CHINA ELECTRIC MFG. CORPORATION

Financials China Electric Mfg. Corporation

Equities

1611

TW0001611002

Electrical Components & Equipment

End-of-day quote Taiwan S.E. Other stock markets 03:30:00 03/05/2024 am IST			5-day change	1st Jan Change
16.9 ^TWD	-1.74%		-2.03%	+1.81%

12/03	China Electric Mfg. Corporation Reports Earnings Results for the Full Year Ended December 31, 2023	CI
04/03	China Electric Mfg. Corporation Declares Dividend for the Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	3,621	3,980	4,502	7,116	4,260	5,357
Enterprise Value (EV) ¹	2,362	3,047	3,545	6,272	3,308	4,432
P/E ratio	53.5 x	5.22 x	60.8 x	25.6 x	55.1 x	36.1 x
Yield	1.65%	10.8%	2.15%	3.63%	2.27%	3.01%
Capitalization / Revenue	1.54 x	1.69 x	2.17 x	4 x	2.71 x	3.93 x
EV / Revenue	1 x	1.29 x	1.71 x	3.53 x	2.11 x	3.26 x
EV / EBITDA	-37.6 x	163 x	29.1 x	172 x	28.5 x	49.5 x
EV / FCF	2.35 x	7.52 x	68.4 x	-119 x	9.51 x	-133 x
FCF Yield	42.6%	13.3%	1.46%	-0.84%	10.5%	-0.75%
Price to Book	0.8 x	0.82 x	1.07 x	1.62 x	1.01 x	1.24 x
Nbr of stocks (in thousands)	3,22,642	3,22,736	3,22,736	3,22,736	3,22,736	3,22,736
Reference price ²	11.22	12.33	13.95	22.05	13.20	16.60
Announcement Date	01/04/19	31/03/20	31/03/21	31/03/22	31/03/23	12/03/24

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	2,352	2,354	2,074	1,778	1,570	1,361
EBITDA ¹	-62.85	18.69	121.9	36.45	116.2	89.51
EBIT ¹	-112	-14.89	89.54	6.08	89.22	66.54
Operating Margin	-4.76%	-0.63%	4.32%	0.34%	5.68%	4.89%
Earnings before Tax (EBT) ¹	25.23	809.9	89.12	293.6	85.36	153.7
Net income ¹	67.7	762.7	78.62	279.1	77.31	149.6
Net margin	2.88%	32.4%	3.79%	15.69%	4.92%	10.98%
EPS ²	0.2098	2.363	0.2294	0.8600	0.2396	0.4600
Free Cash Flow ¹	1,007	404.9	51.82	-52.78	347.8	-33.33
FCF margin	42.8%	17.2%	2.5%	-2.97%	22.15%	-2.45%
FCF Conversion (EBITDA)	-	2,166.39%	42.5%	-	299.35%	-
FCF Conversion (Net income)	1,486.78%	53.09%	65.92%	-	449.91%	-
Dividend per Share ²	0.1852	1.333	0.3000	0.8000	0.3000	0.5000
Announcement Date	01/04/19	31/03/20	31/03/21	31/03/22	31/03/23	12/03/24

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	-	-	-	-	-	-
Net Cash position ¹	1,259	934	957	844	952	925
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow ¹	1,007	405	51.8	-52.8	348	-33.3
ROE (net income / shareholders' equity)	0.72%	16.2%	1.73%	6.48%	1.8%	3.5%
ROA (Net income/ Total Assets)	-1.1%	-0.16%	0.91%	0.07%	1.01%	0.77%
Assets ¹	-6,160	-4,84,281	8,621	4,29,351	7,676	19,502
Book Value Per Share ²	14.00	15.10	13.00	13.60	13.00	13.40
Cash Flow per Share ²	1.320	2.070	1.110	1.760	2.020	1.490
Capex ¹	13.6	7.29	18.4	2.41	1.55	1.52
Capex / Sales	0.58%	0.31%	0.89%	0.14%	0.1%	0.11%
Announcement Date	01/04/19	31/03/20	31/03/21	31/03/22	31/03/23	12/03/24

¹TWD in Million²TWD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Lighting Equipment

	1st Jan change	Capi.
CHINA ELECTRIC MFG. CORPORATION	+1.81%	169M
OSRAM LICHT AG	+0.78%	5.21B
LEEDARSON IOT TECHNOLOGY INC.	-2.47%	1.27B
SHANGHAI FEILO ACOUSTICS CO.,LTD	-12.78%	1.09B
FOSHAN ELECTRICAL AND LIGHTING CO.,LTD	-13.83%	1.06B
GUANGZHOU HAOYANG ELECTRONIC CO.,LTD.	+0.53%	1.06B
HENGDIAN GROUP TOSPO LIGHTING CO., LTD.	+6.15%	899M
ZHEJIANG YANKON GROUP CO., LTD.	-1.53%	597M
OCEAN'S KING LIGHTING SCIENCE & TECHNOLOGY CO., LTD	-31.63%	589M
GUANGDONG PAK CORPORATION CO., LTD.	-14.98%	486M

Lighting Equipment

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1611 Stock
Financials China Electric Mfg. Corporation

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