QST INTERNATIONAL CORP.

Financials QST International Corp.

Equities

8349

TW0008349002

Auto, Truck & Motorcycle Parts

End-of-day quote Taipei Exchange Other stock markets 18:00:00 2024-05-16 EDT			5-day change	1st Jan Change
71.2 ^TWD	-0.42%		-7.05%	+16.34%

03-25	QST International Corp. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
03-12	QST International Corp. Announces Cash Dividend for Common Shares for the Year 2023, Payable on May 10, 2024	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	9,299	7,565	7,937	7,115	8,183	9,195
Enterprise Value (EV) ¹	14,662	12,848	12,659	12,865	14,853	17,072
P/E ratio	15.6 x	31.2 x	28.9 x	20.7 x	13.6 x	20.7 x
Yield	5.82%	3.08%	3.05%	2.01%	3.54%	2.45%
Capitalization / Revenue	0.86 x	0.76 x	0.9 x	0.7 x	0.71 x	0.75 x
EV / Revenue	1.35 x	1.29 x	1.43 x	1.26 x	1.29 x	1.4 x
EV / EBITDA	9.78 x	12.3 x	12.9 x	11.9 x	11.4 x	12.2 x
EV / FCF	30.8 x	31 x	78.4 x	-15.2 x	-13.1 x	-122 x
FCF Yield	3.24%	3.23%	1.28%	-6.56%	-7.65%	-0.82%
Price to Book	2.19 x	2.03 x	1.83 x	1.63 x	1.48 x	1.71 x
Nbr of stocks (in thousands)	140,596	140,773	140,773	143,913	159,825	150,245
Reference price ²	66.14	53.74	56.38	49.44	51.20	61.20
Announcement Date	19-03-28	20-03-30	21-03-30	22-03-31	23-03-29	24-03-25

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	10,840	9,925	8,824	10,193	11,476	12,238
EBITDA ¹	1,498	1,048	980	1,085	1,304	1,403
EBIT ¹	825	364.8	346.4	461.4	603.9	707.9
Operating Margin	7.61%	3.68%	3.93%	4.53%	5.26%	5.78%
Earnings before Tax (EBT) ¹	945.4	337.1	398	478.5	744.5	679.8
Net income ¹	627.3	251.2	293.4	376.1	589	473.5
Net margin	5.79%	2.53%	3.32%	3.69%	5.13%	3.87%
EPS ²	4.228	1.723	1.953	2.385	3.753	2.960
Free Cash Flow ¹	475.4	415.1	161.4	-844.2	-1,136	-139.4
FCF margin	4.39%	4.18%	1.83%	-8.28%	-9.9%	-1.14%
FCF Conversion (EBITDA)	31.72%	39.6%	16.47%	-	-	-
FCF Conversion (Net income)	75.78%	165.21%	55.03%	-	-	-
Dividend per Share ²	3.853	1.654	1.718	0.9921	1.812	1.498
Announcement Date	19-03-28	20-03-30	21-03-30	22-03-31	23-03-29	24-03-25

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q3	2022 Q4
Net sales ¹	-	2,970
EBITDA	-	-
EBIT ¹	-	154.3
Operating Margin	-	5.2%
Earnings before Tax (EBT) ¹	-	169.4
Net income ¹	207.5	134.5
Net margin	-	4.53%
EPS ²	1.373	0.8821
Dividend per Share	-	-
Announcement Date	22-11-11	23-03-29

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	5,363	5,283	4,722	5,750	6,670	7,877
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.579 x	5.041 x	4.818 x	5.299 x	5.114 x	5.613 x
Free Cash Flow ¹	475	415	161	-844	-1,136	-139
ROE (net income / shareholders' equity)	14%	5.51%	6.43%	7.62%	11.1%	7.7%
ROA (Net income/ Total Assets)	4.27%	1.91%	1.76%	2.2%	2.5%	2.52%
Assets ¹	14,688	13,170	16,622	17,097	23,537	18,824
Book Value Per Share ²	30.20	26.50	30.70	30.30	34.70	35.70
Cash Flow per Share ²	3.220	4.890	8.240	6.450	14.10	11.10
Capex ¹	781	622	637	721	1,442	1,578
Capex / Sales	7.2%	6.27%	7.22%	7.08%	12.57%	12.9%
Announcement Date	19-03-28	20-03-30	21-03-30	22-03-31	23-03-29	24-03-25

¹TWD in Million²TWD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

Company calendar

Sector Other Auto, Truck & Motorcycle Parts

	1st Jan change	Capi.
QST INTERNATIONAL CORP.	+16.34%	357M
DENSO CORPORATION	+23.77%	49.3B
APTIV PLC	-8.48%	22.34B
WEICHAI POWER CO., LTD.	+20.25%	19.84B
FUYAO GLASS INDUSTRY GROUP CO., LTD.	+27.95%	16.94B
HYUNDAI MOBIS CO.,LTD	-4.22%	15.1B
MAGNA INTERNATIONAL INC.	-17.45%	13.65B
CONTINENTAL AG	-19.01%	13.55B
SUMITOMO ELECTRIC INDUSTRIES, LTD.	+32.05%	11.9B
BOSCH LIMITED	+39.02%	10.98B

Other Auto, Truck & Motorcycle Parts

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