ASIA CEMENT CORPORATION |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 42.75 TWD | +0.59% |
|
+1.79% | +3.14% |
| Apr. 19 | Asia Cement to Swing to Loss in Q1 | MT |
| Mar. 15 | Asia Cement Corporation Reports Earnings Results for the Full Year Ended December 31, 2023 | CI |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 161,181 | 145,215 | 157,069 | 145,383 | 147,005 | 151,616 | - | - |
| Enterprise Value (EV) 1 | 233,898 | 183,973 | 187,402 | 171,976 | 244,955 | 183,188 | 179,241 | 177,959 |
| P/E ratio | 9.13 x | 9.8 x | 9.43 x | 11.3 x | 12.6 x | 13.8 x | 13.3 x | 12.7 x |
| Yield | 6.26% | 8.22% | 7.67% | 5.61% | 5.07% | 4.84% | 5.06% | 4.97% |
| Capitalization / Revenue | 1.8 x | 1.86 x | 1.75 x | 1.61 x | 1.83 x | 1.88 x | 1.85 x | 1.97 x |
| EV / Revenue | 2.62 x | 2.35 x | 2.09 x | 1.9 x | 3.05 x | 2.27 x | 2.19 x | 2.32 x |
| EV / EBITDA | 8.3 x | 7.47 x | 8.29 x | 12.9 x | 20.1 x | 15.1 x | 13.2 x | 12.9 x |
| EV / FCF | 6.98 x | 13.8 x | 35.1 x | 13.6 x | 76.8 x | 89.1 x | 284 x | - |
| FCF Yield | 14.3% | 7.24% | 2.85% | 7.35% | 1.3% | 1.12% | 0.35% | - |
| Price to Book | 1.1 x | 0.98 x | 1 x | 0.9 x | 0.81 x | 0.85 x | 0.84 x | 0.73 x |
| Nbr of stocks (in thousands) | 3,361,447 | 3,361,447 | 3,545,572 | 3,545,928 | 3,546,563 | 3,546,563 | - | - |
| Reference price 2 | 47.95 | 43.20 | 44.30 | 41.00 | 41.45 | 42.75 | 42.75 | 42.75 |
| Announcement Date | 3/30/20 | 3/30/21 | 3/31/22 | 3/16/23 | 3/15/24 | - | - | - |
1TWD in Million2TWD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 89,348 | 78,241 | 89,655 | 90,341 | 80,183 | 80,752 | 81,992 | 76,772 |
| EBITDA 1 | 28,183 | 24,618 | 22,616 | 13,341 | 12,216 | 12,167 | 13,567 | 13,755 |
| EBIT 1 | 22,063 | 19,670 | 17,686 | 8,571 | 7,460 | 8,529 | 8,864 | 7,632 |
| Operating Margin | 24.69% | 25.14% | 19.73% | 9.49% | 9.3% | 10.56% | 10.81% | 9.94% |
| Earnings before Tax (EBT) 1 | 28,393 | 24,144 | 21,934 | 15,197 | 13,936 | 14,808 | 14,570 | - |
| Net income 1 | 17,460 | 14,710 | 15,068 | 12,016 | 10,883 | 11,484 | 11,318 | - |
| Net margin | 19.54% | 18.8% | 16.81% | 13.3% | 13.57% | 14.22% | 13.8% | - |
| EPS 2 | 5.250 | 4.410 | 4.700 | 3.630 | 3.280 | 3.107 | 3.217 | 3.353 |
| Free Cash Flow 1 | 33,517 | 13,322 | 5,347 | 12,642 | 3,187 | 2,057 | 632 | - |
| FCF margin | 37.51% | 17.03% | 5.96% | 13.99% | 3.98% | 2.55% | 0.77% | - |
| FCF Conversion (EBITDA) | 118.93% | 54.11% | 23.64% | 94.77% | 26.09% | 16.91% | 4.66% | - |
| FCF Conversion (Net income) | 191.97% | 90.56% | 35.48% | 105.21% | 29.29% | 17.91% | 5.58% | - |
| Dividend per Share 2 | 3.000 | 3.550 | 3.400 | 2.300 | 2.100 | 2.067 | 2.165 | 2.126 |
| Announcement Date | 3/30/20 | 3/30/21 | 3/31/22 | 3/16/23 | 3/15/24 | - | - | - |
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 | 21,849 | 27,844 | 19,681 | 24,488 | 21,925 | 24,247 | 19,209 | 21,136 | 19,894 | 19,944 | 17,723 | 20,692 | 20,572 | 22,174 | 18,460 |
| EBITDA 1 | 4,724 | 6,418 | 3,671 | 4,248 | 3,178 | 2,243 | 2,649 | 3,838 | 3,057 | 2,672 | 3,008 | 3,388 | 3,334 | 4,477 | - |
| EBIT 1 | 3,502 | 5,153 | 2,464 | 3,031 | 2,001 | 1,075 | 1,459 | 2,669 | 1,865 | 1,467 | 1,594 | 2,264 | 1,988 | 2,949 | 1,385 |
| Operating Margin | 16.03% | 18.51% | 12.52% | 12.38% | 9.13% | 4.43% | 7.6% | 12.63% | 9.37% | 7.36% | 9% | 10.94% | 9.67% | 13.3% | 7.5% |
| Earnings before Tax (EBT) 1 | 4,833 | 5,553 | 3,434 | 5,620 | 5,106 | 1,038 | 3,184 | 5,526 | 3,279 | 1,948 | 2,474 | 4,632 | 3,518 | 4,185 | 2,538 |
| Net income 1 | 3,355 | 3,998 | 2,533 | 4,458 | 4,416 | 609.1 | 2,688 | 4,164 | 2,706 | 1,326 | 1,966 | 3,516 | 2,751 | 3,252 | 2,041 |
| Net margin | 15.36% | 14.36% | 12.87% | 18.21% | 20.14% | 2.51% | 13.99% | 19.7% | 13.6% | 6.65% | 11.09% | 16.99% | 13.37% | 14.66% | 11.06% |
| EPS 2 | 1.020 | 1.200 | 0.7600 | 1.340 | 1.330 | 0.1900 | 0.8100 | 1.260 | 0.8100 | 0.4000 | 0.5550 | 0.9900 | 0.7750 | 0.9150 | 0.5800 |
| Dividend per Share | - | 3.400 | - | - | - | - | - | - | - | 2.100 | - | - | - | - | - |
| Announcement Date | 11/15/21 | 3/31/22 | 5/12/22 | 8/12/22 | 11/11/22 | 3/16/23 | 5/12/23 | 8/11/23 | 11/13/23 | 3/15/24 | - | - | - | - | - |
1TWD in Million2TWD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 72,717 | 38,759 | 30,333 | 26,593 | 97,949 | 31,572 | 27,626 | 26,344 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 2.58 x | 1.574 x | 1.341 x | 1.993 x | 8.018 x | 2.595 x | 2.036 x | 1.915 x |
| Free Cash Flow 1 | 33,517 | 13,322 | 5,347 | 12,642 | 3,187 | 2,057 | 632 | - |
| ROE (net income / shareholders' equity) | 12.3% | 10% | 9.89% | 7.56% | 6.6% | 5.78% | 5.82% | 5.82% |
| ROA (Net income/ Total Assets) | 6.06% | 4.95% | 4.91% | 3.75% | 3.29% | 3.26% | 3.17% | - |
| Assets 1 | 288,232 | 297,182 | 307,070 | 320,649 | 330,485 | 351,910 | 357,583 | - |
| Book Value Per Share 2 | 43.50 | 44.00 | 44.30 | 45.40 | 51.00 | 50.60 | 50.70 | 58.40 |
| Cash Flow per Share 2 | 11.20 | 5.880 | 2.590 | 4.620 | 2.190 | 3.030 | 3.630 | 3.890 |
| Capex 1 | 3,717 | 6,294 | 3,204 | 2,655 | 4,115 | 3,752 | 4,671 | 3,500 |
| Capex / Sales | 4.16% | 8.04% | 3.57% | 2.94% | 5.13% | 4.65% | 5.7% | 4.56% |
| Announcement Date | 3/30/20 | 3/30/21 | 3/31/22 | 3/16/23 | 3/15/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
A-
Sell
Buy
Mean consensus
HOLD
Number of Analysts
6
Last Close Price
42.75
TWD
Average target price
40.5
TWD
Spread / Average Target
-5.26%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +3.14% | 4.65B | |
| +19.81% | 48.58B | |
| -2.89% | 15.52B | |
| -15.75% | 10.44B | |
| +26.55% | 8.84B | |
| +105.28% | 8.27B | |
| -0.30% | 7.96B | |
| -8.75% | 7.34B | |
| +23.60% | 6.73B | |
| +14.55% | 5.7B |
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