Stock 9921 GIANT MANUFACTURING CO., LTD.
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Financials Giant Manufacturing Co., Ltd.

Equities

9921

TW0009921007

Recreational Products

End-of-day quote Taiwan S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
222.5 TWD 0.00% Intraday chart for Giant Manufacturing Co., Ltd. +3.25% +20.92%
Mar. 26 Giant Manufacturing Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023 CI
Jan. 24 Funds sell copper as weak demand trumps supply pressures: Andy Home RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 79,889 103,143 129,397 78,609 72,140 87,234 - -
Enterprise Value (EV) 1 89,519 108,948 144,542 90,552 83,861 97,498 98,769 87,234
P/E ratio 23.8 x 21 x 21.9 x 12.9 x 21.2 x 25.1 x 19.3 x 16.7 x
Yield 2.16% 2.91% 2.9% - 2.72% 2.03% 2.89% 3.48%
Capitalization / Revenue 1.26 x 1.47 x 1.58 x 0.85 x 0.94 x 1.19 x 1.07 x 0.96 x
EV / Revenue 1.41 x 1.56 x 1.77 x 0.98 x 1.09 x 1.33 x 1.21 x 0.96 x
EV / EBITDA 14 x 12.6 x 13.6 x 9 x 11.8 x 12 x 10.7 x 8.15 x
EV / FCF -63 x 12.3 x -20.5 x -50.3 x 9.39 x 11.2 x 13.1 x -9,500 x
FCF Yield -1.59% 8.13% -4.88% -1.99% 10.6% 8.92% 7.62% -0.01%
Price to Book 3.66 x 4.1 x 4.71 x 2.27 x 2.14 x 2.52 x 2.22 x 2.24 x
Nbr of stocks (in thousands) 375,065 375,065 375,065 392,065 392,065 392,065 - -
Reference price 2 213.0 275.0 345.0 200.5 184.0 222.5 222.5 222.5
Announcement Date 3/29/20 3/29/21 3/25/22 3/25/23 3/26/24 - - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 63,450 70,011 81,840 92,044 76,954 73,316 81,734 90,740
EBITDA 1 6,384 8,628 10,656 10,058 7,132 8,156 9,240 10,710
EBIT 1 4,732 6,858 8,709 7,914 4,709 5,157 6,614 7,858
Operating Margin 7.46% 9.8% 10.64% 8.6% 6.12% 7.03% 8.09% 8.66%
Earnings before Tax (EBT) 1 4,810 6,833 8,728 8,738 4,799 4,543 6,851 7,877
Net income 1 3,375 4,949 5,930 5,844 3,401 2,997 4,703 5,306
Net margin 5.32% 7.07% 7.25% 6.35% 4.42% 4.09% 5.75% 5.85%
EPS 2 8.950 13.12 15.73 15.51 8.680 8.876 11.55 13.30
Free Cash Flow 1 -1,421 8,859 -7,053 -1,800 8,930 8,700 7,525 -9.182
FCF margin -2.24% 12.65% -8.62% -1.96% 11.6% 11.87% 9.21% -0.01%
FCF Conversion (EBITDA) - 102.68% - - 125.21% 106.68% 81.43% -
FCF Conversion (Net income) - 179.02% - - 262.54% 290.31% 159.99% -
Dividend per Share 2 4.600 8.000 10.00 - 5.000 4.509 6.423 7.741
Announcement Date 3/29/20 3/29/21 3/25/22 3/25/23 3/26/24 - - -
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 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 19,946 19,904 22,260 22,745 25,869 21,169 20,119 22,464 19,517 14,853 15,367 18,929 21,233 18,385 19,994
EBITDA 1 2,453 8,594 2,829 2,722 2,903 1,606 2,464 2,164 1,786 913.5 1,631 1,927 2,262 1,892 -
EBIT 1 1,975 1,539 2,325 2,201 2,362 1,026 1,690 1,573 1,168 277.6 799.1 1,258 1,694 1,224 1,420
Operating Margin 9.9% 7.73% 10.45% 9.68% 9.13% 4.85% 8.4% 7% 5.99% 1.87% 5.2% 6.65% 7.98% 6.66% 7.1%
Earnings before Tax (EBT) 1 1,972 1,493 2,597 2,392 2,962 787.1 1,525 1,822 1,512 -60.24 747.7 1,288 1,710 1,207 1,365
Net income 1 1,281 1,098 1,822 1,802 2,006 213 835.8 1,182 1,103 281 516.4 854 1,159 841.2 930.5
Net margin 6.42% 5.52% 8.19% 7.92% 7.76% 1.01% 4.15% 5.26% 5.65% 1.89% 3.36% 4.51% 5.46% 4.58% 4.65%
EPS 2 3.400 2.910 4.830 4.770 5.180 0.5000 2.070 3.020 2.810 0.7200 1.466 2.070 3.036 2.271 2.205
Dividend per Share 2 8.000 - - - - - - - 7.800 - - - 5.000 - -
Announcement Date 11/10/21 3/25/22 5/12/22 8/9/22 11/7/22 3/25/23 5/11/23 8/7/23 11/13/23 3/26/24 - - - - -
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 9,630 5,805 15,145 11,943 11,722 10,264 11,534 -
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.508 x 0.6728 x 1.421 x 1.187 x 1.643 x 1.259 x 1.248 x -
Free Cash Flow 1 -1,421 8,859 -7,053 -1,800 8,930 8,700 7,525 -9.18
ROE (net income / shareholders' equity) 15.8% 21.1% 22.5% 19.2% 10.2% 9.71% 12% 14.1%
ROA (Net income/ Total Assets) 6.04% 8.14% 8.49% 6.85% 3.82% 3.68% 4.81% 6.72%
Assets 1 55,833 60,766 69,850 85,367 89,042 81,543 97,731 79,020
Book Value Per Share 2 58.20 67.10 73.30 88.50 85.90 88.40 100.0 99.10
Cash Flow per Share 2 5.140 30.20 -13.20 1.320 27.00 23.40 20.80 2.080
Capex 1 3,327 2,538 2,093 2,312 1,660 1,707 1,757 900
Capex / Sales 5.24% 3.63% 2.56% 2.51% 2.16% 2.33% 2.15% 0.99%
Announcement Date 3/29/20 3/29/21 3/25/22 3/25/23 3/26/24 - - -
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 Giant Manufacturing Co., Ltd.

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
222.5 TWD
Average target price
229.9 TWD
Spread / Average Target
+3.33%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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