Stock 6721 SINCERE SECURITY CORP. LTD.
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Financials Sincere Security Corp. Ltd.

Equities

6721

TW0006721004

Business Support Services

End-of-day quote Taipei Exchange
Other stock markets
 06:00:00 2024-07-01 pm EDT 		5-day change 1st Jan Change
52.7 TWD +0.19% Intraday chart for Sincere Security Corp. Ltd. +0.57% +3.13%
May. 15 Sincere Security Corp. Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
Mar. 29 Sincere Security Corp. Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023
Capitalization 1 964 1,072 1,460 960.8 1,150
Enterprise Value (EV) 1 804.7 897.1 1,310 747.9 888.8
P/E ratio 16.4 x 9.8 x 13.4 x 13.9 x 15.3 x
Yield 4.98% 7.46% 5.48% 5.62% 5.09%
Capitalization / Revenue 0.51 x 0.52 x 0.66 x 0.36 x 0.39 x
EV / Revenue 0.43 x 0.43 x 0.59 x 0.28 x 0.3 x
EV / EBITDA 10.9 x 6.07 x 9.13 x 8.49 x 9.9 x
EV / FCF 19.9 x 14 x 58 x -13.6 x 15.9 x
FCF Yield 5.02% 7.16% 1.72% -7.34% 6.3%
Price to Book 2.83 x 2.66 x 3.38 x 1.71 x 1.98 x
Nbr of stocks (in thousands) 20,000 20,000 20,000 22,500 22,500
Reference price 2 48.20 53.60 73.00 42.70 51.10
Announcement Date 4/28/20 4/28/21 3/30/22 3/31/23 3/29/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 1,773 1,876 2,078 2,217 2,644 2,983
EBITDA 1 75.46 73.92 147.7 143.5 88.04 89.75
EBIT 1 64.6 61.78 133.8 128.3 72.9 71.47
Operating Margin 3.64% 3.29% 6.44% 5.79% 2.76% 2.4%
Earnings before Tax (EBT) 1 82.5 73 137.7 137.1 83.92 94.3
Net income 1 65.29 58.18 109.5 108.9 66.76 74.98
Net margin 3.68% 3.1% 5.27% 4.91% 2.52% 2.51%
EPS 2 3.600 2.948 5.470 5.440 3.070 3.330
Free Cash Flow 1 25.76 40.43 64.25 22.57 -54.92 55.96
FCF margin 1.45% 2.15% 3.09% 1.02% -2.08% 1.88%
FCF Conversion (EBITDA) 34.14% 54.69% 43.49% 15.73% - 62.36%
FCF Conversion (Net income) 39.46% 69.49% 58.7% 20.73% - 74.63%
Dividend per Share 2 3.000 2.400 4.000 4.000 2.400 2.600
Announcement Date 4/29/19 4/28/20 4/28/21 3/30/22 3/31/23 3/29/24
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 149 159 175 150 213 261
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 25.8 40.4 64.3 22.6 -54.9 56
ROE (net income / shareholders' equity) 25.3% 18.8% 29.4% 26.1% 13.5% 13.1%
ROA (Net income/ Total Assets) 6.88% 6.09% 11.5% 9.74% 4.84% 4.13%
Assets 1 948.6 955.2 951.4 1,118 1,378 1,815
Book Value Per Share 2 15.30 17.10 20.10 21.60 24.90 25.90
Cash Flow per Share 2 12.90 12.00 12.70 12.40 13.60 17.30
Capex 1 14.7 18.9 36 82.6 15.6 24.4
Capex / Sales 0.83% 1.01% 1.73% 3.72% 0.59% 0.82%
Announcement Date 4/29/19 4/28/20 4/28/21 3/30/22 3/31/23 3/29/24
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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