Stock 2633 TAIWAN HIGH SPEED RAIL CORPORATION
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Financials Taiwan High Speed Rail Corporation

Equities

2633

TW0002633005

Passenger Transportation, Ground & Sea

End-of-day quote Taiwan S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
29.95 TWD +0.67% Intraday chart for Taiwan High Speed Rail Corporation +2.22% -2.44%
Apr. 03 Taiwan hit by strongest quake in 25 years, four deaths reported RE
Mar. 13 Taiwan High Speed Rail Corporation Proposes Dividend Distribution for the Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2024
Capitalization 1 216,126 178,417 166,597 168,567
Enterprise Value (EV) 1 484,127 435,288 166,597 168,567
P/E ratio 27 x 30.5 x 46.3 x -
Yield 3.15% 3.31% - -
Capitalization / Revenue 4,549,323 x 4,558,754 x 5,511,383 x -
EV / Revenue 4,549,328 x 4,558,761 x 5,511,383 x -
EV / EBITDA 6,262,165 x 6,866,883 x - -
EV / FCF 7,588,916 x -114,238,151 x - -
FCF Yield 0% -0% - -
Price to Book 3.04 x 2.55 x 2.46 x 2.19 x
Nbr of stocks (in thousands) 5,628,293 5,628,293 5,628,293 5,628,293
Reference price 2 38.40 31.70 29.60 29.95
Announcement Date 2/19/20 2/24/21 2/24/22 -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 45,415 47,507 39,137 30,228 37,133 49,812
EBITDA 1 32,902 34,333 25,790 17,365 23,343 33,983
EBIT 1 19,145 20,512 11,807 3,318 9,920 20,532
Operating Margin 42.16% 43.18% 30.17% 10.98% 26.72% 41.22%
Earnings before Tax (EBT) 1 7,312 7,775 5,419 4,266 4,266 9,738
Net income 1 10,696 8,007 5,843 3,611 3,769 7,824
Net margin 23.55% 16.85% 14.93% 11.95% 10.15% 15.71%
EPS 2 1.900 1.423 1.038 0.6416 0.6697 1.390
Free Cash Flow 1 18,339 27,520 9,854 16,636 2,458 30,174
FCF margin 40.38% 57.93% 25.18% 55.04% 6.62% 60.57%
FCF Conversion (EBITDA) 55.74% 80.16% 38.21% 95.8% 10.53% 88.79%
FCF Conversion (Net income) 171.45% 343.7% 168.65% 460.72% 65.21% 385.64%
Dividend per Share 2 1.120 1.210 1.050 0.7580 0.6700 -
Announcement Date 2/23/19 2/20/20 2/25/21 2/24/22 2/23/23 2/22/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q2 2022 Q3
Net sales 1 9,650 6,666 9,780
EBITDA - - -
EBIT 1 2,856 - 2,789
Operating Margin 29.6% - 28.51%
Earnings before Tax (EBT) 1 1,120 165.9 1,359
Net income 1 905.5 277.8 1,308
Net margin 9.38% 4.17% 13.37%
EPS 2 0.1600 0.0500 0.2300
Dividend per Share - - -
Announcement Date 2/24/22 8/4/22 11/3/22
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2024
Net Debt 268,001 256,871 - -
Net Cash position - - - -
Leverage (Debt/EBITDA) 7.765 x 9.886 x - -
Free Cash Flow 28,479 -1,562 - -
ROE (net income / shareholders' equity) 11.4% 8.28% - -
ROA (Net income/ Total Assets) 1.83% 1.34% - -
Assets 438,069 435,300 - -
Book Value Per Share 1 12.60 12.50 12.00 13.70
Cash Flow per Share - - - -
Capex 67.2 30.1 - -
Capex / Sales 0.14% 0.08% - -
Announcement Date 2/19/20 2/24/21 2/24/22 -
1TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Quarterly earnings - Rate of surprise

Company calendar

Sector Rail Services

1st Jan change Capi.
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