Financials Cathay No.2 REIT

Equities

01007T

TW00001007T5

Commercial REITs

End-of-day quote Taiwan S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
16.64 TWD -0.18% Intraday chart for Cathay No.2 REIT -0.36% +1.28%

Valuation

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Capitalization 1 9,583 10,822 12,312 14,328 14,119 12,816
Enterprise Value (EV) 1 9,099 10,339 11,844 13,841 13,608 12,308
P/E ratio 30.2 x 34.2 x 43 x 44.2 x 42.9 x 37.7 x
Yield 3.31% - - 2.26% 2.33% 2.65%
Capitalization / Revenue 21.1 x 23.9 x 28.6 x 30.8 x 29.9 x 26.2 x
EV / Revenue 20.1 x 22.8 x 27.5 x 29.7 x 28.8 x 25.2 x
EV / EBITDA - - - - - -
EV / FCF - - - - - -
FCF Yield - - - - - -
Price to Book 0.69 x 0.77 x 0.87 x 1 x 0.86 x 0.77 x
Nbr of stocks (in thousands) 720,000 720,000 720,000 720,000 720,000 720,000
Reference price 2 13.31 15.03 17.10 19.90 19.61 17.80
Announcement Date 3/7/18 3/11/19 4/7/20 2/17/21 2/18/22 2/14/23
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net sales 1 453.7 453 430.4 465.5 471.8 488.9
EBITDA - - - - - -
EBIT 1 354 355 330.2 365 370.7 380.4
Operating Margin 78.03% 78.35% 76.72% 78.4% 78.57% 77.81%
Earnings before Tax (EBT) 1 316.8 316.2 286.6 324.4 329.5 340.3
Net income 1 316.8 316.2 286.6 324.4 329.5 340.3
Net margin 69.83% 69.8% 66.61% 69.68% 69.84% 69.6%
EPS 2 0.4400 0.4392 0.3981 0.4505 0.4576 0.4726
Free Cash Flow - - - - - -
FCF margin - - - - - -
FCF Conversion (EBITDA) - - - - - -
FCF Conversion (Net income) - - - - - -
Dividend per Share 2 0.4400 - - 0.4505 0.4576 0.4726
Announcement Date 3/7/18 3/11/19 4/7/20 2/17/21 2/18/22 2/14/23
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net Debt 1 - - - - - -
Net Cash position 1 484 483 468 487 511 508
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow - - - - - -
ROE (net income / shareholders' equity) 2.31% 2.26% 2.02% 2.27% 2.14% 2.06%
ROA (Net income/ Total Assets) 1.54% 1.51% 1.39% 1.52% 1.44% 1.38%
Assets 1 20,576 20,916 20,581 21,282 22,874 24,639
Book Value Per Share 2 19.30 19.60 19.70 20.00 22.70 23.10
Cash Flow per Share 2 0.6700 0.6700 0.6500 0.6800 0.7100 0.7100
Capex - - - - - -
Capex / Sales - - - - - -
Announcement Date 3/7/18 3/11/19 4/7/20 2/17/21 2/18/22 2/14/23
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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