Financials Nan Ya Plastics Corporation

Equities

1303

TW0001303006

Commodity Chemicals

End-of-day quote Taiwan S.E. Other stock markets 06:00:00 2024-05-16 pm EDT			5-day change	1st Jan Change
56.5 ^TWD	-1.57%		+0.36%	-15.04%

May. 10	Nan Ya Plastics Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Mar. 18	Nan Ya Plastics Corporation(TWSE:1303) dropped from S&P Global 1200	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	577,364	570,226	677,292	563,088	527,400	455,229	-	-
Enterprise Value (EV) ¹	660,809	661,925	742,865	648,015	637,557	575,195	565,709	573,460
P/E ratio	25 x	22.2 x	8.33 x	17.5 x	83.1 x	23.1 x	16.8 x	-
Yield	3.02%	3.34%	8.78%	-	-	2.36%	4.22%	4.45%
Capitalization / Revenue	2.02 x	2.09 x	1.65 x	1.59 x	2.03 x	1.66 x	1.51 x	1.45 x
EV / Revenue	2.31 x	2.42 x	1.8 x	1.82 x	2.45 x	2.1 x	1.88 x	1.83 x
EV / EBITDA	25 x	17.4 x	7.37 x	12.3 x	25.1 x	18.5 x	13.7 x	11.6 x
EV / FCF	29 x	57.6 x	14.9 x	14.7 x	54.4 x	86.4 x	35.8 x	-
FCF Yield	3.45%	1.74%	6.69%	6.8%	1.84%	1.16%	2.8%	-
Price to Book	1.68 x	1.65 x	1.64 x	1.5 x	1.46 x	1.23 x	1.11 x	-
Nbr of stocks (in thousands)	7,930,822	7,930,822	7,930,822	7,930,822	7,930,822	7,930,822	-	-
Reference price ²	72.80	71.90	85.40	71.00	66.50	57.40	57.40	57.40
Announcement Date	1/10/20	3/17/21	1/10/22	3/8/23	3/12/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	286,343	273,354	411,666	355,183	259,755	274,171	300,803	313,673
EBITDA ¹	26,430	37,998	100,784	52,583	25,428	31,020	41,375	49,271
EBIT ¹	9,984	21,220	80,998	32,030	1,984	8,740	18,302	23,356
Operating Margin	3.49%	7.76%	19.68%	9.02%	0.76%	3.19%	6.08%	7.45%
Earnings before Tax (EBT) ¹	26,642	30,438	103,458	47,551	9,130	20,765	38,681	-
Net income ¹	23,070	25,709	81,294	32,109	6,310	17,244	30,352	-
Net margin	8.06%	9.41%	19.75%	9.04%	2.43%	6.29%	10.09%	-
EPS ²	2.910	3.240	10.25	4.050	0.8000	2.490	3.410	-
Free Cash Flow ¹	22,815	11,499	49,698	44,054	11,720	6,657	15,818	-
FCF margin	7.97%	4.21%	12.07%	12.4%	4.51%	2.43%	5.26%	-
FCF Conversion (EBITDA)	86.32%	30.26%	49.31%	83.78%	46.09%	21.46%	38.23%	-
FCF Conversion (Net income)	98.9%	44.73%	61.13%	137.2%	185.73%	38.61%	52.11%	-
Dividend per Share ²	2.200	2.400	7.500	-	-	1.353	2.425	2.555
Announcement Date	1/10/20	3/17/21	1/10/22	3/8/23	3/12/24	-	-	-

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
Net sales ¹	108,039	102,092	94,732	82,588	75,771	65,774	63,738	67,251	62,992	58,630	78,357	79,895	75,151
EBITDA ¹	24,209	18,680	15,291	-	10,355	6,450	5,377	6,013	7,588	4,534	6,754	10,032	9,711
EBIT ¹	19,138	13,467	10,169	3,182	5,212	1,039	-276	357.8	862.9	-926.2	1,994	5,272	4,951
Operating Margin	17.71%	13.19%	10.73%	3.85%	6.88%	1.58%	-0.43%	0.53%	1.37%	-1.58%	2.54%	6.6%	6.59%
Earnings before Tax (EBT) ¹	23,211	20,057	18,705	6,354	2,435	1,893	1,913	5,332	-7.817	1,226	5,193	9,013	8,091
Net income ¹	17,461	15,043	14,352	3,375	-661.2	866.3	941.6	4,361	141.4	1,242	4,046	6,479	5,415
Net margin	16.16%	14.73%	15.15%	4.09%	-0.87%	1.32%	1.48%	6.48%	0.22%	2.12%	5.16%	8.11%	7.21%
EPS ²	2.200	1.900	1.940	0.4300	-0.0800	0.1100	0.1200	0.5500	0.0200	0.1600	0.5100	0.8200	0.6800
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	1/10/22	5/11/22	8/11/22	11/9/22	3/8/23	5/10/23	8/8/23	11/10/23	3/12/24	5/10/24	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	83,445	91,699	65,572	84,927	110,157	119,966	110,480	118,231
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.157 x	2.413 x	0.6506 x	1.615 x	4.332 x	3.867 x	2.67 x	2.4 x
Free Cash Flow ¹	22,815	11,499	49,698	44,054	11,720	6,657	15,818	-
ROE (net income / shareholders' equity)	6.41%	7.46%	21.4%	8.14%	1.72%	3.89%	6.06%	7.19%
ROA (Net income/ Total Assets)	4.1%	4.51%	13%	4.81%	0.96%	2.35%	4.25%	-
Assets ¹	562,315	569,666	626,785	667,005	656,955	733,456	713,920	-
Book Value Per Share ²	43.40	43.50	52.20	47.30	45.40	46.80	51.50	-
Cash Flow per Share ²	6.590	5.250	9.950	9.490	4.500	4.630	5.090	-
Capex ¹	29,484	30,135	29,178	31,242	23,958	23,688	25,247	-
Capex / Sales	10.3%	11.02%	7.09%	8.8%	9.22%	8.64%	8.39%	-
Announcement Date	1/10/20	3/17/21	1/10/22	3/8/23	3/12/24	-	-	-

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 Nan Ya Plastics Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

57.4 TWD

Average target price

60.64 TWD

Spread / Average Target

+5.64%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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