CHINA DEVELOPMENT FINANCIAL HOLDING CORPORATION

Financials China Development Financial Holding Corporation

Equities

2883

TW0002883006

Life & Health Insurance

End-of-day quote Taiwan S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
13.45 ^TWD	-0.37%		+1.89%	+7.17%

Apr. 26	China Development Financial Holding Corporation Approves Cash Dividends for the Year 2023	CI
Apr. 26	China Development Financial Holding Corporation Announces the Change of President	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	141,612	135,814	333,947	212,275	211,333	247,673	-
Enterprise Value (EV) ¹	141,612	135,814	333,947	212,275	211,333	247,673	247,673
P/E ratio	-	10.8 x	7.48 x	12.9 x	11.1 x	10.9 x	9.26 x
Yield	-	-	5.71%	-	-	3.72%	4.43%
Capitalization / Revenue	0.59 x	-	1.74 x	2.02 x	-	4.33 x	3.92 x
EV / Revenue	0.59 x	-	1.74 x	2.02 x	-	4.33 x	3.92 x
EV / EBITDA	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-
Price to Book	0.75 x	-	1.01 x	1.02 x	-	0.79 x	0.74 x
Nbr of stocks (in thousands)	14,554,145	14,603,623	19,082,703	16,847,244	16,839,289	18,414,323	-
Reference price ²	9.730	9.300	17.50	12.60	12.55	13.45	13.45
Announcement Date	3/30/20	3/17/21	3/15/22	2/21/23	3/27/24	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	240,382	-	192,278	105,242	-	57,159	63,158
EBITDA	-	-	-	-	-	-	-
EBIT ¹	-	-	52,386	45,499	-	23,973	27,882
Operating Margin	-	-	27.24%	43.23%	-	41.94%	44.15%
Earnings before Tax (EBT)	-	-	52,200	21,941	-	-	-
Net income ¹	-	12,500	35,043	16,366	18,943	20,859	24,457
Net margin	-	-	18.23%	15.55%	-	36.49%	38.72%
EPS ²	-	0.8600	2.340	0.9800	1.130	1.238	1.452
Free Cash Flow	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share ²	-	-	1.000	-	-	0.5000	0.5958
Announcement Date	3/30/20	3/17/21	3/15/22	2/21/23	3/27/24	-	-

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	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	7.38%	-	14.1%	6.53%	-	7.7%	8.06%
ROA (Net income/ Total Assets)	-	-	1.02%	0.47%	-	0.54%	0.62%
Assets ¹	-	-	3,446,782	3,497,677	-	3,848,471	3,932,020
Book Value Per Share ²	12.90	-	17.40	12.40	-	17.00	18.20
Cash Flow per Share	-	-	4.370	-	-	-	-
Capex	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-
Announcement Date	3/30/20	3/17/21	3/15/22	2/21/23	3/27/24	-	-

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 China Development Financial Holding Corporation

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

13.45 TWD

Average target price

14.2 TWD

Spread / Average Target

+5.58%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Life Insurance

	1st Jan change	Capi.
CHINA DEVELOPMENT FINANCIAL HOLDING CORPORATION	+7.17%	7.59B
PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.	+3.05%	95.15B
CHINA LIFE INSURANCE COMPANY LIMITED	+6.52%	94.71B
AIA GROUP LIMITED	-14.03%	77.24B
LIFE INSURANCE CORPORATION OF INDIA	+18.68%	74.93B
CHINA PACIFIC INSURANCE (GROUP) CO., LTD.	+6.69%	30.04B
JAPAN POST HOLDINGS CO., LTD.	+18.06%	27.87B
FUBON FINANCIAL HOLDING CO., LTD.	+4.32%	26.97B
SBI LIFE INSURANCE COMPANY LIMITED	-1.21%	16.99B
HDFC LIFE INSURANCE COMPANY LIMITED	-9.10%	15.16B

Life Insurance