Financials Sino-American Silicon Products Inc.

Equities

5483

TW0005483002

Semiconductors

End-of-day quote Taipei Exchange 06:00:00 2024-05-16 pm EDT 5-day change 1st Jan Change
195.5 TWD +2.09% Intraday chart for Sino-American Silicon Products Inc. +0.51% -0.26%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 58,272 104,054 138,348 81,778 114,899 114,606 - -
Enterprise Value (EV) 1 31,798 80,571 125,113 51,610 148,658 126,763 111,985 120,833
P/E ratio - 16.6 x 20.4 x 9.46 x 11.5 x 13.1 x 10.3 x 7.14 x
Yield 5.03% 1.97% 1.48% 6.45% - 4.91% 6.21% 9.05%
Capitalization / Revenue 0.89 x 1.69 x 2.01 x 1 x 1.4 x 1.35 x 1.15 x 0.97 x
EV / Revenue 0.49 x 1.31 x 1.82 x 0.63 x 1.81 x 1.49 x 1.13 x 1.02 x
EV / EBITDA 1.68 x 3.82 x 5.09 x 1.58 x 5.44 x 3.62 x 2.76 x 2.22 x
EV / FCF 2.83 x 14.6 x 5 x 2.05 x -8.37 x 102 x 7.19 x -
FCF Yield 35.3% 6.85% 20% 48.8% -11.9% 0.98% 13.9% -
Price to Book 2.18 x 3.69 x 4.85 x 2.57 x 3.58 x 2.8 x 2.51 x -
Nbr of stocks (in thousands) 586,237 586,222 586,222 586,222 586,222 586,222 - -
Reference price 2 99.40 177.5 236.0 139.5 196.0 195.5 195.5 195.5
Announcement Date 3/19/20 3/19/21 3/18/22 3/16/23 3/1/24 - - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 65,510 61,397 68,841 81,871 81,966 85,183 99,441 118,424
EBITDA 1 18,911 21,080 24,591 32,690 27,306 35,059 40,571 54,460
EBIT 1 13,515 14,932 18,080 25,400 18,607 17,991 25,351 35,250
Operating Margin 20.63% 24.32% 26.26% 31.02% 22.7% 21.12% 25.49% 29.77%
Earnings before Tax (EBT) 1 - 16,238 17,206 20,829 24,549 24,784 27,745 -
Net income 1 - 6,326 6,811 8,716 9,844 8,791 11,182 16,174
Net margin - 10.3% 9.89% 10.65% 12.01% 10.32% 11.25% 13.66%
EPS 2 - 10.71 11.56 14.75 16.99 14.88 19.00 27.37
Free Cash Flow 1 11,217 5,518 25,037 25,185 -17,763 1,239 15,572 -
FCF margin 17.12% 8.99% 36.37% 30.76% -21.67% 1.45% 15.66% -
FCF Conversion (EBITDA) 59.32% 26.18% 101.81% 77.04% - 3.53% 38.38% -
FCF Conversion (Net income) - 87.22% 367.59% 288.96% - 14.09% 139.25% -
Dividend per Share 2 5.000 3.500 3.500 9.000 - 9.600 12.13 17.70
Announcement Date 3/19/20 3/19/21 3/18/22 3/16/23 3/1/24 - - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 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 - 18,084 - - 21,626 21,205 20,904 - 19,601 21,143 19,692 21,500 22,742 23,825
EBITDA 1 - 6,622 - 8,497 8,575 7,767 7,848 7,177 6,820 5,461 6,693 7,743 8,329 8,822
EBIT 1 - 4,982 - - 6,658 5,732 5,798 - 4,647 3,072 4,355 5,350 5,835 6,229
Operating Margin - 27.55% - - 30.79% 27.03% 27.74% - 23.71% 14.53% 22.12% 24.88% 25.66% 26.14%
Earnings before Tax (EBT) 1 - 3,956 - - 7,478 8,159 6,608 - 7,062 4,163 5,066 6,295 6,333 6,639
Net income 1 1,828 1,403 1,265 - 3,095 2,535 2,469 - 2,694 2,248 1,902 2,344 2,386 2,522
Net margin - 7.76% - - 14.31% 11.95% 11.81% - 13.74% 10.63% 9.66% 10.9% 10.49% 10.59%
EPS 2 3.100 2.380 2.150 - 5.280 4.250 4.180 - 4.590 4.030 3.390 4.000 4.070 4.300
Dividend per Share - - - - - - - - - - - - - -
Announcement Date 11/5/21 3/18/22 5/6/22 9/16/22 11/4/22 3/16/23 5/8/23 8/9/23 11/13/23 3/1/24 5/13/24 - - -
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - 33,759 12,157 - 6,227
Net Cash position 1 26,474 23,484 13,235 30,168 - - 2,621 -
Leverage (Debt/EBITDA) - - - - 1.236 x 0.3468 x - 0.1143 x
Free Cash Flow 1 11,217 5,518 25,037 25,185 -17,763 1,239 15,572 -
ROE (net income / shareholders' equity) 8.4% 23.1% 24% 28.9% 30.9% 7.4% 20% 11.5%
ROA (Net income/ Total Assets) 2.11% 5.77% 4.91% 4.79% 4.66% 3.2% 4.2% 5.5%
Assets 1 - 109,659 138,602 181,932 211,051 274,719 266,250 294,073
Book Value Per Share 2 45.60 48.00 48.70 54.40 54.80 69.70 77.80 -
Cash Flow per Share 2 - 24.70 52.60 65.70 34.40 43.00 52.10 -
Capex 1 7,614 9,063 6,011 13,616 37,838 52,000 22,600 11,000
Capex / Sales 11.62% 14.76% 8.73% 16.63% 46.16% 61.05% 22.73% 9.29%
Announcement Date 3/19/20 3/19/21 3/18/22 3/16/23 3/1/24 - - -
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
OUTPERFORM
Number of Analysts
4
Last Close Price
195.5 TWD
Average target price
208 TWD
Spread / Average Target
+6.42%
Consensus
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