SHIN ZU SHING CO., LTD. |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 198 TWD | +7.32% |
|
-0.50% | +60.32% |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Capitalization 1 | 23,281 | 25,429 | 18,594 | 15,320 | 23,187 | 37,174 | - |
| Enterprise Value (EV) 1 | 18,363 | 24,863 | 14,093 | 13,052 | 22,387 | 37,309 | 35,563 |
| P/E ratio | 17.9 x | 14.8 x | 15.9 x | 9.48 x | 28.8 x | 31.4 x | 23.5 x |
| Yield | 3.1% | 3.02% | 5.18% | 7.35% | 3.24% | 2.54% | 3.13% |
| Capitalization / Revenue | 1.97 x | 1.67 x | 1.53 x | 1.3 x | 2.3 x | 2.76 x | 2.45 x |
| EV / Revenue | 1.55 x | 1.63 x | 1.16 x | 1.1 x | 2.22 x | 2.77 x | 2.34 x |
| EV / EBITDA | 7.01 x | 7.32 x | 6.39 x | 5.96 x | 14.9 x | 20.5 x | 13.5 x |
| EV / FCF | 12.6 x | 14.2 x | 7.15 x | 9.76 x | 11.2 x | -123 x | 18.1 x |
| FCF Yield | 7.94% | 7.03% | 14% | 10.2% | 8.9% | -0.81% | 5.53% |
| Price to Book | 1.73 x | 1.62 x | 1.2 x | 0.96 x | 1.49 x | 2.33 x | 2.2 x |
| Nbr of stocks (in thousands) | 180,469 | 191,920 | 192,485 | 187,748 | 187,748 | 187,748 | - |
| Reference price 2 | 129.0 | 132.5 | 96.60 | 81.60 | 123.5 | 198.0 | 198.0 |
| Announcement Date | 3/10/20 | 3/8/21 | 3/8/22 | 3/8/23 | 3/1/24 | - | - |
1TWD in Million2TWD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net sales 1 | 11,819 | 15,233 | 12,140 | 11,825 | 10,068 | 13,482 | 15,178 |
| EBITDA 1 | 2,620 | 3,396 | 2,206 | 2,188 | 1,506 | 1,822 | 2,643 |
| EBIT 1 | 1,928 | 2,697 | 1,577 | 1,559 | 908.9 | 1,221 | 1,894 |
| Operating Margin | 16.31% | 17.71% | 12.99% | 13.19% | 9.03% | 9.06% | 12.48% |
| Earnings before Tax (EBT) 1 | 2,011 | 2,445 | 1,633 | 2,268 | 1,163 | 1,467 | 2,129 |
| Net income 1 | 1,298 | 1,673 | 1,170 | 1,659 | 807.4 | 1,182 | 1,580 |
| Net margin | 10.98% | 10.98% | 9.63% | 14.03% | 8.02% | 8.77% | 10.41% |
| EPS 2 | 7.200 | 8.980 | 6.080 | 8.610 | 4.290 | 6.300 | 8.413 |
| Free Cash Flow 1 | 1,457 | 1,748 | 1,972 | 1,337 | 1,992 | -303 | 1,968 |
| FCF margin | 12.33% | 11.48% | 16.24% | 11.3% | 19.79% | -2.25% | 12.97% |
| FCF Conversion (EBITDA) | 55.61% | 51.48% | 89.39% | 61.09% | 132.3% | - | 74.45% |
| FCF Conversion (Net income) | 112.27% | 104.51% | 168.61% | 80.56% | 246.73% | - | 124.58% |
| Dividend per Share 2 | 4.000 | 4.000 | 5.000 | 6.000 | 4.000 | 5.030 | 6.190 |
| Announcement Date | 3/10/20 | 3/8/21 | 3/8/22 | 3/8/23 | 3/1/24 | - | - |
1TWD in Million2TWD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 3,361 | 2,993 | 3,017 | 3,355 | 2,459 | 1,880 | 2,344 | 2,852 | 2,992 | 2,889 | 2,982 | 3,451 | 3,502 | 2,984 | 3,186 |
| EBITDA 1 | 564.8 | 477 | 523 | 718.6 | 469.5 | 290 | 315.8 | 433.9 | 466 | 400.7 | 570 | 650 | 660 | - | - |
| EBIT 1 | 415.4 | 320.2 | 363.5 | 561 | 314.6 | 137 | 165.7 | 287.1 | 319 | 260.1 | 277 | 343 | 341 | 320 | 352 |
| Operating Margin | 12.36% | 10.7% | 12.05% | 16.72% | 12.79% | 7.29% | 7.07% | 10.07% | 10.66% | 9% | 9.29% | 9.94% | 9.74% | 10.72% | 11.05% |
| Earnings before Tax (EBT) 1 | 419.7 | 419.1 | 610.5 | 1,005 | 233.7 | 157.2 | 321.1 | 407.4 | 277.5 | 400.2 | 312 | 378 | 376 | 388.5 | 420.5 |
| Net income 1 | 306.9 | 328.2 | 422.7 | 747.4 | 160.9 | 125.5 | 197.4 | 300.5 | 184 | 314.9 | 244 | 295 | 293 | 293.5 | 308.5 |
| Net margin | 9.13% | 10.96% | 14.01% | 22.28% | 6.54% | 6.68% | 8.42% | 10.54% | 6.15% | 10.9% | 8.18% | 8.55% | 8.37% | 9.84% | 9.68% |
| EPS 2 | 1.580 | 1.690 | 2.190 | 3.890 | 0.8800 | 0.6600 | 1.040 | 1.600 | 0.9900 | 1.670 | 1.300 | 1.570 | 1.560 | 1.565 | 1.645 |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 3/8/22 | 5/6/22 | 8/8/22 | 11/7/22 | 3/8/23 | 4/26/23 | 8/2/23 | 11/9/23 | 3/1/24 | 5/6/24 | - | - | - | - | - |
1TWD in Million2TWD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | 135 | - |
| Net Cash position 1 | 4,917 | 566 | 4,501 | 2,269 | 800 | - | 1,611 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | 0.0741 x | - |
| Free Cash Flow 1 | 1,457 | 1,748 | 1,972 | 1,337 | 1,992 | -303 | 1,968 |
| ROE (net income / shareholders' equity) | 9.91% | 11.5% | 7.49% | 10.6% | 5.14% | 7.1% | 9.41% |
| ROA (Net income/ Total Assets) | 7.05% | 7.98% | 5.35% | 7.75% | 3.76% | 5.38% | 6.93% |
| Assets 1 | 18,424 | 20,970 | 21,882 | 21,399 | 21,496 | 21,990 | 22,784 |
| Book Value Per Share 2 | 74.50 | 81.90 | 80.70 | 84.60 | 82.80 | 84.90 | 89.90 |
| Cash Flow per Share 2 | 9.600 | 11.40 | 11.50 | 8.020 | 11.20 | 5.070 | 8.400 |
| Capex 1 | 273 | 373 | 261 | 196 | 118 | 260 | 287 |
| Capex / Sales | 2.31% | 2.45% | 2.15% | 1.65% | 1.17% | 1.93% | 1.89% |
| Announcement Date | 3/10/20 | 3/8/21 | 3/8/22 | 3/8/23 | 3/1/24 | - | - |
1TWD in Million2TWD
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
D+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
4
Last Close Price
198
TWD
Average target price
219.2
TWD
Spread / Average Target
+10.73%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +60.32% | 1.14B | |
| +13.80% | 109B | |
| -4.75% | 29.36B | |
| +4.62% | 20.78B | |
| -11.06% | 18.82B | |
| +14.27% | 16.06B | |
| -13.22% | 16B | |
| +8.77% | 13.31B | |
| -2.54% | 10.68B | |
| +13.44% | 8.46B |
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- Financials Shin Zu Shing Co., Ltd.
