Stock 9926 SHIN HAI GAS CORPORATION
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Financials Shin Hai Gas Corporation

Equities

9926

TW0009926006

Natural Gas Utilities

End-of-day quote Taiwan S.E.
Other stock markets
 06:00:00 2024-04-28 pm EDT 		5-day change 1st Jan Change
55.2 TWD +1.28% Intraday chart for Shin Hai Gas Corporation +1.85% -1.43%
Apr. 14 Shin Hai Gas Corporation Announces Demise of Xie Rongfu, Chairman CI
Mar. 14 Shin Hai Gas Corporation Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 7,189 7,476 8,679 8,850 9,262 10,052
Enterprise Value (EV) 1 5,493 5,590 6,556 6,484 6,817 7,170
P/E ratio 22.1 x 20.6 x 20.8 x 19.8 x 20.6 x 21.5 x
Yield 3.75% 4.08% 3.72% 4.06% 3.88% 3.57%
Capitalization / Revenue 3.15 x 3.11 x 3.95 x 4.13 x 4.14 x 4.39 x
EV / Revenue 2.4 x 2.33 x 2.98 x 3.03 x 3.05 x 3.13 x
EV / EBITDA 9.12 x 8.49 x 8.91 x 8.28 x 8.41 x 8.6 x
EV / FCF 29.7 x 24 x 13.2 x 17.3 x 15.1 x 16.6 x
FCF Yield 3.37% 4.17% 7.57% 5.79% 6.61% 6.03%
Price to Book 2.45 x 2.42 x 2.65 x 2.46 x 2.62 x 2.58 x
Nbr of stocks (in thousands) 179,504 179,504 179,504 179,504 179,504 179,504
Reference price 2 40.05 41.65 48.35 49.30 51.60 56.00
Announcement Date 3/26/19 3/23/20 3/23/21 3/23/22 3/20/23 3/14/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 2,285 2,403 2,198 2,142 2,237 2,289
EBITDA 1 602.3 658.5 735.8 782.9 811 833.9
EBIT 1 346.8 382.2 441.8 469.6 477.7 486.6
Operating Margin 15.17% 15.91% 20.1% 21.92% 21.36% 21.25%
Earnings before Tax (EBT) 1 398.8 444.7 510.7 546.9 553.5 572.2
Net income 1 326.8 363.7 419.7 448.5 452.3 467.7
Net margin 14.3% 15.14% 19.1% 20.94% 20.23% 20.43%
EPS 2 1.810 2.020 2.330 2.490 2.510 2.600
Free Cash Flow 1 185 233.3 496.4 375.7 450.4 432.4
FCF margin 8.09% 9.71% 22.59% 17.54% 20.14% 18.89%
FCF Conversion (EBITDA) 30.71% 35.43% 67.47% 47.99% 55.54% 51.85%
FCF Conversion (Net income) 56.6% 64.15% 118.28% 83.77% 99.58% 92.45%
Dividend per Share 2 1.500 1.700 1.800 2.000 2.000 2.000
Announcement Date 3/26/19 3/23/20 3/23/21 3/23/22 3/20/23 3/14/24
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 1,696 1,887 2,123 2,366 2,445 2,882
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 185 233 496 376 450 432
ROE (net income / shareholders' equity) 11.2% 12.1% 13.2% 13% 12.7% 12.6%
ROA (Net income/ Total Assets) 3.77% 3.93% 4.2% 4.11% 3.97% 3.82%
Assets 1 8,679 9,244 9,987 10,909 11,407 12,261
Book Value Per Share 2 16.30 17.20 18.30 20.00 19.70 21.70
Cash Flow per Share 2 2.840 2.740 2.610 3.400 2.870 3.440
Capex 1 425 432 472 382 378 444
Capex / Sales 18.61% 17.98% 21.46% 17.81% 16.92% 19.4%
Announcement Date 3/26/19 3/23/20 3/23/21 3/23/22 3/20/23 3/14/24
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Natural Gas Distribution

1st Jan change Capi.
SHIN HAI GAS CORPORATION Stock Shin Hai Gas Corporation
-1.43% 304M
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-3.12% 7.24B
GRUPO ENERGÍA BOGOTÁ S.A. E.S.P. Stock Grupo Energía Bogotá S.A. E.S.P.
+31.58% 5.92B
NEW FORTRESS ENERGY INC. Stock New Fortress Energy Inc.
-28.70% 5.52B
SOUTHWEST GAS HOLDINGS, INC. Stock Southwest Gas Holdings, Inc.
+17.81% 5.35B
UGI CORPORATION Stock UGI Corporation
+4.55% 5.39B
GUJARAT GAS LIMITED Stock Gujarat Gas Limited
+19.56% 4.55B
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