Stock 2912 PRESIDENT CHAIN STORE CORPORATION
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Financials President Chain Store Corporation

Equities

2912

TW0002912003

Food Retail & Distribution

End-of-day quote Taiwan S.E.
Other stock markets
 23:00:00 25/04/2024 BST 		5-day change 1st Jan Change
275.5 TWD +0.36% Intraday chart for President Chain Store Corporation +2.04% +2.23%
02-29 President Chain Store Corporation Reports Earnings Results for the Full Year Ended December 31, 2023 CI
02-26 President Chain Store Corporation Announces the Investment in Mainland China CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 316,045 277,059 284,337 282,777 280,178 286,416 - -
Enterprise Value (EV) 1 277,123 239,664 244,747 244,299 250,159 252,513 262,134 253,876
P/E ratio 30 x 27.1 x 32.1 x 30.5 x 26.4 x 25.5 x 22.8 x 22.9 x
Yield 2.96% 3.38% 3.29% 3.31% 3.34% 3.43% 3.87% 3.95%
Capitalization / Revenue 1.23 x 1.07 x 1.08 x 0.97 x 0.88 x 0.86 x 0.81 x 0.76 x
EV / Revenue 1.08 x 0.93 x 0.93 x 0.84 x 0.79 x 0.76 x 0.74 x 0.68 x
EV / EBITDA 8.71 x 7.44 x 7.69 x 7.08 x 6.7 x 5.92 x 6.73 x 5.41 x
EV / FCF 12.8 x 11.2 x 8.95 x 10.8 x 8.39 x 9.11 x 10.4 x 11.8 x
FCF Yield 7.79% 8.89% 11.2% 9.3% 11.9% 11% 9.63% 8.51%
Price to Book 8.73 x 7.69 x 8.32 x 7.76 x 7.4 x 7.33 x 6.45 x -
Nbr of stocks (in thousands) 1,039,622 1,039,622 1,039,622 1,039,622 1,039,622 1,039,622 - -
Reference price 2 304.0 266.5 273.5 272.0 269.5 275.5 275.5 275.5
Announcement Date 27/02/20 25/02/21 24/02/22 24/02/23 29/02/24 - - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 256,059 258,495 262,735 290,434 317,042 333,393 352,242 374,407
EBITDA 1 31,819 32,234 31,808 34,525 37,349 42,644 38,978 46,886
EBIT 1 13,050 12,145 10,670 12,340 13,750 14,592 16,422 17,803
Operating Margin 5.1% 4.7% 4.06% 4.25% 4.34% 4.38% 4.66% 4.76%
Earnings before Tax (EBT) 1 15,164 13,810 12,072 14,070 16,357 16,835 18,297 19,352
Net income 1 10,543 10,238 8,862 9,282 10,614 11,227 12,259 12,557
Net margin 4.12% 3.96% 3.37% 3.2% 3.35% 3.37% 3.48% 3.35%
EPS 2 10.12 9.830 8.510 8.910 10.19 10.80 12.08 12.05
Free Cash Flow 1 21,587 21,310 27,349 22,721 29,823 27,706 25,233 21,593
FCF margin 8.43% 8.24% 10.41% 7.82% 9.41% 8.31% 7.16% 5.77%
FCF Conversion (EBITDA) 67.84% 66.11% 85.98% 65.81% 79.85% 64.97% 64.74% 46.05%
FCF Conversion (Net income) 204.75% 208.14% 308.62% 244.79% 280.98% 246.78% 205.84% 171.96%
Dividend per Share 2 9.000 9.000 9.000 9.000 9.000 9.438 10.67 10.88
Announcement Date 27/02/20 25/02/21 24/02/22 24/02/23 29/02/24 - - -
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 2025 Q1
Net sales 1 65,444 68,645 67,667 71,131 75,847 75,789 75,474 77,586 82,531 81,450 79,387 81,866 85,837 85,846 84,223
EBITDA 1 7,734 8,403 8,491 8,459 8,887 8,727 9,217 9,362 9,847 8,923 11,960 12,620 13,019 12,380 -
EBIT 1 2,428 3,006 3,106 2,991 3,278 2,966 3,442 3,503 3,903 2,903 3,498 3,724 4,032 3,539 3,936
Operating Margin 3.71% 4.38% 4.59% 4.2% 4.32% 3.91% 4.56% 4.51% 4.73% 3.56% 4.41% 4.55% 4.7% 4.12% 4.67%
Earnings before Tax (EBT) 1 2,769 3,470 3,251 3,622 3,948 3,249 4,087 4,047 4,549 3,674 4,027 4,318 4,610 4,150 4,421
Net income 1 2,062 2,322 2,170 2,452 2,691 1,968 2,821 2,554 3,036 2,203 2,783 3,002 3,257 2,733 3,021
Net margin 3.15% 3.38% 3.21% 3.45% 3.55% 2.6% 3.74% 3.29% 3.68% 2.7% 3.51% 3.67% 3.79% 3.18% 3.59%
EPS 2 1.980 2.230 2.080 2.360 2.580 1.890 2.710 2.450 2.910 2.120 2.679 2.888 3.132 2.628 2.906
Dividend per Share 2 - 9.000 - - - - - - - - - - 9.465 - -
Announcement Date 02/11/21 24/02/22 06/05/22 04/08/22 04/11/22 24/02/23 04/05/23 02/08/23 01/11/23 29/02/24 - - - - -
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 38,923 37,396 39,589 38,478 30,019 33,903 24,282 32,540
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 21,587 21,310 27,349 22,721 29,823 27,706 25,233 21,593
ROE (net income / shareholders' equity) 29.5% 28.3% 25.3% 26.3% 28.6% 27.2% 28.9% 24.2%
ROA (Net income/ Total Assets) 6.53% 5.06% 4.18% 4.15% 4.33% 4.58% 4.84% 4.7%
Assets 1 161,403 202,311 212,000 223,859 245,295 245,290 253,327 267,170
Book Value Per Share 2 34.80 34.60 32.90 35.10 36.40 37.60 42.70 -
Cash Flow per Share 2 27.70 29.10 34.50 32.90 40.70 44.80 31.90 30.30
Capex 1 7,249 9,022 8,635 11,517 12,566 11,314 11,258 11,013
Capex / Sales 2.83% 3.49% 3.29% 3.97% 3.96% 3.39% 3.2% 2.94%
Announcement Date 27/02/20 25/02/21 24/02/22 24/02/23 29/02/24 - - -
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 President Chain Store Corporation

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
275.5 TWD
Average target price
300.3 TWD
Spread / Average Target
+9.00%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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