New Asia Construction and Development Corp

New Asia Construction and Development Corp has a market capitalization of TWD 2,907,685,150 and a price-to-earnings ratio of 58.24, indicating a high valuation relative to earnings. The company's price-to-book ratio is 1.82, suggesting that the market values the company at a premium to its book value. The enterprise value to EBITDA ratio is 82.84, which is significantly higher than typical industry benchmarks, indicating a high valuation relative to operating performance. The company's liquidity position is characterized by a current ratio of 1.01, suggesting a marginal ability to meet short-term obligations with current assets.

The company's profitability is modest, with a return on equity of 3.13% and a return on assets of 0.79%, both of which are below the industry median for construction and engineering firms. The operating margin is 2.21% (calculated as operating income of TWD 44,057,000 divided by revenue of TWD 1,976,338,000), which is also below the industry median. The net profit margin is 2.53% (calculated as net income of TWD 49,930,000 divided by revenue of TWD 1,976,338,000), further indicating limited profitability relative to peers.

The company's revenue is concentrated in a single business segment, with no disclosed geographic diversification. This lack of diversification increases exposure to regional economic fluctuations and regulatory changes. The company's revenue is primarily derived from construction and engineering services, with no material contribution from other business lines.

The company's revenue growth is not explicitly stated, but the trailing twelve months (TTM) revenue of TWD 1,976,338,000 suggests a stable revenue base. The company's capital expenditures are minimal, with a TTM capex of TWD -864,000, indicating a low level of investment in new projects or infrastructure. The company's free cash flow is TWD 63,349,000, which is positive but relatively small compared to its operating cash flow of TWD -676,374,000.

The company faces a medium liquidity risk, as indicated by its current ratio of 1.01 and a negative net cash position after subtracting total debt. The company's debt-to-equity ratio is 0.63, which is relatively low but still indicates a moderate level of leverage. The company's liquidity risk is further compounded by its negative operating cash flow, which suggests that the company is not generating sufficient cash from operations to support its current liabilities.

The company has not disclosed any recent material events, such as significant acquisitions, divestitures, or regulatory changes. The most recent analyst estimates indicate that the company's last actual EPS was TWD 0.48 and its last actual revenue was TWD 7,929,126,000, suggesting a stable but not growing revenue base.

The company reduced long-term debt to TWD 603 million in 2009, indicating improved leverage management compared to prior years.

Free cash flow reached TWD 319 million in 2009, demonstrating the ability to generate positive cash from operations.

Revenue grew at a 4.1% CAGR over four years, showing modest top-line expansion despite recent volatility.

The debt-to-equity ratio of 0.63 is below the cohort median of 0.29, suggesting relatively conservative leverage.

Net income turned positive in 2007 and remained profitable through 2009, establishing a baseline of operational viability.

The company faces high credit risk, posing a significant threat to its financial stability and borrowing capacity.

Cash conversion is in the bottom quartile of the cohort, highlighting poor efficiency in turning earnings into cash.

Revenue TWD 2.58B, +11,0% YoY; Operating income +82,6% YoY.

• ▍Revenue TWD 2.58B, +11,0% YoY
• ▍Operating income +82,6% YoY
• ▍Net income +290,4% YoY
• ▍Free cash flow +118,6% YoY
• ▍Net margin 0.7%

Revenue TWD 2.22B, +12,3% YoY; Operating income +34,1% YoY.

• ▍Revenue TWD 2.22B, +12,3% YoY
• ▍Operating income +34,1% YoY
• ▍Net income +35,8% YoY
• ▍Free cash flow +27,8% YoY
• ▍Net margin 3.1%

Revenue TWD 10.34B, +7,5% YoY; Operating income +37,2% YoY.

• ▍Revenue TWD 10.34B, +7,5% YoY
• ▍Operating income +37,2% YoY
• ▍Net income +26,8% YoY
• ▍Free cash flow +23,1% YoY
• ▍Net margin 2.7%

Revenue TWD 9.63B, +11,5% YoY; Operating income +6,5% YoY.

• ▍Revenue TWD 9.63B, +11,5% YoY
• ▍Operating income +6,5% YoY
• ▍Net income +25,4% YoY
• ▍Free cash flow +16,2% YoY
• ▍Net margin 2.3%

Revenue TWD 8.63B, +25,9% YoY; Operating income +120,5% YoY.

• ▍Revenue TWD 8.63B, +25,9% YoY
• ▍Operating income +120,5% YoY
• ▍Net income +122,6% YoY
• ▍Free cash flow +130,4% YoY
• ▍Net margin 2.0%

Revenue TWD 6.86B, −14,8% YoY; Operating income −1 241,5% YoY.

• ▍Revenue TWD 6.86B, −14,8% YoY
• ▍Operating income −1 241,5% YoY
• ▍Net income −759,6% YoY
• ▍Free cash flow −562,1% YoY
• ▍Net margin -11.3%