Reported Earnings • May 15
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: NT$1.00. Revenue: NT$4.03b (down 17% from 1Q 2025). Net income: NT$236.6m (up 12% from 1Q 2025). Profit margin: 5.9% (up from 4.4% in 1Q 2025). Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 15%. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Hospitality industry in Taiwan. Reported Earnings • Mar 27
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: NT$2.47 loss per share (down from NT$3.28 profit in FY 2024). Revenue: NT$18.1b (down 4.6% from FY 2024). Net loss: NT$443.8m (down 175% from profit in FY 2024). Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 28%. Revenue is forecast to stay flat during the next 3 years compared to a 5.2% growth forecast for the Hospitality industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Annonce • Mar 11
Gourmet Master Co. Ltd., Annual General Meeting, May 26, 2026 Gourmet Master Co. Ltd., Annual General Meeting, May 26, 2026, at 09:00 Taipei Standard Time. Location: no,29, kung yeh rd., nan tun district, taichung city Taiwan Board Change • Dec 11
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Zhiwen Wang was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 15
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: NT$6.06 loss per share (down from NT$0.84 profit in 3Q 2024). Revenue: NT$4.32b (down 8.7% from 3Q 2024). Net loss: NT$1.09b (down NT$1.24b from profit in 3Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Hospitality industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Price Target Changed • Oct 16
Price target decreased by 7.3% to NT$88.67 Down from NT$95.67, the current price target is an average from 3 analysts. New target price is 26% above last closing price of NT$70.50. Stock is down 21% over the past year. The company is forecast to post earnings per share of NT$1.14 for next year compared to NT$3.28 last year. Major Estimate Revision • Sep 04
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from NT$4.50 to NT$3.82 per share. Revenue forecast steady at NT$19.5b. Net income forecast to grow 26% next year vs 24% growth forecast for Hospitality industry in Taiwan. Consensus price target down from NT$95.50 to NT$93.00. Share price was steady at NT$81.00 over the past week. Reported Earnings • Aug 29
Second quarter 2025 earnings released: EPS: NT$0.65 (vs NT$0.43 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.65 (up from NT$0.43 in 2Q 2024). Revenue: NT$4.62b (down 1.3% from 2Q 2024). Net income: NT$117.4m (up 53% from 2Q 2024). Profit margin: 2.5% (up from 1.6% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Hospitality industry in Taiwan. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Declared Dividend • Jun 07
Dividend reduced to NT$3.00 Dividend of NT$3.00 is 14% lower than last year. Ex-date: 23rd June 2025 Payment date: 10th July 2025 Dividend yield will be 3.3%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (84% earnings payout ratio) and cash flows (42% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 110% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 15
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: NT$1.18 (up from NT$0.89 in 1Q 2024). Revenue: NT$4.83b (up 4.0% from 1Q 2024). Net income: NT$211.6m (up 32% from 1Q 2024). Profit margin: 4.4% (up from 3.5% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.7%. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Hospitality industry in Taiwan. 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 1% per year, which means it is well ahead of earnings. Major Estimate Revision • May 13
Consensus EPS estimates increase by 18%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from NT$19.8b to NT$19.5b. EPS estimate rose from NT$4.00 to NT$4.71. Net income forecast to grow 44% next year vs 24% growth forecast for Hospitality industry in Taiwan. Consensus price target down from NT$102 to NT$99.00. Share price was steady at NT$91.00 over the past week. Annonce • Apr 27
Gourmet Master Co. Ltd. to Report Q1, 2025 Results on May 12, 2025 Gourmet Master Co. Ltd. announced that they will report Q1, 2025 results on May 12, 2025 Reported Earnings • Mar 22
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: NT$3.28 (down from NT$4.20 in FY 2023). Revenue: NT$19.0b (down 7.1% from FY 2023). Net income: NT$589.9m (down 22% from FY 2023). Profit margin: 3.1% (down from 3.7% in FY 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.9%. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Hospitality industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Annonce • Mar 14
Gourmet Master Co. Ltd., Annual General Meeting, Jun 05, 2025 Gourmet Master Co. Ltd., Annual General Meeting, Jun 05, 2025, at 09:00 Taipei Standard Time. Location: no,29, kung yeh rd., nan tun district, taichung city Taiwan Annonce • Mar 13
Gourmet Master Co. Ltd. Approves Cash Dividend for 2024 Gourmet Master Co. Ltd. Board approved dividend for 2024. Date of occurrence of the event: March 12, 2025; Cause of occurrence: Board approves latest year cash dividend of TWD 3.0 per share. Annonce • Mar 01
Gourmet Master Co. Ltd. to Report Q4, 2024 Results on Mar 12, 2025 Gourmet Master Co. Ltd. announced that they will report Q4, 2024 results on Mar 12, 2025 Major Estimate Revision • Feb 21
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from NT$4.21 to NT$3.68 per share. Revenue forecast steady at NT$19.1b. Net income forecast to grow 127% next year vs 21% growth forecast for Hospitality industry in Taiwan. Consensus price target broadly unchanged at NT$103. Share price rose 3.2% to NT$103 over the past week. Reported Earnings • Nov 17
Third quarter 2024 earnings: EPS misses analyst expectations Third quarter 2024 results: EPS: NT$0.84 (down from NT$1.27 in 3Q 2023). Revenue: NT$4.73b (down 8.0% from 3Q 2023). Net income: NT$151.8m (down 34% from 3Q 2023). Profit margin: 3.2% (down from 4.4% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Hospitality industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Annonce • Oct 22
Gourmet Master Co. Ltd. to Report Q3, 2024 Results on Nov 11, 2024 Gourmet Master Co. Ltd. announced that they will report Q3, 2024 results on Nov 11, 2024 Major Estimate Revision • Sep 03
Consensus EPS estimates fall by 29% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$19.2b to NT$18.9b. EPS estimate also fell from NT$4.89 per share to NT$3.49 per share. Net income forecast to grow 80% next year vs 11% growth forecast for Hospitality industry in Taiwan. Consensus price target broadly unchanged at NT$92.17. Share price was steady at NT$81.90 over the past week. Reported Earnings • Aug 28
Second quarter 2024 earnings: EPS misses analyst expectations Second quarter 2024 results: EPS: NT$0.43 (down from NT$1.47 in 2Q 2023). Revenue: NT$4.68b (down 7.5% from 2Q 2023). Net income: NT$76.7m (down 71% from 2Q 2023). Profit margin: 1.6% (down from 5.2% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 60%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Hospitality industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 27% 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. Annonce • Aug 10
Gourmet Master Co. Ltd. to Report Q2, 2024 Results on Aug 22, 2024 Gourmet Master Co. Ltd. announced that they will report Q2, 2024 results on Aug 22, 2024 Declared Dividend • May 30
Dividend increased to NT$3.50 Dividend of NT$3.50 is 40% higher than last year. Ex-date: 18th June 2024 Payment date: 10th July 2024 Dividend yield will be 3.9%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is not adequately covered by earnings (94% earnings payout ratio). However, it is covered by cash flows (51% cash payout ratio). The dividend has increased by an average of 13% 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 4.7% to bring the payout ratio under control. EPS is expected to grow by 88% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Major Estimate Revision • May 20
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$19.5b to NT$18.7b. EPS estimate also fell from NT$5.56 per share to NT$4.73 per share. Net income forecast to grow 39% next year vs 36% growth forecast for Hospitality industry in Taiwan. Consensus price target broadly unchanged at NT$98.29. Share price was steady at NT$91.60 over the past week. Reported Earnings • May 16
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: NT$0.89 (down from NT$1.38 in 1Q 2023). Revenue: NT$4.65b (down 11% from 1Q 2023). Net income: NT$160.9m (down 35% from 1Q 2023). Profit margin: 3.5% (down from 4.8% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) also missed analyst estimates by 19%. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Hospitality industry in Taiwan. 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 14% per year, which means it has not declined as severely as earnings. Annonce • Apr 28
Gourmet Master Co. Ltd. to Report Q1, 2024 Results on May 09, 2024 Gourmet Master Co. Ltd. announced that they will report Q1, 2024 results on May 09, 2024 Reported Earnings • Mar 29
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: NT$4.20 (up from NT$2.68 in FY 2022). Revenue: NT$20.4b (up 4.7% from FY 2022). Net income: NT$756.6m (up 57% from FY 2022). Profit margin: 3.7% (up from 2.5% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Hospitality industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 24% per year whereas the company’s share price has fallen by 19% per year. Annonce • Mar 16
Gourmet Master Co. Ltd., Annual General Meeting, Jun 12, 2024 Gourmet Master Co. Ltd., Annual General Meeting, Jun 12, 2024. Annonce • Mar 14
Gourmet Master Co. Ltd. Approves Cash Dividend for 2023 Gourmet Master Co. Ltd. announced the board approves cash dividend of TWD 3.5 for 2023. Price Target Changed • Feb 16
Price target decreased by 13% to NT$118 Down from NT$135, the current price target is an average from 7 analysts. New target price is 30% above last closing price of NT$90.80. Stock is down 44% over the past year. The company is forecast to post earnings per share of NT$5.08 for next year compared to NT$2.68 last year. Major Estimate Revision • Nov 20
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$21.0b to NT$20.4b. EPS estimate also fell from NT$5.89 per share to NT$5.18 per share. Net income forecast to grow 28% next year vs 32% growth forecast for Hospitality industry in Taiwan. Consensus price target down from NT$145 to NT$138. Share price rose 3.0% to NT$103 over the past week. Price Target Changed • Nov 14
Price target decreased by 7.8% to NT$142 Down from NT$155, the current price target is an average from 7 analysts. New target price is 45% above last closing price of NT$98.30. Stock is down 10% over the past year. The company is forecast to post earnings per share of NT$5.90 for next year compared to NT$2.68 last year. Reported Earnings • Nov 14
Third quarter 2023 earnings: EPS misses analyst expectations Third quarter 2023 results: EPS: NT$1.27 (up from NT$0.92 in 3Q 2022). Revenue: NT$5.15b (flat on 3Q 2022). Net income: NT$228.7m (up 39% from 3Q 2022). Profit margin: 4.4% (up from 3.2% in 3Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Hospitality industry in Taiwan. 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 11% per year, which means it has not declined as severely as earnings. Price Target Changed • Nov 04
Price target decreased by 10% to NT$147 Down from NT$164, the current price target is an average from 7 analysts. New target price is 46% above last closing price of NT$101. Stock is up 1.5% over the past year. The company is forecast to post earnings per share of NT$5.95 for next year compared to NT$2.68 last year. Major Estimate Revision • Sep 08
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from NT$5.83 to NT$6.55. Revenue forecast steady at NT$21.3b. Net income forecast to grow 59% next year vs 37% growth forecast for Hospitality industry in Taiwan. Consensus price target down from NT$174 to NT$164. Share price was steady at NT$114 over the past week. Reported Earnings • Sep 01
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: NT$1.47 (up from NT$0.27 loss in 2Q 2022). Revenue: NT$5.06b (up 16% from 2Q 2022). Net income: NT$264.9m (up NT$314.1m from 2Q 2022). Profit margin: 5.2% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) exceeded analyst estimates by 29%. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Hospitality industry in Taiwan. 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 3% per year, which means it is well ahead of earnings. New Risk • Aug 08
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 92% Dividend yield: 2.1% 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: Minor Risks Dividend is not well covered by earnings (92% payout ratio). Profit margins are more than 30% lower than last year (2.5% net profit margin). Price Target Changed • Jun 22
Price target increased by 10% to NT$186 Up from NT$169, the current price target is an average from 7 analysts. New target price is 26% above last closing price of NT$148. Stock is up 39% over the past year. The company is forecast to post earnings per share of NT$6.33 for next year compared to NT$2.68 last year. Upcoming Dividend • Jun 09
Upcoming dividend of NT$2.50 per share at 1.6% yield Eligible shareholders must have bought the stock before 16 June 2023. Payment date: 10 July 2023. Payout ratio is on the higher end at 92%, however this is supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (1.8%). Reported Earnings • May 16
First quarter 2023 earnings: EPS exceeds analyst expectations First quarter 2023 results: EPS: NT$1.38 (up from NT$1.33 in 1Q 2022). Revenue: NT$5.20b (up 7.1% from 1Q 2022). Net income: NT$247.7m (up 3.6% from 1Q 2022). Profit margin: 4.8% (down from 4.9% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 17%. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Hospitality industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Major Estimate Revision • May 15
Consensus EPS estimates increase by 17% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from NT$5.97 to NT$7.00. Revenue forecast steady at NT$21.5b. Net income forecast to grow 140% next year vs 33% growth forecast for Hospitality industry in Taiwan. Consensus price target up from NT$168 to NT$175. Share price was steady at NT$157 over the past week. Reported Earnings • Apr 01
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: NT$2.68 (down from NT$6.07 in FY 2021). Revenue: NT$19.5b (down 1.7% from FY 2021). Net income: NT$483.1m (down 56% from FY 2021). Profit margin: 2.5% (down from 5.5% in FY 2021). The decrease in margin was primarily driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.8%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Hospitality industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Price Target Changed • Mar 24
Price target increased by 10% to NT$156 Up from NT$142, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of NT$157. Stock is up 68% over the past year. The company is forecast to post earnings per share of NT$2.99 for next year compared to NT$6.07 last year. Price Target Changed • Feb 14
Price target increased by 9.4% to NT$133 Up from NT$122, the current price target is an average from 7 analysts. New target price is 21% below last closing price of NT$168. Stock is up 49% over the past year. The company is forecast to post earnings per share of NT$3.05 for next year compared to NT$6.07 last year. Price Target Changed • Jan 18
Price target increased to NT$122 Up from NT$113, the current price target is an average from 7 analysts. New target price is 16% below last closing price of NT$145. Stock is up 35% over the past year. The company is forecast to post earnings per share of NT$3.12 for next year compared to NT$6.07 last year. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improved over the past week After last week's 16% share price gain to NT$129, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 22x in the Hospitality industry in Taiwan. Total returns to shareholders of 15% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$106 per share. Reported Earnings • Nov 19
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: NT$0.92 (down from NT$1.49 in 3Q 2021). Revenue: NT$5.15b (up 1.2% from 3Q 2021). Net income: NT$164.9m (down 38% from 3Q 2021). Profit margin: 3.2% (down from 5.3% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Hospitality industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 2% per year. Board Change • Nov 16
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. 2 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Zhi Yi Chi 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. Buying Opportunity • Sep 28
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 5.4%. The fair value is estimated to be NT$133, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.5% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 11% in 2 years. Earnings is forecast to grow by 93% in the next 2 years. Reported Earnings • Aug 26
Second quarter 2022 earnings: EPS misses analyst expectations Second quarter 2022 results: NT$0.27 loss per share (down from NT$2.20 profit in 2Q 2021). Revenue: NT$4.38b (down 10% from 2Q 2021). Net loss: NT$49.3m (down 112% from profit in 2Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Over the next year, revenue is forecast to grow 3.4%, compared to a 40% growth forecast for the Hospitality industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Major Estimate Revision • Aug 25
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from NT$4.57 to NT$4.10 per share. Revenue forecast steady at NT$19.2b. Net income forecast to shrink 23% next year vs 29% growth forecast for Hospitality industry in Taiwan . Consensus price target broadly unchanged at NT$107. Share price was steady at NT$98.30 over the past week. Major Estimate Revision • Aug 14
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from NT$5.31 to NT$4.57 per share. Revenue forecast steady at NT$19.2b. Net income forecast to shrink 17% next year vs 22% growth forecast for Hospitality industry in Taiwan . Consensus price target broadly unchanged at NT$109. Share price fell 2.3% to NT$99.20 over the past week. Price Target Changed • Jul 22
Price target increased to NT$111 Up from NT$101, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of NT$107. Stock is down 33% over the past year. The company is forecast to post earnings per share of NT$5.04 for next year compared to NT$6.07 last year. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improved over the past week After last week's 20% share price gain to NT$115, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 26x in the Hospitality industry in Asia. Total loss to shareholders of 25% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$221 per share. Upcoming Dividend • Jun 13
Upcoming dividend of NT$5.00 per share Eligible shareholders must have bought the stock before 20 June 2022. Payment date: 11 July 2022. Payout ratio is on the higher end at 83%, however this is supported by cash flows. Trailing yield: 4.9%. Lower than top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (3.6%). Annonce • Jun 03
Gourmet Master Co. Ltd. Appoints Wu Meng Ta as Director Gourmet Master Co. Ltd. appointed Wu Meng Ta as director, Effective date of the new appointment is June 2, 2022. Reported Earnings • May 16
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: NT$1.33 (down from NT$1.40 in 1Q 2021). Revenue: NT$4.85b (flat on 1Q 2021). Net income: NT$239.0m (down 5.0% from 1Q 2021). Profit margin: 4.9% (down from 5.2% in 1Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 12%. Over the next year, revenue is forecast to grow 3.1%, compared to a 44% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Board Change • Apr 27
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 an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Zhi Yi Chi 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. Reported Earnings • Mar 31
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: NT$6.07 (up from NT$5.64 in FY 2020). Revenue: NT$19.9b (flat on FY 2020). Net income: NT$1.09b (up 7.7% from FY 2020). Profit margin: 5.5% (up from 5.2% in FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.0%. Over the next year, revenue is forecast to grow 2.8%, compared to a 58% growth forecast for the restaurants industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Mar 23
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$21.0b to NT$20.5b. EPS estimate also fell from NT$6.60 per share to NT$5.50 per share. Net income forecast to shrink 19% next year vs 24% growth forecast for Hospitality industry in Taiwan . Consensus price target down from NT$140 to NT$111. Share price fell 2.3% to NT$95.70 over the past week. Price Target Changed • Mar 16
Price target decreased to NT$136 Down from NT$148, the current price target is an average from 6 analysts. New target price is 47% above last closing price of NT$92.60. Stock is down 40% over the past year. The company is forecast to post earnings per share of NT$6.36 for next year compared to NT$5.64 last year. Annonce • Feb 19
Gourmet Master Co. Ltd., Annual General Meeting, Jun 02, 2022 Gourmet Master Co. Ltd., Annual General Meeting, Jun 02, 2022. Location: No.29, Gongye 18th Rd., Nantun Dist Taichung City Taiwan Agenda: To consider Reported matters: business of 2021, Review report by Audit Committee; to consider Matters for Discussion: Amend Rules on Guarantees and Asset Acquisition; and to consider other matters. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$1.49 (vs NT$2.19 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$5.08b (down 4.3% from 3Q 2020). Net income: NT$267.3m (down 32% from 3Q 2020). Profit margin: 5.3% (down from 7.4% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 17% per year. Reported Earnings • Aug 30
Second quarter 2021 earnings released: EPS NT$2.20 (vs NT$1.16 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$4.88b (up 10% from 2Q 2020). Net income: NT$396.2m (up 91% from 2Q 2020). Profit margin: 8.1% (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 26% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improved over the past week After last week's 17% share price gain to NT$144, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 24x in the Hospitality industry in Asia. Total loss to shareholders of 33% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$247 per share. Upcoming Dividend • Jul 20
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 27 July 2021. Payment date: 13 August 2021. Trailing yield: 2.4%. Lower than top quartile of Taiwanese dividend payers (4.9%). Lower than average of industry peers (2.9%). Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improved over the past week After last week's 16% share price gain to NT$174, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 22x in the Hospitality industry in Asia. Total loss to shareholders of 34% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$161 per share. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$1.40 (vs NT$0.36 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$4.87b (up 3.7% from 1Q 2020). Net income: NT$251.5m (up 284% from 1Q 2020). Profit margin: 5.2% (up from 1.4% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Price Target Changed • May 08
Price target increased to NT$180 Up from NT$166, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of NT$173. Stock is up 85% over the past year. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS NT$5.64 (vs NT$5.18 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$19.7b (down 15% from FY 2019). Net income: NT$1.02b (up 8.8% from FY 2019). Profit margin: 5.2% (up from 4.0% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Price Target Changed • Mar 30
Price target increased to NT$161 Up from NT$149, the current price target is an average from 11 analysts. New target price is 9.9% below last closing price of NT$179. Stock is up 138% over the past year. Annonce • Mar 17
Gourmet Master Co. Ltd., Annual General Meeting, Jun 04, 2021 Gourmet Master Co. Ltd., Annual General Meeting, Jun 04, 2021. Is New 90 Day High Low • Mar 04
New 90-day high: NT$166 The company is up 14% from its price of NT$146 on 04 December 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Hospitality 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$269 per share. Is New 90 Day High Low • Dec 16
New 90-day high: NT$160 The company is up 47% from its price of NT$109 on 17 September 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$278 per share. Major Estimate Revision • Nov 19
Analysts update estimates The 2020 consensus earning per share (EPS) estimate increased from NT$4.53 to NT$5.74. Revenue estimate for the same period was approximately flat at NT$19.7b. Net income is expected to grow by 42% next year compared to 41% growth forecast for the Hospitality industry in Taiwan. The consensus price target increased from NT$113 to NT$127. Share price is up 20% to NT$150 over the past week. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$2.19 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$5.31b (down 9.7% from 3Q 2019). Net income: NT$393.5m (up 65% from 3Q 2019). Profit margin: 7.4% (up from 4.1% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Nov 14
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) also surpassed analyst estimates by 71%. Over the next year, revenue is forecast to grow 4.4%, compared to a 6.4% growth forecast for the Hospitality industry in Taiwan. Valuation Update With 7 Day Price Move • Nov 11
Market bids up stock over the past week After last week's 15% share price gain to NT$121, the stock is trading at a trailing P/E ratio of 32.3x, up from the previous P/E ratio of 28x. This compares to an average P/E of 26x in the Hospitality industry in Taiwan. Total return to shareholders over the past three years is a loss of 62%. Price Target Changed • Nov 11
Price target raised to NT$113 Up from NT$105, the current price target is an average from 11 analysts. The new target price is 6.6% below the current share price of NT$121. As of last close, the stock is down 6.9% over the past year. Is New 90 Day High Low • Nov 10
New 90-day high: NT$119 The company is up 14% from its price of NT$104 on 12 August 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$363 per share.