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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 190M
12.87x1.02x6.6x3.02% 44.4B
22.37x2.82x13.86x1.98% 40.63B
17.76x2.24x11.79x1.69% 14.84B
19.07x3.23x13.06x1.29% 14.4B
-37.59x1.38x15.75x-.--% 12.34B
17.92x0.9x5.86x2.89% 9.62B
41.33x1.77x15.04x1.23% 8.35B
36.5x0.86x10.35x-.--% 8.47B
33.75x4.56x16.88x0.92% 8.27B
Average 18.22x 2.09x 12.13x 1.45% 16.15B
Weighted average by Cap. 16.49x 2.01x 11.30x 1.88%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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