Declared Dividend • May 29
Dividend reduced to NT$0.50 Dividend of NT$0.50 is 75% lower than last year. Ex-date: 10th June 2026 Payment date: 30th June 2026 Dividend yield will be 2.4%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by both earnings (88% earnings payout ratio) and cash flows (70% 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 grown by 38% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 12
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$1.25 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00 (down from NT$1.25 in 1Q 2025). Revenue: NT$2.50b (flat on 1Q 2025). Net income: NT$183.3m (flat on 1Q 2025). Profit margin: 7.3% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 19% 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. Buy Or Sell Opportunity • May 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to NT$20.80. The fair value is estimated to be NT$26.31, 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 declined by 7.7%. New Risk • Apr 29
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: 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 (1.2% net profit margin). Market cap is less than US$100m (NT$3.16b market cap, or US$99.9m). Anuncio • Mar 09
Tainan Enterprises Co., Ltd., Annual General Meeting, May 26, 2026 Tainan Enterprises Co., Ltd., Annual General Meeting, May 26, 2026, at 09:00 Taipei Standard Time. Location: no,320, sec.3 chung shan rd., gueiren district, tainan city Taiwan Reported Earnings • Mar 09
Full year 2025 earnings released: EPS: NT$0.57 (vs NT$3.02 in FY 2024) Full year 2025 results: EPS: NT$0.57 (down from NT$3.02 in FY 2024). Revenue: NT$6.68b (down 10% from FY 2024). Net income: NT$83.4m (down 81% from FY 2024). Profit margin: 1.2% (down from 5.9% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Nov 12
Third quarter 2025 earnings released: NT$0.14 loss per share (vs NT$0.49 profit in 3Q 2024) Third quarter 2025 results: NT$0.14 loss per share (down from NT$0.49 profit in 3Q 2024). Revenue: NT$1.44b (down 21% from 3Q 2024). Net loss: NT$21.1m (down 129% from profit in 3Q 2024). 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 9% per year. Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$29.35, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 20x in the Luxury industry in Taiwan. Total returns to shareholders of 76% over the past three years. Buy Or Sell Opportunity • Oct 01
Now 31% overvalued after recent price rise Over the last 90 days, the stock has risen 1.3% to NT$28.25. The fair value is estimated to be NT$21.54, 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 23%. Buy Or Sell Opportunity • Sep 08
Now 20% overvalued Over the last 90 days, the stock has fallen 13% to NT$25.90. The fair value is estimated to be NT$21.58, 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 23%. New Risk • Aug 13
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.7% Last year net profit margin: 6.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (106% payout ratio). Profit margins are more than 30% lower than last year (3.7% net profit margin). Upcoming Dividend • Jun 04
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 11 June 2025. Payment date: 30 June 2025. Payout ratio is a comfortable 71% and this is well supported by cash flows. Trailing yield: 6.6%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (4.6%). Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$1.25 (vs NT$1.44 in 1Q 2024) First quarter 2025 results: EPS: NT$1.25 (down from NT$1.44 in 1Q 2024). Revenue: NT$2.50b (up 7.9% from 1Q 2024). Net income: NT$183.3m (down 13% from 1Q 2024). Profit margin: 7.3% (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 increased by 43% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Anuncio • Apr 18
Tainan Enterprises Co., Ltd. to Report Q1, 2025 Results on May 08, 2025 Tainan Enterprises Co., Ltd. announced that they will report Q1, 2025 results on May 08, 2025 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$29.45, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 17x in the Luxury industry in Taiwan. Total returns to shareholders of 71% over the past three years. Buy Or Sell Opportunity • Mar 31
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at NT$35.30. The fair value is estimated to be NT$44.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Mar 13
Full year 2024 earnings released: EPS: NT$3.02 (vs NT$2.13 in FY 2023) Full year 2024 results: EPS: NT$3.02 (up from NT$2.13 in FY 2023). Revenue: NT$7.45b (up 14% from FY 2023). Net income: NT$441.3m (up 42% from FY 2023). Profit margin: 5.9% (up from 4.8% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Anuncio • Mar 11
Tainan Enterprises Co., Ltd., Annual General Meeting, May 26, 2025 Tainan Enterprises Co., Ltd., Annual General Meeting, May 26, 2025, at 09:00 Taipei Standard Time. Location: no,320, sec.3 chung shan rd., gueiren district, tainan city Taiwan Anuncio • Feb 19
Tainan Enterprises Co., Ltd. to Report Fiscal Year 2024 Results on Mar 07, 2025 Tainan Enterprises Co., Ltd. announced that they will report fiscal year 2024 results on Mar 07, 2025 Anuncio • Jan 25
Tainan Enterprises Co., Ltd. Appoints Su Chiung-Chung as Chief Operating Officer, Effective January 24, 2025 Tainan Enterprises Co., Ltd. announced that the New Chief Operating Officer (COO). Name, title, and resume of the new position holder: Su Chiung-Chung. The effective date is January 24, 2025. Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: NT$0.49 (vs NT$0.85 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.49 (down from NT$0.85 in 3Q 2023). Revenue: NT$1.83b (up 8.0% from 3Q 2023). Net income: NT$72.0m (down 42% from 3Q 2023). Profit margin: 3.9% (down from 7.4% in 3Q 2023). The decrease in margin was driven by higher expenses. 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 25% per year, which means it is significantly lagging earnings growth. Anuncio • Oct 15
Tainan Enterprises Co., Ltd. to Report Q3, 2024 Results on Nov 04, 2024 Tainan Enterprises Co., Ltd. announced that they will report Q3, 2024 results on Nov 04, 2024 Reported Earnings • Aug 11
Second quarter 2024 earnings released: EPS: NT$0.61 (vs NT$0.42 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.61 (up from NT$0.42 in 2Q 2023). Revenue: NT$1.63b (up 9.4% from 2Q 2023). Net income: NT$89.1m (up 47% from 2Q 2023). Profit margin: 5.5% (up from 4.1% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Anuncio • Jul 13
Tainan Enterprises Co., Ltd. to Report Q2, 2024 Results on Aug 08, 2024 Tainan Enterprises Co., Ltd. announced that they will report Q2, 2024 results on Aug 08, 2024 Upcoming Dividend • Jun 20
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 19 July 2024. Payout ratio is a comfortable 39% but the company is paying out more than the cash it is generating. Trailing yield: 2.5%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (3.1%). New Risk • Jun 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 42% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (dividend per share is over 30x cash flows per share). Share price has been volatile over the past 3 months (7.3% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$46.70, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 22x in the Luxury industry in Taiwan. Total returns to shareholders of 173% over the past three years. New Risk • May 13
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: Minor Risks Dividend is not well covered by cash flows (dividend per share is over 30x cash flows per share). Share price has been volatile over the past 3 months (6.8% average weekly change). Reported Earnings • May 12
First quarter 2024 earnings released: EPS: NT$1.44 (vs NT$0.53 in 1Q 2023) First quarter 2024 results: EPS: NT$1.44 (up from NT$0.53 in 1Q 2023). Revenue: NT$2.31b (up 33% from 1Q 2023). Net income: NT$210.9m (up 174% from 1Q 2023). Profit margin: 9.1% (up from 4.4% 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 103% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$39.05, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 24x in the Luxury industry in Taiwan. Total returns to shareholders of 135% over the past three years. Anuncio • Apr 27
Tainan Enterprises Co., Ltd. to Report Q1, 2024 Results on May 08, 2024 Tainan Enterprises Co., Ltd. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 08, 2024 Buy Or Sell Opportunity • Apr 11
Now 23% undervalued Over the last 90 days, the stock has risen 5.1% to NT$30.05. The fair value is estimated to be NT$39.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.3% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Mar 26
Now 20% undervalued Over the last 90 days, the stock has risen 4.8% to NT$30.65. The fair value is estimated to be NT$38.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.3% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Mar 22
Full year 2023 earnings released: EPS: NT$2.13 (vs NT$2.06 in FY 2022) Full year 2023 results: EPS: NT$2.13 (up from NT$2.06 in FY 2022). Revenue: NT$6.51b (down 14% from FY 2022). Net income: NT$311.5m (up 3.5% from FY 2022). Profit margin: 4.8% (up from 4.0% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Anuncio • Dec 14
Tainan Enterprises Co.,Ltd Appoints Teho Lee as CIO Tainan Enterprises Co.,Ltd announced the appointment of Teho Lee as CIO. Effective date is December 22, 2023. Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: NT$0.42 (vs NT$0.41 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.42 (up from NT$0.41 in 2Q 2022). Revenue: NT$1.49b (down 11% from 2Q 2022). Net income: NT$60.8m (up 2.4% from 2Q 2022). Profit margin: 4.1% (up from 3.5% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 95% 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 • Jul 13
Upcoming dividend of NT$1.00 per share at 4.0% yield Eligible shareholders must have bought the stock before 20 July 2023. Payment date: 18 August 2023. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 4.0%. Lower than top quartile of Taiwanese dividend payers (5.5%). In line with average of industry peers (4.4%). Reported Earnings • Mar 24
Full year 2022 earnings released: EPS: NT$2.06 (vs NT$0.92 loss in FY 2021) Full year 2022 results: EPS: NT$2.06 (up from NT$0.92 loss in FY 2021). Revenue: NT$7.53b (up 31% from FY 2021). Net income: NT$301.0m (up NT$436.1m from FY 2021). Profit margin: 4.0% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 8 non-independent directors. Director Yen-Ling Fang was the last director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.61 (vs NT$0.21 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$0.61 (up from NT$0.21 loss in 3Q 2021). Revenue: NT$1.89b (up 14% from 3Q 2021). Net income: NT$89.9m (up NT$120.9m from 3Q 2021). Profit margin: 4.8% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 6% per year. Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: NT$0.41 (vs NT$0.84 loss in 2Q 2021) Second quarter 2022 results: EPS: NT$0.41 (up from NT$0.84 loss in 2Q 2021). Revenue: NT$1.68b (up 83% from 2Q 2021). Net income: NT$59.4m (up NT$182.5m from 2Q 2021). Profit margin: 3.5% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 21
Upcoming dividend of NT$0.10 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 26 August 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of Taiwanese dividend payers (6.7%). Lower than average of industry peers (4.0%). Reported Earnings • May 17
First quarter 2022 earnings released: EPS: NT$0.77 (vs NT$0.31 in 1Q 2021) First quarter 2022 results: EPS: NT$0.77 (up from NT$0.31 in 1Q 2021). Revenue: NT$2.32b (up 36% from 1Q 2021). Net income: NT$112.7m (up 152% from 1Q 2021). Profit margin: 4.8% (up from 2.6% in 1Q 2021). 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 75 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 28
Full year 2021 earnings released: NT$0.92 loss per share (vs NT$2.45 loss in FY 2020) Full year 2021 results: NT$0.92 loss per share (up from NT$2.45 loss in FY 2020). Revenue: NT$5.76b (down 3.5% from FY 2020). Net loss: NT$135.1m (loss narrowed 62% from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 11
Third quarter 2021 earnings released: NT$0.21 loss per share (vs NT$0.32 loss in 3Q 2020) The company reported a decent third quarter result with reduced losses and improved control over expenses, although revenues were weaker. Third quarter 2021 results: Revenue: NT$1.65b (down 2.2% from 3Q 2020). Net loss: NT$31.0m (loss narrowed 33% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Sep 24
Upcoming dividend of NT$0.20 per share Eligible shareholders must have bought the stock before 01 October 2021. Payment date: 28 October 2021. Trailing yield: 2.9%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.5%). Reported Earnings • Aug 13
Second quarter 2021 earnings released: NT$0.84 loss per share (vs NT$0.87 loss in 2Q 2020) The company reported a soft second quarter result with weaker revenues and control over costs, although losses reduced. Second quarter 2021 results: Revenue: NT$918.4m (down 14% from 2Q 2020). Net loss: NT$123.1m (loss narrowed 3.0% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Reported Earnings • May 14
First quarter 2021 earnings released: EPS NT$0.31 (vs NT$0.07 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: NT$1.70b (down 14% from 1Q 2020). Net income: NT$44.7m (up 335% from 1Q 2020). Profit margin: 2.6% (up from 0.5% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 26
Full year 2020 earnings released: NT$2.45 loss per share (vs NT$0.55 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: NT$5.97b (down 22% from FY 2019). Net loss: NT$358.6m (down NT$439.1m from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Jan 21
New 90-day low: NT$17.55 The company is down 2.0% from its price of NT$18.00 on 23 October 2020. The Taiwanese market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is down 1.0% over the same period. Is New 90 Day High Low • Dec 28
New 90-day high: NT$18.95 The company is up 5.0% from its price of NT$18.00 on 29 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 8.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: NT$0.32 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: NT$1.69b (down 23% from 3Q 2019). Net loss: NT$46.4m (down 425% from profit in 3Q 2019). 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 8% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 29
New 90-day low: NT$17.80 The company is down 3.0% from its price of NT$18.35 on 31 July 2020. The Taiwanese market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 7.0% over the same period. Is New 90 Day High Low • Sep 25
New 90-day low: NT$17.85 The company is down 11% from its price of NT$20.10 on 24 June 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is down 2.0% over the same period.