Buy Or Sell Opportunity • Jun 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 22% to NT$112. The fair value is estimated to be NT$140, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 12% in a year. Earnings are forecast to grow by 63% in the next year. Reported Earnings • May 13
First quarter 2026 earnings released: EPS: NT$0.079 (vs NT$0.91 in 1Q 2025) First quarter 2026 results: EPS: NT$0.079 (down from NT$0.91 in 1Q 2025). Revenue: NT$11.8b (up 11% from 1Q 2025). Net income: NT$23.9m (down 91% from 1Q 2025). Profit margin: 0.2% (down from 2.6% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the Leisure industry in Taiwan. 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 23% per year, which means it is significantly lagging earnings growth. Announcement • Mar 10
Johnson Health Tech .Co., Ltd., Annual General Meeting, Jun 24, 2026 Johnson Health Tech .Co., Ltd., Annual General Meeting, Jun 24, 2026. Location: b1 floor no,999, sec.2 tung ta rd., daya district, taichung city Taiwan Reported Earnings • Mar 10
Full year 2025 earnings released: EPS: NT$9.06 (vs NT$8.02 in FY 2024) Full year 2025 results: EPS: NT$9.06 (up from NT$8.02 in FY 2024). Revenue: NT$54.3b (up 14% from FY 2024). Net income: NT$2.75b (up 13% from FY 2024). Profit margin: 5.1% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$167, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 11x in the Leisure industry in Taiwan. Total returns to shareholders of 127% over the past three years. Reported Earnings • Nov 12
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: EPS: NT$2.14 (up from NT$1.57 in 3Q 2024). Revenue: NT$12.0b (flat on 3Q 2024). Net income: NT$647.8m (up 37% from 3Q 2024). Profit margin: 5.4% (up from 3.9% in 3Q 2024). Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) exceeded analyst estimates by 13%. 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 Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$172, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 14x in the Leisure industry in Taiwan. Total returns to shareholders of 147% over the past three years. New Risk • Aug 26
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 145% Dividend yield: 2.7% 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: Major Risk Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (145% cash payout ratio). Share price has been volatile over the past 3 months (6.5% average weekly change). Reported Earnings • Aug 12
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: NT$0.37 (down from NT$0.96 in 2Q 2024). Revenue: NT$12.3b (up 19% from 2Q 2024). Net income: NT$111.9m (down 62% from 2Q 2024). Profit margin: 0.9% (down from 2.8% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.1%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 4.0% p.a. on average during the next 2 years, compared to a 6.0% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$177, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 13x in the Leisure industry in Taiwan. Total returns to shareholders of 227% over the past three years. Reported Earnings • May 07
First quarter 2025 earnings released: EPS: NT$0.91 (vs NT$0.46 loss in 1Q 2024) First quarter 2025 results: EPS: NT$0.91 (up from NT$0.46 loss in 1Q 2024). Revenue: NT$10.6b (up 32% from 1Q 2024). Net income: NT$276.3m (up NT$414.2m from 1Q 2024). Profit margin: 2.6% (up from net loss in 1Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 7.3% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Announcement • Apr 29
Johnson Health Tech .Co., Ltd. to Report Q1, 2025 Results on May 06, 2025 Johnson Health Tech .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 19% After last week's 19% share price decline to NT$176, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 14x in the Leisure industry in Taiwan. Total returns to shareholders of 241% over the past three years. Announcement • Mar 14
Johnson Health Tech .Co., Ltd., Annual General Meeting, Jun 26, 2025 Johnson Health Tech .Co., Ltd., Annual General Meeting, Jun 26, 2025. Location: b1 floor no,999, sec.2 tung ta rd., daya district, taichung city Taiwan Announcement • Mar 06
Johnson Health Tech .Co., Ltd. to Report Fiscal Year 2024 Results on Mar 13, 2025 Johnson Health Tech .Co., Ltd. announced that they will report fiscal year 2024 results on Mar 13, 2025 Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$206, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 17x in the Leisure industry in Taiwan. Total returns to shareholders of 307% over the past three years. 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 Risks No financial data reported. Share price has been highly volatile over the past 3 months (8.6% average weekly change). Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$184, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 17x in the Leisure industry in Taiwan. Total returns to shareholders of 227% over the past three years. Reported Earnings • Nov 10
Third quarter 2024 earnings: EPS misses analyst expectations Third quarter 2024 results: EPS: NT$1.57 (up from NT$1.22 in 3Q 2023). Revenue: NT$12.1b (up 25% from 3Q 2023). Net income: NT$474.7m (up 28% from 3Q 2023). Profit margin: 3.9% (up from 3.8% in 3Q 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 21%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. New Risk • Nov 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 8.1% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.1% average weekly change). Minor Risk High level of debt (123% net debt to equity). Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$173, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 15x in the Leisure industry in Taiwan. Total returns to shareholders of 196% over the past three years. Announcement • Nov 01
Johnson Health Tech .Co., Ltd. to Report Q3, 2024 Results on Nov 08, 2024 Johnson Health Tech .Co., Ltd. announced that they will report Q3, 2024 results on Nov 08, 2024 Major Estimate Revision • Sep 26
Consensus revenue estimates increase by 12% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from NT$42.3b to NT$47.3b. EPS estimate increased from NT$4.63 to NT$6.75 per share. Net income forecast to grow 108% next year vs 36% growth forecast for Leisure industry in Taiwan. Consensus price target up from NT$112 to NT$147. Share price rose 20% to NT$147 over the past week. Buy Or Sell Opportunity • Sep 11
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 40% to NT$125. The fair value is estimated to be NT$103, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 51%. Revenue is forecast to grow by 4.7% in a year. Earnings are forecast to grow by 38% in the next year. Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$123, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 19x in the Leisure industry in Taiwan. Total returns to shareholders of 95% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$98.56 per share. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: NT$0.96 (vs NT$1.10 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.96 (down from NT$1.10 in 2Q 2023). Revenue: NT$10.3b (up 19% from 2Q 2023). Net income: NT$292.1m (down 12% from 2Q 2023). Profit margin: 2.8% (down from 3.9% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.8% p.a. on average during the next 2 years, compared to a 9.8% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 15% 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 7.1% 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: Minor Risks High level of debt (117% net debt to equity). Share price has been volatile over the past 3 months (7.1% average weekly change). Announcement • Jul 30
Johnson Health Tech .Co., Ltd. to Report Q2, 2024 Results on Aug 07, 2024 Johnson Health Tech .Co., Ltd. announced that they will report Q2, 2024 results on Aug 07, 2024 Upcoming Dividend • Jul 24
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 30 July 2024. Payment date: 26 August 2024. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Taiwanese dividend payers (4.3%). Lower than average of industry peers (2.7%). Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$106, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 19x in the Leisure industry in Taiwan. Total returns to shareholders of 36% over the past three years. Declared Dividend • Jul 10
Dividend increased to NT$1.00 Dividend of NT$1.00 is 66% higher than last year. Ex-date: 30th July 2024 Payment date: 26th August 2024 Dividend yield will be 0.9%, which is lower than the industry average of 5.0%. Sustainability & Growth Dividend is well covered by both earnings (25% earnings payout ratio) and cash flows (7% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 13% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 27
Johnson Health Tech .Co., Ltd. Approves Cash Dividend Johnson Health Tech .Co., Ltd. approved cash dividend of TWD 1 per share for shareholders. Major Estimate Revision • May 22
Consensus EPS estimates fall by 21% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from NT$4.67 to NT$3.71 per share. Revenue forecast steady at NT$40.4b. Net income forecast to grow 0.3% next year vs 24% growth forecast for Leisure industry in Taiwan. Consensus price target up from NT$84.15 to NT$91.50. Share price was steady at NT$92.20 over the past week. New Risk • May 21
New major risk - Revenue and earnings growth Earnings have declined by 19% 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 19% per year over the past 5 years. Minor Risk High level of debt (117% net debt to equity). Reported Earnings • May 12
First quarter 2024 earnings: EPS misses analyst expectations First quarter 2024 results: NT$0.46 loss per share (improved from NT$2.14 loss in 1Q 2023). Revenue: NT$8.03b (up 14% from 1Q 2023). Net loss: NT$137.9m (loss narrowed 79% from 1Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 53%. Revenue is forecast to grow 5.1% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • May 03
Johnson Health Tech .Co., Ltd. to Report Q1, 2024 Results on May 10, 2024 Johnson Health Tech .Co., Ltd. announced that they will report Q1, 2024 results on May 10, 2024 Reported Earnings • Mar 17
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: NT$2.34 (up from NT$1.42 in FY 2022). Revenue: NT$38.1b (up 13% from FY 2022). Net income: NT$709.8m (up 66% from FY 2022). Profit margin: 1.9% (up from 1.3% 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 18%. Revenue is forecast to grow 5.4% p.a. on average during the next 2 years, compared to a 3.8% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 19% 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. Announcement • Mar 15
Johnson Health Tech .Co., Ltd., Annual General Meeting, Jun 26, 2024 Johnson Health Tech .Co., Ltd., Annual General Meeting, Jun 26, 2024. Location: No.999, Sec2, DongDa Rd., Daya Dist., company's B1 audio-visual classroom Taichung City Taiwan Agenda: To consider 2023 Annual Business Report; to consider 2023 Audit Committee's Review Report; to consider report on the Distribution of Compensation for Employees and Directors in 2023; to consider report on the Distribution of Cash Dividend from Earnings in 2023; to consider report on the Directors' Remuneration in 2023; to consider formulate the Company's Ethical Corporate Management Best Practice Principles; and to consider other matters. Price Target Changed • Feb 13
Price target decreased by 18% to NT$75.00 Down from NT$92.00, the current price target is provided by 1 analyst. New target price is 16% above last closing price of NT$64.80. Stock is down 8.7% over the past year. The company is forecast to post earnings per share of NT$2.86 for next year compared to NT$1.42 last year. Major Estimate Revision • Jan 13
Consensus EPS estimates fall by 33%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from NT$37.2b to NT$38.1b. EPS estimate fell from NT$4.26 to NT$2.86 per share. Net income forecast to grow 103% next year vs 10% growth forecast for Leisure industry in Taiwan. Consensus price target down from NT$92.00 to NT$89.50. Share price fell 3.6% to NT$67.60 over the past week. New Risk • Nov 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 39% 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 Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Minor Risk Large one-off items impacting financial results. Price Target Changed • Nov 17
Price target increased by 15% to NT$92.00 Up from NT$80.00, the current price target is an average from 2 analysts. New target price is 27% above last closing price of NT$72.40. Stock is up 8.4% over the past year. The company is forecast to post earnings per share of NT$4.26 for next year compared to NT$1.42 last year. Reported Earnings • Aug 09
Second quarter 2023 earnings: EPS exceeds analyst expectations Second quarter 2023 results: EPS: NT$1.10 (up from NT$1.36 loss in 2Q 2022). Revenue: NT$8.64b (up 32% from 2Q 2022). Net income: NT$333.3m (up NT$743.6m from 2Q 2022). Profit margin: 3.9% (up from net loss in 2Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Aug 09
Johnson Health Tech .Co., Ltd. Announces Principal Financial Officer Changes, Effective from August 14, 2023 Johnson Health Tech .Co., Ltd. announced changes to the principal financial officer of the Company. Name, title, and resume of the previous position holder: James Chan Senior Manager /Financial Director substitute & Head of Corporate Governance of the company. Name, title, and resume of the new position holder: James Chan Director /Principal financial officer & Head of Corporate Governance of the company.The effective date is August 14, 2023. Upcoming Dividend • Jul 20
Upcoming dividend of NT$0.60 per share at 0.8% yield Eligible shareholders must have bought the stock before 27 July 2023. Payment date: 25 August 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (4.3%). Announcement • Jul 12
Johnson Health Tech .Co., Ltd. Announces Cash Dividend, Payable on August 25, 2023 Johnson Health Tech .Co., Ltd. announced total amount of cash dividend is TWD 181,752,970. Ex-rights (ex-dividend) trading date is July 27, 2023; Ex-rights (ex-dividend) record date is August 04, 2023; Payment date of cash dividend distribution is August 25, 2023. Announcement • Jun 29
Johnson Health Tech .Co., Ltd. Approves Cash Dividend for the Year 2022 Johnson Health Tech .Co., Ltd. at its shareholders meeting held on June 28, 2023 approved cash dividend of TWD 0.6 per share for the year 2022. Price Target Changed • Apr 19
Price target decreased by 16% to NT$80.00 Down from NT$95.00, the current price target is an average from 2 analysts. New target price is 18% above last closing price of NT$67.60. Stock is up 22% over the past year. The company is forecast to post earnings per share of NT$3.35 for next year compared to NT$1.42 last year. Reported Earnings • Mar 17
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: EPS: NT$1.42 (up from NT$0.13 in FY 2021). Revenue: NT$33.6b (up 9.2% from FY 2021). Net income: NT$429.0m (up NT$390.9m from FY 2021). Profit margin: 1.3% (up from 0.1% in FY 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. Revenue is forecast to grow 6.4% p.a. on average during the next 2 years, while revenues in the Leisure industry in Taiwan are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Mar 15
Consensus EPS estimates increase by 64% The consensus outlook for fiscal year 2022 has been updated. 2022 EPS estimate increased from NT$0.86 to NT$1.41. Revenue forecast steady at NT$33.6b. Net income forecast to grow 135% next year vs 17% decline forecast for Leisure industry in Taiwan. Consensus price target down from NT$95.00 to NT$90.00. Share price fell 3.2% to NT$66.40 over the past week. Major Estimate Revision • Nov 16
Consensus EPS estimates increase by 25% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from NT$32.5b to NT$33.4b. EPS estimate increased from NT$0.69 to NT$0.86 per share. Net income forecast to grow 242% next year vs 9.8% decline forecast for Leisure industry in Taiwan. Consensus price target of NT$95.00 unchanged from last update. Share price was steady at NT$64.20 over the past week. 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. 2 experienced directors. 10 highly experienced directors. 3 independent directors (8 non-independent directors). Independent Director Chao-Tang Yue was the last independent director to join the board, commencing their role in 2014. 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 10
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: NT$0.74 (up from NT$1.68 loss in 3Q 2021). Revenue: NT$8.03b (up 11% from 3Q 2021). Net income: NT$223.2m (up NT$730.5m from 3Q 2021). Profit margin: 2.8% (up from net loss in 3Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 106%. Revenue is forecast to grow 9.9% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Aug 31
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 07 September 2022. Payment date: 07 October 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 0.9%. Lower than top quartile of Taiwanese dividend payers (6.5%). Lower than average of industry peers (4.1%). Announcement • Aug 23
Johnson Health Tech .Co., Ltd. Announces Dividend, Payable on October 07, 2022 Johnson Health Tech .Co., Ltd. announced total amount of cash dividend is TWD 151,294,309. Ex-rights (ex-dividend) trading date is September 07, 2022. Ex-rights (ex-dividend) record date is September 19, 2022. The expected date for cash dividend payment is October 07, 2022. Announcement • Jun 29
Johnson Health Tech .Co., Ltd. Approves Cash Dividend for the Year 2021 Johnson Health Tech .Co., Ltd. at its shareholders meeting held on June 27, 2022, approved the cash dividend of TWD 0.5 per share for the year 2021. Reported Earnings • May 14
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: NT$0.27 (up from NT$0.22 in 1Q 2021). Revenue: NT$7.53b (up 3.5% from 1Q 2021). Net income: NT$82.0m (up 22% from 1Q 2021). Profit margin: 1.1% (up from 0.9% in 1Q 2021). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) exceeded analyst estimates. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 2% per year, which means it is well ahead of 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. 6 highly experienced directors. 3 independent directors (8 non-independent directors). Independent Director Chao-Tang Yue was the last independent director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 13
Johnson Health Tech .Co., Ltd., Annual General Meeting, Jun 27, 2022 Johnson Health Tech .Co., Ltd., Annual General Meeting, Jun 27, 2022. Major Estimate Revision • Mar 22
Consensus EPS estimates fall by 53% The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from NT$33.9b to NT$32.3b. EPS estimate also fell from NT$4.23 per share to NT$1.97 per share. Net income forecast to grow 1,179% next year vs 11% growth forecast for Leisure industry in Taiwan. Consensus price target down from NT$90.00 to NT$51.00. Share price rose 9.3% to NT$55.30 over the past week. Reported Earnings • Nov 11
Third quarter 2021 earnings released: NT$1.67 loss per share (vs NT$1.49 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: NT$7.22b (down 3.5% from 3Q 2020). Net loss: NT$507.3m (down 212% from profit in 3Q 2020). 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 21% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Oct 25
Price target decreased to NT$96.25 Down from NT$106, the current price target is an average from 4 analysts. New target price is 68% above last closing price of NT$57.20. Stock is down 18% over the past year. The company is forecast to post earnings per share of NT$4.30 for next year compared to NT$2.24 last year. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$54.50, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Leisure industry in Taiwan. Total returns to shareholders of 58% over the past three years. Upcoming Dividend • Sep 27
Upcoming dividend of NT$1.12 per share Eligible shareholders must have bought the stock before 04 October 2021. Payment date: 22 October 2021. Trailing yield: 1.7%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (2.9%). Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$64.10, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Leisure industry in Taiwan. Total returns to shareholders of 73% over the past three years. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS NT$0.01 (vs NT$0.029 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$6.55b (up 16% from 2Q 2020). Net income: NT$3.42m (up NT$12.3m from 2Q 2020). Profit margin: 0.1% (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 increased by 32% per year whereas the company’s share price has increased by 29% per year. Major Estimate Revision • Aug 11
Consensus EPS estimates fall to NT$3.88 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from NT$33.3b to NT$31.7b. EPS estimate also fell from NT$4.81 to NT$3.88. Net income forecast to grow 32% next year vs 22% growth forecast for Leisure industry in Taiwan. Consensus price target of NT$106 unchanged from last update. Share price fell 10% to NT$74.50 over the past week. Reported Earnings • May 13
First quarter 2021 earnings released: EPS NT$0.22 (vs NT$0.83 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$7.27b (up 31% from 1Q 2020). Net income: NT$67.5m (up NT$319.5m from 1Q 2020). Profit margin: 0.9% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS NT$2.24 (vs NT$4.26 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: NT$28.4b (up 12% from FY 2019). Net income: NT$679.3m (down 47% from FY 2019). Profit margin: 2.4% (down from 5.1% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 07
New 90-day high: NT$101 The company is up 43% from its price of NT$70.50 on 08 October 2020. The Taiwanese market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Leisure industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$25.94 per share. Is New 90 Day High Low • Dec 08
New 90-day high: NT$85.50 The company is up 20% from its price of NT$71.20 on 09 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Leisure industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$18.47 per share. Major Estimate Revision • Nov 17
Analysts increase EPS estimates to NT$2.95 The 2020 consensus revenue estimate increased from NT$26.8b to NT$27.8b. The earnings per share estimate also received an upgrade from NT$2.38 to NT$2.95 for the same period. Net income is expected to grow by 35% next year compared to 6.3% growth forecast for the Leisure industry in Taiwan. The consensus price target increased from NT$89.33 to NT$99.67. Share price is up 9.4% to NT$81.40 over the past week.