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Key Info

Pou Chen Corp Web - www.pouchen.com.tw

Tel - 886-4-769-5147

Next Reporting Date - 15.05.2019

Select Equity Data Snapshot

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From Souvenirs into Consumer Discretionary Sec

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    Pou Chen C

    Consumer Durables & Appa


    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

    0.72

    Current Market Cap mln$

    3,570.09

    Net Debt mln$

    3,980.66

    WACC Estimate

    4.82%

    Ordinary Current Price $

    1.21

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue8476.028531.459159.919735.0510292.5410764.5711236.4811692.1512157.5712660.8913185.0413730.8914299.3414891.3315507.82
    EBITDA Costs7824.947707.838284.698927.439399.109833.8310268.4510688.1211116.7711580.6012063.7912567.1313091.4813637.7114206.72
    EBITDA651.08823.62875.22807.62893.44930.74968.021004.031040.801080.291121.251163.761207.861253.621301.10
    EBITDA Margin7.689.659.558.308.688.658.628.598.568.538.508.488.458.428.39
    Operating Costs8087.117979.778598.819276.729787.3910253.9910720.4711170.9011630.9712129.9112650.2513192.9213758.8714349.0914964.64
    Operating Profit388.91551.68561.11458.33505.15510.58516.01521.25526.60530.98534.79537.97540.48542.24543.19
    Operating Margin4.596.476.134.714.914.744.594.464.334.194.063.923.783.643.50
    Pretax Costs7838.457715.858344.059062.629581.7510062.5810543.3011007.4711481.5811997.7512537.1213100.7513689.7114305.1514948.26
    PTP637.57815.60815.87672.43710.79701.99693.18684.68675.99663.14647.92630.15609.64586.18559.57
    Pretax Margin7.529.568.916.916.916.526.175.865.565.244.914.594.263.943.61
    Net Income Costs8175.788126.228735.129379.649898.4210362.3210826.0911273.9111731.3112226.7312743.0713281.2213842.1014426.6615035.91
    Net Income300.24405.23424.79355.42394.12402.25410.39418.24426.26434.16441.97449.67457.25464.67471.92
    Net Margin3.544.754.643.653.833.743.653.583.513.433.353.273.203.123.04
    Revenue Less Capex8896.328954.439657.0810231.4310839.8411343.4511846.9312333.0812829.6413367.1313927.1414510.6115118.5315751.9116411.83
    Capex-420.30-422.98-497.17-496.37-547.30-578.88-610.45-640.93-672.07-706.25-742.10-779.72-819.18-860.58-904.01
    Capex to Revenues-4.96-4.96-5.43-5.10-5.32-5.38-5.43-5.48-5.53-5.58-5.63-5.68-5.73-5.78-5.83
    Revenue less FCF8099.468356.998975.439772.5610441.9211030.0411618.0112185.7512765.6313402.9014071.9714774.4515511.9916286.3517099.36
    FCF376.56174.46184.48-37.51-149.38-265.47-381.53-493.60-608.06-742.01-886.93-1043.55-1212.64-1395.02-1591.54
    FCF to Revenue4.442.042.01-0.39-1.45-2.47-3.40-4.22-5.00-5.86-6.73-7.60-8.48-9.37-10.26

    TAIWAN Comparables

    tickercompanycountryMarket Cap
    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
    1476 TTEclat Textile Co LtdTAIWAN 3912.5625.1422.0317.4115.534.002.6922.796.5427.0529.22
    9904 TTPou Chen CorpTAIWAN 3570.099.458.828.597.790.353.898.631.228.8627.11
    9921 TTGiant Manufacturing Co LtdTAIWAN 2631.8226.0721.2715.2012.961.252.389.113.6115.1374.64
    1434 TTFormosa Taffeta Co LtdTAIWAN 2007.4314.1514.7413.3612.801.335.4811.710.735.4012.40
    9914 TTMerida Industry Co LtdTAIWAN 1648.4021.9819.0321.9719.431.752.747.783.6116.2549.86
    2915 TTRuentex Industries LtdTAIWAN 1357.13------#????!---2.25

    International Comparables

    tickercompanycountry Market Cap
    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
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