Stock 1402 FAR EASTERN NEW CENTURY CORPORATION
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Financials Far Eastern New Century Corporation

Equities

1402

TW0001402006

Consumer Goods Conglomerates

End-of-day quote Taiwan S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
32.05 TWD -0.31% Intraday chart for Far Eastern New Century Corporation +2.89% +2.72%
Mar. 15 Far Eastern New Century Corporation Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 Far Eastern New Century Corporation Announces Executive Changes CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 159,760 154,943 156,816 170,732 166,985 171,535 -
Enterprise Value (EV) 1 349,150 387,425 374,998 394,404 381,684 393,312 375,189
P/E ratio 13.9 x 18 x 15.1 x 19.6 x 19 x 19.3 x 16.2 x
Yield 5.03% 4.66% 5.12% 4.23% 4.33% 3.86% 4.24%
Capitalization / Revenue 0.64 x 0.75 x 0.66 x 0.65 x 0.65 x 0.64 x 0.61 x
EV / Revenue 1.4 x 1.87 x 1.57 x 1.49 x 1.48 x 1.47 x 1.34 x
EV / EBITDA 8.77 x 10.8 x 9.66 x 9.64 x 8.86 x 9.04 x 8.19 x
EV / FCF 18.1 x 17.5 x 22.9 x 25.2 x - 29.9 x 27.9 x
FCF Yield 5.53% 5.72% 4.36% 3.97% - 3.34% 3.59%
Price to Book 0.78 x 0.76 x 0.76 x 0.82 x 0.74 x 0.73 x 0.73 x
Nbr of stocks (in thousands) 5,352,096 5,352,096 5,352,096 5,352,096 5,352,096 5,352,096 -
Reference price 2 29.85 28.95 29.30 31.90 31.20 32.05 32.05
Announcement Date 3/30/20 3/31/21 3/31/22 3/16/23 3/15/24 - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 250,147 206,769 238,806 263,945 257,204 267,854 280,520
EBITDA 1 39,825 35,755 38,824 40,907 43,103 43,507 45,833
EBIT 1 13,763 10,002 11,712 14,350 14,973 15,663 17,953
Operating Margin 5.5% 4.84% 4.9% 5.44% 5.82% 5.85% 6.4%
Earnings before Tax (EBT) 1 19,130 16,123 17,827 17,150 18,758 18,508 21,130
Net income 1 10,733 8,063 9,685 8,160 8,229 8,299 10,027
Net margin 4.29% 3.9% 4.06% 3.09% 3.2% 3.1% 3.57%
EPS 2 2.140 1.610 1.940 1.630 1.640 1.663 1.981
Free Cash Flow 1 19,319 22,157 16,350 15,641 - 13,142 13,468
FCF margin 7.72% 10.72% 6.85% 5.93% - 4.91% 4.8%
FCF Conversion (EBITDA) 48.51% 61.97% 42.11% 38.23% - 30.21% 29.38%
FCF Conversion (Net income) 180% 274.81% 168.83% 191.67% - 158.36% 134.32%
Dividend per Share 2 1.500 1.350 1.500 1.350 1.350 1.236 1.358
Announcement Date 3/30/20 3/31/21 3/31/22 3/16/23 3/15/24 - -
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
Net sales 1 58,446 65,619 63,384 69,296 67,195 64,069 61,539 63,318 65,385 66,963 62,312 63,689 65,705 67,593
EBITDA 1 9,316 8,815 11,159 12,210 9,672 8,673 9,952 10,822 11,242 11,087 9,961 10,709 11,564 11,248
EBIT 1 2,531 2,003 4,263 5,297 2,738 2,051 2,966 3,769 4,166 4,071 3,061 3,809 4,664 4,348
Operating Margin 4.33% 3.05% 6.73% 7.64% 4.08% 3.2% 4.82% 5.95% 6.37% 6.08% 4.91% 5.98% 7.1% 6.43%
Earnings before Tax (EBT) 1 4,850 2,716 4,982 5,811 4,344 2,013 3,915 5,398 4,604 4,841 3,497 4,583 5,341 5,087
Net income 1 2,258 1,196 2,753 3,080 2,298 29.33 1,461 2,273 1,981 2,514 954 2,156 2,736 2,454
Net margin 3.86% 1.82% 4.34% 4.44% 3.42% 0.05% 2.37% 3.59% 3.03% 3.75% 1.53% 3.39% 4.16% 3.63%
EPS 2 0.4500 0.2400 0.5500 0.6200 0.4600 0.0100 0.2900 0.4500 0.4000 0.5000 0.1900 0.4300 0.5500 0.4900
Dividend per Share - - - - - - - - - - - - - -
Announcement Date 11/15/21 3/31/22 5/16/22 8/15/22 11/14/22 3/16/23 5/15/23 8/14/23 11/14/23 3/15/24 - - - -
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 189,390 232,482 218,182 223,672 214,699 221,778 203,654
Net Cash position 1 - - - - - - -
Leverage (Debt/EBITDA) 4.756 x 6.502 x 5.62 x 5.468 x 4.981 x 5.098 x 4.443 x
Free Cash Flow 1 19,319 22,157 16,350 15,641 - 13,142 13,468
ROE (net income / shareholders' equity) 5.26% 3.95% 4.72% 3.93% 3.8% 3.78% 4.51%
ROA (Net income/ Total Assets) 1.88% 1.35% 1.55% 1.26% 1.2% 1.3% 1.5%
Assets 1 570,826 596,530 626,024 646,565 685,767 638,385 668,467
Book Value Per Share 2 38.20 38.10 38.50 39.00 42.10 44.10 44.20
Cash Flow per Share 2 8.770 8.300 7.320 7.680 9.280 5.320 8.300
Capex 1 24,630 19,332 20,174 22,870 22,044 15,177 15,749
Capex / Sales 9.85% 9.35% 8.45% 8.66% 8.57% 5.67% 5.61%
Announcement Date 3/30/20 3/31/21 3/31/22 3/16/23 3/15/24 - -
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 Far Eastern New Century Corporation

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
4
Last Close Price
32.05 TWD
Average target price
32.67 TWD
Spread / Average Target
+1.92%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Consumer Goods Conglomerates
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