Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$23.65, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 17x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 31% over the past three years. Reported Earnings • May 15
First quarter 2026 earnings released: EPS: NT$0.11 (vs NT$0.17 in 1Q 2025) First quarter 2026 results: EPS: NT$0.11 (down from NT$0.17 in 1Q 2025). Revenue: NT$506.1m (down 3.3% from 1Q 2025). Net income: NT$17.5m (down 35% from 1Q 2025). Profit margin: 3.5% (down from 5.1% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 17
Upcoming dividend of NT$1.40 per share Eligible shareholders must have bought the stock before 24 April 2026. Payment date: 25 May 2026. Payout ratio is on the higher end at 76%, and the cash payout ratio is above 100%. Trailing yield: 5.4%. Within top quartile of Taiwanese dividend payers (5.1%). Higher than average of industry peers (4.1%). Reported Earnings • Mar 18
Full year 2025 earnings released: EPS: NT$1.68 (vs NT$1.50 in FY 2024) Full year 2025 results: EPS: NT$1.68 (up from NT$1.50 in FY 2024). Revenue: NT$2.50b (down 5.3% from FY 2024). Net income: NT$266.7m (up 12% from FY 2024). Profit margin: 11% (up from 9.0% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 14
Dividend increased to NT$1.40 Dividend of NT$1.40 is 7.7% higher than last year. Ex-date: 24th April 2026 Payment date: 25th May 2026 Dividend yield will be 5.7%, which is higher than the industry average of 4.1%. Sustainability & Growth Dividend is covered by earnings (76% earnings payout ratio) but not adequately covered by cash flows (96% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. 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 • Mar 13
Meiloon Industrial Co., Ltd. announces Annual dividend, payable on May 25, 2026 Meiloon Industrial Co., Ltd. announced Annual dividend of TWD 1.4000 per share payable on May 25, 2026, ex-date on April 24, 2026 and record date on April 27, 2026. Ankündigung • Mar 12
Meiloon Industrial Co., Ltd., Annual General Meeting, Jun 26, 2026 Meiloon Industrial Co., Ltd., Annual General Meeting, Jun 26, 2026, at 09:00 Taipei Standard Time. Location: no,300, sec.1 chuang ching rd., taoyuan district, taoyuan city Taiwan Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$0.61 (vs NT$0.73 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.61 (down from NT$0.73 in 3Q 2024). Revenue: NT$712.7m (down 18% from 3Q 2024). Net income: NT$97.0m (down 16% from 3Q 2024). Profit margin: 14% (in line with 3Q 2024). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$0.80 (vs NT$0.57 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.80 (up from NT$0.57 in 2Q 2024). Revenue: NT$652.3m (down 8.7% from 2Q 2024). Net income: NT$127.5m (up 42% from 2Q 2024). Profit margin: 20% (up from 13% in 2Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$25.50, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 14x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 19% over the past three years. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$0.17 (vs NT$0.074 in 1Q 2024) First quarter 2025 results: EPS: NT$0.17 (up from NT$0.074 in 1Q 2024). Revenue: NT$523.2m (up 22% from 1Q 2024). Net income: NT$26.8m (up 128% from 1Q 2024). Profit margin: 5.1% (up from 2.7% 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 37% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Ankündigung • May 06
Meiloon Industrial Co., Ltd. to Report Q1, 2025 Results on May 13, 2025 Meiloon Industrial Co., Ltd. announced that they will report Q1, 2025 results on May 13, 2025 Upcoming Dividend • Apr 17
Upcoming dividend of NT$1.30 per share Eligible shareholders must have bought the stock before 24 April 2025. Payment date: 29 May 2025. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (4.8%). New Risk • Apr 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.20b (US$96.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 33% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$3.20b market cap, or US$96.9m). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$20.20, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 14x in the Consumer Durables industry in Taiwan. Total loss to shareholders of 19% over the past three years. Reported Earnings • Mar 18
Full year 2024 earnings released: EPS: NT$1.50 (vs NT$0.24 in FY 2023) Full year 2024 results: EPS: NT$1.50 (up from NT$0.24 in FY 2023). Revenue: NT$2.64b (up 13% from FY 2023). Net income: NT$237.9m (up NT$200.6m from FY 2023). Profit margin: 9.0% (up from 1.6% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Ankündigung • Mar 14
Meiloon Industrial Co., Ltd., Annual General Meeting, Jun 25, 2025 Meiloon Industrial Co., Ltd., Annual General Meeting, Jun 25, 2025, at 09:00 Taipei Standard Time. Location: no,300, sec.1 chuang ching rd., taoyuan district, taoyuan city Taiwan Declared Dividend • Mar 14
Dividend increased to NT$1.30 Dividend of NT$1.30 is 160% higher than last year. Ex-date: 24th April 2025 Payment date: 29th May 2025 Dividend yield will be 4.7%, which is higher than the industry average of 4.1%. Sustainability & Growth Dividend is well covered by both earnings (33% earnings payout ratio) and cash flows (18% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 64% to shift the payout ratio to a potentially unsustainable range, which is more than the 5.4% EPS decline seen over the last 5 years. Ankündigung • Mar 13
Meiloon Industrial Co., Ltd. announces Annual dividend, payable on May 29, 2025 Meiloon Industrial Co., Ltd. announced Annual dividend of TWD 1.3000 per share payable on May 29, 2025, ex-date on April 24, 2025 and record date on April 26, 2025. Ankündigung • Mar 04
Meiloon Industrial Co., Ltd. to Report Fiscal Year 2024 Results on Mar 12, 2025 Meiloon Industrial Co., Ltd. announced that they will report fiscal year 2024 results on Mar 12, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.73 (vs NT$0.32 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.73 (up from NT$0.32 in 3Q 2023). Revenue: NT$864.2m (up 19% from 3Q 2023). Net income: NT$115.9m (up 127% from 3Q 2023). Profit margin: 13% (up from 7.1% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$34.70, the stock trades at a trailing P/E ratio of 31.1x. Average trailing P/E is 15x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 26% over the past three years. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to NT$32.05, the stock trades at a trailing P/E ratio of 28.7x. Average trailing P/E is 16x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 19% over the past three years. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.57 (vs NT$0.08 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.57 (up from NT$0.08 in 2Q 2023). Revenue: NT$714.5m (up 11% from 2Q 2023). Net income: NT$90.1m (up NT$77.5m from 2Q 2023). Profit margin: 13% (up from 2.0% in 2Q 2023). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 106 percentage points per year, which is a significant difference in performance. New Risk • Aug 05
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 6.8% 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 17% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.8% average weekly change). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$23.40, the stock trades at a trailing P/E ratio of 37.3x. Average trailing P/E is 17x in the Consumer Durables industry in Taiwan. Total loss to shareholders of 23% over the past three years. Ankündigung • Jul 31
Meiloon Industrial Co., Ltd. to Report Q2, 2024 Results on Aug 07, 2024 Meiloon Industrial Co., Ltd. announced that they will report Q2, 2024 results on Aug 07, 2024 Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$27.20, the stock trades at a trailing P/E ratio of 43.3x. Average trailing P/E is 17x in the Consumer Durables industry in Taiwan. Total loss to shareholders of 13% over the past three years. New Risk • Jun 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 123% 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: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 212% Paying a dividend despite having no free cash flows. Earnings have declined by 17% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.07 (vs NT$0.32 loss in 1Q 2023) First quarter 2024 results: EPS: NT$0.07 (up from NT$0.32 loss in 1Q 2023). Revenue: NT$429.2m (up 12% from 1Q 2023). Net income: NT$11.7m (up NT$62.2m from 1Q 2023). Profit margin: 2.7% (up from net loss in 1Q 2023). The move to profitability was primarily driven by higher revenue. 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. Ankündigung • May 05
Meiloon Industrial Co., Ltd. to Report Q1, 2024 Results on May 13, 2024 Meiloon Industrial Co., Ltd. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 13, 2024 Upcoming Dividend • Apr 18
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 25 April 2024. Payment date: 31 May 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 2.4%. Lower than top quartile of Taiwanese dividend payers (4.6%). Lower than average of industry peers (3.5%). Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: NT$0.24 (vs NT$0.59 in FY 2022) Full year 2023 results: EPS: NT$0.24 (down from NT$0.59 in FY 2022). Revenue: NT$2.33b (down 33% from FY 2022). Net income: NT$37.4m (down 60% from FY 2022). Profit margin: 1.6% (down from 2.7% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. New Risk • Mar 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.16b (US$99.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 1.4% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$3.16b market cap, or US$99.9m). Ankündigung • Mar 14
Meiloon Industrial Co., Ltd., Annual General Meeting, Jun 27, 2024 Meiloon Industrial Co., Ltd., Annual General Meeting, Jun 27, 2024. Location: MONARCH PLAZA HOTEL No.300, Sec. 1, Zhuangjing Rd., Taoyuan Dist. Taoyuan City Taiwan Agenda: To consider the Company's 2023 Business Report; to consider the Audit Committee's Review Report on 2023 Financial Statements; to consider the Distribution of Directors Remuneration and Employees Bonus for 2023; to consider the Distribution of Cash Dividend to Shareholders from 2023 Earnings; to consider the Loaning of Company and subsidiary Funds. 6.Cause for convening the meeting; to consider the Company's 2023 business report and financial statements; to consider the Company's 2023 distribution of earnings; to consider the by-Election of the Company's Directors for the 18th Term. New Risk • Jan 19
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.16b (US$100.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 1.4% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$3.16b market cap, or US$100.0m). Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: NT$0.32 (vs NT$0.84 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.32 (down from NT$0.84 in 3Q 2022). Revenue: NT$724.4m (down 5.1% from 3Q 2022). Net income: NT$51.1m (down 61% from 3Q 2022). Profit margin: 7.1% (down from 17% in 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. New Risk • Aug 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 53% 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: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 157% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (NT$3.16b market cap, or US$99.2m). Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: NT$0.08 (vs NT$0.11 loss in 2Q 2022) Second quarter 2023 results: EPS: NT$0.08 (up from NT$0.11 loss in 2Q 2022). Revenue: NT$643.4m (down 40% from 2Q 2022). Net income: NT$12.7m (up NT$29.9m from 2Q 2022). Profit margin: 2.0% (up from net loss in 2Q 2022). 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 • Aug 11
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.16b (US$99.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 250% Cash payout ratio: 207% Minor Risks Profit margins are more than 30% lower than last year (1.8% net profit margin). Market cap is less than US$100m (NT$3.16b market cap, or US$99.4m). Upcoming Dividend • Apr 20
Upcoming dividend of NT$0.80 per share at 3.7% yield Eligible shareholders must have bought the stock before 27 April 2023. Payment date: 01 June 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.7%. Lower than top quartile of Taiwanese dividend payers (5.7%). Lower than average of industry peers (4.2%). Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: NT$0.50 (vs NT$10.33 in FY 2021) Full year 2022 results: EPS: NT$0.50 (down from NT$10.33 in FY 2021). Revenue: NT$3.49b (down 7.3% from FY 2021). Net income: NT$93.3m (down 94% from FY 2021). Profit margin: 2.7% (down from 44% in FY 2021). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 6% per year. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment deteriorated over the past week After last week's 20% share price decline to NT$18.70, the stock trades at a trailing P/E ratio of 23.4x. Average trailing P/E is 13x in the Consumer Durables industry in Taiwan. Total loss to shareholders of 25% over the past three years. Upcoming Dividend • Nov 17
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 24 November 2022. Payment date: 05 December 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 8.0%. Within top quartile of Taiwanese dividend payers (7.0%). Higher than average of industry peers (5.0%). Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.68 (vs NT$0.32 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.68 (up from NT$0.32 in 3Q 2021). Revenue: NT$763.7m (down 24% from 3Q 2021). Net income: NT$132.5m (up 108% from 3Q 2021). Profit margin: 17% (up from 6.3% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.68 (vs NT$0.32 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.68 (up from NT$0.32 in 3Q 2021). Revenue: NT$763.7m (down 24% from 3Q 2021). Net income: NT$132.5m (up 108% from 3Q 2021). Profit margin: 17% (up from 6.3% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment improved over the past week After last week's 15% share price gain to NT$18.80, the stock trades at a trailing P/E ratio of 64.6x. Average trailing P/E is 13x in the Consumer Durables industry in Taiwan. Total loss to shareholders of 8.6% over the past three years. Buying Opportunity • Oct 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be NT$20.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years. Earnings per share has grown by 34%. Buying Opportunity • Sep 28
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 24%. The fair value is estimated to be NT$22.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years. Earnings per share has grown by 34%. Reported Earnings • Aug 15
Second quarter 2022 earnings released: NT$0.09 loss per share (vs NT$0.51 profit in 2Q 2021) Second quarter 2022 results: NT$0.09 loss per share (down from NT$0.51 profit in 2Q 2021). Revenue: NT$1.07b (up 17% from 2Q 2021). Net loss: NT$17.2m (down 117% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 04
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 11 July 2022. Payment date: 12 August 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 7.1%. Within top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (5.1%). Reported Earnings • May 17
First quarter 2022 earnings released: NT$0.04 loss per share (vs NT$7.34 profit in 1Q 2021) First quarter 2022 results: NT$0.04 loss per share (down from NT$7.34 profit in 1Q 2021). Revenue: NT$980.4m (up 36% from 1Q 2021). Net loss: NT$7.97m (down 100% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 31
Full year 2021 earnings released: EPS: NT$8.27 (vs NT$0.92 in FY 2020) Full year 2021 results: EPS: NT$8.27 (up from NT$0.92 in FY 2020). Revenue: NT$3.76b (up 23% from FY 2020). Net income: NT$1.64b (up NT$1.46b from FY 2020). Profit margin: 44% (up from 6.0% in FY 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$29.20, the stock trades at a trailing P/E ratio of 3.5x. Average trailing P/E is 13x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 74% over the past three years. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS NT$0.32 (vs NT$0.26 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$1.00b (up 22% from 3Q 2020). Net income: NT$63.7m (up 24% from 3Q 2020). Profit margin: 6.3% (up from 6.2% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 79% 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 13
Second quarter 2021 earnings released: EPS NT$0.51 (vs NT$0.43 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: NT$914.4m (up 30% from 2Q 2020). Net income: NT$101.2m (up 18% from 2Q 2020). Profit margin: 11% (down from 12% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 03
Upcoming dividend of NT$1.45 per share Eligible shareholders must have bought the stock before 10 August 2021. Payment date: 08 September 2021. Trailing yield: 4.4%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (3.5%). Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improved over the past week After last week's 17% share price gain to NT$37.50, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 12x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 82% over the past three years. Reported Earnings • May 14
First quarter 2021 earnings released: EPS NT$7.34 (vs NT$0.029 loss in 1Q 2020) First quarter 2021 results: Revenue: NT$723.8m (up 33% from 1Q 2020). Net income: NT$1.45b (up NT$1.46b from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improved over the past week After last week's 21% share price gain to NT$39.35, the stock trades at a trailing P/E ratio of 42.6x. Average trailing P/E is 15x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 57% over the past three years. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$0.92 (vs NT$2.12 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$3.05b (down 21% from FY 2019). Net income: NT$183.2m (down 56% from FY 2019). Profit margin: 6.0% (down from 11% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improved over the past week After last week's 17% share price gain to NT$35.50, the stock is trading at a trailing P/E ratio of 25.2x, up from the previous P/E ratio of 21.5x. This compares to an average P/E of 15x in the Consumer Durables industry in Taiwan. Total returns to shareholders over the past three years are 34%. Is New 90 Day High Low • Feb 01
New 90-day low: NT$28.65 The company is down 3.0% from its price of NT$29.45 on 03 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 9.0% over the same period. Is New 90 Day High Low • Dec 31
New 90-day high: NT$35.00 The company is up 52% from its price of NT$23.00 on 30 September 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 11% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.26 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$820.5m (down 15% from 3Q 2019). Net income: NT$51.3m (down 48% from 3Q 2019). Profit margin: 6.2% (down from 10% in 3Q 2019). The decrease in margin was driven by lower revenue. 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 3% per year. Valuation Update With 7 Day Price Move • Nov 12
Market bids up stock over the past week After last week's 16% share price gain to NT$33.75, the stock is trading at a trailing P/E ratio of 20.5x, up from the previous P/E ratio of 17.7x. This compares to an average P/E of 19x in the Consumer Durables industry in Taiwan. Total returns to shareholders over the past three years are 32%. Is New 90 Day High Low • Nov 11
New 90-day high: NT$30.80 The company is up 40% from its price of NT$21.95 on 13 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 Consumer Durables industry, which is up 9.0% over the same period. Valuation Update With 7 Day Price Move • Oct 19
Market bids up stock over the past week After last week's 16% share price gain to NT$26.95, the stock is trading at a trailing P/E ratio of 16.4x, up from the previous P/E ratio of 14.1x. This compares to an average P/E of 18x in the Consumer Durables industry in Taiwan. Total return to shareholders over the past three years is a loss of 4.1%. Is New 90 Day High Low • Oct 14
New 90-day high: NT$24.25 The company is up 12% from its price of NT$21.60 on 16 July 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is down 1.0% over the same period.