Financials Hiwin Technologies Corporation

Equities

2049

TW0002049004

Industrial Machinery & Equipment

End-of-day quote Taiwan S.E. Other stock markets 06:00:00 2024-05-12 pm EDT			5-day change	1st Jan Change
235 ^TWD	-0.84%		+2.40%	0.00%

May. 10	Hiwin Technologies Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Feb. 27	Hiwin Technologies Corporation Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	86,992	122,604	104,453	64,567	83,141	83,141	-	-
Enterprise Value (EV) ¹	104,736	134,307	109,441	66,603	84,020	85,070	84,323	82,736
P/E ratio	46.8 x	63.8 x	29.7 x	14.2 x	40.9 x	31.9 x	23.2 x	21.1 x
Yield	0.75%	0.52%	1.47%	3.01%	1.06%	1.12%	1.51%	1.69%
Capitalization / Revenue	4.3 x	5.77 x	3.83 x	2.2 x	3.38 x	3.25 x	2.83 x	2.61 x
EV / Revenue	5.18 x	6.32 x	4.01 x	2.27 x	3.41 x	3.33 x	2.87 x	2.6 x
EV / EBITDA	22.5 x	33.1 x	14.9 x	8.57 x	16.9 x	14.6 x	11.5 x	10.3 x
EV / FCF	-31.9 x	45.5 x	18.5 x	17.1 x	34 x	135 x	38.6 x	25.6 x
FCF Yield	-3.13%	2.2%	5.39%	5.86%	2.94%	0.74%	2.59%	3.9%
Price to Book	3.66 x	4.62 x	3.46 x	1.86 x	2.38 x	2.28 x	2.13 x	2.02 x
Nbr of stocks (in thousands)	328,432	328,432	340,792	353,792	353,792	353,792	-	-
Reference price ²	264.9	373.3	306.5	182.5	235.0	235.0	235.0	235.0
Announcement Date	3/25/20	3/23/21	2/25/22	2/24/23	2/27/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	20,210	21,267	27,265	29,315	24,633	25,564	29,369	31,873
EBITDA ¹	4,651	4,061	7,351	7,774	4,977	5,826	7,321	8,043
EBIT ¹	2,401	1,732	5,115	5,572	2,651	3,229	4,550	4,964
Operating Margin	11.88%	8.15%	18.76%	19.01%	10.76%	12.63%	15.49%	15.57%
Earnings before Tax (EBT) ¹	2,210	2,303	4,475	5,818	2,540	3,340	4,698	5,143
Net income ¹	1,865	1,930	3,532	4,479	2,035	2,534	3,527	3,753
Net margin	9.23%	9.07%	12.96%	15.28%	8.26%	9.91%	12.01%	11.78%
EPS ²	5.665	5.854	10.33	12.89	5.750	7.370	10.15	11.14
Free Cash Flow ¹	-3,281	2,951	5,902	3,900	2,471	629	2,186	3,227
FCF margin	-16.23%	13.88%	21.65%	13.31%	10.03%	2.46%	7.44%	10.13%
FCF Conversion (EBITDA)	-	72.67%	80.3%	50.17%	49.64%	10.8%	29.86%	40.12%
FCF Conversion (Net income)	-	152.93%	167.1%	87.07%	121.42%	24.82%	61.97%	85.98%
Dividend per Share ²	1.979	1.942	4.500	5.500	2.500	2.628	3.546	3.961
Announcement Date	3/25/20	3/23/21	2/25/22	2/24/23	2/27/24	-	-	-

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	6,695	7,566	8,235	7,921	5,592	5,734	6,583	6,558	5,758	5,506	6,248	6,833	6,660	6,563	7,682
EBITDA ¹	1,727	2,087	2,395	2,224	1,068	1,150	1,542	1,531	752.8	973.3	1,576	1,924	1,693	1,430	2,122
EBIT ¹	1,166	1,559	1,844	1,670	500	569.1	959.1	944	178.8	400.2	718	984	887.8	835.7	1,308
Operating Margin	17.41%	20.6%	22.39%	21.08%	8.94%	9.93%	14.57%	14.39%	3.1%	7.27%	11.49%	14.4%	13.33%	12.73%	17.02%
Earnings before Tax (EBT) ¹	636.1	1,757	1,643	1,838	580.2	590.1	871.5	792.7	285.8	483.5	807	1,073	901.7	825.7	1,300
Net income ¹	591.7	1,367	1,226	1,427	459.4	445	625.8	631.3	332.7	395.3	618.8	863.1	739.2	653	1,022
Net margin	8.84%	18.07%	14.89%	18.01%	8.22%	7.76%	9.51%	9.63%	5.78%	7.18%	9.9%	12.63%	11.1%	9.95%	13.3%
EPS ²	1.720	4.000	3.590	4.110	1.220	1.260	1.770	1.780	0.9400	1.120	1.791	2.377	1.969	1.765	2.794
Dividend per Share ²	4.500	-	-	4.500	-	-	-	-	2.500	-	-	2.500	-	-	-
Announcement Date	2/25/22	5/10/22	8/10/22	11/7/22	2/24/23	5/10/23	8/10/23	11/10/23	2/27/24	5/10/24	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	17,744	11,703	4,988	2,035	879	1,929	1,182	-
Net Cash position ¹	-	-	-	-	-	-	-	405
Leverage (Debt/EBITDA)	3.815 x	2.882 x	0.6785 x	0.2618 x	0.1767 x	0.3311 x	0.1615 x	-
Free Cash Flow ¹	-3,281	2,951	5,902	3,900	2,471	629	2,186	3,227
ROE (net income / shareholders' equity)	7.79%	7.52%	12.2%	13.8%	5.83%	7.24%	9.44%	9.88%
ROA (Net income/ Total Assets)	3.84%	4%	7.13%	8.68%	3.93%	4.69%	6.12%	6.61%
Assets ¹	48,614	48,184	49,535	51,586	51,788	54,020	57,616	56,777
Book Value Per Share ²	72.30	80.90	88.60	98.20	98.90	103.0	110.0	116.0
Cash Flow per Share ²	10.60	13.90	21.80	23.80	14.40	15.90	15.50	19.50
Capex ¹	4,674	1,629	2,258	2,177	2,300	2,496	2,356	2,422
Capex / Sales	23.13%	7.66%	8.28%	7.43%	9.34%	9.77%	8.02%	7.6%
Announcement Date	3/25/20	3/23/21	2/25/22	2/24/23	2/27/24	-	-	-

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 Hiwin Technologies Corporation

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

235 TWD

Average target price

267.1 TWD

Spread / Average Target

+13.68%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Industrial Parts & Components

	1st Jan change	Capi.
HIWIN TECHNOLOGIES CORPORATION	0.00%	2.58B
TRELLEBORG AB	+21.86%	9.06B
MUELLER INDUSTRIES, INC.	+24.01%	6.73B
MISUMI GROUP INC.	+15.90%	5.13B
SFS GROUP AG	+9.98%	4.89B
GATES INDUSTRIAL CORPORATION PLC	+23.06%	4.4B
SHANGHAI MOONS' ELECTRIC CO., LTD.	-23.16%	3.07B
HARMONIC DRIVE SYSTEMS INC.	+5.53%	2.61B
LEADER HARMONIOUS DRIVE SYSTEMS CO., LTD.	-28.59%	2.59B
XI'AN SHAANGU POWER CO., LTD.	+12.28%	2.14B

Industrial Parts & Components