Financials Chang Wah Technology Co., Ltd.

Equities

6548

TW0006548001

Semiconductors

End-of-day quote Taipei Exchange Other stock markets 06:00:00 2024-05-12 pm EDT			5-day change	1st Jan Change
40.15 ^TWD	+1.01%		-0.25%	+20.21%

Mar. 18	Chang Wah Technology Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Chang Wah Technology Co., Ltd. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	12,167	21,121	37,159	27,877	37,868	37,868	-
Enterprise Value (EV) ¹	12,167	21,121	37,159	27,877	31,501	37,868	37,868
P/E ratio	20 x	27.3 x	21.7 x	9.87 x	20 x	20.9 x	24.2 x
Yield	-	-	-	-	-	-	-
Capitalization / Revenue	1.31 x	2.18 x	2.9 x	1.93 x	2.72 x	3.02 x	2.96 x
EV / Revenue	1.31 x	2.18 x	2.9 x	1.93 x	2.72 x	3.02 x	2.96 x
EV / EBITDA	-	-	-	-	12.1 x	9.17 x	8.77 x
EV / FCF	-	-	47 x	11.5 x	19.4 x	109 x	-
FCF Yield	-	-	2.13%	8.73%	5.16%	0.92%	-
Price to Book	-	-	4.48 x	2.85 x	3.21 x	3.22 x	-
Nbr of stocks (in thousands)	882,978	882,978	888,963	938,635	943,157	943,157	-
Reference price ²	13.78	23.92	41.80	29.70	40.15	40.15	40.15
Announcement Date	3/18/20	3/17/21	1/17/22	3/16/23	3/18/24	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	9,320	9,678	12,792	14,431	11,581	12,560	12,796
EBITDA ¹	-	-	-	-	2,597	4,130	4,320
EBIT ¹	-	-	2,210	3,122	1,448	1,858	1,944
Operating Margin	-	-	17.28%	21.63%	12.51%	14.8%	15.19%
Earnings before Tax (EBT) ¹	-	-	2,249	3,634	1,970	2,348	2,024
Net income ¹	-	-	1,714	2,816	1,565	1,820	1,574
Net margin	-	-	13.4%	19.51%	13.51%	14.49%	12.3%
EPS ²	0.6880	0.8760	1.924	3.010	1.670	1.917	1.660
Free Cash Flow ¹	-	-	790.8	2,432	1,625	349	-
FCF margin	-	-	6.18%	16.86%	14.03%	2.78%	-
FCF Conversion (EBITDA)	-	-	-	-	62.58%	8.45%	-
FCF Conversion (Net income)	-	-	46.13%	86.38%	103.88%	19.17%	-
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	3/18/20	3/17/21	1/17/22	3/16/23	3/18/24	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q2	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
Net sales ¹	3,071	3,329	3,672	3,631	3,778	3,684	3,338	2,830	2,991	2,840	2,920	2,737	3,025	3,311	3,487
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	464	684.8	769.3	816.3	856.6	828.2	620.5	403.6	390.8	288.5	365.3	331	423.7	519	583.7
Operating Margin	15.11%	20.57%	20.95%	22.48%	22.68%	22.48%	18.59%	14.26%	13.07%	10.16%	12.51%	12.09%	14.01%	15.68%	16.74%
Earnings before Tax (EBT) ¹	408.8	738.9	784.8	901.4	994	1,183	555.5	473.5	611.9	533.1	351.6	564	519.3	608	656.7
Net income ¹	311.3	571.6	594.2	701.7	784.8	939.3	390	380.1	484.1	-	279.8	437	401.3	471	510.7
Net margin	10.14%	17.17%	16.18%	19.32%	20.77%	25.5%	11.68%	13.43%	16.19%	-	9.58%	15.97%	13.27%	14.23%	14.64%
EPS ²	0.3520	0.6440	0.6640	0.7480	0.8360	1.010	0.4200	0.4100	0.5200	0.4500	0.3000	0.4600	0.4200	0.4967	0.5367
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/6/21	11/5/21	1/17/22	4/15/22	8/5/22	10/19/22	3/16/23	5/8/23	8/8/23	11/7/23	3/18/24	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	791	2,432	1,625	349	-
ROE (net income / shareholders' equity)	-	-	25.2%	31.2%	15.9%	16.6%	13.1%
ROA (Net income/ Total Assets)	-	-	12.7%	16.7%	8.07%	9.16%	7.05%
Assets ¹	-	-	13,503	16,835	19,398	19,883	22,326
Book Value Per Share ²	-	-	9.320	10.40	10.40	12.50	-
Cash Flow per Share	-	-	-	-	-	-	-
Capex ¹	-	-	863	1,624	1,137	866	40
Capex / Sales	-	-	6.75%	11.26%	9.81%	6.89%	0.31%
Announcement Date	3/18/20	3/17/21	1/17/22	3/16/23	3/18/24	-	-

¹TWD in Million²TWD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for Chang Wah Technology Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

40.15 TWD

Average target price

42.27 TWD

Spread / Average Target

+5.27%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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