Chlitina Holding (TWSE:4137) - Share price, News & Analysis

Q: What is the Fair Price of 4137 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

4137 (NT$192.5) is trading below our estimate of [[fair value]] (NT$365.77)

4137 fundamental analysis
Snowflake Score
Valuation	5/6
Future Growth	1/6
Past Performance	5/6
Financial Health	5/6
Dividends	3/6

4137 Stock Overview

Chlitina Holding Limited, together with its subsidiaries, researches, develops, manufactures, and markets beauty skincare products in China and internationally.

Rewards

Trading at 47.4% below our estimate of its fair value

Earnings are forecast to grow 3.14% per year

Earnings grew by 14.8% over the past year

Risk Analysis

Unstable dividend track record

Chlitina Holding Competitors

Grape King Bio

TWSE:1707

NT$19.9b

TCI

TPEX:8436

NT$19.0b

Microbio

TPEX:4128

NT$31.3b

Dr. Wu Skincare

TPEX:6523

NT$3.6b

Price History & Performance

Summary of all time highs, changes and price drops for Chlitina Holding
Historical stock prices
Current Share Price	NT$192.50
52 Week High	NT$263.00
52 Week Low	NT$179.00
Beta	0.42
1 Month Change	3.77%
3 Month Change	-4.94%
1 Year Change	-6.55%
3 Year Change	-30.38%
5 Year Change	38.99%
Change since IPO	-27.81%

Shareholder Returns

	4137	TW Personal Products	TW Market
7D	5.8%	3.0%	-2.2%
1Y	-6.6%	-11.1%	-12.3%

Return vs Industry: 4137 exceeded the TW Personal Products industry which returned -11.1% over the past year.

Return vs Market: 4137 exceeded the TW Market which returned -12.3% over the past year.

Price Volatility

Is 4137's price volatile compared to industry and market?
4137 volatility
4137 Average Weekly Movement	3.3%
Personal Products Industry Average Movement	5.3%
Market Average Movement	4.7%
10% most volatile stocks in TW Market	8.1%
10% least volatile stocks in TW Market	2.2%

Stable Share Price: 4137 is not significantly more volatile than the rest of TW stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: 4137's weekly volatility (3%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1989	n/a	Cheng-You Chao	https://www.chlitina.com

Chlitina Holding Limited, together with its subsidiaries, researches, develops, manufactures, and markets beauty skincare products in China and internationally. It offers makeup removers, facial cleansers, hydrating toners, lotions, moisturizing creams, facial masks, sunscreens, and foundation makeup products; eye care, anti-wrinkle, whitening, and hydrating products; and professional salon botanical extracts, herbal essence products, essential oils, and breast enlargement products under the Chlitina brand name. The company also provides enterprise management consulting services; medical cosmetology services; and cosmetology training services to beauty professionals, as well as operates as a dealer of health food and daily necessities products, skincare and supplementary health care products, and general practice and foods.

Chlitina Holding Fundamentals Summary

How do Chlitina Holding's earnings and revenue compare to its market cap?
4137 fundamental statistics
Market Cap	NT$15.10b
Earnings (TTM)	NT$1.35b
Revenue (TTM)	NT$5.20b

11.4x

P/E Ratio

2.9x

P/S Ratio

Is 4137 overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
4137 income statement (TTM)
Revenue	NT$5.20b
Cost of Revenue	NT$885.65m
Gross Profit	NT$4.31b
Other Expenses	NT$2.96b
Earnings	NT$1.35b

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	16.95
Gross Margin	82.96%
Net Profit Margin	25.94%
Debt/Equity Ratio	35.6%

How did 4137 perform over the long term?

See historical performance and comparison

Dividends

6.2%

Current Dividend Yield

71%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is 4137 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 4137?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for 4137. This is calculated by dividing 4137's market cap by their current preferred multiple.
What is 4137's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	NT$15.10b

4137 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/Revenue	2.1x
Enterprise Value/EBITDA	6x
PEG Ratio	3.6x

Price to Earnings Ratio vs Peers

How does 4137's PE Ratio compare to its peers?

4137 PE Ratio vs Peers

The above table shows the PE ratio for 4137 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	30.2x
1707 Grape King Bio	15.3x	13.6%	NT$19.9b
8436 TCI	14.4x	9.4%	NT$19.0b
4128 Microbio	79.8x	n/a	NT$31.3b
6523 Dr. Wu Skincare	11.2x	n/a	NT$3.6b
4137 Chlitina Holding	11.4x	3.1%	NT$15.1b

Forward PE

Price-To-Earnings vs Peers: 4137 is good value based on its Price-To-Earnings Ratio (11.4x) compared to the peer average (30.2x).

Price to Earnings Ratio vs Industry

How does 4137's PE Ratio compare vs other companies in the Asian Personal Products Industry?

Price-To-Earnings vs Industry: 4137 is good value based on its Price-To-Earnings Ratio (11.4x) compared to the TW Personal Products industry average (17.7x)

Price to Earnings Ratio vs Fair Ratio

What is 4137'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.

4137 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	11.4x
Fair PE Ratio	12.6x

Price-To-Earnings vs Fair Ratio: 4137 is good value based on its Price-To-Earnings Ratio (11.4x) compared to the estimated Fair Price-To-Earnings Ratio (12.6x).

Share Price vs Fair Value

What is the Fair Price of 4137 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 4137 (NT$192.5) is trading below our estimate of fair value (NT$365.77)

Significantly Below Fair Value: 4137 is trading below fair value by more than 20%.

Price to Earnings Growth Ratio

PEG Ratio: 4137 is poor value based on its PEG Ratio (3.6x)

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Future Growth

How is Chlitina Holding forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

Future Growth Score

1/6

Future Growth Score 1/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

3.1%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: 4137's forecast earnings growth (3.1% per year) is above the savings rate (0.7%).

Earnings vs Market: 4137's earnings (3.1% per year) are forecast to grow slower than the TW market (7.2% per year).

High Growth Earnings: 4137's earnings are forecast to grow, but not significantly.

Revenue vs Market: 4137's revenue (4.9% per year) is forecast to grow slower than the TW market (7.5% per year).

High Growth Revenue: 4137's revenue (4.9% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if 4137's Return on Equity is forecast to be high in 3 years time

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Past Performance

How has Chlitina Holding performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

14.2%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 4137 has high quality earnings.

Growing Profit Margin: 4137's current net profit margins (25.9%) are lower than last year (26%).

Past Earnings Growth Analysis

Earnings Trend: 4137's earnings have grown by 14.2% per year over the past 5 years.

Accelerating Growth: 4137's earnings growth over the past year (14.8%) exceeds its 5-year average (14.2% per year).

Earnings vs Industry: 4137 earnings growth over the past year (14.8%) exceeded the Personal Products industry -27.4%.

Return on Equity

High ROE: 4137's Return on Equity (24.4%) is considered high.

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Financial Health

How is Chlitina Holding'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: 4137's short term assets (NT$7.2B) exceed its short term liabilities (NT$2.9B).

Long Term Liabilities: 4137's short term assets (NT$7.2B) exceed its long term liabilities (NT$1.4B).

Debt to Equity History and Analysis

Debt Level: 4137 has more cash than its total debt.

Reducing Debt: 4137's debt to equity ratio has increased from 25.5% to 35.6% over the past 5 years.

Debt Coverage: 4137's debt is well covered by operating cash flow (65.3%).

Interest Coverage: 4137 earns more interest than it pays, so coverage of interest payments is not a concern.

Balance Sheet

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Dividend

What is Chlitina Holding current dividend yield, its reliability and sustainability?

Dividend Score

2/6

Dividend Score 2/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

6.23%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: 4137's dividend (6.23%) is higher than the bottom 25% of dividend payers in the TW market (2.54%).

High Dividend: 4137's dividend (6.23%) is low compared to the top 25% of dividend payers in the TW market (6.35%).

Stability and Growth of Payments

Stable Dividend: 4137 has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: 4137's dividend payments have increased, but the company has only paid a dividend for 8 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (70.8%), 4137's dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: At its current cash payout ratio (80.8%), 4137's dividend payments are covered by cash flows.

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Management

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

4.8yrs

Average management tenure

CEO

Cheng-You Chao

2.58yrs

Tenure

Mr. Cheng-You Chao is Chief Executive Officer and General Manager at Chlitina Holding Limited since November 12, 2019 and has been its Director since July 06, 2021. Mr. Chao served as the COO of CHLTINA an...

Leadership Team

Experienced Management: 4137's management team is considered experienced (4.8 years average tenure).

Board Members

Experienced Board: 4137's board of directors are considered experienced (9.6 years average tenure).

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.

Data	Last Updated (UTC time)
Company Analysis	2022/06/27 00:00
End of Day Share Price	2022/06/27 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31