CATHAY FINANCIAL HOLDING CO., LTD. |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 48.9 TWD | +0.72% |
|
+3.06% | +6.89% |
| Apr. 18 | Generali reorganises business structure ahead of new strategic plan | RE |
| Apr. 08 | Futures bullish; Mib restarts at 34,000 points | AN |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 560,350 | 556,399 | 823,076 | 586,768 | 671,116 | 717,324 | - | - |
| Enterprise Value (EV) 1 | 469,172 | 302,179 | 772,544 | 544,819 | 671,116 | 732,657 | 732,657 | 717,324 |
| P/E ratio | 8.94 x | 7.81 x | 6.04 x | 15.5 x | 14.1 x | 10 x | 9.29 x | - |
| Yield | 4.7% | 5.92% | 5.6% | 2.25% | 7.65% | 3.32% | 3.65% | 4.09% |
| Capitalization / Revenue | 1.01 x | 0.88 x | 1.31 x | 1.72 x | - | 2.06 x | 1.96 x | 1.76 x |
| EV / Revenue | 0.84 x | 0.48 x | 1.23 x | 1.6 x | - | 2.11 x | 2 x | 1.76 x |
| EV / EBITDA | - | - | - | - | - | - | - | - |
| EV / FCF | - | - | - | - | - | - | - | - |
| FCF Yield | - | - | - | - | - | - | - | - |
| Price to Book | 0.73 x | 0.62 x | 1.02 x | 1.16 x | 0.96 x | 0.91 x | 0.85 x | - |
| Nbr of stocks (in thousands) | 13,169,210 | 13,169,210 | 13,169,210 | 14,669,210 | 14,669,210 | 14,669,210 | - | - |
| Reference price 2 | 42.55 | 42.25 | 62.50 | 40.00 | 45.75 | 48.90 | 48.90 | 48.90 |
| Announcement Date | 3/16/20 | 3/22/21 | 3/22/22 | 3/16/23 | 3/15/24 | - | - | - |
1TWD in Million2TWD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 555,887 | 629,914 | 625,963 | 341,434 | - | 347,607 | 366,061 | 406,766 |
| EBITDA | - | - | - | - | - | - | - | - |
| EBIT 1 | 72,763 | 84,794 | 163,011 | 54,725 | 62,572 | 115,438 | 119,245 | - |
| Operating Margin | 13.09% | 13.46% | 26.04% | 16.03% | - | 33.21% | 32.58% | - |
| Earnings before Tax (EBT) 1 | 70,557 | 81,616 | 159,526 | 49,948 | 58,469 | 97,048 | 104,072 | - |
| Net income 1 | 62,757 | 74,579 | 139,514 | 37,359 | 50,929 | 79,119 | 85,776 | - |
| Net margin | 11.29% | 11.84% | 22.29% | 10.94% | - | 22.76% | 23.43% | - |
| EPS 2 | 4.760 | 5.410 | 10.34 | 2.580 | 3.240 | 4.889 | 5.262 | - |
| Free Cash Flow | - | - | - | - | - | - | - | - |
| FCF margin | - | - | - | - | - | - | - | - |
| FCF Conversion (EBITDA) | - | - | - | - | - | - | - | - |
| FCF Conversion (Net income) | - | - | - | - | - | - | - | - |
| Dividend per Share 2 | 2.000 | 2.500 | 3.500 | 0.9000 | 3.500 | 1.624 | 1.784 | 2.000 |
| Announcement Date | 3/16/20 | 3/22/21 | 3/22/22 | 3/16/23 | 3/15/24 | - | - | - |
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 | 131,813 | 148,374 | 132,077 | 105,719 | 68,694 | 34,943 | 68,410 | 94,002 | 80,028 | - | 101,463 | 87,308 | 85,213 | 65,991 | 72,576 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 33,890 | 21,718 | 39,856 | 25,113 | 7,085 | - | 7,237 | 33,033 | 33,251 | -10,603 | 36,617 | 32,206 | 37,810 | 8,806 | - |
| Operating Margin | 25.71% | 14.64% | 30.18% | 23.75% | 10.31% | - | 10.58% | 35.14% | 41.55% | - | 36.09% | 36.89% | 44.37% | 13.34% | - |
| Earnings before Tax (EBT) 1 | 33,890 | 21,448 | 39,808 | 23,947 | 7,085 | -20,893 | 7,237 | 31,426 | 32,339 | -12,533 | 34,316 | 24,394 | 34,155 | 8,153 | 22,500 |
| Net income 1 | 30,546 | 17,918 | 34,207 | 14,601 | 5,086 | -16,535 | 7,009 | 25,487 | 26,756 | -8,323 | 30,156 | 19,110 | 28,750 | 7,132 | 20,700 |
| Net margin | 23.17% | 12.08% | 25.9% | 13.81% | 7.4% | -47.32% | 10.25% | 27.11% | 33.43% | - | 29.72% | 21.89% | 33.74% | 10.81% | 28.52% |
| EPS 2 | 2.320 | 1.360 | 2.600 | 0.8500 | 0.3800 | -1.250 | 0.4800 | 1.500 | 1.830 | -0.5700 | 1.860 | 1.180 | 1.775 | 0.4400 | 1.280 |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 11/16/21 | 3/22/22 | 5/23/22 | 8/31/22 | 11/21/22 | 3/16/23 | 5/26/23 | 8/25/23 | 11/24/23 | 3/15/24 | - | - | - | - | - |
1TWD in Million2TWD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | 15,333 | 15,333 | - |
| Net Cash position 1 | 91,178 | 254,221 | 50,531 | 41,949 | - | - | - | - |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - |
| ROE (net income / shareholders' equity) | 9.72% | 8.96% | 15.5% | 4.98% | 7.29% | 9.16% | 9.48% | - |
| ROA (Net income/ Total Assets) | 0.65% | 0.71% | 1.25% | 0.32% | 0.41% | 0.61% | 0.58% | - |
| Assets 1 | 9,644,581 | 10,508,590 | 11,161,127 | 11,674,800 | 12,421,707 | 12,970,274 | 14,738,188 | - |
| Book Value Per Share 2 | 58.60 | 67.80 | 61.50 | 34.60 | 47.50 | 53.80 | 57.50 | - |
| Cash Flow per Share | - | - | - | - | - | - | - | - |
| Capex | - | - | - | - | - | - | - | - |
| Capex / Sales | - | - | - | - | - | - | - | - |
| Announcement Date | 3/16/20 | 3/22/21 | 3/22/22 | 3/16/23 | 3/15/24 | - | - | - |
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
A
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
11
Last Close Price
48.9
TWD
Average target price
52.13
TWD
Spread / Average Target
+6.60%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +6.89% | 21.99B | |
| +6.49% | 50.92B | |
| +1.35% | 48.11B | |
| +9.53% | 42.2B | |
| +6.55% | 39.71B | |
| +19.34% | 37.78B | |
| +2.84% | 30.07B | |
| -7.77% | 27.56B | |
| -18.42% | 24.71B | |
| +20.69% | 21.68B |
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- Financials Cathay Financial Holding Co., Ltd.
