Reported Earnings • May 17
First quarter 2026 earnings released: EPS: NT$0.68 (vs NT$0.64 in 1Q 2025) First quarter 2026 results: EPS: NT$0.68 (up from NT$0.64 in 1Q 2025). Revenue: NT$702.3m (down 1.0% from 1Q 2025). Net income: NT$122.3m (up 6.8% from 1Q 2025). Profit margin: 17% (up from 16% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 3% per year. New Risk • Mar 12
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 124% Dividend yield: 3.9% 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. This is currently the only risk that has been identified for the company. Announcement • Mar 06
Shin Hai Gas Corporation, Annual General Meeting, Jun 17, 2026 Shin Hai Gas Corporation, Annual General Meeting, Jun 17, 2026. Location: no,33 ln.11, kuang fu n. rd., songshan district, taipei city Taiwan Reported Earnings • Nov 10
Third quarter 2025 earnings released: EPS: NT$0.85 (vs NT$0.75 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.85 (up from NT$0.75 in 3Q 2024). Revenue: NT$542.8m (up 6.1% from 3Q 2024). Net income: NT$152.5m (up 13% from 3Q 2024). Profit margin: 28% (up from 26% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 1% per year. Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: NT$0.81 (vs NT$0.86 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.81 (down from NT$0.86 in 2Q 2024). Revenue: NT$624.5m (up 11% from 2Q 2024). Net income: NT$145.0m (down 6.5% from 2Q 2024). Profit margin: 23% (down from 28% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 1% per year. Declared Dividend • Jul 05
Dividend of NT$2.00 announced Dividend of NT$2.00 is the same as last year. Ex-date: 21st July 2025 Payment date: 18th August 2025 Dividend yield will be 3.8%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is covered by both earnings (77% earnings payout ratio) and cash flows (77% cash payout ratio). The dividend has increased by an average of 6.0% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 4.2% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 10
First quarter 2025 earnings released: EPS: NT$0.64 (vs NT$0.69 in 1Q 2024) First quarter 2025 results: EPS: NT$0.64 (down from NT$0.69 in 1Q 2024). Revenue: NT$709.6m (up 2.4% from 1Q 2024). Net income: NT$114.5m (down 6.9% from 1Q 2024). Profit margin: 16% (down from 18% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 1% per year. Announcement • May 01
Shin Hai Gas Corporation to Report Q1, 2025 Results on May 08, 2025 Shin Hai Gas Corporation announced that they will report Q1, 2025 results on May 08, 2025 Reported Earnings • Mar 15
Full year 2024 earnings released: EPS: NT$2.64 (vs NT$2.61 in FY 2023) Full year 2024 results: EPS: NT$2.64 (up from NT$2.61 in FY 2023). Revenue: NT$2.33b (up 1.9% from FY 2023). Net income: NT$474.5m (up 1.4% from FY 2023). Profit margin: 20% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 2% per year. Announcement • Mar 14
Shin Hai Gas Corporation, Annual General Meeting, Jun 19, 2025 Shin Hai Gas Corporation, Annual General Meeting, Jun 19, 2025, at 09:00 Taipei Standard Time. Location: 8 floor no,33 ln.11, kuang fu n. rd., songshan district, taipei city Taiwan Announcement • Mar 06
Shin Hai Gas Corporation to Report Fiscal Year 2024 Results on Mar 13, 2025 Shin Hai Gas Corporation announced that they will report fiscal year 2024 results on Mar 13, 2025 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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: NT$0.75 (vs NT$0.67 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.75 (up from NT$0.67 in 3Q 2023). Revenue: NT$511.6m (up 1.3% from 3Q 2023). Net income: NT$134.7m (up 13% from 3Q 2023). Profit margin: 26% (up from 24% in 3Q 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 3% per year and the company’s share price has also increased by 3% per year. Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: NT$0.87 (vs NT$0.79 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.87 (up from NT$0.79 in 2Q 2023). Revenue: NT$564.8m (up 1.2% from 2Q 2023). Net income: NT$155.2m (up 9.3% from 2Q 2023). Profit margin: 28% (up from 26% in 2Q 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 5% per year. Announcement • Aug 01
Shin Hai Gas Corporation to Report Q2, 2024 Results on Aug 08, 2024 Shin Hai Gas Corporation announced that they will report Q2, 2024 results on Aug 08, 2024 Declared Dividend • Jul 05
Dividend of NT$2.00 announced Dividend of NT$2.00 is the same as last year. Ex-date: 15th July 2024 Payment date: 12th August 2024 Dividend yield will be 3.6%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is covered by both earnings (78% earnings payout ratio) and cash flows (84% cash payout ratio). The dividend has increased by an average of 6.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 7.4% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 13
First quarter 2024 earnings released: EPS: NT$0.68 (vs NT$0.72 in 1Q 2023) First quarter 2024 results: EPS: NT$0.68 (down from NT$0.72 in 1Q 2023). Revenue: NT$693.2m (up 5.4% from 1Q 2023). Net income: NT$122.9m (down 4.8% from 1Q 2023). Profit margin: 18% (down from 20% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 5% per year. Announcement • May 05
Shin Hai Gas Corporation to Report Q1, 2024 Results on May 09, 2024 Shin Hai Gas Corporation announced that they will report Q1, 2024 results on May 09, 2024 Announcement • Mar 23
Shin Hai Gas Corporation, Annual General Meeting, Jun 13, 2024 Shin Hai Gas Corporation, Annual General Meeting, Jun 13, 2024. Reported Earnings • Mar 17
Full year 2023 earnings released: EPS: NT$2.61 (vs NT$2.52 in FY 2022) Full year 2023 results: EPS: NT$2.61 (up from NT$2.52 in FY 2022). Revenue: NT$2.29b (up 2.4% from FY 2022). Net income: NT$467.7m (up 3.4% from FY 2022). Profit margin: 20% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 4% per year. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: NT$0.67 (vs NT$0.83 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.67 (down from NT$0.83 in 3Q 2022). Revenue: NT$505.1m (up 3.6% from 3Q 2022). Net income: NT$119.6m (down 20% from 3Q 2022). Profit margin: 24% (down from 31% in 3Q 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 whereas the company’s share price has increased by 6% per year. Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: NT$0.79 (vs NT$0.59 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.79 (up from NT$0.59 in 2Q 2022). Revenue: NT$558.1m (flat on 2Q 2022). Net income: NT$142.0m (up 34% from 2Q 2022). Profit margin: 26% (up from 19% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 9% per year. Upcoming Dividend • Jul 10
Upcoming dividend of NT$2.00 per share at 3.6% yield Eligible shareholders must have bought the stock before 17 July 2023. Payment date: 11 August 2023. Payout ratio is on the higher end at 78%, however this is supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (2.4%). Reported Earnings • Mar 21
Full year 2022 earnings released: EPS: NT$2.52 (vs NT$2.50 in FY 2021) Full year 2022 results: EPS: NT$2.52 (up from NT$2.50 in FY 2021). Revenue: NT$2.24b (up 4.4% from FY 2021). Net income: NT$452.3m (flat on FY 2021). Profit margin: 20% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 10% per year. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: NT$0.59 (vs NT$0.60 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.59 (down from NT$0.60 in 2Q 2021). Revenue: NT$563.3m (up 10% from 2Q 2021). Net income: NT$106.3m (down 1.3% from 2Q 2021). Profit margin: 19% (down from 21% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 9% per year. Upcoming Dividend • Jul 19
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 26 July 2022. Payment date: 22 August 2022. Payout ratio is on the higher end at 80%, however this is supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Taiwanese dividend payers (6.8%). Higher than average of industry peers (2.3%). Buying Opportunity • Jul 06
Now 21% undervalued Over the last 90 days, the stock is up 5.1%. The fair value is estimated to be NT$67.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.2% over the last 3 years. Earnings per share has grown by 9.8%. Reported Earnings • May 17
First quarter 2022 earnings released: EPS: NT$0.69 (vs NT$0.69 in 1Q 2021) First quarter 2022 results: EPS: NT$0.69 (down from NT$0.69 in 1Q 2021). Revenue: NT$645.9m (up 4.6% from 1Q 2021). Net income: NT$124.0m (flat on 1Q 2021). Profit margin: 19% (down from 20% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 7% per year. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$0.78 (vs NT$0.86 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$475.8m (up 1.2% from 3Q 2020). Net income: NT$140.0m (down 9.3% from 3Q 2020). Profit margin: 29% (down from 33% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 7% per year. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$0.60 (vs NT$0.62 in 2Q 2020) The company reported a poor second quarter result with weaker earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: NT$511.2m (down 7.8% from 2Q 2020). Net income: NT$107.7m (down 3.7% from 2Q 2020). Profit margin: 21% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 6% per year. Upcoming Dividend • Jul 28
Upcoming dividend of NT$1.80 per share Eligible shareholders must have bought the stock before 04 August 2021. Payment date: 31 August 2021. Trailing yield: 3.7%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (2.7%). Reported Earnings • May 08
First quarter 2021 earnings released: EPS NT$0.70 (vs NT$0.53 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: NT$617.8m (down 9.8% from 1Q 2020). Net income: NT$124.8m (up 30% from 1Q 2020). Profit margin: 20% (up from 14% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 7% per year. Announcement • Mar 20
Shin Hai Gas Corporation, Annual General Meeting, Jun 11, 2021 Shin Hai Gas Corporation, Annual General Meeting, Jun 11, 2021. Reported Earnings • Mar 19
Full year 2020 earnings released: EPS NT$2.34 (vs NT$2.03 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$2.20b (down 8.5% from FY 2019). Net income: NT$419.7m (up 15% from FY 2019). Profit margin: 19% (up from 15% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 6% per year. Is New 90 Day High Low • Dec 17
New 90-day high: NT$48.90 The company is up 13% from its price of NT$43.30 on 18 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Gas Utilities industry, which is up 7.0% over the same period. Is New 90 Day High Low • Nov 19
New 90-day high: NT$44.60 The company is up 7.0% from its price of NT$41.55 on 21 August 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Gas Utilities industry, which is up 6.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.86 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$470.2m (down 9.8% from 3Q 2019). Net income: NT$154.4m (up 35% from 3Q 2019). Profit margin: 33% (up from 22% in 3Q 2019). The increase in margin was driven by lower expenses. 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 3% per year. Is New 90 Day High Low • Oct 06
New 90-day high: NT$43.40 The company is up 1.0% from its price of NT$42.80 on 08 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Gas Utilities industry, which is up 5.0% over the same period. 
