Financials SinoPac Financial Holdings Company Limited

Equities

2890

TW0002890001

Banks

End-of-day quote Taiwan S.E. 06:00:00 2024-07-07 pm EDT 5-day change 1st Jan Change
26.7 TWD +1.14% Intraday chart for SinoPac Financial Holdings Company Limited +3.69% +35.53%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 146,654 129,054 182,028 190,846 244,013 330,718 - -
Enterprise Value (EV) 1 146,654 129,054 182,028 190,846 244,013 330,718 330,718 330,718
P/E ratio 11.7 x 10.6 x 11.3 x 12 x 12.2 x 14.6 x 14.5 x 16 x
Yield 5.38% 6.11% 4.95% - 3.81% 3.43% 3.41% 3.13%
Capitalization / Revenue 4.04 x 3.31 x 3.98 x 4.04 x 4.53 x 5.63 x 5.51 x 5.37 x
EV / Revenue 4.04 x 3.31 x 3.98 x 4.04 x 4.53 x 5.63 x 5.51 x 5.37 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 0.99 x 0.83 x 1.12 x 1.24 x 1.29 x 1.64 x 1.55 x 1.47 x
Nbr of stocks (in thousands) 11,621,742 11,611,440 11,611,440 11,621,640 12,386,440 12,386,440 - -
Reference price 2 12.62 11.11 15.68 16.42 19.70 26.70 26.70 26.70
Announcement Date 3/19/20 3/11/21 3/3/22 3/10/23 3/8/24 - - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 36,330 39,006 45,689 47,246 53,901 58,775 59,994 61,532
EBITDA - - - - - - - -
EBIT 1 15,093 16,364 20,820 21,849 25,375 29,233 28,002 27,809
Operating Margin 41.54% 41.95% 45.57% 46.25% 47.08% 49.74% 46.67% 45.19%
Earnings before Tax (EBT) 1 14,257 13,938 18,593 19,405 23,071 26,082 25,634 24,400
Net income 1 12,477 12,204 16,169 15,961 19,764 22,612 22,414 20,705
Net margin 34.34% 31.29% 35.39% 33.78% 36.67% 38.47% 37.36% 33.65%
EPS 2 1.077 1.048 1.388 1.373 1.620 1.827 1.844 1.673
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 0.6795 0.6795 0.7766 - 0.7500 0.9153 0.9107 0.8365
Announcement Date 3/19/20 3/11/21 3/3/22 3/10/23 3/8/24 - - -
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 10,541 12,510 11,598 12,928 10,210 12,818 13,750 14,513 12,820 16,712 13,537 14,345 12,668 14,008 14,364
EBITDA - - - - - - - - - - - - - - -
EBIT 4,484 - - - - - - - - - - - - - -
Operating Margin 42.54% - - - - - - - - - - - - - -
Earnings before Tax (EBT) 1 3,830 5,258 4,756 5,644 3,746 5,526 6,196 6,568 4,829 8,118 5,930 6,319 5,037 5,483 6,649
Net income 1 3,375 4,409 3,819 4,708 3,025 4,749 5,351 5,647 4,053 6,878 5,337 5,687 4,533 4,935 5,984
Net margin 32.02% 35.24% 32.93% 36.42% 29.63% 37.05% 38.92% 38.91% 31.61% 41.16% 39.43% 39.64% 35.78% 35.23% 41.66%
EPS 2 0.2912 0.3786 0.3333 0.4020 0.2549 0.4020 0.4300 0.4600 0.3300 0.5600 0.4300 0.4600 0.3700 0.4000 0.4800
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 3/3/22 5/20/22 8/19/22 11/18/22 3/10/23 5/19/23 8/25/23 10/31/23 3/8/24 5/23/24 - - - - -
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 8.6% 8.02% 10.2% 10.1% 11.5% 11.3% 10.8% 9.42%
ROA (Net income/ Total Assets) 0.73% 0.61% 0.71% 0.64% 0.74% 0.79% 0.76% 0.66%
Assets 1 1,719,072 2,000,656 2,277,324 2,493,906 2,679,917 2,849,648 2,949,189 3,127,718
Book Value Per Share 2 12.80 13.40 14.00 13.30 15.20 16.30 17.20 18.20
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 3/19/20 3/11/21 3/3/22 3/10/23 3/8/24 - - -
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
B+
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
3
Last Close Price
26.7 TWD
Average target price
23.2 TWD
Spread / Average Target
-13.11%
Consensus
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