Stock 1101 TAIWAN CEMENT CORP.
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Financials Taiwan Cement Corp.

Equities

1101

TW0001101004

Construction Materials

End-of-day quote Taiwan S.E.
Other stock markets
 23:00:00 25/04/2024 BST 		5-day change 1st Jan Change
31.8 TWD -0.62% Intraday chart for Taiwan Cement Corp. -0.62% -8.75%
04-16 NHOA: commissioning of a project for Taiwan Cement CF
03-20 Taiwan Cement Corp. Announces Common Shares Dividend Distribution for Fiscal Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 238,494 247,531 303,127 247,401 269,432 239,492 - -
Enterprise Value (EV) 1 290,981 325,712 385,208 247,401 350,369 281,352 274,773 239,492
P/E ratio 10.3 x 10.6 x 14.5 x 45.5 x 33.5 x 23.3 x 19 x 20.6 x
Yield 5.72% 8.1% 2.08% - - 2.88% 3.29% 2.2%
Capitalization / Revenue 1.94 x 2.16 x 2.83 x 2.17 x 2.46 x 1.93 x 1.75 x 2.14 x
EV / Revenue 2.37 x 2.85 x 3.6 x 2.17 x 3.21 x 2.27 x 2 x 2.14 x
EV / EBITDA 7.76 x 8.44 x 14.3 x 25.6 x 18.1 x 11.5 x 9.9 x 8.29 x
EV / FCF 14.1 x 15 x 159 x - - 194 x 125 x -
FCF Yield 7.1% 6.66% 0.63% - - 0.51% 0.8% -
Price to Book 1.23 x 1.21 x 1.44 x - 1.14 x 1.02 x 1 x 1.02 x
Nbr of stocks (in thousands) 6,303,139 6,302,456 6,946,200 7,352,182 7,731,182 7,531,182 - -
Reference price 2 37.84 39.28 43.64 33.65 34.85 31.80 31.80 31.80
Announcement Date 19/03/20 19/03/21 25/02/22 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 1 122,783 114,367 107,041 113,930 109,314 124,149 137,235 111,944
EBITDA 1 37,496 38,607 26,850 9,678 19,315 24,383 27,761 28,877
EBIT 1 30,157 31,342 19,786 1,162 10,030 14,121 15,808 14,192
Operating Margin 24.56% 27.4% 18.48% 1.02% 9.18% 11.37% 11.52% 12.68%
Earnings before Tax (EBT) 1 32,633 35,353 26,078 6,646 14,357 22,704 21,103 -
Net income 1 24,211 25,099 20,256 5,405 7,998 12,121 13,598 -
Net margin 19.72% 21.95% 18.92% 4.74% 7.32% 9.76% 9.91% -
EPS 2 3.680 3.718 3.000 0.7400 1.040 1.365 1.672 1.544
Free Cash Flow 1 20,669 21,707 2,420 - - 1,448 2,191 -
FCF margin 16.83% 18.98% 2.26% - - 1.17% 1.6% -
FCF Conversion (EBITDA) 55.12% 56.23% 9.01% - - 5.94% 7.89% -
FCF Conversion (Net income) 85.37% 86.48% 11.94% - - 11.95% 16.11% -
Dividend per Share 2 2.165 3.182 0.9092 - - 0.9167 1.047 0.7000
Announcement Date 19/03/20 19/03/21 25/02/22 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 26,881 30,137 22,973 25,178 31,123 34,655 26,296 27,668 27,002 28,348 21,066 40,412 39,611 41,047 35,809
EBITDA 1 5,832 6,290 2,151 - 2,732 4,642 2,435 5,664 5,417 5,799 5,186 5,592 6,157 7,121 -
EBIT 1 3,856 4,679 207.6 -2,008 627.5 2,324 166.1 3,368 3,062 3,434 1,265 6,533 5,917 6,353 3,963
Operating Margin 14.34% 15.53% 0.9% -7.97% 2.02% 6.71% 0.63% 12.17% 11.34% 12.11% 6% 16.17% 14.94% 15.48% 11.07%
Earnings before Tax (EBT) 1 4,692 6,733 1,172 -434.8 2,103 3,805 1,481 5,782 3,277 3,817 2,124 7,434 6,648 6,498 4,813
Net income 1 3,984 5,420 1,204 204 1,510 2,487 1,407 3,542 1,247 1,802 1,303 4,029 3,414 3,392 3,387
Net margin 14.82% 17.98% 5.24% 0.81% 4.85% 7.18% 5.35% 12.8% 4.62% 6.36% 6.19% 9.97% 8.62% 8.26% 9.46%
EPS 2 0.4546 0.8091 0.1818 -0.0200 0.2200 0.3600 0.2000 0.4300 0.1700 0.2400 0.1700 0.5300 0.4500 0.4500 0.4400
Dividend per Share - 0.9092 - - - - - - - - - - - - -
Announcement Date 11/11/21 25/02/22 11/05/22 12/08/22 11/11/22 24/02/23 11/05/23 10/08/23 10/11/23 29/02/24 - - - - -
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 52,487 78,181 82,081 - 80,937 41,861 35,282 -
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.4 x 2.025 x 3.057 x - 4.19 x 1.717 x 1.271 x -
Free Cash Flow 1 20,669 21,707 2,420 - - 1,448 2,191 -
ROE (net income / shareholders' equity) 12.9% 12.6% 9.92% - 3.56% 4.29% 5.12% 4.99%
ROA (Net income/ Total Assets) 6.81% 6.63% 4.87% - 1.72% 3.5% 3.35% -
Assets 1 355,784 378,492 415,600 - 465,124 346,305 406,527 -
Book Value Per Share 2 30.70 32.40 30.40 - 30.60 31.20 31.90 31.20
Cash Flow per Share 2 4.390 4.650 2.820 - 4.410 1.750 2.140 2.470
Capex 1 8,202 9,572 16,553 - 24,726 21,607 21,634 18,000
Capex / Sales 6.68% 8.37% 15.46% - 22.62% 17.4% 15.76% 16.08%
Announcement Date 19/03/20 19/03/21 25/02/22 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 Taiwan Cement Corp.

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
5
Last Close Price
31.8 TWD
Average target price
32.28 TWD
Spread / Average Target
+1.51%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Cement & Concrete Manufacturing

1st Jan change Capi.
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Cement & Concrete Manufacturing
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