Stock 1308 ASIA POLYMER CORPORATION
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Financials Asia Polymer Corporation

Equities

1308

TW0001308005

Commodity Chemicals

End-of-day quote Taiwan S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
19.1 TWD 0.00% Intraday chart for Asia Polymer Corporation +2.69% -18.38%
Mar. 14 Asia Polymer Corporation Reports Earnings Results for the Full Year Ended December 31, 2023 CI
Mar. 07 Asia Polymer Corporation Proposes Dividend Distribution for the Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 8,759 12,515 21,761 16,744 13,894 11,341 -
Enterprise Value (EV) 1 8,759 12,515 21,761 16,744 13,155 10,931 11,040
P/E ratio 10.7 x 11.4 x 7.03 x 11.6 x 117 x 12.7 x -
Yield - - - - 1.92% - 0.73%
Capitalization / Revenue 1.29 x 2.19 x 2.27 x - 2.07 x 1.69 x 1.63 x
EV / Revenue 1.29 x 2.19 x 2.27 x - 1.96 x 1.63 x 1.59 x
EV / EBITDA - - - - 10.6 x 96.7 x 20.4 x
EV / FCF - 6.92 x - - 29.1 x -38.8 x -75.1 x
FCF Yield - 14.5% - - 3.44% -2.58% -1.33%
Price to Book 0.86 x 1.03 x 1.41 x 1.18 x 1.04 x 0.83 x 0.87 x
Nbr of stocks (in thousands) 593,744 593,744 593,744 593,744 593,744 593,744 -
Reference price 2 14.75 21.08 36.65 28.20 23.40 19.10 19.10
Announcement Date 3/23/20 3/17/21 3/15/22 3/13/23 3/13/24 - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 6,791 5,704 9,566 - 6,717 6,691 6,950
EBITDA 1 - - - - 1,243 113 540
EBIT 1 798.4 922.3 3,319 - 923.8 497 589
Operating Margin 11.76% 16.17% 34.7% - 13.75% 7.43% 8.47%
Earnings before Tax (EBT) 1 984.8 1,285 3,738 - 151.1 723 -
Net income 1 821 1,104 3,101 - 116.3 581 -
Net margin 12.09% 19.35% 32.42% - 1.73% 8.68% -
EPS 2 1.382 1.853 5.210 2.430 0.2000 1.500 -
Free Cash Flow 1 - 1,810 - - 452.3 -282 -147
FCF margin - 31.73% - - 6.73% -4.21% -2.12%
FCF Conversion (EBITDA) - - - - 36.38% - -
FCF Conversion (Net income) - 163.97% - - 388.94% - -
Dividend per Share 2 - - - - 0.4500 - 0.1400
Announcement Date 3/23/20 3/17/21 3/15/22 3/13/23 3/13/24 - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 2,463 2,915 2,142 2,348 - 1,659 1,812 1,677 1,618 1,667 1,688 1,717
EBITDA - - - - - - - - - - - -
EBIT 1 779.2 1,191 466.5 750.8 - 344.1 212.5 114.1 99 130 128 141
Operating Margin 31.64% 40.88% 21.78% 31.98% - 20.74% 11.73% 6.8% 6.12% 7.8% 7.58% 8.21%
Earnings before Tax (EBT) 1 845.9 1,150 273.5 589.8 - 184.1 198.1 -197.7 153 207 172 190
Net income 1 680.9 942.3 230.8 462.2 -25.13 128.3 164.5 -151.4 121 147 143 170
Net margin 27.64% 32.33% 10.78% 19.68% - 7.73% 9.08% -9.03% 7.48% 8.82% 8.47% 9.9%
EPS 1.150 1.580 0.3900 0.7800 -0.0400 0.2200 0.2800 -0.2500 - - - -
Dividend per Share - - - - - - - - - - - -
Announcement Date 11/10/21 3/15/22 5/11/22 8/12/22 5/10/23 8/9/23 11/9/23 3/13/24 - - - -
1TWD in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 - - - - - - -
Net Cash position 1 - - - - 739 410 301
Leverage (Debt/EBITDA) - - - - - - -
Free Cash Flow 1 - 1,810 - - 452 -282 -147
ROE (net income / shareholders' equity) - - 22.5% - 0.84% -1.3% 1.2%
ROA (Net income/ Total Assets) - - 17.3% - 0.74% -1.2% 1.1%
Assets 1 - - 17,931 - 15,701 -48,417 -
Book Value Per Share 2 17.20 20.40 26.00 23.90 22.50 23.10 22.00
Cash Flow per Share - - - - - - -
Capex 1 - 285 404 - 370 307 464
Capex / Sales - 4.99% 4.22% - 5.51% 4.59% 6.68%
Announcement Date 3/23/20 3/17/21 3/15/22 3/13/23 3/13/24 - -
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 Asia Polymer Corporation

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
2
Last Close Price
19.1 TWD
Average target price
21.7 TWD
Spread / Average Target
+13.61%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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