Financials China Motor Corporation

Equities

2204

TW0002204005

Auto & Truck Manufacturers

End-of-day quote Taiwan S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
142 TWD +2.90% Intraday chart for China Motor Corporation +9.23% +25.66%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 54,116 28,013 35,100 28,511 62,559 78,614 -
Enterprise Value (EV) 1 54,116 28,013 35,100 28,511 62,559 78,614 78,614
P/E ratio - 8.43 x 8.28 x - - - -
Yield - - - - - - -
Capitalization / Revenue 1.69 x 0.91 x - 0.96 x 1.62 x 1.59 x 1.44 x
EV / Revenue 1.69 x 0.91 x - 0.96 x 1.62 x 1.59 x 1.44 x
EV / EBITDA 18.2 x - - 10.2 x 17.8 x 9.64 x 8.86 x
EV / FCF - - - - 33.9 x 26.1 x -
FCF Yield - - - - 2.95% 3.84% -
Price to Book - - - - 1.72 x 2.04 x -
Nbr of stocks (in thousands) 1,384,051 553,620 553,620 553,620 553,620 553,620 -
Reference price 2 39.10 50.60 63.40 51.50 113.0 142.0 142.0
Announcement Date 3/29/20 3/29/21 3/30/22 3/31/23 3/29/24 - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 32,068 30,875 - 29,554 38,507 49,480 54,758
EBITDA 1 2,972 - - 2,787 3,506 8,159 8,870
EBIT 1 1,820 - - 1,940 2,648 3,398 3,894
Operating Margin 5.68% - - 6.57% 6.88% 6.87% 7.11%
Earnings before Tax (EBT) - - - - - - -
Net income - - 4,182 - - - -
Net margin - - - - - - -
EPS - 6.000 7.660 - - - -
Free Cash Flow 1 - - - - 1,847 3,016 -
FCF margin - - - - 4.8% 6.1% -
FCF Conversion (EBITDA) - - - - 52.69% 36.97% -
FCF Conversion (Net income) - - - - - - -
Dividend per Share - - - - - - -
Announcement Date 3/29/20 3/29/21 3/30/22 3/31/23 3/29/24 - -
1TWD in Million
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 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 8,514 7,240 7,169 7,446 7,699 9,076 9,405 9,228 10,798 12,256 12,306 11,948 12,970 13,762
EBITDA - - - - - - - - - - - - - -
EBIT 1 377 557.4 638.3 - 221.1 680.4 593.8 546.9 827.4 853.5 808 747 989 991
Operating Margin 4.43% 7.7% 8.9% - 2.87% 7.5% 6.31% 5.93% 7.66% 6.96% 6.57% 6.25% 7.63% 7.2%
Earnings before Tax (EBT) - - - - - - - - - - - - - -
Net income - - - - - - - - - - - - - -
Net margin - - - - - - - - - - - - - -
EPS - - - -0.9900 - - - 2.460 - - - - - -
Dividend per Share - - - - - - - - - - - - - -
Announcement Date 11/12/21 5/13/22 8/11/22 11/14/22 3/31/23 5/15/23 8/14/23 11/14/23 3/29/24 - - - - -
1TWD in Million
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 - - - - 1,847 3,016 -
ROE (net income / shareholders' equity) -6.36% - - -20.7% 16.6% 14.2% 14.6%
ROA (Net income/ Total Assets) -4.79% - - -15% 11.4% 11.2% 11.8%
Assets - - - - - - -
Book Value Per Share 2 - - - - 65.60 69.50 -
Cash Flow per Share - - - - - - -
Capex 1 1,489 - - 734 2,414 650 650
Capex / Sales 4.64% - - 2.48% 6.27% 1.31% 1.19%
Announcement Date 3/29/20 3/29/21 3/30/22 3/31/23 3/29/24 - -
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
3
Last Close Price
142 TWD
Average target price
148.7 TWD
Spread / Average Target
+4.69%
Consensus

Quarterly revenue - Rate of surprise

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