Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$71.00, the stock trades at a trailing P/E ratio of 44.5x. Average trailing P/E is 20x in the Auto Components industry in Taiwan. Total loss to shareholders of 19% over the past three years. Reported Earnings • May 13
First quarter 2026 earnings released: NT$0.82 loss per share (vs NT$0.80 profit in 1Q 2025) First quarter 2026 results: NT$0.82 loss per share (down from NT$0.80 profit in 1Q 2025). Revenue: NT$281.7m (up 1.7% from 1Q 2025). Net loss: NT$59.9m (down 202% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 17
Full year 2025 earnings released: EPS: NT$3.21 (vs NT$4.12 in FY 2024) Full year 2025 results: EPS: NT$3.21 (down from NT$4.12 in FY 2024). Revenue: NT$1.25b (down 15% from FY 2024). Net income: NT$235.8m (down 22% from FY 2024). Profit margin: 19% (down from 21% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 11% 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. Declared Dividend • Mar 11
Dividend reduced to NT$2.80 Dividend of NT$2.80 is 9.7% lower than last year. Ex-date: 25th June 2026 Payment date: 29th July 2026 Dividend yield will be 4.5%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (80% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 8.9% per year over the past 10 years. However, payments have been volatile during that time. 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 • Nov 11
Third quarter 2025 earnings released: EPS: NT$0.87 (vs NT$1.09 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.87 (down from NT$1.09 in 3Q 2024). Revenue: NT$330.8m (down 18% from 3Q 2024). Net income: NT$63.9m (down 20% from 3Q 2024). Profit margin: 19% (in line with 3Q 2024). 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. New Risk • Aug 06
New major risk - Revenue and earnings growth Earnings have declined by 1.0% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.0% per year over the past 5 years. Minor Risk Paying a dividend despite having no free cash flows. Upcoming Dividend • Jun 19
Upcoming dividend of NT$3.10 per share Eligible shareholders must have bought the stock before 26 June 2025. Payment date: 30 July 2025. Payout ratio is a comfortable 73% but the company is not cash flow positive. Trailing yield: 5.0%. Lower than top quartile of Taiwanese dividend payers (5.2%). In line with average of industry peers (4.6%). Reported Earnings • May 11
First quarter 2025 earnings released: EPS: NT$0.80 (vs NT$0.66 in 1Q 2024) First quarter 2025 results: EPS: NT$0.80 (up from NT$0.66 in 1Q 2024). Revenue: NT$276.9m (down 10% from 1Q 2024). Net income: NT$58.8m (up 21% from 1Q 2024). Profit margin: 21% (up from 16% in 1Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 3% per year. Announcement • Apr 27
Kian Shen Corporation to Report Q1, 2025 Results on May 05, 2025 Kian Shen Corporation announced that they will report Q1, 2025 results on May 05, 2025 Announcement • Apr 02
Kian Shen Corporation Announces Hsiung,Tung-Tai as Chairman, Effective from April 1, 2025 Kian Shen Corporation announced change of chairman. Name of the new position holder: Hsiung,Tung-Tai. Resume of the new position holder: Vice President of China Motor Corporation Co. Ltd. Effective date of the new appointment: April 1, 2025. Reason for the change: Because of the retirement of the Chairperson the Board elected the new Chairperson. Announcement • Mar 13
Kian Shen Corporation, Annual General Meeting, May 26, 2025 Kian Shen Corporation, Annual General Meeting, May 26, 2025, at 14:00 Taipei Standard Time. Location: no,3, ch`ing nien rd., yangmei district, taoyuan city Taiwan Reported Earnings • Mar 12
Full year 2024 earnings released: EPS: NT$4.12 (vs NT$5.50 in FY 2023) Full year 2024 results: EPS: NT$4.12 (down from NT$5.50 in FY 2023). Revenue: NT$1.46b (down 8.7% from FY 2023). Net income: NT$302.2m (down 25% from FY 2023). Profit margin: 21% (down from 25% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 2% per year. Declared Dividend • Mar 10
Dividend of NT$3.10 announced Shareholders will receive a dividend of NT$3.10. Ex-date: 26th June 2025 Payment date: 30th July 2025 Dividend yield will be 4.7%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (89% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 8.1% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share declined by 5.2% over the last 5 years, which if continued should see the payout ratio increase to a potentially unsustainable range. Announcement • Feb 11
Kian Shen Corporation Announces Executive Changes Kian Shen Corporation announced that the change of spokesperson and acting spokesperson and corporate governance officer. Name, title, and resume of the previous position holder: Spokesperson and corporate governance officer: Chang,Ya-Ling/Assistant Vice President, Acting spokesperson: Chen,Yi-Yu/Manager of Finance Department. Name, title, and resume of the new position holder: Spokesperson: Chen,Yi-Yu/Manager of Finance Department, Acting spokesperson:Chen,Chiung-Ju/Section Manager of Accounting Department, Corporate governance officer: vacant. Reason for the change: Retirement and position adjustment. Effective date: February 10, 2025. The new corporate governance officer will be further announced separately at some other time. Announcement • Jan 25
Kian Shen Corporation Announces Board Changes Kian Shen Corporation announced that name and resume of the previous position holder: Kuew-Suang Lan?NAOKI KOBAYASHI, Representative Juristic-Person Director of Kuozui Motors,Ltd with name and resume of the new position holder Shih-Jung Ho?KOTAKA SATOSHI, Representative Juristic-Person Director of Kuozui Motors,Ltd. Reason for the change: reassignment. Effective date of the new appointment is February 1, 2025. Buy Or Sell Opportunity • Jan 16
Now 20% overvalued Over the last 90 days, the stock has fallen 16% to NT$58.40. The fair value is estimated to be NT$48.60, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.0% over the last 3 years, while earnings per share has been flat. New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 05
Third quarter 2024 earnings released: EPS: NT$1.09 (vs NT$1.11 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.09 (down from NT$1.11 in 3Q 2023). Revenue: NT$403.4m (up 12% from 3Q 2023). Net income: NT$80.0m (down 2.1% from 3Q 2023). Profit margin: 20% (down from 23% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 4% per year. Announcement • Oct 25
Kian Shen Corporation to Report Q3, 2024 Results on Nov 01, 2024 Kian Shen Corporation announced that they will report Q3, 2024 results on Nov 01, 2024 Reported Earnings • Aug 02
Second quarter 2024 earnings released: EPS: NT$0.98 (vs NT$0.80 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.98 (up from NT$0.80 in 2Q 2023). Revenue: NT$376.1m (down 12% from 2Q 2023). Net income: NT$71.7m (up 22% from 2Q 2023). Profit margin: 19% (up from 14% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 1% per year. Upcoming Dividend • Jun 20
Upcoming dividend of NT$3.30 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 30 July 2024. Payout ratio is on the higher end at 93% but the company is not cash flow positive. Trailing yield: 4.3%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (3.1%). Reported Earnings • May 09
First quarter 2024 earnings released: EPS: NT$0.66 (vs NT$2.63 in 1Q 2023) First quarter 2024 results: EPS: NT$0.66 (down from NT$2.63 in 1Q 2023). Revenue: NT$308.5m (down 32% from 1Q 2023). Net income: NT$48.5m (down 75% from 1Q 2023). Profit margin: 16% (down from 42% in 1Q 2023). Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 4% per year. Announcement • May 02
Kian Shen Corporation to Report Q1, 2024 Results on May 06, 2024 Kian Shen Corporation announced that they will report Q1, 2024 results on May 06, 2024 Board Change • Mar 15
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 11 non-independent directors. Representative Director Naoki Kobayashi was the last director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Dec 16
Kian Shen Corporation Announces Location Change of the Stock Affair Unit Kian Shen Corporation announced location change of the Company's stock affair unit. Starting from December 25, 2023, the company informed to post or refer to the altered address of the Company's stock affair unit at 1F., No.3, Sec.3, Zhongxing Rd., Xindian Dist., New Taipei City 231029 for the following stock affairs, including stock transfer, dividends or shares allotment, address alteration, stock loss report, pledge creation or removal and the loss report or change of personnel registered seals. Reported Earnings • Nov 04
Third quarter 2023 earnings released: EPS: NT$1.11 (vs NT$1.29 in 3Q 2022) Third quarter 2023 results: EPS: NT$1.11 (down from NT$1.29 in 3Q 2022). Revenue: NT$359.5m (down 14% from 3Q 2022). Net income: NT$81.7m (down 14% from 3Q 2022). Profit margin: 23% (in line with 3Q 2022). Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 5% per year. Announcement • Sep 29
Kian Shen Corporation Announces Change of Chief Internal Auditor Kian Shen Corporation announced that Name, title, and resume of the previous position holder: Lin,li-jen, Assistant Manager of Audit Office. Date of occurrence of the change is September 28, 2023. Reason for the change: Personal career planning. Effective date is October 1, 2023. After the Audit Committee and the Board of Directors approve the appointment, the new chief internal auditor will be further announced separately at some other time. Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: NT$0.80 (vs NT$0.91 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.80 (down from NT$0.91 in 2Q 2022). Revenue: NT$425.1m (up 18% from 2Q 2022). Net income: NT$58.8m (down 12% from 2Q 2022). Profit margin: 14% (down from 19% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 12
Upcoming dividend of NT$2.10 per share at 2.0% yield Eligible shareholders must have bought the stock before 19 July 2023. Payment date: 16 August 2023. Payout ratio is a comfortable 38% but the company is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.1%). New Risk • Jun 30
New major 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 7.7% 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 Earnings have declined by 8.4% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.7% average weekly change). Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$98.60, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 16x in the Auto Components industry in Taiwan. Total returns to shareholders of 135% over the past three years. Announcement • May 06
Kian Shen Corporation Announces the Appointment of Yu, Te-Hsiang as Chief Information Security Officer Kian Shen Corporation announces the appointment of Yu, Te-Hsiang/Vice President of Kian Shen Corporation as Chief Information Security Officer, effective date is May 05, 2023. Reason for the change: new replacement. Reported Earnings • Apr 01
Full year 2022 earnings released: EPS: NT$3.68 (vs NT$4.18 in FY 2021) Full year 2022 results: EPS: NT$3.68 (down from NT$4.18 in FY 2021). Revenue: NT$1.50b (up 18% from FY 2021). Net income: NT$269.8m (down 12% from FY 2021). Profit margin: 18% (down from 24% in FY 2021). 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 16% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$1.29 (vs NT$0.69 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.29 (up from NT$0.69 in 3Q 2021). Revenue: NT$418.2m (up 37% from 3Q 2021). Net income: NT$94.9m (up 87% from 3Q 2021). Profit margin: 23% (up from 17% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 1% per year. Reported Earnings • Aug 08
Second quarter 2022 earnings released: EPS: NT$0.91 (vs NT$0.94 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.91 (down from NT$0.94 in 2Q 2021). Revenue: NT$361.7m (down 2.9% from 2Q 2021). Net income: NT$66.8m (down 3.0% from 2Q 2021). Profit margin: 19% (in line with 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 4% per year. Upcoming Dividend • Jul 21
Upcoming dividend of NT$2.10 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 26 August 2022. Payout ratio is a comfortable 55% but the company is not cash flow positive. Trailing yield: 3.5%. Lower than top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (2.8%). Announcement • Jul 03
Kian Shen Corporation Announces Establishment of the Audit Committee Kian Shen Corporation announced establishment of the Audit Committee with Der-Chang Yeh, Wei-Ching Lue, Chi-Ching,Chen. Der-Chang Yeh, Wei-Ching Lue, Chi-Ching,Chen are Independent Director. Effective date of the new member is July 1, 2022. Reported Earnings • May 13
First quarter 2022 earnings released: EPS: NT$0.83 (vs NT$1.19 in 1Q 2021) First quarter 2022 results: EPS: NT$0.83 (down from NT$1.19 in 1Q 2021). Revenue: NT$304.2m (down 4.2% from 1Q 2021). Net income: NT$60.7m (down 30% from 1Q 2021). Profit margin: 20% (down from 27% in 1Q 2021). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 1% per year. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 11 non-independent directors. Representative Director Naoki Kobayashi was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 16
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: NT$4.18 (down from NT$4.42 in FY 2020). Revenue: NT$1.28b (up 21% from FY 2020). Net income: NT$306.8m (down 5.3% from FY 2020). Profit margin: 24% (down from 31% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.0%. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 4% per year. Announcement • Jan 30
Kian Shen Corporation Announces Change of Representative Juristic-Person Director, Effective February 1, 2022 Kian Shen Corporation announced change of representative juristic-person Director of the company. The company announced that Takayuki Ogano replaced by Naoki Kobayashi as Representative Juristic-Person Director of Kuozui Motors,Ltd. The reason for the change is re-assignment. The effective date of the new appointment is February 1, 2022. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS NT$0.69 (vs NT$1.28 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$306.5m (up 14% from 3Q 2020). Net income: NT$50.7m (down 46% from 3Q 2020). Profit margin: 17% (down from 35% in 3Q 2020). The decrease in margin was driven by higher 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 5% per year, which means it is well ahead of earnings. Executive Departure • Sep 07
GM & Director Te-Chao Huang has left the company On the 1st of September, Te-Chao Huang's tenure as GM & Director of the company ended after 3.7 years in the role. We don't have any record of a personal shareholding under Te-Chao's name. Te-Chao is the only executive to leave the company over the last 12 months. Under Te-Chao's leadership, the company delivered a total shareholder return of -20%. Upcoming Dividend • Aug 24
Upcoming dividend of NT$2.20 per share Eligible shareholders must have bought the stock before 31 August 2021. Payment date: 24 September 2021. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.5%). Reported Earnings • Aug 05
Second quarter 2021 earnings released: EPS NT$0.94 (vs NT$1.25 in 2Q 2020) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$372.7m (up 48% from 2Q 2020). Net income: NT$68.9m (down 25% from 2Q 2020). Profit margin: 19% (down from 37% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$57.40, the stock trades at a trailing P/E ratio of 10.7x. Average forward P/E is 14x in the Auto Components industry in Taiwan. Total loss to shareholders of 19% over the past three years. Reported Earnings • May 11
First quarter 2021 earnings released: EPS NT$1.18 (vs NT$0.21 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$317.5m (up 53% from 1Q 2020). Net income: NT$87.0m (up 474% from 1Q 2020). Profit margin: 27% (up from 7.3% 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 18% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment improved over the past week After last week's 21% share price gain to NT$83.70, the stock trades at a trailing P/E ratio of 19x. Average forward P/E is 17x in the Auto Components industry in Taiwan. Total returns to shareholders of 18% over the past three years. Reported Earnings • Mar 22
Full year 2020 earnings released: EPS NT$4.41 (vs NT$3.95 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$1.05b (down 15% from FY 2019). Net income: NT$324.0m (up 12% from FY 2019). Profit margin: 31% (up from 23% 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 25% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Mar 19
Kian Shen Corporation, Annual General Meeting, Jun 22, 2021 Kian Shen Corporation, Annual General Meeting, Jun 22, 2021. Location: China Motor Training Center, No.3, Qingnian Rd Yangmei Dist. Taoyuan Taiwan Agenda: To consider 2020 business report; to consider supervisor's Review Report on the 2020 Financial Statements; to consider the 2020 distribution of compensation of directors, supervisors and employees; to consider adoption of the 2020 Financial Statements; to consider adoption of the proposal for distribution of 2020 profits; to consider amendment to the operational procedures for Rules of Procedure for Shareholders Meetings; to consider amendment to the Operational Procedures for Procedures for election directors and supervisors; and to consider amendment to the Operational Procedures for Codes of Ethical Conduct. Price Target Changed • Jan 09
Price target lowered to NT$52.00 Down from NT$61.00, the current price target is an average from 2 analysts. The new target price is 28% below the current share price of NT$72.40. As of last close, the stock is up 31% over the past year. Is New 90 Day High Low • Jan 04
New 90-day high: NT$72.70 The company is up 10.0% from its price of NT$66.20 on 06 October 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$17.13 per share. Reported Earnings • Nov 10
Third quarter 2020 earnings released: EPS NT$1.28 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2020 results: Revenue: NT$268.6m (up 20% from 3Q 2019). Net income: NT$93.7m (up 20% from 3Q 2019). Profit margin: 35% (in line with 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Nov 10
Revenue misses expectations Revenue missed analyst estimates by 8.2%. Over the next year, revenue is forecast to grow 15%, compared to a 12% growth forecast for the Auto Components industry in Taiwan.