Stock 5511 TE CHANG CONSTRUCTION CO., LTD.
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Financials Te Chang Construction Co., Ltd.

Equities

5511

TW0005511000

Construction & Engineering

End-of-day quote Taipei Exchange
Other stock markets
 06:00:00 2024-04-28 pm EDT 		5-day change 1st Jan Change
77 TWD +1.32% Intraday chart for Te Chang Construction Co., Ltd. +5.91% +6.80%
Mar. 15 Te Chang Construction Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 Te Chang Construction Co., Ltd. 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 2,740 3,494 3,505 3,369 3,403 8,179
Enterprise Value (EV) 1 3,487 2,590 3,306 3,441 3,458 7,609
P/E ratio 5.34 x 6.54 x 7.39 x 7.21 x 6.32 x 7.14 x
Yield 8.7% 7.14% 6.47% 6.73% 8% 6.93%
Capitalization / Revenue 0.51 x 0.63 x 0.65 x 0.55 x 0.4 x 0.78 x
EV / Revenue 0.65 x 0.47 x 0.61 x 0.56 x 0.41 x 0.73 x
EV / EBITDA 5.31 x 4.39 x 6.82 x 6.11 x 4.36 x 5.6 x
EV / FCF 6.7 x 1.38 x 50.1 x -15 x 9.74 x 10.9 x
FCF Yield 14.9% 72.3% 2% -6.65% 10.3% 9.18%
Price to Book 0.72 x 0.85 x 0.81 x 0.73 x 0.69 x 1.41 x
Nbr of stocks (in thousands) 113,440 113,440 113,440 113,440 113,440 113,440
Reference price 2 24.15 30.80 30.90 29.70 30.00 72.10
Announcement Date 4/1/19 3/31/20 3/31/21 3/28/22 3/31/23 3/15/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 5,390 5,520 5,393 6,157 8,484 10,460
EBITDA 1 656 590.2 485.1 563 793 1,359
EBIT 1 649.2 573.7 457.9 525.8 750.1 1,309
Operating Margin 12.04% 10.39% 8.49% 8.54% 8.84% 12.51%
Earnings before Tax (EBT) 1 656.3 674.5 588.2 582.8 735.2 1,417
Net income 1 515.9 537.5 476.9 470.7 542.2 1,151
Net margin 9.57% 9.74% 8.84% 7.65% 6.39% 11%
EPS 2 4.520 4.710 4.180 4.120 4.750 10.10
Free Cash Flow 1 520.6 1,872 66.04 -228.8 354.9 698.7
FCF margin 9.66% 33.91% 1.22% -3.72% 4.18% 6.68%
FCF Conversion (EBITDA) 79.36% 317.12% 13.61% - 44.75% 51.4%
FCF Conversion (Net income) 100.92% 348.22% 13.85% - 65.45% 60.72%
Dividend per Share 2 2.100 2.200 2.000 2.000 2.400 5.000
Announcement Date 4/1/19 3/31/20 3/31/21 3/28/22 3/31/23 3/15/24
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 747 - - 72.3 54.5 -
Net Cash position 1 - 904 199 - - 570
Leverage (Debt/EBITDA) 1.139 x - - 0.1284 x 0.0687 x -
Free Cash Flow 1 521 1,872 66 -229 355 699
ROE (net income / shareholders' equity) 14% 12.9% 10.8% 10% 11.2% 20.7%
ROA (Net income/ Total Assets) 4.66% 4.09% 3.1% 2.94% 3.71% 6.21%
Assets 1 11,069 13,128 15,366 16,006 14,632 18,527
Book Value Per Share 2 33.60 36.30 38.30 40.40 43.40 51.10
Cash Flow per Share 2 10.60 8.300 10.20 13.40 17.00 22.80
Capex 1 48.9 121 144 33.4 117 83.3
Capex / Sales 0.91% 2.19% 2.68% 0.54% 1.38% 0.8%
Announcement Date 4/1/19 3/31/20 3/31/21 3/28/22 3/31/23 3/15/24
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Construction & Engineering

1st Jan change Capi.
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