Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$58.40, the stock trades at a trailing P/E ratio of 20.9x. Average trailing P/E is 30x in the Machinery industry in Taiwan. Negligible returns to shareholders over past three years. Reported Earnings • May 18
First quarter 2026 earnings released: EPS: NT$0.18 (vs NT$7.39 loss in 1Q 2025) First quarter 2026 results: EPS: NT$0.18 (up from NT$7.39 loss in 1Q 2025). Revenue: NT$932.4m (up 7.9% from 1Q 2025). Net income: NT$19.4m (up NT$835.0m from 1Q 2025). Profit margin: 2.1% (up from net loss in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 44% 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. New Risk • Mar 31
New major risk - Revenue and earnings growth Earnings have declined by 4.7% 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. This is currently the only risk that has been identified for the company. Ankündigung • Mar 11
Goodway Machine Corp., Annual General Meeting, May 29, 2026 Goodway Machine Corp., Annual General Meeting, May 29, 2026, at 09:00 Taipei Standard Time. Location: 2 floor no,38, k`o yuan rd., hsi tun district, taichung city Taiwan Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: NT$2.93 (vs NT$1.53 in 3Q 2024) Third quarter 2025 results: EPS: NT$2.93 (up from NT$1.53 in 3Q 2024). Revenue: NT$1.03b (down 7.6% from 3Q 2024). Net income: NT$320.0m (up 90% from 3Q 2024). Profit margin: 31% (up from 15% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. New Risk • Aug 31
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 344% The company is paying a dividend despite having no free cash flows. Dividend yield: 5.8% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain 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: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 344% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.3% net profit margin). Upcoming Dividend • Jul 01
Upcoming dividend of NT$3.03 per share Eligible shareholders must have bought the stock before 08 July 2025. Payment date: 04 August 2025. Payout ratio is on the higher end at 83% but the company is not cash flow positive. Trailing yield: 5.2%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.8%). Reported Earnings • May 15
First quarter 2025 earnings released: NT$7.39 loss per share (vs NT$0.36 profit in 1Q 2024) First quarter 2025 results: NT$7.39 loss per share (down from NT$0.36 profit in 1Q 2024). Revenue: NT$863.8m (down 8.9% from 1Q 2024). Net loss: NT$815.6m (down NT$855.7m from profit in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Ankündigung • Apr 29
Goodway Machine Corp. to Report Q1, 2025 Results on May 06, 2025 Goodway Machine Corp. announced that they will report Q1, 2025 results on May 06, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$50.70, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 17x in the Machinery industry in Taiwan. Total returns to shareholders of 6.5% over the past three years. New Risk • Mar 28
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 505% 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 Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$11.37 (vs NT$6.46 in FY 2023) Full year 2024 results: EPS: NT$11.37 (up from NT$6.46 in FY 2023). Revenue: NT$4.42b (down 17% from FY 2023). Net income: NT$1.26b (up 76% from FY 2023). Profit margin: 28% (up from 13% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Ankündigung • Mar 03
Goodway Machine Corp., Annual General Meeting, May 29, 2025 Goodway Machine Corp., Annual General Meeting, May 29, 2025. Location: 2 floor no,38, k`o yuan rd., hsi tun district, taichung city Taiwan Ankündigung • Feb 20
Goodway Machine Corp. to Report Fiscal Year 2024 Results on Feb 27, 2025 Goodway Machine Corp. announced that they will report fiscal year 2024 results on Feb 27, 2025 Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$1.53 (vs NT$2.44 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.53 (down from NT$2.44 in 3Q 2023). Revenue: NT$1.12b (down 14% from 3Q 2023). Net income: NT$168.3m (down 38% from 3Q 2023). Profit margin: 15% (down from 21% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Nov 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to NT$61.30. The fair value is estimated to be NT$76.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.6% over the last 3 years. Earnings per share has grown by 24%. Buy Or Sell Opportunity • Oct 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.8% to NT$61.60. The fair value is estimated to be NT$77.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.6% over the last 3 years. Earnings per share has grown by 24%. Buy Or Sell Opportunity • Sep 26
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.2% to NT$61.90. The fair value is estimated to be NT$77.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.6% over the last 3 years. Earnings per share has grown by 24%. Buy Or Sell Opportunity • Sep 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to NT$62.20. The fair value is estimated to be NT$79.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.6% over the last 3 years. Earnings per share has grown by 24%. Buy Or Sell Opportunity • Aug 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to NT$62.00. The fair value is estimated to be NT$77.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.6% over the last 3 years. Earnings per share has grown by 24%. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$1.52 (vs NT$0.94 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.52 (up from NT$0.94 in 2Q 2023). Revenue: NT$1.25b (down 13% from 2Q 2023). Net income: NT$167.6m (up 62% from 2Q 2023). Profit margin: 14% (up from 7.2% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Aug 08
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 15 August 2024. Payment date: 06 September 2024. Payout ratio is a comfortable 72% and this is well supported by cash flows. Trailing yield: 6.0%. Within top quartile of Taiwanese dividend payers (4.5%). Higher than average of industry peers (2.7%). Ankündigung • Jul 30
Goodway Machine Corp. to Report Q2, 2024 Results on Aug 06, 2024 Goodway Machine Corp. announced that they will report Q2, 2024 results on Aug 06, 2024 Declared Dividend • Jul 12
Dividend increased to NT$4.00 Dividend of NT$4.00 is 33% higher than last year. Ex-date: 15th August 2024 Payment date: 6th September 2024 Dividend yield will be 5.7%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (72% earnings payout ratio) and cash flows (52% cash payout ratio). The dividend has increased by an average of 8.3% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Ankündigung • Jul 11
Goodway Machine Corp. Announces Cash Dividend, Payable on 6 September 2024 Goodway Machine Corp. announced common stock cash dividend of TWD 441,601,488. Ex-rights (ex-dividend) trading date: 15 August, 2024. Ex-rights (ex-dividend) record date: 23 August, 2024. Payment date of common stock cash dividend distribution: 6 September 2024. Date of the resolution by the board of directors or shareholders meeting or decision by the Company: July 10, 2024. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$0.36 (vs NT$1.25 in 1Q 2023) First quarter 2024 results: EPS: NT$0.36 (down from NT$1.25 in 1Q 2023). Revenue: NT$948.3m (down 18% from 1Q 2023). Net income: NT$40.2m (down 71% from 1Q 2023). Profit margin: 4.2% (down from 12% in 1Q 2023). 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 6% per year, which means it is significantly lagging earnings growth. Ankündigung • May 02
Goodway Machine Corp. to Report Q1, 2024 Results on May 08, 2024 Goodway Machine Corp. announced that they will report Q1, 2024 results on May 08, 2024 New Risk • Mar 20
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 71% 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 15
Full year 2023 earnings released: EPS: NT$6.46 (vs NT$6.42 in FY 2022) Full year 2023 results: EPS: NT$6.46 (up from NT$6.42 in FY 2022). Revenue: NT$5.32b (down 17% from FY 2022). Net income: NT$713.3m (flat on FY 2022). Profit margin: 13% (up from 11% in FY 2022). 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 6% per year, which means it is significantly lagging earnings growth. Ankündigung • Mar 07
Goodway Machine Corp., Annual General Meeting, Jun 19, 2024 Goodway Machine Corp., Annual General Meeting, Jun 19, 2024. Location: No. 38 Keyuan Rd Xitun District Taichung City Taiwan Agenda: To consider and accept the business report of 2023; to consider and approve the Audit Committee's review report of the year 2023; to consider and discuss distribution of employees & board directors' remuneration of 2023; to discuss the distribution of profits in cash dividends; to accept the business report and the financial statements of 2023; to accept the proposal to distribute the profits of 2023in cash dividends; and to discuss other business matters. Buy Or Sell Opportunity • Mar 07
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 9.8% to NT$73.10. The fair value is estimated to be NT$60.79, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years. Earnings per share has grown by 24%. Buy Or Sell Opportunity • Feb 01
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 6.9% to NT$66.80. The fair value is estimated to be NT$55.36, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years. Earnings per share has grown by 24%. New Risk • Nov 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 32% 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 • Aug 19
Second quarter 2023 earnings released: EPS: NT$0.94 (vs NT$2.01 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.94 (down from NT$2.01 in 2Q 2022). Revenue: NT$1.43b (down 5.8% from 2Q 2022). Net income: NT$103.3m (down 54% from 2Q 2022). Profit margin: 7.2% (down from 15% in 2Q 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 03
Upcoming dividend of NT$3.00 per share at 4.3% yield Eligible shareholders must have bought the stock before 10 August 2023. Payment date: 01 September 2023. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.2%). Reported Earnings • Mar 29
Full year 2022 earnings released: EPS: NT$6.42 (vs NT$3.29 in FY 2021) Full year 2022 results: EPS: NT$6.42 (up from NT$3.29 in FY 2021). Revenue: NT$6.39b (down 5.1% from FY 2021). Net income: NT$708.2m (up 95% from FY 2021). Profit margin: 11% (up from 5.4% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. 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. 7 experienced directors. 5 highly experienced directors. 1 independent director (5 non-independent directors). Director Yi-Hsien Yun was the last director to join the board, commencing their role in 2006. 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: EPS: NT$2.20 (vs NT$0.32 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$2.20 (up from NT$0.32 loss in 3Q 2021). Revenue: NT$1.95b (up 14% from 3Q 2021). Net income: NT$242.5m (up NT$277.2m from 3Q 2021). Profit margin: 12% (up from net loss in 3Q 2021). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year and the company’s share price has also increased by 5% per year. Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: NT$2.01 (vs NT$1.78 in 2Q 2021) Second quarter 2022 results: EPS: NT$2.01 (up from NT$1.78 in 2Q 2021). Revenue: NT$1.52b (down 13% from 2Q 2021). Net income: NT$222.1m (up 13% from 2Q 2021). Profit margin: 15% (up from 11% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 04
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 11 August 2022. Payment date: 02 September 2022. Payout ratio is a comfortable 75% and the cash payout ratio is 76%. Trailing yield: 4.1%. Lower than top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (3.6%). Reported Earnings • May 16
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: NT$1.09 (up from NT$1.05 in 1Q 2021). Revenue: NT$1.39b (down 7.9% from 1Q 2021). Net income: NT$120.8m (up 4.7% from 1Q 2021). Profit margin: 8.7% (up from 7.7% in 1Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) also missed analyst estimates by 24%. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. 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. 7 experienced directors. 5 highly experienced directors. 1 independent director (5 non-independent directors). Director Yi-Hsien Yun was the last director to join the board, commencing their role in 2006. 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 17
Third quarter 2021 earnings released: NT$0.31 loss per share (vs NT$0.086 profit in 3Q 2020) The company reported a soft third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: NT$1.71b (up 26% from 3Q 2020). Net loss: NT$34.7m (down 464% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$1.78 (vs NT$0.86 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$1.76b (up 27% from 2Q 2020). Net income: NT$196.1m (up 107% from 2Q 2020). Profit margin: 11% (up from 6.8% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 05
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 12 August 2021. Payment date: 03 September 2021. Trailing yield: 4.4%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (2.6%). Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improved over the past week After last week's 18% share price gain to NT$73.80, the stock trades at a trailing P/E ratio of 30x. Average trailing P/E is 17x in the Machinery industry in Taiwan. Total returns to shareholders of 32% over the past three years. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$1.04 (vs NT$2.98 in 1Q 2020) The company reported a mediocre first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: NT$1.51b (up 44% from 1Q 2020). Net income: NT$115.3m (down 65% from 1Q 2020). Profit margin: 7.7% (down from 31% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$4.39 (vs NT$2.43 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$5.21b (down 15% from FY 2019). Net income: NT$485.0m (up 81% from FY 2019). Profit margin: 9.3% (up from 4.4% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has remained flat. Is New 90 Day High Low • Feb 23
New 90-day high: NT$64.00 The company is up 5.0% from its price of NT$60.80 on 25 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 18% over the same period. Is New 90 Day High Low • Jan 19
New 90-day high: NT$63.30 The company is up 6.0% from its price of NT$60.00 on 21 October 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 25% over the same period. Is New 90 Day High Low • Jan 04
New 90-day high: NT$63.00 The company is up 4.0% from its price of NT$60.40 on 06 October 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 18% over the same period. Is New 90 Day High Low • Dec 17
New 90-day high: NT$62.30 The company is up 4.0% from its price of NT$59.90 on 18 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 12% over the same period. Is New 90 Day High Low • Nov 25
New 90-day high: NT$60.80 The company is up 1.0% from its price of NT$60.00 on 27 August 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 4.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.09 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$1.36b (down 13% from 3Q 2019). Net income: NT$9.55m (down 86% from 3Q 2019). Profit margin: 0.7% (down from 4.3% in 3Q 2019). The decrease in margin was driven by lower revenue. 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.