Upcoming Dividend • Jun 02
Upcoming dividend of NT$12.80 per share Eligible shareholders must have bought the stock before 09 June 2026. Payment date: 01 July 2026. Payout ratio is a comfortable 75% and this is well supported by cash flows. Trailing yield: 7.6%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (5.5%). Reported Earnings • May 19
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: EPS: NT$4.17 (down from NT$4.57 in 1Q 2025). Revenue: NT$8.13b (up 14% from 1Q 2025). Net income: NT$388.5m (down 8.8% from 1Q 2025). Profit margin: 4.8% (down from 6.0% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.1%. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 2.4% p.a. on average during the next 2 years, compared to a 5.5% growth forecast for the Hospitality industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 14
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: NT$17.49 (up from NT$9.81 in FY 2024). Revenue: NT$30.0b (up 6.0% from FY 2024). Net income: NT$1.63b (up 78% from FY 2024). Profit margin: 5.4% (up from 3.2% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.5%. Revenue is forecast to grow 3.8% p.a. on average during the next 2 years, compared to a 5.0% growth forecast for the Hospitality industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Mar 09
Lion Travel Service Co., Ltd., Annual General Meeting, May 25, 2026 Lion Travel Service Co., Ltd., Annual General Meeting, May 25, 2026, at 09:00 Taipei Standard Time. Location: 2 floor no,151, shih t`an rd., neihu district, taipei city Taiwan New Risk • Nov 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.2% 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 1.2% 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. Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$4.80 (vs NT$0.89 in 3Q 2024) Third quarter 2025 results: EPS: NT$4.80 (up from NT$0.89 in 3Q 2024). Revenue: NT$7.41b (down 7.6% from 3Q 2024). Net income: NT$447.5m (up 437% from 3Q 2024). Profit margin: 6.0% (up from 1.0% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Price Target Changed • Sep 06
Price target increased by 15% to NT$190 Up from NT$165, the current price target is provided by 1 analyst. New target price is 14% above last closing price of NT$167. Stock is up 23% over the past year. The company posted earnings per share of NT$9.81 last year. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: NT$3.94 (vs NT$3.16 in 2Q 2024) Second quarter 2025 results: EPS: NT$3.94 (up from NT$3.16 in 2Q 2024). Revenue: NT$7.85b (up 5.7% from 2Q 2024). Net income: NT$368.0m (up 25% from 2Q 2024). Profit margin: 4.7% (up from 4.0% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jun 28
Dividend reduced to NT$7.50 Dividend of NT$7.50 is 6.3% lower than last year. Ex-date: 11th July 2025 Payment date: 5th August 2025 Dividend yield will be 4.6%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (69% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has increased by an average of 6.0% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 43% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Board Change • Jun 19
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director His Peng Lu was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 10
First quarter 2025 earnings released: EPS: NT$4.57 (vs NT$3.49 in 1Q 2024) First quarter 2025 results: EPS: NT$4.57 (up from NT$3.49 in 1Q 2024). Revenue: NT$7.15b (up 20% from 1Q 2024). Net income: NT$426.1m (up 31% from 1Q 2024). Profit margin: 6.0% (up from 5.5% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Announcement • May 01
Lion Travel Service Co., Ltd. to Report Q1, 2025 Results on May 08, 2025 Lion Travel Service Co., Ltd. announced that they will report Q1, 2025 results on May 08, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$104, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 19x in the Hospitality industry in Taiwan. Total returns to shareholders of 7.0% over the past three years. New Risk • Mar 21
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.2% Last year net profit margin: 6.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. 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 (3.2% net profit margin). Announcement • Feb 27
Lion Travel Service Co., Ltd., Annual General Meeting, May 29, 2025 Lion Travel Service Co., Ltd., Annual General Meeting, May 29, 2025, at 09:00 Taipei Standard Time. Location: 2 floor no,151, shih t`an rd., neihu district, taipei city Taiwan Announcement • Feb 18
Lion Travel Service Co., Ltd. to Report Q4, 2024 Results on Feb 25, 2025 Lion Travel Service Co., Ltd. announced that they will report Q4, 2024 results on Feb 25, 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. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: NT$0.89 (vs NT$2.83 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.89 (down from NT$2.83 in 3Q 2023). Revenue: NT$8.01b (up 21% from 3Q 2023). Net income: NT$83.4m (down 68% from 3Q 2023). Profit margin: 1.0% (down from 4.0% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$3.15 (vs NT$2.37 in 2Q 2023) Second quarter 2024 results: EPS: NT$3.15 (up from NT$2.37 in 2Q 2023). Revenue: NT$7.42b (up 35% from 2Q 2023). Net income: NT$294.3m (up 31% from 2Q 2023). Profit margin: 4.0% (down from 4.1% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$130, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 18x in the Hospitality industry in Taiwan. Total returns to shareholders of 59% over the past three years. Announcement • Jul 27
Lion Travel Service Co., Ltd. to Report Q2, 2024 Results on Aug 05, 2024 Lion Travel Service Co., Ltd. announced that they will report Q2, 2024 results on Aug 05, 2024 Upcoming Dividend • Jul 15
Upcoming dividend of NT$8.00 per share Eligible shareholders must have bought the stock before 22 July 2024. Payment date: 21 August 2024. Trailing yield: 5.0%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (4.0%). Reported Earnings • Jun 27
First quarter 2024 earnings released: EPS: NT$3.49 (vs NT$1.08 in 1Q 2023) First quarter 2024 results: EPS: NT$3.49 (up from NT$1.08 in 1Q 2023). Revenue: NT$5.94b (up 81% from 1Q 2023). Net income: NT$325.4m (up 250% from 1Q 2023). Profit margin: 5.5% (up from 2.8% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Mar 16
Lion Travel Service Co., Ltd., Annual General Meeting, Jun 20, 2024 Lion Travel Service Co., Ltd., Annual General Meeting, Jun 20, 2024. Announcement • Nov 21
Lion Travel Service Co., Ltd. Announces Change in Representative of Legal Person Director Lion Travel Service Co., Ltd. announced appointment of LIN, SHU-CHEN, General Manager, Lion Travel Service Co., Ltd. as representative of a legal person director in place of LEE, CHIA-YIN, Legal Representative. Name of legal person is JIN XING Investment Co.,Ltd. Effective date of the new appointment is November 20, 2023. New Risk • Nov 17
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 5.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 37% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (5.7% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$156, the stock trades at a trailing P/E ratio of 31x. Average forward P/E is 16x in the Hospitality industry in Taiwan. Total returns to shareholders of 116% over the past three years. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: NT$2.83 (vs NT$2.36 loss in 3Q 2022) Third quarter 2023 results: EPS: NT$2.83 (up from NT$2.36 loss in 3Q 2022). Revenue: NT$6.65b (up NT$5.87b from 3Q 2022). Net income: NT$263.7m (up NT$447.4m from 3Q 2022). Profit margin: 4.0% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Hospitality industry in Taiwan. 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 22% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: NT$2.37 (vs NT$2.80 loss in 2Q 2022) Second quarter 2023 results: EPS: NT$2.37 (up from NT$2.80 loss in 2Q 2022). Revenue: NT$5.50b (up NT$5.08b from 2Q 2022). Net income: NT$225.4m (up NT$439.8m from 2Q 2022). Profit margin: 4.1% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 38% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Hospitality industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Reported Earnings • Jul 07
First quarter 2023 earnings released: EPS: NT$1.08 (vs NT$2.27 loss in 1Q 2022) First quarter 2023 results: EPS: NT$1.08 (up from NT$2.27 loss in 1Q 2022). Revenue: NT$3.29b (up NT$2.75b from 1Q 2022). Net income: NT$93.1m (up NT$264.8m from 1Q 2022). Profit margin: 2.8% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 60% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Hospitality industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 31% per year, which means it is well ahead of earnings. Announcement • Jun 22
Lion Travel Service Co., Ltd. Announces Change of Natural-Person Director Lion Travel Service Co., Ltd. announced change of Natural-person director. Title and name of the previous position holder is Natural-person director,WENG MING JENG. Resume of the previous position holder is Director, Lion Travel Service Co., Ltd. Title and name of the new position holder is Natural-person Director. Natural-person Director: YU CHANG SUNG. Natural-person Director: LIN, CHAO-HUA, Natural-person Director: LIU, HENG-CHANG. Resume of the new position holder: YU CHANG SUNG: Professor, National Taiwan University, LIN, CHAO-HUA: G.M. of MILLERFUL NO.1 REAL ESTATE INVESTMENT TRUST, LIU, HENG-CHANG: Director of YIHWA INTERNATIONAL HOTEL CORP.(MARRIOTT TAIPEI). Announcement • May 10
Lion Travel Service Co., Ltd. Announces the Appointment of the Corporate Governance Officer Lion Travel Service Co., Ltd. announced the appointment of the Corporate Governance Officer approved by the Board of Directors. Name, title, and resume of the new position holder: LI CHIA-CHENG, Director of Business Planning Div. The effective date is May 09, 2023. Reported Earnings • Mar 26
Full year 2022 earnings released: NT$8.91 loss per share (vs NT$6.43 loss in FY 2021) Full year 2022 results: NT$8.91 loss per share (further deteriorated from NT$6.43 loss in FY 2021). Revenue: NT$3.30b (up 87% from FY 2021). Net loss: NT$684.3m (loss widened 46% from FY 2021). 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 31% per year, which means it is well ahead of earnings. Reported Earnings • Nov 16
Third quarter 2022 earnings released: NT$2.36 loss per share (vs NT$2.18 loss in 3Q 2021) Third quarter 2022 results: NT$2.36 loss per share (further deteriorated from NT$2.18 loss in 3Q 2021). Revenue: NT$781.9m (up 209% from 3Q 2021). Net loss: NT$183.7m (loss widened 14% from 3Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. 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. 6 experienced directors. No highly experienced directors. 2 independent directors (4 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: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: NT$2.36 loss per share (vs NT$2.18 loss in 3Q 2021) Third quarter 2022 results: NT$2.36 loss per share (further deteriorated from NT$2.18 loss in 3Q 2021). Revenue: NT$781.9m (up 209% from 3Q 2021). Net loss: NT$183.7m (loss widened 14% from 3Q 2021). 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. Reported Earnings • Aug 15
Second quarter 2022 earnings released: NT$2.80 loss per share (vs NT$0.91 loss in 2Q 2021) Second quarter 2022 results: NT$2.80 loss per share (down from NT$0.91 loss in 2Q 2021). Revenue: NT$423.0m (up 11% from 2Q 2021). Net loss: NT$214.4m (loss widened 227% from 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Announcement • Jul 07
Lion Travel Service Co., Ltd. Announces the Dismissal of Weng Ming Jeng as Director Lion Travel Service Co., Ltd. announces the dismissal of Weng Ming Jeng as director. Reason for the change: The director of a company whose shares are issued to the public that has transferred, during the term of office as a director, more than one half of the company¡¦s shares being held by him at the time he is elected. 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. No highly experienced directors. 2 independent directors (4 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: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2021 earnings released: NT$2.18 loss per share (vs NT$2.43 loss in 3Q 2020) The company reported a soft third quarter result with weaker revenues and control over costs, although losses reduced. Third quarter 2021 results: Revenue: NT$253.4m (down 72% from 3Q 2020). Net loss: NT$160.9m (loss narrowed 5.5% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 112 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 09
Second quarter 2021 earnings released: NT$0.90 loss per share (vs NT$2.90 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: NT$380.6m (up 35% from 2Q 2020). Net loss: NT$65.6m (loss narrowed 68% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 109 percentage points per year, which is a significant difference in performance. Reported Earnings • May 15
First quarter 2021 earnings released: NT$1.63 loss per share (vs NT$0.49 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: NT$555.2m (down 88% from 1Q 2020). Net loss: NT$114.6m (down 431% from profit in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 30
Full year 2020 earnings released: NT$5.90 loss per share (vs NT$3.14 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: NT$6.55b (down 78% from FY 2019). Net loss: NT$413.1m (down 288% from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 18
New 90-day high: NT$80.00 The company is up 9.0% from its price of NT$73.20 on 20 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Hospitality industry, which is down 6.0% over the same period. Is New 90 Day High Low • Dec 16
New 90-day high: NT$79.60 The company is up 17% from its price of NT$67.80 on 17 September 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 8.0% over the same period. Announcement • Dec 01
Lion Travel Service Co., Ltd. Announces Resignation of Mr. Sam Huang as Financial Officer, Effective November 30, 2020 Lion Travel Service Co., Ltd. announced resignation of Mr. Sam Huang as Financial Officer, effective November 30, 2020. Reported Earnings • Nov 14
Third quarter 2020 earnings released: NT$2.43 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: NT$912.8m (down 88% from 3Q 2019). Net loss: NT$170.2m (down NT$178.6m from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 74% 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. Is New 90 Day High Low • Nov 10
New 90-day high: NT$71.90 The company is up 7.0% from its price of NT$67.30 on 12 August 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is flat over the same period. 
