Upcoming Dividend • Jun 25
Upcoming dividend of NT$2.70 per share Eligible shareholders must have bought the stock before 02 July 2026. Payment date: 07 August 2026. Payout ratio is on the higher end at 87% but the company is not cash flow positive. Trailing yield: 5.5%. Within top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (4.2%). Reported Earnings • May 16
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$1.72 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00 (down from NT$1.72 in 1Q 2025). Revenue: NT$3.99b (down 14% from 1Q 2025). Net income: NT$553.3m (down 40% from 1Q 2025). Profit margin: 14% (down from 20% in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. New Risk • Apr 01
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 33% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Announcement • Jan 30
Evergreen International Storage & Transport Corporation, Annual General Meeting, May 26, 2026 Evergreen International Storage & Transport Corporation, Annual General Meeting, May 26, 2026. Location: 11 floor no,11, chung shan s. rd., taipei city Taiwan New Risk • Nov 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (122% cash payout ratio). Large one-off items impacting financial results. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: NT$1.38 (vs NT$1.41 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.38. Revenue: NT$4.15b (down 36% from 3Q 2024). Net income: NT$814.7m (up 8.4% from 3Q 2024). Profit margin: 20% (up from 12% in 3Q 2024). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to NT$55.00, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 25x in the Infrastructure industry in Taiwan. Total returns to shareholders of 31% over the past three years. Buy Or Sell Opportunity • Sep 19
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 4.2% to NT$34.45. The fair value is estimated to be NT$28.68, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 4.5%. Upcoming Dividend • Sep 18
Upcoming dividend of NT$5.00 per share Eligible shareholders must have bought the stock before 25 September 2025. Payment date: 14 October 2025. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.2%). Buy Or Sell Opportunity • Sep 04
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 2.9% to NT$34.95. The fair value is estimated to be NT$29.12, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 4.5%. New Risk • Aug 28
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 14% 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. New Risk • Aug 27
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 100% This is considered a major 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. This is currently the only risk that has been identified for the company. Upcoming Dividend • Aug 21
Upcoming dividend of NT$5.00 per share Eligible shareholders must have bought the stock before 28 August 2025. Payment date: 17 September 2025. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (3.1%). Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$0.69 (vs NT$0.69 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.69 (in line with 2Q 2024). Revenue: NT$4.21b (down 19% from 2Q 2024). Net income: NT$729.0m (down 1.0% from 2Q 2024). Profit margin: 17% (up from 14% in 2Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 06
Upcoming dividend of NT$1.30 per share Eligible shareholders must have bought the stock before 13 June 2025. Payment date: 18 July 2025. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (3.2%). Announcement • May 28
Evergreen International Storage & Transport Corporation Approves Cash Dividend for 2024 Evergreen International Storage & Transport Corporation approved the ratification of 2024 earnings distribution, at its AGM held on May 27, 2025. Cash dividends to shareholders: TWD 1.3 per share. The fractional amount less than TWD 1 will be set aside as Company's non-operating revenue in distribution of cash dividends. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: NT$0.86 (vs NT$0.53 in 1Q 2024) First quarter 2025 results: EPS: NT$0.86 (up from NT$0.53 in 1Q 2024). Revenue: NT$4.63b (up 3.1% from 1Q 2024). Net income: NT$919.9m (up 62% from 1Q 2024). Profit margin: 20% (up from 13% in 1Q 2024). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has remained flat. Announcement • May 03
Evergreen International Storage & Transport Corporation to Report Q1, 2025 Results on May 12, 2025 Evergreen International Storage & Transport Corporation announced that they will report Q1, 2025 results on May 12, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$26.25, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 24x in the Infrastructure industry in Taiwan. Total loss to shareholders of 23% over the past three years. Reported Earnings • Mar 15
Full year 2024 earnings released: EPS: NT$2.60 (vs NT$2.55 in FY 2023) Full year 2024 results: EPS: NT$2.60 (up from NT$2.55 in FY 2023). Revenue: NT$21.2b (up 30% from FY 2023). Net income: NT$2.78b (up 2.0% from FY 2023). Profit margin: 13% (down from 17% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Mar 13
Evergreen International Storage & Transport Corporation, Annual General Meeting, May 27, 2025 Evergreen International Storage & Transport Corporation, Annual General Meeting, May 27, 2025, at 09:00 Taipei Standard Time. Location: 11 floor no,11, chung shan s. rd., taipei city Taiwan Announcement • Mar 04
Evergreen International Storage & Transport Corporation to Report Fiscal Year 2024 Results on Mar 11, 2025 Evergreen International Storage & Transport Corporation announced that they will report fiscal year 2024 results on Mar 11, 2025 Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$0.71 (vs NT$0.69 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.71 (up from NT$0.69 in 3Q 2023). Revenue: NT$6.46b (up 49% from 3Q 2023). Net income: NT$751.8m (up 2.8% from 3Q 2023). Profit margin: 12% (down from 17% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Nov 02
Evergreen International Storage & Transport Corporation to Report Q3, 2024 Results on Nov 11, 2024 Evergreen International Storage & Transport Corporation announced that they will report Q3, 2024 results on Nov 11, 2024 New Risk • Aug 17
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: 13% Last year net profit margin: 20% 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. This is currently the only risk that has been identified for the company. Announcement • Aug 03
Evergreen International Storage & Transport Corporation to Report Q2, 2024 Results on Aug 12, 2024 Evergreen International Storage & Transport Corporation announced that they will report Q2, 2024 results on Aug 12, 2024 Buy Or Sell Opportunity • Jul 08
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at NT$31.65. The fair value is estimated to be NT$39.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Earnings per share has grown by 41%. Upcoming Dividend • Jul 02
Upcoming dividend of NT$1.10 per share Eligible shareholders must have bought the stock before 09 July 2024. Payment date: 08 August 2024. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.9%). Declared Dividend • Jun 08
Dividend reduced to NT$1.10 Dividend of NT$1.10 is 12% lower than last year. Ex-date: 9th July 2024 Payment date: 8th August 2024 Dividend yield will be 3.3%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (41% earnings payout ratio) and cash flows (29% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 26% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jun 01
Evergreen International Storage & Transport Corporation Approves the Earnings Distribution for the Year 2023 Evergreen International Storage & Transport Corporation announced the approval of the ratification of 2023 earnings distribution. Cash dividends to shareholders: TWD 1.1 per share. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$0.53 (vs NT$0.42 in 1Q 2023) First quarter 2024 results: EPS: NT$0.53 (up from NT$0.42 in 1Q 2023). Revenue: NT$4.49b (up 38% from 1Q 2023). Net income: NT$569.4m (up 26% from 1Q 2023). Profit margin: 13% (down from 14% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • May 11
Evergreen International Storage & Transport Corporation Announces the Change of Financial Officer, Effective June 29, 2024 Evergreen International Storage & Transport Corporation announced the change of financial officer. Name, title, and resume of the previous position holder: Chen, Cheng-Pang, Executive Vice President, financial officer of Evergreen International Storage & Transport Corp. Name, title, and resume of the new position holder: Chang, Hui-Chen, Vice President, accounting officer of Evergreen International Storage & Transport Corp. Reason for the change: retirement. Effective date: June 29, 2024. Date of occurrence of the change: May 9, 2024. Announcement • May 10
Evergreen International Storage & Transport Corporation Announces Change of Accounting Officer, Effective June 29, 2024 Evergreen International Storage & Transport Corporation announced the change of accounting officer. Name, title, and resume of the previous position holder: Chang, Hui-Chen, Vice President, accounting officer of Evergreen International Storage & Transport Corp. Name, title, and resume of the new position holder: Kao Yi-Chen, Junior Vice President, Junior Vice President of Financial Department of Evergreen International Storage & Transport Corp. Reason for the change: position adjustment. Effective date: June 29, 2024. Date of occurrence of the change: May 9, 2024. Announcement • May 02
Evergreen International Storage & Transport Corporation to Report Q1, 2024 Results on May 09, 2024 Evergreen International Storage & Transport Corporation announced that they will report Q1, 2024 results at 1:30 PM, Taipei Standard Time on May 09, 2024 Buy Or Sell Opportunity • Apr 11
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.9% to NT$30.75. The fair value is estimated to be NT$39.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Earnings per share has grown by 50%. Announcement • Mar 21
Evergreen International Storage & Transport Corporation Announces Executive Changes for GESA Evergreen International Storage & Transport Corporation announced at its EGM held on March 19, 2024 to accept resignation of Mr. Hsieh, Huey-Chuan from the office of director of the Corporation and to elect Mr. Wu, Kuang-Hui to fill the vacancy for subsidiary GESA. To Accept resignation of Mr. Chang, Yen-I from the office of president of the Corporation and to appoint Mr. Lin, Yuan-Cheng to fill the vacancy for subsidiary GESA. Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: NT$2.55 (vs NT$3.31 in FY 2022) Full year 2023 results: EPS: NT$2.55 (down from NT$3.31 in FY 2022). Revenue: NT$16.4b (down 6.8% from FY 2022). Net income: NT$2.72b (down 23% from FY 2022). Profit margin: 17% (down from 20% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Mar 09
Evergreen International Storage & Transport Corporation, Annual General Meeting, Mar 08, 2024 Evergreen International Storage & Transport Corporation, Annual General Meeting, Mar 08, 2024. Agenda: To discuss Ratification of the 2023 audited financial report. Announcement • Mar 02
Evergreen International Storage & Transport Corporation, Annual General Meeting, Feb 29, 2024 Evergreen International Storage & Transport Corporation, Annual General Meeting, Feb 29, 2024. Agenda: To discuss Profit distribution; to discuss Business report and financial statements: Ratification of the 2023 audited financial report; and to discuss other matters. Announcement • Jan 30
Evergreen International Storage & Transport Corporation, Annual General Meeting, May 30, 2024 Evergreen International Storage & Transport Corporation, Annual General Meeting, May 30, 2024. Location: Conference Room on the 10th floor, International Convention Center of Chang Yung-Fa Foundation, No.11, Zhongshan S. Rd Taipei City Taiwan Agenda: To consider Business Report of the year 2023; to consider Audit Committee's Review Report of the year 2023; to consider 2023 Compensation of Employees and Directors report; and to consider 2023 Directors' Remuneration report. Reported Earnings • Oct 14
Second quarter 2023 earnings released: EPS: NT$1.13 (vs NT$1.29 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.13 (down from NT$1.29 in 2Q 2022). Revenue: NT$4.06b (down 13% from 2Q 2022). Net income: NT$1.21b (down 12% from 2Q 2022). Profit margin: 30% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 06
Upcoming dividend of NT$1.25 per share at 4.3% yield Eligible shareholders must have bought the stock before 13 July 2023. Payment date: 09 August 2023. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (3.5%). Upcoming Dividend • Jul 06
Upcoming dividend of NT$1.25 per share at 4.3% yield Eligible shareholders must have bought the stock before 13 July 2023. Payment date: 09 August 2023. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (3.5%). Reported Earnings • Mar 17
Full year 2022 earnings released: EPS: NT$3.30 (vs NT$1.00 in FY 2021) Full year 2022 results: EPS: NT$3.30 (up from NT$1.00 in FY 2021). Revenue: NT$17.6b (up 98% from FY 2021). Net income: NT$3.53b (up 231% from FY 2021). Profit margin: 20% (up from 12% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Announcement • Dec 14
Evergreen International Storage & Transport Corporation Announces Resignation of Tai, Jiin-Chyuan as Director Evergreen International Storage & Transport Corporation announced that the resignation of Tai, Jiin-Chyuan as director of the company. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.88 (vs NT$0.30 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.88 (up from NT$0.30 in 3Q 2021). Revenue: NT$4.93b (up 190% from 3Q 2021). Net income: NT$939.5m (up 197% from 3Q 2021). Profit margin: 19% (in line with 3Q 2021). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. 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 Yu-Chin Tseng was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$26.80, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 12x in the Infrastructure industry in Asia. Total returns to shareholders of 96% over the past three years. Announcement • Oct 08
Evergreen International Storage & Transport Corporation Announces Change of Director Evergreen International Storage & Transport Corporation appointed Tai, Jiin-Chyuan as juristic-person director in place of Lee, Kuan-Liang, effective October 7, 2022. Announcement • Sep 28
Evergreen International Storage & Transport Corporation Announces Resignation of Lee, Kuan-Liang as Representative of Juristic-Person Director Evergreen International Storage & Transport Corporation Announced resignation of Lee, Kuan-Liang as representative of juristic-person director. Date of occurrence of the change is September 27, 2022. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improved over the past week After last week's 20% share price gain to NT$33.20, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 12x in the Infrastructure industry in Asia. Total returns to shareholders of 155% over the past three years. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$1.29 (vs NT$0.21 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.29 (up from NT$0.21 in 2Q 2021). Revenue: NT$4.68b (up 171% from 2Q 2021). Net income: NT$1.38b (up NT$1.15b from 2Q 2021). Profit margin: 29% (up from 13% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 33% per year whereas the company’s share price has increased by 31% per year. Upcoming Dividend • Jul 14
Upcoming dividend of NT$0.40 per share Eligible shareholders must have bought the stock before 21 July 2022. Payment date: 23 August 2022. Payout ratio is a comfortable 27% but the company is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (6.8%). Lower than average of industry peers (4.2%). Announcement • Jul 07
Evergreen International Storage & Transport Corporation Announces Cash Dividend, Payable on August 23, 2022 Evergreen International Storage & Transport Corporation announced that at its board of directors or shareholders meeting held on July 6, 2022, approved cash dividends to shareholders of TWD 0.4 per share for the year 2022. Last date before book closure on July 24, 2022, Book closure starting date on July 25, 2022, Book closure ending date on July 29, 2022, Ex-rights (ex-dividend) record date on July 29, 2022, The distribution date of cash dividends is on August 23, 2022. Reported Earnings • May 13
First quarter 2022 earnings released: EPS: NT$0.62 (vs NT$0.15 in 1Q 2021) First quarter 2022 results: EPS: NT$0.62 (up from NT$0.15 in 1Q 2021). Revenue: NT$4.24b (up 150% from 1Q 2021). Net income: NT$656.6m (up 303% from 1Q 2021). Profit margin: 16% (up from 9.6% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
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 Yu-Chin Tseng was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 21
Evergreen International Storage & Transport Announces Change of Representative of Juristic-Person Director Evergreen International Storage & Transport Corporation announced the change of representative of juristic-person director. Lee, Kuan-Liang, Chairman of Evergreen Steel Corporation replaced Tai, Jiin-Chyuan, Director due to juristic-person director nominates the new representative as the director of the Company. Reported Earnings • Mar 17
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$1.00 (up from NT$0.64 in FY 2020). Revenue: NT$8.88b (up 28% from FY 2020). Net income: NT$1.06b (up 56% from FY 2020). Profit margin: 12% (up from 9.8% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 41% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improved over the past week After last week's 20% share price gain to NT$36.65, the stock trades at a trailing P/E ratio of 46.7x. Average trailing P/E is 14x in the Infrastructure industry in Asia. Total returns to shareholders of 186% over the past three years. Reported Earnings • Nov 04
Third quarter 2021 earnings released: EPS NT$0.30 (vs NT$0.17 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: NT$1.70b (down 3.1% from 3Q 2020). Net income: NT$316.3m (up 73% from 3Q 2020). Profit margin: 19% (up from 10% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improved over the past week After last week's 17% share price gain to NT$35.95, the stock trades at a trailing P/E ratio of 54.5x. Average trailing P/E is 12x in the Infrastructure industry in Asia. Total returns to shareholders of 195% over the past three years. Executive Departure • Aug 10
Deputy Senior VP of Finance Dept. & Accounting Officer Ting-Ting Chuang has left the company On the 9th of August, Ting-Ting Chuang's tenure as Deputy Senior VP of Finance Dept. & Accounting Officer ended after 7.6 years in the role. We don't have any record of a personal shareholding under Ting-Ting's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 6.33 years. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$0.21 (vs NT$0.19 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$1.73b (up 1.5% from 2Q 2020). Net income: NT$224.6m (up 9.4% from 2Q 2020). Profit margin: 13% (up from 12% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 38% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 04
Upcoming dividend of NT$0.30 per share Eligible shareholders must have bought the stock before 11 August 2021. Payment date: 07 September 2021. Trailing yield: 0.9%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (3.0%). Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$34.75, the stock trades at a trailing P/E ratio of 54.2x. Average trailing P/E is 14x in the Infrastructure industry in Asia. Total returns to shareholders of 185% over the past three years. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improved over the past week After last week's 16% share price gain to NT$26.25, the stock trades at a trailing P/E ratio of 40.9x. Average trailing P/E is 14x in the Infrastructure industry in Asia. Total returns to shareholders of 113% over the past three years. Valuation Update With 7 Day Price Move • May 28
Investor sentiment improved over the past week After last week's 15% share price gain to NT$22.80, the stock trades at a trailing P/E ratio of 35.5x. Average trailing P/E is 13x in the Infrastructure industry in Asia. Total returns to shareholders of 82% over the past three years. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$18.20, the stock trades at a trailing P/E ratio of 28.5x. Average trailing P/E is 13x in the Infrastructure industry in Asia. Total returns to shareholders of 47% over the past three years. Reported Earnings • May 08
First quarter 2021 earnings released: EPS NT$0.15 (vs NT$0.15 in 1Q 2020) The company reported a mediocre first quarter result with weaker revenues, although profit margins were flat and earnings improved. First quarter 2021 results: Revenue: NT$1.70b (down 5.1% from 1Q 2020). Net income: NT$162.9m (up 1.6% from 1Q 2020). Profit margin: 9.6% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improved over the past week After last week's 15% share price gain to NT$22.25, the stock trades at a trailing P/E ratio of 34.8x. Average trailing P/E is 17x in the Infrastructure industry in Asia. Total returns to shareholders of 78% over the past three years. Reported Earnings • Mar 24
Full year 2020 earnings released: EPS NT$0.64 (vs NT$0.79 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$6.97b (down 9.9% from FY 2019). Net income: NT$682.2m (down 19% from FY 2019). Profit margin: 9.8% (down from 11% in FY 2019). The decrease in margin was driven by lower revenue. 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 11% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improved over the past week After last week's 17% share price gain to NT$20.80, the stock is trading at a trailing P/E ratio of 28.9x, up from the previous P/E ratio of 24.8x. This compares to an average P/E of 16x in the Infrastructure industry in Asia. Total returns to shareholders over the past three years are 56%. Is New 90 Day High Low • Dec 14
New 90-day high: NT$17.50 The company is up 25% from its price of NT$14.05 on 15 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is up 6.0% over the same period. Is New 90 Day High Low • Nov 24
New 90-day high: NT$15.65 The company is up 14% from its price of NT$13.75 on 26 August 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is up 6.0% over the same period. Announcement • Nov 18
Evergreen International Storage & Transport Corporation Announces Executive Changes Evergreen International Storage & Transport Corporation announced that at its EGM held November 17, 2020, it has accepted the resignation of Mr. Chang, Cheng-Yung from the office of director and president of the Corporation and elecedt Mr. Chang, Yen-I to fill the vacancy. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.17 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$1.76b (down 8.1% from 3Q 2019). Net income: NT$182.8m (up 5.4% from 3Q 2019). Profit margin: 10% (up from 9.1% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has increased by 2% per year. Announcement • Nov 07
Evergreen International Storage & Transport Corporation Announces Executive Changes Evergreen International Storage & Transport Corporation announced that Chang, YEN-I has replaced Chang, Cheng-Yung as juristic-person director of EITC. Is New 90 Day High Low • Oct 26
New 90-day high: NT$15.00 The company is up 12% from its price of NT$13.45 on 28 July 2020. The Taiwanese market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is flat over the same period. 
