燦坤實業 (Tsann Kuen Enterprise Co., Ltd.) - 2024年法說會 (2024 Investor Conference)
Company Overview
燦坤實業(股)有限公司 (Tsann Kuen Enterprise Co., Ltd.) is a company with a diverse investment structure, including:
- 大力投資(100%) (Dali Investment (100%))
- 永益投資(100%) (Yongyi Investment (100%))
- RROWORLD (100%)
- 燦坤印尼(100%) (Tsann Kuen Indonesia (100%)) The company has a total of 293 stores as of 2024 Q1, with a regional breakdown of:
- 北區 1 (North Region 1): 85 stores
- 北區 2 (North Region 2): 46 stores
- 東區 (East Region): 14 stores
- 中區 (Central Region): 52 stores
- 南區 1 (South Region 1): 47 stores
- 南區 2 (South Region 2): 44 stores
Financial Highlights
Income Statement
| Item | 2024 MAR. 31 | % of Revenue | 2023 MAR. 31 | % of Revenue | YoY Change |
|---|---|---|---|---|---|
| 營業收入 (Revenue) | 4,671 | 100.00% | 5,051 | 100.00% | (7.52%) |
| 營業成本 (Cost of Revenue) | 3,957 | 4,274 | |||
| 營業毛利 (Gross Profit) | 714 | 15.29% | 777 | 15.38% | (8.11%) |
| 營業費用合計 (Total Operating Expenses) | 640 | 13.70% | 644 | 12.75% | |
| 營業利益 (Operating Income) | 74 | 1.58% | 133 | 2.63% | (44.36%) |
| 營業外收入 (Non-Operating Income) | 10 | 0.21% | 16 | 0.32% | |
| 營業外支出 (Non-Operating Expenses) | 20 | 0.43% | 18 | 0.36% | |
| 稅前淨利 (Profit Before Tax) | 64 | 1.37% | 131 | 2.59% | (51.15%) |
| 所得稅費用 (Income Tax Expense) | (13) | (25) | |||
| 本期淨利 (Net Income) | 51 | 1.09% | 106 | 2.10% | (51.89%) |
| EPS (Earnings Per Share) | 0.44 | 0.90 | (51.11%) |
Balance Sheet
| Item | 2024 MAR. 31 | % of Total Assets | 2023 MAR. 31 | % of Total Assets | YoY Change |
|---|---|---|---|---|---|
| 現金及約當現金 (Cash & Cash Equivalents) | 1,781 | 12% | 1,219 | 8% | 46.10% |
| 存貨 (Inventory) | 2,877 | 19% | 3,183 | 21% | (9.61%) |
| 流動資產合計 (Total Current Assets) | 5,016 | 33% | 4,626 | 31% | |
| 非流動資產合計 (Total Non-Current Assets) | 10,121 | 67% | 10,189 | 69% | |
| 資產總計 (Total Assets) | 15,137 | 100% | 14,815 | 100% | 2.17% |
| 應付帳款及票據 (Accounts & Notes Payable) | 4,021 | 27% | 3,824 | 26% | 5.15% |
| 流動負債合計 (Total Current Liabilities) | 5,897 | 39% | 5,608 | 38% | |
| 負債總計 (Total Liabilities) | 10,789 | 71% | 10,448 | 71% | |
| 股東權益總計 (Total Equity) | 4,348 | 29% | 4,367 | 29% | (0.44%) |
Key Operating Metrics
| Metric | 2024 MAR. 31 | 2023 MAR. 31 |
|---|---|---|
| 存貨週轉天數 (Inventory Turnover Days) | 61 | 63 |
| 應收帳款天數 (Accounts Receivable Turnover Days) | 1 | 1 |
| 應付帳款天數 (Accounts Payable Turnover Days) | 67 | 65 |
| 正現金天數 (Cash Conversion Cycle) | 5 | 1 |
Recent Performance and Results
- Revenue decreased by 7.52% from NTD 5,051 million in 2023 Q1 to NTD 4,671 million in 2024 Q1.
- Gross Profit decreased by 8.11% from NTD 777 million to NTD 714 million.
- Operating Income significantly decreased by 44.36% from NTD 133 million to NTD 74 million.
- Net Income decreased by 51.89% from NTD 106 million to NTD 51 million.
- EPS decreased by 51.11% from NTD 0.90 to NTD 0.44.
- Cash & Cash Equivalents increased significantly by 46.10% from NTD 1,219 million to NTD 1,781 million.
- Inventory decreased by 9.61% from NTD 3,183 million to NTD 2,877 million.
- Total Assets increased by 2.17% to NTD 15,137 million.
- Total Equity slightly decreased by 0.44% to NTD 4,348 million.
- Cash Conversion Cycle improved from 1 day to 5 days.
Future Outlook and Guidance
- Continue store expansion
- Renovate existing stores
- Strengthen sales of energy-efficient appliances and AI products
Strategic Initiatives and Plans
- Store Expansion: Continue expanding store network
- Store Renovation: Renovate existing stores to enhance customer experience
- Product Focus: Boost sales of energy-efficient appliances and AI-powered products
Key Charts, Graphs, and Data Points
Historical Cash Dividends
| Year | EPS (NTD/share) | Cash Dividend (NTD/share) | Payout Ratio |
|---|---|---|---|
| 2020 | 1.85 | 1.55 | 84% |
| 2021 | 3.93 | 3.54 | 90% |
| 2022 | 4.29 | 4.00 | 93% |
| 2023 | 2.39 | 2.20 | 92% |
Important Product Names, Terms, and Concepts
- 燦坤實業 (Tsann Kuen Enterprise Co., Ltd.): Main company
- 法說會 (Investor Conference): Event type
- 門市 (Stores): Retail outlets
- 節能家電 (Energy-efficient appliances): Key product category
- AI商品 (AI products): Key product category
- 股利政策 (Dividend Policy): Company's approach to distributing earnings to shareholders
- 正現金天數 (Cash Conversion Cycle): Metric indicating time it takes to convert investments in inventory and accounts receivable into cash
Products, Services & Technology
- Service Offerings:
- 用心經營 (Operate with heart)
- 安心購物環境 (Safe shopping environment)
- 貼心的服務 (Considerate service)
- 將需求交給燦坤 放心成家 (Entrust your needs to Tsann Kuen, settle down with peace of mind)
- Product Focus:
- 節能家電 (Energy-efficient appliances)
- AI商品 (AI products)
Disclaimer
This presentation contains forward-looking statements that are subject to substantial risks and uncertainties. Actual results may differ materially from those expressed or implied by such statements. The forward-looking statements in this presentation include, but are not limited to, growth rates for various markets estimated by third-party sources, future products and technology development, widespread market acceptance of the hosted delivery model, future revenue growth and profitability. The forward-looking statements contained in this presentation are made only as of the date of this presentation, and we undertake no obligation to update the forward-looking statements to reflect subsequent events or circumstances, except as required by law.