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Taiwan Cement

TSEC:1101
Snowflake Description

Excellent balance sheet, good value and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
1101
TSEC
NT$213B
Market Cap
  1. Home
  2. TW
  3. Materials
Company description

Taiwan Cement Corporation manufactures and markets cement, cement-related products, and ready mix concrete in Taiwan. The last earnings update was 12 days ago. More info.


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1101 Share Price and Events
7 Day Returns
0.1%
TSEC:1101
0.1%
TW Basic Materials
-0.2%
TW Market
1 Year Returns
0.1%
TSEC:1101
-2.7%
TW Basic Materials
-10.7%
TW Market
1101 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Taiwan Cement (1101) 0.1% -9.9% -11.3% 0.1% 23.6% 4.9%
TW Basic Materials 0.1% -10.7% -16.2% -2.7% 18.8% -2.8%
TW Market -0.2% -15.3% -20.2% -10.7% -4.1% -0.7%
1 Year Return vs Industry and Market
  • 1101 outperformed the Basic Materials industry which returned -2.7% over the past year.
  • 1101 outperformed the Market in Taiwan, Province of China which returned -10.7% over the past year.
Price Volatility
1101
Industry
5yr Volatility vs Market

1101 Value

 Is Taiwan Cement 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 Taiwan Cement 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 Taiwan Cement.

TSEC:1101 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 7 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.6%
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:1101
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year TW Govt Bond Rate 0.7%
Equity Risk Premium S&P Global 6.2%
Basic Materials Unlevered Beta Simply Wall St/ S&P Global 0.81
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.813 (1 + (1- 20%) (55.67%))
1.117
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.12
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.71% + (1.117 * 6.21%)
7.65%

Discounted Cash Flow Calculation for TSEC:1101 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Taiwan Cement is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

TSEC:1101 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (TWD, Millions) Source Present Value
Discounted (@ 7.65%)
2020 24,469.75 Analyst x4 22,731.43
2021 25,455.00 Analyst x3 21,966.84
2022 26,156.63 Est @ 2.76% 20,968.79
2023 26,717.02 Est @ 2.14% 19,896.51
2024 27,174.60 Est @ 1.71% 18,799.63
2025 27,558.28 Est @ 1.41% 17,710.69
2026 27,889.34 Est @ 1.2% 16,650.18
2027 28,183.28 Est @ 1.05% 15,630.37
2028 28,451.23 Est @ 0.95% 14,658.05
2029 28,701.18 Est @ 0.88% 13,736.37
Present value of next 10 years cash flows NT$182,748.00
TSEC:1101 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= NT$28,701.18 × (1 + 0.71%) ÷ (7.65% – 0.71%)
NT$416,665.68
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= NT$416,665.68 ÷ (1 + 7.65%)10
NT$199,416.03
TSEC:1101 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= NT$182,748.00 + NT$199,416.03
NT$382,164.03
Equity Value per Share
(TWD)
= Total value / Shares Outstanding
= NT$382,164.03 / 5,457.62
NT$70.02
TSEC:1101 Discount to Share Price
Calculation Result
Value per share (TWD) From above. NT$70.02
Current discount Discount to share price of NT$39.00
= -1 x (NT$39.00 - NT$70.02) / NT$70.02
44.3%

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

Current Discount
Amount off the current price Taiwan Cement is available for.
Intrinsic value
44%
Share price is NT$39 vs Future cash flow value of NT$70.02
Current Discount Checks
For Taiwan Cement to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Taiwan Cement's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Taiwan Cement's share price is below the future cash flow value, and at a substantial discount (> 40%).
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 Taiwan Cement's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Taiwan Cement's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSEC:1101 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in TWD NT$4.43
TSEC:1101 Share Price ** TSEC (2020-04-01) in TWD NT$39
Taiwan, Province of China Basic Materials Industry PE Ratio Median Figure of 12 Publicly-Listed Basic Materials Companies 13.03x
Taiwan, Province of China Market PE Ratio Median Figure of 1,472 Publicly-Listed Companies 13.98x

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

** Primary Listing of Taiwan Cement.

TSEC:1101 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSEC:1101 Share Price ÷ EPS (both in TWD)

= 39 ÷ 4.43

8.8x

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

  • Taiwan Cement is good value based on earnings compared to the TW Basic Materials industry average.
  • Taiwan Cement is good value based on earnings compared to the Taiwan, Province of China market.
Price based on expected Growth
Does Taiwan Cement's expected growth come at a high price?
Raw Data
TSEC:1101 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.8x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
-2.4%per year
Asia Basic Materials Industry PEG Ratio Median Figure of 74 Publicly-Listed Basic Materials Companies 0.91x
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:1101 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.8x ÷ -2.4%

-3.71x

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

  • Taiwan Cement 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 Taiwan Cement's assets?
Raw Data
TSEC:1101 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in TWD NT$35.12
TSEC:1101 Share Price * TSEC (2020-04-01) in TWD NT$39
Taiwan, Province of China Basic Materials Industry PB Ratio Median Figure of 12 Publicly-Listed Basic Materials Companies 0.93x
Taiwan, Province of China Market PB Ratio Median Figure of 1,961 Publicly-Listed Companies 1.17x
TSEC:1101 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSEC:1101 Share Price ÷ Book Value per Share (both in TWD)

= 39 ÷ 35.12

1.11x

* Primary Listing of Taiwan Cement.

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

  • Taiwan Cement is overvalued based on assets compared to the TW Basic Materials industry average.
X
Value checks
We assess Taiwan Cement'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 Basic Materials 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 Basic Materials industry average (and greater than 0)? (1 check)
  5. Taiwan Cement has a total score of 4/6, 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.

1101 Future Performance

 How is Taiwan Cement expected to perform in the next 1 to 3 years based on estimates from 7 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
-2.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Taiwan Cement expected to grow at an attractive rate?
  • Taiwan Cement'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
  • Taiwan Cement's earnings are expected to decrease over the next 1-3 years, this is below the Taiwan, Province of China market average.
  • Taiwan Cement's revenues are expected to decrease over the next 1-3 years, this is below the Taiwan, Province of China market average.
Annual Growth Rates Comparison
Raw Data
TSEC:1101 Future Growth Rates Data Sources
Data Point Source Value (per year)
TSEC:1101 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts -2.4%
TSEC:1101 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts -0.1%
Asia Basic Materials Industry Earnings Growth Rate Market Cap Weighted Average 8.4%
Asia Basic Materials Industry Revenue Growth Rate Market Cap Weighted Average 4.9%
Taiwan, Province of China Market Earnings Growth Rate Market Cap Weighted Average 11%
Taiwan, Province of China Market Revenue Growth Rate Market Cap Weighted Average 7%

*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:1101 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in TWD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSEC:1101 Future Estimates Data
Date (Data in TWD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 119,776 23,245 2
2021-12-31 124,183 26,888 22,770 6
2020-12-31 119,773 27,749 22,603 5
2020-04-04
TSEC:1101 Past Financials Data
Date (Data in TWD Millions) Revenue Cash Flow Net Income *
2019-12-31 122,783 28,871 24,211
2019-09-30 122,499 25,348 22,939
2019-06-30 123,818 24,962 22,335
2019-03-31 125,772 24,817 22,188
2018-12-31 124,595 22,151 21,181
2018-09-30 119,017 19,710 18,589
2018-06-30 109,918 18,117 14,622
2018-03-31 101,311 13,135 9,707
2017-12-31 98,312 12,311 7,594
2017-09-30 95,500 11,933 6,761
2017-06-30 94,792 13,595 7,116
2017-03-31 93,020 14,550 6,970

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Taiwan Cement's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Taiwan Cement's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
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:1101 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 7 Analyst Estimates (S&P Global) See Below

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

TSEC:1101 Future Estimates Data
Date (Data in TWD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 4.35 4.45 4.25 2.00
2021-12-31 4.12 4.45 3.46 6.00
2020-12-31 4.15 4.37 3.88 6.00
2020-04-04
TSEC:1101 Past Financials Data
Date (Data in TWD Millions) EPS *
2019-12-31 4.43
2019-09-30 4.20
2019-06-30 4.12
2019-03-31 4.18
2018-12-31 4.08
2018-09-30 3.70
2018-06-30 3.06
2018-03-31 2.10
2017-12-31 1.71
2017-09-30 1.56
2017-06-30 1.64
2017-03-31 1.60

*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.
  • Taiwan Cement is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Taiwan Cement'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.
Taiwan Cement has a total score of 0/6, 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.

1101 Past Performance

  How has Taiwan Cement 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 Taiwan Cement's growth in the last year to its industry (Basic Materials).
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.
  • Taiwan Cement has delivered over 20% year on year earnings growth in the past 5 years.
  • Taiwan Cement's 1-year earnings growth is less than its 5-year average (14.3% vs 29.8%)
  • Taiwan Cement's earnings growth has not exceeded the TW Basic Materials industry average in the past year (14.3% vs 14.7%).
Earnings and Revenue History
Taiwan Cement'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 Taiwan Cement Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSEC:1101 Past Revenue, Cash Flow and Net Income Data
Date (Data in TWD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 122,783.01 24,211.08 5,712.79 40.75
2019-09-30 122,499.13 22,938.56 6,328.68 29.98
2019-06-30 123,817.84 22,334.95 5,986.76 28.06
2019-03-31 125,771.72 22,187.57 5,699.37 26.22
2018-12-31 124,594.60 21,180.82 5,386.97 23.67
2018-09-30 119,017.02 18,589.00 5,329.79 32.70
2018-06-30 109,918.17 14,621.92 5,082.99 32.31
2018-03-31 101,311.22 9,707.17 5,000.48 32.40
2017-12-31 98,311.78 7,594.25 4,917.63 32.40
2017-09-30 95,500.12 6,761.23 4,622.54 29.11
2017-06-30 94,791.90 7,115.67 4,791.96 27.01
2017-03-31 93,019.97 6,969.70 4,878.75 23.50
2016-12-31 89,564.31 6,358.45 4,926.25 20.62
2016-09-30 87,577.07 6,321.37 4,947.16 1.48
2016-06-30 87,911.01 4,948.82 5,073.19 6.19
2016-03-31 89,963.05 5,188.21 4,782.54 6.00
2015-12-31 93,679.08 5,775.99 4,847.42 6.90
2015-09-30 98,759.47 6,584.80 4,948.53 30.65
2015-06-30 106,170.45 8,851.89 4,769.05 30.33
2015-03-31 113,049.72 9,804.51 4,967.71 34.81
2014-12-31 118,325.81 10,828.87 4,976.25 38.68
2014-09-30 121,892.52 10,677.44 5,245.17 40.32
2014-06-30 121,904.40 11,055.79 5,259.12 40.58
2014-03-31 118,701.13 10,446.84 5,087.12 42.67
2013-12-31 116,098.95 10,026.73 5,003.36 43.66
2013-09-30 112,614.06 9,409.56 4,677.42 44.54
2013-06-30 111,987.40 7,823.13 4,460.98 35.16

*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.
  • Taiwan Cement has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Taiwan Cement used its assets more efficiently than the TW Basic Materials industry average last year based on Return on Assets.
  • Taiwan Cement has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Taiwan Cement'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 Basic Materials 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.
Taiwan Cement has a total score of 3/6, 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.

1101 Health

 How is Taiwan Cement'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 Taiwan Cement's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Taiwan Cement is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Taiwan Cement's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Taiwan Cement'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 1x 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 Taiwan Cement Company Filings, last reported 3 months ago.

TSEC:1101 Past Debt and Equity Data
Date (Data in TWD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 208,461.87 115,998.36 65,247.04
2019-09-30 198,399.91 119,795.17 59,462.48
2019-06-30 198,260.13 118,735.19 74,041.62
2019-03-31 210,155.96 114,204.70 69,164.23
2018-12-31 197,379.46 105,438.76 57,774.45
2018-09-30 185,651.33 85,970.16 53,438.73
2018-06-30 166,217.14 98,651.50 54,825.81
2018-03-31 165,761.87 83,106.59 32,750.65
2017-12-31 152,647.22 85,710.74 52,496.30
2017-09-30 152,966.57 84,735.99 47,371.39
2017-06-30 145,365.40 81,007.24 44,201.38
2017-03-31 147,548.32 81,697.10 43,329.43
2016-12-31 147,396.67 88,062.85 44,276.42
2016-09-30 145,457.90 89,939.20 43,328.95
2016-06-30 146,772.74 87,843.77 42,146.74
2016-03-31 154,750.27 94,798.77 49,072.16
2015-12-31 155,484.25 105,604.98 55,990.43
2015-09-30 157,639.38 107,362.20 55,067.33
2015-06-30 150,965.86 103,829.51 56,633.23
2015-03-31 162,219.46 96,235.73 52,564.29
2014-12-31 162,017.68 98,150.79 50,992.06
2014-09-30 153,411.04 95,439.21 45,223.89
2014-06-30 147,496.37 91,009.03 47,410.00
2014-03-31 158,255.10 93,468.28 50,969.03
2013-12-31 153,618.58 94,637.15 45,121.72
2013-09-30 145,196.36 93,485.24 34,193.13
2013-06-30 139,207.17 93,249.29 34,985.69
  • Taiwan Cement's level of debt (55.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (60.6% vs 55.6% today).
  • Debt is well covered by operating cash flow (24.9%, greater than 20% of total debt).
  • Taiwan Cement earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Taiwan Cement'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. Taiwan Cement has a total score of 5/6, 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.

1101 Dividends

 What is Taiwan Cement'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
6.41%
Current annual income from Taiwan Cement dividends. Estimated to be 7.6% next year.
If you bought NT$2,000 of Taiwan Cement shares you are expected to receive NT$128 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?
  • Taiwan Cement's pays a higher dividend yield than the bottom 25% of dividend payers in Taiwan, Province of China (3.26%).
  • Taiwan Cement's dividend is below the markets top 25% of dividend payers in Taiwan, Province of China (6.99%).
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:1101 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 7 Analyst Estimates (S&P Global) See Below
Taiwan, Province of China Basic Materials Industry Average Dividend Yield Market Cap Weighted Average of 10 Stocks 6.3%
Taiwan, Province of China Market Average Dividend Yield Market Cap Weighted Average of 1329 Stocks 4.6%
Taiwan, Province of China Minimum Threshold Dividend Yield 10th Percentile 1.8%
Taiwan, Province of China Bottom 25% Dividend Yield 25th Percentile 3.3%
Taiwan, Province of China Top 25% Dividend Yield 75th Percentile 7%

Industry and Market average data is calculated daily.

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

TSEC:1101 Future Dividends Estimate Data
Date (Data in NT$) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 3.10 2.00
2021-12-31 3.02 6.00
2020-12-31 2.84 5.00
2020-04-04
TSEC:1101 Past Annualized Dividends Data
Date (Data in NT$) Dividend per share (annual) Avg. Yield (%)
2020-03-20 2.500 6.521
2019-03-22 3.084 7.559
2018-05-15 1.274 3.567
2018-03-31 1.274 3.807
2018-03-30 1.274 4.101
2017-03-30 1.232 4.121
2016-03-31 1.130 3.833
2016-03-30 1.130 4.240
2015-03-31 2.116 7.343
2014-03-31 1.954 5.129
2013-03-29 1.614 4.616
2012-03-30 1.614 5.251
2011-08-31 1.699 5.693
2011-04-29 1.699 4.787
2010-11-08 1.529 5.475
2010-08-30 1.529 5.484
2010-04-30 1.529 6.444
2010-01-15 1.529 6.028
2009-08-28 1.122 3.744
2009-04-30 1.122 3.976

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Taiwan Cement's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.4x coverage).
X
Income/ dividend checks
We assess Taiwan Cement'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 Taiwan Cement afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Taiwan Cement has a total score of 4/6, see the detailed checks below.


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

1101 Management

 What is the CEO of Taiwan Cement'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
Nelson Chang
AGE 67
TENURE AS CEO 0.8 years
CEO Bio

Mr. An-Ping Chang, also known as Nelson, has been Chief Executive Officer of Taiwan Cement Corp since July 17, 2019. He serves as Managing Director of O-Bank Co., Ltd. and also serves as its Director since February 22, 2016. Mr. Chang served as the President at Taiwan Cement Corp. Mr. Chang serves as Chairman of the Board and President at China Synthetic Rubber Corporation. He served as Chief Executive Officer at Taiwan Cement Corp. since February 17, 2017 until August 4, 2017. He serves as Chief Executive Officer of KGI Securities Co., Ltd., in Taipei and KG Investments Asia Limited in Hong Kong. Mr. Chang has been the Chairman of the Board at Taiwan Cement Corp. since February 17, 2017. Mr. Chang serves as Chairman of Wyse Technology Inc., in Hsin Chu, Taiwan. He served as Chief Executive Officer at China Network Systems Co., Ltd. until 2009. He has been Chairman of TCC International Holdings Ltd. since January 23, 2017 and has been its Executive Director since March 27, 2017. He served as Chairman of GigaMedia Limited from 2002 to July 18, 2003 and also served as Chairman of its subsidiary namely Hoshin GigaMedia until July 18, 2003. Mr. Chang serves as Vice Chairman of Chia Hsin Cement Corporation and has been its Director since June 18, 2010. He served as Vice Chairman at Taiwan Cement Corp. and has been its Director since April 21, 1994. He has been a Director of Chia Hsin Cement Greater China Holding Corp. since June 10, 2003 and CTCI Corporation since June 28, 2017. He serves as a Director of Chia Hsin Pacific Limited. He is President at International CSRC Investment Holdings Co., Ltd. and was its Chairman. He serves as a Director of Tong Yang Chia Hsin International Corp. He served as a Non-Executive Director at TCC International Holdings Ltd. since January 1, 2008 until March 27, 2017. Mr. Chang served as a Director of Far Eastone Telecommunications Co., Ltd. since 2004. He serves as Representative Director of Taiwan Stock Exchange Corporation. He served as Independent Director at Taipei Fubon Commercial Bank Co., Ltd. until 2012. He served as Director of GigaMedia Limited from February 25, 2004 to April 18, 2008. Mr. Chang served as a Director of Hoshin GigaMedia until July 18, 2003. He has been an Independent Director of Synnex Technology International Corporation since June 13, 2012. Mr. Chang is the Representative of TCC Investment Co. A Well Respected Business Leader with extensive industry affiliations, Mr. Chang served as an Executive Director of The Chinese National Association of Industry and Commerce, CNAIC, also serves as Vice Chair of The Chinese Taipei Pacific Economic Cooperation Council, PECC, as well as the ROC-USA Economic Council. Mr. Chang served as a Director of Fubon Financial Holding Co., Ltd. Mr. Chang received an MBA degree in Business Management from New York University in 1976 and holds APC from National Taiwan University.

CEO Compensation
  • Insufficient data for Nelson to compare compensation growth.
  • Insufficient data for Nelson to establish whether their remuneration is reasonable compared to companies of similar size in .
Management Team Tenure

Average tenure of the Taiwan Cement management team in years:

1.9
Average Tenure
  • The average tenure for the Taiwan Cement management team is less than 2 years, this suggests a new team.
Management Team

Nelson Chang

TITLE
Chairman & CEO
AGE
67
TENURE
0.8 yrs

John Li

TITLE
President & Director
TENURE
2.8 yrs

Li-Wen Tsai

TITLE
Head of Legal & Corporate Governance and VP

Chien-Chiang Huang

TITLE
Senior Vice President
TENURE
14.3 yrs

Ker-Fu Lu

TITLE
Senior Vice President
AGE
65
TENURE
1 yrs

Ge Bao-Luo Koh

TITLE
Vice President
Board of Directors Tenure

Average tenure and age of the Taiwan Cement board of directors in years:

7.8
Average Tenure
74
Average Age
  • The tenure for the Taiwan Cement board of directors is about average.
Board of Directors

John Li

TITLE
President & Director
TENURE
3.8 yrs

Arthur Chiao

TITLE
Independent Director
TENURE
7.8 yrs

Nelson Chang

TITLE
Chairman & CEO
AGE
67
TENURE
3.2 yrs

Victor Shan

TITLE
Independent Director
TENURE
7.8 yrs

Kenneth Lo

TITLE
Director
AGE
77

Chi-Chia Hsieh

TITLE
Director
AGE
74

Por-Yuan Wang

TITLE
Director
TENURE
10.8 yrs

Eric Wu

TITLE
Director
TENURE
35 yrs

Nan-Chou Lin

TITLE
Director

Chi-Te Chen

TITLE
Director
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 Taiwan Cement'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. Taiwan Cement 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.

1101 News

Simply Wall St News

1101 Company Info

Description

Taiwan Cement Corporation manufactures and markets cement, cement-related products, and ready mix concrete in Taiwan. It operates through Cement, Chemical Engineering, Electricity, and Other segments. The company offers CNS Portland cement type and low-alkaline cement; conventional concrete, self-compacting concrete, and high fowing concrete; and aggregates. It also exports cement and cement clinkers to Europe, South America, Africa, and Southeast Asia. In addition, the company generates thermal and Renewable energy; processes and sells chemical materials, rubber raw materials, refractory materials, and lithium batteries; sells limestone; and offers property leasing and energy technology, information software design, afforestation, industrial port management, marine transportation, engineering, construction and lease, waste collection and treatment, business consulting, port facility, software product and equipment maintenance, logistics and transportation, and dangerous waste treatment services. Further, it is involved in the sand and gravel filtering and sale; import and export trading; warehousing, transportation, and sale of sand and gravel; mining excavation activities; and manufacture and sale of slag powder. Taiwan Cement Corporation was founded in 1946 and is headquartered in Taipei, Taiwan.

Details
Name: Taiwan Cement Corp.
1101
Exchange: TSEC
Founded: 1946
NT$212,847,141,000
5,457,619,000
Website: http://www.taiwancement.com
Address: Taiwan Cement Corp.
No. 113, Zhongshan North Road,
Section 2,
Taipei,
Taiwan
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSEC 1101 Common Shares Taiwan Stock Exchange TW TWD 02. Jan 1992
TSEC 1101B TWD10 A PREF Taiwan Stock Exchange TW TWD 29. Jan 2019
BDL TAICS Gds Reg S Bourse de Luxembourg LU USD 03. Aug 2018
BDL TAICA GDS USD144A Bourse de Luxembourg LU USD 03. Aug 2018
Number of employees
Current staff
Staff numbers
0
Taiwan Cement employees.
Industry
Construction Materials
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/04 17:32
End of day share price update: 2020/04/01 00:00
Last estimates confirmation: 2020/04/03
Last earnings filing: 2020/03/23
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.