Stock 2027 TA CHEN STAINLESS PIPE CO., LTD.
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Financials Ta Chen Stainless Pipe Co., Ltd.

Equities

2027

TW0002027000

Iron & Steel

End-of-day quote Taiwan S.E.
Other stock markets
 18:00:00 2024-04-29 EDT 		5-day change 1st Jan Change
36.8 TWD -1.21% Intraday chart for Ta Chen Stainless Pipe Co., Ltd. -2.13% -7.07%
03-15 Ta Chen Stainless Pipe Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 Ta Chen Stainless Pipe Co., Ltd. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 38,877 49,871 89,060 75,751 84,899 80,611 -
Enterprise Value (EV) 1 88,248 95,963 119,656 107,076 84,899 113,470 120,862
P/E ratio 21.5 x -71.1 x 8.06 x 6.81 x 17.3 x 15.6 x 12.8 x
Yield 3.12% - 3.89% 5.66% - 3.4% 4.6%
Capitalization / Revenue 0.5 x 0.84 x 0.92 x 0.66 x 0.84 x 0.81 x 0.74 x
EV / Revenue 1.13 x 1.62 x 1.24 x 0.94 x 0.84 x 1.14 x 1.11 x
EV / EBITDA 11.6 x 23.4 x 5.66 x 5.1 x 7.28 x 8.74 x 8.33 x
EV / FCF -77.3 x 24.3 x 10.8 x -24 x - 11.8 x 18.3 x
FCF Yield -1.29% 4.12% 9.29% -4.17% - 8.46% 5.46%
Price to Book 1.46 x 1.74 x 1.89 x 1.36 x - - -
Nbr of stocks (in thousands) 1,499,578 1,931,100 2,333,857 2,143,909 2,143,909 2,143,909 -
Reference price 2 25.93 25.83 38.16 35.33 39.60 37.60 37.60
Announcement Date 20-03-29 21-03-29 22-03-15 23-03-16 24-03-15 - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 77,874 59,235 96,886 114,149 101,257 99,868 108,627
EBITDA 1 7,582 4,096 21,148 20,987 11,654 12,980 14,506
EBIT 1 5,407 1,823 18,937 18,526 8,856 9,757 11,254
Operating Margin 6.94% 3.08% 19.55% 16.23% 8.75% 9.77% 10.36%
Earnings before Tax (EBT) 1 3,144 -80.41 15,414 19,186 9,608 9,331 11,134
Net income 1 1,821 -573.4 9,673 12,026 5,331 5,852 7,140
Net margin 2.34% -0.97% 9.98% 10.54% 5.26% 5.86% 6.57%
EPS 2 1.205 -0.3630 4.736 5.192 2.290 2.405 2.935
Free Cash Flow 1 -1,141 3,956 11,113 -4,462 - 9,602 6,601
FCF margin -1.47% 6.68% 11.47% -3.91% - 9.61% 6.08%
FCF Conversion (EBITDA) - 96.58% 52.55% - - 73.98% 45.51%
FCF Conversion (Net income) - - 114.88% - - 164.08% 92.44%
Dividend per Share 2 0.8089 - 1.485 2.000 - 1.280 1.730
Announcement Date 20-03-29 21-03-29 22-03-15 23-03-16 24-03-15 - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 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
Net sales 1 26,020 24,423 30,240 32,272 27,737 23,900 28,967 26,369 24,210 21,711 23,860 25,843 25,684 24,482 24,376
EBITDA - - - - - - - - - - - - - - -
EBIT 1 5,680 5,474 7,257 6,905 2,083 2,281 3,447 2,580 1,850 978.6 2,176 2,654 2,752 2,176 2,351
Operating Margin 21.83% 22.42% 24% 21.4% 7.51% 9.54% 11.9% 9.79% 7.64% 4.51% 9.12% 10.27% 10.72% 8.89% 9.64%
Earnings before Tax (EBT) 1 4,784 4,603 6,562 8,538 3,174 913.2 3,230 3,324 2,283 771.7 1,993 3,037 3,202 1,954 2,273
Net income 1 3,037 2,866 4,286 5,469 1,675 595.5 1,980 1,632 1,264 454.4 1,206 1,960 2,030 1,154 1,432
Net margin 11.67% 11.73% 14.17% 16.95% 6.04% 2.49% 6.84% 6.19% 5.22% 2.09% 5.06% 7.58% 7.91% 4.71% 5.87%
EPS 2 1.535 1.295 1.840 2.342 0.7167 0.2667 0.8583 0.7000 0.5500 0.2000 0.4950 0.8050 0.8350 0.4700 0.5900
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 21-11-12 22-03-15 22-05-12 22-08-12 22-11-14 23-03-16 23-05-15 23-08-14 23-11-14 24-03-15 - - - - -
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 49,371 46,092 30,596 31,325 - 32,859 40,251
Net Cash position 1 - - - - - - -
Leverage (Debt/EBITDA) 6.512 x 11.25 x 1.447 x 1.493 x - 2.532 x 2.775 x
Free Cash Flow 1 -1,141 3,956 11,113 -4,462 - 9,602 6,601
ROE (net income / shareholders' equity) 6.48% -2.12% 25% 21.4% - 7.6% 8.84%
ROA (Net income/ Total Assets) 1.8% -0.57% 9.34% 9.41% - 4.62% 5.44%
Assets 1 101,154 100,724 103,598 127,758 - 126,804 131,259
Book Value Per Share 17.80 14.90 20.10 26.00 - - -
Cash Flow per Share - - - - - - -
Capex 1 2,817 1,654 1,596 8,556 - 7,742 8,129
Capex / Sales 3.62% 2.79% 1.65% 7.5% - 7.75% 7.48%
Announcement Date 20-03-29 21-03-29 22-03-15 23-03-16 24-03-15 - -
1TWD in Million
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Ta Chen Stainless Pipe Co., Ltd.

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
2
Last Close Price
37.6 TWD
Average target price
40.25 TWD
Spread / Average Target
+7.05%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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