Stock 9938 TAIWAN PAIHO LIMITED
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Financials Taiwan Paiho Limited

Equities

9938

TW0009938001

Textiles & Leather Goods

End-of-day quote Taiwan S.E.
Other stock markets
 18:00:00 2024-05-02 EDT 		5-day change 1st Jan Change
64 TWD +0.63% Intraday chart for Taiwan Paiho Limited -1.08% +11.11%
04-08 Taiwan Paiho Limited Reports Unaudited Consolidated Sales Results for the Month and Year to Date Ended March 31, 2024 CI
03-14 Taiwan Paiho Limited Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 25,118 22,049 24,344 16,924 17,163 19,070 - -
Enterprise Value (EV) 1 32,909 26,367 29,405 25,039 25,940 27,640 27,392 26,494
P/E ratio 16.5 x 14.2 x 11.8 x 11.1 x 29.5 x 15.1 x 15.4 x -
Yield 3.56% 4.05% 4.28% - 1.74% 1.78% 3.95% 4.08%
Capitalization / Revenue 1.64 x 1.51 x 1.33 x 1.04 x 1.38 x 1.31 x 1.28 x 1.19 x
EV / Revenue 2.15 x 1.8 x 1.61 x 1.54 x 2.08 x 1.9 x 1.84 x 1.65 x
EV / EBITDA 8.57 x 6.47 x 5.59 x 6.31 x 10.9 x 6.68 x 6.38 x 4.55 x
EV / FCF -33,389,130 x 6,612,745 x 35,637,754 x -39,616,756 x - - - -
FCF Yield -0% 0% 0% -0% - - - -
Price to Book 2.7 x 2.25 x 2.26 x 1.44 x 1.48 x 1.53 x 1.46 x 1.38 x
Nbr of stocks (in thousands) 297,964 297,964 297,964 297,964 297,964 297,964 - -
Reference price 2 84.30 74.00 81.70 56.80 57.60 64.00 64.00 64.00
Announcement Date 20-03-20 21-03-25 22-03-28 23-03-27 24-03-14 - - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 15,300 14,645 18,288 16,270 12,445 14,571 14,853 16,036
EBITDA 1 3,842 4,073 5,259 3,970 2,378 4,138 4,295 5,819
EBIT 1 2,759 2,809 3,978 2,715 1,050 2,285 2,221 2,816
Operating Margin 18.03% 19.18% 21.75% 16.69% 8.44% 15.68% 14.96% 17.56%
Earnings before Tax (EBT) 1 2,536 2,684 4,027 2,571 470.8 2,010 1,571 -
Net income 1 1,522 1,552 2,060 1,520 581.2 1,264 1,239 -
Net margin 9.95% 10.6% 11.26% 9.34% 4.67% 8.67% 8.34% -
EPS 2 5.100 5.200 6.900 5.100 1.950 4.240 4.160 -
Free Cash Flow -985.6 3,987 825.1 -632 - - - -
FCF margin -6.44% 27.23% 4.51% -3.88% - - - -
FCF Conversion (EBITDA) - 97.89% 15.69% - - - - -
FCF Conversion (Net income) - 256.94% 40.06% - - - - -
Dividend per Share 2 3.000 3.000 3.500 - 1.000 1.140 2.530 2.610
Announcement Date 20-03-20 21-03-25 22-03-28 23-03-27 24-03-14 - - -
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 3,481 4,126 4,265 4,993 4,007 2,963 3,004 2,708 3,577 3,157 3,555 3,630 3,764 3,977 3,348
EBITDA - - - - - - - - - - - - - - -
EBIT 1 517.4 695.3 781.7 1,017 606.2 316.2 274.5 48.69 481.5 245.2 605 600 671 704 344
Operating Margin 14.86% 16.85% 18.33% 20.37% 15.13% 10.67% 9.14% 1.8% 13.46% 7.77% 17.02% 16.53% 17.83% 17.7% 10.27%
Earnings before Tax (EBT) 1 553.7 759.5 773.3 1,065 601.1 136.9 92.4 -52.92 343.4 87.94 497 530 601 634 292
Net income 1 348.7 442.5 463.9 557.7 400.4 97.22 135.3 71.98 254.9 119 321 323 364 376 233
Net margin 10.02% 10.73% 10.88% 11.17% 9.99% 3.28% 4.51% 2.66% 7.13% 3.77% 9.03% 8.9% 9.67% 9.45% 6.96%
EPS 2 1.170 1.480 1.550 1.880 1.340 0.3200 0.4500 0.2400 0.8600 0.4000 1.080 1.080 1.220 1.260 0.7800
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 21-11-10 22-03-28 22-05-09 22-07-12 22-11-11 23-03-27 23-05-15 23-08-11 23-11-10 24-03-14 - - - - -
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 7,791 4,317 5,061 8,115 8,777 8,570 8,323 7,424
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.028 x 1.06 x 0.9624 x 2.044 x 3.69 x 2.071 x 1.938 x 1.276 x
Free Cash Flow -986 3,987 825 -632 - - - -
ROE (net income / shareholders' equity) 16.8% 16.2% 20% 13.5% 4.98% 10.4% 9.43% 11.1%
ROA (Net income/ Total Assets) 5.61% 5.23% 6.79% 5% 1.83% 4.12% 3.82% -
Assets 1 27,131 29,685 30,339 30,385 31,753 30,667 32,435 -
Book Value Per Share 2 31.20 32.90 36.10 39.50 38.80 41.90 43.90 46.30
Cash Flow per Share 5.940 17.60 7.670 - - - - -
Capex 1 2,759 1,269 1,464 3,688 1,630 1,500 2,755 -
Capex / Sales 18.03% 8.67% 8% 22.67% 13.1% 10.29% 18.55% -
Announcement Date 20-03-20 21-03-25 22-03-28 23-03-27 24-03-14 - - -
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 Taiwan Paiho Limited

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
4
Last Close Price
64 TWD
Average target price
63.75 TWD
Spread / Average Target
-0.39%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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