Upcoming Dividend • Jun 22
Upcoming dividend of NT$0.83 per share Eligible shareholders must have bought the stock before 29 June 2026. Payment date: 24 July 2026. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of Taiwanese dividend payers (4.8%). In line with average of industry peers (4.3%). Board Change • Jun 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 2 highly experienced directors. Independent Director Chia-Ming Chang was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 17
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$3.11 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00 (down from NT$3.11 in 1Q 2025). Revenue: NT$1.34b (up 5.2% from 1Q 2025). Net income: NT$225.7m (down 42% from 1Q 2025). Profit margin: 17% (down from 31% in 1Q 2025). Revenue is forecast to grow 13% 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 fallen by 13% per year whereas the company’s share price has fallen by 16% per year. Declared Dividend • Apr 18
Fourth quarter dividend of NT$0.83 announced Shareholders will receive a dividend of NT$0.83. Ex-date: 29th June 2026 Payment date: 24th July 2026 Dividend yield will be 4.4%, which is lower than the industry average of 5.0%. Sustainability & Growth Dividend is covered by both earnings (49% earnings payout ratio) and cash flows (58% cash payout ratio). The dividend has increased by an average of 4.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 11% over the next 2 years, which should provide support to the dividend and adequate earnings cover. New Risk • Apr 15
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Mar 31
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: NT$7.66 (up from NT$7.27 in FY 2024). Revenue: NT$4.68b (down 5.7% from FY 2024). Net income: NT$965.0m (up 5.3% from FY 2024). Profit margin: 21% (up from 19% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 5.7%. Earnings per share (EPS) exceeded analyst estimates by 1.0%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 9.2% growth forecast for the Leisure industry in Asia. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 15% per year. New Risk • Mar 25
New major risk - Revenue and earnings growth Earnings have declined by 17% 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 17% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Announcement • Mar 13
KMC (Kuei Meng) International Inc., Annual General Meeting, May 29, 2026 KMC (Kuei Meng) International Inc., Annual General Meeting, May 29, 2026. Location: 2 floor no,336, ch`eng kung rd., north district, tainan city Taiwan Upcoming Dividend • Mar 12
Upcoming dividend of NT$1.03 per share Eligible shareholders must have bought the stock before 19 March 2026. Payment date: 17 April 2026. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of Taiwanese dividend payers (5.3%). In line with average of industry peers (4.6%). Declared Dividend • Jan 17
Dividend of NT$1.03 announced Shareholders will receive a dividend of NT$1.03. Ex-date: 19th March 2026 Payment date: 17th April 2026 Dividend yield will be 4.0%, which is lower than the industry average of 5.0%. Sustainability & Growth Dividend is covered by both earnings (49% earnings payout ratio) and cash flows (69% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 11% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Upcoming Dividend • Dec 15
Upcoming dividend of NT$0.86 per share Eligible shareholders must have bought the stock before 22 December 2025. Payment date: 16 January 2026. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (4.2%). New Risk • Nov 29
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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Nov 17
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: EPS: NT$1.72 (down from NT$2.54 in 3Q 2024). Revenue: NT$1.11b (down 19% from 3Q 2024). Net income: NT$217.2m (down 32% from 3Q 2024). Profit margin: 20% (down from 23% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 15%. Earnings per share (EPS) exceeded analyst estimates by 7.5%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Declared Dividend • Oct 16
Second quarter dividend of NT$0.86 announced Shareholders will receive a dividend of NT$0.86. Ex-date: 22nd December 2025 Payment date: 16th January 2026 Dividend yield will be 4.6%, which is lower than the industry average of 5.0%. Sustainability & Growth Dividend is covered by both earnings (50% earnings payout ratio) and cash flows (41% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 7.5% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Upcoming Dividend • Sep 09
Upcoming dividend of NT$1.01 per share Eligible shareholders must have bought the stock before 16 September 2025. Payment date: 15 October 2025. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (4.0%). Reported Earnings • Aug 15
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: NT$1.44 (down from NT$2.08 in 2Q 2024). Revenue: NT$1.25b (down 7.6% from 2Q 2024). Net income: NT$181.0m (down 31% from 2Q 2024). Profit margin: 14% (down from 19% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) exceeded analyst estimates by 5.1%. Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Declared Dividend • Jul 26
Dividend of NT$1.01 announced Shareholders will receive a dividend of NT$1.01. Ex-date: 16th September 2025 Payment date: 15th October 2025 Dividend yield will be 4.9%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 1.8% over the next 3 years. However, it would need to fall by 44% to increase the payout ratio to a potentially unsustainable range. Upcoming Dividend • Jun 23
Upcoming dividend of NT$0.87 per share Eligible shareholders must have bought the stock before 30 June 2025. Payment date: 25 July 2025. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 4.9%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.8%). Announcement • May 31
KMC (Kuei Meng) International Inc. has filed a Follow-on Equity Offering in the amount of TWD 300 million. KMC (Kuei Meng) International Inc. has filed a Follow-on Equity Offering in the amount of TWD 300 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 60,000
Price\Range: TWD 500
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 540,000
Price\Range: TWD 500
Transaction Features: Reserved Share Offering; Rights Offering Reported Earnings • May 16
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: NT$3.11 (up from NT$1.21 in 1Q 2024). Revenue: NT$1.27b (up 16% from 1Q 2024). Net income: NT$391.6m (up 158% from 1Q 2024). Profit margin: 31% (up from 14% in 1Q 2024). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates by 127%. Revenue is forecast to grow 9.1% p.a. on average during the next 2 years, compared to a 6.5% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$108, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 14x in the Leisure industry in Taiwan. Total loss to shareholders of 27% over the past three years. Declared Dividend • Apr 17
Dividend of NT$0.87 announced Shareholders will receive a dividend of NT$0.87. Ex-date: 30th June 2025 Payment date: 25th July 2025 Dividend yield will be 4.7%, which is lower than the industry average of 5.0%. Sustainability & Growth Dividend is covered by both earnings (60% earnings payout ratio) and cash flows (58% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 12% over the next 2 years, which should provide support to the dividend and adequate earnings cover. 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$91.80, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 14x in the Leisure industry in Taiwan. Total loss to shareholders of 39% over the past three years. Reported Earnings • Mar 22
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: NT$7.27 (up from NT$5.89 in FY 2023). Revenue: NT$4.96b (up 4.8% from FY 2023). Net income: NT$916.6m (up 24% from FY 2023). Profit margin: 19% (up from 16% in FY 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 3.3%. Revenue is forecast to grow 8.4% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Announcement • Mar 14
KMC (Kuei Meng) International Inc., Annual General Meeting, May 29, 2025 KMC (Kuei Meng) International Inc., Annual General Meeting, May 29, 2025, at 10:30 Taipei Standard Time. Location: no,2, ta hsueh rd., east district, tainan city Taiwan Announcement • Mar 13
KMC (Kuei Meng) International Inc. Announces Cash Dividend for the Fourth Quarter of 2024, Payable on July 25, 2025 KMC (Kuei Meng) International Inc. announced the cash dividends of TWD 109,475,000 of common stock (TWD 0.86884388 per share) for the fourth quarter of 2024. Ex-rights (ex-dividend) trading date is June 30, 2025 and Payment date of common stock cash dividend distribution is July 25, 2025. Ex-rights (ex-dividend) record date: July 6, 2025. Date of the resolution by the board of directors or shareholders meeting or decision by the Company: March 12, 2025. Upcoming Dividend • Mar 11
Upcoming dividend of NT$1.53 per share Eligible shareholders must have bought the stock before 18 March 2025. Payment date: 16 April 2025. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Taiwanese dividend payers (4.4%). Lower than average of industry peers (2.9%). Buy Or Sell Opportunity • Mar 06
Now 21% undervalued Over the last 90 days, the stock has risen 2.0% to NT$128. The fair value is estimated to be NT$161, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 21% over the last 3 years. Earnings per share has declined by 38%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 20% in the next 2 years. Declared Dividend • Jan 16
Dividend of NT$1.53 announced Shareholders will receive a dividend of NT$1.53. Ex-date: 18th March 2025 Payment date: 16th April 2025 Dividend yield will be 3.2%, which is lower than the industry average of 5.0%. Sustainability & Growth Dividend is covered by both earnings (60% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 7.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 11% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Dec 17
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to NT$125. The fair value is estimated to be NT$157, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 21% over the last 3 years. Earnings per share has declined by 38%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 20% in the next 2 years. Upcoming Dividend • Dec 12
Upcoming dividend of NT$1.25 per share Eligible shareholders must have bought the stock before 19 December 2024. Payment date: 15 January 2025. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Taiwanese dividend payers (4.5%). Lower than average of industry peers (3.1%). Major Estimate Revision • Nov 20
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$5.33b to NT$5.01b. EPS estimate also fell from NT$8.33 per share to NT$7.29 per share. Net income forecast to grow 23% next year vs 23% growth forecast for Leisure industry in Taiwan. Consensus price target down from NT$188 to NT$156. Share price was steady at NT$125 over the past week. Buy Or Sell Opportunity • Nov 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to NT$127. The fair value is estimated to be NT$159, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 21% over the last 3 years. Earnings per share has declined by 38%. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to grow by 24% in the next 2 years. Price Target Changed • Nov 19
Price target decreased by 13% to NT$164 Down from NT$188, the current price target is an average from 2 analysts. New target price is 29% above last closing price of NT$127. Stock is up 2.4% over the past year. The company is forecast to post earnings per share of NT$7.29 for next year compared to NT$5.89 last year. Reported Earnings • Nov 17
Third quarter 2024 earnings: EPS in line with expectations, revenues disappoint Third quarter 2024 results: EPS: NT$2.54 (up from NT$1.27 in 3Q 2023). Revenue: NT$1.37b (up 18% from 3Q 2023). Net income: NT$320.3m (up 101% from 3Q 2023). Profit margin: 23% (up from 14% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Announcement • Nov 09
KMC (Kuei Meng) International Inc. Approves Cash Dividends Distribution for Third Quarter of Year 2024, Payable on April 16, 2025 KMC (Kuei Meng) International Inc. approved third quarter of Year 2024 cash dividends distribution. Appropriations of earnings in cash dividends to shareholders: TWD 1.5252 per share. Total amount of cash distributed to shareholders: TWD 192,172,000. Ex-rights (ex-dividend) trading date: March 18, 2025; Ex-rights (ex-dividend) record date: March 24, 2025; Payment date of common stock cash dividend distribution: April 16, 2025. Announcement • Nov 01
KMC (Kuei Meng) International Inc. to Report Q3, 2024 Results on Nov 08, 2024 KMC (Kuei Meng) International Inc. announced that they will report Q3, 2024 results on Nov 08, 2024 New Risk • Oct 22
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.7% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (15% net profit margin). Declared Dividend • Oct 17
Second quarter dividend of NT$1.25 announced Shareholders will receive a dividend of NT$1.25. Ex-date: 19th December 2024 Payment date: 15th January 2025 Dividend yield will be 2.4%, which is lower than the industry average of 5.0%. Sustainability & Growth Dividend is covered by both earnings (60% earnings payout ratio) and cash flows (41% cash payout ratio). The dividend has increased by an average of 7.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 101% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Declared Dividend • Sep 17
Dividend of NT$1.25 announced Shareholders will receive a dividend of NT$1.25. Ex-date: 19th December 2024 Payment date: 15th January 2025 Dividend yield will be 2.2%, which is lower than the industry average of 5.0%. Sustainability & Growth Dividend is covered by both earnings (60% earnings payout ratio) and cash flows (41% cash payout ratio). The dividend has increased by an average of 7.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 101% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Upcoming Dividend • Sep 09
Upcoming dividend of NT$0.72 per share Eligible shareholders must have bought the stock before 16 September 2024. Payment date: 16 October 2024. Payout ratio is a comfortable 60% and the cash payout ratio is 92%. Trailing yield: 1.5%. Lower than top quartile of Taiwanese dividend payers (4.4%). Lower than average of industry peers (2.6%). Price Target Changed • Aug 29
Price target increased by 7.1% to NT$188 Up from NT$175, the current price target is an average from 3 analysts. New target price is 21% above last closing price of NT$156. Stock is up 9.5% over the past year. The company is forecast to post earnings per share of NT$8.33 for next year compared to NT$5.89 last year. Major Estimate Revision • Aug 20
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from NT$5.24b to NT$5.33b. EPS estimate increased from NT$7.54 to NT$8.35 per share. Net income forecast to grow 66% next year vs 29% growth forecast for Leisure industry in Taiwan. Consensus price target broadly unchanged at NT$176. Share price rose 5.2% to NT$152 over the past week. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$2.08 (vs NT$1.74 in 2Q 2023) Second quarter 2024 results: EPS: NT$2.08 (up from NT$1.74 in 2Q 2023). Revenue: NT$1.36b (up 10.0% from 2Q 2023). Net income: NT$262.0m (up 19% from 2Q 2023). Profit margin: 19% (up from 18% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • Aug 10
KMC (Kuei Meng) International Inc. Announces Cash Dividend for the Second Quarter of Year 2024, Payable on January 15, 2025 KMC (Kuei Meng) International Inc. announced Cash dividends TWD 157,187,000 of common stock (TWD 1.2475 per share) for the Second Quarter of Year 2024. Ex-Dividend Trading Date: December 19, 2024, Last Date Before Book Closure: December 20, 2024. Ex-Dividend Record Date: December 25, 2024. Payment Date of Common Stock Cash Dividend: January 15, 2025. Announcement • Aug 02
KMC (Kuei Meng) International Inc. to Report Q2, 2024 Results on Aug 09, 2024 KMC (Kuei Meng) International Inc. announced that they will report Q2, 2024 results on Aug 09, 2024 Price Target Changed • Jun 28
Price target increased by 7.0% to NT$164 Up from NT$153, the current price target is an average from 4 analysts. New target price is 17% above last closing price of NT$140. Stock is down 7.3% over the past year. The company is forecast to post earnings per share of NT$7.41 for next year compared to NT$5.89 last year. Declared Dividend • Jun 28
Dividend of NT$0.72 announced Shareholders will receive a dividend of NT$0.72. Ex-date: 16th September 2024 Payment date: 16th October 2024 Dividend yield will be 2.2%, which is lower than the industry average of 5.0%. Sustainability & Growth Dividend is covered by both earnings (60% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has increased by an average of 7.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 110% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 15
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: NT$1.21 (down from NT$1.94 in 1Q 2023). Revenue: NT$1.10b (down 16% from 1Q 2023). Net income: NT$151.8m (down 38% from 1Q 2023). Profit margin: 14% (down from 19% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 14% p.a. on average during the next 3 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 fallen by 26% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Announcement • Apr 26
KMC (Kuei Meng) International Inc. to Report Q1, 2024 Results on May 03, 2024 KMC (Kuei Meng) International Inc. announced that they will report Q1, 2024 results on May 03, 2024 Declared Dividend • Mar 20
Dividend of NT$0.58 announced Shareholders will receive a dividend of NT$0.58. Ex-date: 27th June 2024 Payment date: 26th July 2024 Dividend yield will be 2.4%, which is lower than the industry average of 5.0%. Sustainability & Growth Dividend is covered by both earnings (60% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has increased by an average of 26% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 57% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 16
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: NT$5.89 (down from NT$15.26 in FY 2022). Revenue: NT$4.73b (down 34% from FY 2022). Net income: NT$741.8m (down 61% from FY 2022). Profit margin: 16% (down from 27% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.2%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 3.6% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 16% 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. Upcoming Dividend • Mar 12
Upcoming dividend of NT$0.75 per share Eligible shareholders must have bought the stock before 19 March 2024. Payment date: 17 April 2024. Payout ratio is a comfortable 71% and the cash payout ratio is 89%. Trailing yield: 2.1%. Lower than top quartile of Taiwanese dividend payers (4.9%). Lower than average of industry peers (4.2%). Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$150, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 19x in the Leisure industry in Taiwan. Total loss to shareholders of 12% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$85.43 per share. Price Target Changed • Feb 16
Price target increased by 14% to NT$153 Up from NT$134, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of NT$147. Stock is down 4.2% over the past year. The company is forecast to post earnings per share of NT$5.96 for next year compared to NT$15.26 last year. Upcoming Dividend • Dec 11
Upcoming dividend of NT$1.04 per share at 2.4% yield Eligible shareholders must have bought the stock before 18 December 2023. Payment date: 12 January 2024. Payout ratio is a comfortable 71% and the cash payout ratio is 89%. Trailing yield: 2.4%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (4.9%). New Risk • Nov 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 0.7% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Price Target Changed • Nov 13
Price target decreased by 7.1% to NT$132 Down from NT$142, the current price target is an average from 3 analysts. New target price is 10% above last closing price of NT$120. Stock is down 20% over the past year. The company is forecast to post earnings per share of NT$7.25 for next year compared to NT$15.26 last year. Buying Opportunity • Oct 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be NT$153, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Earnings per share has grown by 7.8%. Revenue is forecast to grow by 3.5% in 2 years. Earnings is forecast to grow by 3.1% in the next 2 years. Upcoming Dividend • Sep 07
Upcoming dividend of NT$1.16 per share at 2.9% yield Eligible shareholders must have bought the stock before 14 September 2023. Payment date: 13 October 2023. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (4.8%). Major Estimate Revision • Aug 19
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from NT$5.33b to NT$5.44b. EPS estimate increased from NT$8.15 to NT$9.26 per share. Net income forecast to shrink 7.3% next year vs 13% growth forecast for Leisure industry in Taiwan . Consensus price target of NT$143 unchanged from last update. Share price was steady at NT$143 over the past week. Reported Earnings • Aug 15
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: NT$1.74 (down from NT$4.13 in 2Q 2022). Revenue: NT$1.23b (down 35% from 2Q 2022). Net income: NT$219.7m (down 58% from 2Q 2022). Profit margin: 18% (down from 28% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 9.5%. Earnings per share (EPS) also missed analyst estimates by 29%. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Leisure industry in Taiwan. 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 10% per year, which means it is significantly lagging earnings. Major Estimate Revision • Aug 12
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$5.45b to NT$5.33b. EPS estimate also fell from NT$9.49 per share to NT$8.15 per share. Net income forecast to shrink 33% next year vs 3.1% growth forecast for Leisure industry in Taiwan . Consensus price target of NT$143 unchanged from last update. Share price fell 3.7% to NT$145 over the past week. Announcement • Aug 11
KMC (Kuei Meng) International Inc. Declares Second Quarter Dividend for the Period April 01, 2023 to June 30, 2023 KMC (Kuei Meng) International Inc. declared second quarter dividend of TWD 1.04 for the period April 01, 2023 to June 30, 2023. Ex-rights (ex-dividend) trading date is December 12, 2023; Ex-rights (ex-dividend) record date is December 24, 2023; Payment date of cash dividend distribution is January 12, 2024. Board Change • Jul 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 3 highly experienced directors. Director Ting-Nan Kao was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jun 22
Upcoming dividend of NT$2.25 per share at 3.2% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 26 July 2023. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (4.3%). Reported Earnings • Mar 17
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: NT$15.26 (down from NT$15.94 in FY 2021). Revenue: NT$7.12b (down 8.2% from FY 2021). Net income: NT$1.92b (down 4.3% from FY 2021). Profit margin: 27% (up from 26% in FY 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) also missed analyst estimates by 8.0%. Revenue is forecast to decline by 11% 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, earnings per share has increased by 24% per year whereas the company’s share price has increased by 25% per year. Upcoming Dividend • Mar 08
Upcoming dividend of NT$2.25 per share at 5.9% yield Eligible shareholders must have bought the stock before 15 March 2023. Payment date: 14 April 2023. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 5.9%. Lower than top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (4.2%). Upcoming Dividend • Dec 12
Upcoming dividend of NT$2.25 per share Eligible shareholders must have bought the stock before 19 December 2022. Payment date: 13 January 2023. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 5.7%. Lower than top quartile of Taiwanese dividend payers (6.8%). Higher than average of industry peers (4.2%). Reported Earnings • Nov 19
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: NT$4.81 (up from NT$4.03 in 3Q 2021). Revenue: NT$1.92b (up 2.3% from 3Q 2021). Net income: NT$606.5m (up 20% from 3Q 2021). Profit margin: 32% (up from 27% in 3Q 2021). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 11%. Revenue is expected to decline by 6.8% p.a. on average during the next 3 years, while revenues in the Leisure industry in Taiwan are expected to grow by 2.6%. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 16
Price target decreased to NT$182 Down from NT$202, the current price target is an average from 4 analysts. New target price is 20% above last closing price of NT$152. Stock is down 26% over the past year. The company is forecast to post earnings per share of NT$16.33 for next year compared to NT$15.94 last year. Price Target Changed • Sep 26
Price target decreased to NT$202 Down from NT$228, the current price target is an average from 3 analysts. New target price is 36% above last closing price of NT$148. Stock is down 29% over the past year. The company is forecast to post earnings per share of NT$16.18 for next year compared to NT$15.94 last year. Upcoming Dividend • Sep 12
Upcoming dividend of NT$2.25 per share Eligible shareholders must have bought the stock before 19 September 2022. Payment date: 14 October 2022. Payout ratio is a comfortable 55% but the company is paying out more than the cash it is generating. Trailing yield: 5.5%. Lower than top quartile of Taiwanese dividend payers (6.6%). Higher than average of industry peers (4.3%). Reported Earnings • Aug 17
Second quarter 2022 earnings: EPS exceeds analyst expectations Second quarter 2022 results: EPS: NT$4.13 (up from NT$3.79 in 2Q 2021). Revenue: NT$1.89b (down 5.7% from 2Q 2021). Net income: NT$520.6m (up 9.0% from 2Q 2021). Profit margin: 28% (up from 24% in 2Q 2021). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 10%. Over the next year, revenue is forecast to grow 4.0%, compared to a 9.3% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target decreased to NT$236 Down from NT$275, the current price target is an average from 3 analysts. New target price is 51% above last closing price of NT$157. Stock is down 29% over the past year. The company is forecast to post earnings per share of NT$17.19 for next year compared to NT$15.94 last year. Price Target Changed • Apr 09
Price target decreased to NT$254 Down from NT$275, the current price target is an average from 2 analysts. New target price is 39% above last closing price of NT$183. Stock is down 21% over the past year. The company is forecast to post earnings per share of NT$16.40 for next year compared to NT$15.94 last year. Reported Earnings • Apr 03
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: NT$15.94 (up from NT$12.02 in FY 2020). Revenue: NT$7.75b (up 26% from FY 2020). Net income: NT$2.01b (up 33% from FY 2020). Profit margin: 26% (up from 25% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 4.4%. Over the next year, revenue is forecast to grow 5.8%, compared to a 11% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Apr 02
KMC (Kuei Meng) International Inc., Annual General Meeting, Jun 30, 2022 KMC (Kuei Meng) International Inc., Annual General Meeting, Jun 30, 2022. Upcoming Dividend • Mar 10
Upcoming dividend of NT$2.25 per share Eligible shareholders must have bought the stock before 17 March 2022. Payment date: 15 April 2022. Payout ratio is on the higher end at 91%, however this is supported by cash flows. Trailing yield: 4.7%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.3%). Upcoming Dividend • Dec 02
Upcoming dividend of NT$4.50 per share Eligible shareholders must have bought the stock before 09 December 2021. Payment date: 14 January 2022. Trailing yield: 4.5%. Lower than top quartile of Taiwanese dividend payers (5.1%). Higher than average of industry peers (2.9%). Reported Earnings • Nov 16
Third quarter 2021 earnings released: EPS NT$4.03 (vs NT$3.70 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$1.87b (up 2.9% from 3Q 2020). Net income: NT$507.8m (up 8.9% from 3Q 2020). Profit margin: 27% (up from 26% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 29% per year whereas the company’s share price has increased by 27% per year. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$3.79 (vs NT$3.04 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: NT$2.00b (up 45% from 2Q 2020). Net income: NT$477.4m (up 25% from 2Q 2020). Profit margin: 24% (down from 28% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 20% per year. Upcoming Dividend • Jul 22
Upcoming dividend of NT$7.20 per share Eligible shareholders must have bought the stock before 29 July 2021. Payment date: 20 August 2021. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (4.9%). In line with average of industry peers (2.8%). Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$4.00 (vs NT$1.73 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$1.81b (up 66% from 1Q 2020). Net income: NT$504.4m (up 132% from 1Q 2020). Profit margin: 28% (up from 20% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 19% per year. Major Estimate Revision • May 11
Consensus EPS estimates increase to NT$16.03 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from NT$7.19b to NT$7.66b. EPS estimate increased from NT$14.10 to NT$16.03 per share. Net income forecast to grow 33% next year vs 55% growth forecast for Leisure industry in Taiwan. Consensus price target up from NT$250 to NT$258. Share price rose 12% to NT$231 over the past week. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$12.02 (vs NT$8.00 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$6.13b (up 17% from FY 2019). Net income: NT$1.51b (up 50% from FY 2019). Profit margin: 25% (up from 19% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 20
KMC (Kuei Meng) International Inc., Annual General Meeting, Jun 24, 2021 KMC (Kuei Meng) International Inc., Annual General Meeting, Jun 24, 2021. 
