Stock 1402 FAR EASTERN NEW CENTURY CORPORATION
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Financials Far Eastern New Century Corporation

Equities

1402

TW0001402006

Consumer Goods Conglomerates

End-of-day quote Taiwan S.E.
Other stock markets
 06:00:00 2024-05-30 pm EDT 		5-day change 1st Jan Change
33.8 TWD +1.20% Intraday chart for Far Eastern New Century Corporation +0.45% +8.33%
May. 15 Far Eastern New Century Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
Mar. 15 Far Eastern New Century Corporation Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 159,760 154,943 156,816 170,732 166,985 180,901 - -
Enterprise Value (EV) 1 349,150 387,425 374,998 394,404 381,684 419,196 412,262 447,664
P/E ratio 13.9 x 18 x 15.1 x 19.6 x 19 x 19.8 x 16.7 x 14.4 x
Yield 5.03% 4.66% 5.12% 4.23% 4.33% 3.81% 4.13% 5.71%
Capitalization / Revenue 0.64 x 0.75 x 0.66 x 0.65 x 0.65 x 0.68 x 0.64 x 0.6 x
EV / Revenue 1.4 x 1.87 x 1.57 x 1.49 x 1.48 x 1.57 x 1.47 x 1.49 x
EV / EBITDA 8.77 x 10.8 x 9.66 x 9.64 x 8.86 x 9.24 x 8.38 x 7.37 x
EV / FCF 18.1 x 17.5 x 22.9 x 25.2 x 15.6 x 31.9 x 30.6 x -
FCF Yield 5.53% 5.72% 4.36% 3.97% 6.41% 3.14% 3.27% -
Price to Book 0.78 x 0.76 x 0.76 x 0.82 x 0.74 x 0.79 x 0.76 x 0.81 x
Nbr of stocks (in thousands) 5,352,096 5,352,096 5,352,096 5,352,096 5,352,096 5,352,096 - -
Reference price 2 29.85 28.95 29.30 31.90 31.20 33.80 33.80 33.80
Announcement Date 3/30/20 3/31/21 3/31/22 3/16/23 3/15/24 - - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 250,147 206,769 238,806 263,945 257,204 267,422 281,334 299,594
EBITDA 1 39,825 35,755 38,824 40,907 43,103 45,389 49,213 60,745
EBIT 1 13,763 10,002 11,712 14,350 14,973 15,074 18,109 23,209
Operating Margin 5.5% 4.84% 4.9% 5.44% 5.82% 5.64% 6.44% 7.75%
Earnings before Tax (EBT) 1 19,130 16,123 17,827 17,150 18,758 18,526 21,130 -
Net income 1 10,733 8,063 9,685 8,160 8,229 8,129 10,027 -
Net margin 4.29% 3.9% 4.06% 3.09% 3.2% 3.04% 3.56% -
EPS 2 2.140 1.610 1.940 1.630 1.640 1.705 2.026 2.346
Free Cash Flow 1 19,319 22,157 16,350 15,641 24,468 13,142 13,468 -
FCF margin 7.72% 10.72% 6.85% 5.93% 9.51% 4.91% 4.79% -
FCF Conversion (EBITDA) 48.51% 61.97% 42.11% 38.23% 56.77% 28.95% 27.37% -
FCF Conversion (Net income) 180% 274.81% 168.83% 191.67% 297.33% 161.67% 134.32% -
Dividend per Share 2 1.500 1.350 1.500 1.350 1.350 1.287 1.394 1.932
Announcement Date 3/30/20 3/31/21 3/31/22 3/16/23 3/15/24 - - -
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 Q2 2024 Q3 2024 Q4
Net sales 1 65,619 63,384 69,296 67,195 64,069 61,539 63,318 65,385 66,963 63,689 65,705 67,593
EBITDA 1 8,815 11,159 12,210 9,672 8,673 9,952 10,822 11,242 11,087 10,709 11,564 11,248
EBIT 1 2,003 4,263 5,297 2,738 2,051 2,966 3,769 4,166 4,071 3,809 4,664 4,348
Operating Margin 3.05% 6.73% 7.64% 4.08% 3.2% 4.82% 5.95% 6.37% 6.08% 5.98% 7.1% 6.43%
Earnings before Tax (EBT) 1 2,716 4,982 5,811 4,344 2,013 3,915 5,398 4,604 4,841 4,583 5,341 5,087
Net income 1 1,196 2,753 3,080 2,298 29.33 1,461 2,273 1,981 2,514 2,156 2,736 2,454
Net margin 1.82% 4.34% 4.44% 3.42% 0.05% 2.37% 3.59% 3.03% 3.75% 3.39% 4.16% 3.63%
EPS 2 0.2400 0.5500 0.6200 0.4600 0.0100 0.2900 0.4500 0.4000 0.5000 0.4300 0.5500 0.4900
Dividend per Share - - - - - - - - - - - -
Announcement Date 3/31/22 5/16/22 8/15/22 11/14/22 3/16/23 5/15/23 8/14/23 11/14/23 3/15/24 - - -
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 189,390 232,482 218,182 223,672 214,699 238,295 231,361 266,763
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 4.756 x 6.502 x 5.62 x 5.468 x 4.981 x 5.25 x 4.701 x 4.392 x
Free Cash Flow 1 19,319 22,157 16,350 15,641 24,468 13,142 13,468 -
ROE (net income / shareholders' equity) 5.26% 3.95% 4.72% 3.93% 3.8% 3.89% 4.59% 5.53%
ROA (Net income/ Total Assets) 1.88% 1.35% 1.55% 1.26% 1.2% 1.3% 1.5% -
Assets 1 570,826 596,530 626,024 646,565 685,767 625,308 668,467 -
Book Value Per Share 2 38.20 38.10 38.50 39.00 42.10 42.80 44.20 41.60
Cash Flow per Share 2 8.770 8.300 7.320 7.680 9.280 5.820 8.810 5.850
Capex 1 24,630 19,332 20,174 22,870 22,044 34,138 29,021 38,055
Capex / Sales 9.85% 9.35% 8.45% 8.66% 8.57% 12.77% 10.32% 12.7%
Announcement Date 3/30/20 3/31/21 3/31/22 3/16/23 3/15/24 - - -
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

Ratings for Far Eastern New Century Corporation

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
4
Last Close Price
33.8 TWD
Average target price
33.33 TWD
Spread / Average Target
-1.38%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Consumer Goods Conglomerates
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