Financials Lotes Co., Ltd

Equities

3533

TW0003533006

Electronic Equipment & Parts

End-of-day quote Taiwan S.E. Other stock markets 06:00:00 2024-05-30 pm EDT			5-day change	1st Jan Change
1,605 ^TWD	-1.23%		-6.69%	+50.00%

Mar. 15	Lotes Co., Ltd Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Lotes Co., Ltd Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	33,372	49,100	80,649	88,280	119,123	178,913	-	-
Enterprise Value (EV) ¹	32,653	46,175	79,445	83,394	108,505	164,597	161,077	155,308
P/E ratio	16.1 x	18 x	23.3 x	14.3 x	21.1 x	22.4 x	18.6 x	16.3 x
Yield	3.26%	2.8%	2.1%	3.15%	2.43%	2.03%	2.58%	3.01%
Capitalization / Revenue	2.21 x	2.84 x	3.77 x	3.26 x	4.87 x	6.24 x	5.13 x	4.44 x
EV / Revenue	2.16 x	2.67 x	3.71 x	3.08 x	4.43 x	5.74 x	4.62 x	3.86 x
EV / EBITDA	8.62 x	9.52 x	14.1 x	8.74 x	11.6 x	13.5 x	10.7 x	9.06 x
EV / FCF	14.6 x	27.2 x	-84.3 x	20.6 x	16.9 x	28.4 x	25.8 x	17.1 x
FCF Yield	6.84%	3.67%	-1.19%	4.87%	5.9%	3.52%	3.88%	5.85%
Price to Book	2.82 x	3.64 x	4.78 x	3.87 x	4.25 x	5.44 x	4.55 x	3.84 x
Nbr of stocks (in thousands)	103,478	103,478	105,978	106,876	111,330	111,472	-	-
Reference price ²	322.5	474.5	761.0	826.0	1,070	1,605	1,605	1,605
Announcement Date	3/29/20	3/24/21	3/20/22	3/23/23	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	15,089	17,291	21,392	27,099	24,483	28,689	34,856	40,273
EBITDA ¹	3,786	4,849	5,644	9,538	9,338	12,155	15,091	17,137
EBIT ¹	2,751	3,708	4,359	7,269	6,946	9,527	12,062	14,450
Operating Margin	18.23%	21.44%	20.38%	26.82%	28.37%	33.21%	34.61%	35.88%
Earnings before Tax (EBT) ¹	2,832	3,670	4,540	8,189	7,520	10,532	12,475	13,677
Net income ¹	2,076	2,732	3,472	6,254	5,593	7,933	9,502	10,633
Net margin	13.76%	15.8%	16.23%	23.08%	22.84%	27.65%	27.26%	26.4%
EPS ²	20.06	26.34	32.69	57.87	50.65	71.76	86.44	98.66
Free Cash Flow ¹	2,232	1,695	-942.2	4,058	6,402	5,797	6,254	9,093
FCF margin	14.79%	9.8%	-4.4%	14.97%	26.15%	20.21%	17.94%	22.58%
FCF Conversion (EBITDA)	58.95%	34.94%	-	42.55%	68.56%	47.69%	41.44%	53.06%
FCF Conversion (Net income)	107.51%	62.02%	-	64.88%	114.46%	73.07%	65.82%	85.52%
Dividend per Share ²	10.50	13.30	16.00	26.00	26.00	32.65	41.45	48.36
Announcement Date	3/29/20	3/24/21	3/20/22	3/23/23	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 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	6,056	6,146	6,652	7,269	7,033	5,727	5,722	6,464	6,571	6,348	6,977	7,672	7,898	7,481	8,232
EBITDA ¹	1,796	2,104	2,238	2,414	2,781	2,140	2,120	2,518	2,559	2,614	2,873	3,201	3,328	-	-
EBIT ¹	1,285	1,582	1,680	1,826	2,181	1,530	1,500	1,924	1,991	2,030	2,276	2,552	2,666	2,472	2,800
Operating Margin	21.22%	25.75%	25.26%	25.11%	31.01%	26.72%	26.22%	29.76%	30.31%	31.97%	32.62%	33.26%	33.76%	33.05%	34.02%
Earnings before Tax (EBT) ¹	1,324	1,831	1,985	2,399	1,974	1,536	1,926	2,397	1,662	2,674	2,463	2,704	2,817	2,719	3,148
Net income ¹	1,004	1,384	1,509	1,909	1,453	1,182	1,285	1,867	1,259	2,070	1,817	2,098	2,187	2,091	2,425
Net margin	16.58%	22.51%	22.69%	26.26%	20.65%	20.63%	22.45%	28.89%	19.17%	32.62%	26.05%	27.34%	27.69%	27.95%	29.46%
EPS ²	8.980	12.82	14.21	17.67	13.42	10.90	11.46	16.77	11.63	18.39	16.35	18.76	19.55	18.85	21.15
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	3/20/22	5/13/22	8/12/22	11/14/22	3/23/23	5/15/23	8/11/23	11/14/23	3/15/24	5/14/24	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	718	2,925	1,205	4,885	10,618	14,316	17,835	23,605
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,232	1,695	-942	4,058	6,402	5,797	6,254	9,093
ROE (net income / shareholders' equity)	19.5%	21.6%	22.9%	31.5%	22.1%	25.8%	26.6%	26.2%
ROA (Net income/ Total Assets)	13.8%	15.4%	15.2%	20.9%	15.7%	19.4%	20.6%	20.8%
Assets ¹	15,035	17,782	22,851	29,858	35,667	40,803	46,124	51,130
Book Value Per Share ²	114.0	130.0	159.0	213.0	252.0	295.0	353.0	418.0
Cash Flow per Share ²	32.50	33.40	25.30	71.50	82.70	72.30	78.90	110.0
Capex ¹	1,128	1,774	3,632	3,675	2,731	2,464	2,652	2,490
Capex / Sales	7.47%	10.26%	16.98%	13.56%	11.16%	8.59%	7.61%	6.18%
Announcement Date	3/29/20	3/24/21	3/20/22	3/23/23	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 Lotes Co., Ltd

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,605 TWD

Average target price

1,832 TWD

Spread / Average Target

+14.12%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Electronic Component

	1st Jan change	Capi.
LOTES CO., LTD	+50.00%	5.5B
AMPHENOL CORPORATION	+33.52%	79.5B
HON HAI PRECISION INDUSTRY CO., LTD.	+64.59%	73.31B
MURATA MANUFACTURING CO., LTD	-0.89%	35.63B
LUXSHARE PRECISION INDUSTRY CO., LTD.	-7.72%	31.51B
JABIL INC.	-6.62%	14.34B
LENS TECHNOLOGY CO., LTD.	+15.91%	10.44B
AVIC JONHON OPTRONIC TECHNOLOGY CO.,LTD.	-9.46%	10.33B
BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED	-7.65%	9.74B
COHERENT CORP.	+31.08%	8.7B

Electronic Component