Stock 2501 CATHAY REAL ESTATE DEVELOPMENT CO.,LTD.
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Financials Cathay Real Estate Development Co.,Ltd.

Equities

2501

TW0002501004

Real Estate Development & Operations

End-of-day quote Taiwan S.E.
Other stock markets
 06:00:00 2024-05-23 pm EDT 		5-day change 1st Jan Change
32.3 TWD 0.00% Intraday chart for Cathay Real Estate Development Co.,Ltd. -10.28% +77.96%
Mar. 29 Cathay Real Estate Development Co.,Ltd. Announces the Acquisition of Real Property at 1th Subscetion, Lot Sub-City Center, Xinzhuang District, New Taipei City CI
Mar. 15 Cathay Real Estate Development Co.,Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 23,133 24,293 23,075 22,322 17,683 21,046
Enterprise Value (EV) 1 36,472 43,489 44,104 48,291 47,825 55,107
P/E ratio 6.41 x 17.7 x 15.5 x 26.4 x 14.7 x 9.72 x
Yield 10.5% 4.77% 5.03% 3.12% 3.28% -
Capitalization / Revenue 1.62 x 2.09 x 1.65 x 1.79 x 1.05 x 1.36 x
EV / Revenue 2.55 x 3.74 x 3.16 x 3.87 x 2.85 x 3.56 x
EV / EBITDA 13.8 x 23.2 x 21.6 x 32.9 x 21.2 x 17.2 x
EV / FCF 17.9 x 46.4 x -300 x -9.31 x -11.5 x -14.3 x
FCF Yield 5.57% 2.16% -0.33% -10.7% -8.68% -6.99%
Price to Book 0.92 x 1 x 0.94 x 0.88 x 0.72 x 0.8 x
Nbr of stocks (in thousands) 1,159,561 1,159,561 1,159,561 1,159,561 1,159,561 1,159,561
Reference price 2 19.95 20.95 19.90 19.25 15.25 18.15
Announcement Date 3/29/19 3/31/20 3/30/21 3/16/22 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 14,295 11,624 13,974 12,476 16,792 15,481
EBITDA 1 2,647 1,878 2,039 1,469 2,260 3,203
EBIT 1 2,228 1,499 1,551 875.7 1,476 2,573
Operating Margin 15.59% 12.9% 11.1% 7.02% 8.79% 16.62%
Earnings before Tax (EBT) 1 4,509 1,570 1,685 928.9 1,688 2,475
Net income 1 3,610 1,371 1,484 847.5 1,208 2,164
Net margin 25.25% 11.79% 10.62% 6.79% 7.19% 13.98%
EPS 2 3.113 1.182 1.280 0.7300 1.040 1.867
Free Cash Flow 1 2,033 937.4 -146.8 -5,186 -4,150 -3,850
FCF margin 14.22% 8.06% -1.05% -41.57% -24.72% -24.87%
FCF Conversion (EBITDA) 76.81% 49.9% - - - -
FCF Conversion (Net income) 56.32% 68.4% - - - -
Dividend per Share 2 2.100 1.000 1.000 0.6000 0.5000 -
Announcement Date 3/29/19 3/31/20 3/30/21 3/16/22 3/16/23 3/15/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2023 Q2 2023 Q3 2023 Q4
Net sales 1 - 2,635 6,036
EBITDA - - -
EBIT 1 - 300 1,391
Operating Margin - 11.39% 23.05%
Earnings before Tax (EBT) - - -
Net income 418.7 - -
Net margin - - -
EPS 0.3600 - -
Dividend per Share - - -
Announcement Date 8/14/23 11/14/23 3/15/24
1TWD in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 13,339 19,196 21,029 25,970 30,141 34,061
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 5.04 x 10.22 x 10.31 x 17.68 x 13.34 x 10.63 x
Free Cash Flow 1 2,033 937 -147 -5,186 -4,150 -3,850
ROE (net income / shareholders' equity) 17.5% 5.62% 6.08% 3.26% 4.9% 8.03%
ROA (Net income/ Total Assets) 2.72% 1.83% 1.71% 0.86% 1.24% 1.98%
Assets 1 132,882 74,965 86,656 98,908 97,109 109,117
Book Value Per Share 2 21.60 21.00 21.10 21.90 21.20 22.70
Cash Flow per Share 2 1.400 1.830 2.930 3.400 9.350 4.370
Capex 1 882 509 951 408 1,381 272
Capex / Sales 6.17% 4.38% 6.8% 3.27% 8.23% 1.76%
Announcement Date 3/29/19 3/31/20 3/30/21 3/16/22 3/16/23 3/15/24
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

Company calendar

Sector Residential Real Estate Development

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Residential Real Estate Development
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