Financials Phison Electronics Corp.

Equities

8299

TW0008299009

Semiconductors

End-of-day quote Taipei Exchange Other stock markets 18:00:00 2024-06-24 EDT			5-day change	1st Jan Change
599 ^TWD	-1.96%		-5.37%	+15.19%

06-11	Phison Electronics Corp. Announces Second Half of 2023 Dividend Distribution, Payable on August 1, 2024	CI
06-03	Phison Electronics Corp. to Showcase Pascari Brand for Data Center Storage and AI Solutions At Computex 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	67,104	65,527	100,902	59,917	102,757	122,663	-	-
Enterprise Value (EV) ¹	56,932	52,242	85,380	46,551	90,731	90,033	96,252	93,025
P/E ratio	14.9 x	7.73 x	12.4 x	12.1 x	29.6 x	15.4 x	15.2 x	11.4 x
Yield	3.82%	6.92%	4.49%	4.67%	2.55%	3.3%	3.91%	4.5%
Capitalization / Revenue	1.5 x	1.35 x	1.61 x	0.99 x	2.13 x	1.74 x	1.56 x	1.29 x
EV / Revenue	1.27 x	1.08 x	1.36 x	0.77 x	1.88 x	1.28 x	1.23 x	0.98 x
EV / EBITDA	10.1 x	11.7 x	8.69 x	5.9 x	18.8 x	10.1 x	9.03 x	6.93 x
EV / FCF	-79.1 x	9.51 x	31.5 x	22.8 x	-43.5 x	-41.4 x	13.2 x	12.6 x
FCF Yield	-1.26%	10.5%	3.17%	4.39%	-2.3%	-2.42%	7.59%	7.95%
Price to Book	2.3 x	1.86 x	2.7 x	1.61 x	2.44 x	2.46 x	2.21 x	2.02 x
Nbr of stocks (in thousands)	197,074	197,074	197,074	190,214	197,609	204,780	-	-
Reference price ²	340.5	332.5	512.0	315.0	520.0	599.0	599.0	599.0
Announcement Date	20-03-15	21-03-10	22-03-04	23-03-16	24-03-12	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	44,693	48,497	62,557	60,256	48,222	70,611	78,494	95,127
EBITDA ¹	5,663	4,468	9,827	7,890	4,827	8,915	10,664	13,419
EBIT ¹	5,210	3,890	9,084	6,844	3,622	6,878	10,488	12,603
Operating Margin	11.66%	8.02%	14.52%	11.36%	7.51%	9.74%	13.36%	13.25%
Earnings before Tax (EBT) ¹	5,351	9,693	9,738	6,297	4,099	8,812	9,903	12,542
Net income ¹	4,543	8,699	8,147	5,401	3,624	7,511	7,767	10,786
Net margin	10.17%	17.94%	13.02%	8.96%	7.52%	10.64%	9.89%	11.34%
EPS ²	22.78	43.01	41.34	26.06	17.57	38.85	39.41	52.44
Free Cash Flow ¹	-719.8	5,492	2,706	2,044	-2,087	-2,176	7,306	7,393
FCF margin	-1.61%	11.32%	4.33%	3.39%	-4.33%	-3.08%	9.31%	7.77%
FCF Conversion (EBITDA)	-	122.91%	27.54%	25.91%	-	-	68.51%	55.09%
FCF Conversion (Net income)	-	63.13%	33.22%	37.85%	-	-	94.07%	68.54%
Dividend per Share ²	13.00	23.00	23.00	14.72	13.26	19.77	23.39	26.93
Announcement Date	20-03-15	21-03-10	22-03-04	23-03-16	24-03-12	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	16,833	17,106	16,285	14,575	12,290	10,078	10,007	12,389	15,748	16,526	15,852	17,438	17,471	16,651	18,160
EBITDA	2,071	-	2,169	1,497	1,535	-	1,021	827.1	1,836	-	-	-	-	-	-
EBIT ¹	1,860	2,460	1,920	1,221	1,243	838.4	717.5	524.9	1,541	1,252	1,125	1,630	1,522	2,082	2,716
Operating Margin	11.05%	14.38%	11.79%	8.38%	10.12%	8.32%	7.17%	4.24%	9.79%	7.57%	7.09%	9.35%	8.71%	12.5%	14.96%
Earnings before Tax (EBT) ¹	2,068	2,623	2,177	1,336	161.3	314.1	650.4	951.6	2,183	2,834	1,746	2,265	2,255	1,714	2,028
Net income ¹	1,812	2,185	1,807	1,192	217.2	242.1	440.7	858	2,084	2,420	1,490	1,949	1,935	1,431	1,706
Net margin	10.76%	12.77%	11.09%	8.18%	1.77%	2.4%	4.4%	6.93%	13.23%	14.64%	9.4%	11.18%	11.08%	8.59%	9.39%
EPS ²	10.19	10.47	9.170	5.840	1.230	1.260	2.280	4.320	9.990	12.02	7.312	9.570	9.508	6.902	8.340
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	22-03-04	22-05-06	22-07-29	22-11-04	23-03-16	23-05-10	23-08-04	23-11-07	24-03-12	24-05-13	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	10,172	13,285	15,522	13,367	12,025	32,630	26,411	29,638
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-720	5,492	2,706	2,044	-2,087	-2,176	7,306	7,393
ROE (net income / shareholders' equity)	16.2%	27.1%	22.5%	14.4%	3.94%	17.4%	17.3%	19.6%
ROA (Net income/ Total Assets)	12.1%	20.2%	14.7%	8.78%	2.54%	10.3%	12.1%	13.7%
Assets ¹	37,537	43,100	55,293	61,505	142,801	72,673	64,205	78,730
Book Value Per Share ²	148.0	178.0	189.0	196.0	213.0	244.0	271.0	296.0
Cash Flow per Share ²	31.10	32.60	25.10	17.20	-8.170	50.00	33.40	42.00
Capex ¹	520	1,110	2,391	1,527	391	663	1,116	1,200
Capex / Sales	1.16%	2.29%	3.82%	2.53%	0.81%	0.94%	1.42%	1.26%
Announcement Date	20-03-15	21-03-10	22-03-04	23-03-16	24-03-12	-	-	-

¹TWD in Million²TWD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Phison Electronics Corp.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

599 TWD

Average target price

689.1 TWD

Spread / Average Target

+15.05%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Memory Chips (RAM)

	1st Jan change	Capi.
PHISON ELECTRONICS CORP.	+15.19%	3.86B
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TRANSCEND INFORMATION, INC.	+55.71%	1.68B
PUYA SEMICONDUCTOR (SHANGHAI) CO., LTD.	+35.47%	1.39B
ESPRESSIF SYSTEMS (SHANGHAI) CO., LTD.	+8.68%	1.22B
SMART GLOBAL HOLDINGS, INC.	+18.28%	1.17B
SINO WEALTH ELECTRONIC LTD.	-12.15%	939M
MOTORCOMM ELECTRONIC TECHNOLOGY CO., LTD.	-39.22%	701M
JEJU SEMICONDUCTOR CORP.	+43.07%	475M

Memory Chips (RAM)