Financials SINBON Electronics Co., Ltd.

Equities

3023

TW0003023008

Electronic Equipment & Parts

End-of-day quote Taiwan S.E. Other stock markets 23:00:00 25/04/2024 BST			5-day change	1st Jan Change
282 ^TWD	+0.71%		+1.08%	-5.69%

03-09	SINBON Electronics Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
03-07	SINBON Electronics Co., Ltd. Appoints Zhang Xue-Feng as Head of the Research and Development Division	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	28,833	50,280	66,279	65,061	71,770	67,689	-	-
Enterprise Value (EV) ¹	28,005	50,460	66,934	64,377	69,371	64,288	63,744	63,348
P/E ratio	16.8 x	23.8 x	29 x	23.1 x	22 x	18.7 x	16.7 x	15.3 x
Yield	4.27%	2.92%	2.46%	3.09%	3.21%	3.61%	4.07%	4.52%
Capitalization / Revenue	1.61 x	2.31 x	2.6 x	2.13 x	2.19 x	1.96 x	1.75 x	1.59 x
EV / Revenue	1.57 x	2.31 x	2.62 x	2.11 x	2.12 x	1.86 x	1.65 x	1.49 x
EV / EBITDA	12.6 x	16.8 x	20.5 x	16.7 x	17.5 x	13.7 x	11.8 x	10.4 x
EV / FCF	22.4 x	-455 x	83.2 x	32 x	15.1 x	40.7 x	18.8 x	20 x
FCF Yield	4.46%	-0.22%	1.2%	3.13%	6.62%	2.46%	5.33%	5%
Price to Book	3.84 x	5.49 x	6.39 x	5.13 x	5.21 x	4.4 x	3.98 x	3.57 x
Nbr of stocks (in thousands)	232,524	232,777	233,377	236,584	240,033	240,033	-	-
Reference price ²	124.0	216.0	284.0	275.0	299.0	282.0	282.0	282.0
Announcement Date	19/03/20	19/03/21	11/03/22	09/03/23	21/03/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	17,886	21,798	25,531	30,575	32,762	34,518	38,639	42,553
EBITDA ¹	2,227	3,009	3,272	3,853	3,954	4,688	5,414	6,088
EBIT ¹	1,893	2,649	2,788	3,326	3,397	4,123	4,823	5,444
Operating Margin	10.58%	12.15%	10.92%	10.88%	10.37%	11.94%	12.48%	12.79%
Earnings before Tax (EBT) ¹	2,169	2,728	3,029	3,842	3,918	4,718	5,119	5,745
Net income ¹	1,719	2,114	2,332	2,881	3,284	3,586	3,970	4,410
Net margin	9.61%	9.7%	9.13%	9.42%	10.02%	10.39%	10.28%	10.36%
EPS ²	7.380	9.070	9.800	11.88	13.58	15.11	16.84	18.38
Free Cash Flow ¹	1,250	-111	804.1	2,014	4,591	1,580	3,399	3,165
FCF margin	6.99%	-0.51%	3.15%	6.59%	14.01%	4.58%	8.8%	7.44%
FCF Conversion (EBITDA)	56.12%	-	24.58%	52.27%	116.09%	33.71%	62.78%	51.99%
FCF Conversion (Net income)	72.71%	-	34.49%	69.91%	139.79%	44.06%	85.61%	71.78%
Dividend per Share ²	5.300	6.300	7.000	8.500	9.600	10.17	11.47	12.74
Announcement Date	19/03/20	19/03/21	11/03/22	09/03/23	21/03/24	-	-	-

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	6,679	6,470	6,962	7,477	8,132	8,004	8,466	8,723	8,210	7,364	8,036	8,471	9,004	9,048	9,103
EBITDA ¹	890.7	629	890.9	1,002	-	930.5	1,267	677.9	1,130	879.8	1,105	1,176	1,231	1,191	-
EBIT ¹	777.5	474.8	766.6	875.4	895.4	789	1,129	540.8	991.2	735.9	899.6	1,017	1,089	1,098	1,134
Operating Margin	11.64%	7.34%	11.01%	11.71%	11.01%	9.86%	13.34%	6.2%	12.07%	9.99%	11.19%	12%	12.1%	12.13%	12.46%
Earnings before Tax (EBT) ¹	827.8	551	910	1,057	1,125	750.1	1,212	886.3	1,143	676.6	1,229	1,104	1,178	1,175	1,147
Net income ¹	661.2	447.2	680.4	758.2	844.6	597.4	893.5	912	878.3	600.1	911.5	847	909.4	930.1	900
Net margin	9.9%	6.91%	9.77%	10.14%	10.39%	7.46%	10.55%	10.45%	10.7%	8.15%	11.34%	10%	10.1%	10.28%	9.89%
EPS ²	2.780	1.880	2.850	3.220	3.530	2.330	3.690	3.780	3.630	2.480	3.760	3.532	3.790	3.877	4.308
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	9.620	-	-
Announcement Date	22/10/21	11/03/22	22/04/22	15/07/22	21/10/22	09/03/23	20/04/23	25/07/23	24/10/23	21/03/24	18/04/24	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	180	655	-	-	-	-	-
Net Cash position ¹	828	-	-	684	2,399	3,401	3,945	4,342
Leverage (Debt/EBITDA)	-	0.0598 x	0.2003 x	-	-	-	-	-
Free Cash Flow ¹	1,250	-111	804	2,014	4,591	1,580	3,399	3,165
ROE (net income / shareholders' equity)	24.4%	25.4%	23.9%	25.1%	24.9%	24%	24.4%	24.3%
ROA (Net income/ Total Assets)	11%	10.3%	9.17%	9.58%	10.3%	9.48%	10.3%	9.75%
Assets ¹	15,693	20,434	25,416	30,063	31,780	37,839	38,569	45,245
Book Value Per Share ²	32.30	39.30	44.40	53.60	57.40	64.10	70.80	78.90
Cash Flow per Share ²	7.270	2.350	5.620	10.50	21.70	17.80	15.90	19.30
Capex ¹	445	659	541	473	604	631	530	550
Capex / Sales	2.49%	3.02%	2.12%	1.55%	1.84%	1.83%	1.37%	1.29%
Announcement Date	19/03/20	19/03/21	11/03/22	09/03/23	21/03/24	-	-	-

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

Ratings for SINBON Electronics Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

282 TWD

Average target price

345.8 TWD

Spread / Average Target

+22.62%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Electronic Component

	1st Jan change	Capi.
SINBON ELECTRONICS CO., LTD.	-5.69%	2.08B
AMPHENOL CORPORATION	+21.55%	72.37B
HON HAI PRECISION INDUSTRY CO., LTD.	+48.33%	65.86B
MURATA MANUFACTURING CO., LTD	-4.21%	34.41B
LUXSHARE PRECISION INDUSTRY CO., LTD.	-16.43%	28.52B
JABIL INC.	-7.17%	14.26B
AVIC JONHON OPTRONIC TECHNOLOGY CO.,LTD.	-13.03%	9.92B
LENS TECHNOLOGY CO., LTD.	+5.83%	9.52B
SUZHOU TFC OPTICAL COMMUNICATION CO., LTD.	+71.16%	8.54B
COHERENT CORP.	+26.49%	8.36B

Electronic Component