Upcoming Dividend • Jun 25
Upcoming dividend of NT$6.20 per share Eligible shareholders must have bought the stock before 02 July 2026. Payment date: 22 July 2026. Payout ratio is a comfortable 69% but the company is not cash flow positive. Trailing yield: 4.8%. Lower than top quartile of Taiwanese dividend payers (4.9%). In line with average of industry peers (4.7%). Declared Dividend • Jun 06
Dividend of NT$6.20 announced Shareholders will receive a dividend of NT$6.20. Ex-date: 2nd July 2026 Payment date: 22nd July 2026 Dividend yield will be 4.9%, which is lower than the industry average of 5.2%. Sustainability & Growth Dividend is covered by earnings (68% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 12% 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. Earnings per share has grown by 6.8% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 15
First quarter 2026 earnings released: EPS: NT$2.00 (vs NT$2.33 in 1Q 2025) First quarter 2026 results: EPS: NT$2.00 (down from NT$2.33 in 1Q 2025). Revenue: NT$6.86b (down 5.8% from 1Q 2025). Net income: NT$664.5m (down 3.5% from 1Q 2025). Profit margin: 9.7% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 6% per year. Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$9.10 (vs NT$9.80 in FY 2024) Full year 2025 results: EPS: NT$9.10 (down from NT$9.80 in FY 2024). Revenue: NT$28.9b (up 1.6% from FY 2024). Net income: NT$2.69b (down 5.0% from FY 2024). Profit margin: 9.3% (in line with FY 2024). Revenue is forecast to grow 8.8% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Packaging industry in Asia. Over the last 3 years on average, earnings per share has increased by 7% per year and the company’s share price has also increased by 7% per year. Ankündigung • Mar 09
Taiwan Hon Chuan Enterprise Co., Ltd., Annual General Meeting, May 29, 2026 Taiwan Hon Chuan Enterprise Co., Ltd., Annual General Meeting, May 29, 2026. Location: 3 floor no,6, kung yeh ou 2nd rd., hsi tun district, taichung city Taiwan Price Target Changed • Feb 28
Price target decreased by 14% to NT$148 Down from NT$173, the current price target is an average from 2 analysts. New target price is 21% above last closing price of NT$122. Stock is down 27% over the past year. The company is forecast to post earnings per share of NT$8.92 for next year compared to NT$9.80 last year. Reported Earnings • Nov 17
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: NT$2.94. Revenue: NT$7.93b (flat on 3Q 2024). Net income: NT$870.6m (up 1.5% from 3Q 2024). Profit margin: 11% (in line with 3Q 2024). Revenue missed analyst estimates by 9.9%. Earnings per share (EPS) also missed analyst estimates by 2.0%. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Packaging industry in Asia. Price Target Changed • Sep 11
Price target decreased by 9.4% to NT$161 Down from NT$178, the current price target is an average from 3 analysts. New target price is 26% above last closing price of NT$129. Stock is down 20% over the past year. The company is forecast to post earnings per share of NT$9.11 for next year compared to NT$9.80 last year. Major Estimate Revision • Aug 30
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$31.2b to NT$29.8b. EPS estimate also fell from NT$10.52 per share to NT$8.92 per share. Net income forecast to grow 7.0% next year vs 24% growth forecast for Packaging industry in Taiwan. Consensus price target down from NT$178 to NT$173. Share price was steady at NT$139 over the past week. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS exceeds analyst expectations Second quarter 2025 results: EPS: NT$2.32 (down from NT$3.02 in 2Q 2024). Revenue: NT$7.69b (up 2.6% from 2Q 2024). Net income: NT$687.5m (down 21% from 2Q 2024). Profit margin: 8.9% (down from 12% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.0%. Revenue is forecast to grow 7.4% p.a. on average during the next 2 years, compared to a 9.4% growth forecast for the Packaging 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 22% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 25
Upcoming dividend of NT$6.20 per share Eligible shareholders must have bought the stock before 02 July 2025. Payment date: 24 July 2025. Payout ratio is a comfortable 65% but the company is not cash flow positive. Trailing yield: 3.9%. Lower than top quartile of Taiwanese dividend payers (5.3%). In line with average of industry peers (4.2%). Declared Dividend • Jun 07
Dividend increased to NT$6.20 Dividend of NT$6.20 is 16% higher than last year. Ex-date: 2nd July 2025 Payment date: 24th July 2025 Dividend yield will be 4.1%, which is lower than the industry average of 5.2%. Sustainability & Growth Dividend is covered by earnings (65% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 11% 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 9.4% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 15
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: NT$2.33 (down from NT$2.61 in 1Q 2024). Revenue: NT$7.28b (up 12% from 1Q 2024). Net income: NT$688.6m (down 8.2% from 1Q 2024). Profit margin: 9.5% (down from 12% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 6.8% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Packaging industry in Asia. 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 28% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • May 01
Taiwan Hon Chuan Enterprise Co., Ltd. to Report Q1, 2025 Results on May 09, 2025 Taiwan Hon Chuan Enterprise Co., Ltd. announced that they will report Q1, 2025 results on May 09, 2025 Ankündigung • Mar 12
Taiwan Hon Chuan Enterprise Co., Ltd., Annual General Meeting, May 29, 2025 Taiwan Hon Chuan Enterprise Co., Ltd., Annual General Meeting, May 29, 2025, at 09:00 Taipei Standard Time. Location: 3 floor no,6, kung yeh ou 2nd rd., hsi tun district, taichung city Taiwan Ankündigung • Feb 28
Taiwan Hon Chuan Enterprise Co., Ltd. to Report Fiscal Year 2024 Results on Mar 07, 2025 Taiwan Hon Chuan Enterprise Co., Ltd. announced that they will report fiscal year 2024 results on Mar 07, 2025 New Risk • Dec 31
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.8% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks High level of debt (78% net debt to equity). Dividend is not well covered by cash flows (dividend per share is over 8x cash flows per share). Shareholders have been diluted in the past year (2.8% increase in shares outstanding). Reported Earnings • Nov 17
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: NT$2.98 (up from NT$2.97 in 3Q 2023). Revenue: NT$7.89b (up 7.1% from 3Q 2023). Net income: NT$858.0m (flat on 3Q 2023). Profit margin: 11% (in line with 3Q 2023). Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) also missed analyst estimates by 12%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Packaging industry in Asia. 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 32% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 17
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: NT$3.02 (up from NT$2.69 in 2Q 2023). Revenue: NT$7.50b (up 3.8% from 2Q 2023). Net income: NT$868.8m (up 12% from 2Q 2023). Profit margin: 12% (in line with 2Q 2023). Revenue missed analyst estimates by 4.5%. Earnings per share (EPS) exceeded analyst estimates by 4.1%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Packaging industry in Asia. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.8% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks High level of debt (72% net debt to equity). Dividend is not well covered by cash flows (112% cash payout ratio). Shareholders have been diluted in the past year (2.8% increase in shares outstanding). Ankündigung • Aug 10
Taiwan Hon Chuan Enterprise Co., Ltd. announced that it expects to receive TWD 80 million in funding Taiwan Hon Chuan Enterprise Co., Ltd. announced a private placemen to issue 8,000,000 common shares at an issue price of TWD 10 per share for the gross proceeds of TWD 80.000,000 on August 9, 2024. The transaction has been approved by shareholders of company. Ankündigung • Aug 02
Taiwan Hon Chuan Enterprise Co., Ltd. to Report Q2, 2024 Results on Aug 09, 2024 Taiwan Hon Chuan Enterprise Co., Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 Major Estimate Revision • Jun 19
Consensus EPS estimates increase by 15% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from NT$9.15 to NT$10.48. Revenue forecast steady at NT$29.1b. Net income forecast to grow 12% next year vs 25% growth forecast for Packaging industry in Taiwan. Consensus price target up from NT$138 to NT$173. Share price was steady at NT$162 over the past week. Price Target Changed • Jun 18
Price target increased by 31% to NT$173 Up from NT$132, the current price target is an average from 2 analysts. New target price is 6.5% above last closing price of NT$162. Stock is up 51% over the past year. The company is forecast to post earnings per share of NT$10.48 for next year compared to NT$8.60 last year. Declared Dividend • Jun 03
Dividend increased to NT$5.35 Dividend of NT$5.35 is 11% higher than last year. Ex-date: 4th July 2024 Payment date: 26th July 2024 Dividend yield will be 3.3%, which is lower than the industry average of 5.2%. Sustainability & Growth Dividend is covered by earnings (56% earnings payout ratio) but not covered by cash flows (109% cash payout ratio). The dividend has increased by an average of 7.9% 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 8.8% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 16
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: NT$2.61 (up from NT$1.61 in 1Q 2023). Revenue: NT$6.48b (up 6.8% from 1Q 2023). Net income: NT$749.9m (up 62% from 1Q 2023). Profit margin: 12% (up from 7.6% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) exceeded analyst estimates by 29%. Revenue is forecast to grow 9.1% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Packaging industry in Asia. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 15
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: NT$8.60 (up from NT$7.70 in FY 2022). Revenue: NT$26.4b (up 6.9% from FY 2022). Net income: NT$2.47b (up 12% from FY 2022). Profit margin: 9.4% (up from 9.0% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.0%. Revenue is forecast to grow 8.6% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Packaging industry in Asia. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Mar 01
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to NT$146. The fair value is estimated to be NT$121, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 10%. Revenue is forecast to grow by 8.6% in a year. Earnings are forecast to grow by 13% in the next year. Price Target Changed • Nov 30
Price target increased by 19% to NT$132 Up from NT$111, the current price target is an average from 2 analysts. New target price is 10% above last closing price of NT$120. Stock is up 46% over the past year. The company is forecast to post earnings per share of NT$8.35 for next year compared to NT$7.70 last year. Reported Earnings • Nov 15
Third quarter 2023 earnings: EPS exceeds analyst expectations Third quarter 2023 results: EPS: NT$2.97 (up from NT$2.57 in 3Q 2022). Revenue: NT$7.37b (up 2.9% from 3Q 2022). Net income: NT$855.0m (up 15% from 3Q 2022). Profit margin: 12% (up from 10% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 14%. Revenue is forecast to grow 8.9% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Packaging industry in Asia. Over the last 3 years on average, earnings per share has increased by 10% 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 13
Second quarter 2023 earnings: EPS exceeds analyst expectations Second quarter 2023 results: EPS: NT$2.69 (up from NT$2.41 in 2Q 2022). Revenue: NT$7.22b (up 9.8% from 2Q 2022). Net income: NT$774.9m (up 12% from 2Q 2022). Profit margin: 11% (in line with 2Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.9%. Revenue is forecast to grow 8.0% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Packaging industry in Asia. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Aug 11
Taiwan Hon Chuan Enterprise Co., Ltd. Announces Corporate Governance Officer Changes Taiwan Hon Chuan Enterprise Co., Ltd. announced the resignation of Kuei-Ching, Chuang, Vice President of Financial Dept. of THC as Corporate governance officer and appointed Yu-Li, Su, Assistant Manager of Financial Dept. of THC as Corporate governance officer. Effective date is August 10, 2023. Upcoming Dividend • Jun 27
Upcoming dividend of NT$4.80 per share at 4.6% yield Eligible shareholders must have bought the stock before 04 July 2023. Payment date: 20 July 2023. Payout ratio is a comfortable 65% but the company is paying out more than the cash it is generating. Trailing yield: 4.6%. Lower than top quartile of Taiwanese dividend payers (5.5%). In line with average of industry peers (5.1%). Price Target Changed • Jun 03
Price target increased by 12% to NT$109 Up from NT$97.50, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of NT$107. Stock is up 42% over the past year. The company is forecast to post earnings per share of NT$8.31 for next year compared to NT$7.70 last year. Reported Earnings • May 17
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: NT$1.61 (down from NT$1.93 in 1Q 2022). Revenue: NT$6.07b (up 8.1% from 1Q 2022). Net income: NT$463.2m (down 17% from 1Q 2022). Profit margin: 7.6% (down from 9.9% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 19%. Revenue is forecast to grow 9.1% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Packaging industry in Asia. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 17
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: NT$7.70 (up from NT$6.83 in FY 2021). Revenue: NT$24.7b (up 16% from FY 2021). Net income: NT$2.22b (up 13% from FY 2021). Profit margin: 9.0% (down from 9.2% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.0%. Revenue is forecast to grow 8.6% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Packaging industry in Asia. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 5 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Yi-Lu Kung was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: NT$2.57 (up from NT$1.79 in 3Q 2021). Revenue: NT$7.17b (up 30% from 3Q 2021). Net income: NT$740.7m (up 44% from 3Q 2021). Profit margin: 10% (up from 9.3% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.0%. Revenue is forecast to grow 6.5% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Packaging industry in Asia. 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 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 11
Second quarter 2022 earnings: EPS exceeds analyst expectations Second quarter 2022 results: EPS: NT$2.41 (down from NT$2.52 in 2Q 2021). Revenue: NT$6.58b (up 11% from 2Q 2021). Net income: NT$694.5m (down 4.4% from 2Q 2021). Profit margin: 11% (down from 12% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.0%. Over the next year, revenue is forecast to grow 11%, compared to a 22% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 29
Upcoming dividend of NT$4.30 per share Eligible shareholders must have bought the stock before 06 July 2022. Payment date: 28 July 2022. Payout ratio is a comfortable 61% and the cash payout ratio is 79%. Trailing yield: 5.5%. Lower than top quartile of Taiwanese dividend payers (6.3%). Lower than average of industry peers (6.2%). Ankündigung • Jun 19
Taiwan Hon Chuan Enterprise Co., Ltd. Announces Cash Dividend, Payable on July, 28, 2022 Taiwan Hon Chuan Enterprise Co., Ltd. announced Cash dividend of TWD 4.3 per share, payable on July, 28, 2022. Ex-rights (ex-dividend) record date is July 7, 2022. Reported Earnings • May 17
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: NT$1.93 (up from NT$1.67 in 1Q 2021). Revenue: NT$5.61b (up 9.5% from 1Q 2021). Net income: NT$555.4m (up 16% from 1Q 2021). Profit margin: 9.9% (in line with 1Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.4%. Over the next year, revenue is forecast to grow 9.6%, compared to a 20% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 5 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Yi-Lu Kung was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 31
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: NT$6.83 (up from NT$5.72 in FY 2020). Revenue: NT$21.4b (up 11% from FY 2020). Net income: NT$1.96b (up 19% from FY 2020). Profit margin: 9.2% (up from 8.6% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 10.0%, compared to a 17% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS NT$1.79 (vs NT$2.31 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$5.50b (down 1.4% from 3Q 2020). Net income: NT$514.2m (down 23% from 3Q 2020). Profit margin: 9.3% (down from 12% in 3Q 2020). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS NT$2.52 (vs NT$1.85 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$5.93b (up 12% from 2Q 2020). Net income: NT$726.5m (up 36% from 2Q 2020). Profit margin: 12% (up from 10% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 02
Upcoming dividend of NT$3.60 per share Eligible shareholders must have bought the stock before 08 July 2021. Payment date: 28 July 2021. Trailing yield: 4.7%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (3.9%). Price Target Changed • May 23
Price target increased to NT$105 Up from NT$85.00, the current price target is provided by 1 analyst. New target price is 50% above last closing price of NT$70.20. Stock is up 30% over the past year. Reported Earnings • May 19
First quarter 2021 earnings released: EPS NT$1.67 (vs NT$0.91 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$5.12b (up 16% from 1Q 2020). Net income: NT$480.1m (up 81% from 1Q 2020). Profit margin: 9.4% (up from 6.0% 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 17% 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 • Mar 30
Full year 2020 earnings released: EPS NT$5.72 (vs NT$4.72 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$19.3b (down 10% from FY 2019). Net income: NT$1.66b (up 20% from FY 2019). Profit margin: 8.6% (up from 6.4% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 7% per year. Price Target Changed • Feb 24
Price target raised to NT$77.50 Up from NT$69.07, the current price target is provided by 1 analyst. The new target price is 25% above the current share price of NT$62.20. As of last close, the stock is up 4.2% over the past year. Is New 90 Day High Low • Feb 22
New 90-day high: NT$62.90 The company is up 6.0% from its price of NT$59.30 on 24 November 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Packaging industry, which is down 2.0% over the same period. Is New 90 Day High Low • Jan 26
New 90-day low: NT$57.80 The company is down 2.0% from its price of NT$59.00 on 28 October 2020. The Taiwanese market is up 23% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Packaging industry, which is down 6.0% over the same period. Is New 90 Day High Low • Jan 04
New 90-day high: NT$61.70 The company is up 10.0% from its price of NT$56.20 on 06 October 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Packaging industry, which is also up 10.0% over the same period. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS NT$2.31 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$5.58b (down 6.6% from 3Q 2019). Net income: NT$664.7m (up 42% from 3Q 2019). Profit margin: 12% (up from 7.8% in 3Q 2019). The increase in margin was driven by lower expenses. 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 4% per year. Analyst Estimate Surprise Post Earnings • Nov 13
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) exceeded analyst estimates by 28%. Over the next year, revenue is forecast to grow 9.3%, compared to a 22% growth forecast for the Packaging industry in Taiwan. Is New 90 Day High Low • Nov 10
New 90-day high: NT$60.40 The company is up 11% from its price of NT$54.60 on 12 August 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Packaging industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$92.16 per share. Price Target Changed • Oct 23
Price target raised to NT$64.10 Up from NT$59.07, the current price target is provided by 1 analyst. The new target price is 11% above the current share price of NT$57.80. As of last close, the stock is up 4.9% over the past year.