Financials Shin Zu Shing Co., Ltd.

Equities

3376

TW0003376000

Electronic Equipment & Parts

End-of-day quote Taiwan S.E. 23:00:00 19/05/2024 BST 5-day change 1st Jan Change
195 TWD +3.45% Intraday chart for Shin Zu Shing Co., Ltd. +8.64% +57.89%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 23,281 25,429 18,594 15,320 23,187 36,611 -
Enterprise Value (EV) 1 18,363 24,863 14,093 13,052 22,387 34,490 34,082
P/E ratio 17.9 x 14.8 x 15.9 x 9.48 x 28.8 x 30.7 x 26.2 x
Yield 3.1% 3.02% 5.18% 7.35% - 2.58% 2.98%
Capitalization / Revenue 1.97 x 1.67 x 1.53 x 1.3 x 2.3 x 3.01 x 2.75 x
EV / Revenue 1.55 x 1.63 x 1.16 x 1.1 x 2.22 x 2.83 x 2.56 x
EV / EBITDA 7.01 x 7.32 x 6.39 x 5.96 x 14.9 x 14.4 x 13.6 x
EV / FCF 12.6 x 14.2 x 7.15 x 9.76 x 11.2 x 14.2 x 20.7 x
FCF Yield 7.94% 7.03% 14% 10.2% 8.9% 7.05% 4.83%
Price to Book 1.73 x 1.62 x 1.2 x 0.96 x 1.49 x 2.29 x 2.2 x
Nbr of stocks (in thousands) 180,469 191,920 192,485 187,748 187,748 187,748 -
Reference price 2 129.0 132.5 96.60 81.60 123.5 195.0 195.0
Announcement Date 10/03/20 08/03/21 08/03/22 08/03/23 01/03/24 - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 11,819 15,233 12,140 11,825 10,068 12,173 13,324
EBITDA 1 2,620 3,396 2,206 2,188 1,506 2,391 2,510
EBIT 1 1,928 2,697 1,577 1,559 908.9 1,460 1,749
Operating Margin 16.31% 17.71% 12.99% 13.19% 9.03% 11.99% 13.13%
Earnings before Tax (EBT) 1 2,011 2,445 1,633 2,268 1,163 1,620 1,918
Net income 1 1,298 1,673 1,170 1,659 807.4 1,192 1,398
Net margin 10.98% 10.98% 9.63% 14.03% 8.02% 9.8% 10.49%
EPS 2 7.200 8.980 6.080 8.610 4.290 6.352 7.447
Free Cash Flow 1 1,457 1,748 1,972 1,337 1,992 2,432 1,646
FCF margin 12.33% 11.48% 16.24% 11.3% 19.79% 19.98% 12.35%
FCF Conversion (EBITDA) 55.61% 51.48% 89.39% 61.09% 132.3% 101.71% 65.59%
FCF Conversion (Net income) 112.27% 104.51% 168.61% 80.56% 246.73% 203.94% 117.74%
Dividend per Share 2 4.000 4.000 5.000 6.000 - 5.030 5.815
Announcement Date 10/03/20 08/03/21 08/03/22 08/03/23 01/03/24 - -
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 3,361 2,993 3,017 3,355 2,459 1,880 2,344 2,852 2,992 2,889 3,108 3,481 3,586 2,722 2,958
EBITDA 1 564.8 477 523 718.6 469.5 290 315.8 433.9 466 400.7 570 650 660 - -
EBIT 1 415.4 320.2 363.5 561 314.6 137 165.7 287.1 319 260.1 370 449 459 329 373
Operating Margin 12.36% 10.7% 12.05% 16.72% 12.79% 7.29% 7.07% 10.07% 10.66% 9% 11.9% 12.9% 12.8% 12.09% 12.61%
Earnings before Tax (EBT) 1 419.7 419.1 610.5 1,005 233.7 157.2 321.1 407.4 277.5 400.2 413 492 502 381 425
Net income 1 306.9 328.2 422.7 747.4 160.9 125.5 197.4 300.5 184 314.9 289 344 353 278 293
Net margin 9.13% 10.96% 14.01% 22.28% 6.54% 6.68% 8.42% 10.54% 6.15% 10.9% 9.3% 9.88% 9.84% 10.21% 9.91%
EPS 2 1.580 1.690 2.190 3.890 0.8800 0.6600 1.040 1.600 0.9900 1.670 1.540 1.830 1.880 1.480 1.560
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 08/03/22 06/05/22 08/08/22 07/11/22 08/03/23 26/04/23 02/08/23 09/11/23 01/03/24 06/05/24 - - - - -
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 - - - - - - -
Net Cash position 1 4,917 566 4,501 2,269 800 2,121 2,529
Leverage (Debt/EBITDA) - - - - - - -
Free Cash Flow 1 1,457 1,748 1,972 1,337 1,992 2,432 1,646
ROE (net income / shareholders' equity) 9.91% 11.5% 7.49% 10.6% 5.14% 7.42% 8.41%
ROA (Net income/ Total Assets) 7.05% 7.98% 5.35% 7.75% 3.76% 5.4% 6.2%
Assets 1 18,424 20,970 21,882 21,399 21,496 22,073 22,548
Book Value Per Share 2 74.50 81.90 80.70 84.60 82.80 85.10 88.70
Cash Flow per Share 2 9.600 11.40 11.50 8.020 11.20 5.070 8.400
Capex 1 273 373 261 196 118 375 287
Capex / Sales 2.31% 2.45% 2.15% 1.65% 1.17% 3.08% 2.15%
Announcement Date 10/03/20 08/03/21 08/03/22 08/03/23 01/03/24 - -
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
D+
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
4
Last Close Price
195 TWD
Average target price
182.5 TWD
Spread / Average Target
-6.41%
Consensus
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  4. Financials Shin Zu Shing Co., Ltd.