Stock 2511 PRINCE HOUSING & DEVELOPMENT CORP.
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Financials Prince Housing & Development Corp.

Equities

2511

TW0002511003

Real Estate Development & Operations

End-of-day quote Taiwan S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
12.85 TWD +4.90% Intraday chart for Prince Housing & Development Corp. +8.44% +15.77%
Mar. 08 Prince Housing & Development Corp. Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 Prince Housing & Development Corp. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 16,551 18,255 18,661 21,744 17,038 18,012
Enterprise Value (EV) 1 30,501 35,870 34,661 30,700 20,410 21,635
P/E ratio 13.4 x 19.4 x 23.5 x 14.3 x 11.7 x 30.8 x
Yield 6.37% 4.44% 3.48% 3.73% 4.76% 3.24%
Capitalization / Revenue 1.4 x 1.5 x 1.56 x 1.74 x 1.33 x 2.12 x
EV / Revenue 2.57 x 2.94 x 2.9 x 2.45 x 1.6 x 2.55 x
EV / EBITDA 20.8 x 22.7 x 61.9 x 22.5 x 8.84 x 22.7 x
EV / FCF 108 x 9.47 x 10 x 4.43 x 3.81 x 44.1 x
FCF Yield 0.93% 10.6% 10% 22.6% 26.3% 2.27%
Price to Book 0.69 x 0.77 x 0.77 x 0.85 x 0.66 x 0.7 x
Nbr of stocks (in thousands) 1,622,671 1,622,671 1,622,671 1,622,671 1,622,671 1,622,671
Reference price 2 10.20 11.25 11.50 13.40 10.50 11.10
Announcement Date 3/22/19 3/23/20 3/22/21 3/7/22 3/9/23 3/8/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 11,855 12,199 11,963 12,512 12,769 8,485
EBITDA 1 1,463 1,582 559.8 1,364 2,310 954.2
EBIT 1 1,059 790.1 171.7 1,006 1,973 627.6
Operating Margin 8.93% 6.48% 1.44% 8.04% 15.45% 7.4%
Earnings before Tax (EBT) 1 1,369 1,062 789.4 1,550 1,568 725.6
Net income 1 1,253 952.8 793.9 1,535 1,475 592.6
Net margin 10.57% 7.81% 6.64% 12.27% 11.55% 6.98%
EPS 2 0.7600 0.5800 0.4892 0.9400 0.9000 0.3600
Free Cash Flow 1 282.6 3,789 3,465 6,932 5,359 490.9
FCF margin 2.38% 31.06% 28.96% 55.4% 41.97% 5.79%
FCF Conversion (EBITDA) 19.31% 239.57% 618.98% 508.18% 232% 51.45%
FCF Conversion (Net income) 22.56% 397.73% 436.48% 451.55% 363.3% 82.83%
Dividend per Share 2 0.6500 0.5000 0.4000 0.5000 0.5000 0.3600
Announcement Date 3/22/19 3/23/20 3/22/21 3/7/22 3/9/23 3/8/24
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 13,950 17,615 16,000 8,956 3,372 3,624
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 9.535 x 11.14 x 28.58 x 6.566 x 1.46 x 3.798 x
Free Cash Flow 1 283 3,789 3,465 6,932 5,359 491
ROE (net income / shareholders' equity) 5.14% 3.89% 3% 5.82% 5.57% 2.25%
ROA (Net income/ Total Assets) 1.31% 0.94% 0.2% 1.23% 2.51% 0.83%
Assets 1 95,623 101,780 395,557 125,150 58,778 71,168
Book Value Per Share 2 14.70 14.70 14.90 15.80 15.90 15.90
Cash Flow per Share 2 2.450 3.500 3.330 4.240 6.160 5.150
Capex 1 61.7 53 62.3 37.1 48.7 134
Capex / Sales 0.52% 0.43% 0.52% 0.3% 0.38% 1.58%
Announcement Date 3/22/19 3/23/20 3/22/21 3/7/22 3/9/23 3/8/24
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Real Estate Development & Operations

1st Jan change Capi.
PRINCE HOUSING & DEVELOPMENT CORP. Stock Prince Housing & Development Corp.
+15.77% 639M
MITSUI FUDOSAN CO., LTD. Stock Mitsui Fudosan Co., Ltd.
+36.16% 27.94B
SUN HUNG KAI PROPERTIES LIMITED Stock Sun Hung Kai Properties Limited
-13.74% 26.97B
DLF LIMITED Stock DLF Limited
+25.00% 26.95B
CHINA RESOURCES LAND LIMITED Stock China Resources Land Limited
-0.71% 25.32B
MITSUBISHI ESTATE CO., LTD. Stock Mitsubishi Estate Co., Ltd.
+44.49% 22.58B
EMAAR PROPERTIES Stock Emaar Properties
+2.78% 19.59B
CHINA OVERSEAS LAND & INVESTMENT LTD. Stock China Overseas Land & Investment Ltd.
+1.45% 19.52B
SUMITOMO REALTY & DEVELOPMENT CO., LTD. Stock Sumitomo Realty & Development Co., Ltd.
+28.54% 16.23B
CK ASSET HOLDINGS LIMITED Stock CK Asset Holdings Limited
-14.80% 14.98B
Other Real Estate Development & Operations
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