Financials Hyosung TNC Corporation

Equities

A298020

KR7298020009

Textiles & Leather Goods

End-of-day quote Korea S.E. Other stock markets 23:00:00 02/05/2024 BST			5-day change	1st Jan Change
372,500 ^KRW	+2.34%		+7.04%	+2.05%

04-05	Vietnamese Province OKs Hyosung TNC's 1 Trillion Won Investment	MT
01-30	Hyosung TNC Swings to Profit in Q4	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	666,774	910,611	2,248,474	1,510,492	1,575,227	1,607,595	-	-
Enterprise Value (EV) ²	2,411	2,140	3,338	3,005	1,575	2,826	2,679	2,444
P/E ratio	7.16 x	6.66 x	2.92 x	130 x	16.9 x	9.82 x	6.97 x	7.42 x
Yield	1.29%	2.37%	9.6%	2.86%	-	2.68%	2.86%	2.95%
Capitalization / Revenue	0.11 x	0.18 x	0.26 x	0.17 x	0.21 x	0.21 x	0.2 x	0.2 x
EV / Revenue	0.4 x	0.41 x	0.39 x	0.34 x	0.21 x	0.37 x	0.34 x	0.31 x
EV / EBITDA	4.6 x	4.48 x	2.06 x	8.33 x	3.42 x	4.95 x	4.17 x	3.51 x
EV / FCF	17 x	4.19 x	12.8 x	-29.8 x	-	14.6 x	11 x	12.3 x
FCF Yield	5.9%	23.9%	7.8%	-3.36%	-	6.87%	9.12%	8.14%
Price to Book	1.36 x	1.27 x	1.27 x	1.24 x	-	1.16 x	1.02 x	0.95 x
Nbr of stocks (in thousands)	4,316	4,316	4,316	4,316	4,316	4,316	-	-
Reference price ³	154,500	211,000	521,000	350,000	365,000	372,500	372,500	372,500
Announcement Date	31/01/20	29/01/21	26/01/22	31/01/23	29/01/24	-	-	-

¹KRW in Million²KRW in Billions³KRW

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,983	5,162	8,596	8,883	7,527	7,646	7,983	7,978
EBITDA ¹	524.2	477.8	1,622	360.7	461.2	570.4	642.9	697
EBIT ¹	322.9	266.6	1,424	123.6	213.4	320.4	396.8	441
Operating Margin	5.4%	5.16%	16.56%	1.39%	2.84%	4.19%	4.97%	5.53%
Earnings before Tax (EBT) ¹	230.1	223.6	1,404	36.92	123	236.7	337.3	377
Net income ¹	93.09	136.8	770.4	11.16	93.2	163.8	231	217
Net margin	1.56%	2.65%	8.96%	0.13%	1.24%	2.14%	2.89%	2.72%
EPS ²	21,569	31,698	178,503	2,686	21,595	37,918	53,434	50,186
Free Cash Flow ³	142,121	511,185	260,322	-100,828	-	194,025	244,450	199,000
FCF margin	2,375.35%	9,903.57%	3,028.4%	-1,135.1%	-	2,537.72%	3,062.2%	2,494.52%
FCF Conversion (EBITDA)	27,109.94%	106,996.76%	16,050.83%	-	-	34,013.22%	38,023.02%	28,550.93%
FCF Conversion (Net income)	152,675.17%	373,681.1%	33,792.13%	-	-	118,476.49%	105,845.42%	91,705.07%
Dividend per Share ²	2,000	5,000	50,000	10,000	-	10,000	10,667	11,000
Announcement Date	31/01/20	29/01/21	26/01/22	31/01/23	29/01/24	-	-	-

¹KRW in Billions²KRW³KRW in Million

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	2025 Q1
Net sales ¹	2,388	2,448	2,341	2,564	2,167	1,811	1,861	1,929	1,970	1,767	1,880	1,940	1,988	1,896	1,968
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	433.9	355.9	190.1	87.45	-110.8	-43.21	69.34	64.51	50.55	28.98	76.06	83.55	93.07	76.3	89.3
Operating Margin	18.17%	14.54%	8.12%	3.41%	-5.11%	-2.39%	3.73%	3.34%	2.57%	1.64%	4.05%	4.31%	4.68%	4.02%	4.54%
Earnings before Tax (EBT) ¹	420.4	341.5	159.6	67.3	-144.5	-45.5	51	18.53	19.57	33.88	54.1	56	-	-	-
Net income ¹	242	152.4	68.65	25.94	-94.78	11.35	31.94	18.89	11.12	31.25	45.64	42.8	53.3	45.9	-
Net margin	10.13%	6.22%	2.93%	1.01%	-4.37%	0.63%	1.72%	0.98%	0.56%	1.77%	2.43%	2.21%	2.68%	2.42%	-
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	29/10/21	26/01/22	29/04/22	29/07/22	28/10/22	31/01/23	28/04/23	28/07/23	27/10/23	29/01/24	26/04/24	-	-	-	-

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,744	1,229	1,090	1,494	-	1,218	1,072	836
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.327 x	2.573 x	0.6718 x	4.142 x	-	2.136 x	1.667 x	1.199 x
Free Cash Flow ²	142,121	511,185	260,322	-100,828	-	194,025	244,450	199,000
ROE (net income / shareholders' equity)	20.9%	25.9%	62.2%	1.14%	-	12%	14.9%	13.8%
ROA (Net income/ Total Assets)	2.93%	5.56%	21%	0.26%	-	4.5%	5.44%	5.9%
Assets ¹	3,182	2,459	3,675	4,257	-	3,639	4,245	3,678
Book Value Per Share ³	113,298	165,757	408,648	282,528	-	321,710	363,812	392,177
Cash Flow per Share ³	80,994	130,876	149,059	72,665	-	99,565	105,832	105,474
Capex ¹	207	53.6	383	414	-	233	244	263
Capex / Sales	3.47%	1.04%	4.46%	4.67%	-	3.04%	3.05%	3.29%
Announcement Date	31/01/20	29/01/21	26/01/22	31/01/23	29/01/24	-	-	-

¹KRW in Billions²KRW in Million³KRW

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Hyosung TNC Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

372,500 KRW

Average target price

476,667 KRW

Spread / Average Target

+27.96%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Textiles & Leather Goods

	1st Jan change	Capi.
HYOSUNG TNC CORPORATION	+2.05%	1.15B
SASA POLYESTER SANAYI	+28.16%	7.31B
K.P.R. MILL LIMITED	+3.53%	3.53B
TRIDENT LIMITED	+8.82%	2.38B
SWAN ENERGY LIMITED	+16.59%	2.28B
RUENTEX INDUSTRIES LTD.	-2.64%	2.09B
TEIJIN LIMITED	+14.78%	1.92B
RAYMOND LIMITED	+29.27%	1.83B
WELSPUN LIVING LIMITED	+2.48%	1.75B
COATS GROUP PLC	+5.94%	1.63B

Other Textiles & Leather Goods