Stock 1409 SHINKONG SYNTHETIC FIBERS CORPORATION
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Financials Shinkong Synthetic Fibers Corporation

Equities

1409

TW0001409001

Textiles & Leather Goods

End-of-day quote Taiwan S.E.
Other stock markets
 06:00:00 2024-04-29 pm EDT 		5-day change 1st Jan Change
17.1 TWD -0.87% Intraday chart for Shinkong Synthetic Fibers Corporation +3.32% +9.97%
Mar. 15 Shinkong Synthetic Fibers Corporation Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 Shinkong Synthetic Fibers Corporation 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 18,639 19,445 22,996 32,597 28,321 25,093
Enterprise Value (EV) 1 35,867 37,786 48,742 70,327 62,887 67,944
P/E ratio 7.6 x 10.9 x 7.99 x 8.39 x 10 x 33.1 x
Yield 7.36% 4.56% 7.72% 6.93% 5.7% 3.54%
Capitalization / Revenue 0.44 x 0.51 x 0.75 x 0.74 x 0.63 x 0.64 x
EV / Revenue 0.85 x 1 x 1.58 x 1.59 x 1.4 x 1.72 x
EV / EBITDA 5.66 x 6.63 x 10.2 x 8.05 x 9.34 x 12.8 x
EV / FCF 9.17 x 24.5 x -5.04 x -10.3 x 10.3 x -14.5 x
FCF Yield 10.9% 4.08% -19.8% -9.68% 9.73% -6.91%
Price to Book 0.65 x 0.65 x 0.73 x 0.9 x 0.8 x 0.69 x
Nbr of stocks (in thousands) 1,613,729 1,613,729 1,613,729 1,613,729 1,613,729 1,613,729
Reference price 2 11.55 12.05 14.25 20.20 17.55 15.55
Announcement Date 3/29/19 3/30/20 3/31/21 3/17/22 3/16/23 3/15/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 42,264 37,889 30,817 44,113 45,069 39,472
EBITDA 1 6,334 5,700 4,792 8,734 6,734 5,317
EBIT 1 4,489 3,860 3,138 7,222 5,151 3,524
Operating Margin 10.62% 10.19% 10.18% 16.37% 11.43% 8.93%
Earnings before Tax (EBT) 1 3,636 2,757 2,317 5,848 4,694 1,501
Net income 1 2,458 1,793 2,884 3,888 2,824 764.4
Net margin 5.82% 4.73% 9.36% 8.81% 6.27% 1.94%
EPS 2 1.520 1.110 1.784 2.408 1.750 0.4700
Free Cash Flow 1 3,912 1,540 -9,662 -6,808 6,122 -4,694
FCF margin 9.26% 4.06% -31.35% -15.43% 13.58% -11.89%
FCF Conversion (EBITDA) 61.77% 27.02% - - 90.91% -
FCF Conversion (Net income) 159.17% 85.9% - - 216.78% -
Dividend per Share 2 0.8500 0.5500 1.100 1.400 1.000 0.5500
Announcement Date 3/29/19 3/30/20 3/31/21 3/17/22 3/16/23 3/15/24
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 17,228 18,340 25,746 37,730 34,566 42,850
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 2.72 x 3.218 x 5.373 x 4.32 x 5.133 x 8.059 x
Free Cash Flow 1 3,912 1,540 -9,662 -6,808 6,122 -4,694
ROE (net income / shareholders' equity) 7.91% 5.99% 3.98% 10.8% 7.84% 2.52%
ROA (Net income/ Total Assets) 1.95% 1.6% 1.18% 2.44% 1.7% 1.17%
Assets 1 126,294 111,833 243,465 159,361 165,686 65,384
Book Value Per Share 2 17.80 18.50 19.60 22.40 22.00 22.50
Cash Flow per Share 2 4.160 6.630 7.360 6.370 6.930 6.510
Capex 1 1,073 1,405 855 2,871 2,263 3,524
Capex / Sales 2.54% 3.71% 2.78% 6.51% 5.02% 8.93%
Announcement Date 3/29/19 3/30/20 3/31/21 3/17/22 3/16/23 3/15/24
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Synthetic Fabrics

1st Jan change Capi.
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-17.49% 431M
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+12.37% 431M
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