Asia Polymer Valuation

Is 1308 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 1308 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 1308 (NT$17.05) is trading above our estimate of fair value (NT$1.33)

Significantly Below Fair Value: 1308 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 1308?

Key metric: As 1308 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 1308. This is calculated by dividing 1308's market cap by their current revenue.
What is 1308's PS Ratio?
PS Ratio	1.6x
Sales	NT$6.16b
Market Cap	NT$10.12b

1308 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	1.5x
Enterprise Value/EBITDA	24.1x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does 1308's PS Ratio compare to its peers?

The above table shows the PS ratio for 1308 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	1x
1312 Grand Pacific Petrochemical	0.8x	n/a	NT$12.9b
1305 China General Plastics	0.7x	-0.1%	NT$8.5b
1321 Ocean Plastics	1.5x	n/a	NT$7.3b
1709 Formosan Union Chemical	1x	n/a	NT$10.4b
1308 Asia Polymer	1.6x	8.0%	NT$10.1b

Price-To-Sales vs Peers: 1308 is expensive based on its Price-To-Sales Ratio (1.6x) compared to the peer average (1x).

Price to Sales Ratio vs Industry

How does 1308's PS Ratio compare vs other companies in the TW Chemicals Industry?

4 Companies	Price / Sales	Estimated Growth	Market Cap
1313 UPC Technology	0.2x	n/a	US$442.45m
1304 USI	0.3x	3.6%	US$439.33m
1718 China Man-Made Fiber	0.3x	n/a	US$331.47m
1309 Taita Chemical Company	0.4x	2.6%	US$199.50m

No more companies available in this PS range

4 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: 1308 is good value based on its Price-To-Sales Ratio (1.6x) compared to the TW Chemicals industry average (1.8x).

Price to Sales Ratio vs Fair Ratio

What is 1308's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

1308 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	1.6x
Fair PS Ratio	0.8x

Price-To-Sales vs Fair Ratio: 1308 is expensive based on its Price-To-Sales Ratio (1.6x) compared to the estimated Fair Price-To-Sales Ratio (0.8x).

Analyst Price Targets

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

Analyst Forecast: Insufficient data to show price forecast.

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