Financials AOI Electronics Co., Ltd.

Equities

6832

JP3105280006

Semiconductors

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-30 am EDT			5-day change	1st Jan Change
2,379 ^JPY	+1.41%		+1.84%	-16.14%

Mar. 15	Tranche Update on AOI Electronics Co., Ltd.'s Equity Buyback Plan announced on March 14, 2024.	CI
Mar. 15	AOI Electronics Co., Ltd.'s Equity Buyback announced on March 14, 2024, has closed with 800,000 shares, representing 6.67% for ¥1,959.2 million.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	29,074	23,363	27,622	24,178	22,198	26,642	-	-
Enterprise Value (EV) ¹	4,309	-1,533	1,684	-1,966	-2,714	2,798	20,315	35,201
P/E ratio	12.8 x	13 x	26.2 x	8.64 x	1,480 x	-22.7 x	190 x	31.7 x
Yield	2.72%	2.88%	2.43%	2.78%	3.03%	2.27%	0.42%	1.26%
Capitalization / Revenue	0.68 x	0.55 x	0.69 x	0.56 x	0.6 x	0.77 x	0.7 x	0.65 x
EV / Revenue	0.1 x	-0.04 x	0.04 x	-0.05 x	-0.07 x	0.08 x	0.53 x	0.86 x
EV / EBITDA	0.65 x	-0.24 x	0.36 x	-0.31 x	-0.78 x	1.87 x	6.55 x	6.97 x
EV / FCF	957,587 x	2,702,652 x	792,337 x	-1,459,059 x	10,357,239 x	-	-	-
FCF Yield	0%	0%	0%	-0%	0%	-	-	-
Price to Book	0.62 x	0.49 x	0.57 x	0.47 x	0.44 x	0.59 x	0.59 x	0.58 x
Nbr of stocks (in thousands)	11,999	11,999	11,999	11,999	11,999	11,199	-	-
Reference price ²	2,423	1,947	2,302	2,015	1,850	2,379	2,379	2,379
Announcement Date	5/10/19	5/8/20	5/7/21	5/11/22	5/10/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	42,777	42,342	40,265	43,347	37,231	34,800	38,000	41,000
EBITDA ¹	6,640	6,434	4,638	6,425	3,466	1,500	3,100	5,050
EBIT ¹	3,289	3,178	1,347	3,310	158	-1,300	100	1,200
Operating Margin	7.69%	7.51%	3.35%	7.64%	0.42%	-3.74%	0.26%	2.93%
Earnings before Tax (EBT)	3,592	2,558	1,557	4,015	213	-	-	-
Net income ¹	2,277	1,798	1,054	2,798	14	-1,260	150	900
Net margin	5.32%	4.25%	2.62%	6.45%	0.04%	-3.62%	0.39%	2.2%
EPS ²	189.8	149.9	87.90	233.2	1.250	-105.0	12.50	75.01
Free Cash Flow	4,500	-567.4	2,125	1,347	-262	-	-	-
FCF margin	10.52%	-1.34%	5.28%	3.11%	-0.7%	-	-	-
FCF Conversion (EBITDA)	67.77%	-	45.82%	20.97%	-	-	-	-
FCF Conversion (Net income)	197.62%	-	201.65%	48.15%	-	-	-	-
Dividend per Share ²	66.00	56.00	56.00	56.00	56.00	54.00	10.00	30.00
Announcement Date	5/10/19	5/8/20	5/7/21	5/11/22	5/10/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3
Net sales ¹	21,089	21,253	19,807	20,458	11,238	21,961	10,545	10,841	21,386	10,645	10,012	20,657	8,698	7,876	16,574	8,326	8,750	17,076	8,442
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,785	1,393	659	688	1,051	1,989	703	618	1,321	796	306	1,102	-24	-920	-944	-431	-358	-789	-153
Operating Margin	8.46%	6.55%	3.33%	3.36%	9.35%	9.06%	6.67%	5.7%	6.18%	7.48%	3.06%	5.33%	-0.28%	-11.68%	-5.7%	-5.18%	-4.09%	-4.62%	-1.81%
Earnings before Tax (EBT) ¹	1,810	748	652	905	1,120	2,116	853	1,046	1,899	999	382	1,381	-118	-1,050	-1,168	-315	-314	-629	-151
Net income ¹	1,235	563	441	613	772	1,447	596	755	1,351	699	273	972	-91	-867	-958	-369	-288	-657	-164
Net margin	5.86%	2.65%	2.23%	3%	6.87%	6.59%	5.65%	6.96%	6.32%	6.57%	2.73%	4.71%	-1.05%	-11.01%	-5.78%	-4.43%	-3.29%	-3.85%	-1.94%
EPS ²	102.9	46.98	36.82	51.08	64.37	120.6	49.65	62.91	112.6	58.26	22.78	81.04	-7.570	-72.22	-79.79	-30.79	-24.01	-54.80	-13.70
Dividend per Share	27.00	29.00	27.00	29.00	-	27.00	-	-	29.00	-	-	27.00	-	-	29.00	-	-	25.00	-
Announcement Date	11/1/19	5/8/20	10/30/20	5/7/21	10/29/21	10/29/21	1/28/22	5/11/22	5/11/22	7/29/22	10/28/22	10/28/22	2/3/23	5/10/23	5/10/23	7/28/23	10/27/23	10/27/23	2/2/24

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	8,558
Net Cash position ¹	24,765	24,896	25,938	26,144	24,912	23,845	6,327	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	1.695 x
Free Cash Flow	4,500	-567	2,125	1,347	-262	-	-	-
ROE (net income / shareholders' equity)	4.9%	3.8%	2.2%	5.6%	-	-2.49%	0.31%	1.87%
ROA (Net income/ Total Assets)	7.07%	5.94%	2.69%	6.91%	0.85%	-	-	-
Assets ¹	32,228	30,269	39,171	40,489	1,656	-	-	-
Book Value Per Share ²	3,936	4,004	4,073	4,246	4,212	4,051	4,009	4,074
Cash Flow per Share	474.0	421.0	362.0	493.0	277.0	-	-	-
Capex	4,082	4,009	2,488	2,678	3,792	-	-	-
Capex / Sales	9.54%	9.47%	6.18%	6.18%	10.19%	-	-	-
Announcement Date	5/10/19	5/8/20	5/7/21	5/11/22	5/10/23	-	-	-

¹JPY in Million²JPY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for AOI Electronics Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,379 JPY

Average target price

3,200 JPY

Spread / Average Target

+34.51%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Circuits

	1st Jan change	Capi.
AOI ELECTRONICS CO., LTD.	-16.14%	168M
MEDIATEK INC.	-2.27%	49.58B
SKYWORKS SOLUTIONS, INC.	-4.40%	17.31B
NOVATEK MICROELECTRONICS CORP.	+19.54%	11.67B
WUS PRINTED CIRCUIT (KUNSHAN) CO., LTD.	+51.45%	8.86B
UNIMICRON TECHNOLOGY CORP.	+3.41%	8.6B
AVARY HOLDING(SHENZHEN)CO., LIMITED	+8.15%	7.81B
UNIVERSAL DISPLAY CORPORATION	-16.75%	7.69B
UNIGROUP GUOXIN MICROELECTRONICS CO., LTD.	-13.27%	6.96B
GLOBALWAFERS CO., LTD.	-11.07%	6.93B

Integrated Circuits