LH Shopping Centers Leasehold Real Estate Investment Trust

The company maintains a conservative capital structure with a debt-to-equity ratio of 0.12, significantly below the median for the Commercial REITs industry. Total liabilities amount to 1,225,515,000 THB, while total equity stands at 5,987,119,000 THB. Free cash flow is 64,052,000 THB, and operating cash flow is 101,790,000 THB, indicating strong liquidity. However, the risk assessment notes a medium liquidity risk, with net cash being negative after subtracting total debt.

Profitability metrics show a return on equity of 2.74% and a return on assets of 2.28%. These figures are below the industry median for Commercial REITs, suggesting that the company is underperforming in terms of capital efficiency and asset utilization. The net income of 164,105,000 THB and operating income of 171,939,000 THB reflect a stable but modest performance.

The company's revenue is concentrated in a single business segment, with no disclosed geographic diversification. This lack of diversification increases exposure to regional economic fluctuations and tenant concentration risk. The absence of segment-specific revenue breakdowns limits the ability to assess the performance of individual asset classes or geographic regions.

Looking ahead, the company is projected to maintain a stable revenue trajectory, with no significant growth expected in the next fiscal year. The current fiscal year revenue is 344,921,000 THB, and the outlook for the next fiscal year is flat. The risk assessment indicates a low dilution risk, with no near-term pressure from share issuance or dilutive events.

The risk assessment highlights a medium liquidity risk, primarily due to the negative net cash position after accounting for total debt. The company's free cash flow of 64,052,000 THB and operating cash flow of 101,790,000 THB provide some buffer, but the leverage ratio remains low at 0.12. The absence of recent filings or transcripts limits the ability to assess any material changes in the company's risk profile.

Analyst estimates suggest a mean price target of 14.85 THB, with a median of 14.65 THB. The recommendation mean is 2.00, indicating a "Buy" consensus. However, the absence of strong-buy ratings and the presence of only three buy ratings suggest a cautious outlook from the analyst community.

Debt-to-equity ratio of 0.12 is well below the 0.72 cohort median, suggesting a conservative capital structure with lower financial risk.

Analysts maintain a buy recommendation with a mean price target of 14.85, reflecting positive sentiment from three covering institutions.

Operating income reached 1.33 billion THB in FY2026, demonstrating strong operational cash generation capabilities in the most recent full year.

Dilution risk is assessed as low, providing reassurance to existing shareholders regarding potential equity value erosion from new issuances.

Return on equity of 2.74% trails the 3.63% cohort median, indicating less efficient use of shareholder capital compared to industry peers.

Cash conversion ratio of 0.62 is below the 1.07 median, suggesting weaker ability to translate reported earnings into actual cash flow.

Revenue THB 707.1M, +36,4% YoY; Operating income +40,1% YoY.

• ▍Revenue THB 707.1M, +36,4% YoY
• ▍Operating income +40,1% YoY
• ▍Net income +24,7% YoY
• ▍Net margin 33.2%

Revenue THB 661.8M, +87,2% YoY; Operating income +89,9% YoY.

• ▍Revenue THB 661.8M, +87,2% YoY
• ▍Operating income +89,9% YoY
• ▍Net income +61,9% YoY
• ▍Free cash flow +66,6% YoY
• ▍Net margin 69.3%

Revenue THB 660.8M, +88,0% YoY; Operating income +99,5% YoY.

• ▍Revenue THB 660.8M, +88,0% YoY
• ▍Operating income +99,5% YoY
• ▍Net income +67,6% YoY
• ▍Free cash flow +61,6% YoY
• ▍Net margin 38.9%

Revenue THB 677.4M, +96,4% YoY; Operating income +99,4% YoY.

• ▍Revenue THB 677.4M, +96,4% YoY
• ▍Operating income +99,4% YoY
• ▍Net income +152,8% YoY
• ▍Free cash flow +298,8% YoY
• ▍Net margin 61.3%

Revenue THB 518.4M; Operating income THB 229.9M.

• ▍Revenue THB 518.4M
• ▍Operating income THB 229.9M
• ▍Net margin 36.3%

Revenue THB 353.6M; Operating income THB 175.6M.

• ▍Revenue THB 353.6M
• ▍Operating income THB 175.6M
• ▍Net margin 80.1%

Revenue THB 351.4M; Operating income THB 165.8M.

• ▍Revenue THB 351.4M
• ▍Operating income THB 165.8M
• ▍Net margin 43.6%

Revenue THB 344.9M; Operating income THB 171.9M.

• ▍Revenue THB 344.9M
• ▍Operating income THB 171.9M
• ▍Net margin 47.6%

Revenue THB 2.71B, +72,6% YoY; Operating income +78,8% YoY.

• ▍Revenue THB 2.71B, +72,6% YoY
• ▍Operating income +78,8% YoY
• ▍Net income +73,0% YoY
• ▍Free cash flow +104,3% YoY
• ▍Net margin 50.4%

Revenue THB 1.57B, +24,3% YoY; Operating income +33,9% YoY.

• ▍Revenue THB 1.57B, +24,3% YoY
• ▍Operating income +33,9% YoY
• ▍Net income +42,4% YoY
• ▍Free cash flow +61,0% YoY
• ▍Net margin 50.3%

Revenue THB 1.26B, +55,5% YoY; Operating income +102,4% YoY.

• ▍Revenue THB 1.26B, +55,5% YoY
• ▍Operating income +102,4% YoY
• ▍Net income +91,6% YoY
• ▍Free cash flow +39,0% YoY
• ▍Net margin 43.9%

Revenue THB 811.3M, +109,7% YoY; Operating income +375,5% YoY.

• ▍Revenue THB 811.3M, +109,7% YoY
• ▍Operating income +375,5% YoY
• ▍Net income +11 418,5% YoY
• ▍Free cash flow +236,9% YoY
• ▍Net margin 35.6%