Declared Dividend • Jun 13
Dividend reduced to NT$1.30 Dividend of NT$1.30 is 24% lower than last year. Ex-date: 2nd July 2026 Payment date: 24th July 2026 Dividend yield will be 4.9%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by both earnings (27% earnings payout ratio) and cash flows (84% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 12% over the next 3 years. However, it would need to fall by 70% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • May 19
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: NT$0.76 (down from NT$1.22 in 1Q 2025). Revenue: NT$63.1b (down 5.9% from 1Q 2025). Net income: NT$2.23b (down 38% from 1Q 2025). Profit margin: 3.5% (down from 5.4% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 18%. Revenue is forecast to grow 5.4% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Annonce • May 11
Pou Chen Corporation to Report Q1, 2026 Results on May 14, 2026 Pou Chen Corporation announced that they will report Q1, 2026 results on May 14, 2026 Price Target Changed • May 04
Price target decreased by 14% to NT$30.50 Down from NT$35.60, the current price target is provided by 1 analyst. New target price is 18% above last closing price of NT$25.75. Stock is down 21% over the past year. The company is forecast to post earnings per share of NT$3.49 for next year compared to NT$4.10 last year. New Risk • Apr 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risk Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (99% cash payout ratio). Annonce • Mar 13
Pou Chen Corporation, Annual General Meeting, May 29, 2026 Pou Chen Corporation, Annual General Meeting, May 29, 2026. Location: 3 floor no,2, fu kung rd., fusing township, changhua county Taiwan Reported Earnings • Mar 13
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: NT$4.10 (down from NT$5.44 in FY 2024). Revenue: NT$251.4b (down 4.7% from FY 2024). Net income: NT$12.1b (down 25% from FY 2024). Profit margin: 4.8% (down from 6.1% in FY 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.8%. Revenue is forecast to grow 3.0% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Annonce • Mar 06
Pou Chen Corporation to Report Q4, 2025 Results on Mar 12, 2026 Pou Chen Corporation announced that they will report Q4, 2025 results on Mar 12, 2026 Annonce • Dec 20
Pou Chen Corporation Announces CFO Changes, Effective from December 31, 2025 Pou Chen Corporation announced the retirement of Chang, Yea-Fen as financial officer of Pou Chen Corporation. The new financial officer is Yeh, Wen-Chung, executive senior manager of Pou Chen Corporation. The type of the change is retirement. The effective date is December 31, 2025. Reported Earnings • Nov 15
Third quarter 2025 earnings: EPS exceeds analyst expectations Third quarter 2025 results: EPS: NT$1.28 (down from NT$1.94 in 3Q 2024). Revenue: NT$58.8b (down 12% from 3Q 2024). Net income: NT$3.79b (down 34% from 3Q 2024). Profit margin: 6.4% (down from 8.6% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.7%. Revenue is forecast to stay flat during the next 3 years compared to a 6.3% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Annonce • Nov 15
Pou Chen Corporation to Report Q3, 2025 Results on Nov 13, 2025 Pou Chen Corporation announced that they will report Q3, 2025 results on Nov 13, 2025 New Risk • Aug 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.5% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risk Earnings are forecast to decline by an average of 5.5% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$0.53 (vs NT$1.16 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.53 (down from NT$1.16 in 2Q 2024). Revenue: NT$62.8b (down 3.9% from 2Q 2024). Net income: NT$1.55b (down 55% from 2Q 2024). Profit margin: 2.5% (down from 5.2% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has remained flat. Annonce • Aug 15
Pou Chen Corporation to Report Q2, 2025 Results on Aug 13, 2025 Pou Chen Corporation announced that they will report Q2, 2025 results on Aug 13, 2025 Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$34.95, the stock trades at a trailing P/E ratio of 6.9x. Average forward P/E is 15x in the Luxury industry in Taiwan. Total returns to shareholders of 39% over the past three years. Upcoming Dividend • Jun 27
Upcoming dividend of NT$1.70 per share Eligible shareholders must have bought the stock before 03 July 2025. Payment date: 25 July 2025. Payout ratio is a comfortable 33% but the company is not cash flow positive. Trailing yield: 5.5%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (4.7%). Annonce • Jun 13
Pou Chen Corporation Approves Cash Dividend, Payable on July 25, 2025 Pou Chen Corporation approved cash dividend of TWD 5,009,538,262, equivalent to TWD 1.7 per share. Ex-rights (ex-dividend) trading date: June 3, 2025. Ex-rights (ex-dividend) record date: June 10, 2025. Payment date of common stock cash dividend distribution: July 25, 2025. Declared Dividend • Jun 13
Dividend increased to NT$1.70 Dividend of NT$1.70 is 55% higher than last year. Ex-date: 3rd July 2025 Payment date: 25th July 2025 Dividend yield will be 5.5%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (33% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 5.4% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 8.2% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annonce • May 30
Pou Chen Corporation Approves Board Elections Pou Chen Corporation announced at annual general meeting held on May 29, 2025, the shareholders approved election of Sheachang Enterprise Corporation, Representative: Wu, Pan-Tsu as director and Wu Wang, Pu-Yu as independent director of the company. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$1.22 (vs NT$1.58 in 1Q 2024) First quarter 2025 results: EPS: NT$1.22 (down from NT$1.58 in 1Q 2024). Revenue: NT$67.0b (up 5.9% from 1Q 2024). Net income: NT$3.60b (down 23% from 1Q 2024). Profit margin: 5.4% (down from 7.4% 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 5% per year whereas the company’s share price has increased by 4% per year. Annonce • May 07
Pou Chen Corporation to Report Q1, 2025 Results on May 14, 2025 Pou Chen Corporation announced that they will report Q1, 2025 results on May 14, 2025 Annonce • Apr 18
POU Chen Corporation Announces Cash Dividend for the Year Ended December 31, 2024 POU Chen Corporation announced cash dividend of TWD 5,009,538,262 (TWD 1.7 per share) For the year ended December 31, 2024. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$28.60, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 13x in the Luxury industry in Taiwan. Total returns to shareholders of 5.6% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$41.71 per share. Buy Or Sell Opportunity • Apr 07
Now 26% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to NT$31.75. The fair value is estimated to be NT$42.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 7.9% in a year. Earnings are forecast to grow by 3.6% in the next year. Annonce • Mar 14
Pou Chen Corporation, Annual General Meeting, May 29, 2025 Pou Chen Corporation, Annual General Meeting, May 29, 2025, at 09:30 Taipei Standard Time. Location: 3 floor no,2, fu kung rd., fusing township, changhua county Taiwan Reported Earnings • Mar 13
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: NT$5.44 (up from NT$3.61 in FY 2023). Revenue: NT$263.8b (up 7.0% from FY 2023). Net income: NT$16.0b (up 51% from FY 2023). Profit margin: 6.1% (up from 4.3% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 5% per year. Annonce • Mar 05
Pou Chen Corporation to Report Fiscal Year 2024 Results on Mar 12, 2025 Pou Chen Corporation announced that they will report fiscal year 2024 results on Mar 12, 2025 New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Price Target Changed • Nov 16
Price target increased by 13% to NT$47.25 Up from NT$42.00, the current price target is an average from 2 analysts. New target price is 10% above last closing price of NT$42.85. Stock is up 39% over the past year. The company is forecast to post earnings per share of NT$4.81 for next year compared to NT$3.61 last year. Reported Earnings • Nov 15
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: NT$1.94 (down from NT$2.06 in 3Q 2023). Revenue: NT$66.8b (up 15% from 3Q 2023). Net income: NT$5.73b (down 5.8% from 3Q 2023). Profit margin: 8.6% (down from 10% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.4%. Earnings per share (EPS) also surpassed analyst estimates by 109%. Revenue is forecast to grow 8.9% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Annonce • Nov 05
Pou Chen Corporation to Report Q3, 2024 Results on Nov 12, 2024 Pou Chen Corporation announced that they will report Q3, 2024 results on Nov 12, 2024 Reported Earnings • Aug 15
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: EPS: NT$1.16 (down from NT$1.19 in 2Q 2023). Revenue: NT$65.3b (up 3.5% from 2Q 2023). Net income: NT$3.41b (down 2.7% from 2Q 2023). Profit margin: 5.2% (down from 5.6% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) missed analyst estimates by 29%. Revenue is forecast to grow 7.6% p.a. on average during the next 2 years, compared to a 9.8% growth forecast for the Luxury industry in Taiwan. 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 3% per year, which means it is well ahead of earnings. Annonce • Aug 07
Pou Chen Corporation to Report Q2, 2024 Results on Aug 14, 2024 Pou Chen Corporation announced that they will report Q2, 2024 results on Aug 14, 2024 Upcoming Dividend • Jun 20
Upcoming dividend of NT$1.10 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 26 July 2024. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (4.2%). In line with average of industry peers (3.1%). Annonce • Jun 08
Pou Chen Corporation Announces Cash Dividend, Payable on July 26, 2024 POU Chen Corporation announced cash dividend of TWD 3,241,465,934 (TWD 1.1 per share). Ex-rights (ex-dividend) trading date is June 27, 2024; ex-rights (ex-dividend) record date is July 5, 2024. Payable on July 26, 2024. Price Target Changed • May 25
Price target increased by 8.6% to NT$42.00 Up from NT$38.67, the current price target is an average from 3 analysts. New target price is 13% above last closing price of NT$37.05. Stock is up 15% over the past year. The company is forecast to post earnings per share of NT$5.28 for next year compared to NT$3.61 last year. Major Estimate Revision • May 25
Consensus EPS estimates increase by 17% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from NT$4.53 to NT$5.28. Revenue forecast steady at NT$256.8b. Net income forecast to grow 6.6% next year vs 16% growth forecast for Luxury industry in Taiwan. Consensus price target up from NT$38.67 to NT$42.00. Share price was steady at NT$37.05 over the past week. New Risk • May 24
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risk Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 16
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: NT$1.58 (up from NT$0.34 in 1Q 2023). Revenue: NT$63.3b (down 1.7% from 1Q 2023). Net income: NT$4.65b (up 369% from 1Q 2023). Profit margin: 7.4% (up from 1.5% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) exceeded analyst estimates by 49%. Revenue is forecast to grow 7.0% p.a. on average during the next 2 years, compared to a 9.5% growth forecast for the Luxury industry in Taiwan. 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 3% per year, which means it is well ahead of earnings. Annonce • May 09
Pou Chen Corporation to Report Q1, 2024 Results on May 15, 2024 Pou Chen Corporation announced that they will report Q1, 2024 results on May 15, 2024 Major Estimate Revision • Mar 22
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from NT$4.81 to NT$4.17 per share. Revenue forecast steady at NT$255.9b. Net income forecast to grow 15% next year vs 23% growth forecast for Luxury industry in Taiwan. Consensus price target up from NT$35.90 to NT$38.67. Share price rose 5.6% to NT$34.90 over the past week. Price Target Changed • Mar 21
Price target increased by 7.7% to NT$38.67 Up from NT$35.90, the current price target is an average from 3 analysts. New target price is 10% above last closing price of NT$35.10. Stock is up 14% over the past year. The company is forecast to post earnings per share of NT$4.17 for next year compared to NT$3.61 last year. Reported Earnings • Mar 16
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: NT$3.61 (down from NT$4.29 in FY 2022). Revenue: NT$246.6b (down 7.8% from FY 2022). Net income: NT$10.6b (down 16% from FY 2022). Profit margin: 4.3% (down from 4.7% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.2%. Revenue is forecast to grow 5.2% p.a. on average during the next 2 years, compared to a 9.8% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has increased by 1% per year. Annonce • Mar 15
Pou Chen Corporation, Annual General Meeting, May 31, 2024 Pou Chen Corporation, Annual General Meeting, May 31, 2024. Location: The conference room on the third floor of the Fuxing Industrial Park in Fuxing Industrial Park located at No.2, Fugong Road, Fuxing Township, Changhua County, Taiwan Changhua County Taiwan Agenda: To consider 2023 business and financial reports; to consider Audit Committee's review report on the 2023 financial statements; to consider Report on the 2023 distribution of employees' compensation and Directors' remuneration; to consider Report on the distribution for cash dividend of 2023 earnings. Price Target Changed • Nov 22
Price target decreased by 7.9% to NT$35.90 Down from NT$39.00, the current price target is an average from 3 analysts. New target price is 18% above last closing price of NT$30.40. Stock is down 6.3% over the past year. The company is forecast to post earnings per share of NT$4.66 for next year compared to NT$4.29 last year. New Risk • Nov 18
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: 3.1% 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 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 (3.1% net profit margin). Reported Earnings • Nov 16
Third quarter 2023 earnings released: EPS: NT$2.06 (vs NT$1.94 in 3Q 2022) Third quarter 2023 results: EPS: NT$2.06 (up from NT$1.94 in 3Q 2022). Revenue: NT$58.3b (down 16% from 3Q 2022). Net income: NT$6.08b (up 6.2% from 3Q 2022). Profit margin: 10% (up from 8.3% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Aug 18
Second quarter 2023 earnings released: EPS: NT$1.19 (vs NT$1.72 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.19 (down from NT$1.72 in 2Q 2022). Revenue: NT$63.1b (down 7.7% from 2Q 2022). Net income: NT$3.51b (down 31% from 2Q 2022). Profit margin: 5.6% (down from 7.4% 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 18% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Annonce • Aug 08
Pou Chen Corporation to Report Q2, 2023 Results on Aug 14, 2023 Pou Chen Corporation announced that they will report Q2, 2023 results on Aug 14, 2023 Upcoming Dividend • Jul 05
Upcoming dividend of NT$1.30 per share at 4.1% yield Eligible shareholders must have bought the stock before 12 July 2023. Payment date: 09 August 2023. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of Taiwanese dividend payers (5.4%). In line with average of industry peers (4.3%). Annonce • Jun 22
POU Chen Corporation Announces Cash Dividend, Payable on August 9, 2023 POU Chen Corporation announced cash dividends of TWD 3,830,823,376 (TWD 1.3 per share). Ex-rights (ex-dividend) trading date: July 12, 2023; Ex-rights (ex-dividend) record date: July 18, 2023. Payable on August 9, 2023. Annonce • May 14
Pou Chen Corporation to Report Q1, 2023 Results on May 15, 2023 Pou Chen Corporation announced that they will report Q1, 2023 results on May 15, 2023 Major Estimate Revision • Mar 28
Consensus EPS estimates increase by 19% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from NT$4.07 to NT$4.86. Revenue forecast unchanged at NT$285.5b. Net income forecast to grow 13% next year vs 8.4% decline forecast for Luxury industry in Taiwan. Consensus price target of NT$33.00 unchanged from last update. Share price was steady at NT$30.80 over the past week. Reported Earnings • Mar 18
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: NT$4.29 (down from NT$4.90 in FY 2021). Revenue: NT$267.5b (up 12% from FY 2021). Net income: NT$12.6b (down 12% from FY 2021). Profit margin: 4.7% (down from 6.0% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.1%. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 10% 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. 6 non-independent directors. Independent Director Chu-Sheng Hsu was the last independent director to join the board, commencing their role in 2022. 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: EPS exceeds analyst expectations Third quarter 2022 results: EPS: NT$1.94 (up from NT$0.87 in 3Q 2021). Revenue: NT$69.0b (up 51% from 3Q 2021). Net income: NT$5.73b (up 124% from 3Q 2021). Profit margin: 8.3% (up from 5.6% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 96%. Revenue is expected to decline by 1.3% p.a. on average during the next 2 years, while revenues in the Luxury industry in Taiwan are expected to grow by 7.0%. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 15
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: NT$1.72 (up from NT$1.25 in 2Q 2021). Revenue: NT$68.3b (up 5.3% from 2Q 2021). Net income: NT$5.06b (up 37% from 2Q 2021). Profit margin: 7.4% (up from 5.7% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.4%. Earnings per share (EPS) also surpassed analyst estimates by 74%. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Annonce • Jul 10
Pou Chen Corporation to Report Q2, 2022 Results on Aug 12, 2022 Pou Chen Corporation announced that they will report Q2, 2022 results on Aug 12, 2022 Upcoming Dividend • Jul 04
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 11 July 2022. Payment date: 09 August 2022. Payout ratio is a comfortable 35% but the company is not cash flow positive. Trailing yield: 5.2%. Lower than top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (4.1%). Annonce • Jun 16
Pou Chen Corporation Announces Board Changes Pou Chen Corporation at its 2022 Annual General Shareholders' Meeting held on June 15, 2022 announced board changes. Title and name of the previous position holder: Independent Directors: Mr. Chen, Bor-Liang, Mr. Chiu, Tien-I. Resume of the previous position holder: Independent Directors: Mr. Chen, Bor-Liang: Mr. Chen is currently an independent director of PCC. Mr. Chen was the professor of Business Administration at National Taichung University of Science and Technology, and the professor of Applied Mathematics Department at Tunghai University. Mr. Chiu, Tien-I: Mr. Chiu is currently an independent director of PCC, the managing partner of Chiu & Chien, Attorneys at Law, the adjunct assistant professor of Financial and Economic Law Department at Chung Yuan Christian University, and the adjunct assistant professor of the Business Administration Department at National Central University. Independent Directors: Mr. Hsu, Chu-Sheng and Mr. Chang, Shih-Chieh. Resume of the new position holder: Independent Directors: Mr. Hsu, Chu-Sheng: Mr. Hsu is currently the adjunct professor of Leadership Program at National Taiwan University, and the adjunct professor of Institute of Technology Management at National Tsing Hua University. Mr. Hsu is also an independent director of inergy Technology Inc., an independent director of Fubon Bank (China), and an independent director of Alexander Marine Co. Ltd. Mr. Hsu was the general manager of General Electric International Inc., Taiwan Branch (USA), and the managing director of IBM Taiwan Corporation; Mr. Chang, Shih-Chieh: Mr. Chang is the professor of the College of Risk Management and Insurance at National Chengchi University, the chairman of Risk Management Society of Taiwan, an independent director of CTBC Bank Co. Ltd., and an independent director of CTBC Financial Holdings Co. Ltd. Mr. Chang was an independent director of Taiwan Life Insurance Co. Ltd., and an independent director of TLG Insurance Co. Ltd. Effective date of the new appointment is June 15, 2022. Reported Earnings • May 16
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: NT$1.57 (down from NT$2.13 in 1Q 2021). Revenue: NT$67.3b (down 5.1% from 1Q 2021). Net income: NT$4.64b (down 26% from 1Q 2021). Profit margin: 6.9% (down from 8.9% in 1Q 2021). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.1%. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Annonce • May 14
Pou Chen Corporation Appoints Chiu, Hui-Yao as Chief Information Security Officer with Effect from May 13, 2022 Pou Chen Corporation appointed Chiu, Hui-Yao, vice president of information department of the Company as Chief Information Security Officer with effect from May 13, 2022. Board Change • Apr 27
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. 5 experienced directors. 5 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Huan-Chung Chen was the last independent director to join the board, commencing their role in 2018. 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 • Jan 05
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. 5 experienced directors. 5 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Huan-Chung Chen was the last independent director to join the board, commencing their role in 2018. 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 • Jul 07
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 14 July 2021. Payment date: 09 August 2021. Trailing yield: 1.3%. Lower than top quartile of Taiwanese dividend payers (4.9%). Lower than average of industry peers (2.3%). Price Target Changed • May 28
Price target increased to NT$35.67 Up from NT$32.33, the current price target is an average from 2 analysts. New target price is 7.0% below last closing price of NT$38.35. Stock is up 30% over the past year. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improved over the past week After last week's 16% share price gain to NT$35.70, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 19x in the Luxury industry in Taiwan. Total returns to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$67.17 per share. Major Estimate Revision • May 20
Consensus EPS estimates increase to NT$4.83 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from NT$278.7b to NT$292.7b. EPS estimate increased from NT$2.89 to NT$4.83 per share. Net income forecast to grow 33% next year vs 24% growth forecast for Luxury industry in Taiwan. Consensus price target up from NT$32.33 to NT$34.00. Share price rose 16% to NT$35.70 over the past week. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$2.13 (vs NT$0.40 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$70.9b (up 19% from 1Q 2020). Net income: NT$6.28b (up 429% from 1Q 2020). Profit margin: 8.9% (up from 2.0% 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 24% 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 • Mar 25
Full year 2020 earnings released: EPS NT$1.64 (vs NT$4.01 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$250.0b (down 20% from FY 2019). Net income: NT$4.84b (down 59% from FY 2019). Profit margin: 1.9% (down from 3.8% 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 26% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Mar 11
New 90-day high: NT$32.25 The company is up 3.0% from its price of NT$31.30 on 11 December 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$52.99 per share. Is New 90 Day High Low • Dec 10
New 90-day high: NT$31.95 The company is up 18% from its price of NT$27.00 on 11 September 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$55.80 per share. Major Estimate Revision • Dec 03
Analysts update estimates The 2020 consensus earning per share (EPS) estimate increased from NT$1.58 to NT$1.98. No change was made to the revenue estimate which at the last update was NT$247.9b. Net income is expected to grow by 81% next year compared to 13% growth forecast for the Luxury industry in Taiwan. The consensus price target increased from NT$31.00 to NT$32.33. Share price is up 1.1% to NT$31.45 over the past week. Major Estimate Revision • Nov 19
Analysts update estimates The 2020 consensus earning per share (EPS) estimate increased from NT$0.92 to NT$1.58. Revenue estimate for the same period was approximately flat at NT$256.0b. Net income is expected to grow by 71% next year compared to 13% growth forecast for the Luxury industry in Taiwan. The consensus price target increased from NT$27.33 to NT$31.00. Share price is up 8.6% to NT$31.00 over the past week. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$1.14 The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2020 results: Revenue: NT$59.1b (down 23% from 3Q 2019). Net income: NT$3.34b (down 24% from 3Q 2019). Profit margin: 5.7% (in line with 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 20% 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. Analyst Estimate Surprise Post Earnings • Nov 14
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 6.4%. Earnings per share (EPS) exceeded analyst estimates by 119%. Over the next year, revenue is forecast to grow 3.0%, compared to a 3.0% growth forecast for the Luxury industry in Taiwan. Is New 90 Day High Low • Oct 30
New 90-day low: NT$25.20 The company is down 5.0% from its price of NT$26.55 on 31 July 2020. The Taiwanese market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$30.50 per share.