Shih-Kuen Plastics Co., Ltd. (4305.TWO)

Industry: Auto - Parts Sector: Consumer Cyclical Currency Used: JP Live Price: $42.15

Enterprise Value

Metric	2025	2024	2023
Stock Price	43.62	44.19	34.86
Market Capitalization	2,430.70M	2,433.51M	1,919.65M
(-) Cash & Equivalents	168.20M	140.30M	182.61M
(+) Total Debt	28.70M	24.07M	17.76M
Enterprise Value	2,291.20M	2,317.28M	1,754.80M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
Revenue	1,086M	1,034M	1,043M	941M	910M	1,173M	1,005M	1,046M
Cost of Revenue	753M	760M	762M	698M	727M	943M	770M	803M
Gross Profit	333M	275M	282M	243M	183M	229M	235M	243M
Gross Profit Margin	30.7%	26.6%	27.0%	25.8%	20.1%	19.6%	23.4%	23.2%
R&D Expenses	10M	9M	9M	9M	9M	8M	7M	7M
SG&A Expenses	79M	71M	75M	66M	63M	64M	62M	70M
Operating Expenses	89M	80M	84M	75M	72M	73M	69M	82M
Operating Income (EBIT)	244M	194M	198M	168M	111M	157M	166M	161M
Operating Income Margin	22.5%	18.8%	18.9%	17.9%	12.2%	13.4%	16.5%	15.4%
Interest Income	31M	35M	34M	31M	9M	1M	5M	8M
Interest Expense	0M	0M	0M	0M	0M	0M	0M	0M
Net Interest Income	31M	35M	33M	31M	9M	1M	5M	8M
Unusual Items	-19M	-5M	42M	3M	64M	-18M	-28M	-7M
EBT Excluding Unusual Items	275M	229M	231M	199M	120M	158M	171M	169M
Pre-Tax Income	256M	224M	272M	202M	184M	139M	143M	162M
Pre-Tax Margin	23.6%	21.6%	26.1%	21.5%	20.2%	11.9%	14.2%	15.5%
Income Tax Expense	52M	45M	54M	42M	37M	28M	29M	33M
Net Income	204M	179M	218M	160M	147M	111M	114M	129M
Net Income Margin	18.8%	17.3%	20.9%	17.0%	16.1%	9.5%	11.4%	12.3%
Depreciation & Amortization	10M	11M	11M	10M	12M	12M	13M	12M
EBITDA	255M	206M	209M	179M	123M	169M	178M	173M
EBITDA Margin	23.4%	19.9%	20.0%	19.0%	13.6%	14.4%	17.8%	16.6%
NOPAT	194M	156M	158M	134M	89M	125M	133M	128M
NOPAT Margin	17.9%	15.1%	15.2%	14.2%	9.8%	10.7%	13.2%	12.2%
Owner's Earnings	191M	182M	219M	163M	159M	118M	126M	139M
Owner's Earnings Margin	17.5%	17.6%	21.0%	17.3%	17.5%	10.0%	12.6%	13.3%
EPS (Basic)	3.70	3.25	3.97	2.91	2.67	2.03	2.08	2.34
EPS (Diluted)	3.65	3.25	3.94	2.90	2.66	2.02	2.07	2.33
Shares (Basic)	56M	55M	55M	55M	55M	55M	55M	55M
Shares (Diluted)	56M	55M	55M	55M	55M	55M	55M	55M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
Cash & Cash Equivalents	194.25M	211.68M	90.71M	251.40M	302.87M	463.29M	365.53M	616.71M
Short-Term Investments	592.70M	622.21M	708.16M	511.40M	436.58M	118.81M	207.54M	0.00M
Cash & Short-Term Investments	786.96M	833.89M	798.87M	762.80M	739.45M	582.10M	573.07M	616.71M
Net Receivables	220.84M	243.91M	197.70M	170.32M	130.61M	252.77M	189.35M	169.92M
Inventory	96.37M	97.67M	108.26M	77.24M	68.83M	78.83M	100.79M	81.00M
Other Current Assets	0.00M	0.00M	0.00M	1.58M	0.07M	0.04M	0.05M	0.07M
Total Current Assets	1,104.16M	1,175.47M	1,104.83M	1,011.94M	938.97M	913.74M	863.26M	867.70M
Property, Plant & Equipment	296.34M	285.13M	278.89M	271.78M	273.27M	284.16M	290.28M	300.83M
Goodwill	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	1.50M	15.37M	4.45M	11.77M	9.27M	8.11M	8.46M	10.53M
Other Non-Current Assets	3.72M	3.72M	3.72M	1.51M	1.51M	3.11M	2.11M	2.13M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	301.56M	304.22M	287.06M	285.06M	284.05M	295.38M	300.85M	313.48M
Total Assets	1,405.72M	1,479.69M	1,391.89M	1,297.00M	1,223.01M	1,209.12M	1,164.10M	1,181.18M
Accounts Payable	98.50M	75.89M	72.92M	78.04M	56.69M	91.89M	62.63M	69.21M
Short-Term Debt	29.60M	23.58M	15.35M	11.98M	9.09M	9.97M	14.09M	3.28M
Tax Payables	8.88M	29.70M	20.64M	21.73M	24.17M	15.04M	7.70M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.19M
Other Current Liabilities	0.00M	0.00M	54.07M	51.08M	14.80M	20.23M	19.01M	50.99M
Total Current Liabilities	136.98M	129.17M	162.98M	162.84M	104.75M	137.13M	103.43M	124.66M
Long-Term Debt	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Capital Lease Obligations	4.83M	5.44M	6.65M	0.27M	1.08M	2.73M	2.10M	3.29M
Deferred Tax Liabilities	3.46M	0.15M	2.73M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	3.05M	6.94M	3.77M	8.99M	11.22M	19.92M	21.94M	24.10M
Total Non-Current Liabilities	11.33M	12.53M	13.15M	9.26M	12.30M	22.65M	24.04M	27.39M
Total Liabilities	148.31M	141.70M	176.13M	172.10M	117.05M	159.78M	127.47M	152.05M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	550.14M	550.14M	550.14M	550.14M	550.14M	550.14M	550.14M	550.14M
Retained Earnings	339.33M	261.23M	393.64M	326.55M	291.91M	251.43M	248.11M	471.25M
Accumulated OCI	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	889.47M	811.37M	943.78M	876.69M	842.05M	801.57M	798.25M	1,021.39M
Total Equity	889.47M	811.37M	943.78M	876.69M	842.05M	801.57M	798.25M	1,021.39M
Total Liabilities & Equity	1,037.78M	953.07M	1,119.91M	1,048.78M	959.10M	961.35M	925.72M	1,173.44M
Tangible Assets	1,405.72M	1,479.69M	1,391.89M	1,297.00M	1,223.01M	1,209.12M	1,164.10M	1,181.18M
Tangible Equity	889.47M	811.37M	943.78M	876.69M	842.05M	801.57M	798.25M	1,021.39M
Tangible Book Value	889.47M	811.37M	943.78M	876.69M	842.05M	801.57M	798.25M	1,021.39M
Total Investments	592.70M	622.21M	708.16M	511.40M	436.58M	118.81M	207.54M	0.00M
Net Debt	-164.66M	-188.10M	-75.36M	-239.42M	-293.78M	-453.32M	-351.44M	-613.43M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
Working Capital	893.6M	814.0M	942.2M	859.4M	813.2M	759.5M	741.2M	734.2M
Total Capital	1,220.7M	1,137.2M	1,240.6M	1,147.7M	1,095.9M	1,046.6M	1,035.5M	1,024.7M
Capital Employed	1,195.1M	1,118.3M	1,229.3M	1,144.5M	1,097.3M	1,054.9M	1,042.1M	1,047.7M
Invested Capital	1,026.5M	925.5M	1,149.9M	896.3M	793.1M	583.3M	669.9M	408.0M

Cash Flow Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
Net Income	255.97M	179.23M	218.22M	202.09M	146.87M	111.42M	142.95M	161.84M
Depreciation & Amortization	10.40M	11.35M	11.30M	10.46M	12.14M	12.19M	12.54M	12.77M
Deferred Income Tax	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	46.06M	-15.25M	-46.19M	-21.58M	91.15M	-19.63M	-47.90M	61.98M
Accounts Receivable	1.73M	-15.28M	-23.48M	-39.71M	120.93M	0.00M	0.00M	27.64M
Inventory	12.61M	-21.39M	-31.03M	-8.40M	10.00M	21.95M	-19.79M	35.01M
Accounts Payable	0.00M	37.36M	0.00M	21.35M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	31.72M	-24.14M	8.31M	5.18M	-39.78M	-1.37M	0.00M	-0.67M
Other Non-Cash Items	-36.44M	5.96M	-20.42M	-46.82M	-30.40M	39.33M	-5.11M	-45.72M
Net Cash from Operating Activities	275.99M	181.28M	162.91M	144.15M	256.69M	114.04M	77.87M	190.87M
Capital Expenditures (PPE)	-23.63M	-8.50M	-10.87M	-7.74M	-0.20M	-6.07M	-0.42M	-2.48M
Acquisitions (Net)	0.80M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-799.66M	-911.13M	-939.40M	-888.85M	-538.91M	-217.57M	-462.43M	0.00M
Sales / Maturities of Investments	822.48M	899.36M	769.09M	812.79M	222.75M	305.61M	255.32M	0.00M
Other Investing Activities	0.00M	-2.19M	-2.21M	0.02M	1.62M	-0.33M	0.02M	-1.62M
Net Cash from Investing Activities	-0.01M	-22.45M	-183.39M	-83.79M	-314.74M	81.64M	-207.51M	-4.10M
Net Debt Issuance	8.25M	-2.26M	3.36M	-0.81M	-0.88M	-1.76M	-3.28M	2.45M
Long-Term Debt Issuance	-1.22M	-2.26M	0.00M	-0.81M	-0.88M	-1.76M	-1.19M	0.00M
Short-Term Debt Issuance	8.25M	1.69M	3.36M	0.00M	0.00M	0.00M	-2.35M	2.45M
Net Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock Repurchased	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-176.05M	-137.54M	-137.54M	-110.03M	-99.03M	-99.03M	-115.53M	-143.04M
Common Dividends Paid	-176.05M	-137.54M	-137.54M	-110.03M	-99.03M	-99.03M	-115.53M	-143.04M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-9.84M	-2.58M	-6.04M	-1.00M	-2.47M	1.11M	-2.73M	0.84M
Net Cash from Financing Activities	-177.63M	-140.72M	-140.22M	-111.83M	-102.37M	-97.92M	-121.54M	-139.75M
Effect of FX on Cash	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Change in Cash	98.35M	18.11M	-160.69M	-51.47M	-160.42M	97.76M	-251.18M	47.03M
Cash at Beginning of Period	496.95M	703.80M	251.40M	302.87M	463.29M	365.53M	616.71M	569.69M
Cash at End of Period	595.30M	721.91M	90.71M	251.40M	302.87M	463.29M	365.53M	616.71M
Operating Cash Flow	275.99M	181.28M	162.91M	144.15M	256.69M	114.04M	77.87M	190.87M
Capital Expenditure	-23.63M	-8.50M	-10.87M	-7.74M	-0.20M	-6.07M	-0.42M	-2.48M
Free Cash Flow	252.36M	172.79M	152.04M	136.41M	256.49M	107.97M	77.44M	188.39M

Free Cash Flow

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
EBITDA	254.58M	205.81M	208.89M	178.74M	123.31M	168.78M	178.47M	178.83M
(-) Tax Adjustment	51.82M	40.99M	41.60M	36.93M	24.77M	33.97M	35.70M	36.60M
(-) Change In Working Capital	46.06M	-15.25M	-46.19M	-21.58M	91.15M	-19.63M	-47.90M	61.98M
(-) Capital Expenditure	-23.63M	-8.50M	-10.87M	-7.74M	-0.20M	-6.07M	-0.42M	-2.48M
Unlevered Free Cash Flow	133.06M	171.57M	202.61M	155.65M	7.19M	148.38M	190.25M	77.77M
(-) Net Interest Income After Taxes	24.45M	27.89M	26.75M	24.49M	7.08M	0.86M	4.08M	6.47M
Net Debt Issuance	8.25M	-2.26M	3.36M	-0.81M	-0.88M	-1.76M	-3.28M	2.45M
Levered Free Cash Flow	116.86M	141.42M	179.23M	130.36M	-0.76M	145.76M	182.89M	73.76M