Financials Hocheng Corporation

Equities

1810

TW0001810000

Construction Supplies & Fixtures

End-of-day quote Taiwan S.E. 03:30:00 15/05/2024 am IST 5-day change 1st Jan Change
18.75 TWD -1.83% Intraday chart for Hocheng Corporation +1.35% +3.31%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 2,871 3,063 3,755 6,497 4,574 5,479
Enterprise Value (EV) 1 5,169 5,447 5,101 6,384 5,305 5,045
P/E ratio -43.3 x 64 x 43.3 x 5.38 x 41.1 x 303 x
Yield 2.56% - 1.96% 1.13% 1.08% -
Capitalization / Revenue 0.53 x 0.55 x 0.74 x 1.22 x 0.91 x 1.12 x
EV / Revenue 0.95 x 0.99 x 1 x 1.2 x 1.06 x 1.04 x
EV / EBITDA 23.9 x 18 x 23 x 24 x 17.6 x 26.4 x
EV / FCF -34.4 x 31.7 x 7.64 x 28.4 x -20.7 x 3.99 x
FCF Yield -2.91% 3.15% 13.1% 3.53% -4.83% 25%
Price to Book 0.53 x 0.54 x 0.64 x 0.9 x 0.87 x 0.82 x
Nbr of stocks (in thousands) 3,01,859 3,01,859 3,01,859 3,01,859 2,47,268 3,01,859
Reference price 2 9.512 10.15 12.44 21.52 18.50 18.15
Announcement Date 28/03/19 30/03/20 30/03/21 31/03/22 15/03/23 15/03/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 5,466 5,526 5,102 5,313 5,004 4,871
EBITDA 1 216.4 302.8 221.7 266.4 301.5 191
EBIT 1 2.011 78.84 0.185 66.68 102.5 -7.538
Operating Margin 0.04% 1.43% 0% 1.25% 2.05% -0.15%
Earnings before Tax (EBT) 1 -1.757 89.7 129.2 1,979 250.2 66.18
Net income 1 -65.54 47.92 86.79 1,225 157.3 19.35
Net margin -1.2% 0.87% 1.7% 23.05% 3.14% 0.4%
EPS 2 -0.2195 0.1585 0.2875 4.000 0.4500 0.0600
Free Cash Flow 1 -150.3 171.7 667.5 225.1 -256.5 1,263
FCF margin -2.75% 3.11% 13.08% 4.24% -5.12% 25.93%
FCF Conversion (EBITDA) - 56.73% 301.05% 84.5% - 661.3%
FCF Conversion (Net income) - 358.43% 769.12% 18.38% - 6,529.15%
Dividend per Share 2 0.2439 - 0.2439 0.2439 0.2000 -
Announcement Date 28/03/19 30/03/20 30/03/21 31/03/22 15/03/23 15/03/24
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 2,298 2,384 1,346 - 730 -
Net Cash position 1 - - - 114 - 434
Leverage (Debt/EBITDA) 10.62 x 7.874 x 6.07 x - 2.422 x -
Free Cash Flow 1 -150 172 668 225 -256 1,263
ROE (net income / shareholders' equity) -1.36% 0.64% 1.36% 26.2% 2.28% 0.33%
ROA (Net income/ Total Assets) 0.01% 0.45% 0% 0.38% 0.6% -0.05%
Assets 1 -5,74,877 10,552 86,79,300 3,26,439 26,184 -42,059
Book Value Per Share 2 18.10 18.70 19.50 24.00 21.40 22.10
Cash Flow per Share 2 2.810 2.660 3.490 7.160 2.210 4.550
Capex 1 299 262 98.5 85.7 240 105
Capex / Sales 5.48% 4.74% 1.93% 1.61% 4.79% 2.16%
Announcement Date 28/03/19 30/03/20 30/03/21 31/03/22 15/03/23 15/03/24
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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