Stock 2338 TAIWAN MASK CORPORATION
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Financials Taiwan Mask Corporation

Equities

2338

TW0002338001

Semiconductors

End-of-day quote Taiwan S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
66.3 TWD -0.45% Intraday chart for Taiwan Mask Corporation +1.22% -6.75%
Mar. 15 Taiwan Mask Corporation Reports Earnings Results for the Full Year Ended December 31, 2023 CI
Mar. 15 TrueLight Corporation announced that it has received TWD 456 million in funding from Taiwan Mask Corporation CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 3,590 6,835 8,297 23,288 17,318 15,155
Enterprise Value (EV) 1 3,581 7,536 11,764 26,376 25,395 25,825
P/E ratio 18.2 x 15.8 x 12.2 x 19.5 x 27.1 x 43.2 x
Yield 4.54% 3.11% 3.72% 1.85% 2.95% 2.11%
Capitalization / Revenue 1.24 x 1.97 x 1.78 x 3.83 x 2.24 x 2.1 x
EV / Revenue 1.24 x 2.17 x 2.52 x 4.34 x 3.28 x 3.59 x
EV / EBITDA 8.75 x 29.7 x 17.3 x 29.6 x 14.1 x 15.6 x
EV / FCF 38.9 x -30.5 x -9.16 x -22.6 x -13.3 x -12.9 x
FCF Yield 2.57% -3.27% -10.9% -4.42% -7.5% -7.76%
Price to Book 1.4 x 2.29 x 2.34 x 4.53 x 3.82 x 2.96 x
Nbr of stocks (in thousands) 195,632 198,400 205,632 215,632 204,457 213,153
Reference price 2 18.35 34.45 40.35 108.0 84.70 71.10
Announcement Date 3/28/19 3/26/20 3/29/21 3/24/22 3/16/23 3/15/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 2,886 3,469 4,667 6,077 7,741 7,200
EBITDA 1 409.1 254 681.1 891.6 1,807 1,656
EBIT 1 259.5 7.329 344.2 434 1,248 748.6
Operating Margin 8.99% 0.21% 7.37% 7.14% 16.13% 10.4%
Earnings before Tax (EBT) 1 203.6 374.5 630.5 1,178 673.7 445.8
Net income 1 199.2 431.3 683.9 1,186 703.5 366.1
Net margin 6.9% 12.43% 14.65% 19.51% 9.09% 5.09%
EPS 2 1.010 2.180 3.300 5.552 3.125 1.647
Free Cash Flow 1 92.13 -246.7 -1,284 -1,165 -1,905 -2,005
FCF margin 3.19% -7.11% -27.52% -19.18% -24.6% -27.85%
FCF Conversion (EBITDA) 22.52% - - - - -
FCF Conversion (Net income) 46.25% - - - - -
Dividend per Share 2 0.8340 1.070 1.500 2.000 2.500 1.500
Announcement Date 3/28/19 3/26/20 3/29/21 3/24/22 3/16/23 3/15/24
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - 701 3,466 3,088 8,078 10,670
Net Cash position 1 8.62 - - - - -
Leverage (Debt/EBITDA) - 2.758 x 5.09 x 3.463 x 4.469 x 6.445 x
Free Cash Flow 1 92.1 -247 -1,284 -1,165 -1,905 -2,005
ROE (net income / shareholders' equity) 5.77% 11% 14.9% 21.3% 9.58% 3.46%
ROA (Net income/ Total Assets) 4.65% 0.1% 2.91% 2.15% 4.58% 2.41%
Assets 1 4,283 451,575 23,523 55,117 15,351 15,188
Book Value Per Share 2 13.10 15.10 17.20 23.80 22.20 24.00
Cash Flow per Share 2 2.880 4.770 5.040 12.50 8.530 6.400
Capex 1 206 704 2,029 1,883 2,911 3,180
Capex / Sales 7.12% 20.29% 43.48% 30.99% 37.61% 44.16%
Announcement Date 3/28/19 3/26/20 3/29/21 3/24/22 3/16/23 3/15/24
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Chiffre d''affaires - Rate of surprise

Company calendar

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