New Risk • 10h
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 9.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 217% Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (9.5% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.3% net profit margin). Major Estimate Revision • May 27
Consensus revenue estimates fall by 27% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from NT$21.6b to NT$15.8b. EPS estimate fell from NT$8.15 to NT$5.86 per share. Net income forecast to grow 1,060% next year vs 87% growth forecast for Machinery industry in Taiwan. Consensus price target of NT$285 unchanged from last update. Share price rose 4.9% to NT$213 over the past week. Reported Earnings • May 19
First quarter 2026 earnings: Revenues and EPS in line with analyst expectations First quarter 2026 results: EPS: NT$0.15 (down from NT$1.13 in 1Q 2025). Revenue: NT$2.35b (down 16% from 1Q 2025). Net income: NT$29.6m (down 86% from 1Q 2025). Profit margin: 1.3% (down from 7.7% in 1Q 2025). Revenue is forecast to grow 40% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. New Risk • Apr 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 8.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 217% Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.0% net profit margin). New Risk • Apr 01
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 217% The company is paying a dividend despite having no free cash flows. Dividend yield: 3.1% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 217% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.0% net profit margin). Reported Earnings • Mar 19
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: NT$1.63 (down from NT$7.15 in FY 2024). Revenue: NT$10.7b (down 20% from FY 2024). Net income: NT$318.3m (down 77% from FY 2024). Profit margin: 3.0% (down from 10% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) exceeded analyst estimates by 2.8%. Revenue is forecast to grow 36% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 39% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$183, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 36x in the Machinery industry in Taiwan. Total returns to shareholders of 141% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$235 per share. Buy Or Sell Opportunity • Mar 09
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.6% to NT$183. The fair value is estimated to be NT$235, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Earnings per share has declined by 21%. Revenue is forecast to grow by 126% in 2 years. Earnings are forecast to grow by 374% in the next 2 years. Announcement • Mar 03
Shin Zu Shing Co., Ltd., Annual General Meeting, Jun 09, 2026 Shin Zu Shing Co., Ltd., Annual General Meeting, Jun 09, 2026. Location: no,1, san tsun st., shulin district, new taipei city Taiwan Price Target Changed • Feb 23
Price target decreased by 8.0% to NT$282 Down from NT$307, the current price target is an average from 7 analysts. New target price is 41% above last closing price of NT$200. Stock is down 33% over the past year. The company is forecast to post earnings per share of NT$1.59 for next year compared to NT$7.15 last year. Buy Or Sell Opportunity • Jan 27
Now 21% undervalued Over the last 90 days, the stock has risen 6.2% to NT$222. The fair value is estimated to be NT$280, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Earnings per share has declined by 21%. Revenue is forecast to grow by 133% in 2 years. Earnings are forecast to grow by 416% in the next 2 years. Buy Or Sell Opportunity • Jan 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to NT$220. The fair value is estimated to be NT$279, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Earnings per share has declined by 21%. Revenue is forecast to grow by 133% in 2 years. Earnings are forecast to grow by 416% in the next 2 years. Major Estimate Revision • Nov 22
Consensus EPS estimates fall by 35% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$12.0b to NT$11.6b. EPS estimate also fell from NT$2.61 per share to NT$1.70 per share. Net income forecast to grow 192% next year vs 54% growth forecast for Machinery industry in Taiwan. Consensus price target down from NT$305 to NT$296. Share price fell 6.6% to NT$178 over the past week. Reported Earnings • Nov 17
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: NT$0.59 (down from NT$1.77 in 3Q 2024). Revenue: NT$2.65b (down 28% from 3Q 2024). Net income: NT$115.8m (down 65% from 3Q 2024). Profit margin: 4.4% (down from 9.1% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 7.9%. Earnings per share (EPS) also missed analyst estimates by 31%. Revenue is forecast to grow 44% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 31% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Nov 17
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to NT$185. The fair value is estimated to be NT$231, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Earnings per share has declined by 13%. Revenue is forecast to grow by 98% in 2 years. Earnings are forecast to grow by 223% in the next 2 years. Buy Or Sell Opportunity • Oct 13
Now 21% undervalued Over the last 90 days, the stock has risen 8.4% to NT$227. The fair value is estimated to be NT$289, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Earnings per share has declined by 13%. Revenue is forecast to grow by 111% in 2 years. Earnings are forecast to grow by 259% in the next 2 years. Major Estimate Revision • Sep 17
Consensus EPS estimates fall by 32%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from NT$12.9b to NT$13.1b. EPS estimate fell from NT$3.96 to NT$2.69 per share. Net income forecast to grow 73% next year vs 56% growth forecast for Machinery industry in Taiwan. Consensus price target broadly unchanged at NT$293. Share price fell 4.1% to NT$221 over the past week. New Risk • Sep 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 7.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.9% average weekly change). Minor Risk Profit margins are more than 30% lower than last year (6.0% net profit margin). Valuation Update With 7 Day Price Move • Aug 28
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$260, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 19x in the Machinery industry in Taiwan. Total returns to shareholders of 232% over the past three years. New Risk • Aug 15
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.0% Last year net profit margin: 9.9% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Profit margins are more than 30% lower than last year (6.0% net profit margin). Reported Earnings • Aug 15
Second quarter 2025 earnings: EPS misses analyst expectations Second quarter 2025 results: NT$0.46 loss per share (down from NT$2.19 profit in 2Q 2024). Revenue: NT$2.94b (down 16% from 2Q 2024). Net loss: NT$90.0m (down 122% from profit in 2Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 37% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 39% per year, which means it is well ahead of earnings. Major Estimate Revision • Aug 08
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$13.4b to NT$13.2b. EPS estimate also fell from NT$4.92 per share to NT$4.43 per share. Net income forecast to shrink 8.0% next year vs 26% growth forecast for Machinery industry in Taiwan . Consensus price target of NT$285 unchanged from last update. Share price was steady at NT$234 over the past week. Upcoming Dividend • Jul 30
Upcoming dividend of NT$6.00 per share Eligible shareholders must have bought the stock before 06 August 2025. Payment date: 02 September 2025. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (2.8%). Declared Dividend • Jul 05
Dividend of NT$6.00 announced Shareholders will receive a dividend of NT$6.00. Ex-date: 6th August 2025 Payment date: 2nd September 2025 Dividend yield will be 2.9%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (45% earnings payout ratio) and cash flows (73% cash payout ratio). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. EPS is expected to grow by 140% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Jun 20
Price target increased by 14% to NT$277 Up from NT$244, the current price target is an average from 5 analysts. New target price is 27% above last closing price of NT$218. Stock is down 5.6% over the past year. The company is forecast to post earnings per share of NT$4.92 for next year compared to NT$7.15 last year. New Risk • Jun 20
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$221, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 25x in the Machinery industry in Taiwan. Total returns to shareholders of 212% over the past three years. Reported Earnings • May 15
First quarter 2025 earnings: EPS misses analyst expectations First quarter 2025 results: EPS: NT$1.13 (down from NT$1.68 in 1Q 2024). Revenue: NT$2.81b (down 2.9% from 1Q 2024). Net income: NT$215.5m (down 32% from 1Q 2024). Profit margin: 7.7% (down from 11% in 1Q 2024). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 32% per year, which means it is well ahead of earnings. Price Target Changed • May 12
Price target decreased by 11% to NT$225 Down from NT$254, the current price target is an average from 3 analysts. New target price is 18% above last closing price of NT$190. Stock is up 5.8% over the past year. The company is forecast to post earnings per share of NT$4.95 for next year compared to NT$7.15 last year. Announcement • Apr 20
Shin Zu Shing Co., Ltd. to Report Q1, 2025 Results on Apr 28, 2025 Shin Zu Shing Co., Ltd. announced that they will report Q1, 2025 results on Apr 28, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$199, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 21x in the Machinery industry in Taiwan. Total returns to shareholders of 191% over the past three years. New Risk • Mar 22
New major risk - Revenue and earnings growth Earnings have declined by 6.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 6.1% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.4% average weekly change). Announcement • Mar 14
Shin Zu Shing Co., Ltd., Annual General Meeting, Jun 10, 2025 Shin Zu Shing Co., Ltd., Annual General Meeting, Jun 10, 2025. Location: no,1, san tsun st., shulin district, new taipei city Taiwan Announcement • Mar 06
Shin Zu Shing Co., Ltd. to Report Fiscal Year 2024 Results on Mar 13, 2025 Shin Zu Shing Co., Ltd. announced that they will report fiscal year 2024 results on Mar 13, 2025 Price Target Changed • Feb 17
Price target increased by 11% to NT$260 Up from NT$235, the current price target is an average from 3 analysts. New target price is 10% below last closing price of NT$291. Stock is up 80% over the past year. The company is forecast to post earnings per share of NT$7.23 for next year compared to NT$4.30 last year. Price Target Changed • Feb 13
Price target increased by 8.1% to NT$247 Up from NT$229, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of NT$257. Stock is up 37% over the past year. The company is forecast to post earnings per share of NT$7.23 for next year compared to NT$4.30 last year. Valuation Update With 7 Day Price Move • Feb 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$248, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 23x in the Machinery industry in Taiwan. Total returns to shareholders of 203% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$188 per share. New Risk • Feb 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 8.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Feb 05
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 30% to NT$237. The fair value is estimated to be NT$187, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.4% over the last 3 years. Earnings per share has declined by 8.4%. Revenue is forecast to grow by 18% in a year. Earnings are forecast to grow by 24% in the next year. Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$214, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 21x in the Machinery industry in Taiwan. Total returns to shareholders of 174% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$187 per share. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$210, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 23x in the Machinery industry in Taiwan. Total returns to shareholders of 163% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$190 per share. Reported Earnings • Nov 06
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: NT$1.77 (up from NT$1.60 in 3Q 2023). Revenue: NT$3.67b (up 29% from 3Q 2023). Net income: NT$334.4m (up 11% from 3Q 2023). Profit margin: 9.1% (down from 11% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) also surpassed analyst estimates by 1.3%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Announcement • Oct 25
Shin Zu Shing Co., Ltd. to Report Q3, 2024 Results on Nov 01, 2024 Shin Zu Shing Co., Ltd. announced that they will report Q3, 2024 results on Nov 01, 2024 New Risk • Oct 22
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.4% average weekly change). Shareholders have been diluted in the past year (4.3% increase in shares outstanding). Buy Or Sell Opportunity • Aug 14
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 25% to NT$222. The fair value is estimated to be NT$181, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.9% over the last 3 years. Earnings per share has declined by 13%. Revenue is forecast to grow by 19% in a year. Earnings are forecast to grow by 17% in the next year. Reported Earnings • Aug 06
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: NT$2.18 (up from NT$1.05 in 2Q 2023). Revenue: NT$3.48b (up 49% from 2Q 2023). Net income: NT$410.2m (up 108% from 2Q 2023). Profit margin: 12% (up from 8.4% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.9%. Earnings per share (EPS) also surpassed analyst estimates by 50%. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$191, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 24x in the Machinery industry in Taiwan. Total returns to shareholders of 114% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$149 per share. Announcement • Jul 26
Shin Zu Shing Co., Ltd. to Report Q2, 2024 Results on Aug 02, 2024 Shin Zu Shing Co., Ltd. announced that they will report Q2, 2024 results on Aug 02, 2024 Upcoming Dividend • Jul 23
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 30 July 2024. Payment date: 28 August 2024. Payout ratio is on the higher end at 75%, and the cash payout ratio is above 100%. Trailing yield: 1.7%. Lower than top quartile of Taiwanese dividend payers (4.3%). Lower than average of industry peers (2.5%). Declared Dividend • Jul 03
Dividend reduced to NT$4.00 Dividend of NT$4.00 is 33% lower than last year. Ex-date: 30th July 2024 Payment date: 28th August 2024 Dividend yield will be 1.9%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (75% earnings payout ratio) and cash flows (82% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 27% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Jul 02
Shin Zu Shing Co., Ltd. Approves Cash Dividends, Payable on August 28, 2024 Shin Zu Shing Co., Ltd. approved common stock cash dividends of TWD 750,993,384. Date of the resolution by the board of directors or shareholders meeting or decision by the company is July 1, 2024. Ex-rights (ex-dividend) trading date is July 30, 2024. Ex-rights (ex-dividend) record date is August 5, 2024. Payment date of common stock cash dividend distribution is August 28, 2024. Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$227, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 26x in the Machinery industry in Taiwan. Total returns to shareholders of 146% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$119 per share. Major Estimate Revision • May 22
Consensus revenue estimates increase by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from NT$12.2b to NT$13.5b. EPS estimate unchanged at NT$6.30. Net income forecast to grow 28% next year vs 39% growth forecast for Machinery industry in Taiwan. Consensus price target up from NT$183 to NT$219. Share price rose 14% to NT$207 over the past week. Reported Earnings • May 07
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: NT$1.68 (up from NT$0.67 in 1Q 2023). Revenue: NT$2.89b (up 54% from 1Q 2023). Net income: NT$314.9m (up 151% from 1Q 2023). Profit margin: 11% (up from 6.7% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 15%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Announcement • Apr 28
Shin Zu Shing Co., Ltd. to Report Q1, 2024 Results on May 06, 2024 Shin Zu Shing Co., Ltd. announced that they will report Q1, 2024 results on May 06, 2024 Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$178, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 27x in the Machinery industry in Taiwan. Total returns to shareholders of 66% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$83.74 per share. Reported Earnings • Mar 07
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: NT$4.30 (down from NT$8.69 in FY 2022). Revenue: NT$10.1b (down 15% from FY 2022). Net income: NT$807.4m (down 51% from FY 2022). Profit margin: 8.0% (down from 14% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 9.2%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Price Target Changed • Mar 05
Price target increased by 19% to NT$148 Up from NT$124, the current price target is an average from 4 analysts. New target price is 34% below last closing price of NT$224. Stock is up 149% over the past year. The company is forecast to post earnings per share of NT$4.72 for next year compared to NT$8.69 last year. Major Estimate Revision • Mar 05
Consensus revenue estimates increase by 13% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from NT$11.6b to NT$13.1b. EPS estimate increased from NT$6.24 to NT$6.71 per share. Net income forecast to grow 49% next year vs 26% growth forecast for Machinery industry in Taiwan. Consensus price target up from NT$124 to NT$148. Share price rose 37% to NT$224 over the past week. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$204, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 29x in the Machinery industry in Taiwan. Total returns to shareholders of 59% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$84.93 per share. Announcement • Mar 02
Shin Zu Shing Co., Ltd., Annual General Meeting, Jun 18, 2024 Shin Zu Shing Co., Ltd., Annual General Meeting, Jun 18, 2024. Location: SHUANG YAN Wedding Restaurant, No.1, Sanjun St., Shulin Dist., New Taipei City Taiwan Agenda: To consider 2023 business report; to consider Audit Committee's review of the 2023 annual final accounting books and statements; to consider Report on 2023 employees' and directors' remuneration; to consider Acknowledgment of the 2023 annual final accounting books and statements; and to consider Acknowledgment of the 2023 Earnings Distribution. New Risk • Feb 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 7.3% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.3% average weekly change). Minor Risks Dividend is not well covered by earnings (144% payout ratio). Profit margins are more than 30% lower than last year (8.2% net profit margin). Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$145, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 20x in the Machinery industry in Taiwan. Total returns to shareholders of 41% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$77.93 per share. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$134, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 22x in the Machinery industry in Taiwan. Total returns to shareholders of 26% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$77.41 per share. Price Target Changed • Nov 30
Price target increased by 21% to NT$119 Up from NT$97.75, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of NT$123. Stock is up 45% over the past year. The company is forecast to post earnings per share of NT$4.66 for next year compared to NT$8.69 last year. New Risk • Nov 22
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 8.2% Last year net profit margin: 14% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (144% payout ratio). Profit margins are more than 30% lower than last year (8.2% net profit margin). Price Target Changed • Nov 15
Price target increased by 13% to NT$92.50 Up from NT$82.00, the current price target is an average from 4 analysts. New target price is 21% below last closing price of NT$117. Stock is up 42% over the past year. The company is forecast to post earnings per share of NT$4.69 for next year compared to NT$8.69 last year. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$107, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 22x in the Machinery industry in Taiwan. Total loss to shareholders of 12% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$124 per share. Major Estimate Revision • Aug 22
Consensus EPS estimates fall by 26% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$10.1b to NT$9.52b. EPS estimate also fell from NT$5.05 per share to NT$3.72 per share. Net income forecast to shrink 25% next year vs 23% growth forecast for Machinery industry in Taiwan . Consensus price target down from NT$82.00 to NT$79.00. Share price was steady at NT$80.80 over the past week. Reported Earnings • Aug 03
Second quarter 2023 earnings: Revenues and EPS in line with analyst expectations Second quarter 2023 results: EPS: NT$1.05 (down from NT$2.20 in 2Q 2022). Revenue: NT$2.34b (down 22% from 2Q 2022). Net income: NT$197.4m (down 53% from 2Q 2022). Profit margin: 8.4% (down from 14% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Jul 20
Upcoming dividend of NT$6.00 per share at 6.7% yield Eligible shareholders must have bought the stock before 27 July 2023. Payment date: 31 August 2023. Payout ratio is on the higher end at 78%, however this is supported by cash flows. Trailing yield: 6.7%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.1%). Announcement • Jul 12
Shin Zu Shing Co., Ltd. Approves Cash Dividend, Payable on August 31, 2023 Shin Zu Shing Co., Ltd. approved cash dividend of TWD 1,126,490,076. Ex-rights (ex-dividend) trading date is July 27, 2023. Ex-rights (ex-dividend) record date is August 4, 2023. Payment date of cash dividend distribution is August 31, 2023. Announcement • Jun 23
Shin Zu Shing Co., Ltd. Appoints Tsai, Meng-Hui as Corporate Governance Officer, Effective June 30, 2023 Shin Zu Shing Co., Ltd. appointed Tsai, Meng-Hui, Accounting officer of SZS as Corporate Governance Officer. Effective date: June 30, 2023. Reported Earnings • Apr 27
First quarter 2023 earnings: EPS misses analyst expectations First quarter 2023 results: EPS: NT$0.67 (down from NT$1.71 in 1Q 2022). Revenue: NT$1.88b (down 37% from 1Q 2022). Net income: NT$125.5m (down 62% from 1Q 2022). Profit margin: 6.7% (down from 11% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 35%. Revenue is forecast to grow 8.5% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Apr 21
Consensus revenue estimates fall by 27% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$12.3b to NT$9.02b. EPS estimate fell from NT$6.59 to NT$5.02 per share. Net income forecast to shrink 42% next year vs 4.0% growth forecast for Machinery industry in Taiwan . Consensus price target of NT$83.67 unchanged from last update. Share price fell 3.2% to NT$86.80 over the past week. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Mei-Hui Li was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 08
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: NT$3.91 (up from NT$1.19 in 3Q 2021). Revenue: NT$3.36b (up 22% from 3Q 2021). Net income: NT$747.4m (up 227% from 3Q 2021). Profit margin: 22% (up from 8.3% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) exceeded analyst estimates by 99%. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 13
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: EPS: NT$2.20 (up from NT$1.77 in 2Q 2021). Revenue: NT$3.02b (up 4.4% from 2Q 2021). Net income: NT$422.7m (up 25% from 2Q 2021). Profit margin: 14% (up from 12% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) exceeded analyst estimates by 48%. Over the next year, revenue is forecast to grow 5.7%, compared to a 9.0% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Jul 07
Upcoming dividend of NT$5.00 per share Eligible shareholders must have bought the stock before 14 July 2022. Payment date: 15 August 2022. Payout ratio and cash payout ratio are on the higher end at 80% and 99% respectively. Trailing yield: 6.5%. Lower than top quartile of Taiwanese dividend payers (6.8%). Higher than average of industry peers (3.5%). Price Target Changed • Jul 06
Price target decreased to NT$96.75 Down from NT$107, the current price target is an average from 4 analysts. New target price is 27% above last closing price of NT$75.90. Stock is down 35% over the past year. The company is forecast to post earnings per share of NT$6.60 for next year compared to NT$6.08 last year. Announcement • Jun 29
Shin Zu Shing Co., Ltd. Announces Committee Changes Shin Zu Shing Co., Ltd. announced changes in Compensation Committee. Name and resume of the previous position holder: Yang, Po-Ming, Independent Director of SZS corp. Name and resume of the new position holder: Li, Mei-Hui, Chief Financial Officer of Feijie Technology Co., Ltd. Reason for the change: Tenure expired. Effective date of the new member is June 28, 2022. Announcement • Jun 17
Shin Zu Shing Co., Ltd. Announces Board Changes Shin Zu Shing Co., Ltd. announced board changes. Title and name of the previous position holder: Director: Lu,Min-Wen. Independent Director: Yang,Po-Ming. Resume of the previous position holder: Lu,Min-Wen, Director of SZS corp. Yang,Po-Ming, Independent Director of SZS corp. Title and name of the new position holder: Director: Lu,Yu-Chi, Yang,Po-Ming. Independent Director: Li,Mei-Hui. Resume of the new position holder: Lu,Yu-Chi, Chairman of Golden Point Asset Management Co., Ltd. Yang,Po-Ming, Independent Director of SZS corp. Li,Mei-Hui, Chief Financial Officer of Feijie Technology Co., Ltd. Reason for the change: term expired. Effective date of the new appointment is June 16, 2022. 
