to decline over the next 3 years (-5.2% per year).

Earnings vs Market: 9LE's earnings are forecast to decline over the next 3 years (-5.2% per year).

High Growth Earnings: 9LE's earnings are forecast to decline over the next 3 years.

Revenue vs Market: 9LE's revenue is expected to decline over the next 3 years (-0.8% per year).

High Growth Revenue: 9LE's revenue is forecast to decline over the next 3 years (-0.8% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 9LE's Return on Equity is forecast to be low in 3 years time (7.3%).


Next Steps

Past Performance

How has L.P.N. Development performed over the past 5 years?

-18.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: 9LE has high quality earnings.

Growing Profit Margin: 9LE's current net profit margins (12.5%) are higher than last year (12.1%).


Past Earnings Growth Analysis

Earnings Trend: 9LE's earnings have declined by -18.5% per year over the past 5 years.

Accelerating Growth: 9LE's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: 9LE had negative earnings growth (-8.1%) over the past year, making it difficult to compare to the Real Estate industry average (11.3%).


Return on Equity

High ROE: 9LE's Return on Equity (9.6%) is considered low.


Next Steps

Financial Health

How is L.P.N. Development's financial position?


Financial Position Analysis

Short Term Liabilities: 9LE's short term assets (฿19.9B) exceed its short term liabilities (฿5.4B).

Long Term Liabilities: 9LE's short term assets (฿19.9B) exceed its long term liabilities (฿4.9B).


Debt to Equity History and Analysis

Debt Level: 9LE's debt to equity ratio (57.9%) is considered high.

Reducing Debt: 9LE's debt to equity ratio has reduced from 63% to 57.9% over the past 5 years.

Debt Coverage: 9LE's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: 9LE earns more interest than it pays, so coverage of interest payments is not a concern.


Balance Sheet

Inventory Level: 9LE has a high level of physical assets or inventory.

Debt Coverage by Assets: 9LE's debt is covered by short term assets (assets are 2.6x debt).


Next Steps

Dividend

What is L.P.N. Development's current dividend yield, its reliability and sustainability?

19.11%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: 9LE's dividend (19.11%) is higher than the bottom 25% of dividend payers in the German market (1.68%).

High Dividend: 9LE's dividend (19.11%) is in the top 25% of dividend payers in the German market (4.97%)


Stability and Growth of Payments

Stable Dividend: 9LE's dividend payments have been volatile in the past 10 years.

Growing Dividend: 9LE's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (69.5%), 9LE's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: 9LE's dividends in 3 years are forecast to be covered by earnings (67.3% payout ratio).


Next Steps

Management

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

1.8yrs

Average management tenure


CEO

Opas Sripayak (56yo)

2.17s

Tenure

฿6,427,200

Compensation

Mr. Opas Sripayak serves as Chief Executive Officer of L.P.N. Development Public Company Limited (“L.P.N. Development”) since January 11, 2018 and Managing Director and Executive Director since March 30, 2 ...


Leadership Team

NamePositionTenureCompensationOwnership
Opas Sripayak
CEO, MD & Executive Director2.17yrs฿6.43mno data
Apichart Kasemkulsiri
CFO & Executive Director1.83yrs฿6.18mno data
Yupa Techakraisri
Deputy MD & Executive Director31.17yrs฿630.12k4.29% ฿5.4m
Pichet Supakijjanusan
Deputy MD & Executive Director31.17yrs฿756.15k0.28% ฿348.0k
Kumpee Chongthurakit
Executive Director31.17yrs฿630.12k1.24% ฿1.6m
Surawut Sukcharoensin
Executive Director & Chief Strategy Officer1.83yrs฿5.93m0.017% ฿21.7k
Suriya Suriyabhivadh
Investor Relations Managerno datano datano data
Thawatchai Worradilok
Director of Legal Departmentno datano datano data
Phanphen Saengchanpakdee
Deputy Managing Director of Sales Management Departmentno datano datano data
Montien Weerotai
Director of HR Management Department & Director of LPN Instituteno datano datano data

1.8yrs

Average Tenure

60.5yo

Average Age

Experienced Management: 9LE's management team is not considered experienced ( 1.8 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Opas Sripayak
CEO, MD & Executive Director2.17yrs฿6.43mno data
Apichart Kasemkulsiri
CFO & Executive Director1.83yrs฿6.18mno data
Yupa Techakraisri
Deputy MD & Executive Director31.17yrs฿630.12k4.29% ฿5.4m
Pichet Supakijjanusan
Deputy MD & Executive Director31.17yrs฿756.15k0.28% ฿348.0k
Kumpee Chongthurakit
Executive Director31.17yrs฿630.12k1.24% ฿1.6m
Surawut Sukcharoensin
Executive Director & Chief Strategy Officer1.83yrs฿5.93m0.017% ฿21.7k
Vudhiphol Suriyabhivadh
Independent Vice Chairman of the Boardno data฿2.50m0.10% ฿125.9k
Tikhamporn Plengsrisuk
Vice Chairman2yrs฿1.29m0.28% ฿348.0k
Amornsuk Noparumpa
Independent Chairman of the Board15.17yrs฿2.14mno data
Khantachai Vichakkhana
Independent Director5.58yrs฿1.70mno data

14.2yrs

Average Tenure

69yo

Average Age

Experienced Board: 9LE's board of directors are seasoned and experienced ( 14.2 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

L.P.N. Development Public Company Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: L.P.N. Development Public Company Limited
  • Ticker: 9LE
  • Exchange: BST
  • Founded: 1989
  • Industry: Real Estate Development
  • Sector: Real Estate
  • Market Cap: ฿4.566b
  • Listing Market Cap: ฿126.507m
  • Shares outstanding: 1.45b
  • Website: https://www.lpn.co.th

Number of Employees


Location

  • L.P.N. Development Public Company Limited
  • 1168/109, Lumpini Tower
  • 36th Floor, Rama 4 Road
  • Bangkok
  • 10120
  • Thailand

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
LPNSET (The Stock Exchange of Thailand)YesOrdinary SharesTHTHBJul 1995
LPN-RSET (The Stock Exchange of Thailand)THB1(NVDR)THTHBAug 2001
9LEBST (Boerse-Stuttgart)THB1(NVDR)DEEURAug 2001

Biography

L.P.N. Development Public Company Limited and its affiliated companies carry on the business of real estate development aiming to sell and rent the developed projects, as offices and residential condominiums located in the Central Business District (CBD) of Bangkok and neighbouring provinces. These offices and residential condominiums initially developed are dominated by high-rise and huge buildings. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/30 22:27
End of Day Share Price2020/03/30 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.