China General Plastics Corporation · TWSE:1305
China General Plastics — Investor Presentation (March 2023)
23 slides from China General Plastics's investor presentation, Mar 15, 2023
Slide 1: China General Plastics Corp. Investor Conference
華夏海灣塑膠股份有限公司 China General Plastics Corp. Investor Conference 2023/3/15 Time Itinerary Reporter 14:00〜 VIP Registration 14:30 胡吉宏 執行副總 2022 Review & Q1 2023 Outlook Otto Hu, 14:30〜 Executive VP 15:00 郭建洲 經理 2022 Finance Information C C Kuo, Manager 林漢福 副董事長 15:00〜 Q&A H F Lin, 15:30 Vice Chairman
Slide 2: 2022 Review & Q1 2023 Outlook
China General Plastics Corp. 2022 Review & Q1 2023 Outlook Reported by: Otto Hu March 15, 2023
Slide 3: 2022 Review: PVC Feedstock
2022 Review: PVC Feedstock Ethylene There was 10M tons each of ethylene capacity expanded in last two years. However, the supply was limited because of high energy cost from War Russia/Ukraine. The demand was weak mainly due to high inflation. The price was stable at $900 CFR FE in year end 2022.
Slide 4: 2022 Review: PVC
2022 Review: PVC As the lockdown from Covid to limit demand in China and PVC ADD sunset from China to India was effective in mid. February, Chinese PVC export reached record high of 200kt per month in H1, which heavily lowered the PVC prices in Asian markets. The high inflation and interest impa
Slide 5: 2022 Review: Consolidated Sales
2022 Review: Consolidated Sales The consolidated sales in 2022 was NT$17.637B, which decreased by NT$2.584B YoY (13%↓) . Sales Quantities (KT) 2022 2021 Growth VCM/PVC 382 385 (3) PVC Products 53 63 (10) Alkaline 60 60 (0) Total 495 508 (13) 5
Slide 6: 2022 Review: PVC Sales Mix
[asec [acrc D2 Svs 2 PVC Sales Mix Domestic —Export —Captive Total 250 ea 2015 2016 2017 2018 2019 2020 2021 2022
Slide 7: Crude Oil & Ethylene Price Trend
Crude Oil & Ethylene Price Trend Unit:US$/bbl WTI Unit:US$/MT CFR NEA (Platts) 7
Slide 8: PVC / VCM / EDC Price Trend
PVC / VCM / EDC 價格趨勢 Unit:US$/MT CFR NEA (Platts) 8
Slide 9: Q1 2023 Outlook: Ethylene
Q1 2023 Outlook: Ethylene The US ethylene quantities of production and export hit record high in 2022. The export quantity was about 70% increase YoY because of the facility improvements in export shipping ports. The export capability is expected to increase again in 2023. Even though the liftin
Slide 10: Q1 2023 Outlook: EDC/VCM
Q1 2023 Outlook: EDC/VCM EDC: The US EDC allocation enable to export in Q1 was still limited due to T/A. But the demand has been improving for PVC demand recovery. The later supply is expected getting long due to T/A finish and upgrade completion in M East. But, EDC supply and market prices will s
Slide 11: Q1 2023 Outlook: PVC Supply
Q1 2023 Outlook: PVC Supply Prices of coal and carbide in China had dropped after Lunar New Year, which was helpful more or less. The higher PVC OP rate has pushed the inventory to 500kt above in S/E Coast. Owing to the improving demand in China, the producers are trying to keep PVC price stable h
Slide 12: Q1 2023 Outlook: PVC Demand
Q1 2023 Outlook: PVC Demand The lifting lockdowns for Covid and the economic stimulating manners executed by Chinese government have had good responses since February. The PVC prices both future and spot markets have hit the bottom and rebounded recently. Much more PVC imports arrived India in J
Slide 13: Q1 2023 Outlook: PVC Products
Q1 2023 Outlook: PVC Products The housing business has declined since Q3 2022. However, CGPC still had sales growth in January and February for PVC pipes because we have deeply got involved the supplies for T3 of Taoyuan Airport, infrastructure of new cities, public residences, waste water treatme
Slide 14: 2023 Outlook: PVC Sold by Month
2023 Outlook : PVC Sold by Month PVC total quantity sold in 2023: YTD in February : more than 72kt YoY increase: 5.6% Unit:KMT 14
Slide 15: 2023 Outlook: Consolidated Sales
2023 Outlook : Consolidated Sales CGPC consolidated net revenue: YTD in February : 2.616B YoY decrease : 24.4% Unit:NT$ M 15
Slide 16: Finance information
China General Plastics Corporation and Subsidiaries Finance information Reporter : C.C.Kuo Manager Date : 2023, Mar. 15
Slide 17: 2022 Sales by product (NT$ million)
2022 Sales by product (NT$million) 17
Slide 18: Consolidated Statements of Income
China General Plastics Corporation and Subsidiaries Consolidated Statements of Income (In millions of NTD, except per share data) 2022 2021 2020 2019 YoY% FY FY FY FY Sales 17,637 20,222 -12.8% 13,733 15,118 Cost of goods sold 16,959 15,182 11.7% 10,374 13,148 Gross profit 678 5,040 -86.5% 3,359 1,9
Slide 19: Financial ratio analysis
China General Plastics Corporation and Subsidiaries Financial ratio analysis 2022 2021 2020 2019 FY FY FY FY Operating income margin(%) (5.6) 16.4 15.6 5.1 Net income margin(%) (1.9) 13.0 13.1 4.6 Debt ratio(%) 40 30 26 29 Current ratio(%) 217 264 265 288 Quick ratio(%) 129 152 208 193 Accounts rece
Slide 20: EPS vs DPS
EPS vs DPS 5.00 4.00 3.00 2.00 1.00 0.00 (1.00) mmm Cash dividend per share ====Stock dividend per share Earning per share 4.25 1.22 2019 2020 2021 20
Slide 21: Disclaimer
Disclaimer This presentation includes the Company’s current information and any development or adjustments thereof will be published according to laws, regulations or rulings. The Company is not obligated to update or revise this presentation. The information in this presentation is not for invest
Slide 22: Thank You
Thank You “7a
Slide 23: Q&A
Q&A
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