Upcoming Dividend • Jun 13
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 17 June 2026. Payment date: 16 July 2026. Payout ratio is a comfortable 55% but the company is paying out more than the cash it is generating. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (1.5%). Buy Or Sell Opportunity • Jun 12
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 20% to NT$180. The fair value is estimated to be NT$149, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.6% over the last 3 years. Earnings per share has grown by 8.8%. Declared Dividend • May 30
Dividend of NT$4.00 announced Shareholders will receive a dividend of NT$4.00. Ex-date: 17th June 2026 Payment date: 16th July 2026 Dividend yield will be 2.1%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (55% earnings payout ratio) but not covered by cash flows (114% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 11% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$195, the stock trades at a trailing P/E ratio of 26.8x. Average trailing P/E is 30x in the Chemicals industry in Taiwan. Total returns to shareholders of 92% over the past three years. New Risk • May 13
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 114% Dividend yield: 2.2% 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. Buy Or Sell Opportunity • May 11
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to NT$177. The fair value is estimated to be NT$145, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.6% over the last 3 years. Earnings per share has grown by 11%. Buy Or Sell Opportunity • Apr 23
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 10% to NT$174. The fair value is estimated to be NT$141, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.6% over the last 3 years. Earnings per share has grown by 11%. Reported Earnings • Apr 23
First quarter 2026 earnings released: EPS: NT$2.00 (vs NT$1.58 in 1Q 2025) First quarter 2026 results: EPS: NT$2.00 (up from NT$1.58 in 1Q 2025). Revenue: NT$3.04b (up 11% from 1Q 2025). Net income: NT$605.7m (up 28% from 1Q 2025). Profit margin: 20% (up from 17% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 11
Price target increased by 10% to NT$172 Up from NT$155, the current price target is an average from 2 analysts. New target price is 13% above last closing price of NT$152. Stock is up 45% over the past year. The company is forecast to post earnings per share of NT$7.29 for next year compared to NT$6.81 last year. Reported Earnings • Mar 05
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: NT$6.81 (up from NT$6.01 in FY 2024). Revenue: NT$11.5b (up 4.0% from FY 2024). Net income: NT$2.04b (up 13% from FY 2024). Profit margin: 18% (up from 16% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 05
Shiny Chemical Industrial Co., Ltd., Annual General Meeting, May 20, 2026 Shiny Chemical Industrial Co., Ltd., Annual General Meeting, May 20, 2026, at 09:30 Taipei Standard Time. Location: no,5, yung kung 1st rd., yongan district, kaohsiung city Taiwan Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$169, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 19x in the Chemicals industry in Taiwan. Total returns to shareholders of 82% over the past three years. Reported Earnings • Nov 01
Third quarter 2025 earnings released: EPS: NT$1.83 (vs NT$1.59 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.83 (up from NT$1.59 in 3Q 2024). Revenue: NT$2.92b (up 1.5% from 3Q 2024). Net income: NT$549.7m (up 15% from 3Q 2024). Profit margin: 19% (up from 17% in 3Q 2024). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 7.3% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jul 25
Second quarter 2025 earnings released: EPS: NT$1.59 (vs NT$1.54 in 2Q 2024) Second quarter 2025 results: EPS: NT$1.59 (up from NT$1.54 in 2Q 2024). Revenue: NT$2.85b (up 8.1% from 2Q 2024). Net income: NT$477.8m (up 3.5% from 2Q 2024). Profit margin: 17% (in line with 2Q 2024). Revenue is forecast to grow 7.5% p.a. on average during the next 2 years, compared to a 3.8% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 1% per year and the company’s share price has also increased by 1% per year. Declared Dividend • May 31
Dividend reduced to NT$2.50 Dividend of NT$2.50 is 22% lower than last year. Ex-date: 13th June 2025 Payment date: 18th July 2025 Dividend yield will be 1.7%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (33% earnings payout ratio) and cash flows (74% cash payout ratio). The dividend has increased by an average of 4.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 10% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 26
First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2025 results: EPS: NT$1.90 (up from NT$1.60 in 1Q 2024). Revenue: NT$2.75b (up 3.9% from 1Q 2024). Net income: NT$475.2m (up 19% from 1Q 2024). Profit margin: 17% (up from 15% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) exceeded analyst estimates by 3.8%. Revenue is forecast to grow 6.7% p.a. on average during the next 2 years, compared to a 4.1% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Apr 16
Shiny Chemical Industrial Co., Ltd. to Report Q1, 2025 Results on Apr 23, 2025 Shiny Chemical Industrial Co., Ltd. announced that they will report Q1, 2025 results on Apr 23, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$115, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 16x in the Chemicals industry in Taiwan. Total loss to shareholders of 29% over the past three years. Reported Earnings • Mar 11
Full year 2024 earnings released: EPS: NT$7.21 (vs NT$6.31 in FY 2023) Full year 2024 results: EPS: NT$7.21 (up from NT$6.31 in FY 2023). Revenue: NT$11.1b (up 12% from FY 2023). Net income: NT$1.80b (up 14% from FY 2023). Profit margin: 16% (in line with FY 2023). Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 2% per year. Announcement • Feb 19
Shiny Chemical Industrial Co., Ltd. to Report Fiscal Year 2024 Results on Feb 26, 2025 Shiny Chemical Industrial Co., Ltd. announced that they will report fiscal year 2024 results on Feb 26, 2025 Reported Earnings • Oct 29
Third quarter 2024 earnings released: EPS: NT$1.91 (vs NT$1.55 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.91 (up from NT$1.55 in 3Q 2023). Revenue: NT$2.88b (up 14% from 3Q 2023). Net income: NT$477.9m (up 23% from 3Q 2023). Profit margin: 17% (up from 15% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Announcement • Oct 16
Shiny Chemical Industrial Co., Ltd. to Report Q3, 2024 Results on Oct 23, 2024 Shiny Chemical Industrial Co., Ltd. announced that they will report Q3, 2024 results on Oct 23, 2024 Reported Earnings • Jul 31
Second quarter 2024 earnings released: EPS: NT$1.85 (vs NT$1.64 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.85 (up from NT$1.64 in 2Q 2023). Revenue: NT$2.64b (up 13% from 2Q 2023). Net income: NT$461.6m (up 12% from 2Q 2023). Profit margin: 18% (in line with 2Q 2023). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 10
Shiny Chemical Industrial Co., Ltd. to Report Q2, 2024 Results on Jul 16, 2024 Shiny Chemical Industrial Co., Ltd. announced that they will report Q2, 2024 results on Jul 16, 2024 Upcoming Dividend • Jun 06
Upcoming dividend of NT$3.20 per share Eligible shareholders must have bought the stock before 13 June 2024. Payment date: 12 July 2024. Payout ratio is a comfortable 50% but the company is paying out more than the cash it is generating. Trailing yield: 2.0%. Lower than top quartile of Taiwanese dividend payers (4.2%). In line with average of industry peers (2.2%). Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$178, the stock trades at a trailing P/E ratio of 28.1x. Average trailing P/E is 23x in the Chemicals industry in Taiwan. Total returns to shareholders of 141% over the past three years. Reported Earnings • Mar 03
Full year 2023 earnings released: EPS: NT$6.31 (vs NT$7.30 in FY 2022) Full year 2023 results: EPS: NT$6.31 (down from NT$7.30 in FY 2022). Revenue: NT$9.85b (down 13% from FY 2022). Net income: NT$1.58b (down 14% from FY 2022). Profit margin: 16% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Oct 29
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 46% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (46% net debt to equity). Paying a dividend despite having no free cash flows. Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: NT$1.55 (vs NT$1.90 in 3Q 2022) Third quarter 2023 results: EPS: NT$1.55 (down from NT$1.90 in 3Q 2022). Revenue: NT$2.52b (down 8.6% from 3Q 2022). Net income: NT$387.5m (down 18% from 3Q 2022). Profit margin: 15% (down from 17% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jul 27
Second quarter 2023 earnings released: EPS: NT$1.64 (vs NT$1.94 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.64 (down from NT$1.94 in 2Q 2022). Revenue: NT$2.33b (down 22% from 2Q 2022). Net income: NT$411.0m (down 15% from 2Q 2022). Profit margin: 18% (up from 16% in 2Q 2022). The increase in margin was driven by lower expenses. 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 20% per year. Upcoming Dividend • Jun 27
Upcoming dividend of NT$3.60 per share at 2.7% yield Eligible shareholders must have bought the stock before 04 July 2023. Payment date: 28 July 2023. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.5%). Reported Earnings • Mar 06
Full year 2022 earnings released: EPS: NT$7.30 (vs NT$6.47 in FY 2021) Full year 2022 results: EPS: NT$7.30 (up from NT$6.47 in FY 2021). Revenue: NT$11.3b (up 1.8% from FY 2021). Net income: NT$1.83b (up 13% from FY 2021). Profit margin: 16% (up from 14% in FY 2021). Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 27% per year. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$139, the stock trades at a trailing P/E ratio of 18.7x. Average trailing P/E is 15x in the Chemicals industry in Taiwan. Total returns to shareholders of 174% over the past three years. 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. 1 experienced director. 8 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Ting-Ko Chen was the last independent director to join the board, commencing their role in 2017. 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 • Oct 29
Third quarter 2022 earnings released: EPS: NT$1.90 (vs NT$1.57 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.90 (up from NT$1.57 in 3Q 2021). Revenue: NT$2.76b (down 7.7% from 3Q 2021). Net income: NT$474.8m (up 21% from 3Q 2021). Profit margin: 17% (up from 13% in 3Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 29
Second quarter 2022 earnings released: EPS: NT$1.94 (vs NT$1.73 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.94 (up from NT$1.73 in 2Q 2021). Revenue: NT$3.00b (up 10% from 2Q 2021). Net income: NT$486.1m (up 12% from 2Q 2021). Profit margin: 16% (in line with 2Q 2021). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$139, the stock trades at a trailing P/E ratio of 20.2x. Average trailing P/E is 14x in the Chemicals industry in Taiwan. Total returns to shareholders of 200% over the past three years. Upcoming Dividend • Jun 22
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 29 July 2022. Payout ratio is a comfortable 35% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of Taiwanese dividend payers (6.2%). Lower than average of industry peers (6.9%). Announcement • Jun 15
Shiny Chemical Industrial Company Limited Approves Cash Dividend, Payable on July 29, 2022 Shiny Chemical Industrial Company Limited announced the dividend of TWD 3.0 per share, payable on July 29, 2022. Ex-rights (ex-dividend) trading date June 29, 2022. Ex-rights (ex-dividend) record date July 05, 2022. Reported Earnings • Apr 28
First quarter 2022 earnings: EPS misses analyst expectations First quarter 2022 results: EPS: NT$2.40 (up from NT$1.89 in 1Q 2021). Revenue: NT$3.05b (up 33% from 1Q 2021). Net income: NT$480.7m (up 27% from 1Q 2021). Profit margin: 16% (in line with 1Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.7%. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. 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. 8 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 • Feb 28
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: NT$8.08 (up from NT$5.87 in FY 2020). Revenue: NT$11.1b (up 43% from FY 2020). Net income: NT$1.62b (up 38% from FY 2020). Profit margin: 14% (in line with FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.7%. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 25
Shiny Chemical Industrial Company Limited, Annual General Meeting, May 25, 2022 Shiny Chemical Industrial Company Limited, Annual General Meeting, May 25, 2022. Location: No.5, Yeong Gong 1stRd, Yeong An Dist Kaohsiung Taiwan Agenda: To report the operational of 2021; to report the status of remunerations for directors and supervisors and remuneration for employees of 2021; to approve the proposal for distribution of 2021 profits; and to consider any other matters. Announcement • Feb 24
Shiny Chemical Industrial Company Limited Approves Cash Dividends for 2021, Payable Before July 2022 Shiny Chemical Industrial Company Limited Board of Directors approved dividend distribution. Year or quarter which dividends belong to: 2021. Appropriations of earnings in cash dividends to shareholders TWD 3.0 per share . Any other matters that need to be specified: Cash dividend will be issued before July 2022. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improved over the past week After last week's 25% share price gain to NT$179, the stock trades at a trailing P/E ratio of 23.3x. Average trailing P/E is 18x in the Chemicals industry in Taiwan. Total returns to shareholders of 210% over the past three years. Reported Earnings • Nov 01
Third quarter 2021 earnings released: EPS NT$1.96 (vs NT$1.46 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: NT$2.99b (up 61% from 3Q 2020). Net income: NT$391.4m (up 34% from 3Q 2020). Profit margin: 13% (down from 16% 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 19% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improved over the past week After last week's 18% share price gain to NT$151, the stock trades at a trailing P/E ratio of 21.1x. Average trailing P/E is 16x in the Chemicals industry in Taiwan. Total returns to shareholders of 135% over the past three years. Upcoming Dividend • Aug 06
Upcoming dividend of NT$3.49 per share Eligible shareholders must have bought the stock before 13 August 2021. Payment date: 17 September 2021. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (2.8%). Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improved over the past week After last week's 16% share price gain to NT$158, the stock trades at a trailing P/E ratio of 19.9x. Average trailing P/E is 16x in the Chemicals industry in Taiwan. Total returns to shareholders of 86% over the past three years. Reported Earnings • Jul 30
Second quarter 2021 earnings released: EPS NT$2.41 (vs NT$1.58 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: NT$2.72b (up 48% from 2Q 2020). Net income: NT$433.4m (up 52% from 2Q 2020). Profit margin: 16% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 13% per year. Reported Earnings • Apr 30
First quarter 2021 earnings released: EPS NT$2.10 (vs NT$1.51 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$2.29b (up 16% from 1Q 2020). Net income: NT$378.0m (up 39% from 1Q 2020). Profit margin: 17% (up from 14% 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 11% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 27
Shiny Chemical Industrial Company Limited, Annual General Meeting, May 19, 2021 Shiny Chemical Industrial Company Limited, Annual General Meeting, May 19, 2021. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS NT$6.52 (vs NT$4.92 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$7.78b (up 3.6% from FY 2019). Net income: NT$1.17b (up 33% from FY 2019). Profit margin: 15% (up from 12% in FY 2019). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Dec 07
New 90-day high: NT$107 The company is up 4.0% from its price of NT$103 on 08 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 11% over the same period. Is New 90 Day High Low • Nov 02
New 90-day low: NT$98.40 The company is down 11% from its price of NT$110 on 04 August 2020. The Taiwanese market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 4.0% over the same period. Reported Earnings • Nov 01
Third quarter earnings released Over the last 12 months the company has reported total profits of NT$1.10b, up 28% from the prior year. Total revenue was NT$7.72b over the last 12 months, up 2.7% from the prior year. Reported Earnings • Oct 24
Third quarter earnings released Over the last 12 months the company has reported total profits of NT$1.10b, up 28% from the prior year. Total revenue was NT$7.72b over the last 12 months, up 2.7% from the prior year. 
