PANRAM INTERNATIONAL CORP.

Financials Panram International Corp.

Equities

8088

TW0008088006

Semiconductors

End-of-day quote Taipei Exchange Other stock markets 18:00:00 2024-05-16 EDT			5-day change	1st Jan Change
44 ^TWD	-1.01%		-2.76%	-6.18%

03-14	Panram International Corp. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Panram International Corp. 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	761.5	1,745	1,852	1,529	1,429	2,857
Enterprise Value (EV) ¹	637.5	1,450	1,570	1,231	874.2	2,325
P/E ratio	23.6 x	12.2 x	15.7 x	15.5 x	6.86 x	18.1 x
Yield	-	-	3.95%	3.98%	10.2%	-
Capitalization / Revenue	0.45 x	1.12 x	0.98 x	0.83 x	0.81 x	1.88 x
EV / Revenue	0.37 x	0.93 x	0.83 x	0.67 x	0.5 x	1.53 x
EV / EBITDA	6.97 x	4.91 x	5.43 x	5.02 x	2.98 x	10.2 x
EV / FCF	3.35 x	8.76 x	12.7 x	10.8 x	3.35 x	32 x
FCF Yield	29.8%	11.4%	7.88%	9.24%	29.8%	3.13%
Price to Book	0.87 x	1.77 x	1.89 x	1.52 x	1.24 x	2.44 x
Nbr of stocks (in thousands)	60,922	60,922	60,922	60,922	60,922	60,922
Reference price ²	12.50	28.65	30.40	25.10	23.45	46.90
Announcement Date	19-03-28	20-03-26	21-03-31	22-03-31	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	1,705	1,561	1,890	1,842	1,756	1,523
EBITDA ¹	91.48	295	289.3	245.4	293	228.1
EBIT ¹	19.97	190.2	177.9	132.9	217.1	166.9
Operating Margin	1.17%	12.18%	9.41%	7.21%	12.36%	10.96%
Earnings before Tax (EBT) ¹	39.79	183.5	149.5	124.8	265	199.4
Net income ¹	32.48	144.6	119.6	99.87	212	159.2
Net margin	1.91%	9.26%	6.33%	5.42%	12.07%	10.46%
EPS ²	0.5300	2.350	1.940	1.620	3.420	2.590
Free Cash Flow ¹	190.2	165.5	123.8	113.8	260.9	72.69
FCF margin	11.15%	10.6%	6.55%	6.18%	14.86%	4.77%
FCF Conversion (EBITDA)	207.87%	56.11%	42.79%	46.36%	89.03%	31.87%
FCF Conversion (Net income)	585.38%	114.49%	103.51%	113.94%	123.07%	45.64%
Dividend per Share	-	-	1.200	1.000	2.400	-
Announcement Date	19-03-28	20-03-26	21-03-31	22-03-31	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	-	-	-	-	-	-
Net Cash position ¹	124	296	282	298	554	532
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow ¹	190	166	124	114	261	72.7
ROE (net income / shareholders' equity)	3.8%	15.7%	12.2%	10.1%	19.7%	13.7%
ROA (Net income/ Total Assets)	1.09%	10.2%	7.82%	6.07%	10.4%	7.5%
Assets ¹	2,986	1,418	1,530	1,646	2,030	2,125
Book Value Per Share ²	14.40	16.20	16.10	16.50	18.90	19.20
Cash Flow per Share ²	2.540	6.630	11.20	5.210	9.360	8.860
Capex ¹	93.4	118	53.1	90.3	64.9	40.4
Capex / Sales	5.48%	7.55%	2.81%	4.9%	3.7%	2.65%
Announcement Date	19-03-28	20-03-26	21-03-31	22-03-31	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 Memory Chips (RAM)

	1st Jan change	Capi.
PANRAM INTERNATIONAL CORP.	-6.18%	83.24M
MONTAGE TECHNOLOGY CO., LTD.	-15.83%	7.74B
RAMBUS INC.	-15.06%	6.25B
SHENZHEN LONGSYS ELECTRONICS CO., LTD.	-2.86%	5.11B
PHISON ELECTRONICS CORP.	+11.73%	3.57B
TRANSCEND INFORMATION, INC.	+35.24%	1.45B
PUYA SEMICONDUCTOR (SHANGHAI) CO., LTD.	+19.29%	1.22B
ESPRESSIF SYSTEMS (SHANGHAI) CO., LTD.	+1.56%	1.12B
SMART GLOBAL HOLDINGS, INC.	+6.92%	1.06B
SINO WEALTH ELECTRONIC LTD.	-5.04%	1.02B

Memory Chips (RAM)

Stock Market
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8088 Stock
Financials Panram International Corp.

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