Financials Nan Ya Plastics Corporation

Equities

1303

TW0001303006

Commodity Chemicals

End-of-day quote Taiwan S.E. Other stock markets 03:30:00 26/04/2024 am IST			5-day change	1st Jan Change
55.6 ^TWD	-0.36%		+1.09%	-16.39%

18/03	Nan Ya Plastics Corporation(TWSE:1303) dropped from S&P Global 1200	CI
18/03	Nan Ya Plastics Corporation(TWSE:1303) dropped from S&P International 700	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,77,364	5,70,226	6,77,292	5,63,088	5,27,400	4,40,954	-	-
Enterprise Value (EV) ¹	6,60,809	6,61,925	7,42,865	6,48,015	6,37,557	5,26,930	5,19,835	4,40,954
P/E ratio	25 x	22.2 x	8.33 x	17.5 x	83.1 x	27 x	16.3 x	-
Yield	3.02%	3.34%	8.78%	-	-	2.65%	4.51%	5.04%
Capitalization / Revenue	2.02 x	2.09 x	1.65 x	1.59 x	2.03 x	1.62 x	1.41 x	1.44 x
EV / Revenue	2.31 x	2.42 x	1.8 x	1.82 x	2.45 x	1.94 x	1.67 x	1.44 x
EV / EBITDA	25 x	17.4 x	7.37 x	12.3 x	25.1 x	17.5 x	12.1 x	9.26 x
EV / FCF	29 x	57.6 x	14.9 x	14.7 x	54.4 x	79.2 x	32.9 x	-
FCF Yield	3.45%	1.74%	6.69%	6.8%	1.84%	1.26%	3.04%	-
Price to Book	1.68 x	1.65 x	1.64 x	1.5 x	1.46 x	1.14 x	1.05 x	-
Nbr of stocks (in thousands)	79,30,822	79,30,822	79,30,822	79,30,822	79,30,822	79,30,822	-	-
Reference price ²	72.80	71.90	85.40	71.00	66.50	55.60	55.60	55.60
Announcement Date	10/01/20	17/03/21	10/01/22	08/03/23	12/03/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,86,343	2,73,354	4,11,666	3,55,183	2,59,755	2,71,658	3,11,775	3,05,835
EBITDA ¹	26,430	37,998	1,00,784	52,583	25,428	30,193	42,874	47,632
EBIT ¹	9,984	21,220	80,998	32,030	1,984	9,472	20,071	21,600
Operating Margin	3.49%	7.76%	19.68%	9.02%	0.76%	3.49%	6.44%	7.06%
Earnings before Tax (EBT) ¹	26,642	30,438	1,03,458	47,551	9,130	20,765	38,681	-
Net income ¹	23,070	25,709	81,294	32,109	6,310	17,244	39,307	-
Net margin	8.06%	9.41%	19.75%	9.04%	2.43%	6.35%	12.61%	-
EPS ²	2.910	3.240	10.25	4.050	0.8000	2.056	3.410	-
Free Cash Flow ¹	22,815	11,499	49,698	44,054	11,720	6,657	15,818	-
FCF margin	7.97%	4.21%	12.07%	12.4%	4.51%	2.45%	5.07%	-
FCF Conversion (EBITDA)	86.32%	30.26%	49.31%	83.78%	46.09%	22.05%	36.89%	-
FCF Conversion (Net income)	98.9%	44.73%	61.13%	137.2%	185.73%	38.61%	40.24%	-
Dividend per Share ²	2.200	2.400	7.500	-	-	1.474	2.506	2.800
Announcement Date	10/01/20	17/03/21	10/01/22	08/03/23	12/03/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	1,09,928	1,08,039	1,02,092	94,732	82,588	75,771	65,774	63,738	67,251	62,992	67,202	78,357	79,895	75,151	-
EBITDA ¹	27,645	24,209	18,680	15,291	-	10,355	6,450	5,377	6,013	7,588	5,794	6,754	10,032	9,711	-
EBIT ¹	22,631	19,138	13,467	10,169	3,182	5,212	1,039	-276	357.8	862.9	1,033	1,994	5,272	4,951	-
Operating Margin	20.59%	17.71%	13.19%	10.73%	3.85%	6.88%	1.58%	-0.43%	0.53%	1.37%	1.54%	2.54%	6.6%	6.59%	-
Earnings before Tax (EBT) ¹	29,747	23,211	20,057	18,705	6,354	2,435	1,893	1,913	5,332	-7.817	1,947	5,193	9,013	8,091	-
Net income ¹	23,138	17,461	15,043	14,352	3,375	-661.2	866.3	941.6	4,361	141.4	1,390	4,046	6,479	5,415	16,979
Net margin	21.05%	16.16%	14.73%	15.15%	4.09%	-0.87%	1.32%	1.48%	6.48%	0.22%	2.07%	5.16%	8.11%	7.21%	-
EPS ²	3.230	2.200	1.900	1.940	0.4300	-0.0800	0.1100	0.1200	0.5500	0.0200	0.1800	0.5100	0.8200	0.6800	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	5.982	-	-
Announcement Date	09/11/21	10/01/22	11/05/22	11/08/22	09/11/22	08/03/23	10/05/23	08/08/23	10/11/23	12/03/24	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	83,445	91,699	65,572	84,927	1,10,157	85,976	78,882	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.157 x	2.413 x	0.6506 x	1.615 x	4.332 x	2.848 x	1.84 x	-
Free Cash Flow ¹	22,815	11,499	49,698	44,054	11,720	6,657	15,818	-
ROE (net income / shareholders' equity)	6.41%	7.46%	21.4%	8.14%	1.72%	3.89%	7.49%	7.19%
ROA (Net income/ Total Assets)	4.1%	4.51%	13%	4.81%	0.96%	2.35%	4.25%	-
Assets ¹	5,62,315	5,69,666	6,26,785	6,67,005	6,56,955	7,33,456	9,24,542	-
Book Value Per Share ²	43.40	43.50	52.20	47.30	45.40	48.70	52.80	-
Cash Flow per Share ²	6.590	5.250	9.950	9.490	4.500	5.590	5.090	-
Capex ¹	29,484	30,135	29,178	31,242	23,958	14,375	25,186	-
Capex / Sales	10.3%	11.02%	7.09%	8.8%	9.22%	5.29%	8.08%	-
Announcement Date	10/01/20	17/03/21	10/01/22	08/03/23	12/03/24	-	-	-

¹TWD in Million²TWD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Nan Ya Plastics Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

55.6 TWD

Average target price

61.89 TWD

Spread / Average Target

+11.31%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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