Financials TPK Holding Co., Ltd.

Equities

3673

KYG898431096

Electronic Equipment & Parts

End-of-day quote Taiwan S.E. Other stock markets 06:00:00 2024-07-11 pm EDT			5-day change	1st Jan Change
49.85 ^TWD	+2.15%		+11.77%	+37.71%

Apr. 30	TPK Holding Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Mar. 05	TPK Holding Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	23,099	18,829	17,670	11,976	14,721	20,272	-
Enterprise Value (EV) ¹	17,308	7,779	10,568	2,038	-1,822	20,272	20,272
P/E ratio	111 x	18.3 x	16.5 x	22 x	71 x	27.5 x	15.4 x
Yield	-	2.16%	3.45%	-	-	-	-
Capitalization / Revenue	0.17 x	0.16 x	0.17 x	0.12 x	0.21 x	0.27 x	0.25 x
EV / Revenue	0.17 x	0.16 x	0.17 x	0.12 x	0.21 x	0.27 x	0.25 x
EV / EBITDA	2.23 x	2.15 x	2.53 x	1.92 x	2.47 x	3.4 x	3.01 x
EV / FCF	6,969,384 x	3,427,732 x	18,867,337 x	-	1,466,485 x	-	-
FCF Yield	0%	0%	0%	-	0%	-	-
Price to Book	0.64 x	0.51 x	0.5 x	-	0.4 x	-	-
Nbr of stocks (in thousands)	406,664	406,664	406,664	406,664	406,664	406,664	-
Reference price ²	56.80	46.30	43.45	29.45	36.20	49.85	49.85
Announcement Date	2/20/20	2/25/21	2/24/22	2/23/23	3/5/24	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	136,607	114,583	103,089	97,181	69,861	74,557	81,179
EBITDA ¹	10,355	8,745	6,989	6,231	5,964	5,967	6,746
EBIT ¹	124.1	950	314	550	5	-22	857
Operating Margin	0.09%	0.83%	0.3%	0.57%	0.01%	-0.03%	1.06%
Earnings before Tax (EBT) ¹	780	1,811	1,475	1,260	593	967	1,846
Net income ¹	209	1,031	1,069	544	208	735	1,315
Net margin	0.15%	0.9%	1.04%	0.56%	0.3%	0.99%	1.62%
EPS ²	0.5100	2.530	2.630	1.340	0.5100	1.810	3.230
Free Cash Flow	3,314	5,493	936.5	-	10,038	-	-
FCF margin	2.43%	4.79%	0.91%	-	14.37%	-	-
FCF Conversion (EBITDA)	32.01%	62.81%	13.4%	-	168.32%	-	-
FCF Conversion (Net income)	1,585.78%	532.78%	87.61%	-	4,826.17%	-	-
Dividend per Share	-	1.000	1.500	-	-	-	-
Announcement Date	2/20/20	2/25/21	2/24/22	2/23/23	3/5/24	-	-

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	24,144	25,092	22,336	27,951	21,802	17,324	16,229	18,053	18,255	15,330	15,603	21,991	21,652	17,507	18,429
EBITDA	1,496	-	-	-	1,337	1,609	1,495	-	-	-	-	-	-	-	-
EBIT ¹	-88	75	197	485.1	-207	-102	-142	256	-6	-144	-258	300	194	-54	87
Operating Margin	-0.36%	0.3%	0.88%	1.74%	-0.95%	-0.59%	-0.87%	1.42%	-0.03%	-0.94%	-1.65%	1.36%	0.9%	-0.31%	0.47%
Earnings before Tax (EBT) ¹	306	337	308	585.4	29	304	121	199	-32	128	-18	528	434	227	327
Net income ¹	118	235	66	222.8	20	102	32	72	3	116	3	428	320	146	165
Net margin	0.49%	0.94%	0.3%	0.8%	0.09%	0.59%	0.2%	0.4%	0.02%	0.76%	0.02%	1.95%	1.48%	0.83%	0.9%
EPS ²	0.2900	0.5800	0.1600	0.5500	0.0500	0.2500	0.0800	0.1800	-	0.2900	0.0100	1.050	0.7900	0.3600	0.4100
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/24/22	5/4/22	8/12/22	11/11/22	2/23/23	5/4/23	8/9/23	11/3/23	3/5/24	4/30/24	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-	-
Net Cash position	5,791	11,050	7,102	9,938	16,543	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow	3,314	5,493	937	-	10,038	-	-
ROE (net income / shareholders' equity)	0.57%	2.83%	3%	1.5%	0.56%	1.93%	3.36%
ROA (Net income/ Total Assets)	0.25%	1.22%	1.32%	0.67%	0.24%	0.85%	1.47%
Assets ¹	84,787	84,529	80,704	80,688	85,713	86,471	89,456
Book Value Per Share	88.90	90.20	86.70	-	90.60	-	-
Cash Flow per Share	18.80	17.10	3.730	-	-	-	-
Capex ¹	4,318	1,483	797	-	921	600	600
Capex / Sales	3.16%	1.29%	0.77%	-	1.32%	0.8%	0.74%
Announcement Date	2/20/20	2/25/21	2/24/22	2/23/23	3/5/24	-	-

¹TWD in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for TPK Holding Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

49.85 TWD

Average target price

37.57 TWD

Spread / Average Target

-24.64%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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