Stock 2820 CHINA BILLS FINANCE CORPORATION
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Financials China Bills Finance Corporation

Equities

2820

TW0002820008

Investment Banking & Brokerage Services

End-of-day quote Taiwan S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
15.1 TWD 0.00% Intraday chart for China Bills Finance Corporation +1.00% 0.00%
Mar. 19 China Bills Finance Corporation Announces Cash Dividend for the Year Ended December 31, 2023 CI
Feb. 29 China Bills Finance Corporation Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 18,399 20,144 20,010 23,099 19,473 20,279
Enterprise Value (EV) 1 13,619 8,794 2,498 5,423 7,419 13,982
P/E ratio 13.8 x 16.2 x 12.7 x 12.5 x 18.8 x 15.7 x
Yield 5.77% 4.8% 5.84% 5.23% 3.45% -
Capitalization / Revenue 8.79 x 9.9 x 7.92 x 8.03 x 12.7 x 9.88 x
EV / Revenue 6.5 x 4.32 x 0.99 x 1.89 x 4.83 x 6.81 x
EV / EBITDA - - - - - -
EV / FCF - - - - - -
FCF Yield - - - - - -
Price to Book 0.79 x 0.84 x 0.79 x 0.9 x 0.89 x 0.81 x
Nbr of stocks (in thousands) 1,342,960 1,342,960 1,342,960 1,342,960 1,342,960 1,342,960
Reference price 2 13.70 15.00 14.90 17.20 14.50 15.10
Announcement Date 2/27/19 2/27/20 2/26/21 2/25/22 2/24/23 2/29/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 2,094 2,035 2,528 2,876 1,536 2,052
EBITDA - - - - - -
EBIT - - - - - -
Operating Margin - - - - - -
Earnings before Tax (EBT) 1 1,630 1,553 1,992 2,332 1,201 1,523
Net income 1 1,335 1,245 1,578 1,858 1,040 1,289
Net margin 63.76% 61.17% 62.44% 64.58% 67.72% 62.79%
EPS 2 0.9900 0.9268 1.170 1.380 0.7700 0.9595
Free Cash Flow - - - - - -
FCF margin - - - - - -
FCF Conversion (EBITDA) - - - - - -
FCF Conversion (Net income) - - - - - -
Dividend per Share 2 0.7900 0.7200 0.8700 0.9000 0.5000 -
Announcement Date 2/27/19 2/27/20 2/26/21 2/25/22 2/24/23 2/29/24
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 4,780 11,351 17,512 17,676 12,054 6,296
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow - - - - - -
ROE (net income / shareholders' equity) 5.77% 5.28% 6.4% 7.28% 4.38% 5.49%
ROA (Net income/ Total Assets) 0.64% 0.63% 0.76% 0.83% 0.48% 0.6%
Assets 1 210,005 198,541 207,937 223,519 218,226 215,040
Book Value Per Share 2 17.30 17.80 19.00 19.00 16.40 18.60
Cash Flow per Share 2 0.1900 0.1800 0.2000 0.1900 0.4200 0.2000
Capex 1 2 10.1 7.62 6.27 1.71 5.83
Capex / Sales 0.1% 0.5% 0.3% 0.22% 0.11% 0.28%
Announcement Date 2/27/19 2/27/20 2/26/21 2/25/22 2/24/23 2/29/24
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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