Company Valuation: Hocheng Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 3,755 6,497 4,574 5,479 5,222 5,298
Change - 73.04% -29.59% 19.77% -4.68% 1.45%
Enterprise Value (EV) 1 5,101 6,384 5,305 5,045 5,104 5,221
Change - 25.15% -16.9% -4.9% 1.17% 2.3%
P/E 43.3x 5.38x 41.1x 303x 91.1x 370x
PBR 0.64x 0.9x 0.87x 0.82x 0.76x 0.77x
PEG - 0x -0.5x -3.5x 0x -4.9x
Capitalization / Revenue 0.74x 1.22x 0.91x 1.12x 1.08x 1.16x
EV / Revenue 1x 1.2x 1.06x 1.04x 1.05x 1.15x
EV / EBITDA 23x 24x 17.6x 26.4x 28.6x 44.4x
EV / EBIT 27,572x 95.7x 51.7x -669x 2,453x -106x
EV / FCF 7.64x 28.4x -20.7x 3.99x -13.7x 27.2x
FCF Yield 13.1% 3.53% -4.83% 25% -7.31% 3.67%
Dividend per Share 2 0.2439 0.2439 0.2 0.2 0.2 -
Rate of return 1.96% 1.13% 1.08% 1.1% 1.16% -
EPS 2 0.2875 4 0.45 0.06 0.19 0.0474
Distribution rate 84.8% 6.1% 44.4% 333% 105% -
Net sales 1 5,102 5,313 5,004 4,871 4,857 4,557
EBITDA 1 221.7 266.4 301.5 191 178.7 117.6
EBIT 1 0.185 66.68 102.5 -7.538 2.081 -49.25
Net income 1 86.79 1,225 157.3 19.35 58.42 14.3
Net Debt 1 1,346 -113.7 730.3 -434.1 -118.4 -76.5
Reference price 2 12.44 21.52 18.50 18.15 17.30 17.55
Nbr of stocks (in thousands) 301,859 301,859 247,268 301,859 301,859 301,859
Announcement Date 3/30/21 3/31/22 3/15/23 3/15/24 3/14/25 3/16/26
1TWD in Million2TWD
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 287M
12.16x0.96x6.25x3.23% 40.37B
22.01x2.78x13.57x2% 39.06B
18.33x2.3x12.11x1.63% 15.35B
-27.03x1.6x17.37x-.--% 14.35B
18.05x3.03x12.36x1.39% 13.39B
15.36x0.81x5.24x3.33% 8.18B
32.85x4.44x16.44x0.94% 8.05B
20.85x3.08x12.74x0.62% 7.79B
36.86x0.8x9.81x-.--% 7.59B
Average 16.60x 2.20x 11.77x 1.46% 15.44B
Weighted average by Cap. 15.04x 2.07x 11.24x 1.89%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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