A Comparative Study of Valuation and Value Driver in the Taiwan Construction Industry: Chong-Hong Co., Ltd. vs. Sweeten Co., Ltd.

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题名:	A Comparative Study of Valuation and Value Driver in the Taiwan Construction Industry: Chong-Hong Co., Ltd. vs. Sweeten Co., Ltd.
作者:	Liu, Chen-Chun
贡献者:	財務金融學系碩士在職專班
关键词:	Corporate Value Value Driver Discounted Cash Flow Model (DCF)
日期:	2014-07-14
上传时间:	2014-09-04 05:51:26 (UTC+0)
出版者:	Asia University
摘要:	Construction industry is an important part of the economic development. Either national public engineering constructions or our daily life, it is widespread to be found. Recently, due to the unstable global economic, raising cost of materials, and inward flood of foreign capitals after joining the WTO, the management of our construction industry has been threatened. Under such a difficult environment, the managers should consider how to improve the corporate performance and use available resources efficiently to achieve the goal of creating maximum corporate values. Accordingly, the matter of value management is becoming critical. Therefore, in this study we used Discounted Cash Flow method (DCF) to value cases of two corporations. Then, we used Intrinsic Value to proceed with sensibility analysis for comparing the value driver of two corporations. The results were as showed: (a) For Chong-Hong Co., Ltd., there were three value drivers which influenced the intrinsic value of stockholders' equity: Cost of Capital, Revenue Growth Rate and Gross Margin. (b) For Sweeten Co., Ltd., there were three value drivers which influenced the intrinsic value of stockholders' equity: Cost of Capital, Revenue Growth Rate and Gross Margin. Integrating the findings from this study, we could understand what reasons would contribute to Value Driver and of two corporations. Moreover, if managers could take value management seriously, and focus on those factors which are related corporate value, they may use resources effectively. In case of that, it is beneficial to increase corporate efficiency, effectiveness and Strategy Development further.
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