SUN BROTHERS DEVELOPMENT CO., LIMITED

Financials Sun Brothers Development Co., Limited

Equities

3489

TW0003489001

Real Estate Development & Operations

End-of-day quote Taipei Exchange Other stock markets 03:30:00 17/05/2024 am IST			5-day change	1st Jan Change
27.5 ^TWD	+2.42%		+2.61%	+75.72%

09/05	Sun Brothers Development Co., Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
08/05	Sun Brothers Development Co., Limited Announces Internal Audit Officer Changes, Effective May 31, 2024	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	676.7	765.6	914.4	1,023	839.6	1,301
Enterprise Value (EV) ¹	1,750	1,971	2,614	2,459	2,535	2,893
P/E ratio	15.1 x	16.8 x	35.4 x	22.7 x	35.8 x	134 x
Yield	3.69%	3.26%	2.73%	4.07%	2.97%	2.56%
Capitalization / Revenue	0.88 x	0.85 x	0.52 x	0.54 x	0.91 x	1.75 x
EV / Revenue	2.28 x	2.18 x	1.49 x	1.29 x	2.75 x	3.9 x
EV / EBITDA	30.9 x	30.6 x	68.7 x	33.6 x	120 x	-985 x
EV / FCF	8.1 x	-17.1 x	-5.38 x	8.73 x	-10.9 x	137 x
FCF Yield	12.3%	-5.86%	-18.6%	11.5%	-9.2%	0.73%
Price to Book	0.54 x	0.6 x	0.71 x	0.78 x	0.65 x	1.03 x
Nbr of stocks (in thousands)	83,131	83,131	83,131	83,131	83,131	83,131
Reference price ²	8.140	9.210	11.00	12.30	10.10	15.65
Announcement Date	27/03/19	18/03/20	16/03/21	10/03/22	09/03/23	14/03/24

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	768.2	902.6	1,755	1,909	923.3	741.5
EBITDA ¹	56.64	64.46	38.07	73.21	21.1	-2.937
EBIT ¹	49.95	58.12	31.88	67.07	14.95	-9.097
Operating Margin	6.5%	6.44%	1.82%	3.51%	1.62%	-1.23%
Earnings before Tax (EBT) ¹	50.29	58.15	33.36	66.94	34.07	24.42
Net income ¹	44.67	45.54	26.54	47.62	24.31	9.776
Net margin	5.82%	5.05%	1.51%	2.49%	2.63%	1.32%
EPS ²	0.5374	0.5478	0.3107	0.5408	0.2818	0.1167
Free Cash Flow ¹	216.1	-115.4	-485.9	281.8	-233.1	21.1
FCF margin	28.13%	-12.79%	-27.68%	14.76%	-25.25%	2.84%
FCF Conversion (EBITDA)	381.58%	-	-	384.91%	-	-
FCF Conversion (Net income)	483.82%	-	-	591.78%	-	215.79%
Dividend per Share ²	0.3000	0.3000	0.3000	0.5000	0.3000	0.4000
Announcement Date	27/03/19	18/03/20	16/03/21	10/03/22	09/03/23	14/03/24

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	1,074	1,205	1,700	1,437	1,695	1,592
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	18.96 x	18.7 x	44.66 x	19.63 x	80.34 x	-542 x
Free Cash Flow ¹	216	-115	-486	282	-233	21.1
ROE (net income / shareholders' equity)	3.6%	3.58%	2.06%	3.65%	1.86%	0.73%
ROA (Net income/ Total Assets)	0.89%	1.09%	0.57%	1.17%	0.25%	-0.13%
Assets ¹	5,012	4,196	4,622	4,080	9,630	-7,429
Book Value Per Share ²	15.20	15.40	15.60	15.80	15.60	15.20
Cash Flow per Share ²	8.620	5.660	3.440	3.420	5.030	8.120
Capex ¹	0.03	-	0.42	0.02	0.07	-
Capex / Sales	0%	-	0.02%	0%	0.01%	-
Announcement Date	27/03/19	18/03/20	16/03/21	10/03/22	09/03/23	14/03/24

¹TWD in Million²TWD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
SUN BROTHERS DEVELOPMENT CO., LIMITED	+75.72%	7.72Cr
CHINA RESOURCES LAND LIMITED	+17.32%	3TCr
SUN HUNG KAI PROPERTIES LIMITED	-5.15%	2.81TCr
MITSUI FUDOSAN CO., LTD.	+26.23%	2.62TCr
DLF LIMITED	+17.21%	2.52TCr
CHINA OVERSEAS LAND & INVESTMENT LTD.	+20.06%	2.32TCr
MITSUBISHI ESTATE CO., LTD.	+40.97%	2.23TCr
POLY DEVELOPMENTS AND HOLDINGS GROUP CO., LTD.	+13.13%	1.84TCr
EMAAR PROPERTIES	-4.42%	1.82TCr
HENDERSON LAND DEVELOPMENT COMPANY LIMITED	+9.98%	1.64TCr

Other Real Estate Development & Operations

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Financials Sun Brothers Development Co., Limited

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