Buy Or Sell Opportunity • Jun 01
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.8% to NT$87.60. The fair value is estimated to be NT$111, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.4% over the last 3 years. Earnings per share has grown by 14%. Revenue is forecast to grow by 9.6% in a year. Earnings are forecast to grow by 25% in the next year. Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$95.10, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Auto Components industry in Taiwan. Total returns to shareholders of 116% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$111 per share. Reported Earnings • May 15
First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2026 results: EPS: NT$1.00 (down from NT$2.48 in 1Q 2025). Revenue: NT$5.63b (down 23% from 1Q 2025). Net income: NT$956.1m (down 35% from 1Q 2025). Profit margin: 17% (down from 20% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) exceeded analyst estimates by 6.8%. Revenue is forecast to grow 7.3% p.a. on average during the next 2 years, compared to a 5.0% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 17% per year. Declared Dividend • May 11
Dividend reduced to NT$5.00 Dividend of NT$5.00 is 5.7% lower than last year. Ex-date: 22nd June 2026 Payment date: 16th July 2026 Dividend yield will be 6.2%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (81% earnings payout ratio) but not covered by cash flows (247% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 16% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • May 06
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from NT$25.1b to NT$24.9b. EPS estimate also fell from NT$7.20 per share to NT$6.38 per share. Net income forecast to shrink 0.8% next year vs 23% growth forecast for Auto Components industry in Taiwan . Consensus price target down from NT$116 to NT$111. Share price was steady at NT$75.50 over the past week. Price Target Changed • Mar 14
Price target decreased by 7.4% to NT$116 Down from NT$125, the current price target is an average from 6 analysts. New target price is 35% above last closing price of NT$85.80. Stock is down 32% over the past year. The company is forecast to post earnings per share of NT$7.20 for next year compared to NT$6.43 last year. Reported Earnings • Mar 13
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: NT$6.43 (down from NT$7.40 in FY 2024). Revenue: NT$25.1b (down 2.0% from FY 2024). Net income: NT$3.80b (down 13% from FY 2024). Profit margin: 15% (down from 17% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.4%. Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 4.5% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 25% per year. Announcement • Mar 09
Tong Yang Industry Co., Ltd., Annual General Meeting, Jun 17, 2026 Tong Yang Industry Co., Ltd., Annual General Meeting, Jun 17, 2026, at 09:00 Taipei Standard Time. Location: 3 floor no,1 ln.336, sec.3 chung hua e. rd., east district, tainan city Taiwan Buy Or Sell Opportunity • Jan 19
Now 20% undervalued Over the last 90 days, the stock has risen 16% to NT$110. The fair value is estimated to be NT$138, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.3% over the last 3 years. Earnings per share has grown by 27%. Revenue is forecast to grow by 10% in 2 years. Earnings are forecast to grow by 23% in the next 2 years. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$113, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 15x in the Auto Components industry in Taiwan. Total returns to shareholders of 198% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$218 per share. Reported Earnings • Nov 12
Third quarter 2025 earnings: EPS exceeds analyst expectations Third quarter 2025 results: EPS: NT$1.11 (down from NT$1.49 in 3Q 2024). Revenue: NT$5.40b (down 14% from 3Q 2024). Net income: NT$657.2m (down 26% from 3Q 2024). Profit margin: 12% (down from 14% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.1%. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 27% per year whereas the company’s share price has increased by 29% per year. Price Target Changed • Oct 29
Price target decreased by 7.4% to NT$119 Down from NT$128, the current price target is an average from 6 analysts. New target price is 23% above last closing price of NT$96.70. Stock is down 9.6% over the past year. The company is forecast to post earnings per share of NT$6.00 for next year compared to NT$7.40 last year. Major Estimate Revision • Sep 25
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$26.6b to NT$25.6b. EPS estimate also fell from NT$6.79 per share to NT$5.99 per share. Net income forecast to grow 3.1% next year vs 31% growth forecast for Auto Components industry in Taiwan. Consensus price target down from NT$132 to NT$129. Share price fell 3.0% to NT$94.30 over the past week. Reported Earnings • Aug 16
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: NT$0.77 (down from NT$1.76 in 2Q 2024). Revenue: NT$5.89b (down 4.7% from 2Q 2024). Net income: NT$456.8m (down 56% from 2Q 2024). Profit margin: 7.7% (down from 17% in 2Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 3.7%. Earnings per share (EPS) exceeded analyst estimates by 6.9%. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jun 20
Price target decreased by 7.4% to NT$141 Down from NT$153, the current price target is an average from 6 analysts. New target price is 42% above last closing price of NT$99.50. Stock is down 15% over the past year. The company is forecast to post earnings per share of NT$7.63 for next year compared to NT$7.40 last year. Upcoming Dividend • Jun 13
Upcoming dividend of NT$5.30 per share Eligible shareholders must have bought the stock before 20 June 2025. Payment date: 17 July 2025. Payout ratio is a comfortable 67% and the cash payout ratio is 93%. Trailing yield: 4.6%. Lower than top quartile of Taiwanese dividend payers (5.2%). In line with average of industry peers (4.5%). Reported Earnings • May 14
First quarter 2025 earnings: Revenues and EPS in line with analyst expectations First quarter 2025 results: EPS: NT$2.48 (up from NT$1.98 in 1Q 2024). Revenue: NT$7.29b (up 18% from 1Q 2024). Net income: NT$1.47b (up 25% from 1Q 2024). Profit margin: 20% (up from 19% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has increased by 53% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • May 10
Dividend increased to NT$5.30 Dividend of NT$5.30 is 32% higher than last year. Ex-date: 20th June 2025 Payment date: 17th July 2025 Dividend yield will be 4.2%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (72% earnings payout ratio) and cash flows (87% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 34% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 01
Tong Yang Industry Co., Ltd. to Report Q1, 2025 Results on May 08, 2025 Tong Yang Industry Co., Ltd. announced that they will report Q1, 2025 results on May 08, 2025 Price Target Changed • Mar 20
Price target increased by 9.7% to NT$146 Up from NT$133, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of NT$140. Stock is up 17% over the past year. The company is forecast to post earnings per share of NT$8.78 for next year compared to NT$7.40 last year. Major Estimate Revision • Mar 19
Consensus EPS estimates increase by 22% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from NT$27.6b to NT$29.6b. EPS estimate increased from NT$7.46 to NT$9.07 per share. Net income forecast to grow 23% next year vs 15% growth forecast for Auto Components industry in Taiwan. Consensus price target up from NT$133 to NT$142. Share price rose 8.7% to NT$131 over the past week. Reported Earnings • Mar 16
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: NT$7.40 (up from NT$5.11 in FY 2023). Revenue: NT$25.6b (up 7.3% from FY 2023). Net income: NT$4.38b (up 45% from FY 2023). Profit margin: 17% (up from 13% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.3%. Revenue is forecast to grow 6.7% p.a. on average during the next 2 years, compared to a 7.9% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Mar 12
Now 21% undervalued Over the last 90 days, the stock has risen 4.3% to NT$120. The fair value is estimated to be NT$151, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 52%. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to grow by 24% in the next 2 years. Announcement • Mar 10
Tong Yang Industry Co., Ltd., Annual General Meeting, Jun 19, 2025 Tong Yang Industry Co., Ltd., Annual General Meeting, Jun 19, 2025, at 09:00 Taipei Standard Time. Location: 3 floor no,1 ln.336, sec.3 chung hua e. rd., east district, tainan city Taiwan Announcement • Mar 01
Tong Yang Industry Co., Ltd. to Report Fiscal Year 2024 Results on Mar 07, 2025 Tong Yang Industry Co., Ltd. announced that they will report fiscal year 2024 results on Mar 07, 2025 Reported Earnings • Nov 17
Third quarter 2024 earnings: Revenues and EPS in line with analyst expectations Third quarter 2024 results: EPS: NT$1.49 (down from NT$1.65 in 3Q 2023). Revenue: NT$6.32b (up 2.6% from 3Q 2023). Net income: NT$882.8m (down 9.4% from 3Q 2023). Profit margin: 14% (down from 16% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 52% per year whereas the company’s share price has increased by 51% per year. Announcement • Oct 30
Tong Yang Industry Co., Ltd. to Report Q3, 2024 Results on Nov 07, 2024 Tong Yang Industry Co., Ltd. announced that they will report Q3, 2024 results on Nov 07, 2024 Reported Earnings • Aug 14
Second quarter 2024 earnings: EPS misses analyst expectations Second quarter 2024 results: EPS: NT$1.76 (up from NT$1.28 in 2Q 2023). Revenue: NT$6.19b (up 11% from 2Q 2023). Net income: NT$1.04b (up 37% from 2Q 2023). Profit margin: 17% (up from 14% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.8%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. New Risk • Aug 05
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 6.7% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.7% average weekly change). Announcement • Aug 01
Tong Yang Industry Co., Ltd. to Report Q2, 2024 Results on Aug 08, 2024 Tong Yang Industry Co., Ltd. announced that they will report Q2, 2024 results on Aug 08, 2024 Upcoming Dividend • Jun 13
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 20 June 2024. Payment date: 17 July 2024. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (4.3%). In line with average of industry peers (3.2%). Buy Or Sell Opportunity • May 22
Now 22% undervalued Over the last 90 days, the stock has risen 27% to NT$121. The fair value is estimated to be NT$154, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 56%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 21% in the next 2 years. Reported Earnings • May 16
First quarter 2024 earnings: EPS misses analyst expectations First quarter 2024 results: EPS: NT$1.98 (up from NT$0.83 in 1Q 2023). Revenue: NT$6.17b (up 10% from 1Q 2023). Net income: NT$1.17b (up 139% from 1Q 2023). Profit margin: 19% (up from 8.8% in 1Q 2023). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.2%. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 56% per year whereas the company’s share price has increased by 52% per year. Declared Dividend • May 09
Dividend increased to NT$4.00 Dividend of NT$4.00 is 60% higher than last year. Ex-date: 20th June 2024 Payment date: 17th July 2024 Dividend yield will be 3.5%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (78% earnings payout ratio) and cash flows (58% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 52% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 08
Tong Yang Industry Co., Ltd. Announces Cash Dividend, Payable on July 17, 2024 Tong Yang Industry Co., Ltd. announced cash dividend of TWD 4.0 per share. Ex-rights (ex-dividend) trading date: June 20, 2024. Ex-rights (ex-dividend) record date: June 26, 2024. Payment date of common stock cash dividend distribution: July 17, 2024. Announcement • May 01
Tong Yang Industry Co., Ltd. to Report Q1, 2024 Results on May 07, 2024 Tong Yang Industry Co., Ltd. announced that they will report Q1, 2024 results on May 07, 2024 Price Target Changed • Apr 15
Price target increased by 12% to NT$128 Up from NT$114, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of NT$128. Stock is up 161% over the past year. The company is forecast to post earnings per share of NT$7.14 for next year compared to NT$5.10 last year. Major Estimate Revision • Apr 15
Consensus EPS estimates increase by 10% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from NT$6.47 to NT$7.14. Revenue forecast steady at NT$26.2b. Net income forecast to grow 40% next year vs 37% growth forecast for Auto Components industry in Taiwan. Consensus price target up from NT$114 to NT$128. Share price rose 4.5% to NT$128 over the past week. Buy Or Sell Opportunity • Apr 15
Now 22% undervalued Over the last 90 days, the stock has risen 66% to NT$128. The fair value is estimated to be NT$163, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 53%. For the next 3 years, revenue is forecast to grow by 7.4% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Buy Or Sell Opportunity • Mar 22
Now 21% undervalued Over the last 90 days, the stock has risen 56% to NT$118. The fair value is estimated to be NT$149, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 53%. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to grow by 35% in the next 2 years. Reported Earnings • Mar 16
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: NT$5.10 (up from NT$3.64 in FY 2022). Revenue: NT$23.9b (up 12% from FY 2022). Net income: NT$3.02b (up 40% from FY 2022). Profit margin: 13% (up from 10% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.4%. Revenue is forecast to grow 7.8% p.a. on average during the next 2 years, compared to a 9.1% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$115, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 20x in the Auto Components industry in Taiwan. Total returns to shareholders of 242% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$150 per share. Price Target Changed • Mar 08
Price target increased by 8.3% to NT$108 Up from NT$100.00, the current price target is an average from 6 analysts. New target price is 12% above last closing price of NT$96.50. Stock is up 111% over the past year. The company is forecast to post earnings per share of NT$5.17 for next year compared to NT$3.64 last year. Announcement • Mar 08
Tong Yang Industry Co., Ltd., Annual General Meeting, Jun 18, 2024 Tong Yang Industry Co., Ltd., Annual General Meeting, Jun 18, 2024. Location: 3rd floor of the Evergreen Plaza Hotel (Tainan) No.1, Ln. 336, Sec. 3, Zhonghua E. Rd., East Dist., Tainan City Taiwan Agenda: To consider Report on the Company's FY2023 Business Report; to consider Report on Audit Committee's Review Opinions on FY2023 Annual Final Accounting Books and Statements; to consider Report on Employee Remuneration and Directors Remuneration in FY2023; to consider Report on the Company's FY2023 Distribution of Surplus and Cash Dividends; to consider adoption of FY2023 Business Report and Financial Statements; and to consider other matters. Announcement • Dec 22
Tong Yang Industry Co., Ltd. Announces Changes in Chairperson and Vice Chairperson of the Company Tong Yang Industry Co., Ltd. appointed Yeong-Maw Wu, Vice Chairman as Chairman in place of Yung-Feng Wu, effective December 21, 2023. Yung-Feng Wu, the Chairman of the Company,resigned from his position as the Chairman for the purpose of corporate inheritance and sustainable development,but coutinues to serve as a member of the Board of Directors. At the same time,Vice Chairman Yeong-Maw Wu was elected as the Chairman of the Company, and there is temporarily no plan to re-elect a Vice Chairperson. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$87.00, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 17x in the Auto Components industry in Taiwan. Total returns to shareholders of 147% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$136 per share. Reported Earnings • Nov 15
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: NT$1.65 (up from NT$1.18 in 3Q 2022). Revenue: NT$6.15b (up 11% from 3Q 2022). Net income: NT$974.3m (up 39% from 3Q 2022). Profit margin: 16% (up from 13% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.6%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Price Target Changed • Sep 08
Price target increased by 12% to NT$74.00 Up from NT$66.00, the current price target is an average from 4 analysts. New target price is 6.0% above last closing price of NT$69.80. Stock is up 27% over the past year. The company is forecast to post earnings per share of NT$4.66 for next year compared to NT$3.64 last year. Reported Earnings • Aug 16
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: NT$1.28 (down from NT$1.37 in 2Q 2022). Revenue: NT$5.55b (up 2.4% from 2Q 2022). Net income: NT$757.9m (down 6.1% from 2Q 2022). Profit margin: 14% (down from 15% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) exceeded analyst estimates by 31%. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 12
Consensus EPS estimates increase by 18% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from NT$3.82 to NT$4.52. Revenue forecast steady at NT$22.7b. Net income forecast to grow 14% next year vs 6.6% growth forecast for Auto Components industry in Taiwan. Consensus price target up from NT$58.50 to NT$66.00. Share price rose 3.3% to NT$60.20 over the past week. Price Target Changed • Aug 11
Price target increased by 13% to NT$66.00 Up from NT$58.50, the current price target is an average from 4 analysts. New target price is 9.6% above last closing price of NT$60.20. Stock is up 27% over the past year. The company is forecast to post earnings per share of NT$4.17 for next year compared to NT$3.64 last year. Price Target Changed • Aug 09
Price target increased by 7.9% to NT$61.50 Up from NT$57.00, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of NT$60.00. Stock is up 22% over the past year. The company is forecast to post earnings per share of NT$3.98 for next year compared to NT$3.64 last year. Buying Opportunity • Jul 14
Now 20% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be NT$66.75, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years. Earnings per share has grown by 21%. Revenue is forecast to grow by 12% in 2 years. Earnings is forecast to grow by 7.3% in the next 2 years. Announcement • Jun 21
Tong Yang Industry Co., Ltd. Announces Term Expiry of Remuneration Committee Members Tong Yang Industry Co., Ltd. announced term expiry of Remuneration Committee Members. Name of the previous position holder: Kan-Hsiung Lin, Ming-Tien Tsai, Yen-Ling Cheng. Resume of the previous position holder: Kan-Hsiung Lin /President of Kai Ming Co., Ltd. Ming-Tien Tsai /Adjunct Professor of Engineering Management Graduate Program,College of Engineering, National Cheng Kung University, Yen-Ling Cheng /Career consultant at Career Consulting Co., Ltd. Name of the new position holder: Not yet appointed. Upcoming Dividend • Jun 19
Upcoming dividend of NT$2.50 per share at 4.6% yield Eligible shareholders must have bought the stock before 26 June 2023. Payment date: 21 July 2023. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 4.6%. Lower than top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (3.1%). Announcement • May 09
Tong Yang Industry Co., Ltd. Announces Dividend, Payable on July 21, 2023 Tong Yang Industry Co., Ltd. announced dividend of TWD 2.5 per share. Ex-rights (ex-dividend) trading date: June 26, 2023. Ex-rights (ex-dividend) record date: July 2, 2023. Payment date of cash dividend distribution: July 21, 2023. Reported Earnings • Mar 18
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: NT$3.64 (up from NT$1.16 in FY 2021). Revenue: NT$21.3b (up 16% from FY 2021). Net income: NT$2.15b (up 213% from FY 2021). Profit margin: 10% (up from 3.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.6%. Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 8.5% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Dec 29
Price target increased to NT$58.00 Up from NT$54.00, the current price target is an average from 2 analysts. New target price is 39% above last closing price of NT$41.70. Stock is up 26% over the past year. The company is forecast to post earnings per share of NT$3.86 for next year compared to NT$1.16 last year. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$41.10, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Auto Components industry in Taiwan. Total loss to shareholders of 4.5% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$31.58 per share. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 1 highly experienced director. 3 independent directors (4 non-independent directors). Vice President of Business Division and Director Chi-Pin Wang was the last director to join the board, commencing their role in 1996. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: NT$1.19 (up from NT$0.19 in 3Q 2021). Revenue: NT$5.53b (up 24% from 3Q 2021). Net income: NT$699.3m (up NT$587.8m from 3Q 2021). Profit margin: 13% (up from 2.5% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 59%. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Price Target Changed • Sep 30
Price target increased to NT$54.50 Up from NT$50.20, the current price target is an average from 2 analysts. New target price is 13% above last closing price of NT$48.30. Stock is up 44% over the past year. The company is forecast to post earnings per share of NT$3.99 for next year compared to NT$1.16 last year. Major Estimate Revision • Sep 16
Consensus EPS estimates increase by 33% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from NT$21.0b to NT$21.5b. EPS estimate increased from NT$2.80 to NT$3.71 per share. Net income forecast to grow 48% next year vs 52% growth forecast for Auto Components industry in Taiwan. Consensus price target broadly unchanged at NT$50.80. Share price was steady at NT$54.50 over the past week. Price Target Changed • Aug 16
Price target increased to NT$50.20 Up from NT$46.20, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of NT$50.10. Stock is up 47% over the past year. The company is forecast to post earnings per share of NT$3.00 for next year compared to NT$1.16 last year. Reported Earnings • Aug 15
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: NT$1.36 (up from NT$0.24 in 2Q 2021). Revenue: NT$5.42b (up 22% from 2Q 2021). Net income: NT$807.1m (up 472% from 2Q 2021). Profit margin: 15% (up from 3.2% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) also surpassed analyst estimates by 26%. Over the next year, revenue is forecast to grow 12%, compared to a 17% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Buying Opportunity • Aug 03
Now 22% undervalued Over the last 90 days, the stock is up 45%. The fair value is estimated to be NT$61.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.7% over the last 3 years. Earnings per share has declined by 42%. Revenue is forecast to grow by 25% in 2 years. Earnings is forecast to grow by 178% in the next 2 years. Buying Opportunity • Jul 18
Now 23% undervalued Over the last 90 days, the stock is up 46%. The fair value is estimated to be NT$62.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.7% over the last 3 years. Earnings per share has declined by 42%. Revenue is forecast to grow by 24% in 2 years. Earnings is forecast to grow by 169% in the next 2 years. Buying Opportunity • Jun 30
Now 20% undervalued Over the last 90 days, the stock is up 54%. The fair value is estimated to be NT$61.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.7% over the last 3 years. Earnings per share has declined by 42%. Revenue is forecast to grow by 24% in 2 years. Earnings is forecast to grow by 163% in the next 2 years. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improved over the past week After last week's 16% share price gain to NT$51.80, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 17x in the Auto Components industry in Taiwan. Total returns to shareholders of 30% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$60.93 per share. Announcement • Jun 18
Tong Yang Industry Co., Ltd. Approves Cash Dividend for the Year 2021 Tong Yang Industry Co., Ltd. held its shareholders meeting on June 17, 2022, approved the cash dividend of TWD 0.85 per share for the year 2021. Upcoming Dividend • Jun 16
Upcoming dividend of NT$0.85 per share Eligible shareholders must have bought the stock before 23 June 2022. Payment date: 20 July 2022. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Taiwanese dividend payers (6.0%). Lower than average of industry peers (2.8%). Valuation Update With 7 Day Price Move • May 19
Investor sentiment improved over the past week After last week's 16% share price gain to NT$37.20, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 15x in the Auto Components industry in Taiwan. Total loss to shareholders of 3.9% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$40.29 per share. Reported Earnings • May 16
First quarter 2022 earnings: Revenues and EPS in line with analyst expectations First quarter 2022 results: EPS: NT$0.51 (up from NT$0.42 in 1Q 2021). Revenue: NT$5.02b (up 11% from 1Q 2021). Net income: NT$301.3m (up 20% from 1Q 2021). Profit margin: 6.0% (up from 5.5% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 12%, compared to a 9.7% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 1 highly experienced director. 3 independent directors (4 non-independent directors). Vice President of Business Division and Director Chi-Pin Wang was the last director to join the board, commencing their role in 1996. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 01
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: NT$1.16 (down from NT$1.39 in FY 2020). Revenue: NT$18.4b (up 6.1% from FY 2020). Net income: NT$687.5m (down 16% from FY 2020). Profit margin: 3.7% (down from 4.7% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 30%. Over the next year, revenue is forecast to grow 12%, compared to a 9.6% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Mar 04
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from NT$18.2b to NT$18.5b. EPS estimate fell from NT$1.89 to NT$1.66 per share. Net income forecast to grow 77% next year vs 42% growth forecast for Auto Components industry in Taiwan. Consensus price target down from NT$35.25 to NT$34.50. Share price was steady at NT$32.40 over the past week. Price Target Changed • Feb 16
Price target decreased to NT$35.25 Down from NT$38.40, the current price target is an average from 3 analysts. New target price is 7.3% above last closing price of NT$32.85. Stock is down 7.5% over the past year. The company is forecast to post earnings per share of NT$1.87 for next year compared to NT$1.39 last year. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.19 (vs NT$0.45 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$4.47b (down 1.3% from 3Q 2020). Net income: NT$111.5m (down 58% from 3Q 2020). Profit margin: 2.5% (down from 5.9% in 3Q 2020). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$0.24 (vs NT$0.016 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$4.46b (up 35% from 2Q 2020). Net income: NT$141.1m (up NT$150.7m from 2Q 2020). Profit margin: 3.2% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Jul 23
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from NT$19.0b to NT$19.2b. EPS estimate fell from NT$2.21 to NT$1.80 per share. Net income forecast to grow 72% next year vs 41% growth forecast for Auto Components industry in Taiwan. Consensus price target broadly unchanged at NT$41.17. Share price fell 2.0% to NT$36.65 over the past week.