WAH HONG INDUSTRIAL CORP.

Financials Wah Hong Industrial Corp.

Equities

8240

TW0008240003

Electronic Equipment & Parts

End-of-day quote Taipei Exchange Other stock markets 06:00:00 2024-05-02 pm EDT			5-day change	1st Jan Change
36.4 ^TWD	-1.89%		+0.41%	+4.45%

Mar. 15	Wah Hong Industrial Corp. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Wah Hong Industrial Corp. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	1,954	2,818	3,467	3,149	2,837	3,433
Enterprise Value (EV) ¹	2,409	3,234	3,798	3,521	2,540	3,271
P/E ratio	13.2 x	13.7 x	16.2 x	7.56 x	11.1 x	17.3 x
Yield	4.33%	4.59%	4.52%	7.78%	5.21%	-
Capitalization / Revenue	0.25 x	0.29 x	0.34 x	0.29 x	0.31 x	0.46 x
EV / Revenue	0.31 x	0.33 x	0.37 x	0.32 x	0.28 x	0.44 x
EV / EBITDA	7.08 x	5.6 x	6.65 x	5.53 x	4.12 x	6.96 x
EV / FCF	-11 x	11.9 x	18.6 x	34.9 x	2.03 x	29.2 x
FCF Yield	-9.13%	8.4%	5.38%	2.86%	49.2%	3.42%
Price to Book	0.52 x	0.75 x	0.9 x	0.76 x	0.69 x	0.82 x
Nbr of stocks (in thousands)	99,417	99,417	97,933	97,933	98,520	98,520
Reference price ²	19.65	28.35	35.40	32.15	28.80	34.85
Announcement Date	3/29/19	3/30/20	3/29/21	3/28/22	3/25/23	3/15/24

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	7,751	9,813	10,312	10,969	9,183	7,518
EBITDA ¹	340.3	577	571.4	637.3	616.8	469.6
EBIT ¹	41.08	299.5	267.6	365.6	342.9	243.8
Operating Margin	0.53%	3.05%	2.59%	3.33%	3.73%	3.24%
Earnings before Tax (EBT) ¹	176.2	307	334.4	714.5	423	291
Net income ¹	150.6	208.5	216.4	430.4	262.5	202.4
Net margin	1.94%	2.12%	2.1%	3.92%	2.86%	2.69%
EPS ²	1.490	2.070	2.180	4.250	2.600	2.020
Free Cash Flow ¹	-220	271.7	204.2	100.8	1,249	111.9
FCF margin	-2.84%	2.77%	1.98%	0.92%	13.6%	1.49%
FCF Conversion (EBITDA)	-	47.09%	35.73%	15.82%	202.48%	23.83%
FCF Conversion (Net income)	-	130.31%	94.34%	23.42%	475.8%	55.3%
Dividend per Share ²	0.8500	1.300	1.600	2.500	1.500	-
Announcement Date	3/29/19	3/30/20	3/29/21	3/28/22	3/25/23	3/15/24

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	456	415	331	372	-	-
Net Cash position ¹	-	-	-	-	297	163
Leverage (Debt/EBITDA)	1.339 x	0.7195 x	0.5794 x	0.5845 x	-	-
Free Cash Flow ¹	-220	272	204	101	1,249	112
ROE (net income / shareholders' equity)	4.22%	6.59%	6.19%	11.1%	6.69%	5.18%
ROA (Net income/ Total Assets)	0.32%	2.27%	1.96%	2.5%	2.37%	1.85%
Assets ¹	47,195	9,168	11,042	17,244	11,058	10,938
Book Value Per Share ²	37.70	38.00	39.30	42.10	41.80	42.60
Cash Flow per Share ²	13.00	12.00	11.60	12.40	16.10	12.00
Capex ¹	175	160	171	202	107	182
Capex / Sales	2.26%	1.63%	1.66%	1.84%	1.16%	2.42%
Announcement Date	3/29/19	3/30/20	3/29/21	3/28/22	3/25/23	3/15/24

¹TWD in Million²TWD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Electronic Component

	1st Jan change	Capi.
WAH HONG INDUSTRIAL CORP.	+4.45%	111M
AMPHENOL CORPORATION	+25.45%	73.66B
HON HAI PRECISION INDUSTRY CO., LTD.	+49.28%	66.97B
MURATA MANUFACTURING CO., LTD	-6.52%	34.57B
LUXSHARE PRECISION INDUSTRY CO., LTD.	-15.24%	28.96B
JABIL INC.	-6.98%	14.14B
AVIC JONHON OPTRONIC TECHNOLOGY CO.,LTD.	-11.85%	10.07B
LENS TECHNOLOGY CO., LTD.	+8.41%	9.77B
SUZHOU TFC OPTICAL COMMUNICATION CO., LTD.	+76.30%	8.8B
COHERENT CORP.	+33.93%	8.58B

Electronic Component

Stock Market
Equities
8240 Stock
Financials Wah Hong Industrial Corp.

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