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Aerospace Industrial Development

TSEC:2634
Snowflake Description

Mediocre balance sheet second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
2634
TSEC
NT$25B
Market Cap
  1. Home
  2. TW
  3. Capital Goods
Company description

Aerospace Industrial Development Corporation engages in the development, manufacturing, integration, assembly, and testing and verification of aircraft systems and parts in Taiwan and internationally. The last earnings update was 12 days ago. More info.


Add to Portfolio Compare Print
  • Aerospace Industrial Development has significant price volatility in the past 3 months.
2634 Share Price and Events
7 Day Returns
0.8%
TSEC:2634
-1.2%
TW Aerospace & Defense
2%
TW Market
1 Year Returns
-14.4%
TSEC:2634
-29%
TW Aerospace & Defense
-10.1%
TW Market
2634 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Aerospace Industrial Development (2634) 0.8% -13.1% -21.7% -14.4% -27.1% -27.8%
TW Aerospace & Defense -1.2% -17.3% -27.6% -29% -37.5% -31.6%
TW Market 2% -13.5% -17.4% -10.1% -2.7% 0.4%
1 Year Return vs Industry and Market
  • 2634 outperformed the Aerospace & Defense industry which returned -29% over the past year.
  • 2634 underperformed the Market in Taiwan, Province of China which returned -10.1% over the past year.
Price Volatility
2634
Industry
5yr Volatility vs Market

Value

 Is Aerospace Industrial Development undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Aerospace Industrial Development to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Aerospace Industrial Development.

TSEC:2634 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Dividend Discount Model
Dividend Per Share Company Filings (2019-12-31) in TWD NT$ 1.680775
Payout Ratio Company Filings (2019-12-31) 5232.2%
Discount Rate (Cost of Equity) See below 7.4%
Perpetual Growth Rate 10-Year TW Government Bond Rate 0.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSEC:2634
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year TW Govt Bond Rate 0.7%
Equity Risk Premium S&P Global 6.2%
Aerospace & Defense Unlevered Beta Simply Wall St/ S&P Global 0.85
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.846 (1 + (1- 20%) (96.92%))
1.075
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.07
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.71% + (1.075 * 6.21%)
7.38%

Discounted Cash Flow Calculation for TSEC:2634 using Dividend Discount Model Model

The calculations below outline how an intrinsic value for Aerospace Industrial Development is arrived at by discounting future dividends to their present value. This approach is used for finance firms where free cash flow is difficult to estimate (e.g. Banks/ Insurance firms).

If the firm does not pay the majority of its earnings out as a dividend this method will often arrive at a value significantly lower than the share price.

See our documentation to learn about this calculation.

TSEC:2634 Gordon Growth Model
Calculation Result
Value per share = Expected dividends per share / (Discount Rate - Perpetual growth rate)
= NT$1.68 / (7.38% - 0.71%)
NT$25.18
TSEC:2634 Discount to Share Price
Calculation Result
Value per share (TWD) From above. NT$25.18
Current discount Discount to share price of NT$26.85
= -1 x (NT$26.85 - NT$25.18) / NT$25.18
-6.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Aerospace Industrial Development is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Aerospace Industrial Development's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Aerospace Industrial Development's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSEC:2634 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in TWD NT$1.99
TSEC:2634 Share Price ** TSEC (2020-04-07) in TWD NT$26.85
Taiwan, Province of China Aerospace & Defense Industry PE Ratio Median Figure of 6 Publicly-Listed Aerospace & Defense Companies 15.17x
Taiwan, Province of China Market PE Ratio Median Figure of 1,475 Publicly-Listed Companies 14.11x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Aerospace Industrial Development.

TSEC:2634 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSEC:2634 Share Price ÷ EPS (both in TWD)

= 26.85 ÷ 1.99

13.49x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Aerospace Industrial Development is good value based on earnings compared to the TW Aerospace & Defense industry average.
  • Aerospace Industrial Development is good value based on earnings compared to the Taiwan, Province of China market.
Price based on expected Growth
Does Aerospace Industrial Development's expected growth come at a high price?
Raw Data
TSEC:2634 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13.49x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
-0.6%per year
Asia Aerospace & Defense Industry PEG Ratio Median Figure of 24 Publicly-Listed Aerospace & Defense Companies 1.89x
Taiwan, Province of China Market PEG Ratio Median Figure of 183 Publicly-Listed Companies 1.08x

*Line of best fit is calculated by linear regression .

TSEC:2634 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 13.49x ÷ -0.6%

-21.26x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Aerospace Industrial Development earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Aerospace Industrial Development's assets?
Raw Data
TSEC:2634 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in TWD NT$15.63
TSEC:2634 Share Price * TSEC (2020-04-07) in TWD NT$26.85
Taiwan, Province of China Aerospace & Defense Industry PB Ratio Median Figure of 7 Publicly-Listed Aerospace & Defense Companies 1.44x
Taiwan, Province of China Market PB Ratio Median Figure of 1,961 Publicly-Listed Companies 1.17x
TSEC:2634 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSEC:2634 Share Price ÷ Book Value per Share (both in TWD)

= 26.85 ÷ 15.63

1.72x

* Primary Listing of Aerospace Industrial Development.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Aerospace Industrial Development is overvalued based on assets compared to the TW Aerospace & Defense industry average.
X
Value checks
We assess Aerospace Industrial Development's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Aerospace & Defense industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Aerospace & Defense industry average (and greater than 0)? (1 check)
  5. Aerospace Industrial Development has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Aerospace Industrial Development expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-0.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Aerospace Industrial Development expected to grow at an attractive rate?
  • Aerospace Industrial Development's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.7%.
Growth vs Market Checks
  • Aerospace Industrial Development's earnings are expected to decrease over the next 1-3 years, this is below the Taiwan, Province of China market average.
  • Aerospace Industrial Development's revenue growth is expected to exceed the Taiwan, Province of China market average.
Annual Growth Rates Comparison
Raw Data
TSEC:2634 Future Growth Rates Data Sources
Data Point Source Value (per year)
TSEC:2634 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts -0.6%
TSEC:2634 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 8.9%
Asia Aerospace & Defense Industry Earnings Growth Rate Market Cap Weighted Average 16.3%
Asia Aerospace & Defense Industry Revenue Growth Rate Market Cap Weighted Average 10.7%
Taiwan, Province of China Market Earnings Growth Rate Market Cap Weighted Average 11.1%
Taiwan, Province of China Market Revenue Growth Rate Market Cap Weighted Average 6.6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSEC:2634 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in TWD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSEC:2634 Future Estimates Data
Date (Data in TWD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 34,061 2,536 1,866 2
2020-12-31 30,095 3,008 1,817 3
2020-04-07
TSEC:2634 Past Financials Data
Date (Data in TWD Millions) Revenue Cash Flow Net Income *
2019-12-31 28,540 14 1,874
2019-09-30 28,949 -1,542 1,937
2019-06-30 28,592 -916 2,014
2019-03-31 28,058 -3,051 2,194
2018-12-31 28,182 -4,786 2,092
2018-09-30 27,971 -2,394 2,191
2018-06-30 27,879 -2,923 2,141
2018-03-31 27,815 117 1,949
2017-12-31 27,537 1,030 1,748
2017-09-30 26,256 2,771 1,736
2017-06-30 25,881 4,744 1,559
2017-03-31 26,915 6,007 1,710

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Aerospace Industrial Development's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Aerospace Industrial Development's revenue is expected to grow by 8.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSEC:2634 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Aerospace Industrial Development Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSEC:2634 Future Estimates Data
Date (Data in TWD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 1.98 1.98 1.98 1.00
2020-12-31 2.21 2.78 1.86 3.00
2020-04-07
TSEC:2634 Past Financials Data
Date (Data in TWD Millions) EPS *
2019-12-31 1.99
2019-09-30 2.06
2019-06-30 2.14
2019-03-31 2.33
2018-12-31 2.22
2018-09-30 2.33
2018-06-30 2.27
2018-03-31 2.07
2017-12-31 1.86
2017-09-30 1.84
2017-06-30 1.65
2017-03-31 1.82

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Aerospace Industrial Development is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Aerospace Industrial Development's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Asia market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Asia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Aerospace Industrial Development has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Aerospace Industrial Development performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Aerospace Industrial Development's growth in the last year to its industry (Aerospace & Defense).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Aerospace Industrial Development's year on year earnings growth rate has been positive over the past 5 years.
  • Aerospace Industrial Development's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Aerospace Industrial Development's 1-year earnings growth is negative, it can't be compared to the TW Aerospace & Defense industry average.
Earnings and Revenue History
Aerospace Industrial Development's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Aerospace Industrial Development Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSEC:2634 Past Revenue, Cash Flow and Net Income Data
Date (Data in TWD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 28,540.21 1,874.29 808.86 548.28
2019-09-30 28,948.56 1,936.78 819.63 578.92
2019-06-30 28,592.24 2,013.76 776.69 552.48
2019-03-31 28,058.29 2,194.28 770.37 524.24
2018-12-31 28,182.10 2,092.02 748.22 545.22
2018-09-30 27,971.06 2,191.07 738.58 490.13
2018-06-30 27,879.48 2,141.02 745.94 456.40
2018-03-31 27,815.40 1,948.53 750.80 430.04
2017-12-31 27,537.41 1,747.98 723.20 407.18
2017-09-30 26,255.95 1,735.91 803.74 516.28
2017-06-30 25,881.47 1,558.74 784.26 535.48
2017-03-31 26,915.42 1,710.50 742.76 614.81
2016-12-31 27,325.51 2,082.66 733.74 655.83
2016-09-30 27,323.49 1,871.07 689.23 558.73
2016-06-30 27,926.07 2,226.09 672.06 548.79
2016-03-31 27,367.26 2,089.54 674.59 484.80
2015-12-31 26,878.16 2,029.17 658.73 439.26
2015-09-30 27,954.31 2,352.80 644.95 567.72
2015-06-30 26,723.06 1,899.99 702.82 634.48
2015-03-31 25,197.12 1,872.61 669.78 636.87
2014-12-31 24,924.04 1,871.50 651.55 659.15
2014-09-30 22,705.61 1,040.39 683.48 563.16
2014-06-30 22,417.48 1,133.53 607.31 477.83
2014-03-31 22,837.96 1,207.24 596.46 429.88
2013-12-31 23,086.46 1,275.86 611.36 390.79
2013-09-30 23,217.54 1,651.88 501.07 327.42
2013-06-30 23,356.45 1,453.53 528.19 381.76

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Aerospace Industrial Development has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Aerospace Industrial Development used its assets more efficiently than the TW Aerospace & Defense industry average last year based on Return on Assets.
  • Aerospace Industrial Development's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Aerospace Industrial Development's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Aerospace & Defense industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Aerospace Industrial Development has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Aerospace Industrial Development's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Aerospace Industrial Development's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Aerospace Industrial Development is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Aerospace Industrial Development's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Aerospace Industrial Development's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Aerospace Industrial Development Company Filings, last reported 3 months ago.

TSEC:2634 Past Debt and Equity Data
Date (Data in TWD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 14,723.59 22,201.76 3,569.70
2019-09-30 14,326.36 22,277.61 808.93
2019-06-30 13,720.20 20,567.93 635.49
2019-03-31 14,545.33 19,425.56 911.09
2018-12-31 14,133.62 18,357.21 1,034.90
2018-09-30 13,695.62 17,209.29 1,931.96
2018-06-30 13,058.99 15,973.44 742.83
2018-03-31 13,487.21 14,601.37 1,349.24
2017-12-31 13,103.04 13,332.57 1,890.01
2017-09-30 12,564.01 15,380.26 3,004.79
2017-06-30 11,949.93 13,908.99 2,523.86
2017-03-31 12,428.10 12,993.75 1,630.30
2016-12-31 12,360.44 11,114.73 2,613.75
2016-09-30 11,767.05 14,327.42 3,641.71
2016-06-30 11,345.55 13,357.00 2,933.23
2016-03-31 11,998.18 12,726.28 1,628.30
2015-12-31 11,526.60 10,227.84 1,602.49
2015-09-30 11,139.52 12,503.12 1,771.28
2015-06-30 10,314.95 11,993.19 1,537.59
2015-03-31 10,712.23 11,391.51 2,927.51
2014-12-31 10,293.50 9,214.52 2,748.78
2014-09-30 9,587.45 10,472.52 3,133.65
2014-06-30 9,338.34 2,965.06 3,331.01
2014-03-31 8,399.10 1,749.70 3,162.59
2013-12-31 8,399.10 1,731.44 3,162.59
2013-09-30
2013-06-30 8,128.12 2,105.27 2,418.99
  • Aerospace Industrial Development's level of debt (150.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (89.7% vs 150.8% today).
  • Debt is not well covered by operating cash flow (0.1%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 11.3x coverage).
X
Financial health checks
We assess Aerospace Industrial Development's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Aerospace Industrial Development has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Aerospace Industrial Development's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.43%
Current annual income from Aerospace Industrial Development dividends. Estimated to be 6.26% next year.
If you bought NT$2,000 of Aerospace Industrial Development shares you are expected to receive NT$89 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Aerospace Industrial Development's pays a higher dividend yield than the bottom 25% of dividend payers in Taiwan, Province of China (3.22%).
  • Aerospace Industrial Development's dividend is below the markets top 25% of dividend payers in Taiwan, Province of China (6.88%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSEC:2634 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
Taiwan, Province of China Aerospace & Defense Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 4.9%
Taiwan, Province of China Market Average Dividend Yield Market Cap Weighted Average of 1329 Stocks 4.5%
Taiwan, Province of China Minimum Threshold Dividend Yield 10th Percentile 1.8%
Taiwan, Province of China Bottom 25% Dividend Yield 25th Percentile 3.2%
Taiwan, Province of China Top 25% Dividend Yield 75th Percentile 6.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSEC:2634 Future Dividends Estimate Data
Date (Data in NT$) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 1.81 2.00
2020-12-31 1.55 2.00
2020-04-07
TSEC:2634 Past Annualized Dividends Data
Date (Data in NT$) Dividend per share (annual) Avg. Yield (%)
2020-03-27 1.190 4.467
2019-03-29 1.340 4.202
2019-03-28 1.340 4.152
2018-06-26 1.130 3.674
2017-06-20 0.964 2.801
2016-03-30 1.312 3.365
2015-03-30 0.887 2.318

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Aerospace Industrial Development has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Aerospace Industrial Development only paid a dividend in the past 5 years.
Current Payout to shareholders
What portion of Aerospace Industrial Development's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.7x coverage).
X
Income/ dividend checks
We assess Aerospace Industrial Development's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Aerospace Industrial Development afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Aerospace Industrial Development has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Aerospace Industrial Development's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Wan-June Ma
TENURE AS CEO 1.1 years
CEO Bio

Mr. Wan-June Ma serves as Executive Director and President at Aerospace Industrial Development Corporation since March 18, 2019.

CEO Compensation
  • Insufficient data for Wan-June to compare compensation growth.
  • Insufficient data for Wan-June to establish whether their remuneration is reasonable compared to companies of similar size in Taiwan, Province of China.
Management Team Tenure

Average tenure of the Aerospace Industrial Development management team in years:

1.6
Average Tenure
  • The average tenure for the Aerospace Industrial Development management team is less than 2 years, this suggests a new team.
Management Team

Wan-June Ma

TITLE
President & Executive Director
TENURE
1.1 yrs

Hsiu-Yen Huang

TITLE
Director of Financial & Accounting
TENURE
1.6 yrs

Gary Lo

TITLE
Civil business and administration Vice President

Jennifer Chuang

TITLE
Director of Strategy & Legal Affairs Department

Fu-Ji Lin

TITLE
Chief Audit Officer of Internal Audit Office & Director of Human Resources Department

George Fung

TITLE
Senior Vice President

Tony Liu

TITLE
Senior Vice President

Shiu-Chun Du

TITLE
Senior Vice President

Serena Huang

TITLE
Senior Vice President
TENURE
1.6 yrs

Qingxi Luo

TITLE
Deputy General Manager
Board of Directors Tenure

Average tenure of the Aerospace Industrial Development board of directors in years:

1.8
Average Tenure
  • The average tenure for the Aerospace Industrial Development board of directors is less than 3 years, this suggests a new board.
Board of Directors

Kai-Hung Hu

TITLE
Chairman of the Board
TENURE
1.1 yrs

Wan-June Ma

TITLE
President & Executive Director
TENURE
1.1 yrs

Chia-Chung Chan

TITLE
Executive & Independent Director
TENURE
1.8 yrs

Feng-Yuan Chien

TITLE
Representative Director
TENURE
5.5 yrs

Fuh-Sheng Shieu

TITLE
Representative Director
TENURE
3.8 yrs

Cheng-Tao Yu

TITLE
Representative Director
TENURE
2.3 yrs

Yin-Chin Chen

TITLE
Independent Director
TENURE
1.8 yrs

Ming-Pin Chang

TITLE
Representative Director
TENURE
1.8 yrs

Heng-Pu Hsu

TITLE
Representative Director
TENURE
1.2 yrs

Chung-Ming Hsu

TITLE
Representative Director
TENURE
1.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NT$) Value (NT$)
X
Management checks
We assess Aerospace Industrial Development's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Aerospace Industrial Development has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Aerospace Industrial Development Corporation engages in the development, manufacturing, integration, assembly, and testing and verification of aircraft systems and parts in Taiwan and internationally. It provides military aircrafts and helicopters, commercial aircrafts, and aero/industrial engines. The company also engages in the OEM/ODM of commercial aircrafts and helicopters, including cockpits, rear fuselages, pylons, horizontal stabilizers, empennages, door assemblies, and composite panels; and commercial aircraft engines, such as case parts, structural castings, airfoil parts, module assemblies, and maintenance services, as well as design, stress/fatigue analysis, part substantiation test, and prediction analysis of commercial auxiliary power unit installation kits. In addition, it provides railway system design, manufacturing, maintenance, and consultancy services; education and training facilities and administrative support services; system integration services; maintenance, expeditious repair, and design consultancy services; flight services; and information technology system integration services. Further, the company offers aircraft maintenance and avionics services, including flight line operations, intermediate, and depot level maintenance; engineering and development of software products; and instrument and electronics repair, accessories and avionics test equipment maintenance, harness fabrication and maintenance, avionics repair/overhaul, production of avionic systems, and logistic support services. The company was formerly known as Aero Industry Development Center. Aerospace Industrial Development Corporation was founded in 1969 and is headquartered in Taichung City, Taiwan.

Details
Name: Aerospace Industrial Development Corporation
2634
Exchange: TSEC
Founded: 1969
NT$25,289,131,661
941,867,101
Website: http://www.aidc.com.tw
Address: Aerospace Industrial Development Corporation
No. 1, Hanxiang Road,
Xitun District,
Taichung City,
40760,
Taiwan
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSEC 2634 Common Stock Taiwan Stock Exchange TW TWD 25. Aug 2014
Number of employees
Current staff
Staff numbers
0
Aerospace Industrial Development employees.
Industry
Aerospace and Defense
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/07 17:57
End of day share price update: 2020/04/07 00:00
Last estimates confirmation: 2020/03/26
Last earnings filing: 2020/03/26
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.