Stock 3532 FORMOSA SUMCO TECHNOLOGY CORPORATION
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Financials Formosa Sumco Technology Corporation

Equities

3532

TW0003532008

Semiconductors

End-of-day quote Taiwan S.E.
Other stock markets
 06:00:00 2024-04-28 pm EDT 		5-day change 1st Jan Change
181.5 TWD +2.83% Intraday chart for Formosa Sumco Technology Corporation +9.67% +7.72%
Mar. 11 Formosa Sumco Technology Corporation Reports Earnings Results for the Full Year Ended December 31, 2023 CI
Mar. 07 Formosa Sumco Technology Corporation Proposes Dividend Distribution for the Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 45,766 45,378 52,360 112,476 52,747 65,352
Enterprise Value (EV) 1 38,416 38,770 44,230 103,211 41,981 72,554
P/E ratio 8.2 x 21.4 x 40.1 x 79.7 x 10.9 x 18.9 x
Yield 7.63% 2.99% 1.59% 0.77% 5.37% -
Capitalization / Revenue 2.8 x 3.9 x 4.39 x 9.24 x 3.22 x 4.39 x
EV / Revenue 2.35 x 3.33 x 3.71 x 8.48 x 2.56 x 4.88 x
EV / EBITDA 4.64 x 7.98 x 10.9 x 26.7 x 5.83 x 11.5 x
EV / FCF 11.9 x 16.1 x 14.8 x 67.8 x -11.9 x -6.61 x
FCF Yield 8.42% 6.2% 6.76% 1.47% -8.43% -15.1%
Price to Book 2.1 x 2.22 x 2.57 x 5.39 x 2.12 x 2.57 x
Nbr of stocks (in thousands) 387,848 387,848 387,848 387,848 387,848 387,848
Reference price 2 118.0 117.0 135.0 290.0 136.0 168.5
Announcement Date 3/26/19 3/18/20 3/25/21 3/23/22 3/10/23 3/11/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 16,358 11,636 11,935 12,166 16,393 14,876
EBITDA 1 8,285 4,859 4,064 3,862 7,202 6,300
EBIT 1 6,180 2,619 1,838 1,816 5,185 4,078
Operating Margin 37.78% 22.51% 15.4% 14.93% 31.63% 27.41%
Earnings before Tax (EBT) 1 6,408 2,669 1,568 1,691 5,993 4,302
Net income 1 5,580 2,126 1,308 1,411 4,822 3,459
Net margin 34.11% 18.27% 10.96% 11.6% 29.41% 23.25%
EPS 2 14.39 5.480 3.370 3.637 12.43 8.920
Free Cash Flow 1 3,235 2,405 2,990 1,521 -3,537 -10,982
FCF margin 19.78% 20.67% 25.05% 12.5% -21.58% -73.82%
FCF Conversion (EBITDA) 39.05% 49.49% 73.58% 39.39% - -
FCF Conversion (Net income) 57.98% 113.12% 228.63% 107.83% - -
Dividend per Share 2 9.000 3.500 2.150 2.220 7.300 -
Announcement Date 3/26/19 3/18/20 3/25/21 3/23/22 3/10/23 3/11/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3
Net sales 1 3,176 3,179 3,738 4,050 4,204 4,400 3,763 3,639 3,628
EBITDA - - - - - - - - -
EBIT 1 540.6 455.6 1,136 1,335 1,364 1,350 1,093 1,033 1,006
Operating Margin 17.02% 14.33% 30.39% 32.96% 32.44% 30.68% 29.06% 28.39% 27.74%
Earnings before Tax (EBT) 1 533.9 449 1,255 1,588 1,905 1,245 1,107 1,215 1,181
Net income 1 427.5 381.6 1,002 1,280 1,544 995.5 886 990.1 944.3
Net margin 13.46% 12% 26.8% 31.6% 36.74% 22.62% 23.54% 27.21% 26.03%
EPS 2 1.100 0.9900 2.580 3.300 3.980 2.570 2.280 2.550 2.430
Dividend per Share - - - - - - - - -
Announcement Date 11/10/21 3/4/22 5/10/22 8/9/22 11/10/22 3/10/23 5/15/23 8/9/23 11/7/23
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - 7,202
Net Cash position 1 7,350 6,608 8,130 9,265 10,766 -
Leverage (Debt/EBITDA) - - - - - 1.143 x
Free Cash Flow 1 3,235 2,405 2,990 1,521 -3,537 -10,982
ROE (net income / shareholders' equity) 25.7% 10.1% 6.42% 6.85% 21.1% 13.8%
ROA (Net income/ Total Assets) 15.8% 6.88% 5% 4.85% 10.9% 5.98%
Assets 1 35,403 30,897 26,145 29,099 44,438 57,807
Book Value Per Share 2 56.10 52.60 52.50 53.80 64.00 65.70
Cash Flow per Share 2 19.00 17.10 20.30 23.90 27.90 11.20
Capex 1 1,533 1,999 677 1,752 9,993 18,361
Capex / Sales 9.37% 17.18% 5.67% 14.4% 60.96% 123.42%
Announcement Date 3/26/19 3/18/20 3/25/21 3/23/22 3/10/23 3/11/24
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Quarterly earnings - Rate of surprise

Company calendar

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