Reported Earnings • May 07
First quarter 2026 earnings: EPS misses analyst expectations First quarter 2026 results: EPS: NT$5.62 (down from NT$6.07 in 1Q 2025). Revenue: NT$7.31b (flat on 1Q 2025). Net income: NT$1.65b (down 7.4% from 1Q 2025). Profit margin: 23% (down from 25% in 1Q 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.4%. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Consumer Durables industry in Asia. Over the last 3 years on average, earnings per share has increased by 7% 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 • Apr 22
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.3% to NT$372. The fair value is estimated to be NT$473, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.1% over the last 3 years. Earnings per share has grown by 6.9%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to grow by 27% in the next 2 years. Buy Or Sell Opportunity • Mar 23
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at NT$379. The fair value is estimated to be NT$480, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.1% over the last 3 years. Earnings per share has grown by 6.9%. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to grow by 25% in the next 2 years. Declared Dividend • Mar 08
Dividend increased to NT$16.00 Dividend of NT$16.00 is 10% higher than last year. Ex-date: 25th March 2026 Payment date: 22nd April 2026 Dividend yield will be 4.3%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (65% earnings payout ratio) and cash flows (78% cash payout ratio). The dividend has increased by an average of 6.0% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 23% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 06
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: NT$22.53 (down from NT$23.56 in FY 2024). Revenue: NT$30.0b (up 1.5% from FY 2024). Net income: NT$6.60b (down 4.4% from FY 2024). Profit margin: 22% (down from 23% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) exceeded analyst estimates by 3.2%. Revenue is forecast to grow 7.3% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Consumer Durables industry in Asia. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 5% per year. Buy Or Sell Opportunity • Mar 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.1% to NT$362. The fair value is estimated to be NT$454, however this is not to be taken as a buy 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 6.2%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 22% in the next 2 years. Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: NT$5.83 (vs NT$6.04 in 3Q 2024) Third quarter 2025 results: EPS: NT$5.83 (down from NT$6.04 in 3Q 2024). Revenue: NT$7.32b (down 6.9% from 3Q 2024). Net income: NT$1.71b (down 3.6% from 3Q 2024). Profit margin: 23% (in line with 3Q 2024). Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Consumer Durables industry in Asia. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 9% per year. Reported Earnings • Aug 07
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: NT$3.93 (down from NT$6.04 in 2Q 2024). Revenue: NT$7.71b (up 4.0% from 2Q 2024). Net income: NT$1.15b (down 35% from 2Q 2024). Profit margin: 15% (down from 24% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) also missed analyst estimates by 13%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Consumer Durables industry in Asia. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Jul 01
Now 20% undervalued Over the last 90 days, the stock has risen 1.3% to NT$401. The fair value is estimated to be NT$503, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 5.8%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 13% in the next 2 years. Reported Earnings • May 14
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: NT$6.07 (up from NT$4.88 in 1Q 2024). Revenue: NT$7.27b (up 15% from 1Q 2024). Net income: NT$1.78b (up 24% from 1Q 2024). Profit margin: 25% (up from 23% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 23%. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Consumer Durables industry in Asia. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 9% per year. Ankündigung • May 06
Nien Made Enterprise Co., LTD. to Report Q1, 2025 Results on May 13, 2025 Nien Made Enterprise Co., LTD. announced that they will report Q1, 2025 results on May 13, 2025 Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$404, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 13x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 46% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$444 per share. Buy Or Sell Opportunity • Apr 11
Now 25% overvalued Over the last 90 days, the stock has fallen 16% to NT$344. The fair value is estimated to be NT$275, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 4.5%. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 16% in the next 2 years. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$327, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 20% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$275 per share. Upcoming Dividend • Mar 25
Upcoming dividend of NT$14.50 per share Eligible shareholders must have bought the stock before 01 April 2025. Payment date: 30 April 2025. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (4.6%). Lower than average of industry peers (4.0%). Ankündigung • Mar 14
Nien Made Enterprise Co., LTD., Annual General Meeting, Jun 25, 2025 Nien Made Enterprise Co., LTD., Annual General Meeting, Jun 25, 2025, at 10:00 Taipei Standard Time. Location: b2 floor no,666, t`ai wan ta tao, hsi tun district, taichung city Taiwan Reported Earnings • Mar 13
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: NT$23.56 (up from NT$18.73 in FY 2023). Revenue: NT$29.5b (up 9.7% from FY 2023). Net income: NT$6.90b (up 26% from FY 2023). Profit margin: 23% (up from 20% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.8%. Revenue is forecast to grow 9.5% p.a. on average during the next 2 years, compared to a 5.3% growth forecast for the Consumer Durables industry in Asia. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 8% per year. Ankündigung • Mar 13
Nien Made Enterprise Co., Ltd. Announces Cash Dividend, Payable on April 30, 2025 Nien Made Enterprise Co., LTD. announced cash dividend: TWD 4,248,792,900 (TWD 14.50 per share). Ex-rights (ex-dividend) trading date: April 01, 2025; Ex-rights (ex-dividend) record date: April 10, 2025; Payment date of common stock cash dividend distribution: April 30, 2025. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$423, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 15x in the Consumer Durables industry in Asia. Total returns to shareholders of 17% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$412 per share. New Risk • Nov 08
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 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 07
Third quarter 2024 earnings: EPS exceeds analyst expectations Third quarter 2024 results: EPS: NT$6.04 (up from NT$5.41 in 3Q 2023). Revenue: NT$7.86b (up 14% from 3Q 2023). Net income: NT$1.77b (up 12% from 3Q 2023). Profit margin: 23% (in line with 3Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.9%. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Consumer Durables industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 5% per year. Ankündigung • Oct 26
Nien Made Enterprise Co., LTD. to Report Q3, 2024 Results on Nov 06, 2024 Nien Made Enterprise Co., LTD. announced that they will report Q3, 2024 results on Nov 06, 2024 Price Target Changed • Aug 16
Price target increased by 7.3% to NT$475 Up from NT$443, the current price target is an average from 10 analysts. New target price is 7.7% above last closing price of NT$442. Stock is up 45% over the past year. The company is forecast to post earnings per share of NT$22.33 for next year compared to NT$18.73 last year. Reported Earnings • Aug 15
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: NT$6.04 (up from NT$4.62 in 2Q 2023). Revenue: NT$7.41b (up 11% from 2Q 2023). Net income: NT$1.77b (up 31% from 2Q 2023). Profit margin: 24% (up from 20% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) exceeded analyst estimates by 19%. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Consumer Durables industry in Asia. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 4% per year. Buy Or Sell Opportunity • Aug 14
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 16% to NT$412. The fair value is estimated to be NT$343, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 2.7%. Revenue is forecast to grow by 21% in 2 years. Earnings are forecast to grow by 18% in the next 2 years. Ankündigung • Aug 03
Nien Made Enterprise Co., LTD. to Report Q2, 2024 Results on Aug 14, 2024 Nien Made Enterprise Co., LTD. announced that they will report Q2, 2024 results on Aug 14, 2024 Upcoming Dividend • Jul 05
Upcoming dividend of NT$12.00 per share Eligible shareholders must have bought the stock before 09 July 2024. Payment date: 02 August 2024. Payout ratio is a comfortable 61% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (4.2%). In line with average of industry peers (3.2%). Declared Dividend • Jun 20
Dividend of NT$12.00 announced Shareholders will receive a dividend of NT$12.00. Ex-date: 9th July 2024 Payment date: 2nd August 2024 Dividend yield will be 3.4%, which is lower than the industry average of 4.1%. Sustainability & Growth Dividend is covered by both earnings (61% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 5.1% per year over the past 8 years and payments have been stable during that time. EPS is expected to grow by 31% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Jun 06
Now 20% overvalued Over the last 90 days, the stock has fallen 3.1% to NT$364. The fair value is estimated to be NT$302, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 2.7%. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 17% in the next 2 years. Buy Or Sell Opportunity • May 22
Now 20% overvalued Over the last 90 days, the stock has fallen 1.9% to NT$363. The fair value is estimated to be NT$302, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 2.7%. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 17% in the next 2 years. Reported Earnings • May 02
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: NT$4.88 (up from NT$3.85 in 1Q 2023). Revenue: NT$6.31b (up 4.1% from 1Q 2023). Net income: NT$1.43b (up 27% from 1Q 2023). Profit margin: 23% (up from 19% in 1Q 2023). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) exceeded analyst estimates by 13%. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Consumer Durables industry in Asia. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Ankündigung • Apr 26
Nien Made Enterprise Co., LTD. to Report Q1, 2024 Results on May 02, 2024 Nien Made Enterprise Co., LTD. announced that they will report Q1, 2024 results on May 02, 2024 Reported Earnings • Mar 15
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: NT$18.73 (down from NT$21.07 in FY 2022). Revenue: NT$26.9b (down 7.0% from FY 2022). Net income: NT$5.49b (down 11% from FY 2022). Profit margin: 20% (in line with FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.6%. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Consumer Durables industry in Asia. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Ankündigung • Mar 14
Nien Made Enterprise Co., LTD., Annual General Meeting, Jun 18, 2024 Nien Made Enterprise Co., LTD., Annual General Meeting, Jun 18, 2024. Ankündigung • Jan 27
Nien Made Enterprise Co., Ltd. Announces Demise of Lee Ming-Shan, Director Nien Made Enterprise Co., LTD. announced demise of Lee Ming-Shan, Director. Reported Earnings • Nov 09
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: NT$5.41 (up from NT$5.24 in 3Q 2022). Revenue: NT$6.90b (flat on 3Q 2022). Net income: NT$1.59b (up 3.3% from 3Q 2022). Profit margin: 23% (in line with 3Q 2022). Revenue missed analyst estimates by 4.2%. Earnings per share (EPS) exceeded analyst estimates by 2.5%. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Consumer Durables industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 09
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: NT$4.62 (down from NT$5.67 in 2Q 2022). Revenue: NT$6.71b (down 19% from 2Q 2022). Net income: NT$1.35b (down 18% from 2Q 2022). Profit margin: 20% (in line with 2Q 2022). Revenue missed analyst estimates by 6.6%. Earnings per share (EPS) also missed analyst estimates by 4.8%. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Consumer Durables industry in Asia. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 12
Upcoming dividend of NT$11.00 per share at 3.2% yield Eligible shareholders must have bought the stock before 19 July 2023. Payment date: 14 August 2023. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (4.0%). Ankündigung • Jul 06
Nien Made Enterprise Co., LTD. Announces Cash Dividend, Payable on August 14, 2023 Nien Made Enterprise Co., LTD. announced cash dividend of TWD 3,223,222,200 (TWD 11 per share). Ex-rights (ex-dividend) trading date is July 19, 2023; Ex-rights (ex-dividend) record date is July 25, 2023; Payment date of cash dividend distribution is August 14, 2023. Ankündigung • Jun 22
Nien Made Enterprise Co., Ltd. Announces Term Expiry of the Members of Remuneration Committee Nien Made Enterprise Co., Ltd. announced the term expiry of Lin Chi-Wei, Huang Shen-Yi and Hung Chung-Chin, independent directors of the company as members of company's Remuneration Committee. Reported Earnings • May 06
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: NT$3.85 (down from NT$5.14 in 1Q 2022). Revenue: NT$6.06b (down 13% from 1Q 2022). Net income: NT$1.13b (down 25% from 1Q 2022). Profit margin: 19% (down from 22% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Consumer Durables industry in Asia. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 14% per year. Ankündigung • May 06
Nien Made Enterprise Co., LTD. Announces of Change of President, Effective from June 21, 2023 Nien Made Enterprise Co., LTD. announced that Nien Chao-Hung promotes to become President of Nien Made Enterprise Co., Ltd. while Nien Keng-Hao remains as Chairman of Nien Made Enterprise Co., Ltd., effective from June 21, 2023. Price Target Changed • Apr 14
Price target increased by 7.4% to NT$340 Up from NT$316, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of NT$336. Stock is up 10% over the past year. The company is forecast to post earnings per share of NT$20.68 for next year compared to NT$21.07 last year. Reported Earnings • Mar 17
Full year 2022 earnings: EPS in line with expectations, revenues disappoint Full year 2022 results: EPS: NT$21.07 (up from NT$18.16 in FY 2021). Revenue: NT$29.0b (flat on FY 2021). Net income: NT$6.17b (up 16% from FY 2021). Profit margin: 21% (up from 18% in FY 2021). Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Consumer Durables industry in Asia. 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 20% per year, which means it is tracking significantly ahead of 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. 2 experienced directors. 7 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Shen-Yi Huang was the last independent director to join the board, commencing their role in 2014. 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 16
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: NT$5.24 (up from NT$4.70 in 3Q 2021). Revenue: NT$6.91b (down 7.9% from 3Q 2021). Net income: NT$1.54b (up 12% from 3Q 2021). Profit margin: 22% (up from 18% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 15%. Earnings per share (EPS) also missed analyst estimates by 3.5%. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Consumer Durables industry in Asia. Over the last 3 years on average, earnings per share has increased by 11% 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 • Nov 11
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: NT$5.24 (up from NT$4.70 in 3Q 2021). Revenue: NT$6.91b (down 7.9% from 3Q 2021). Net income: NT$1.54b (up 12% from 3Q 2021). Profit margin: 22% (up from 18% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 15%. Earnings per share (EPS) also missed analyst estimates by 3.5%. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Consumer Durables industry in Asia. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Price Target Changed • Nov 11
Price target decreased to NT$296 Down from NT$340, the current price target is an average from 8 analysts. New target price is 23% above last closing price of NT$242. Stock is down 36% over the past year. The company is forecast to post earnings per share of NT$20.70 for next year compared to NT$18.15 last year. Ankündigung • Aug 03
Nien Made Enterprise Co., LTD. Appoints Members to Sustainable Development Committee Nien Made Enterprise Co., LTD. resolved to appoint members of the 1st Term of the Sustainable Development Committee. Name of the new position holder: Nien Chao-Hung; Peng Ping; Wang Shu-Chuan; and Liao Wei-Chih. Resume of the new position holder: Nien Chao-Hung: Director & VP of Nien Made Enterprise Co., Ltd. Peng Ping: Director & EVP of Nien Made Enterprise Co., Ltd. Wang Shu-Chuan: Chief Corporate Governance Officer of Nien Made Enterprise Co., Ltd. Liao Wei-Chih: Executive Secretary of Nien Made Enterprise Co., Ltd. Effective date of the new member: August 2, 2022. Reported Earnings • Aug 03
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: NT$5.67 (up from NT$4.18 in 2Q 2021). Revenue: NT$8.28b (up 12% from 2Q 2021). Net income: NT$1.66b (up 36% from 2Q 2021). Profit margin: 20% (up from 17% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 6.4%. Over the next year, revenue is forecast to grow 8.4%, compared to a 13% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 7% per year. Upcoming Dividend • Jul 01
Upcoming dividend of NT$11.00 per share Eligible shareholders must have bought the stock before 08 July 2022. Payment date: 05 August 2022. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 4.0%. Lower than top quartile of Taiwanese dividend payers (6.5%). Lower than average of industry peers (4.8%). Reported Earnings • May 05
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: NT$5.14 (up from NT$4.38 in 1Q 2021). Revenue: NT$6.93b (up 2.1% from 1Q 2021). Net income: NT$1.51b (up 17% from 1Q 2021). Profit margin: 22% (up from 19% in 1Q 2021). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) exceeded analyst estimates by 6.9%. Over the next year, revenue is forecast to grow 9.7%, compared to a 12% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 10% per year. Price Target Changed • Apr 27
Price target decreased to NT$371 Down from NT$481, the current price target is an average from 7 analysts. New target price is 21% above last closing price of NT$307. Stock is down 33% over the past year. The company is forecast to post earnings per share of NT$21.09 for next year compared to NT$18.15 last year. 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. 5 experienced directors. 4 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Shen-Yi Huang was the last independent director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Buying Opportunity • Apr 11
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be NT$403, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last 3 years. Earnings per share has grown by 12%. For the next 3 years, revenue is forecast to grow by 7.1% per annum. Earnings is also forecast to grow by 9.4% per annum over the same time period. Buying Opportunity • Mar 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be NT$406, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% per annum over the last 3 years. Earnings per share has grown by 13% per annum over the last 3 years. Reported Earnings • Mar 17
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: NT$18.15 (up from NT$16.37 in FY 2020). Revenue: NT$29.0b (up 19% from FY 2020). Net income: NT$5.32b (up 11% from FY 2020). Profit margin: 18% (down from 20% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.3%. Over the next year, revenue is forecast to grow 8.6%, compared to a 11% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Price Target Changed • Mar 17
Price target decreased to NT$388 Down from NT$481, the current price target is an average from 8 analysts. New target price is 18% above last closing price of NT$330. Stock is down 18% over the past year. Buying Opportunity • Feb 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be NT$453, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.7% per annum over the last 3 years. Earnings per share has grown by 13% per annum over the last 3 years. Reported Earnings • Nov 09
Third quarter 2021 earnings released: EPS NT$4.70 (vs NT$5.05 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$7.51b (up 7.4% from 3Q 2020). Net income: NT$1.38b (down 6.9% from 3Q 2020). Profit margin: 18% (down from 21% 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 13% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 05
Second quarter 2021 earnings released: EPS NT$4.18 (vs NT$4.12 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$7.42b (up 24% from 2Q 2020). Net income: NT$1.22b (up 1.5% from 2Q 2020). Profit margin: 17% (down from 20% 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 14% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 12
Upcoming dividend of NT$10.00 per share Eligible shareholders must have bought the stock before 19 July 2021. Payment date: 13 August 2021. Trailing yield: 2.4%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (3.7%). Valuation Update With 7 Day Price Move • May 12
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$369, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 17x in the Consumer Durables industry in Asia. Total returns to shareholders of 67% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$421 per share. Reported Earnings • May 06
First quarter 2021 earnings released: EPS NT$4.38 (vs NT$2.79 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$6.79b (up 46% from 1Q 2020). Net income: NT$1.28b (up 57% from 1Q 2020). Profit margin: 19% (up from 18% 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 14% per year whereas the company’s share price has increased by 16% per year. Ankündigung • Mar 18
Nien Made Enterprise Co., LTD., Annual General Meeting, Jun 16, 2021 Nien Made Enterprise Co., LTD., Annual General Meeting, Jun 16, 2021. Location: Li Jin Chamber (Lin Garden), No.111, Sec. 1, Huizhong Rd., Xitun Dist Taichung City Taiwan Agenda: To discuss on business report; to discuss on audit committee's review report; to discuss on employees compensation and directors remuneration; and to discuss on amendments to the Rules of Procedure for Board of Directors Meetings. Reported Earnings • Mar 18
Full year 2020 earnings released: EPS NT$16.36 (vs NT$15.37 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: NT$24.4b (up 2.0% from FY 2019). Net income: NT$4.80b (up 6.5% from FY 2019). Profit margin: 20% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 13% per year and the company’s share price has also increased by 13% per year. Is New 90 Day High Low • Feb 17
New 90-day high: NT$388 The company is up 14% from its price of NT$340 on 19 November 2020. The Taiwanese market is also up 14% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Consumer Durables industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$246 per share. Ankündigung • Jan 29
Nien Made Enterprise Co., Ltd. Appoints Wang Shu-Chuan Corporate Governance Officer of the Company, Effective January 27, 2021 Nien Made Enterprise Co., LTD. appointed Wang Shu-Chuan corporate governance officer of the company, effective January 27, 2021. Is New 90 Day High Low • Jan 18
New 90-day high: NT$356 The company is up 10.0% from its price of NT$324 on 20 October 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Consumer Durables industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$246 per share.