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Key Info

Asia Cement Corp Web - www.asiacement.com.tw

Tel - 886-2-2733-8000

Next Reporting Date - 15.05.2019

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    Asia Cement Corp

    Materials

    TAIWAN


    DCF Model Assumptions

    Risk Free Rate

    2.00%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    3.48%

    Cost of Debt

    3.48%

    Long Term Growth

    2.00%

    Beta Assumption

    0.90

    Current Market Cap mln$

    4,467.44

    Net Debt mln$

    2,466.59

    WACC Estimate

    6.01%

    Ordinary Current Price $

    1.33

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue2088.051891.482133.542746.142932.293189.463446.563694.823948.394239.614552.314888.075248.605635.716051.38
    EBITDA Costs1780.271529.821719.251980.682089.632210.462331.262447.912567.052698.282836.212981.203133.603293.783462.16
    EBITDA307.77361.66414.28765.46842.66979.001115.301246.911381.341541.331716.091906.872115.002341.932589.23
    EBITDA Margin14.7419.1219.4227.8728.7430.6932.3633.7534.9836.3637.7039.0140.3041.5642.79
    Operating Costs1961.071698.761889.472143.952252.332370.272488.172602.012718.292845.322978.273117.453263.123415.603575.21
    Operating Profit126.98192.72244.07602.19679.95819.19958.391092.811230.091394.291574.031770.621985.482220.112476.18
    Operating Margin6.0810.1911.4421.9323.1925.6827.8129.5831.1532.8934.5836.2237.8339.3940.92
    Pretax Costs1873.401690.481854.132070.072161.452265.202368.912469.062571.352682.342798.122918.903044.893176.323313.42
    PTP214.65201.00279.41676.08770.83924.261077.651225.761377.041557.271754.191969.172203.712459.402737.97
    Pretax Margin10.2810.6313.1024.6226.2928.9831.2733.1834.8836.7338.5340.2941.9943.6445.25
    Net Income Costs1934.951769.021953.752377.172511.702691.982872.223046.253224.013423.793635.943861.254100.524354.614624.45
    Net Income153.10122.46179.79368.97420.59497.48 574.35648.57724.38815.82916.361026.821148.081281.101426.94
    Net Margin7.336.478.4313.4414.3415.6016.6617.5518.3519.2420.1321.0121.8722.7323.58
    Revenue Less Capex2197.661948.212172.502888.023089.133371.403653.613926.104204.424525.614871.335243.465644.036075.196539.29
    Capex-109.61-56.73-38.97-141.87-156.84-181.94-207.04-231.28-256.03-286.00-319.02-355.40-395.43-439.47-487.90
    Capex to Revenues-5.25-3.00-1.83-5.17-5.35-5.70-6.01-6.26-6.48-6.75-7.01-7.27-7.53-7.80-8.06
    Revenue less FCF1767.201550.421904.942580.552811.103119.463427.753725.434029.484388.494779.485205.315669.086174.176724.26
    FCF320.84341.06228.60165.60121.1969.9918.81-30.61-81.09-148.88-227.18-317.24-420.48-538.45-672.87
    FCF to Revenue15.3718.0310.716.034.132.190.55-0.83-2.05-3.51-4.99-6.49-8.01-9.55-11.12

    TAIWAN Comparables

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    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    1301 TTFormosa Plastics CorpTAIWAN 22951.6615.1013.8021.3420.033.234.9214.171.8812.9913.77
    1326 TTFormosa Chemicals & Fibre CorpTAIWAN 20942.9613.8614.8212.7913.341.715.2214.011.6611.473.01
    1303 TTNan Ya Plastics CorpTAIWAN 20080.3014.7114.7616.1216.081.954.8312.611.6011.194.43
    CNSD LIChina Steel CorpTAIWAN 12981.26------#????!--3.13
    2002 TTChina Steel CorpTAIWAN 12771.0618.8019.879.819.770.983.9015.871.226.416.34
    1101 TTTaiwan Cement CorpTAIWAN 6896.099.639.346.786.761.687.6630.281.2212.5924.87
    1102 TTAsia Cement CorpTAIWAN 4467.4410.3510.128.618.271.607.2128.770.959.3528.29
    ASCD LIAsia Cement CorpTAIWAN 4000.12------#????!--0.00
    1722 TTTaiwan Fertilizer Co LtdTAIWAN 1418.1118.8418.3415.5717.103.794.6919.320.874.306.22
    2015 TTFeng Hsin Steel Co LtdTAIWAN 1141.4611.9410.927.60-1.106.1814.601.7515.772.88
    1314 TTChina Petrochemical Development CorpTAIWAN 1003.999.5418.258.297.610.83-7.080.442.103.34
    2103 TTTSRC CorpTAIWAN 755.5520.1116.0210.337.490.716.098.691.477.61-1.01
    1704 TTLCY Chemical CorpTAIWAN --------15.70#N/A N/A

    International Comparables

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    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    BHP AUBHP Billiton LtdAUSTRALIA 127467.6613.9913.266.015.972.908.7553.762.6818.9330.66
    RIO AURio Tinto LtdBRITAIN 99241.2911.6413.035.235.702.385.8748.052.5722.2042.52
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    LIN GRLinde AGGERMANY 96809.5525.6422.6013.5112.513.352.0428.062.146.635.80
    BAS GRBASF SEGERMANY 74117.4313.4612.219.008.121.024.4814.681.8112.836.67
    VALE3 BZVale SABRAZIL 67060.246.817.704.374.801.834.9948.181.2720.04-16.05
    VALE5 BZVale SABRAZIL 67060.24--4.374.801.83-48.18-20.04#N/A N/A
    AI FPAir Liquide SAFRANCE 56465.4021.3319.5211.2410.542.292.3725.582.6812.878.08
    GLEN LNGlencore PLCSWITZERLAND 55212.9511.269.805.715.350.265.107.221.1710.595.42
    ECL USEcolab IncUNITED STATES 52883.5531.0327.6018.1716.773.411.0121.276.0620.1925.18
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    SHW USSherwin-Williams Co/TheUNITED STATES 41662.3021.4818.7816.5614.932.270.9517.519.5545.8722.39
    DOW USDow Chemical Co/TheUNITED STATES 41303.8511.259.536.736.190.874.5417.902.0318.16#N/A N/A
    4063 JPShin-Etsu Chemical Co LtdJAPAN 39881.4112.7813.725.375.963.262.1633.961.5712.8324.88
    MNOD LIMMC Norilsk Nickel PJSCRUSSIA 35557.768.678.596.366.172.899.8254.627.7093.7739.85
    GMKN RMMMC Norilsk Nickel PJSCRUSSIA 35465.078.648.576.346.162.889.8554.627.6893.7738.49
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    914 HKAnhui Conch Cement Co LtdCHINA 31384.037.637.724.424.461.604.3232.261.6623.8524.17
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    PPG USPPG Industries IncUNITED STATES 27272.0118.2516.5712.5911.821.751.7016.575.5231.3913.34
    CRG GRCRH PLCIRELAND 26573.8013.3912.698.107.630.842.5713.621.4410.5020.73
    NEM USNewmont Mining CorpUNITED STATES 25916.6225.0623.178.968.333.071.7836.241.585.989.02
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    ABX CNBarrick Gold CorpCANADA 22500.2532.4327.218.317.912.681.1840.801.998.050.53
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    SOL SJSasol LtdSOUTH AFRICA 20632.2111.589.437.476.041.443.0527.221.2011.322.97
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    APNT INAsian Paints LtdINDIA 19843.8960.3349.8337.4831.027.130.7619.0114.9525.4527.43