Stock 1904 CHENG LOONG CORPORATION
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Financials Cheng Loong Corporation

Equities

1904

TW0001904001

Paper Packaging

End-of-day quote Taiwan S.E.
Other stock markets
 03:30:00 26/04/2024 am IST 		5-day change 1st Jan Change
28.85 TWD -0.52% Intraday chart for Cheng Loong Corporation +2.30% -3.03%
14/03 Cheng Loong Corporation Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 Cheng Loong Corporation Resolves to Establish Corporate Sustainability Committee CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 20,669 21,390 37,681 39,122 30,311 32,971
Enterprise Value (EV) 1 38,905 35,200 50,567 56,640 50,918 55,832
P/E ratio 5.52 x 9.32 x 10.1 x 9.89 x 12 x 35.8 x
Yield 5.9% 6.22% 5.29% 5.38% 4.02% 1.68%
Capitalization / Revenue 0.5 x 0.53 x 0.94 x 0.87 x 0.69 x 0.78 x
EV / Revenue 0.94 x 0.87 x 1.26 x 1.26 x 1.16 x 1.32 x
EV / EBITDA 8 x 5.94 x 6.66 x 7.84 x 11.3 x 10.3 x
EV / FCF -18.5 x 6.46 x 15.8 x -15.6 x -22.1 x -93.2 x
FCF Yield -5.41% 15.5% 6.35% -6.41% -4.53% -1.07%
Price to Book 0.92 x 0.9 x 1.48 x 1.44 x 1.07 x 1.14 x
Nbr of stocks (in thousands) 11,08,275 11,08,275 11,08,275 11,08,275 11,08,275 11,08,275
Reference price 2 18.65 19.30 34.00 35.30 27.35 29.75
Announcement Date 28/03/19 20/03/20 29/03/21 15/03/22 15/03/23 14/03/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 41,182 40,388 40,074 44,986 43,922 42,165
EBITDA 1 4,863 5,922 7,588 7,229 4,490 5,396
EBIT 1 2,859 3,513 5,018 4,574 1,658 1,988
Operating Margin 6.94% 8.7% 12.52% 10.17% 3.77% 4.71%
Earnings before Tax (EBT) 1 4,996 2,986 4,772 4,988 3,197 1,341
Net income 1 3,742 2,304 3,728 3,963 2,520 922.1
Net margin 9.09% 5.7% 9.3% 8.81% 5.74% 2.19%
EPS 2 3.376 2.070 3.350 3.570 2.270 0.8320
Free Cash Flow 1 -2,106 5,446 3,209 -3,633 -2,306 -599.2
FCF margin -5.11% 13.48% 8.01% -8.08% -5.25% -1.42%
FCF Conversion (EBITDA) - 91.96% 42.29% - - -
FCF Conversion (Net income) - 236.38% 86.08% - - -
Dividend per Share 2 1.100 1.200 1.800 1.900 1.100 0.5000
Announcement Date 28/03/19 20/03/20 29/03/21 15/03/22 15/03/23 14/03/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3
Net sales 1 11,141 12,013 - 11,525 10,617
EBITDA - - - - -
EBIT 1 725.9 899.1 - 537.2 -45.61
Operating Margin 6.52% 7.48% - 4.66% -0.43%
Earnings before Tax (EBT) 1 1,029 852.8 - 1,773 250.8
Net income 1 773.8 792 742.1 1,240 223.8
Net margin 6.95% 6.59% - 10.76% 2.11%
EPS 2 0.6900 0.7200 0.6700 1.120 0.2000
Dividend per Share - - - - -
Announcement Date 12/11/21 15/03/22 13/05/22 12/08/22 10/11/22
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 18,236 13,810 12,885 17,518 20,607 22,861
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 3.75 x 2.332 x 1.698 x 2.423 x 4.589 x 4.237 x
Free Cash Flow 1 -2,106 5,446 3,209 -3,633 -2,306 -599
ROE (net income / shareholders' equity) 17.5% 9.44% 14.3% 14.5% 9.39% 3.16%
ROA (Net income/ Total Assets) 2.97% 3.68% 5.21% 4.49% 1.52% 1.77%
Assets 1 1,25,839 62,628 71,526 88,339 1,65,971 52,200
Book Value Per Share 2 20.30 21.40 22.90 24.60 25.60 26.00
Cash Flow per Share 2 4.740 7.100 6.990 6.380 6.640 5.460
Capex 1 5,267 1,903 4,093 6,875 7,085 4,433
Capex / Sales 12.79% 4.71% 10.21% 15.28% 16.13% 10.51%
Announcement Date 28/03/19 20/03/20 29/03/21 15/03/22 15/03/23 14/03/24
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Quarterly earnings - Rate of surprise

Company calendar

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