Declared Dividend • Jun 11
Dividend reduced to NT$1.07 Dividend of NT$1.07 is 14% lower than last year. Ex-date: 1st July 2026 Payment date: 24th July 2026 Dividend yield will be 3.3%, which is lower than the industry average of 5.0%. Sustainability & Growth Dividend is covered by both earnings (66% earnings payout ratio) and cash flows (42% cash payout ratio). The dividend has increased by an average of 3.2% 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 remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Reported Earnings • May 15
First quarter 2026 earnings released: EPS: NT$0.23 (vs NT$0.14 in 1Q 2025) First quarter 2026 results: EPS: NT$0.23 (up from NT$0.14 in 1Q 2025). Revenue: NT$2.20b (up 3.1% from 1Q 2025). Net income: NT$41.6m (up 60% from 1Q 2025). Profit margin: 1.9% (up from 1.2% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 9% per year. New Risk • Mar 28
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 182% 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: Major Risk Earnings have declined by 1.2% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.1% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to NT$35.45, the stock trades at a trailing P/E ratio of 23.2x. Average trailing P/E is 16x in the Trade Distributors industry in Taiwan. Total returns to shareholders of 89% over the past three years. New Risk • Mar 16
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 8.1% 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 Earnings have declined by 1.2% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.1% average weekly change). Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$1.53 (vs NT$1.91 in FY 2024) Full year 2025 results: EPS: NT$1.53 (down from NT$1.91 in FY 2024). Revenue: NT$8.00b (down 4.7% from FY 2024). Net income: NT$278.3m (down 20% from FY 2024). Profit margin: 3.5% (down from 4.1% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 12% per year. Announcement • Mar 03
Yuan Jen Enterprises Co.,Ltd., Annual General Meeting, May 20, 2026 Yuan Jen Enterprises Co.,Ltd., Annual General Meeting, May 20, 2026, at 09:00 Taipei Standard Time. Location: 4 floor no,54, sec.4 min sheng e. rd., taipei city Taiwan Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$31.00, the stock trades at a trailing P/E ratio of 19.3x. Average trailing P/E is 15x in the Trade Distributors industry in Taiwan. Total returns to shareholders of 71% over the past three years. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: NT$1.28 (vs NT$1.08 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.28 (up from NT$1.08 in 3Q 2024). Revenue: NT$1.96b (down 9.5% from 3Q 2024). Net income: NT$233.6m (up 19% from 3Q 2024). Profit margin: 12% (up from 9.1% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 11% per year. Reported Earnings • Aug 17
Second quarter 2025 earnings released: NT$0.06 loss per share (vs NT$0.34 profit in 2Q 2024) Second quarter 2025 results: NT$0.06 loss per share (down from NT$0.34 profit in 2Q 2024). Revenue: NT$2.15b (up 5.8% from 2Q 2024). Net loss: NT$11.1m (down 118% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 8% per year. Upcoming Dividend • Jun 24
Upcoming dividend of NT$1.25 per share Eligible shareholders must have bought the stock before 01 July 2025. Payment date: 25 July 2025. Payout ratio is a comfortable 69% but the company is paying out more than the cash it is generating. Trailing yield: 4.2%. Lower than top quartile of Taiwanese dividend payers (5.3%). In line with average of industry peers (4.1%). Announcement • Jun 12
Yuan Jen Enterprises Co.,Ltd. Approves Cash Dividend for 2024 Yuan Jen Enterprises Co.,Ltd. at its AGM held on June 11, 2025, approved cash dividend of TWD 1.25 per share for 2024. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.14 (vs NT$0.25 in 1Q 2024) First quarter 2025 results: EPS: NT$0.14 (down from NT$0.25 in 1Q 2024). Revenue: NT$2.13b (up 11% from 1Q 2024). Net income: NT$26.0m (down 43% from 1Q 2024). Profit margin: 1.2% (down from 2.4% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 27
Yuan Jen Enterprises Co.,Ltd. to Report Q1, 2025 Results on May 06, 2025 Yuan Jen Enterprises Co.,Ltd. announced that they will report Q1, 2025 results on May 06, 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$26.25, the stock trades at a trailing P/E ratio of 13.7x. Average trailing P/E is 14x in the Trade Distributors industry in Taiwan. Total returns to shareholders of 15% over the past three years. New Risk • Mar 26
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 125% Dividend yield: 3.5% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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: Minor Risks Dividend is not well covered by cash flows (125% cash payout ratio). Share price has been volatile over the past 3 months (7.0% average weekly change). Reported Earnings • Mar 18
Full year 2024 earnings released: EPS: NT$1.91 (vs NT$1.10 in FY 2023) Full year 2024 results: EPS: NT$1.91 (up from NT$1.10 in FY 2023). Revenue: NT$8.39b (up 12% from FY 2023). Net income: NT$347.4m (up 73% from FY 2023). Profit margin: 4.1% (up from 2.7% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • Mar 07
Yuan Jen Enterprises Co.,Ltd. Proposes Dividend Distribution for the Year Ended December 31, 2024 Yuan Jen Enterprises Co.,Ltd. proposed dividend distribution of TWD 1.25 per share for the year ended December 31, 2024. Total amount of cash distributed to shareholders is TWD 227,287,473 . Announcement • Mar 06
Yuan Jen Enterprises Co.,Ltd., Annual General Meeting, Jun 11, 2025 Yuan Jen Enterprises Co.,Ltd., Annual General Meeting, Jun 11, 2025. Location: 4 floor no,54, sec.4 min sheng e. rd., taipei city Taiwan Announcement • Feb 22
Yuan Jen Enterprises Co.,Ltd. to Report Q4, 2024 Results on Mar 05, 2025 Yuan Jen Enterprises Co.,Ltd. announced that they will report Q4, 2024 results on Mar 05, 2025 Board Change • Feb 14
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Rong-Zong Chen was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Feb 13
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 6.3% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$39.15, the stock trades at a trailing P/E ratio of 22.2x. Average trailing P/E is 18x in the Trade Distributors industry in Taiwan. Total returns to shareholders of 59% over the past three years. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$1.08 (vs NT$0.69 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.08 (up from NT$0.69 in 3Q 2023). Revenue: NT$2.16b (up 13% from 3Q 2023). Net income: NT$196.4m (up 58% from 3Q 2023). Profit margin: 9.1% (up from 6.5% in 3Q 2023). The increase in margin was driven by higher revenue. 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 4% per year, which means it is well ahead of earnings. Announcement • Nov 06
Yuan Jen Enterprises Co.,Ltd. Announces Establishment of the Sustainable Development Committee Yuan Jen Enterprises Co.,Ltd. announced Board of Director resolved to establish the Sustainable Development Committee. Name of the functional Committees: Sustainable Development Committee. Name of the new position holder: Name of the new position holder: Zheng Han-Yun Chen Rong-Zong, Gao Rong-Cheng. Resume of the new position holder: Zheng Han-Yun- Lawyer of Chung Tao Law Firm; Chen Rong-Zong- Director of Chang Chun Plastics Co. Ltd. Gao Rong-Cheng- Deputy General Manager of Hua Nan Bank, Supervisor of Hua Nan Investment Consulting. Effective date of the new member: November 05, 2024. The term of Committee shall be the same as the term of the Board of Directors (November 05, 2024 to June 11, 2027). Announcement • Oct 26
Yuan Jen Enterprises Co.,Ltd. to Report Q3, 2024 Results on Nov 05, 2024 Yuan Jen Enterprises Co.,Ltd. announced that they will report Q3, 2024 results on Nov 05, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.34 (vs NT$0.22 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.34 (up from NT$0.22 in 2Q 2023). Revenue: NT$2.03b (up 11% from 2Q 2023). Net income: NT$61.4m (up 55% from 2Q 2023). Profit margin: 3.0% (up from 2.2% in 2Q 2023). The increase in margin was driven by higher revenue. 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 28% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$35.60, the stock trades at a trailing P/E ratio of 28.5x. Average trailing P/E is 15x in the Trade Distributors industry in Taiwan. Total returns to shareholders of 88% over the past three years. Announcement • Jul 31
Yuan Jen Enterprises Co.,Ltd. to Report Q2, 2024 Results on Aug 08, 2024 Yuan Jen Enterprises Co.,Ltd. announced that they will report Q2, 2024 results on Aug 08, 2024 Upcoming Dividend • Jul 19
Upcoming dividend of NT$0.85 per share Eligible shareholders must have bought the stock before 23 July 2024. Payment date: 13 August 2024. Payout ratio is a comfortable 68% but the company is paying out more than the cash it is generating. Trailing yield: 1.8%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (3.2%). Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$53.00, the stock trades at a trailing P/E ratio of 42.5x. Average trailing P/E is 17x in the Trade Distributors industry in Taiwan. Total returns to shareholders of 185% over the past three years. Declared Dividend • Jul 05
Dividend reduced to NT$0.85 Dividend of NT$0.85 is 15% lower than last year. Ex-date: 23rd July 2024 Payment date: 13th August 2024 Dividend yield will be 1.8%, which is lower than the industry average of 5.0%. Sustainability & Growth Dividend is covered by earnings (68% earnings payout ratio) but not adequately covered by cash flows (95% cash payout ratio). The dividend has increased by an average of 9.3% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 1.0% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jul 03
Yuan Jen Enterprises Co.,Ltd. Announces Changes in Remuneration Committee Yuan Jen Enterprises Co.,Ltd. announced changes in remuneration committee. Name of the previous position holder: Chen Wei-Guo and Chen Xin-Hong. Resume of the previous position holder: Chen Wei-Guo, Deputy General Manager of Hua Nan Securities. Chen Xin-Hong, Chairman of Wei Feng Security Co.,Ltd. Name of the new position holder: Chen Rong-Zong and Gao Rong-Cheng. Resume of the new position holder: Chen Rong-Zong, Director of Chang Chun Plastics Co. Ltd. Gao Rong-Cheng, Deputy General Manager of Hua Nan Bank, Supervisor of Hua Nan Investment Consulting. Circumstances of change: Term expired. Original term from July 2, 2021 to July 1, 2024. Effective date of the new member: July 2, 2024. Date of occurrence of the change: July 2, 2024. Valuation Update With 7 Day Price Move • May 30
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$54.90, the stock trades at a trailing P/E ratio of 44x. Average trailing P/E is 17x in the Trade Distributors industry in Taiwan. Total returns to shareholders of 216% over the past three years. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$0.25 (vs NT$0.11 in 1Q 2023) First quarter 2024 results: EPS: NT$0.25 (up from NT$0.11 in 1Q 2023). Revenue: NT$1.92b (flat on 1Q 2023). Net income: NT$45.9m (up 136% from 1Q 2023). Profit margin: 2.4% (up from 1.0% in 1Q 2023). 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 36% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$36.00, the stock trades at a trailing P/E ratio of 32.7x. Average trailing P/E is 15x in the Trade Distributors industry in Taiwan. Total returns to shareholders of 72% over the past three years. Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to NT$36.10, the stock trades at a trailing P/E ratio of 32.7x. Average trailing P/E is 15x in the Trade Distributors industry in Taiwan. Total returns to shareholders of 84% over the past three years. Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: NT$1.10 (vs NT$1.40 in FY 2022) Full year 2023 results: EPS: NT$1.10 (down from NT$1.40 in FY 2022). Revenue: NT$7.50b (down 19% from FY 2022). Net income: NT$200.5m (down 21% from FY 2022). Profit margin: 2.7% (down from 2.8% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Announcement • Mar 07
Yuan Jen Enterprises Co.,Ltd. Proposes Dividend Distribution for the Year Ended December 31, 2023 Yuan Jen Enterprises Co.,Ltd. proposed dividend distribution of TWD 0.85 per share for the year ended December 31, 2023. Total amount of cash distributed to shareholders is TWD 154,555,481. Announcement • Mar 06
Yuan Jen Enterprises Co.,Ltd., Annual General Meeting, Jun 12, 2024 Yuan Jen Enterprises Co.,Ltd., Annual General Meeting, Jun 12, 2024. Location: 4th Floor, No. 54 Section 4, Minsheng East Road Taipei Taiwan Agenda: To consider 2023 Business Report; to consider Audit Committee's Review Report on the 2023 Financial Statements; to Report Distribution of 2023 Cash Dividend; to Report 2023 Employees and Directors Profit Sharing Bonus and Compensation; to approve the 2023 Business Report and Financial Statements; to approve the Proposal for Distribution of 2023 Profits; to consider Waiver of Non-Competition Binding to Directors; and to consider the election of the 16th Term of Board of Directors. New Risk • Feb 29
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 5.7% 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: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 92% Cash payout ratio: 113% Minor Risk Share price has been volatile over the past 3 months (5.7% average weekly change). Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$26.00, the stock trades at a trailing P/E ratio of 24x. Average trailing P/E is 14x in the Trade Distributors industry in Taiwan. Total returns to shareholders of 88% over the past three years. Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: NT$0.69 (vs NT$0.99 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.69 (down from NT$0.99 in 3Q 2022). Revenue: NT$1.92b (flat on 3Q 2022). Net income: NT$124.6m (down 31% from 3Q 2022). Profit margin: 6.5% (down from 9.4% in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: NT$0.22 (vs NT$0.051 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.22 (up from NT$0.051 in 2Q 2022). Revenue: NT$1.83b (down 32% from 2Q 2022). Net income: NT$39.7m (up 330% from 2Q 2022). Profit margin: 2.2% (up from 0.3% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 26
Upcoming dividend of NT$1.00 per share at 4.7% yield Eligible shareholders must have bought the stock before 02 August 2023. Payment date: 25 August 2023. Payout ratio is on the higher end at 82%, however this is supported by cash flows. Trailing yield: 4.7%. Lower than top quartile of Taiwanese dividend payers (5.4%). In line with average of industry peers (5.2%). Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$25.50, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 12x in the Trade Distributors industry in Taiwan. Total returns to shareholders of 115% over the past three years. Reported Earnings • Mar 29
Full year 2022 earnings released: EPS: NT$1.40 (vs NT$1.76 in FY 2021) Full year 2022 results: EPS: NT$1.40 (down from NT$1.76 in FY 2021). Revenue: NT$9.21b (down 14% from FY 2021). Net income: NT$253.8m (down 21% from FY 2021). Profit margin: 2.8% (down from 3.0% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 17% per year. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.99 (vs NT$0.77 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.99 (up from NT$0.77 in 3Q 2021). Revenue: NT$1.90b (down 30% from 3Q 2021). Net income: NT$179.6m (up 28% from 3Q 2021). Profit margin: 9.4% (up from 5.2% in 3Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 13
Second quarter 2022 earnings released: EPS: NT$0.50 (vs NT$0.29 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.50. Revenue: NT$2.69b (down 6.6% from 2Q 2021). Net income: NT$9.24m (down 82% from 2Q 2021). Profit margin: 0.3% (down from 1.8% in 2Q 2021). The decrease in margin was driven by lower revenue. Upcoming Dividend • Jul 18
Upcoming dividend of NT$1.23 per share Eligible shareholders must have bought the stock before 25 July 2022. Payment date: 17 August 2022. Payout ratio is a comfortable 70% but the company is not cash flow positive. Trailing yield: 5.8%. Lower than top quartile of Taiwanese dividend payers (6.8%). In line with average of industry peers (5.8%). Reported Earnings • May 15
First quarter 2022 earnings released: EPS: NT$0.29 (vs NT$0.30 in 1Q 2021) First quarter 2022 results: EPS: NT$0.29 (down from NT$0.30 in 1Q 2021). Revenue: NT$2.59b (up 8.9% from 1Q 2021). Net income: NT$52.1m (down 3.3% from 1Q 2021). Profit margin: 2.0% (down from 2.3% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 28
Full year 2021 earnings released: EPS: NT$1.76 (vs NT$1.37 in FY 2020) Full year 2021 results: EPS: NT$1.76 (up from NT$1.37 in FY 2020). Revenue: NT$10.7b (up 51% from FY 2020). Net income: NT$319.1m (up 28% from FY 2020). Profit margin: 3.0% (down from 3.5% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 23% per year. Announcement • Mar 23
Yuan Jen Enterprises Co.,Ltd., Annual General Meeting, Jun 09, 2022 Yuan Jen Enterprises Co.,Ltd., Annual General Meeting, Jun 09, 2022. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.77 (vs NT$0.60 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: NT$2.71b (up 66% from 3Q 2020). Net income: NT$139.8m (up 28% from 3Q 2020). Profit margin: 5.2% (down from 6.6% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improved over the past week After last week's 18% share price gain to NT$27.95, the stock trades at a trailing P/E ratio of 16.1x. Average trailing P/E is 12x in the Trade Distributors industry in Taiwan. Total returns to shareholders of 136% over the past three years. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improved over the past week After last week's 16% share price gain to NT$25.00, the stock trades at a trailing P/E ratio of 14.4x. Average trailing P/E is 12x in the Trade Distributors industry in Taiwan. Total returns to shareholders of 81% over the past three years. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$0.29 (vs NT$0.15 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$2.88b (up 71% from 2Q 2020). Net income: NT$52.0m (up 88% from 2Q 2020). Profit margin: 1.8% (up from 1.6% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 8% per year. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improved over the past week After last week's 23% share price gain to NT$24.20, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 13x in the Trade Distributors industry in Taiwan. Total returns to shareholders of 74% over the past three years. Upcoming Dividend • Jul 02
Upcoming dividend of NT$0.96 per share Eligible shareholders must have bought the stock before 08 July 2021. Payment date: 02 August 2021. Trailing yield: 4.5%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (3.9%). Valuation Update With 7 Day Price Move • May 14
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$18.50, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 13x in the Trade Distributors industry in Taiwan. Total returns to shareholders of 27% over the past three years. Reported Earnings • May 05
First quarter 2021 earnings released: EPS NT$0.30 (vs NT$0.063 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$2.38b (up 45% from 1Q 2020). Net income: NT$53.8m (up 372% from 1Q 2020). Profit margin: 2.3% (up from 0.7% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improved over the past week After last week's 20% share price gain to NT$27.40, the stock trades at a trailing P/E ratio of 20x. Average trailing P/E is 15x in the Trade Distributors industry in Taiwan. Total returns to shareholders of 84% over the past three years. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS NT$1.37 (vs NT$1.07 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$7.07b (down 18% from FY 2019). Net income: NT$249.1m (up 28% from FY 2019). Profit margin: 3.5% (up from 2.3% in FY 2019). The increase in margin was driven by lower expenses. 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 4% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment improved over the past week After last week's 18% share price gain to NT$19.00, the stock trades at a trailing P/E ratio of 20.9x. Average trailing P/E is 14x in the Trade Distributors industry in Taiwan. Total returns to shareholders of 31% over the past three years. Is New 90 Day High Low • Dec 17
New 90-day high: NT$15.60 The company is up 9.0% from its price of NT$14.30 on 18 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Trade Distributors industry, which is up 10.0% over the same period. Is New 90 Day High Low • Nov 24
New 90-day high: NT$14.60 The company is up 5.0% from its price of NT$13.85 on 26 August 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Trade Distributors industry, which is up 2.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.60 The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2020 results: Revenue: NT$1.64b (down 21% from 3Q 2019). Net income: NT$108.8m (down 4.6% from 3Q 2019). Profit margin: 6.6% (up from 5.5% 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 12% 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.