Stock 6271 TONG HSING ELECTRONIC INDUSTRIES, LTD.
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Financials Tong Hsing Electronic Industries, Ltd.

Equities

6271

TW0006271000

Semiconductors

End-of-day quote Taiwan S.E.
Other stock markets
 03:30:00 30/04/2024 am IST 		5-day change 1st Jan Change
147.5 TWD +0.68% Intraday chart for Tong Hsing Electronic Industries, Ltd. +6.12% -6.35%
19/04 Tong Hsing Electronic Industries, Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
09/04 Tong Hsing Electronic Industries, Ltd. Reports Consolidated Sales for March 2024 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 25,878 31,656 53,166 30,715 32,927 30,836 - -
Enterprise Value (EV) 1 22,162 28,134 48,915 28,508 33,556 28,842 28,079 26,467
P/E ratio 35 x 22.6 x 19.3 x 10.6 x 28.6 x 18.3 x 14.9 x 13.1 x
Yield 1.56% 3.11% 3.03% 4.07% 1.52% 2% 2.64% 3.19%
Capitalization / Revenue 3.48 x 3.11 x 3.84 x 2.18 x 2.84 x 2.43 x 2.22 x 2 x
EV / Revenue 2.98 x 2.76 x 3.53 x 2.03 x 2.9 x 2.27 x 2.02 x 1.72 x
EV / EBITDA 13.3 x 9.25 x 9.81 x 5.57 x 11.8 x 8.12 x 5.99 x 5.35 x
EV / FCF - 36.4 x 22.1 x 23.1 x -105 x 18.6 x 12 x 9.36 x
FCF Yield - 2.75% 4.52% 4.32% -0.96% 5.39% 8.34% 10.7%
Price to Book 2.54 x 1.54 x 2.31 x 1.25 x 1.35 x 1.24 x 1.15 x 1.11 x
Nbr of stocks (in thousands) 1,46,168 2,09,253 2,09,089 2,09,058 2,09,058 2,09,058 - -
Reference price 2 177.0 151.3 254.3 146.9 157.5 147.5 147.5 147.5
Announcement Date 18/03/20 10/03/21 21/03/22 21/03/23 29/02/24 - - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 7,431 10,178 13,860 14,072 11,585 12,699 13,913 15,391
EBITDA 1 1,662 3,041 4,987 5,116 2,835 3,552 4,686 4,951
EBIT 1 911.9 2,005 3,396 3,666 1,418 2,022 2,532 2,941
Operating Margin 12.27% 19.7% 24.5% 26.05% 12.24% 15.92% 18.2% 19.11%
Earnings before Tax (EBT) 1 942.2 1,849 3,382 3,889 1,395 2,062 2,522 3,058
Net income 1 742 1,451 2,765 3,141 1,151 1,682 1,983 2,355
Net margin 9.99% 14.25% 19.95% 22.32% 9.93% 13.24% 14.25% 15.3%
EPS 2 5.057 6.701 13.16 13.83 5.500 8.042 9.895 11.26
Free Cash Flow 1 - 773.3 2,212 1,232 -320.8 1,554 2,343 2,827
FCF margin - 7.6% 15.96% 8.75% -2.77% 12.24% 16.84% 18.37%
FCF Conversion (EBITDA) - 25.43% 44.35% 24.07% - 43.76% 50% 57.1%
FCF Conversion (Net income) - 53.31% 80% 39.21% - 92.4% 118.15% 120.04%
Dividend per Share 2 2.755 4.701 7.692 5.977 2.400 2.950 3.890 4.710
Announcement Date 18/03/20 10/03/21 21/03/22 21/03/23 29/02/24 - - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 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 2025 Q2
Net sales 1 3,424 3,466 3,625 3,711 3,290 - 2,844 2,667 3,174 2,971 3,148 3,253 3,327 3,175 3,420
EBITDA 1,317 1,253 1,408 1,414 1,042 - - - - - - - - - -
EBIT 1 921.7 852.1 1,017 1,033 763.9 - 166.6 255.2 525.6 428.6 476.3 550.7 600 543 615.7
Operating Margin 26.92% 24.59% 28.05% 27.83% 23.22% - 5.86% 9.57% 16.56% 14.43% 15.13% 16.93% 18.03% 17.1% 18%
Earnings before Tax (EBT) 1 927.8 1,109 1,210 978 592 - 18.28 355.3 554.5 455.9 480.5 545.5 580 557 629
Net income 1 732.5 907.8 998.1 861.7 463.1 372.1 12.32 279.6 486.5 364.6 392 449 478.5 438.3 494.7
Net margin 21.39% 26.2% 27.53% 23.22% 14.08% - 0.43% 10.49% 15.33% 12.27% 12.45% 13.8% 14.38% 13.8% 14.46%
EPS 2 3.479 4.325 4.752 3.667 2.292 - 0.0615 1.340 2.320 1.740 1.875 2.150 2.290 2.097 2.363
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 21/03/22 27/04/22 11/08/22 11/11/22 21/03/23 25/04/23 25/07/23 26/10/23 29/02/24 19/04/24 - - - - -
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - 629 - - -
Net Cash position 1 3,717 3,522 4,250 2,207 - 1,994 2,757 4,369
Leverage (Debt/EBITDA) - - - - 0.2219 x - - -
Free Cash Flow 1 - 773 2,212 1,232 -321 1,554 2,343 2,827
ROE (net income / shareholders' equity) 7.19% 9.24% 12.5% 13.2% 4.7% 6.52% 7.73% 8.58%
ROA (Net income/ Total Assets) 5.96% 7.66% 10.4% 10.2% 3.39% 4.62% 5.53% 5.5%
Assets 1 12,449 18,930 26,488 30,900 33,938 36,402 35,859 42,818
Book Value Per Share 2 69.60 98.50 110.0 117.0 117.0 119.0 128.0 133.0
Cash Flow per Share 2 - - 21.90 19.80 11.60 19.10 20.80 23.10
Capex 1 2,144 1,754 2,394 3,333 2,751 1,800 2,133 2,000
Capex / Sales 28.85% 17.24% 17.27% 23.69% 23.75% 14.17% 15.33% 12.99%
Announcement Date 18/03/20 10/03/21 21/03/22 21/03/23 29/02/24 - - -
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 Tong Hsing Electronic Industries, Ltd.

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
6
Last Close Price
147.5 TWD
Average target price
164.2 TWD
Spread / Average Target
+11.30%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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