Financials Lotes Co., Ltd

Equities

3533

TW0003533006

Electronic Equipment & Parts

End-of-day quote Taiwan S.E. Other stock markets 06:00:00 2024-05-02 pm EDT			5-day change	1st Jan Change
1,425 ^TWD	+1.06%		-2.06%	+33.18%

Mar. 15	Lotes Co., Ltd Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Lotes 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	2026
Capitalization ¹	33,372	49,100	80,649	88,280	119,123	158,848	-	-
Enterprise Value (EV) ¹	32,653	46,175	79,445	83,394	108,505	144,445	141,520	135,315
P/E ratio	16.1 x	18 x	23.3 x	14.3 x	21.1 x	21.1 x	17.5 x	13.1 x
Yield	3.26%	2.8%	2.1%	3.15%	2.43%	2.22%	2.67%	3.54%
Capitalization / Revenue	2.21 x	2.84 x	3.77 x	3.26 x	4.87 x	5.6 x	4.67 x	3.87 x
EV / Revenue	2.16 x	2.67 x	3.71 x	3.08 x	4.43 x	5.09 x	4.16 x	3.3 x
EV / EBITDA	8.62 x	9.52 x	14.1 x	8.74 x	11.6 x	12.3 x	9.76 x	8.01 x
EV / FCF	14.6 x	27.2 x	-84.3 x	20.6 x	16.9 x	27.1 x	23.2 x	-
FCF Yield	6.84%	3.67%	-1.19%	4.87%	5.9%	3.7%	4.32%	-
Price to Book	2.82 x	3.64 x	4.78 x	3.87 x	4.25 x	5.18 x	4.25 x	3.35 x
Nbr of stocks (in thousands)	103,478	103,478	105,978	106,876	111,330	111,472	-	-
Reference price ²	322.5	474.5	761.0	826.0	1,070	1,425	1,425	1,425
Announcement Date	3/29/20	3/24/21	3/20/22	3/23/23	3/15/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	15,089	17,291	21,392	27,099	24,483	28,358	34,002	41,062
EBITDA ¹	3,786	4,849	5,644	9,538	9,338	11,762	14,506	16,887
EBIT ¹	2,751	3,708	4,359	7,269	6,946	9,252	11,308	14,758
Operating Margin	18.23%	21.44%	20.38%	26.82%	28.37%	32.63%	33.26%	35.94%
Earnings before Tax (EBT) ¹	2,832	3,670	4,540	8,189	7,520	9,886	11,684	-
Net income ¹	2,076	2,732	3,472	6,254	5,593	7,506	8,995	-
Net margin	13.76%	15.8%	16.23%	23.08%	22.84%	26.47%	26.45%	-
EPS ²	20.06	26.34	32.69	57.87	50.65	67.65	81.42	109.0
Free Cash Flow ¹	2,232	1,695	-942.2	4,058	6,402	5,339	6,113	-
FCF margin	14.79%	9.8%	-4.4%	14.97%	26.15%	18.83%	17.98%	-
FCF Conversion (EBITDA)	58.95%	34.94%	-	42.55%	68.56%	45.39%	42.14%	-
FCF Conversion (Net income)	107.51%	62.02%	-	64.88%	114.46%	71.13%	67.95%	-
Dividend per Share ²	10.50	13.30	16.00	26.00	26.00	31.60	38.01	50.40
Announcement Date	3/29/20	3/24/21	3/20/22	3/23/23	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	2025 Q1
Net sales ¹	5,733	6,056	6,146	6,652	7,269	7,033	5,727	5,722	6,464	6,571	6,234	6,801	7,638	7,924	7,311
EBITDA ¹	1,473	1,796	2,104	2,238	2,414	2,781	2,140	2,120	2,518	2,559	2,581	2,825	3,174	3,473	-
EBIT ¹	1,083	1,285	1,582	1,680	1,826	2,181	1,530	1,500	1,924	1,991	1,890	2,157	2,543	2,677	2,296
Operating Margin	18.89%	21.22%	25.75%	25.26%	25.11%	31.01%	26.72%	26.22%	29.76%	30.31%	30.31%	31.71%	33.3%	33.79%	31.4%
Earnings before Tax (EBT) ¹	1,142	1,324	1,831	1,985	2,399	1,974	1,536	1,926	2,397	1,662	2,122	2,282	2,609	2,733	2,313
Net income ¹	925.4	1,004	1,384	1,509	1,909	1,453	1,182	1,285	1,867	1,259	1,611	1,694	2,079	2,205	1,774
Net margin	16.14%	16.58%	22.51%	22.69%	26.26%	20.65%	20.63%	22.45%	28.89%	19.17%	25.84%	24.91%	27.22%	27.83%	24.27%
EPS ²	8.820	8.980	12.82	14.21	17.67	13.42	10.90	11.46	16.77	11.63	13.78	15.23	18.48	19.03	16.92
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/12/21	3/20/22	5/13/22	8/12/22	11/14/22	3/23/23	5/15/23	8/11/23	11/14/23	3/15/24	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	718	2,925	1,205	4,885	10,618	14,402	17,327	23,533
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,232	1,695	-942	4,058	6,402	5,339	6,113	-
ROE (net income / shareholders' equity)	19.5%	21.6%	22.9%	31.5%	22.1%	25.4%	26.2%	28.1%
ROA (Net income/ Total Assets)	13.8%	15.4%	15.2%	20.9%	15.7%	19.8%	20.4%	-
Assets ¹	15,035	17,782	22,851	29,858	35,667	37,838	44,094	-
Book Value Per Share ²	114.0	130.0	159.0	213.0	252.0	275.0	335.0	426.0
Cash Flow per Share ²	32.50	33.40	25.30	71.50	82.70	74.20	81.00	120.0
Capex ¹	1,128	1,774	3,632	3,675	2,731	2,462	2,652	3,000
Capex / Sales	7.47%	10.26%	16.98%	13.56%	11.16%	8.68%	7.8%	7.31%
Announcement Date	3/29/20	3/24/21	3/20/22	3/23/23	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 Lotes Co., Ltd

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,425 TWD

Average target price

1,640 TWD

Spread / Average Target

+15.10%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Electronic Component

	1st Jan change	Capi.
LOTES CO., LTD	+33.18%	4.92B
AMPHENOL CORPORATION	+23.72%	73.66B
HON HAI PRECISION INDUSTRY CO., LTD.	+49.28%	66.97B
MURATA MANUFACTURING CO., LTD	-6.52%	34.57B
LUXSHARE PRECISION INDUSTRY CO., LTD.	-15.24%	28.96B
JABIL INC.	-7.99%	14.14B
AVIC JONHON OPTRONIC TECHNOLOGY CO.,LTD.	-11.85%	10.07B
LENS TECHNOLOGY CO., LTD.	+8.41%	9.77B
SUZHOU TFC OPTICAL COMMUNICATION CO., LTD.	+76.30%	8.8B
EOPTOLINK TECHNOLOGY INC., LTD.	+75.39%	8.49B

Electronic Component