KINDOM DEVELOPMENT CO., LTD.

Financials Kindom Development Co., Ltd.

Equities

2520

TW0002520004

Real Estate Development & Operations

End-of-day quote Taiwan S.E. Other stock markets 18:00:00 2024-05-08 EDT			5-day change	1st Jan Change
57.1 ^TWD	-1.89%		+1.42%	+46.98%

03-13	Kindom Development Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
01-09	Kindom Development Co., Ltd. Signs Credit Contract with Mega International Commercial Bank	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	10,085	15,732	16,595	20,479	15,840	21,075
Enterprise Value (EV) ¹	31,127	37,421	31,100	27,362	23,069	28,530
P/E ratio	19.9 x	12.3 x	4.97 x	5.86 x	6.81 x	8.81 x
Yield	4.89%	4.7%	7.13%	6.62%	6%	4.63%
Capitalization / Revenue	0.7 x	1.03 x	0.61 x	0.81 x	0.74 x	1.08 x
EV / Revenue	2.16 x	2.44 x	1.14 x	1.09 x	1.07 x	1.47 x
EV / EBITDA	14.3 x	15.6 x	5.79 x	5.09 x	5.44 x	6.86 x
EV / FCF	122 x	15.9 x	3.78 x	3.42 x	16.1 x	83 x
FCF Yield	0.82%	6.27%	26.4%	29.3%	6.19%	1.21%
Price to Book	0.85 x	1.25 x	1.09 x	1.17 x	0.86 x	1.06 x
Nbr of stocks (in thousands)	542,483	542,483	542,483	542,479	542,479	542,479
Reference price ²	18.59	29.00	30.59	37.75	29.20	38.85
Announcement Date	19-03-29	20-03-31	21-04-06	22-03-26	23-03-15	24-03-13

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	14,436	15,327	27,345	25,191	21,506	19,443
EBITDA ¹	2,172	2,404	5,373	5,380	4,240	4,156
EBIT ¹	1,910	2,199	5,169	5,164	4,028	3,932
Operating Margin	13.23%	14.35%	18.9%	20.5%	18.73%	20.22%
Earnings before Tax (EBT) ¹	1,080	1,814	4,889	4,979	3,840	3,827
Net income ¹	507.2	1,284	3,354	3,508	2,334	2,395
Net margin	3.51%	8.37%	12.27%	13.93%	10.85%	12.32%
EPS ²	0.9350	2.364	6.154	6.440	4.290	4.410
Free Cash Flow ¹	254.9	2,348	8,217	8,011	1,429	343.9
FCF margin	1.77%	15.32%	30.05%	31.8%	6.64%	1.77%
FCF Conversion (EBITDA)	11.74%	97.66%	152.92%	148.89%	33.69%	8.27%
FCF Conversion (Net income)	50.25%	182.92%	244.99%	228.34%	61.21%	14.36%
Dividend per Share ²	0.9091	1.364	2.182	2.500	1.753	1.800
Announcement Date	19-03-29	20-03-31	21-04-06	22-03-26	23-03-15	24-03-13

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	21,041	21,689	14,505	6,884	7,229	7,455
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	9.689 x	9.021 x	2.699 x	1.279 x	1.705 x	1.794 x
Free Cash Flow ¹	255	2,348	8,217	8,011	1,429	344
ROE (net income / shareholders' equity)	5.06%	11.1%	24.6%	21.8%	15.1%	13.7%
ROA (Net income/ Total Assets)	2.36%	2.57%	5.71%	5.8%	4.59%	4.33%
Assets ¹	21,517	49,966	58,764	60,444	50,851	55,272
Book Value Per Share ²	21.80	23.30	28.10	32.40	34.10	36.80
Cash Flow per Share ²	10.20	11.50	21.20	29.60	28.60	26.10
Capex ¹	191	97.3	127	109	135	57
Capex / Sales	1.32%	0.63%	0.46%	0.43%	0.63%	0.29%
Announcement Date	19-03-29	20-03-31	21-04-06	22-03-26	23-03-15	24-03-13

¹TWD in Million²TWD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
KINDOM DEVELOPMENT CO., LTD.	+46.98%	974M
MITSUI FUDOSAN CO., LTD.	+37.98%	28.37B
SUN HUNG KAI PROPERTIES LIMITED	-11.96%	27.34B
CHINA RESOURCES LAND LIMITED	+6.96%	26.59B
DLF LIMITED	+15.21%	25.28B
MITSUBISHI ESTATE CO., LTD.	+52.60%	23.37B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+6.98%	20.39B
EMAAR PROPERTIES	+2.27%	19.71B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+38.08%	16.22B
CK ASSET HOLDINGS LIMITED	-13.52%	15.11B

Other Real Estate Development & Operations

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Financials Kindom Development Co., Ltd.

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