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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.5x - 0.6x | 0.5x |
| Selected Fwd Ps Multiple | 0.4x - 0.4x | 0.4x |
| Fair Value | NT$ 25.43 - NT$ 28.11 | NT$ 26.77 |
| Upside | 41.7% - 56.6% | 49.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Chang-Ho Fibre Corporation | 146,800.0% | TWSE:1468 |
| Everest Textile Co., Ltd. | 146,000.0% | TWSE:1460 |
| Li Peng Enterprise Co., Ltd. | 144,700.0% | TWSE:1447 |
| I-Hwa Industrial Co.,Ltd | 145,600.0% | TWSE:1456 |
| Wisher Industrial Co., Ltd. | 146,500.0% | TWSE:1465 |
| Mytrex Health Technologies, Inc. | 443,100.0% | TPEX:4431 |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| 1468 | 1460 | 1447 | 1456 | 1465 | 4431 | |||
| TWSE:1468 | TWSE:1460 | TWSE:1447 | TWSE:1456 | TWSE:1465 | TPEX:4431 | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 1.3% | -1.4% | 19.0% | -0.5% | -6.9% | 34.6% | ||
| 3Y CAGR | -1.8% | -6.2% | 12.8% | -23.9% | 3.9% | 82.0% | ||
| Latest Twelve Months | 2.4% | 5.4% | 17.4% | -38.1% | -15.0% | 36.0% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 5.2% | -5.8% | -1.0% | 3.9% | -0.1% | 6.0% | ||
| Prior Fiscal Year | 2.6% | -15.5% | -1.5% | 0.3% | 9.9% | -4.3% | ||
| Latest Fiscal Year | 14.0% | -3.4% | 0.1% | 9.9% | 13.7% | -4.7% | ||
| Latest Twelve Months | 14.0% | -3.4% | 0.1% | 9.9% | 13.7% | -4.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 36.5x | 17.7x | 30.3x | 49.4x | -47.6x | -202.3x | ||
| Price / LTM Sales | 2.1x | 0.6x | 0.2x | 1.3x | 2.9x | 0.4x | ||
| LTM P/E Ratio | 14.9x | -16.5x | 137.1x | 13.3x | 21.5x | -8.0x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.2x | 1.3x | 2.9x | |||||
| Historical LTM P/S Ratio | 0.4x | 0.9x | 2.1x | |||||
| Selected Price / Sales Multiple | 0.5x | 0.5x | 0.6x | |||||
| (x) LTM Sales | 1,759 | 1,759 | 1,759 | |||||
| (=) Equity Value | 909 | 957 | 1,005 | |||||
| (/) Shares Outstanding | 36.5 | 36.5 | 36.5 | |||||
| Implied Value Range | 24.89 | 26.20 | 27.51 | |||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 24.89 | 26.20 | 27.51 | 17.95 | ||||
| Upside / (Downside) | 38.7% | 46.0% | 53.3% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1468 | 1460 | 1447 | 1456 | 1465 | 4431 | |
| Value of Common Equity | 2,262 | 4,586 | 5,475 | 1,373 | 1,451 | 656 | |
| (/) Shares Outstanding | 160.4 | 674.5 | 843.5 | 93.7 | 103.6 | 36.5 | |
| Implied Stock Price | 14.10 | 6.80 | 6.49 | 14.65 | 14.00 | 17.95 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 14.10 | 6.80 | 6.49 | 14.65 | 14.00 | 17.95 | |
| Trading Currency | TWD | TWD | TWD | TWD | TWD | TWD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |