I.
Gas Station Industry in Taiwan
The gas station industry in Taiwan is an important part of the country's transportation
infrastructure. Gas stations can be found in almost every city and town in Taiwan, and they
play a vital role in providing fuel for vehicles and other machinery. The gas station industry in
Taiwan is also a significant contributor to the country's economy, as it employs many people
and generates significant revenue.
The gas station industry in Taiwan is highly competitive, with many companies operating in
the market. Many of these companies are local, while others are international corporations
with a strong presence in Taiwan. Gas stations in Taiwan offer a range of fuel types, including
gasoline, diesel, and compressed natural gas (CNG). In recent years, there has been a push to
increase the use of CNG in Taiwan, as it is a cleaner and more environmentally friendly fuel.
The gas station industry in Taiwan is regulated by the government, which sets standards for
the quality of fuel and ensures that gas stations are operating safely and efficiently. The
government also plays a role in promoting the use of alternative fuels, such as CNG, as part
of its efforts to reduce air pollution and reduce reliance on fossil fuels. Overall, the gas station
industry in Taiwan plays a vital role in the country's transportation and economic sectors and
is an important part of Taiwan's infrastructure.
According to the Ministry of Economic Affairs in Taiwan, there were approximately 4,800 gas
stations operating in the country as of 2020. These gas stations are owned and operated by a
mix of local and international companies, and they provide fuel for a wide range of vehicles,
including cars, buses, and trucks. The gas station industry in Taiwan generates significant
revenue, with total sales estimated at around NT$300 billion (approximately US$10.5 billion)
in 2020.
In addition to gasoline and diesel, many gas stations in Taiwan also offer compressed natural
gas (CNG) as an alternative fuel option. As of 2020, there were approximately 400 CNG
stations in Taiwan, and the government has set a target to increase the number of CNG
stations to 1,000 by 2025. The use of CNG is seen to reduce air pollution and reduce reliance
on fossil fuels, and the government has implemented a number of policies to encourage the
adoption of CNG.
The gas station industry in Taiwan is regulated by the government through the Ministry of
Economic Affairs and the Department of Energy. These agencies set standards for the quality
of fuel, ensure that gas stations are operating safely and efficiently, and promote the use of
alternative fuels such as CNG. Overall, the gas station industry in Taiwan is an important part
of the country's transportation infrastructure and economy and plays a vital role in meeting
the fuel needs of the country's population.
Out of the gas station industry, we chose to pick:
1. 2616 山隆
2. 8927 北基
3. 9937 全國
II.
Company Introduction
Here are the company profiles:
Sub-industry
Date Started
Sales
Breakdown
2616 山隆
Gas Station
April 6, 1976
70% Gas Station
30% Automobile
Transportation
8927 北基
Gas Station
December 1988
6% for 98 unleaded gasoline
3% for others
21% for premium diesel
57% for 95 unleaded
gasoline
13% for 92 unleaded
gasoline
9937 全國
Gas Station
August 8, 1988
25% for premium diesel
12% for 92 unleaded
gasoline
55% for 95 unleaded
gasoline
6% for 98 unleaded
gasoline
A. 2616 山隆
Shanlong was established on April 6,1976. It is mainly engaged in the business of gas
station, automobile transportation, and warehouse storage. The first gas station of
Shanlong was established in 1998, in Kaohsiung factory.
The oil suppliers of the company are CNPC (中油) and Formosa Plastics (台塑).
CNPC accounts for about 80%.
Shanlong has 80 gas stations: including 6 in Taipei, 11 in Taoyuan, 1 in
Hsinchu, 4 in Miaoli, 13 in Taichung, 4 in Changhua, 4 in Nantou, and
Yunlin 3 in Chiayi, 4 in Chiayi, 6 in Tainan, 12 in Kaohsiung, 7 in
Pingtung, 3 in Yilan and 2 in Hualien.
B. 8927 北基
Beiji International was established in December 1988. Its main business is gas station.
The domestic oil suppliers for Beiji International are Taiwan Petroleum Corporation
(台灣中油公司) and Formosa Petrochemical Corporation (台塑石化公司). Taiwan
Petroleum supplies 91% of oil supplied to the company
Beiji International oil product sales are mainly domestic sales. In 2021, the main
distribution areas will be Keelung City accounting for 7%, New Taipei
City accounting for 21%, Taoyuan City accounting for 12%, Hsinchu
County accounting for 1%, and Miaoli County accounting for 1%. ,
Taichung City 9%, Taitung County 3%, Hualien County 5%, Yunlin
County 7%, Chiayi City 2%, Tainan City 9%, Kaohsiung City 16%,
Pingtung County 6%.
C. 9937 全國
National Petroleum Co was established on August 8, 1988. Its main business is the sale
of gasoline, diesel and providing services such as window cleaning, car washing and
waxing. In addition, the company uses resources such as experience and countyowned land assets to carry out land development to transform and increase non-oil
income. Since 2017, the company has invested in shopping mall planning and
operation through reinvestment.
This companys gasoline and diesel are supplied from Formosa Petrochemical
Corporation (台塑石化公司)
The proportion of product sales regions in 2021: 58% in the North District, 22% in the
Central District, 18% in the South District, and 2% in the East District.
III.
Financial Ratio Analysis
1. Current Ratio
Current Ratio (%)
120
100
80
60
40
20
0
2017
2018
2616 山隆
2019
8927 北基
2020
9937 全國
2021
TEJ子產業平均
The current ratio is a liquidity ratio that measures a company’s ability to pay shortterm debt. A current ratio that is in lie with the industry average or slightly higher is
generally considered acceptable a current ratio that is lower than industry average
indicates higher risk of bankruptcy. However, if a company has a very high current
ratio compared to its industry, it indicates that the management may not be using its
assets efficiently.
2. Quick ratio
Quick ratio (%)
100
90
80
70
60
50
40
30
20
10
0
1
2
2616 山隆
3
8927 北基
4
9937 全國
5
TEJ子產業平均
The quick ratio is an indicator of a company’s short-term liquidity position and
measures a company’s ability to meet its short-term obligations with its most liquid
assets. A result of 1 is considered to be normal quick ratio. A company that has a
quick ratio less than 1 might not be able to fully pay off its current liabilities in the
short term, while a company having a quick ratio more than 1 can easily pay off its
debt.
3. Debt ratio
Debt Ratio (%)
70
60
50
40
30
20
10
0
1
2
2616 山隆
3
8927 北基
4
9937 全國
5
TEJ子產業平均
The term debt ratio refers to a financial ratio that measures the extent of a
company’s leverage. The debt ratio is defined as the ratio of total debt to total assets,
expressed as a decimal or percentage. It can be interpreted as the proportion of a
company’s assets that are financed by debt. A ratio greater than 0.5 shows that a
considerable amount of a company's assets is funded by debt, which means the
company has more liabilities than assets. A high ratio indicates that a company may
be at risk of default on its loans if interest rates suddenly rise. A ratio below 0.5 means
that a greater portion of a company's assets is funded by equity. In this case the lower
the ratio the better, because it means that the company has lower risk of bankruptcy.
4. Equity Ratio
Equity Ratio (%)
70
60
50
40
30
20
10
0
1
2
3
2616 山隆
8927 北基
4
9937 全國
5
TEJ子產業平均
The equity ratio is a financial metric that measures the amount of leverage used by a
company. It uses investments in assets and the amount of equity to determine how
well a company manages its debts and funds its asset requirements.
It is the opposite of debt ratio, where debt equity measures the amount of debt a
company has, a equity ratio measures the amount of equity a company has, compared
to its total asset. A ratio more than 0.5, means that the company has more equity in
its funding structure, while a ratio lower than 0.5, means that the company has more
debt than equity, and has more risk of bankruptcy
5. Return on total Asset (ROA)
Return on Total Assets (ROA) (%)
16
14
12
10
8
6
4
2
0
1
2
2616 山隆
3
8927 北基
4
9937 全國
5
TEJ子產業平均
Return on total assets (ROA) is a ratio that measures a company's earnings before
interest and taxes (EBIT) relative to its total net assets. It is defined as the ratio between
net income and total average assets, or the amount of financial and operational income
a company receives in a financial year as compared to the average of that company's
total assets. The ratio is an indicator of how effectively a company is using its assets to
generate earnings. EBIT is used instead of net profit to keep the metric focused on
operating earnings without the influence of tax or financing differences when compared
to similar companies. Higher ROA ratio means that the company is able to generate
higher return of the assets that they have.
6. Return on equity (ROE)
Return On Equity (ROE) (%)
30
25
20
15
10
5
0
1
2616 山隆
2
8927 北基
3
9937 全國
4
TEJ子產業平均
5
Return on equity (ROE) is a measure of financial performance calculated by
dividing net income by shareholders' equity. Because shareholders' equity is equal to
a company’s assets minus its debt, ROE is considered the return on net assets. ROE is
considered a gauge of a corporation's profitability and how efficient it is in generating
profits. The higher the ROE, the more efficient a company's management is at
generating income and growth from its equity financing.
7. Total Asset Turnover
Total asset turnover (times)
3
2.5
2
1.5
1
0.5
0
1
2616 山隆
2
8927 北基
3
9937 全國
4
TEJ子產業平均
5
The asset turnover ratio measures the value of a company's sales or revenues relative
to the value of its assets. The asset turnover ratio can be used as an indicator of the
efficiency with which a company is using its assets to generate revenue. The higher
the asset turnover ratio, the more efficient a company is at generating revenue from
its assets. Conversely, if a company has a low asset turnover ratio, it indicates it is not
efficiently using its assets to generate sales
8. After-tax net profit growth rate
After-tax net profit growth rate
200
150
100
50
0
1
2
3
4
5
-50
-100
2616 山隆
8927 北基
9937 全國
TEJ子產業平均
An after-tax profit margin is a financial performance ratio calculated by dividing net
income by net sales. A company's after-tax profit margin is significant because it
shows how well a company controls its cost. The after-tax profit margin is the same
as the net profit margin.
9. Total Asset Growth Rate
Total Asset Growth Rate
50
40
30
20
10
0
1
2
3
4
5
-10
2616 山隆
8927 北基
9937 全國
TEJ子產業平均
The Asset growth rate shows how quickly a company has been growing its assets. It is
calculated as a percentage change in Assets over a given period. The higher the growth
the rate the better, though the figure should be viewed together with other figures.
An increasing Asset value due to excessive borrowing would not be considered
beneficial for Shareholders. As this equation only considers the Asset side of the
Balance Sheet, it does not consider any corresponding change in Liabilities.
10. Total equity growth rate
Total Equity Growth Rate
70
60
50
40
30
20
10
0
-10
1
2
2616 山隆
3
8927 北基
4
9937 全國
5
TEJ子產業平均
Equity growth rate measures how much the company able to grow shareholder’s
equity or wealth. The higher the equity growth rate, means that the company can
grow equity quickly, and lower growth rate means that the company struggles to grow
equity and to retain earnings.
For a well-established company, you might see lower equity growth rate, because they
do not need to expand aggressively. Therefore, their shareholder prefers them to give
out dividends instead invest the profit back to the business.
11. Revenue Growth Rate
Revenue Growth Rate
30
25
20
15
10
5
0
-5
1
2
3
4
5
-10
-15
-20
-25
2616 山隆
8927 北基
9937 全國
TEJ子產業平均
Revenue growth rate is an indicator of how well a company is able to grow its sales
revenue over a given time period. The higher the revenue growth rate, means that the
company is growing its revenue better, and have better long-term prospect.
IV.
Ratios Score
Average
Items
Current Ratio (%)
Quick Ratio (%)
Debt Ratio (%)
Equity Ratio (%)
Return on Total Assets
(ROA) (%)
Return on Equity (ROE)
(%)
Total Asset Turnover
(Times)
After-Tax Net Profit
Growth Rate (%)
Total Asset Growth Rate
(%)
Equity Growth Rate (%)
Revenue Growth Rate (%)
2616
8927
9937
山隆
北基
全國
Score
2616
TEJ
Average 山隆
8927
9937
北基
全國
93.39
83.11
46.98
53.02
76.39
32.25
54.10
45.90
31.78
24.62
55.17
44.83
67.19
46.66
52.09
47.91
7
9
6
6
6
3
5
5
2
3
5
5
7.67
1.76
7.04
5.49
7
2
6
14.64
3.79
15.29
11.24
7
2
7
2.16
1.02
1.98
1.72
6
3
6
12.54
30.97
2.68
15.40
4
10
1
9.81
10.61
7.388
21.64
14.99
10.032
11.31
2.72
4.158
14.25
9.44
7.19
3
6
5
8
8
7
4
1
3
This Ratio score is calculated by calculating the average of individual’s company 5 year
average and then compared it to the TEJ Industry Average.
V.
Financial Prediction
Data Field
Revenue Growth Rate
Dividend Payout Ratio
Average common shares
2017
9,44
63,24
127.975
2021 Revenue
18.812.163
2022 Estimated revenue
19.651.562
Estimated Revenue
Growth rate
4,46
2018
11,67
92,89
2019
-5,28
84,93
2020
-11,42
81,33
2021
17,9
82,6
134.136 135.896 135.928 135.928
2022
Forecast
4,46
81,00
133.973
Data Field
Revenue Growth Rate
Dividend Payout Ratio
Average common shares
2017
9,44
63,24
127.975
2021 Revenue
18.812.163
2022 Estimated revenue
19.651.562
Estimated Revenue
Growth rate
4,46
2018
11,67
92,89
2019
-5,28
84,93
2020
-11,42
81,33
2021
17,9
82,6
134.136 135.896 135.928 135.928
2022
Forecast
4,46
81,00
133.973
Data Field
2017
2018
2019
2020
2021
2022
Forecast
Revenue Growth Rate
17,99
23,08
-1,95
-14,33
25,37
10,03
Dividend Payout Ratio
Average common
shares
26,05
50,19
72,53
79,62
105,86
66,85
191.833 191.833 191.833 201.194
193.705
2021 Revenue
2022 Estimated
revenue
Estimated Revenue
Growth rate
191.833
5.531.032
6.085.905
10,03
Data Field
2017
2018
2019
2020
2021
2022
Forecast
Revenue Growth Rate
17,99
23,08
-1,95
-14,33
25,37
10,03
Dividend Payout Ratio
Average common
shares
26,05
50,19
72,53
79,62
105,86
66,85
191.833 191.833 191.833 201.194
193.705
2021 Revenue
2022 Estimated
revenue
Estimated Revenue
Growth rate
191.833
5.531.032
6.085.905
10,03
Data Field
2017
2018
2019
2020
2021
2022
Forecast
Revenue Growth Rate
9,29
15,21
0,76
-19,95
15,48
4,16
Dividend Payout Ratio
Average common
shares
89,92
84,04
83,79
89,63
80,05
85,49
2021 Revenue
2022 Estimated
revenue
Estimated Revenue
Growth rate
309.043
21.199.183
22.080.645
4,16
309.043 309.043 309.043 309.043
309.043
Data Field
2017
2018
2019
2020
2021
2022
Forecast
Revenue Growth Rate
9,29
15,21
0,76
-19,95
15,48
4,16
Dividend Payout Ratio
Average common
shares
89,92
84,04
83,79
89,63
80,05
85,49
2021 Revenue
2022 Estimated
revenue
Estimated Revenue
Growth rate
309.043
21.199.183
22.080.645
4,16
309.043 309.043 309.043 309.043
309.043
VI.
Price-to-Earning Ratio Method
Stock's Price
Earning per Share (EPS)
2616 山隆
34,02
3,06
本益比
9937 全國
46,93
2,62
42,10
17,91
11,12
同業平均本利益比
23,71
Estimated stock price
VII.
8927 北基
29,05
0,69
74,84
16,71
64,30
Market-to-Book Value Method
2021 Average Market-to-Book Value
Items \ Company
End-year Closing Price
Number of Outstanding Shares
Market Value
Shareholder's Equity
Market-to-Book Value Ratio
Average Industry Market-to-Book
Value
Estimated Market Value
Estimated Stock Price
2616 山隆
8927 北基
9937 全國
34,02
29,05
46,93
135.928
201.194
309.043
4.624.325
5.845.028
14.502.615
5.456.783
3.783.915
5.360.430
0,85
1,54
2,71
1,70
9.521.007
6.505.136
9.108.521
70,04
32,33
29,47