Declared Dividend • Aug 08
Dividend reduced to NT$0.30 Dividend of NT$0.30 is 70% lower than last year. Ex-date: 25th August 2026 Payment date: 24th September 2026 Dividend yield will be 2.0%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Reported Earnings • Aug 07
Second quarter 2026 earnings released: NT$0.07 loss per share (vs NT$0.04 profit in 2Q 2025) Second quarter 2026 results: NT$0.07 loss per share (down from NT$0.04 profit in 2Q 2025). Revenue: NT$1.97b (down 13% from 2Q 2025). Net loss: NT$18.5m (down 265% from profit in 2Q 2025). Over the last 3 years on average, earnings per share has fallen by 56% 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. Reported Earnings • May 09
First quarter 2026 earnings released: NT$0.12 loss per share (vs NT$0.093 profit in 1Q 2025) First quarter 2026 results: NT$0.12 loss per share (down from NT$0.093 profit in 1Q 2025). Revenue: NT$1.80b (down 14% from 1Q 2025). Net loss: NT$33.8m (down 231% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. New Risk • May 09
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.0% 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 Risks Debt is not well covered by operating cash flow (5.6% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 32% per year over the past 5 years. Reported Earnings • Mar 06
Full year 2025 earnings released: EPS: NT$0.20 (vs NT$1.03 in FY 2024) Full year 2025 results: EPS: NT$0.20 (down from NT$1.03 in FY 2024). Revenue: NT$8.31b (down 9.4% from FY 2024). Net income: NT$55.3m (down 81% from FY 2024). Profit margin: 0.7% (down from 3.1% 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 41% 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. Annonce • Mar 06
Chun Yu Works & Co., Ltd., Annual General Meeting, May 28, 2026 Chun Yu Works & Co., Ltd., Annual General Meeting, May 28, 2026. Location: no,169, hsin yueh st., gangshan district, kaohsiung city Taiwan Annonce • Jan 02
Chun Yu Works & Co., Ltd. Announces Resignation of Chen, Chi-Tai as Chairman,Effective December 31, 2025 Chun Yu Works & Co., Ltd. announced that Chairman Chen, Chi-Tai tendered his resignation due to personal career planning. The Company received the Chairman’s resignation letter on December 31, 2025, effective immediately, and Mr. Chen, Chi-Tai remains a director of the Company. In accordance with the Company Act and the Company’s Articles of Association, the powers of the Chairman shall be temporarily exercised by Vice Chairman Wong, Chung-Chun as acting Chairman. The appointment of the new Chairman will be announced separately after the Board of Directors convenes for the election in the near future. Date of the board of directors resolution or date of occurrence of the change: December 31, 2025. New Risk • Nov 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 34% 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 (15% operating cash flow to total debt). Earnings have declined by 15% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (259% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.1% net profit margin). Upcoming Dividend • Aug 19
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 26 August 2025. Payment date: 26 September 2025. The company is paying out more than 100% of its profits and is paying out 97% of its cash flow. Trailing yield: 5.3%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.6%). Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: NT$0.04 (vs NT$0.55 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.04 (down from NT$0.55 in 2Q 2024). Revenue: NT$2.25b (up 2.3% from 2Q 2024). Net income: NT$11.2m (down 93% from 2Q 2024). Profit margin: 0.5% (down from 6.9% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Board Change • Jun 19
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. 5 experienced directors. 3 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Chin-Chang Lee was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Annonce • May 27
Chun Yu Works & Co., Ltd. Appoints Huang Li-Rong as Director Chun Yu Works & Co., Ltd. held its 2025 Annual Shareholders’ Meeting on May 26, 2025. During the meeting, several important resolutions were approved, including the full re-election of directors. The new director Huang Li-Rong from Sheng Shang Investment Co., Ltd. New Risk • May 19
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 2.8% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (2.8% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 97% Dividend per share is over 32x cash flows per share. Earnings have declined by 3.8% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: NT$0.09 (vs NT$0.23 in 1Q 2024) First quarter 2025 results: EPS: NT$0.09 (down from NT$0.23 in 1Q 2024). Revenue: NT$2.08b (up 3.1% from 1Q 2024). Net income: NT$25.8m (down 60% from 1Q 2024). Profit margin: 1.2% (down from 3.2% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Annonce • May 01
Chun Yu Works & Co., Ltd. to Report Q1, 2025 Results on May 08, 2025 Chun Yu Works & Co., Ltd. announced that they will report Q1, 2025 results on May 08, 2025 Buy Or Sell Opportunity • Apr 10
Now 28% overvalued Over the last 90 days, the stock has fallen 11% to NT$21.30. The fair value is estimated to be NT$16.65, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has declined by 37%. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$19.90, the stock trades at a trailing P/E ratio of 19.3x. Average trailing P/E is 17x in the Machinery industry in Taiwan. Total loss to shareholders of 27% over the past three years. New Risk • Mar 15
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 97% The company is paying a dividend despite having no free cash flows. Dividend yield: 3.8% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 97% Paying a dividend despite having no free cash flows. Earnings have declined by 1.7% per year over the past 5 years. Reported Earnings • Mar 12
Full year 2024 earnings released: EPS: NT$1.03 (vs NT$0.91 in FY 2023) Full year 2024 results: EPS: NT$1.03 (up from NT$0.91 in FY 2023). Revenue: NT$9.17b (up 8.3% from FY 2023). Net income: NT$287.1m (up 13% from FY 2023). Profit margin: 3.1% (up from 3.0% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 37% 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. Annonce • Mar 07
Chun Yu Works & Co., Ltd., Annual General Meeting, May 26, 2025 Chun Yu Works & Co., Ltd., Annual General Meeting, May 26, 2025, at 09:00 Taipei Standard Time. Location: no,169, hsin yueh st., gangshan district, kaohsiung city Taiwan New Risk • Nov 27
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 2.5% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (2.5% operating cash flow to total debt). Earnings have declined by 0.8% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (dividend per share is over 6x cash flows per share). Large one-off items impacting financial results. New Risk • Aug 26
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 5.9% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (5.9% operating cash flow to total debt). Earnings have declined by 0.6% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (114% cash payout ratio). Large one-off items impacting financial results. Reported Earnings • Aug 12
Second quarter 2024 earnings released: EPS: NT$0.55 (vs NT$0.12 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.55 (up from NT$0.12 in 2Q 2023). Revenue: NT$2.20b (up 8.6% from 2Q 2023). Net income: NT$152.9m (up 347% from 2Q 2023). Profit margin: 6.9% (up from 1.7% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 32% 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. Annonce • Aug 01
Chun Yu Works & Co., Ltd. to Report Q2, 2024 Results on Aug 08, 2024 Chun Yu Works & Co., Ltd. announced that they will report Q2, 2024 results on Aug 08, 2024 Upcoming Dividend • Jun 21
Upcoming dividend of NT$0.91 per share Eligible shareholders must have bought the stock before 28 June 2024. Payment date: 25 July 2024. Payout ratio is on the higher end at 99%, however this is supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.4%). Reported Earnings • May 15
First quarter 2024 earnings released: EPS: NT$0.23 (vs NT$0.22 in 1Q 2023) First quarter 2024 results: EPS: NT$0.23 (up from NT$0.22 in 1Q 2023). Revenue: NT$2.02b (down 1.3% from 1Q 2023). Net income: NT$63.6m (up 4.5% from 1Q 2023). Profit margin: 3.2% (up from 3.0% in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Declared Dividend • May 11
Dividend of NT$0.91 announced Shareholders will receive a dividend of NT$0.91. Ex-date: 28th June 2024 Payment date: 25th July 2024 Dividend yield will be 3.8%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (100% earnings payout ratio). However, it is well covered by cash flows (19% cash payout ratio). The dividend has increased by an average of 6.7% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 11% to bring the payout ratio under control. However, EPS has declined by 11% over the last 5 years so the company would need to reverse this trend. Annonce • May 10
Chun Yu Works & Co., Ltd. Announces Cash Dividend, Payable on July 25, 2024 Chun Yu Works & Co., Ltd. announced the amount of cash dividends of TWD 274,968,057, which is TWD 0.91 per share. Date of the resolution by the board of directors or shareholders meeting or decision by the Company is May 9, 2024. Ex-rights (ex-dividend) trading date is June 28, 2024. Ex-rights (ex-dividend) record date is July 6, 2024. Payment date of common stock cash dividend distribution is July 25, 2024. Before the ex-dividend date, if the payout ratio of shareholders changes and requires adjustments resulting from the volume of the outstanding ordinary shares due to the conversion of corporate bonds and other factors, the Chairman is fully authorized to make arrangements. Annonce • May 02
Chun Yu Works & Co., Ltd. to Report Q1, 2024 Results on May 09, 2024 Chun Yu Works & Co., Ltd. announced that they will report Q1, 2024 results on May 09, 2024 New Risk • Mar 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 30% 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 High level of debt (44% net debt to equity). Dividend is not well covered by earnings (100% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.0% net profit margin). Reported Earnings • Mar 09
Full year 2023 earnings released: EPS: NT$0.91 (vs NT$1.93 in FY 2022) Full year 2023 results: EPS: NT$0.91 (down from NT$1.93 in FY 2022). Revenue: NT$8.46b (down 23% from FY 2022). Net income: NT$253.6m (down 53% from FY 2022). Profit margin: 3.0% (down from 4.9% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Annonce • Mar 08
Chun Yu Works & Co., Ltd., Annual General Meeting, May 30, 2024 Chun Yu Works & Co., Ltd., Annual General Meeting, May 30, 2024. Location: No. 169, Xinle St., Gangshan Dist., Kaohsiung Kaohsiung City Taiwan Agenda: To approve 2023 Business Report and Financial Statements; To approve the proposal for distribution of 2023 profits; to consider Amendments to the Company Articles of Association; To consider Amendments to the Company Procedures for Acquisition. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: NT$0.11 (vs NT$0.44 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.11 (down from NT$0.44 in 3Q 2022). Revenue: NT$2.17b (down 20% from 3Q 2022). Net income: NT$31.1m (down 75% from 3Q 2022). Profit margin: 1.4% (down from 4.6% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. 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: 3.5% Last year net profit margin: 5.7% 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 High level of debt (41% net debt to equity). 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 (3.5% net profit margin). Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: NT$0.12 (vs NT$0.56 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.12 (down from NT$0.56 in 2Q 2022). Revenue: NT$2.03b (down 26% from 2Q 2022). Net income: NT$34.2m (down 78% from 2Q 2022). Profit margin: 1.7% (down from 5.8% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 18% per year. Upcoming Dividend • Jun 20
Upcoming dividend of NT$1.00 per share at 5.4% yield Eligible shareholders must have bought the stock before 27 June 2023. Payment date: 20 July 2023. Payout ratio is on the higher end at 94%, however this is supported by cash flows. Trailing yield: 5.4%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.1%). Reported Earnings • Mar 18
Full year 2022 earnings released: EPS: NT$1.93 (vs NT$2.68 in FY 2021) Full year 2022 results: EPS: NT$1.93 (down from NT$2.68 in FY 2021). Revenue: NT$11.0b (down 6.4% from FY 2021). Net income: NT$537.5m (down 28% from FY 2021). Profit margin: 4.9% (down from 6.3% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 32% 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 • Nov 30
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 07 December 2022. Payment date: 29 December 2022. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 6.3%. Lower than top quartile of Taiwanese dividend payers (6.8%). Higher than average of industry peers (3.5%). 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. 8 experienced directors. 4 highly experienced directors. Independent Director Yi-Ching Wu was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: NT$0.44 (vs NT$0.86 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.44 (down from NT$0.86 in 3Q 2021). Revenue: NT$2.70b (down 17% from 3Q 2021). Net income: NT$123.4m (down 48% from 3Q 2021). Profit margin: 4.6% (down from 7.3% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.59 (vs NT$0.89 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.59 (down from NT$0.89 in 2Q 2021). Revenue: NT$2.73b (down 7.8% from 2Q 2021). Net income: NT$157.5m (down 33% from 2Q 2021). Profit margin: 5.8% (down from 7.9% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Annonce • Aug 13
Chun Yu Works & Co., Ltd. Announces Change of Acting Spokesperson Chun Yu Works & Co., Ltd. announced change of Acting spokesperson of the Company. Name, title, and resume of the previous position holder: Chen, Jyun-Liang/Special assistant of GM of the Company. Name, title, and resume of the new position holder: Yen, Chia-Te/Assistant vice president of wire business division of the Company. Reason for the change: Position adjustment. Effective date: August 11, 2022. Board Change • Aug 01
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. 8 experienced directors. 4 highly experienced directors. Independent Director Yi-Ching Wu was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Annonce • Jul 01
Chun Yu Works & Co., Ltd. Announces Management Changes Chun Yu Works & Co., Ltd. announced changes to the 6th term remuneration committee which includes Chien, Chin-Chen, Fang, Chen-Ming, Lee, Chin-Chang as members replacing Lee, Ya-Jung, Wu, Yi-Ching and Lee, Chin-Chang. Buying Opportunity • Jun 13
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be NT$35.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.0% over the last 3 years. Earnings per share has grown by 20%. Reported Earnings • May 14
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: NT$0.57 (up from NT$0.47 in 1Q 2021). Revenue: NT$3.06b (up 32% from 1Q 2021). Net income: NT$151.9m (up 23% from 1Q 2021). Profit margin: 5.0% (down from 5.3% in 1Q 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 27%. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Buying Opportunity • May 12
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 9.7%. The fair value is estimated to be NT$35.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 8.7%. Board Change • Apr 27
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. 5 non-independent directors. Independent Director Yi-Ching Wu was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 21
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 28 March 2022. Payment date: 25 April 2022. Payout ratio is a comfortable 21% but the company is paying out more than the cash it is generating. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (2.9%). Reported Earnings • Mar 19
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: NT$2.81 (up from NT$0.75 in FY 2020). Revenue: NT$11.8b (up 47% from FY 2020). Net income: NT$744.7m (up 278% from FY 2020). Profit margin: 6.3% (up from 2.4% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 27%. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Nov 19
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 26 November 2021. Payment date: 23 December 2021. Trailing yield: 1.7%. Lower than top quartile of Taiwanese dividend payers (5.1%). Lower than average of industry peers (2.7%). Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS NT$0.90 (vs NT$0.10 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$3.26b (up 63% from 3Q 2020). Net income: NT$239.3m (up NT$211.9m from 3Q 2020). Profit margin: 7.3% (up from 1.4% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$0.89 (vs NT$0.33 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$2.96b (up 61% from 2Q 2020). Net income: NT$234.1m (up 169% from 2Q 2020). Profit margin: 7.9% (up from 4.7% 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 13% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improved over the past week After last week's 42% share price gain to NT$39.40, the stock trades at a trailing P/E ratio of 32.6x. Average trailing P/E is 18x in the Machinery industry in Taiwan. Total returns to shareholders of 142% over the past three years. Valuation Update With 7 Day Price Move • May 24
Investor sentiment improved over the past week After last week's 21% share price gain to NT$26.10, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 17x in the Machinery industry in Taiwan. Total returns to shareholders of 57% over the past three years. Reported Earnings • May 14
First quarter 2021 earnings released: EPS NT$0.47 (vs NT$0.006 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$2.32b (up 20% from 1Q 2020). Net income: NT$123.5m (up NT$121.8m from 1Q 2020). Profit margin: 5.3% (up from 0.1% 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 17% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 02
Investor sentiment improved over the past week After last week's 31% share price gain to NT$33.20, the stock trades at a trailing P/E ratio of 44.4x. Average trailing P/E is 21x in the Machinery industry in Taiwan. Total returns to shareholders of 102% over the past three years. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improved over the past week After last week's 25% share price gain to NT$26.15, the stock trades at a trailing P/E ratio of 35x. Average trailing P/E is 21x in the Machinery industry in Taiwan. Total returns to shareholders of 54% over the past three years. Upcoming Dividend • Mar 19
Upcoming Dividend of NT$0.60 Per Share Will be paid on the 23rd of April to those who are registered shareholders by the 26th of March. The trailing yield of 6.1% is in the top quartile of Taiwanese dividend payers (4.9%), and it is higher than industry peers (2.2%). Annonce • Mar 13
Chun Yu Works & Co., Ltd., Annual General Meeting, Jun 08, 2021 Chun Yu Works & Co., Ltd., Annual General Meeting, Jun 08, 2021. Reported Earnings • Mar 13
Full year 2020 earnings released: EPS NT$0.75 (vs NT$1.60 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$8.05b (down 14% from FY 2019). Net income: NT$197.1m (down 53% from FY 2019). Profit margin: 2.4% (down from 4.5% 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 10% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 19% share price gain to NT$22.60, the stock is trading at a trailing P/E ratio of 31.2x, up from the previous P/E ratio of 26.2x. This compares to an average P/E of 18x in the Machinery industry in Taiwan. Total returns to shareholders over the past three years are 82%. Is New 90 Day High Low • Dec 21
New 90-day high: NT$19.05 The company is up 15% from its price of NT$16.60 on 22 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Machinery industry, which is also up 15% over the same period. Is New 90 Day High Low • Nov 30
New 90-day high: NT$17.25 The company is up 6.0% from its price of NT$16.20 on 01 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Machinery industry, which is up 5.0% over the same period. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS NT$0.10 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$2.00b (down 17% from 3Q 2019). Net income: NT$27.4m (down 80% from 3Q 2019). Profit margin: 1.4% (down from 5.7% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 4% per year. 
