Stock 2038 HAI KWANG ENTERPRISE CORPORATION
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Financials Hai Kwang Enterprise Corporation

Equities

2038

TW0002038007

Iron & Steel

End-of-day quote Taiwan S.E.
Other stock markets
 18:00:00 2024-04-28 EDT 		5-day change 1st Jan Change
21.05 TWD +2.43% Intraday chart for Hai Kwang Enterprise Corporation +2.68% -4.10%
03-14 Hai Kwang Enterprise Corporation Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 Hai Kwang Enterprise Corporation 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 1,410 1,309 3,879 6,381 3,988 4,178
Enterprise Value (EV) 1 4,387 4,134 7,152 9,167 7,385 7,958
P/E ratio -7.14 x -5.16 x 24.6 x 13.9 x 19 x 78.4 x
Yield - - 2.34% 4.26% - -
Capitalization / Revenue 0.17 x 0.16 x 0.51 x 0.62 x 0.36 x 0.45 x
EV / Revenue 0.54 x 0.52 x 0.94 x 0.9 x 0.67 x 0.85 x
EV / EBITDA -45.1 x -33.1 x 18.8 x 12.6 x 20.5 x 22.9 x
EV / FCF -4.66 x 19.4 x -13.4 x 22.5 x -12.6 x -18.9 x
FCF Yield -21.5% 5.16% -7.47% 4.45% -7.95% -5.28%
Price to Book 0.43 x 0.44 x 1.27 x 1.77 x 1.09 x 1.13 x
Nbr of stocks (in thousands) 190,328 190,328 190,328 190,328 190,328 190,328
Reference price 2 7.410 6.876 20.38 33.52 20.95 21.95
Announcement Date 19-03-28 20-03-27 21-03-30 22-03-29 23-03-29 24-03-14
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 8,142 7,954 7,601 10,225 11,045 9,365
EBITDA 1 -97.24 -124.9 381.4 725.3 359.6 347.5
EBIT 1 -326 -332.1 179.4 520.9 101.3 48.38
Operating Margin -4% -4.17% 2.36% 5.09% 0.92% 0.52%
Earnings before Tax (EBT) 1 -280.2 -322.4 189.4 557.9 238.1 37.28
Net income 1 -197.4 -253.6 158 459.7 210.8 53.32
Net margin -2.42% -3.19% 2.08% 4.5% 1.91% 0.57%
EPS 2 -1.038 -1.333 0.8286 2.409 1.105 0.2800
Free Cash Flow 1 -942.3 213.5 -534.2 408.1 -586.8 -420
FCF margin -11.57% 2.68% -7.03% 3.99% -5.31% -4.48%
FCF Conversion (EBITDA) - - - 56.27% - -
FCF Conversion (Net income) - - - 88.78% - -
Dividend per Share - - 0.4762 1.429 - -
Announcement Date 19-03-28 20-03-27 21-03-30 22-03-29 23-03-29 24-03-14
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 2,976 2,825 3,273 2,787 3,397 3,781
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) -30.61 x -22.62 x 8.581 x 3.842 x 9.447 x 10.88 x
Free Cash Flow 1 -942 213 -534 408 -587 -420
ROE (net income / shareholders' equity) -5.12% -7.23% 4.28% 11.9% 4.69% 0.76%
ROA (Net income/ Total Assets) -2.51% -2.57% 1.38% 3.77% 0.69% 0.32%
Assets 1 7,863 9,874 11,415 12,205 30,622 16,620
Book Value Per Share 2 17.00 15.60 16.10 18.90 19.20 19.40
Cash Flow per Share 2 1.460 1.040 0.7300 2.340 1.900 1.260
Capex 1 237 285 399 580 446 528
Capex / Sales 2.91% 3.58% 5.24% 5.67% 4.03% 5.64%
Announcement Date 19-03-28 20-03-27 21-03-30 22-03-29 23-03-29 24-03-14
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Iron, Steel Mills & Foundries

1st Jan change Capi.
HAI KWANG ENTERPRISE CORPORATION Stock Hai Kwang Enterprise Corporation
-4.10% 123M
JSW STEEL LIMITED Stock JSW Steel Limited
+1.45% 26.12B
BAOSHAN IRON & STEEL CO., LTD. Stock Baoshan Iron & Steel Co., Ltd.
+18.55% 21.07B
CHINA STEEL CORPORATION Stock China Steel Corporation
-7.41% 11.96B
JINDAL STEEL & POWER LIMITED Stock Jindal Steel & Power Limited
+25.65% 11.32B
CITIC PACIFIC SPECIAL STEEL GROUP CO., LTD Stock Citic Pacific Special Steel Group Co., Ltd
+10.61% 10.83B
INNER MONGOLIA BAOTOU STEEL UNION CO., LTD. Stock Inner Mongolia Baotou Steel Union Co., Ltd.
+10.96% 10.16B
TERNIUM S.A. Stock Ternium S.A.
+1.48% 8.46B
BHARAT FORGE LIMITED Stock Bharat Forge Limited
+3.65% 7.16B
JINDAL STAINLESS LIMITED Stock Jindal Stainless Limited
+23.39% 6.91B
Iron, Steel Mills & Foundries
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