Stock 2206 SANYANG MOTOR CO., LTD.
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Financials Sanyang Motor Co., Ltd.

Equities

2206

TW0002206000

Auto & Truck Manufacturers

End-of-day quote Taiwan S.E.
Other stock markets
 06:00:00 2024-04-29 pm EDT 		5-day change 1st Jan Change
84.4 TWD -1.06% Intraday chart for Sanyang Motor Co., Ltd. +12.23% +18.21%
Mar. 15 Sanyang Motor Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023 CI
Mar. 14 VMEP Enters Sales Agreement with Taiwan's Sanyang Motor; Shares Plummet 18% MT

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 16,417 17,484 28,412 21,576 26,815 56,560
Enterprise Value (EV) 1 22,419 26,044 37,285 32,117 41,419 69,644
P/E ratio 15.9 x 7.86 x 14.8 x 11.8 x 8.61 x 9 x
Yield 5% 4.74% 3.67% 4.81% 5.32% -
Capitalization / Revenue 0.52 x 0.52 x 0.7 x 0.52 x 0.53 x 0.88 x
EV / Revenue 0.72 x 0.78 x 0.91 x 0.77 x 0.81 x 1.08 x
EV / EBITDA 22.5 x 16.9 x 11.7 x 9.2 x 8.93 x 9.47 x
EV / FCF 47.2 x -15.7 x 29.7 x -39.9 x -23.3 x 18.6 x
FCF Yield 2.12% -6.37% 3.36% -2.5% -4.3% 5.37%
Price to Book 1.28 x 1.25 x 1.93 x 1.39 x 1.5 x 2.53 x
Nbr of stocks (in thousands) 820,848 820,848 795,841 797,640 792,157 792,158
Reference price 2 20.00 21.30 35.70 27.05 33.85 71.40
Announcement Date 4/1/19 3/31/20 3/31/21 3/31/22 3/16/23 3/15/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 31,351 33,383 40,775 41,617 50,851 64,461
EBITDA 1 998.3 1,537 3,185 3,490 4,640 7,352
EBIT 1 -99.57 450.9 1,959 2,223 3,417 6,111
Operating Margin -0.32% 1.35% 4.81% 5.34% 6.72% 9.48%
Earnings before Tax (EBT) 1 1,168 2,410 2,494 2,341 4,050 8,075
Net income 1 1,038 2,226 1,938 1,830 3,116 6,298
Net margin 3.31% 6.67% 4.75% 4.4% 6.13% 9.77%
EPS 2 1.260 2.710 2.410 2.300 3.930 7.930
Free Cash Flow 1 475.1 -1,659 1,254 -804.1 -1,780 3,741
FCF margin 1.52% -4.97% 3.08% -1.93% -3.5% 5.8%
FCF Conversion (EBITDA) 47.59% - 39.38% - - 50.88%
FCF Conversion (Net income) 45.75% - 64.71% - - 59.4%
Dividend per Share 2 1.000 1.010 1.309 1.300 1.800 -
Announcement Date 4/1/19 3/31/20 3/31/21 3/31/22 3/16/23 3/15/24
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 6,002 8,560 8,874 10,541 14,604 13,084
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 6.012 x 5.57 x 2.786 x 3.02 x 3.147 x 1.78 x
Free Cash Flow 1 475 -1,659 1,254 -804 -1,780 3,741
ROE (net income / shareholders' equity) 5.05% 14.9% 13.1% 11.9% 18.6% 29.2%
ROA (Net income/ Total Assets) -0.17% 0.72% 2.88% 3.07% 4.12% 6.37%
Assets 1 -617,721 310,146 67,383 59,650 75,593 98,816
Book Value Per Share 2 15.60 17.10 18.50 19.50 22.50 28.30
Cash Flow per Share 2 9.040 4.850 6.090 6.100 9.930 11.10
Capex 1 1,948 2,487 1,986 1,260 1,443 1,885
Capex / Sales 6.21% 7.45% 4.87% 3.03% 2.84% 2.92%
Announcement Date 4/1/19 3/31/20 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

Change in Enterprise Value/EBITDA

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Motorcycles & Scooters
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