Stock 6186 SHIN RUENN DEVELOPMENT CO., LTD
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Financials Shin Ruenn development Co., LTD

Equities

6186

TW0006186000

Real Estate Development & Operations

End-of-day quote Taipei Exchange
Other stock markets
 06:00:00 2024-04-29 pm EDT 		5-day change 1st Jan Change
82.3 TWD -0.36% Intraday chart for Shin Ruenn development Co., LTD +5.51% +38.55%
Apr. 15 Shin Ruenn Development Co., Ltd Approves Cash Dividend for the Year Ended December 31, 2023 CI
Apr. 01 Shin Ruenn Development Co., Ltd. Plans to Develop Two Parcels of Land At Land Lots 376 and 376-10, Subsection 2,Yuquan Section, Datong District, Taipei City CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 1,681 3,191 3,797 3,618 5,519 8,909
Enterprise Value (EV) 1 4,520 8,067 14,815 13,755 16,319 19,883
P/E ratio -46.7 x 7.61 x 8.54 x 8.69 x 16.6 x 20.1 x
Yield 5.95% 9.4% 4.28% 11.3% 5.98% -
Capitalization / Revenue 1.25 x 1.14 x 1.33 x 0.91 x 2.22 x 2.44 x
EV / Revenue 3.37 x 2.89 x 5.19 x 3.46 x 6.55 x 5.44 x
EV / EBITDA 1,140 x 18.1 x 30.4 x 24.6 x 39.8 x 35.9 x
EV / FCF -22.7 x -5.15 x -2.19 x 22.7 x -35.5 x -115 x
FCF Yield -4.4% -19.4% -45.7% 4.41% -2.81% -0.87%
Price to Book 1.14 x 1.78 x 1.45 x 1.26 x 1.79 x 2.79 x
Nbr of stocks (in thousands) 105,036 105,036 136,536 136,536 149,986 149,986
Reference price 2 16.00 30.38 27.81 26.50 36.80 59.40
Announcement Date 3/29/19 3/30/20 3/30/21 3/29/22 3/28/23 3/20/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 1,342 2,791 2,856 3,975 2,491 3,657
EBITDA 1 3.965 445.8 486.7 560 410.5 553.5
EBIT 1 2.859 443.5 483.7 557.3 407.8 551.2
Operating Margin 0.21% 15.89% 16.94% 14.02% 16.37% 15.07%
Earnings before Tax (EBT) 1 -32.92 432.2 483.7 558.5 411.3 557.1
Net income 1 -33.91 420.9 381.4 420.3 327.2 445.7
Net margin -2.53% 15.08% 13.35% 10.57% 13.13% 12.19%
EPS 2 -0.3429 3.990 3.257 3.050 2.220 2.960
Free Cash Flow 1 -198.7 -1,566 -6,773 606.5 -459.1 -172.2
FCF margin -14.81% -56.12% -237.17% 15.26% -18.43% -4.71%
FCF Conversion (EBITDA) - - - 108.3% - -
FCF Conversion (Net income) - - - 144.28% - -
Dividend per Share 2 0.9524 2.857 1.190 3.000 2.200 -
Announcement Date 3/29/19 3/30/20 3/30/21 3/29/22 3/28/23 3/20/24
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 2,839 4,876 11,018 10,137 10,800 10,974
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 716 x 10.94 x 22.64 x 18.1 x 26.31 x 19.83 x
Free Cash Flow 1 -199 -1,566 -6,773 606 -459 -172
ROE (net income / shareholders' equity) -2.47% 25.8% 17.3% 15.3% 11% 14.2%
ROA (Net income/ Total Assets) 0.03% 3.6% 2.4% 2.23% 1.52% 1.83%
Assets 1 -100,614 11,709 15,906 18,876 21,535 24,409
Book Value Per Share 2 14.00 17.00 19.10 21.00 20.50 21.30
Cash Flow per Share 2 7.150 9.530 2.570 4.260 2.850 2.850
Capex 1 9.8 4 - 0.35 - 16.5
Capex / Sales 0.73% 0.14% - 0.01% - 0.45%
Announcement Date 3/29/19 3/30/20 3/30/21 3/29/22 3/28/23 3/20/24
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.
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