New Risk • May 22
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Dividend per share is over 17x earnings per share. Dividend yield: 1.4% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings 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. However, this risk is mitigated by the fact the dividend is covered by cash flows. 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 Risks Interest payments are not well covered by earnings (2.6x net interest cover). Earnings have declined by 46% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (dividend per share is over 17x earnings per share). Market cap is less than US$100m (NT$1.58b market cap, or US$50.1m). Reported Earnings • May 07
First quarter 2026 earnings released: NT$0.028 loss per share (vs NT$0.01 loss in 1Q 2025) First quarter 2026 results: NT$0.028 loss per share (further deteriorated from NT$0.01 loss in 1Q 2025). Revenue: NT$824.1m (up 1.9% from 1Q 2025). Net loss: NT$4.16m (loss widened 180% from 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. New Risk • Mar 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 43% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Earnings have declined by 35% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.04% net profit margin). Market cap is less than US$100m (NT$1.73b market cap, or US$54.2m). Anuncio • Mar 09
Baolong International Co., Ltd., Annual General Meeting, May 26, 2026 Baolong International Co., Ltd., Annual General Meeting, May 26, 2026, at 09:30 Taipei Standard Time. Location: no,809, wan nien rd., douliou city, yunlin county Taiwan Reported Earnings • Mar 09
Full year 2025 earnings released: EPS: NT$0.01 (vs NT$0.25 in FY 2024) Full year 2025 results: EPS: NT$0.01 (down from NT$0.25 in FY 2024). Revenue: NT$3.11b (down 3.1% from FY 2024). Net income: NT$1.27m (down 97% from FY 2024). Profit margin: 0% (down from 1.2% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$0.23 (vs NT$0.19 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.23 (up from NT$0.19 loss in 3Q 2024). Revenue: NT$706.9m (down 6.5% from 3Q 2024). Net income: NT$34.5m (up NT$63.0m from 3Q 2024). Profit margin: 4.9% (up from net loss in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 106 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 14
Second quarter 2025 earnings released: NT$0.37 loss per share (vs NT$0.12 loss in 2Q 2024) Second quarter 2025 results: NT$0.37 loss per share (further deteriorated from NT$0.12 loss in 2Q 2024). Revenue: NT$790.2m (flat on 2Q 2024). Net loss: NT$56.0m (loss widened 200% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Jun 26
Upcoming dividend of NT$0.10 per share Eligible shareholders must have bought the stock before 03 July 2025. Payment date: 25 July 2025. Payout ratio is a comfortable 40% but the company is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (2.4%). Declared Dividend • May 29
Dividend reduced to NT$0.10 Dividend of NT$0.10 is 33% lower than last year. Ex-date: 3rd July 2025 Payment date: 25th July 2025 Dividend yield will be 0.8%, which is lower than the industry average of 3.0%. Reported Earnings • May 10
First quarter 2025 earnings released: NT$0.01 loss per share (vs NT$0.30 profit in 1Q 2024) First quarter 2025 results: NT$0.01 loss per share (down from NT$0.30 profit in 1Q 2024). Revenue: NT$809.1m (down 14% from 1Q 2024). Net loss: NT$1.48m (down 103% from profit in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Anuncio • May 01
Baolong International Co., Ltd. to Report Q1, 2025 Results on May 09, 2025 Baolong International Co., Ltd. announced that they will report Q1, 2025 results on May 09, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to NT$10.50, the stock trades at a trailing P/E ratio of 42x. Average trailing P/E is 14x in the Forestry industry in Asia. Total loss to shareholders of 45% over the past three years. New Risk • Mar 17
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 360% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.02x net interest cover). Earnings have declined by 7.3% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.11b market cap, or US$63.9m). Reported Earnings • Mar 11
Full year 2024 earnings released: EPS: NT$0.25 (vs NT$0.20 in FY 2023) Full year 2024 results: EPS: NT$0.25 (up from NT$0.20 in FY 2023). Revenue: NT$3.21b (down 5.3% from FY 2023). Net income: NT$37.8m (up 25% from FY 2023). Profit margin: 1.2% (up from 0.9% in FY 2023). 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 60 percentage points per year, which is a significant difference in performance. Anuncio • Mar 07
Baolong International Co., Ltd., Annual General Meeting, May 27, 2025 Baolong International Co., Ltd., Annual General Meeting, May 27, 2025. Location: no,809, wan nien rd., douliou city, yunlin county Taiwan Anuncio • Feb 27
Baolong International Co., Ltd. to Report Fiscal Year 2024 Results on Mar 06, 2025 Baolong International Co., Ltd. announced that they will report fiscal year 2024 results on Mar 06, 2025 New Risk • Nov 28
New major risk - Revenue and earnings growth Earnings have declined by 4.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (1.1% operating cash flow to total debt). Earnings have declined by 4.5% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$2.26b market cap, or US$69.5m). Anuncio • Oct 29
Baolong International Co., Ltd. to Report Q3, 2024 Results on Nov 05, 2024 Baolong International Co., Ltd. announced that they will report Q3, 2024 results on Nov 05, 2024 Anuncio • Oct 06
Baolong International Co., Ltd. Announces the Resignation of Lin, Hsin-Hung as Institutional Director Baolong International Co., Ltd. announced the resignation of Lin, Hsin-Hung as institutional director. Title and name of the previous position holder: Yih Yuan Investment Corp.: Lin, Hsin-Hung. Resume of the previous position holder: Lin, Hsin-Hung (Yih Yuan Investment Corp.): Director and President of Lien Hwa Industrial Holdings Corp. The company received the resignation letter from the institutional director Yih Yuan Investment Corp. on October 4, 2024. Reported Earnings • Aug 10
Second quarter 2024 earnings released: NT$0.12 loss per share (vs NT$0.51 profit in 2Q 2023) Second quarter 2024 results: NT$0.12 loss per share (down from NT$0.51 profit in 2Q 2023). Revenue: NT$785.9m (down 13% from 2Q 2023). Net loss: NT$18.7m (down 124% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Anuncio • Jul 31
Baolong International Co., Ltd. to Report Q2, 2024 Results on Aug 07, 2024 Baolong International Co., Ltd. announced that they will report Q2, 2024 results on Aug 07, 2024 Declared Dividend • May 29
Dividend reduced to NT$0.15 Dividend of NT$0.15 is 70% lower than last year. Ex-date: 4th July 2024 Payment date: 25th July 2024 Dividend yield will be 0.9%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (19% earnings payout ratio) but not covered by cash flows (112% cash payout ratio). The dividend has decreased over the past 76 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 79% to shift the payout ratio to a potentially unsustainable range, which is more than the 26% EPS decline seen over the last 5 years. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: NT$0.30 (vs NT$0.28 loss in 1Q 2023) First quarter 2024 results: EPS: NT$0.30 (up from NT$0.28 loss in 1Q 2023). Revenue: NT$935.8m (up 16% from 1Q 2023). Net income: NT$44.7m (up NT$87.3m from 1Q 2023). Profit margin: 4.8% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 13% 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. New Risk • Mar 14
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (2.9% operating cash flow to total debt). Earnings have declined by 8.5% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.9% net profit margin). Market cap is less than US$100m (NT$2.33b market cap, or US$73.8m). Reported Earnings • Mar 12
Full year 2023 earnings released: EPS: NT$0.20 (vs NT$2.83 in FY 2022) Full year 2023 results: EPS: NT$0.20 (down from NT$2.83 in FY 2022). Revenue: NT$3.39b (down 26% from FY 2022). Net income: NT$30.1m (down 93% from FY 2022). Profit margin: 0.9% (down from 9.3% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 4% per year. New Risk • Aug 11
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: 1.7% Last year net profit margin: 9.5% 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: Major Risk Earnings have declined by 10.0% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (123% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.7% net profit margin). Market cap is less than US$100m (NT$2.39b market cap, or US$75.2m). Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: NT$0.51 (vs NT$2.39 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.51 (down from NT$2.39 in 2Q 2022). Revenue: NT$907.0m (down 40% from 2Q 2022). Net income: NT$77.3m (down 79% from 2Q 2022). Profit margin: 8.5% (down from 24% in 2Q 2022). 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 6% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 29
Upcoming dividend of NT$0.50 per share at 3.0% yield Eligible shareholders must have bought the stock before 06 July 2023. Payment date: 27 July 2023. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (2.0%). Anuncio • May 31
Baolong International Co., Ltd. Approves Cash Dividend, Payable on 27 July 2023 Baolong International Co., Ltd. approved cash dividend of TWD 0.50 per share. Ex-rights (ex-dividend) trading date is 06 July 2023. Ex-rights (ex-dividend) record date is 12 July 2023. Payment date of cash dividend distribution is 27 July 2023. Reported Earnings • Mar 18
Full year 2022 earnings released: EPS: NT$2.83 (vs NT$1.22 in FY 2021) Full year 2022 results: EPS: NT$2.83 (up from NT$1.22 in FY 2021). Revenue: NT$4.60b (up 150% from FY 2021). Net income: NT$426.9m (up 131% from FY 2021). Profit margin: 9.3% (in line with FY 2021). 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 16% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Insufficient new directors 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. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment improved over the past week After last week's 15% share price gain to NT$19.50, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 14x in the Forestry industry in Taiwan. Total returns to shareholders of 69% over the past three years. Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: NT$2.39 (vs NT$1.17 in 2Q 2021) Second quarter 2022 results: EPS: NT$2.39 (up from NT$1.17 in 2Q 2021). Revenue: NT$1.51b (up NT$1.43b from 2Q 2021). Net income: NT$361.5m (up 106% from 2Q 2021). Profit margin: 24% (down from 220% in 2Q 2021). The decrease in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 30
Upcoming dividend of NT$0.60 per share Eligible shareholders must have bought the stock before 07 July 2022. Payment date: 28 July 2022. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (6.4%). Lower than average of industry peers (5.4%). Reported Earnings • May 12
First quarter 2022 earnings released: EPS: NT$0.26 (vs NT$0.003 in 1Q 2021) First quarter 2022 results: EPS: NT$0.26 (up from NT$0.003 in 1Q 2021). Revenue: NT$1.10b (up NT$1.02b from 1Q 2021). Net income: NT$38.6m (up NT$38.2m from 1Q 2021). Profit margin: 3.5% (up from 0.6% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Board Change • Apr 27
Insufficient new directors 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. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Mar 09
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$1.22 (up from NT$0.62 in FY 2020). Revenue: NT$1.84b (up 48% from FY 2020). Net income: NT$184.6m (up 98% from FY 2020). Profit margin: 10.0% (up from 7.5% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Nov 10
Third quarter 2021 earnings released: NT$0.13 loss per share (vs NT$0.069 profit in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: NT$634.4m (up 94% from 3Q 2020). Net loss: NT$20.0m (down 292% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS NT$1.16 (vs NT$0.59 in 2Q 2020) Second quarter 2021 results: Revenue: NT$79.8m (down 74% from 2Q 2020). Net income: NT$175.9m (up 97% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Jul 01
Upcoming dividend of NT$0.40 per share Eligible shareholders must have bought the stock before 08 July 2021. Payment date: 30 July 2021. Trailing yield: 1.8%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (2.1%). Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorated over the past week After last week's 29% share price decline to NT$16.40, the stock trades at a trailing P/E ratio of 26.6x. Average trailing P/E is 25x in the Forestry industry in Taiwan. Total loss to shareholders of 21% over the past three years. Anuncio • Mar 14
Baolong International Co., Ltd., Annual General Meeting, Jun 11, 2021 Baolong International Co., Ltd., Annual General Meeting, Jun 11, 2021. Reported Earnings • Mar 10
Full year 2020 earnings released: EPS NT$0.62 (vs NT$0.80 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$1.25b (down 2.2% from FY 2019). Net income: NT$93.3m (down 23% from FY 2019). Profit margin: 7.5% (down from 9.5% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Dec 31
New 90-day high: NT$17.95 The company is up 28% from its price of NT$14.00 on 30 September 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Forestry industry, which is up 41% over the same period. Is New 90 Day High Low • Dec 15
New 90-day high: NT$15.75 The company is up 8.0% from its price of NT$14.65 on 15 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 15% over the same period. Is New 90 Day High Low • Nov 26
New 90-day high: NT$15.40 The company is up 4.0% from its price of NT$14.80 on 28 August 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 14% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.07 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: NT$327.9m (up 23% from 3Q 2019). Net income: NT$10.4m (down 33% from 3Q 2019). Profit margin: 3.2% (down from 5.9% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 70% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings.