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Stock Profiles: Advanced Info Service
Regional Equity Strategy Q4 2007
Income Statement (Btm)
FY Dec 2005A 2006A 2007F 2008F
Turnover 92,517 91,428 91,605 96,718
EBITDA 46,927 41,072 42,195 45,766
Depr/Amort (18,682) (17,027) (18,351) (19,025)
Opg Profit 28,245 24,044 23,843 26,741
Asso & Other Inc 333 380 403 426
Interest (Exp)/Inc (1,279) (903) (1,372) (1,002)
Pre-Tax Profit 27,299 23,521 22,874 26,164
Tax (8,435) (7,460) (7,205) (8,242)
Minority Interest 5 148 144 165
Extra & Forex 39 48 - -
Net Profit 18,909 16,256 15,813 18,087
Sales Growth (%) (4.1) (1.2) 0.2 5.6
Net Profit Gr (%) (6.7) (14.0) (2.7) 14.4
EBITDA Mgn (%) 50.7 44.9 46.1 47.3
Tax Rate (%) 30.9 31.7 31.5 31.5
Balance Sheet (Btm)
FY Dec 2005A 2006A 2007F 2008F
Fixed assets 87,608 91,944 91,997 84,397
Other LT Assets 20,005 19,464 18,899 18,361
Cash/ST Investments 11,755 12,860 5,231 864
Other Current Assets 8,591 10,032 10,052 10,613
Total Assets 127,960 134,301 126,179 114,236
ST Debt 14,241 7,507 7,000 -
Other Current Liabilities19,501 20,568 21,251 22,235
LT Debt 11,291 25,663 20,159 15,159
Minority Interests 885 661 517 352
Shareholders' equity 79,049 76,938 74,142 73,223
Total Capital 127,960 134,301 126,179 114,236
Share Capital (m) 2,951 2,951 2,951 2,951
Net cash/(debt) (13,696) (20,151) (21,769) (14,136)
Working capital 10,910 10,535 11,199 11,622
Gearing (%) 17.1 26.0 0.3 0.2
Cash Flow Statements (Btm)
FY Dec 2005A 2006A 2007F 2008F
EBITDA 46,927 41,072 42,195 45,766
Change in W/C (3,938) (752) (419) (713)
Taxes paid (12,896) (8,175) (7,422) (8,254)
i) Operating FCF 30,092 32,145 34,354 36,799
Net interest payment (769) (320) (799) (616)
ii) Net FCF 29,323 31,825 33,555 36,184
Investing cashflow (15,940) (19,913) (16,563) (9,545)
iii) Residual cashflow 13,383 11,912 16,992 26,639
Cashflow fr equity (7,193) (18,368) (18,610) (19,006)
Change in net cash 6,190 (6,456) (1,618) 7,633
Ending net cash (13,696) (20,151) (21,769) (14,136)
Gross CF/Shr (Bt) 12.6 11.2 11.4 12.4
CF Opera/Shr (Bt) 13.0 11.3 12.1 12.9
Net FCF/Shr (Bt) 9.9 10.8 11.3 12.2
CF Int. Cover (x) 19.7 20.9 20.5 31.9
Rates & Ratios
FY Dec 2005A 2006A 2007F 2008F
ROE (%) 25.8 20.8 20.9 24.5
ROA (%) 15.2 12.4 12.1 15.0
Net Margin (%) 20.4 17.8 17.3 18.7
Div. Coverage (x) 1.0 0.9 0.9 1.0
Interst Coverage (x) 18.9 16.3 14.7 23.7
Asset Turnover (x) 0.7 0.7 0.7 0.8
Asset/Debt (x) 5.0 4.1 4.7 7.6
Gearing (%) 31.8 42.5 36.2 20.4
Net Gearing (%) 17.1 26.0 0.3 0.2
Debt/EBITDA (x) 0.5 0.8 0.6 0.3
Debt/ Market Cap (x) 0.1 0.1 0.1 0.1
Capex/Debt (x) 0.6 0.6 0.7 0.7
Capex/Sales (x) 0.2 0.2 0.2 0.1
EV (Btbn) 277.2 283.4 284.9 277.1
EV/EBITDA (x) 5.9 6.9 6.8 6.1
Valuation Graph : PE
20
18
16
14
12
10
2004 2005 2006 2007
Price Relative to Index
1.4
Advance Info Service
1.2
1.0
0.8
SET
0.6
2004 2005 2006 2007
99