MK Balance Sheet - MK Real Estate Development PCL

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Price: 0.58 THB -1.69% Market Closed

Market Cap: ฿826m

Metric	FY2015 Dec 2015	FY2016 Dec 2016	FY2017 Dec 2017	FY2018 Dec 2018	FY2019 Dec 2019	FY2020 Dec 2020	FY2021 Dec 2021	FY2022 Dec 2022	FY2023 Dec 2023	FY2024 Dec 2024
Cash & Cash Equivalents	293.2m	80.3m	103.6m	88m	107.4m	164m	172.2m	415.7m	231.7m	40.7m
Cash	279.6m	67.5m	84.4m	54.3m	106.7m	163.6m	171.8m	415.3m	231.3m	40.3m
Cash Equivalents	13.6m	12.9m	19.1m	33.7m	762.8k	415.3k	394.5k	404.7k	413k	427k
Short-Term Investments	396.2m	353.3m	345.6m	0	934.8m	191.1m	318m	0	338.5m	0
Total Receivables	118.2m	257.6m	110.3m	123.6m	120.6m	183.4m	768.9m	1.9B	1.7B	1.7B
Accounts Receivables	118.2m	256m	15.3m	12.4m	20.6m	78.4m	88.9m	1B	688.8m	382.6m
Other Receivables	0	1.6m	95m	111.3m	100m	105m	680m	889.7m	1.1B	1.3B
Inventory	3.9B	6.9B	8.8B	6.6B	5.6B	5.7B	4.1B	3.2B	2B	6.3B
Other Current Assets	21.8m	151.7m	155.3m	117.9m	105.3m	113.6m	148.9m	250m	268m	244.5m
Total Current Assets	4.7B	7.7B	9.5B	6.9B	6.9B	6.3B	5.5B	5.8B	4.6B	8.2B
PP&E Net	682.9m	849.9m	925.6m	3.7B	4.3B	5B	5.8B	5.7B	6.3B	1.8B
PP&E Gross	682.9m	849.9m	925.6m	3.7B	4.3B	5B	5.8B	5.7B	6.3B	1.8B
Accumulated Depreciation	(361.1m)	(369.8m)	(285.1m)	(297m)	(319.4m)	(411.2m)	(634.3m)	(461.6m)	(787.2m)	(561.1m)
Intangible Assets	660.4k	4.1m	5.5m	12.9m	14.4m	18.1m	21.1m	33.3m	46.1m	14.1m
Goodwill	—	—	—	—	—	—	—	—	52.3m	0
Note Receivable	—	—	—	—	—	—	781.5m	30m	53.9m	53.4m
Long-Term Investments	4.7B	2.9B	1.8B	2.9B	3B	6.4B	6.5B	7.7B	7.8B	13.6B
Other Long-Term Assets	1.6B	2B	2B	2.2B	2.5B	215.7m	425.5m	548.9m	458.7m	346m
Other Assets	—	—	—	—	—	—	—	—	52.3m	0
Total Assets	11.7B	13.5B	14.2B	15.7B	16.7B	18B	19B	19.9B	19.4B	24B
Accounts Payable	147.4m	141.6m	98.4m	228.4m	322m	427.1m	449.7m	296.3m	1.8B	837.5m
Accrued Liabilities	138m	79.3m	94.6m	63.7m	51.8m	115.7m	66.5m	46.2m	84.9m	—
Short-Term Debt	1.8B	1.9B	1.1B	1.6B	1.6B	2.2B	3.1B	2B	493m	3.7B
Current Portion of Long-Term Debt	328.9m	398.9m	1.4B	962.7m	1.3B	2B	1.7B	3.2B	2.8B	4.2B
Other Current Liabilities	265.8m	194.7m	257.5m	616.5m	253.7m	285.2m	961.5m	373.7m	1.8B	966.8m
Deferred Revenue	56.7m	28.3m	21.6m	422m	9.1m	19.2m	29.1m	42.2m	56.1m	369k
Total Current Liabilities	2.7B	2.7B	2.9B	3.5B	3.6B	5B	6.3B	6B	5.9B	9.4B
Long-Term Debt	2.1B	3.8B	4.4B	5.2B	6B	5.4B	6B	7.1B	7.3B	7.1B
Deferred Income Tax	5.1m	16.4m	16.5m	17.3m	10.1m	0	—	5.4m	0	7m
Minority Interest	167m	112.5m	107.8m	0	0	0	0	31.5m	34m	38.4m
Other Liabilities	244.2m	241.3m	191.3m	347.4m	304.5m	896.3m	248.2m	351.8m	530.7m	1.8B
Total Liabilities	5.2B	6.9B	7.6B	9.1B	9.9B	11.3B	12.6B	13.4B	13.7B	18.4B
Common Stock	992m	992m	992m	992m	1.1B	1.1B	1.1B	1.1B	1.1B	1.4B
Retained Earnings	4B	4.1B	4.1B	4.2B	4.2B	4.1B	3.9B	3.9B	3.1B	2.2B
Additional Paid In Capital	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	2B
Unrealized Security Profit/Loss	—	—	—	—	—	—	(25.6m)	2.7m	—	40.9m
Other Equity	—	—	—	—	—	(25.6m)	—	—	895k	(1.3m)
Total Equity	6.5B	6.6B	6.6B	6.6B	6.8B	6.6B	6.5B	6.4B	5.6B	5.7B
Total Liabilities & Equity	11.7B	13.5B	14.2B	15.7B	16.7B	18B	19B	19.9B	19.4B	24B
Common Shares Outstanding	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.4B

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Summary

DCF Valuation

Relative Valuation

Wall St Estimates

Profitability

Solvency

Financial Statements

Discount Rate

MK Real Estate Development PCL SET:MK

A small real-estate group with volatile earnings and working-capital-led cash flow

Transaction-linked services generate operating earnings with uneven reported profit

Inventory-led development economics with persistent revenue and cash-conversion gaps

Profitable property services with compressed margins and recurring working-capital cash drag

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MK Real Estate Development PCL
SET:MK