FULIN PLASTIC INDUSTRY (CAYMAN) HOLDING CO., LTD.

Financials Fulin Plastic Industry (Cayman) Holding Co., Ltd.

Equities

1341

KYG3730M1050

Commodity Chemicals

End-of-day quote Taiwan S.E. Other stock markets 18:00:00 2024-05-13 EDT			5-day change	1st Jan Change
68.9 ^TWD	+0.73%		+2.99%	+8.50%

03-13	Fulin Plastic Industry Holding Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
01-31	Fulin Plastic Industry Holding Co., Ltd. Announces Executive Changes	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	2,589	3,048	2,890	3,452	3,368	3,281
Enterprise Value (EV) ¹	2,995	3,484	3,124	3,902	3,881	3,379
P/E ratio	14.2 x	10.9 x	9.33 x	12 x	11.7 x	14.5 x
Yield	5.73%	8.1%	10.3%	8.76%	9.22%	7.09%
Capitalization / Revenue	0.89 x	1.01 x	1.08 x	1.25 x	1.11 x	1.3 x
EV / Revenue	1.03 x	1.15 x	1.17 x	1.41 x	1.27 x	1.34 x
EV / EBITDA	10.4 x	7.82 x	6.25 x	8.69 x	8.65 x	8.76 x
EV / FCF	-9.11 x	57.4 x	7.72 x	-81.3 x	13.7 x	6.86 x
FCF Yield	-11%	1.74%	12.9%	-1.23%	7.28%	14.6%
Price to Book	2.32 x	2.49 x	2.38 x	2.71 x	2.81 x	2.52 x
Nbr of stocks (in thousands)	49,400	49,400	49,400	50,400	50,489	51,664
Reference price ²	52.40	61.70	58.50	68.50	66.70	63.50
Announcement Date	19-03-26	20-03-20	21-03-18	22-05-20	23-03-24	24-03-13

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	2,902	3,021	2,664	2,766	3,046	2,516
EBITDA ¹	288.7	445.6	500	449	448.6	385.8
EBIT ¹	218	360	393.6	354.5	356.3	292.4
Operating Margin	7.51%	11.92%	14.77%	12.82%	11.7%	11.62%
Earnings before Tax (EBT) ¹	205.7	364.7	396.7	377	379.4	293.5
Net income ¹	150.8	281.2	310.9	297.7	300.2	230.2
Net margin	5.2%	9.31%	11.67%	10.76%	9.86%	9.15%
EPS ²	3.680	5.680	6.270	5.703	5.713	4.379
Free Cash Flow ¹	-328.7	60.71	404.4	-47.98	282.6	492.3
FCF margin	-11.33%	2.01%	15.18%	-1.73%	9.28%	19.57%
FCF Conversion (EBITDA)	-	13.62%	80.89%	-	62.99%	127.6%
FCF Conversion (Net income)	-	21.59%	130.09%	-	94.14%	213.86%
Dividend per Share ²	3.000	5.000	6.000	6.000	6.153	4.500
Announcement Date	19-03-26	20-03-20	21-03-18	22-05-20	23-03-24	24-03-13

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	407	436	234	450	513	98.5
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.409 x	0.9794 x	0.4682 x	1.002 x	1.144 x	0.2552 x
Free Cash Flow ¹	-329	60.7	404	-48	283	492
ROE (net income / shareholders' equity)	18.3%	24%	25.5%	23.9%	24.2%	18.3%
ROA (Net income/ Total Assets)	7.26%	10.1%	11.5%	9.87%	9.24%	8.03%
Assets ¹	2,078	2,771	2,696	3,016	3,248	2,867
Book Value Per Share ²	22.60	24.80	24.60	25.30	23.80	25.20
Cash Flow per Share ²	6.020	2.850	4.070	5.910	7.110	5.330
Capex ¹	436	154	23.3	15.5	10.9	25.1
Capex / Sales	15.01%	5.09%	0.87%	0.56%	0.36%	1%
Announcement Date	19-03-26	20-03-20	21-03-18	22-05-20	23-03-24	24-03-13

¹TWD in Million²TWD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Plastics

	1st Jan change	Capi.
FULIN PLASTIC INDUSTRY (CAYMAN) HOLDING CO., LTD.	+8.50%	110M
DOW INC.	+8.77%	41.95B
LG CHEM, LTD.	-19.34%	22.3B
FORMOSA PLASTICS CORPORATION	-13.64%	13.46B
COVESTRO AG	-7.04%	9.95B
THE SUPREME INDUSTRIES LIMITED	+16.84%	7.89B
HANGZHOU FIRST APPLIED MATERIAL CO., LTD.	+9.72%	6.85B
YUNNAN ENERGY NEW MATERIAL CO., LTD.	-26.87%	5.56B
LOTTE CHEMICAL CORPORATION	-23.30%	3.66B
ORBIA ADVANCE CORPORATION, S.A.B. DE C.V.	-21.64%	3.29B

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Financials Fulin Plastic Industry (Cayman) Holding Co., Ltd.

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