Financials Hiwin Technologies Corporation

Equities

2049

TW0002049004

Industrial Machinery & Equipment

End-of-day quote Taiwan S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
234 ^TWD	+1.52%		+2.41%	-0.43%

Feb. 27	Hiwin Technologies Corporation Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Hiwin Technologies Corporation Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	86,992	122,604	104,453	64,567	83,141	82,787	-	-
Enterprise Value (EV) ¹	104,736	134,307	109,441	66,603	84,020	83,656	82,496	82,787
P/E ratio	46.8 x	63.8 x	29.7 x	14.2 x	40.9 x	29.1 x	21.5 x	17.6 x
Yield	0.75%	0.52%	1.47%	3.01%	1.06%	1.16%	1.62%	2.48%
Capitalization / Revenue	4.3 x	5.77 x	3.83 x	2.2 x	3.38 x	3.12 x	2.75 x	2.43 x
EV / Revenue	5.18 x	6.32 x	4.01 x	2.27 x	3.41 x	3.16 x	2.74 x	2.43 x
EV / EBITDA	22.5 x	33.1 x	14.9 x	8.57 x	16.9 x	13.5 x	10.7 x	9.25 x
EV / FCF	-31.9 x	45.5 x	18.5 x	17.1 x	34 x	38.4 x	35.9 x	-
FCF Yield	-3.13%	2.2%	5.39%	5.86%	2.94%	2.6%	2.78%	-
Price to Book	3.66 x	4.62 x	3.46 x	1.86 x	2.38 x	2.27 x	2.1 x	2 x
Nbr of stocks (in thousands)	328,432	328,432	340,792	353,792	353,792	353,792	-	-
Reference price ²	264.9	373.3	306.5	182.5	235.0	234.0	234.0	234.0
Announcement Date	3/25/20	3/23/21	2/25/22	2/24/23	2/27/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	20,210	21,267	27,265	29,315	24,633	26,500	30,074	34,026
EBITDA ¹	4,651	4,061	7,351	7,774	4,977	6,196	7,704	8,950
EBIT ¹	2,401	1,732	5,115	5,572	2,651	3,647	4,932	6,036
Operating Margin	11.88%	8.15%	18.76%	19.01%	10.76%	13.76%	16.4%	17.74%
Earnings before Tax (EBT) ¹	2,210	2,303	4,475	5,818	2,540	3,697	4,868	-
Net income ¹	1,865	1,930	3,532	4,479	2,035	2,780	3,684	-
Net margin	9.23%	9.07%	12.96%	15.28%	8.26%	10.49%	12.25%	-
EPS ²	5.665	5.854	10.33	12.89	5.750	8.047	10.90	13.33
Free Cash Flow ¹	-3,281	2,951	5,902	3,900	2,471	2,177	2,297	-
FCF margin	-16.23%	13.88%	21.65%	13.31%	10.03%	8.21%	7.64%	-
FCF Conversion (EBITDA)	-	72.67%	80.3%	50.17%	49.64%	35.13%	29.82%	-
FCF Conversion (Net income)	-	152.93%	167.1%	87.07%	121.42%	78.3%	62.36%	-
Dividend per Share ²	1.979	1.942	4.500	5.500	2.500	2.717	3.782	5.806
Announcement Date	3/25/20	3/23/21	2/25/22	2/24/23	2/27/24	-	-	-

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 S1	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	7,530	6,695	7,566	8,235	7,921	5,592	5,734	6,583	6,558	5,758	5,498	6,537	169	7,135	6,912	6,663
EBITDA ¹	2,271	1,727	2,087	2,395	2,224	1,068	1,150	1,542	1,531	752.8	1,221	1,755	-	2,011	1,602	-
EBIT ¹	1,711	1,166	1,559	1,844	1,670	500	569.1	959.1	944	178.8	547.7	938	-	1,107	989.4	976.7
Operating Margin	22.72%	17.41%	20.6%	22.39%	21.08%	8.94%	9.93%	14.57%	14.39%	3.1%	9.96%	14.35%	-	15.51%	14.31%	14.66%
Earnings before Tax (EBT) ¹	1,753	636.1	1,757	1,643	1,838	580.2	590.1	871.5	792.7	285.8	551	926	-	1,093	987.2	865.6
Net income ¹	1,357	591.7	1,367	1,226	1,427	459.4	445	625.8	631.3	332.7	440.3	734.9	-	850.3	727.2	687.3
Net margin	18.02%	8.84%	18.07%	14.89%	18.01%	8.22%	7.76%	9.51%	9.63%	5.78%	8.01%	11.24%	-	11.92%	10.52%	10.31%
EPS ²	3.970	1.720	4.000	3.590	4.110	1.220	1.260	1.770	1.780	0.9400	1.245	2.077	-	2.404	2.056	1.942
Dividend per Share ²	-	4.500	-	-	4.500	-	-	-	-	2.500	-	-	-	2.498	-	-
Announcement Date	11/5/21	2/25/22	5/10/22	8/10/22	11/7/22	2/24/23	5/10/23	8/10/23	11/10/23	2/27/24	-	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	17,744	11,703	4,988	2,035	879	869	-	-
Net Cash position ¹	-	-	-	-	-	-	291	-
Leverage (Debt/EBITDA)	3.815 x	2.882 x	0.6785 x	0.2618 x	0.1767 x	0.1402 x	-	-
Free Cash Flow ¹	-3,281	2,951	5,902	3,900	2,471	2,177	2,297	-
ROE (net income / shareholders' equity)	7.79%	7.52%	12.2%	13.8%	5.83%	8.08%	10%	11.8%
ROA (Net income/ Total Assets)	3.84%	4%	7.13%	8.68%	3.93%	5.24%	6.5%	-
Assets ¹	48,614	48,184	49,535	51,586	51,788	53,062	56,712	-
Book Value Per Share ²	72.30	80.90	88.60	98.20	98.90	103.0	111.0	117.0
Cash Flow per Share ²	10.60	13.90	21.80	23.80	14.40	13.90	14.90	19.70
Capex ¹	4,674	1,629	2,258	2,177	2,300	2,427	2,348	-
Capex / Sales	23.13%	7.66%	8.28%	7.43%	9.34%	9.16%	7.81%	-
Announcement Date	3/25/20	3/23/21	2/25/22	2/24/23	2/27/24	-	-	-

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 Hiwin Technologies Corporation

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

234 TWD

Average target price

269.5 TWD

Spread / Average Target

+15.16%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Industrial Parts & Components

	1st Jan change	Capi.
HIWIN TECHNOLOGIES CORPORATION	-0.43%	2.54B
TRELLEBORG AB	+17.36%	8.49B
MUELLER INDUSTRIES, INC.	+21.59%	6.51B
SFS GROUP AG	+6.14%	4.68B
GATES INDUSTRIAL CORPORATION PLC	+32.04%	4.63B
MISUMI GROUP INC.	+0.75%	4.31B
SHANGHAI MOONS' ELECTRIC CO., LTD.	-14.26%	3.27B
LEADER HARMONIOUS DRIVE SYSTEMS CO., LTD.	-22.11%	2.78B
HARMONIC DRIVE SYSTEMS INC.	-4.09%	2.41B
XI'AN SHAANGU POWER CO., LTD.	+15.79%	2.2B

Industrial Parts & Components