Declared Dividend • May 06
Dividend increased to NT$3.00 Dividend of NT$3.00 is 50% higher than last year. Ex-date: 7th July 2026 Payment date: 5th August 2026 Dividend yield will be 1.0%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (71% earnings payout ratio) and cash flows (76% cash payout ratio). The dividend has increased by an average of 64% per year over the past 3 years and payments have been stable during that time. EPS is expected to grow by 44% over the next year, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Apr 07
Price target decreased by 12% to NT$360 Down from NT$409, the current price target is an average from 5 analysts. New target price is 28% above last closing price of NT$282. Stock is up 67% over the past year. The company is forecast to post earnings per share of NT$7.24 for next year compared to NT$4.20 last year. Buy Or Sell Opportunity • Mar 23
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.8% to NT$290. The fair value is estimated to be NT$379, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 46% over the last 3 years. Earnings per share has grown by 50%. Revenue is forecast to grow by 136% in 2 years. Earnings are forecast to grow by 151% in the next 2 years. New Risk • Mar 11
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 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 04
Full year 2025 earnings released: EPS: NT$4.20 (vs NT$2.74 in FY 2024) Full year 2025 results: EPS: NT$4.20 (up from NT$2.74 in FY 2024). Revenue: NT$1.99b (up 128% from FY 2024). Net income: NT$620.1m (up 61% from FY 2024). Profit margin: 31% (down from 44% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 41% p.a. on average during the next 2 years, compared to a 6.8% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 50% per year and the company’s share price has also increased by 50% per year. Announcement • Mar 03
Taiwan Speciality Chemicals Corporation, Annual General Meeting, May 18, 2026 Taiwan Speciality Chemicals Corporation, Annual General Meeting, May 18, 2026, at 10:00 Taipei Standard Time. Location: 1 floor no,1, chang pin hsi 3rd rd., siansi township, changhua county Taiwan Buy Or Sell Opportunity • Jan 16
Now 22% undervalued Over the last 90 days, the stock has risen 4.9% to NT$351. The fair value is estimated to be NT$449, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has grown by 43%. Revenue is forecast to grow by 225% in 2 years. Earnings are forecast to grow by 184% in the next 2 years. Reported Earnings • Nov 06
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: EPS: NT$1.21 (up from NT$0.71 in 3Q 2024). Revenue: NT$639.5m (up 199% from 3Q 2024). Net income: NT$178.2m (up 79% from 3Q 2024). Profit margin: 28% (down from 47% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) missed analyst estimates by 2.7%. Revenue is forecast to grow 55% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Nov 04
Now 25% undervalued Over the last 90 days, the stock has risen 42% to NT$317. The fair value is estimated to be NT$421, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 35%. Revenue is forecast to grow by 331% in 2 years. Earnings are forecast to grow by 166% in the next 2 years. Reported Earnings • Aug 07
Second quarter 2025 earnings released: EPS: NT$0.79 (vs NT$0.54 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.79 (up from NT$0.54 in 2Q 2024). Revenue: NT$262.8m (up 40% from 2Q 2024). Net income: NT$116.7m (up 56% from 2Q 2024). Profit margin: 44% (up from 40% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 31% p.a. on average during the next 2 years, compared to a 3.6% growth forecast for the Chemicals industry in Taiwan. New Risk • Jul 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Upcoming Dividend • Jun 27
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 04 July 2025. Payment date: 06 August 2025. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (3.1%). Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$211, the stock trades at a trailing P/E ratio of 76.5x. Average trailing P/E is 19x in the Chemicals industry in Taiwan. Total returns to shareholders of 26% over the past year. Reported Earnings • May 08
First quarter 2025 earnings released: EPS: NT$0.70 (vs NT$0.59 in 1Q 2024) First quarter 2025 results: EPS: NT$0.70 (up from NT$0.59 in 1Q 2024). Revenue: NT$219.6m (up 1.2% from 1Q 2024). Net income: NT$102.7m (up 27% from 1Q 2024). Profit margin: 47% (up from 37% in 1Q 2024). The increase in margin was primarily driven by lower expenses. Declared Dividend • May 07
Dividend increased to NT$2.00 Dividend of NT$2.00 is 100% higher than last year. Ex-date: 4th July 2025 Payment date: 6th August 2025 Dividend yield will be 1.1%, which is lower than the industry average of 4.0%. Payout Ratios Payout ratio: 73%. Cash payout ratio: 61%. Announcement • Apr 27
Taiwan Speciality Chemicals Corporation to Report Q1, 2025 Results on May 05, 2025 Taiwan Speciality Chemicals Corporation announced that they will report Q1, 2025 results on May 05, 2025 Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$175, the stock trades at a trailing P/E ratio of 67x. Average trailing P/E is 18x in the Chemicals industry in Taiwan. Total loss to shareholders of 5.6% over the past year. Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$208, the stock trades at a trailing P/E ratio of 79.7x. Average trailing P/E is 20x in the Chemicals industry in Taiwan. Total returns to shareholders of 13% over the past year. Board Change • Mar 06
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (3 non-independent directors). Chairperson Doris Hsu is the most experienced director on the board, commencing their role in 2018. Independent Director Ting-Kuo Chen was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Reported Earnings • Mar 05
Full year 2024 earnings released: EPS: NT$2.74 (vs NT$1.13 in FY 2023) Full year 2024 results: EPS: NT$2.74 (up from NT$1.13 in FY 2023). Revenue: NT$874.0m (up 58% from FY 2023). Net income: NT$385.6m (up 148% from FY 2023). Profit margin: 44% (up from 28% in FY 2023). The increase in margin was driven by higher revenue. Announcement • Feb 19
Taiwan Speciality Chemicals Corporation, Annual General Meeting, May 19, 2025 Taiwan Speciality Chemicals Corporation, Annual General Meeting, May 19, 2025, at 09:00 Taipei Standard Time. Location: 1 floor no,1, chang pin hsi 3rd rd., siansi township, changhua county Taiwan Announcement • Feb 09
Taiwan Speciality Chemicals Corporation to Report Q4, 2024 Results on Feb 17, 2025 Taiwan Speciality Chemicals Corporation announced that they will report Q4, 2024 results on Feb 17, 2025 New Risk • Jan 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.1% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: NT$0.71 (vs NT$0.45 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.71 (up from NT$0.45 in 3Q 2023). Revenue: NT$214.0m (up 23% from 3Q 2023). Net income: NT$99.6m (up 62% from 3Q 2023). Profit margin: 47% (up from 35% in 3Q 2023). The increase in margin was driven by higher revenue. New Risk • Nov 03
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.8% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Shareholders have been diluted in the past year (6.8% increase in shares outstanding). Announcement • Oct 26
Taiwan Speciality Chemicals Corporation to Report Q3, 2024 Results on Nov 04, 2024 Taiwan Speciality Chemicals Corporation announced that they will report Q3, 2024 results on Nov 04, 2024 Reported Earnings • Aug 07
Second quarter 2024 earnings released: EPS: NT$0.54 (vs NT$0.15 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.54 (up from NT$0.15 in 2Q 2023). Revenue: NT$187.7m (up 66% from 2Q 2023). Net income: NT$75.0m (up 264% from 2Q 2023). Profit margin: 40% (up from 18% in 2Q 2023). The increase in margin was driven by higher revenue. Upcoming Dividend • Jun 20
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 31 July 2024. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (2.2%). Reported Earnings • May 08
First quarter 2024 earnings released: EPS: NT$0.59 (vs NT$0.09 in 1Q 2023) First quarter 2024 results: EPS: NT$0.59 (up from NT$0.09 in 1Q 2023). Revenue: NT$216.9m (up 133% from 1Q 2023). Net income: NT$81.0m (up NT$69.0m from 1Q 2023). Profit margin: 37% (up from 13% in 1Q 2023). The increase in margin was driven by higher revenue. Reported Earnings • Feb 26
Full year 2023 earnings released: EPS: NT$1.13 (vs NT$1.50 in FY 2022) Full year 2023 results: EPS: NT$1.13 (down from NT$1.50 in FY 2022). Revenue: NT$553.5m (up 4.0% from FY 2022). Net income: NT$155.7m (down 25% from FY 2022). Profit margin: 28% (down from 39% in FY 2022). The decrease in margin was driven by higher expenses. New Risk • Feb 20
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.8% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Profit margins are more than 30% lower than last year (22% net profit margin). New Risk • Jan 31
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 7.4% 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 Risks Share price has been highly volatile over the past 3 months (7.4% average weekly change). Revenue has declined by 13% over the past year. Minor Risk Profit margins are more than 30% lower than last year (22% net profit margin). Announcement • Dec 30
Taiwan Speciality Chemicals Corporation Announces Resignation of Sung-Yueh Hsieh as Director, Effective December 31, 2023 Taiwan Speciality Chemicals Corporation announced the resignation of a director board member. Title and name of the previous position holder: Sung-Yueh Hsieh; Resume of the previous position holder: The company¡¦s director. Reason for the change: Personal career plan. The resignation in letter of the director was accepted, and the resignation will be in effect on December 31, 2023. New Risk • Aug 14
New major risk - Revenue and earnings growth Revenue has declined by 13% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 Revenue has declined by 13% over the past year. Minor Risks Less than 3 years of financial data is available. Profit margins are more than 30% lower than last year (22% net profit margin). Upcoming Dividend • Aug 09
Upcoming dividend of NT$0.68 per share at 0.9% yield Eligible shareholders must have bought the stock before 16 August 2023. Payment date: 20 September 2023. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (3.7%). Announcement • Aug 01
Taiwan Speciality Chemicals Corporation Announces Cash Dividend, Payable on September 20, 2023 Taiwan Speciality Chemicals Corporation announced cash dividend of TWD 94,000,855 (TWD 0.68 per share). Ex-rights (Ex-dividend) date is August 16, 2023. Ex-rights (Ex-dividend) record date is August 22, 2023. Payment date of cash dividend distribution is September 20, 2023.