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2231

Cub Elecparts TWSE:2231 Stock Report

Last Price

NT$154.50

Market Cap

NT$18.3b

7D

15.7%

1Y

0.3%

Updated

17 Aug, 2022

Data

Company Financials +
2231 fundamental analysis
Snowflake Score
Valuation2/6
Future Growth4/6
Past Performance4/6
Financial Health5/6
Dividends0/6

2231 Stock Overview

Cub Elecparts Inc. manufactures and supplies automobile electrical and electronic parts in Taiwan, China, the United States, Germany, and internationally.

Cub Elecparts Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Cub Elecparts
Historical stock prices
Current Share PriceNT$154.50
52 Week HighNT$194.50
52 Week LowNT$122.00
Beta1.25
1 Month Change10.36%
3 Month Change4.04%
1 Year Change0.32%
3 Year Change-43.38%
5 Year Change-43.92%
Change since IPO213.90%

Recent News & Updates

Shareholder Returns

2231TW Auto ComponentsTW Market
7D15.7%1.5%2.5%
1Y0.3%3.1%-7.1%

Return vs Industry: 2231 underperformed the TW Auto Components industry which returned 3.1% over the past year.

Return vs Market: 2231 exceeded the TW Market which returned -7.1% over the past year.

Price Volatility

Is 2231's price volatile compared to industry and market?
2231 volatility
2231 Average Weekly Movement5.1%
Auto Components Industry Average Movement5.8%
Market Average Movement5.0%
10% most volatile stocks in TW Market8.4%
10% least volatile stocks in TW Market2.5%

Stable Share Price: 2231 is not significantly more volatile than the rest of TW stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: 2231's weekly volatility (5%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1979n/aSan-Chuan Yuhttps://www.cubelec.com.tw

Cub Elecparts Inc. manufactures and supplies automobile electrical and electronic parts in Taiwan, China, the United States, Germany, and internationally. It offers advanced driver assistance systems; aftermarket service parts comprising sensors and other parts; switches, such as ignition lock, power window, combination, and headlight; OEM products; and tire pressure monitoring sensors. Cub Elecparts Inc. was founded in 1979 and is based in Changhua, Taiwan.

Cub Elecparts Fundamentals Summary

How do Cub Elecparts's earnings and revenue compare to its market cap?
2231 fundamental statistics
Market CapNT$18.29b
Earnings (TTM)NT$495.47m
Revenue (TTM)NT$3.91b

38.0x

P/E Ratio

4.8x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
2231 income statement (TTM)
RevenueNT$3.91b
Cost of RevenueNT$2.36b
Gross ProfitNT$1.55b
Other ExpensesNT$1.06b
EarningsNT$495.47m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)4.06
Gross Margin39.68%
Net Profit Margin12.68%
Debt/Equity Ratio68.7%

How did 2231 perform over the long term?

See historical performance and comparison

Dividends

0.6%

Current Dividend Yield

25%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is 2231 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2231?

Other financial metrics that can be useful for relative valuation.

2231 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue5.2x
Enterprise Value/EBITDA32.2x
PEG Ratio1.2x

Price to Earnings Ratio vs Peers

How does 2231's PE Ratio compare to its peers?

2231 PE Ratio vs Peers
The above table shows the PE ratio for 2231 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average28.6x
8255 Actron Technology
34.6xn/aNT$16.9b
6605 Depo Auto Parts Industrial
8.6xn/aNT$13.2b
1536 Hota Industrial Mfg
52.5x29.5%NT$21.6b
6279 Hu Lane Associate
18.9x18.2%NT$14.6b
2231 Cub Elecparts
38x31.4%NT$18.3b

Price-To-Earnings vs Peers: 2231 is expensive based on its Price-To-Earnings Ratio (38x) compared to the peer average (28.6x).


Price to Earnings Ratio vs Industry

How does 2231's PE Ratio compare vs other companies in the TW Auto Components Industry?

Price-To-Earnings vs Industry: 2231 is expensive based on its Price-To-Earnings Ratio (38x) compared to the TW Auto Components industry average (18.1x)


Price to Earnings Ratio vs Fair Ratio

What is 2231's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

2231 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio38x
Fair PE Ratio22.2x

Price-To-Earnings vs Fair Ratio: 2231 is expensive based on its Price-To-Earnings Ratio (38x) compared to the estimated Fair Price-To-Earnings Ratio (22.2x).


Share Price vs Fair Value

What is the Fair Price of 2231 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2231 (NT$154.5) is trading below our estimate of fair value (NT$374.86)

Significantly Below Fair Value: 2231 is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is lower than the current share price.


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Future Growth

How is Cub Elecparts forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

Future Growth Score

4/6

Future Growth Score 4/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


31.4%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 2231's forecast earnings growth (31.4% per year) is above the savings rate (0.7%).

Earnings vs Market: 2231's earnings (31.4% per year) are forecast to grow faster than the TW market (6.1% per year).

High Growth Earnings: 2231's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: 2231's revenue (11.2% per year) is forecast to grow faster than the TW market (7.3% per year).

High Growth Revenue: 2231's revenue (11.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 2231's Return on Equity is forecast to be low in 3 years time (19.4%).


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Past Performance

How has Cub Elecparts performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-21.4%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 2231 has high quality earnings.

Growing Profit Margin: 2231's current net profit margins (12.7%) are higher than last year (9.6%).


Past Earnings Growth Analysis

Earnings Trend: 2231's earnings have declined by 21.4% per year over the past 5 years.

Accelerating Growth: 2231's earnings growth over the past year (41.2%) exceeds its 5-year average (-21.4% per year).

Earnings vs Industry: 2231 earnings growth over the past year (41.2%) exceeded the Auto Components industry 4.9%.


Return on Equity

High ROE: 2231's Return on Equity (8.4%) is considered low.


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Financial Health

How is Cub Elecparts's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: 2231's short term assets (NT$6.1B) exceed its short term liabilities (NT$3.6B).

Long Term Liabilities: 2231's short term assets (NT$6.1B) exceed its long term liabilities (NT$1.1B).


Debt to Equity History and Analysis

Debt Level: 2231's net debt to equity ratio (18.7%) is considered satisfactory.

Reducing Debt: 2231's debt to equity ratio has increased from 64.4% to 68.7% over the past 5 years.

Debt Coverage: 2231's debt is well covered by operating cash flow (23.8%).

Interest Coverage: 2231's interest payments on its debt are well covered by EBIT (16x coverage).


Balance Sheet


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Dividend

What is Cub Elecparts's current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


0.65%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: 2231's dividend (0.65%) isn’t notable compared to the bottom 25% of dividend payers in the TW market (2.47%).

High Dividend: 2231's dividend (0.65%) is low compared to the top 25% of dividend payers in the TW market (6.47%).


Stability and Growth of Payments

Stable Dividend: 2231 is not paying a notable dividend for the TW market, therefore no need to check if payments are stable.

Growing Dividend: 2231 is not paying a notable dividend for the TW market, therefore no need to check if payments are increasing.


Earnings Payout to Shareholders

Earnings Coverage: 2231 is not paying a notable dividend for the TW market.


Cash Payout to Shareholders

Cash Flow Coverage: 2231 is not paying a notable dividend for the TW market.


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Management

How experienced are the management team and are they aligned to shareholders interests?

1.4yrs

Average management tenure


CEO

San-Chuan Yu

no data

Tenure

Mr. San-Chuan Yu serves as Chairman of the Board and President of Cub Elecparts Inc.


Leadership Team

Experienced Management: 2231's management team is not considered experienced ( 1.4 years average tenure), which suggests a new team.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Cub Elecparts Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: Cub Elecparts Inc.
  • Ticker: 2231
  • Exchange: TWSE
  • Founded: 1979
  • Industry: Auto Parts and Equipment
  • Sector: Automobiles
  • Implied Market Cap: NT$18.287b
  • Shares outstanding: 121.92m
  • Website: https://www.cubelec.com.tw

Location

  • Cub Elecparts Inc.
  • No. 6, Changlu Road
  • Lane 546, Sec.6
  • Changhua
  • 50648
  • Taiwan

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/08/17 00:00
End of Day Share Price2022/08/17 00:00
Earnings2022/03/31
Annual Earnings2021/12/31


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.