Stock 1203 VE WONG CORPORATION
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Financials Ve Wong Corporation

Equities

1203

TW0001203008

Food Processing

End-of-day quote Taiwan S.E.
Other stock markets
 06:00:00 2024-05-02 pm EDT 		5-day change 1st Jan Change
49.95 TWD -0.10% Intraday chart for Ve Wong Corporation +2.88% -12.21%
Apr. 01 Ve Wong Corporation Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 Ve Wong 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 6,180 6,430 8,700 7,737 8,296 13,525
Enterprise Value (EV) 1 4,787 5,252 7,528 6,774 7,749 12,600
P/E ratio 14.3 x 14.1 x 20.3 x 17.3 x 13.3 x 31.6 x
Yield 3.85% 3.7% 3.01% 3.38% 3.15% 1.93%
Capitalization / Revenue 1.02 x 1.02 x 1.44 x 1.33 x 1.3 x 2.11 x
EV / Revenue 0.79 x 0.83 x 1.25 x 1.16 x 1.21 x 1.97 x
EV / EBITDA 4.27 x 4.89 x 6.69 x 6.86 x 8.07 x 12.9 x
EV / FCF 8.34 x 17.9 x 12.5 x 15.4 x -32.9 x 11.9 x
FCF Yield 12% 5.59% 8.01% 6.48% -3.04% 8.41%
Price to Book 1.31 x 1.29 x 1.69 x 1.47 x 1.5 x 2.34 x
Nbr of stocks (in thousands) 237,706 237,706 237,706 237,706 237,706 237,706
Reference price 2 26.00 27.05 36.60 32.55 34.90 56.90
Announcement Date 4/1/19 3/31/20 3/31/21 3/31/22 3/31/23 4/1/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 6,081 6,323 6,044 5,825 6,386 6,404
EBITDA 1 1,121 1,074 1,126 988.1 959.8 980.5
EBIT 1 976.7 923.5 974.9 865.6 833.2 855.3
Operating Margin 16.06% 14.61% 16.13% 14.86% 13.05% 13.36%
Earnings before Tax (EBT) 1 1,020 954.5 941.3 917.2 1,121 919.8
Net income 1 431.9 456.9 429.1 447.9 625.4 427.7
Net margin 7.1% 7.23% 7.1% 7.69% 9.79% 6.68%
EPS 2 1.817 1.920 1.805 1.880 2.630 1.799
Free Cash Flow 1 574.1 293.7 602.9 438.6 -235.3 1,060
FCF margin 9.44% 4.64% 9.98% 7.53% -3.69% 16.55%
FCF Conversion (EBITDA) 51.23% 27.35% 53.55% 44.39% - 108.1%
FCF Conversion (Net income) 132.93% 64.28% 140.5% 97.93% - 247.82%
Dividend per Share 2 1.000 1.000 1.100 1.100 1.100 1.100
Announcement Date 4/1/19 3/31/20 3/31/21 3/31/22 3/31/23 4/1/24
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 1,393 1,178 1,172 963 547 926
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 574 294 603 439 -235 1,060
ROE (net income / shareholders' equity) 12.3% 11.9% 11.1% 11.1% 13.9% 9.86%
ROA (Net income/ Total Assets) 6.7% 6.26% 6.5% 5.72% 5.32% 5.32%
Assets 1 6,445 7,302 6,604 7,829 11,760 8,047
Book Value Per Share 2 19.90 21.00 21.70 22.20 23.30 24.30
Cash Flow per Share 2 4.980 6.380 6.600 6.610 5.420 6.780
Capex 1 68.9 125 83.5 112 254 294
Capex / Sales 1.13% 1.98% 1.38% 1.92% 3.97% 4.59%
Announcement Date 4/1/19 3/31/20 3/31/21 3/31/22 3/31/23 4/1/24
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Food Processing

1st Jan change Capi.
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Other Food Processing
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