New Risk • May 23
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 53% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 72% per year over the past 5 years. Minor Risks High level of debt (53% net debt to equity). Paying a dividend despite being loss-making. Market cap is less than US$100m (NT$1.48b market cap, or US$46.9m). Reported Earnings • May 17
First quarter 2026 earnings released: NT$0.26 loss per share (vs NT$0.46 loss in 1Q 2025) First quarter 2026 results: NT$0.26 loss per share (improved from NT$0.46 loss in 1Q 2025). Revenue: NT$547.3m (down 8.9% from 1Q 2025). Net loss: NT$15.6m (loss narrowed 42% from 1Q 2025). 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 33% per year, which means it has not declined as severely as earnings. New Risk • Apr 17
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 53% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 73% per year over the past 5 years. Minor Risks High level of debt (53% net debt to equity). Paying a dividend despite being loss-making. Market cap is less than US$100m (NT$1.61b market cap, or US$51.0m). Reported Earnings • Mar 31
Full year 2025 earnings released: NT$1.59 loss per share (vs NT$4.87 loss in FY 2024) Full year 2025 results: NT$1.59 loss per share (improved from NT$4.87 loss in FY 2024). Revenue: NT$2.31b (up 1.3% from FY 2024). Net loss: NT$94.3m (loss narrowed 68% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 33 percentage points per year, which is a significant difference in performance. New Risk • Mar 18
New minor risk - Dividend sustainability The dividend is not well covered by earnings. The company is paying a dividend despite being loss-making. Dividend yield: 1.8% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 72% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Market cap is less than US$100m (NT$1.71b market cap, or US$53.5m). Annonce • Mar 13
Jourdeness Group Limited, Annual General Meeting, May 29, 2026 Jourdeness Group Limited, Annual General Meeting, May 29, 2026. Location: 8 floor no,816, sec.1 chung ch`ing rd., north district, taichung city Taiwan Reported Earnings • Nov 18
Third quarter 2025 earnings released: NT$0.57 loss per share (vs NT$1.61 loss in 3Q 2024) Third quarter 2025 results: NT$0.57 loss per share (improved from NT$1.61 loss in 3Q 2024). Revenue: NT$550.1m (down 3.8% from 3Q 2024). Net loss: NT$33.6m (loss narrowed 65% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 27
Second quarter 2025 earnings released: NT$0.77 loss per share (vs NT$1.14 loss in 2Q 2024) Second quarter 2025 results: NT$0.77 loss per share (improved from NT$1.14 loss in 2Q 2024). Revenue: NT$522.5m (down 9.5% from 2Q 2024). Net loss: NT$45.9m (loss narrowed 33% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Jul 10
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 17 July 2025. Payment date: 13 August 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (5.0%). Declared Dividend • Jun 21
Dividend reduced to NT$0.50 Dividend of NT$0.50 is 50% lower than last year. Ex-date: 17th July 2025 Payment date: 13th August 2025 Dividend yield will be 1.4%, 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. However, the dividend is well covered by cash flows (10% cash payout ratio). The dividend has decreased over the past 96 years, indicating a lack of growth and stability in payments. Annonce • Jun 20
Jourdeness Group Limited Announces Cash Dividend Distribution Payable on August 13, 2025 Jourdeness Group Limited announced that its board of directors resolved on June 19, 2025, to distribute a cash dividend totaling TWD 29,884,656, or TWD 0.5 per share. The ex-rights (ex-dividend) trading date is set for July 17, 2025, with the ex-rights (ex-dividend) record date on July 25, 2025, and the payment date for the cash dividend is August 13, 2025. Reported Earnings • May 16
First quarter 2025 earnings released: NT$0.46 loss per share (vs NT$1.52 loss in 1Q 2024) First quarter 2025 results: NT$0.46 loss per share (improved from NT$1.52 loss in 1Q 2024). Revenue: NT$601.0m (up 7.0% from 1Q 2024). Net loss: NT$27.1m (loss narrowed 70% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 113 percentage points per year, which is a significant difference in performance. Annonce • May 03
Jourdeness Group Limited to Report Q1, 2025 Results on May 12, 2025 Jourdeness Group Limited announced that they will report Q1, 2025 results on May 12, 2025 Reported Earnings • Mar 20
Full year 2024 earnings released: NT$4.87 loss per share (vs NT$0.004 loss in FY 2023) Full year 2024 results: NT$4.87 loss per share (further deteriorated from NT$0.004 loss in FY 2023). Revenue: NT$2.28b (down 23% from FY 2023). Net loss: NT$291.9m (loss widened NT$291.7m from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 122 percentage points per year, which is a significant difference in performance. Annonce • Mar 12
Jourdeness Group Limited, Annual General Meeting, Jun 19, 2025 Jourdeness Group Limited, Annual General Meeting, Jun 19, 2025. Location: 8 floor no,816, sec.1 chung ch`ing rd., north district, taichung city Taiwan Annonce • Mar 04
Jourdeness Group Limited to Report Fiscal Year 2024 Results on Mar 11, 2025 Jourdeness Group Limited announced that they will report fiscal year 2024 results on Mar 11, 2025 Reported Earnings • Nov 17
Third quarter 2024 earnings released: NT$1.61 loss per share (vs NT$0.69 loss in 3Q 2023) Third quarter 2024 results: NT$1.61 loss per share (further deteriorated from NT$0.69 loss in 3Q 2023). Revenue: NT$571.6m (down 16% from 3Q 2023). Net loss: NT$96.6m (loss widened 132% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 118 percentage points per year, which is a significant difference in performance. Annonce • Oct 30
Jourdeness Group Limited to Report Q3, 2024 Results on Nov 06, 2024 Jourdeness Group Limited announced that they will report Q3, 2024 results on Nov 06, 2024 Reported Earnings • Aug 28
Second quarter 2024 earnings released: NT$1.14 loss per share (vs NT$0.78 profit in 2Q 2023) Second quarter 2024 results: NT$1.14 loss per share (down from NT$0.78 profit in 2Q 2023). Revenue: NT$577.1m (down 29% from 2Q 2023). Net loss: NT$68.2m (down 245% from profit in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 109 percentage points per year, which is a significant difference in performance. Annonce • Aug 15
Jourdeness Group Limited to Report Q2, 2024 Results on Aug 22, 2024 Jourdeness Group Limited announced that they will report Q2, 2024 results on Aug 22, 2024 Upcoming Dividend • Jul 23
Upcoming dividend of NT$1.01 per share Eligible shareholders must have bought the stock before 30 July 2024. Payment date: 23 August 2024. The company is not currently making a profit but it is cash flow positive. Trailing yield: 2.1%. Lower than top quartile of Taiwanese dividend payers (4.3%). Lower than average of industry peers (4.3%). Reported Earnings • May 15
First quarter 2024 earnings released: NT$1.52 loss per share (vs NT$0.085 profit in 1Q 2023) First quarter 2024 results: NT$1.52 loss per share (down from NT$0.085 profit in 1Q 2023). Revenue: NT$561.9m (down 28% from 1Q 2023). Net loss: NT$91.5m (down NT$96.6m from profit in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Annonce • May 02
Jourdeness Group Limited to Report Q1, 2024 Results on May 09, 2024 Jourdeness Group Limited announced that they will report Q1, 2024 results on May 09, 2024 Reported Earnings • Mar 17
Full year 2023 earnings released Full year 2023 results: Revenue: NT$2.98b (up 7.1% from FY 2022). Net loss: NT$258.0k (down 102% from profit in FY 2022). Profit margin: 0% (down from 0.5% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 14
Third quarter 2023 earnings released: NT$0.69 loss per share (vs NT$0.24 loss in 3Q 2022) Third quarter 2023 results: NT$0.69 loss per share (further deteriorated from NT$0.24 loss in 3Q 2022). Revenue: NT$677.9m (up 1.8% from 3Q 2022). Net loss: NT$41.7m (loss widened 190% from 3Q 2022). Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 9.4% growth forecast for the Personal Products industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Buying Opportunity • Nov 10
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be NT$80.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 53%. Reported Earnings • Aug 30
Second quarter 2023 earnings released: EPS: NT$0.78 (vs NT$0.59 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.78 (up from NT$0.59 in 2Q 2022). Revenue: NT$814.9m (up 27% from 2Q 2022). Net income: NT$47.0m (up 34% from 2Q 2022). Profit margin: 5.8% (up from 5.5% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 53% 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. Annonce • Aug 25
Jourdeness Group Limited Appoints Teng, Ting-Sheng as Chief Information Security Officer Jourdeness Group Limited appointed Teng, Ting-Sheng as Chief Information Security Officer. Name, title, and resume of the new position holder: Teng, Ting-Sheng JOURDENESS GROUP LIMITED chief information officer. Effective date: August 24, 2023. New Risk • Jun 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 5.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 23% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (5.9% average weekly change). Profit margins are more than 30% lower than last year (0.3% net profit margin). Upcoming Dividend • Apr 20
Upcoming dividend of NT$0.99 per share at 1.0% yield Eligible shareholders must have bought the stock before 27 April 2023. Payment date: 25 May 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.0%. Lower than top quartile of Taiwanese dividend payers (5.7%). Lower than average of industry peers (2.4%). Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: NT$0.24 (vs NT$4.98 in FY 2021) Full year 2022 results: EPS: NT$0.24 (down from NT$4.98 in FY 2021). Revenue: NT$2.78b (down 1.5% from FY 2021). Net income: NT$14.0m (down 95% from FY 2021). Profit margin: 0.5% (down from 10% in FY 2021). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improved over the past week After last week's 15% share price gain to NT$79.60, the stock trades at a trailing P/E ratio of 39.5x. Average forward P/E is 22x in the Personal Products industry in Taiwan. Total loss to shareholders of 18% over the past three years. Board Change • Nov 16
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. 4 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Tie-In Jin was the last independent director to join the board, commencing their role in 2017. 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 • Nov 13
Third quarter 2022 earnings released: NT$0.24 loss per share (vs NT$0.62 profit in 3Q 2021) Third quarter 2022 results: NT$0.24 loss per share (down from NT$0.62 profit in 3Q 2021). Revenue: NT$666.0m (up 5.2% from 3Q 2021). Net loss: NT$14.4m (down 140% from profit in 3Q 2021). Revenue is forecast to grow 32% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Personal Products industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 28% 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. Reported Earnings • Aug 24
Second quarter 2022 earnings released: EPS: NT$0.59 (vs NT$1.57 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.59 (down from NT$1.57 in 2Q 2021). Revenue: NT$642.4m (down 4.4% from 2Q 2021). Net income: NT$35.1m (down 62% from 2Q 2021). Profit margin: 5.5% (down from 14% in 2Q 2021). 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 13% per year, which means it has not declined as severely as earnings. Reported Earnings • May 17
First quarter 2022 earnings released: EPS: NT$0.16 (vs NT$1.22 in 1Q 2021) First quarter 2022 results: EPS: NT$0.16 (down from NT$1.22 in 1Q 2021). Revenue: NT$638.4m (down 12% from 1Q 2021). Net income: NT$9.20m (down 87% from 1Q 2021). Profit margin: 1.4% (down from 9.8% in 1Q 2021). The decrease in margin was driven by lower revenue. 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 14% per year, which means it has not declined as severely as earnings. Price Target Changed • Apr 27
Price target increased to NT$133 Up from NT$124, the current price target is provided by 1 analyst. New target price is 97% above last closing price of NT$67.60. Stock is down 28% over the past year. The company posted earnings per share of NT$4.98 last year. 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. 9 experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Tie-In Jin was the last independent director to join the board, commencing their role in 2017. 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 • Apr 14
Upcoming dividend of NT$3.50 per share Eligible shareholders must have bought the stock before 21 April 2022. Payment date: 20 May 2022. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 4.9%. Lower than top quartile of Taiwanese dividend payers (5.7%). Higher than average of industry peers (3.8%). Reported Earnings • Mar 28
Full year 2021 earnings released: EPS: NT$4.98 (vs NT$4.41 in FY 2020) Full year 2021 results: EPS: NT$4.98 (up from NT$4.41 in FY 2020). Revenue: NT$2.82b (up 3.2% from FY 2020). Net income: NT$292.2m (up 13% from FY 2020). Profit margin: 10% (up from 9.4% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year whereas the company’s share price has fallen by 16% per year. Reported Earnings • Nov 16
Third quarter 2021 earnings released: EPS NT$0.62 (vs NT$1.46 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$633.1m (down 12% from 3Q 2020). Net income: NT$36.3m (down 58% from 3Q 2020). Profit margin: 5.7% (down from 12% 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 17% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 26
Second quarter 2021 earnings released: EPS NT$1.57 (vs NT$0.90 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$672.1m (up 6.7% from 2Q 2020). Net income: NT$91.8m (up 75% from 2Q 2020). Profit margin: 14% (up from 8.3% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 14% per year. Upcoming Dividend • Jul 02
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 08 July 2021. Payment date: 03 August 2021. Trailing yield: 4.0%. Lower than top quartile of Taiwanese dividend payers (5.0%). In line with average of industry peers (3.9%). Price Target Changed • May 28
Price target decreased to NT$101 Down from NT$124, the current price target is an average from 2 analysts. New target price is 32% above last closing price of NT$76.50. Stock is down 8.6% over the past year. Price Target Changed • May 19
Price target decreased to NT$101 Down from NT$124, the current price target is an average from 3 analysts. New target price is 36% above last closing price of NT$74.70. Stock is down 9.7% over the past year. Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorated over the past week After last week's 22% share price decline to NT$69.30, the stock trades at a trailing P/E ratio of 11.7x. Average forward P/E is 28x in the Personal Products industry in Taiwan. Total loss to shareholders of 32% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$125 per share. Reported Earnings • May 12
First quarter 2021 earnings released: EPS NT$1.22 (vs NT$0.26 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$727.9m (up 34% from 1Q 2020). Net income: NT$71.4m (up NT$86.8m from 1Q 2020). Profit margin: 9.8% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 12% per year. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$4.41 (vs NT$8.05 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$2.73b (down 16% from FY 2019). Net income: NT$257.7m (down 45% from FY 2019). Profit margin: 9.4% (down from 14% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 8% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Jan 20
New 90-day low: NT$83.80 The company is down 6.0% from its price of NT$89.20 on 22 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Personal Products industry, which is down 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$94.97 per share. Price Target Changed • Jan 19
Price target lowered to NT$118 Down from NT$130, the current price target is an average from 3 analysts. The new target price is 34% above the current share price of NT$87.60. As of last close, the stock is down 25% over the past year. Is New 90 Day High Low • Nov 11
New 90-day high: NT$90.10 The company is up 23% from its price of NT$73.50 on 13 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 Personal Products industry, which is down 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$286 per share. Analyst Estimate Surprise Post Earnings • Nov 11
Revenue beats expectations Revenue exceeded analyst estimates by 0.007%. Over the next year, revenue is forecast to grow 16%, compared to a 6.3% growth forecast for the Personal Products industry in Taiwan. Reported Earnings • Nov 11
Third quarter 2020 earnings released: EPS NT$1.46 The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2020 results: Revenue: NT$723.1m (down 7.5% from 3Q 2019). Net income: NT$85.6m (down 3.2% from 3Q 2019). Profit margin: 12% (in line with 3Q 2019). Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 16% per year. Is New 90 Day High Low • Oct 22
New 90-day high: NT$89.20 The company is up 16% from its price of NT$76.60 on 24 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Personal Products industry, which is down 9.0% over the same period. 