Stock 9946 SAN FAR PROPERTY LIMITED
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Financials San Far Property Limited

Equities

9946

TW0009946004

Real Estate Development & Operations

End-of-day quote Taiwan S.E.
Other stock markets
 06:00:00 2024-04-28 pm EDT 		5-day change 1st Jan Change
37.6 TWD +0.27% Intraday chart for San Far Property Limited +21.49% +84.31%
Feb. 23 San Far Property Limited Reports Earnings Results for the Full Year Ended December 31, 2023 CI
Feb. 07 San Far Property Limited Announces the Resignation of Liu,Shu-Hung as General Manager, Effective from Feb. 29, 2024 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 3,500 8,137 5,253 4,931 3,984 6,662
Enterprise Value (EV) 1 7,976 9,149 6,340 10,486 9,602 12,584
P/E ratio 10.1 x 5.13 x 28.3 x 22.3 x 28.5 x 75.6 x
Yield 2.41% 2.22% 1.86% 4.5% 3.5% -
Capitalization / Revenue 2.23 x 1.6 x 3.52 x 2.87 x 1.75 x 6.92 x
EV / Revenue 5.07 x 1.8 x 4.25 x 6.11 x 4.22 x 13.1 x
EV / EBITDA 20.7 x 5.75 x 29.5 x 45.5 x 51.7 x 101 x
EV / FCF -58.8 x 2.81 x 22.9 x -2.54 x 20.9 x -39.9 x
FCF Yield -1.7% 35.6% 4.37% -39.3% 4.78% -2.5%
Price to Book 0.67 x 1.21 x 0.79 x 0.75 x 0.62 x 1.03 x
Nbr of stocks (in thousands) 348,523 348,523 341,544 326,554 326,554 326,554
Reference price 2 10.04 23.35 15.38 15.10 12.20 20.40
Announcement Date 4/1/19 3/31/20 3/17/21 3/31/22 2/24/23 2/23/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 1,572 5,079 1,492 1,716 2,274 963.1
EBITDA 1 385 1,592 215 230.4 185.7 124.3
EBIT 1 380.1 1,589 209.6 220.9 175.1 115.5
Operating Margin 24.18% 31.28% 14.05% 12.87% 7.7% 11.99%
Earnings before Tax (EBT) 1 372.6 1,579 220.8 215.1 145.3 94.11
Net income 1 346.7 1,588 183 222.3 139.7 88.86
Net margin 22.06% 31.27% 12.27% 12.95% 6.14% 9.23%
EPS 2 0.9909 4.549 0.5429 0.6762 0.4277 0.2700
Free Cash Flow 1 -135.6 3,255 276.8 -4,124 459.1 -315
FCF margin -8.63% 64.09% 18.55% -240.33% 20.19% -32.71%
FCF Conversion (EBITDA) - 204.42% 128.72% - 247.31% -
FCF Conversion (Net income) - 204.95% 151.25% - 328.71% -
Dividend per Share 2 0.2420 0.5179 0.2857 0.6800 0.4270 -
Announcement Date 4/1/19 3/31/20 3/17/21 3/31/22 2/24/23 2/23/24
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 4,475 1,012 1,087 5,555 5,618 5,923
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 11.62 x 0.6353 x 5.055 x 24.11 x 30.26 x 47.65 x
Free Cash Flow 1 -136 3,255 277 -4,124 459 -315
ROE (net income / shareholders' equity) 7.25% 26.7% 2.76% 3.4% 2.15% 1.37%
ROA (Net income/ Total Assets) 2.09% 8.55% 1.17% 1.05% 0.71% 0.46%
Assets 1 16,586 18,566 15,684 21,079 19,642 19,220
Book Value Per Share 2 14.90 19.20 19.40 20.00 19.80 19.80
Cash Flow per Share 2 2.020 9.340 7.520 6.630 7.430 5.620
Capex 1 1.13 0.86 0.88 1.53 0.73 0.71
Capex / Sales 0.07% 0.02% 0.06% 0.09% 0.03% 0.07%
Announcement Date 4/1/19 3/31/20 3/17/21 3/31/22 2/24/23 2/23/24
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.
SAN FAR PROPERTY LIMITED Stock San Far Property Limited
+84.31% 375M
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Other Real Estate Development & Operations
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