Stock 8923 CHINA TIMES PUBLISHING COMP.
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Financials China Times Publishing Comp.

Equities

8923

TW0008923004

Consumer Publishing

End-of-day quote Taipei Exchange
Other stock markets
 06:00:00 2024-04-28 pm EDT 		5-day change 1st Jan Change
20.1 TWD -0.50% Intraday chart for China Times Publishing Comp. -1.23% +1.77%
Feb. 29 China Times Publishing Comp. Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 China Times Publishing Comp. 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 1 431.3 469.3 463.2 525.5 637.9 599.9
Enterprise Value (EV) 1 232.7 294.6 282 311.4 442.3 410.4
P/E ratio 14.9 x 15.6 x 16.2 x 17.5 x 18.6 x 22.4 x
Yield 5.99% 5.5% 5.57% 5.2% 4.76% 4.05%
Capitalization / Revenue 1.02 x 1.1 x 1.08 x 1.19 x 1.36 x 1.41 x
EV / Revenue 0.55 x 0.69 x 0.66 x 0.71 x 0.94 x 0.96 x
EV / EBITDA 4.17 x 5.76 x 5.55 x 4.91 x 7.66 x 7.27 x
EV / FCF 4.45 x 16.5 x 25.9 x 7.07 x 11.5 x 83.2 x
FCF Yield 22.5% 6.08% 3.86% 14.1% 8.67% 1.2%
Price to Book 0.99 x 1.07 x 1.06 x 1.18 x 1.41 x 1.34 x
Nbr of stocks (in thousands) 30,376 30,376 30,376 30,376 30,376 30,376
Reference price 2 14.20 15.45 15.25 17.30 21.00 19.75
Announcement Date 3/29/19 3/30/20 3/29/21 3/29/22 3/30/23 2/29/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 421.9 427.7 429.5 441.2 468.8 426.6
EBITDA 1 55.75 51.14 50.8 63.45 57.75 56.45
EBIT 1 20.85 17.48 18.62 32.99 26.62 26.23
Operating Margin 4.94% 4.09% 4.33% 7.48% 5.68% 6.15%
Earnings before Tax (EBT) 1 31.4 35.7 35.38 36.87 42.59 32.11
Net income 1 28.95 30.3 28.69 30.25 34.41 26.86
Net margin 6.86% 7.08% 6.68% 6.86% 7.34% 6.3%
EPS 2 0.9500 0.9900 0.9400 0.9900 1.130 0.8800
Free Cash Flow 1 52.36 17.9 10.89 44.02 38.33 4.931
FCF margin 12.41% 4.18% 2.54% 9.98% 8.18% 1.16%
FCF Conversion (EBITDA) 93.91% 35% 21.44% 69.38% 66.37% 8.74%
FCF Conversion (Net income) 180.83% 59.08% 37.95% 145.51% 111.38% 18.36%
Dividend per Share 2 0.8500 0.8500 0.8500 0.9000 1.000 0.8000
Announcement Date 3/29/19 3/30/20 3/29/21 3/29/22 3/30/23 2/29/24
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 199 175 181 214 196 190
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 52.4 17.9 10.9 44 38.3 4.93
ROE (net income / shareholders' equity) 6.65% 6.93% 6.55% 6.86% 7.68% 5.96%
ROA (Net income/ Total Assets) 1.7% 1.41% 1.48% 2.6% 1.98% 1.89%
Assets 1 1,699 2,147 1,936 1,164 1,737 1,421
Book Value Per Share 2 14.40 14.40 14.40 14.60 14.90 14.80
Cash Flow per Share 2 1.430 1.270 1.470 2.530 3.020 1.330
Capex 1 0.78 - 0.34 - - 0.35
Capex / Sales 0.18% - 0.08% - - 0.08%
Announcement Date 3/29/19 3/30/20 3/29/21 3/29/22 3/30/23 2/29/24
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Book Publishing

1st Jan change Capi.
CHINA TIMES PUBLISHING COMP. Stock China Times Publishing Comp.
+1.77% 18.81M
SHANDONG PUBLISHING&MEDIA CO.,LTD Stock Shandong Publishing&Media Co.,Ltd
+7.04% 2.89B
CHINESE UNIVERSE PUBLISHING AND MEDIA GROUP CO., LTD. Stock Chinese Universe Publishing and Media Group Co., Ltd.
+10.62% 2.71B
ZHEJIANG PUBLISHING & MEDIA CO., LTD. Stock Zhejiang Publishing & Media Co., Ltd.
+13.61% 2.58B
CHINA SCIENCE PUBLISHING & MEDIA LTD. Stock China Science Publishing & Media Ltd.
-3.28% 2.53B
COL GROUP CO.,LTD. Stock COL Group Co.,Ltd.
-1.48% 2.48B
CHINA PUBLISHING & MEDIA HOLDINGS CO., LTD. Stock China Publishing & Media Holdings Co., Ltd.
-7.55% 1.94B
ANHUI XINHUA MEDIA CO., LTD. Stock Anhui Xinhua Media Co., Ltd.
+7.05% 1.93B
CENTRAL CHINA LAND MEDIA CO.,LTD Stock Central china land media CO.,LTD
+7.71% 1.44B
HEILONGJIANG PUBLISHING & MEDIA CO., LTD. Stock Heilongjiang Publishing & Media Co., Ltd.
-23.83% 1.06B
Book Publishing
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