Reported Earnings • May 19
First quarter 2026 earnings released: EPS: NT$0.26 (vs NT$0.14 in 1Q 2025) First quarter 2026 results: EPS: NT$0.26 (up from NT$0.14 in 1Q 2025). Revenue: NT$98.6m (up 2.7% from 1Q 2025). Net income: NT$10.8m (up 84% from 1Q 2025). Profit margin: 11% (up from 6.1% in 1Q 2025). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has remained flat, which means it is well ahead of earnings. New Risk • Mar 30
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 96% The company is paying a dividend despite having no free cash flows. Dividend yield: 3.7% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 96% Paying a dividend despite having no free cash flows. Minor Risk Market cap is less than US$100m (NT$798.8m market cap, or US$25.0m). Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$0.73 (vs NT$0.60 in FY 2024) Full year 2025 results: EPS: NT$0.73 (up from NT$0.60 in FY 2024). Revenue: NT$377.0m (up 1.9% from FY 2024). Net income: NT$30.5m (up 30% from FY 2024). Profit margin: 8.1% (up from 6.3% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Anuncio • Mar 13
Polygreen Resources Co., Ltd., Annual General Meeting, Jun 05, 2026 Polygreen Resources Co., Ltd., Annual General Meeting, Jun 05, 2026. Location: no,800, yung fu rd., sinwu district, taoyuan city Taiwan Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$0.22 (vs NT$0.023 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.22 (up from NT$0.023 loss in 3Q 2024). Revenue: NT$87.1m (down 14% from 3Q 2024). Net income: NT$9.26m (up NT$10.2m from 3Q 2024). Profit margin: 11% (up from net loss in 3Q 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Sep 27
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at NT$18.70. The fair value is estimated to be NT$15.58, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Earnings per share has declined by 18%. Buy Or Sell Opportunity • Sep 01
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 2.1% to NT$19.25. The fair value is estimated to be NT$15.93, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Earnings per share has declined by 18%. Reported Earnings • Aug 27
Second quarter 2025 earnings released: EPS: NT$0.13 (vs NT$0.21 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.13 (down from NT$0.21 in 2Q 2024). Revenue: NT$98.5m (up 7.2% from 2Q 2024). Net income: NT$5.14m (down 40% from 2Q 2024). Profit margin: 5.2% (down from 9.3% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$0.14 (vs NT$0.25 in 1Q 2024) First quarter 2025 results: EPS: NT$0.14 (down from NT$0.25 in 1Q 2024). Revenue: NT$96.0m (up 10.0% from 1Q 2024). Net income: NT$5.85m (down 26% from 1Q 2024). Profit margin: 6.1% (down from 9.1% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • May 13
Now 21% overvalued Over the last 90 days, the stock has fallen 8.7% to NT$19.00. The fair value is estimated to be NT$15.73, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 2.6%. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$17.10, the stock trades at a trailing P/E ratio of 29.6x. Average trailing P/E is 17x in the Commercial Services industry in Taiwan. Total returns to shareholders of 23% over the past three years. Reported Earnings • Mar 23
Full year 2024 earnings released: EPS: NT$0.62 (vs NT$0.91 in FY 2023) Full year 2024 results: EPS: NT$0.62 (down from NT$0.91 in FY 2023). Revenue: NT$369.8m (up 14% from FY 2023). Net income: NT$23.4m (down 5.9% from FY 2023). Profit margin: 6.3% (down from 7.6% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 8% per year, which means it is tracking significantly ahead of earnings growth. Anuncio • Mar 14
Polygreen Resources Co., Ltd., Annual General Meeting, Jun 26, 2025 Polygreen Resources Co., Ltd., Annual General Meeting, Jun 26, 2025. Location: no,800, yung fu rd., sinwu district, taoyuan city Taiwan New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 48% This is considered a major 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: Major Risks Earnings have declined by 1.4% per year over the past 5 years. Shareholders have been substantially diluted in the past year (48% increase in shares outstanding). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (5.8% net profit margin). Market cap is less than US$100m (NT$803.9m market cap, or US$24.4m). Reported Earnings • Nov 17
Third quarter 2024 earnings released: NT$0.02 loss per share (vs NT$0.28 profit in 3Q 2023) Third quarter 2024 results: NT$0.02 loss per share (down from NT$0.28 profit in 3Q 2023). Revenue: NT$101.8m (up 23% from 3Q 2023). Net loss: NT$940.0k (down 112% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 10% per year. Upcoming Dividend • Sep 02
Upcoming dividend of NT$0.40 per share Eligible shareholders must have bought the stock before 09 September 2024. Payment date: 04 October 2024. Payout ratio is a comfortable 40% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (4.3%). Lower than average of industry peers (3.7%). Reported Earnings • Aug 31
Second quarter 2024 earnings released: EPS: NT$0.22 (vs NT$0.39 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.22 (down from NT$0.39 in 2Q 2023). Revenue: NT$91.9m (up 1.4% from 2Q 2023). Net income: NT$8.53m (down 16% from 2Q 2023). Profit margin: 9.3% (down from 11% in 2Q 2023). The decrease in margin was driven by higher expenses. 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 14% per year. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$25.35, the stock trades at a trailing P/E ratio of 31.3x. Average trailing P/E is 30x in the Commercial Services industry in Taiwan. Total returns to shareholders of 85% over the past three years. New Risk • Jun 04
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 48% 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: Major Risks Earnings have declined by 5.9% per year over the past 5 years. High level of non-cash earnings (34% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.5% average weekly change). Shareholders have been diluted in the past year (48% increase in shares outstanding). Market cap is less than US$100m (NT$844.7m market cap, or US$26.1m). Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$0.26 (vs NT$0.058 in 1Q 2023) First quarter 2024 results: EPS: NT$0.26 (up from NT$0.058 in 1Q 2023). Revenue: NT$87.3m (up 20% from 1Q 2023). Net income: NT$7.93m (up 427% from 1Q 2023). Profit margin: 9.1% (up from 2.1% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 12% per year. Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$23.25, the stock trades at a trailing P/E ratio of 24.4x. Average trailing P/E is 27x in the Commercial Services industry in Taiwan. Total returns to shareholders of 74% over the past three years. Anuncio • Mar 23
Polygreen Resources Co., Ltd., Annual General Meeting, Jun 13, 2024 Polygreen Resources Co., Ltd., Annual General Meeting, Jun 13, 2024. Reported Earnings • Mar 16
Full year 2023 earnings released: EPS: NT$0.95 (vs NT$1.13 in FY 2022) Full year 2023 results: EPS: NT$0.95 (down from NT$1.13 in FY 2022). Revenue: NT$324.7m (up 1.1% from FY 2022). Net income: NT$24.8m (down 15% from FY 2022). Profit margin: 7.6% (down from 9.1% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$24.35, the stock trades at a trailing P/E ratio of 23.1x. Average trailing P/E is 27x in the Commercial Services industry in Taiwan. Total returns to shareholders of 97% over the past three years. New Risk • Nov 10
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 38% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 11% per year over the past 5 years. High level of non-cash earnings (38% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (NT$537.1m market cap, or US$16.6m). Upcoming Dividend • Sep 01
Upcoming dividend of NT$0.50 per share at 2.2% yield Eligible shareholders must have bought the stock before 08 September 2023. Payment date: 05 October 2023. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (5.6%). Lower than average of industry peers (4.5%). Reported Earnings • Aug 26
Second quarter 2023 earnings released: EPS: NT$0.41 (vs NT$0.26 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.41 (up from NT$0.26 in 2Q 2022). Revenue: NT$90.5m (up 13% from 2Q 2022). Net income: NT$10.1m (up 57% from 2Q 2022). Profit margin: 11% (up from 8.0% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 15% per year. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: NT$0.06 (vs NT$0.26 in 1Q 2022) First quarter 2023 results: EPS: NT$0.06 (down from NT$0.26 in 1Q 2022). Revenue: NT$72.7m (down 2.8% from 1Q 2022). Net income: NT$1.51m (down 76% from 1Q 2022). Profit margin: 2.1% (down from 8.5% in 1Q 2022). The decrease in margin was primarily driven by higher expenses. 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 10% per year. Reported Earnings • Mar 23
Full year 2022 earnings released: EPS: NT$1.18 (vs NT$0.72 in FY 2021) Full year 2022 results: EPS: NT$1.18 (up from NT$0.72 in FY 2021). Revenue: NT$321.3m (up 19% from FY 2021). Net income: NT$29.3m (up 63% from FY 2021). Profit margin: 9.1% (up from 6.7% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Board Change • Jan 30
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. 3 experienced directors. 4 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Bee Tan was the last independent director to join the board, commencing their role in 2010. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Nov 17
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. 3 experienced directors. 4 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Bee Tan was the last independent director to join the board, commencing their role in 2010. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Sep 06
Upcoming dividend of NT$0.30 per share Eligible shareholders must have bought the stock before 13 September 2022. Payment date: 07 October 2022. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (6.5%). Lower than average of industry peers (5.0%). Reported Earnings • Aug 27
Second quarter 2022 earnings released: EPS: NT$0.27 (vs NT$0.11 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.27 (up from NT$0.11 in 2Q 2021). Revenue: NT$80.4m (up 19% from 2Q 2021). Net income: NT$6.45m (up 147% from 2Q 2021). Profit margin: 8.0% (up from 3.9% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • May 17
First quarter 2022 earnings released: EPS: NT$0.26 (vs NT$0.37 in 1Q 2021) First quarter 2022 results: EPS: NT$0.26 (down from NT$0.37 in 1Q 2021). Revenue: NT$74.9m (down 11% from 1Q 2021). Net income: NT$6.35m (down 29% from 1Q 2021). Profit margin: 8.5% (down from 11% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Board Change • Apr 28
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. 3 experienced directors. 4 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Bee Tan was the last independent director to join the board, commencing their role in 2010. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Anuncio • Apr 13
Polygreen Resources Co., Ltd., Annual General Meeting, Jun 29, 2022 Polygreen Resources Co., Ltd., Annual General Meeting, Jun 29, 2022. Reported Earnings • Nov 15
Third quarter 2021 earnings released: NT$0.03 loss per share (vs NT$0.32 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: NT$43.5m (down 44% from 3Q 2020). Net loss: NT$721.0k (down 109% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 03
Upcoming dividend of NT$0.40 per share Eligible shareholders must have bought the stock before 10 September 2021. Payment date: 08 October 2021. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (4.8%). Reported Earnings • Aug 30
Second quarter 2021 earnings released: EPS NT$0.11 (vs NT$0.074 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$67.8m (up 16% from 2Q 2020). Net income: NT$2.61m (up 53% from 2Q 2020). Profit margin: 3.9% (up from 2.9% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.39 (vs NT$0.16 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$83.6m (up 26% from 1Q 2020). Net income: NT$8.95m (up 144% from 1Q 2020). Profit margin: 11% (up from 5.5% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$0.92 (vs NT$1.33 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$282.9m (down 14% from FY 2019). Net income: NT$21.1m (down 31% from FY 2019). Profit margin: 7.5% (down from 9.2% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Dec 17
New 90-day low: NT$16.05 The company is down 9.0% from its price of NT$17.69 on 18 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is flat over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.34 The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2020 results: Revenue: NT$78.0m (down 6.7% from 3Q 2019). Net income: NT$7.80m (down 4.0% from 3Q 2019). Profit margin: 10.0% (in line with 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Is New 90 Day High Low • Oct 14
New 90-day low: NT$16.10 The company is down 1.0% from its price of NT$16.20 on 15 July 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Commercial Services industry, which is down 6.0% over the same period.