Valuation Update With 7 Day Price Move • Jul 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$556, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 30x in the Machinery industry in Taiwan. Total returns to shareholders of 1,177% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$772 per share. New Risk • Jul 07
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 12% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). High level of non-cash earnings (25% accrual ratio). Buy Or Sell Opportunity • Jun 26
Now 21% undervalued Over the last 90 days, the stock has risen 35% to NT$561. The fair value is estimated to be NT$710, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 21%. Revenue is forecast to grow by 50% in a year. Earnings are forecast to grow by 87% in the next year. Upcoming Dividend • Jun 11
Upcoming dividend of NT$5.50 per share Eligible shareholders must have bought the stock before 18 June 2026. Payment date: 13 July 2026. Payout ratio is on the higher end at 100% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of Taiwanese dividend payers (4.9%). Lower than average of industry peers (1.8%). Buy Or Sell Opportunity • Jun 10
Now 24% undervalued Over the last 90 days, the stock has risen 48% to NT$540. The fair value is estimated to be NT$707, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 93% in 2 years. Earnings are forecast to grow by 203% in the next 2 years. Reported Earnings • May 09
First quarter 2026 earnings: EPS misses analyst expectations First quarter 2026 results: EPS: NT$3.00 (up from NT$1.00 in 1Q 2025). Revenue: NT$2.26b (up 73% from 1Q 2025). Net income: NT$466.2m (up 210% from 1Q 2025). Profit margin: 21% (up from 12% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 30%. Revenue is forecast to grow 28% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 127% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • May 08
Now 21% undervalued Over the last 90 days, the stock has risen 96% to NT$537. The fair value is estimated to be NT$682, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 93% in 2 years. Earnings are forecast to grow by 203% in the next 2 years. New Risk • Apr 27
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 12% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). High level of non-cash earnings (28% accrual ratio). Buy Or Sell Opportunity • Apr 23
Now 22% undervalued Over the last 90 days, the stock has risen 127% to NT$538. The fair value is estimated to be NT$692, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 93% in 2 years. Earnings are forecast to grow by 203% in the next 2 years. Major Estimate Revision • Apr 10
Consensus EPS estimates increase by 18% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from NT$9.51 to NT$11.24. Revenue forecast unchanged at NT$9.70b. Net income forecast to grow 100% next year vs 79% growth forecast for Machinery industry in Taiwan. Consensus price target up from NT$388 to NT$438. Share price rose 38% to NT$542 over the past week. New Risk • Mar 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 9.8% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.8% average weekly change). High level of non-cash earnings (28% accrual ratio). Reported Earnings • Mar 04
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: NT$5.50 (up from NT$4.80 in FY 2024). Revenue: NT$6.10b (up 27% from FY 2024). Net income: NT$830.6m (up 16% from FY 2024). Profit margin: 14% (down from 15% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.6%. Revenue is forecast to grow 29% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Machinery 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 increased by 95% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Mar 01
Consensus revenue estimates increase by 14% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from NT$8.14b to NT$9.30b. EPS estimate increased from NT$9.09 to NT$9.91 per share. Net income forecast to grow 71% next year vs 52% growth forecast for Machinery industry in Taiwan. Consensus price target up from NT$272 to NT$347. Share price rose 18% to NT$321 over the past week. Annuncio • Feb 26
C Sun Mfg Ltd., Annual General Meeting, May 22, 2026 C Sun Mfg Ltd., Annual General Meeting, May 22, 2026. Location: b1 floor no,266, sec.1 wen hua 2nd rd., linkou district, new taipei city Taiwan Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$321, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 38x in the Machinery industry in Taiwan. Total returns to shareholders of 666% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$566 per share. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$276, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 34x in the Machinery industry in Taiwan. Total returns to shareholders of 602% over the past three years. Buy Or Sell Opportunity • Jan 05
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 45% to NT$280. The fair value is estimated to be NT$228, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 5.2%. Revenue is forecast to grow by 55% in 2 years. Earnings are forecast to grow by 110% in the next 2 years. Board Change • Dec 12
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Representative Director Yu-Yuan Liang was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$205, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 27x in the Machinery industry in Taiwan. Total returns to shareholders of 406% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$222 per share. Reported Earnings • Nov 09
Third quarter 2025 earnings released: EPS: NT$1.40 (vs NT$1.10 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.40 (up from NT$1.10 in 3Q 2024). Revenue: NT$1.54b (up 46% from 3Q 2024). Net income: NT$211.6m (up 28% from 3Q 2024). Profit margin: 14% (down from 16% in 3Q 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 but the company’s share price has increased by 57% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$201, the stock trades at a trailing P/E ratio of 42.2x. Average trailing P/E is 24x in the Machinery industry in Taiwan. Total returns to shareholders of 388% over the past three years. Valuation Update With 7 Day Price Move • Aug 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$168, the stock trades at a trailing P/E ratio of 35.3x. Average trailing P/E is 20x in the Machinery industry in Taiwan. Total returns to shareholders of 307% over the past three years. Reported Earnings • Aug 07
Second quarter 2025 earnings released: EPS: NT$1.37 (vs NT$1.25 in 2Q 2024) Second quarter 2025 results: EPS: NT$1.37 (up from NT$1.25 in 2Q 2024). Revenue: NT$1.51b (up 12% from 2Q 2024). Net income: NT$207.2m (up 11% from 2Q 2024). Profit margin: 14% (in line with 2Q 2024). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • May 28
C Sun Mfg Ltd. Approves the Election of New Directors C Sun Mfg Ltd. held its AGM on May 27, 2025, approved the election of New directors: Morrison Liang; Zhen Sheng Co., LTD. Representative: Yu-Yuan Liang; Gallant Precision Machining (GPM) Co., LTD. Representative: Lu Yen; Newly-elected independent directors: Shu Hsien Lin; Jack Liu; Ray Tsao; Wanjiun Liao. New Risk • May 22
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 8.8% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 108% Dividend per share is over 6x cash flows per share. Minor Risk Share price has been volatile over the past 3 months (8.8% average weekly change). Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$166, the stock trades at a trailing P/E ratio of 35.7x. Average forward P/E is 28x in the Machinery industry in Taiwan. Total returns to shareholders of 363% over the past three years. Upcoming Dividend • May 21
Upcoming dividend of NT$5.00 per share Eligible shareholders must have bought the stock before 28 May 2025. Payment date: 20 June 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.3%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (2.9%). Reported Earnings • May 10
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: NT$1.00 (down from NT$1.15 in 1Q 2024). Revenue: NT$1.31b (up 21% from 1Q 2024). Net income: NT$150.3m (down 13% from 1Q 2024). Profit margin: 12% (down from 16% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.4%. Earnings per share (EPS) also missed analyst estimates by 43%. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 51% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$144, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 20x in the Machinery industry in Taiwan. Total returns to shareholders of 297% over the past three years. Annuncio • Apr 10
C Sun Mfg Ltd. Approves Cash Dividend for the Fiscal Year 2024, Payable on June 20, 2025 On April 8, 2025, the board of directors of C Sun Mfg Ltd. approved cash dividend of TWD 751,645,870 or TWD 5 per share, payable on June 20, 2025. Ex-rights (ex-dividend) trading date is May 28, 2025. Ex-rights (ex-dividend) record date is June 3, 2025. Date of the resolution by the board of directors or shareholders meeting or decision by the Company is April 8, 2025. Reason for the change: Due to the transfer of treasury shares to employees, it has affected the outstanding shares. Declared Dividend • Apr 10
Dividend of NT$5.00 announced Shareholders will receive a dividend of NT$5.00. Ex-date: 28th May 2025 Payment date: 20th June 2025 Dividend yield will be 4.2%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (104% earnings payout ratio) nor is it covered by cash flows (139% cash payout ratio). The dividend has increased by an average of 15% 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 16% to bring the payout ratio under control. However, EPS is expected to remain steady over the next year, which means the dividend may need to be reduced to reach a sustainable payout ratio. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$122, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 21x in the Machinery industry in Taiwan. Total returns to shareholders of 226% over the past three years. Reported Earnings • Mar 03
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: NT$4.80 (up from NT$3.12 in FY 2023). Revenue: NT$4.82b (up 33% from FY 2023). Net income: NT$719.2m (up 48% from FY 2023). Profit margin: 15% (up from 13% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.6%. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 52% per year, which means it is well ahead of earnings. Annuncio • Feb 18
C Sun Mfg Ltd. to Report Fiscal Year 2024 Results on Feb 25, 2025 C Sun Mfg Ltd. announced that they will report fiscal year 2024 results at 1:30 PM, Taipei Standard Time on Feb 25, 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 Share price has been volatile over the past 3 months (7.1% average weekly change). Reported Earnings • Nov 04
Third quarter 2024 earnings released: EPS: NT$1.10 (vs NT$1.08 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.10. Revenue: NT$1.05b (up 16% from 3Q 2023). Net income: NT$165.0m (down 2.4% from 3Q 2023). Profit margin: 16% (down from 19% in 3Q 2023). The decrease in margin was driven by higher expenses. Annuncio • Oct 24
C Sun Mfg Ltd. to Report Q3, 2024 Results on Oct 31, 2024 C Sun Mfg Ltd. announced that they will report Q3, 2024 results on Oct 31, 2024 Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$245, the stock trades at a trailing P/E ratio of 57.5x. Average trailing P/E is 20x in the Machinery industry in Taiwan. Total returns to shareholders of 573% over the past three years. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$249, the stock trades at a trailing P/E ratio of 58.4x. Average trailing P/E is 20x in the Machinery industry in Taiwan. Total returns to shareholders of 503% over the past three years. Reported Earnings • Aug 02
Second quarter 2024 earnings released: EPS: NT$1.25 (vs NT$0.49 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.25 (up from NT$0.49 in 2Q 2023). Revenue: NT$1.35b (up 85% from 2Q 2023). Net income: NT$187.1m (up 143% from 2Q 2023). Profit margin: 14% (up from 11% in 2Q 2023). The increase in margin was driven by higher revenue. 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 52% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$190, the stock trades at a trailing P/E ratio of 53.9x. Average trailing P/E is 20x in the Machinery industry in Taiwan. Total returns to shareholders of 326% over the past three years. Annuncio • Jul 24
C Sun Mfg Ltd. to Report Q2, 2024 Results on Aug 01, 2024 C Sun Mfg Ltd. announced that they will report Q2, 2024 results on Aug 01, 2024 Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$159, the stock trades at a trailing P/E ratio of 44.9x. Average trailing P/E is 20x in the Machinery industry in Taiwan. Total returns to shareholders of 260% over the past three years. Upcoming Dividend • May 25
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 30 May 2024. Payment date: 21 June 2024. Payout ratio is on the higher end at 87%, however this is supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (4.4%). In line with average of industry peers (2.4%). Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to NT$160, the stock trades at a trailing P/E ratio of 45.2x. Average trailing P/E is 21x in the Machinery industry in Taiwan. Total returns to shareholders of 299% over the past three years. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: NT$1.15 (vs NT$0.83 in 1Q 2023) First quarter 2024 results: EPS: NT$1.15 (up from NT$0.83 in 1Q 2023). Revenue: NT$1.08b (up 12% from 1Q 2023). Net income: NT$172.2m (up 32% from 1Q 2023). Profit margin: 16% (up from 14% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 38% per year, which means it is well ahead of earnings. Declared Dividend • May 11
Dividend reduced to NT$3.00 Dividend of NT$3.00 is 17% lower than last year. Ex-date: 30th May 2024 Payment date: 21st June 2024 Dividend yield will be 2.4%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is not adequately covered by earnings (96% earnings payout ratio). However, it is well covered by cash flows (47% cash payout ratio). The dividend has increased by an average of 7.7% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 6.8% to bring the payout ratio under control. However, EPS has declined by 1.7% over the last 5 years so the company would need to reverse this trend. Annuncio • May 02
C Sun Mfg Ltd. to Report Q1, 2024 Results on May 09, 2024 C Sun Mfg Ltd. announced that they will report Q1, 2024 results on May 09, 2024 Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$115, the stock trades at a trailing P/E ratio of 35.1x. Average trailing P/E is 22x in the Machinery industry in Taiwan. Total returns to shareholders of 199% over the past three years. Reported Earnings • Mar 07
Full year 2023 earnings released: EPS: NT$3.12 (vs NT$4.59 in FY 2022) Full year 2023 results: EPS: NT$3.12 (down from NT$4.59 in FY 2022). Revenue: NT$3.63b (down 32% from FY 2022). Net income: NT$486.3m (down 32% from FY 2022). Profit margin: 13% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • Mar 07
C Sun Mfg Ltd. Approves Dividend for the Year Ended December 31, 2023 C Sun Mfg Ltd. approved dividend for the year ended December 31, 2023. The company has declared a cash dividend of TWD 3 for each share to its shareholders. As of March 5, 2024, with a total of 149,242,348 shares qualified for this dividend, the total disbursement will be TWD 447,727,044. Annuncio • Mar 06
C Sun Mfg Ltd., Annual General Meeting, May 21, 2024 C Sun Mfg Ltd., Annual General Meeting, May 21, 2024. Location: B1, No. 266, Sec. 1, Wenhua 2nd Rd., Linkou Dist New Taipei City Taiwan Agenda: To approve 2023 Business Report, 2023 Audit Committee's Review Report, 2023 employees' and directors' compensation, the 2023 Distribution of profits in cash, Report on the Implementation of Treasury Stock of the Company; and to consider other matters. Buy Or Sell Opportunity • Feb 21
Now 20% undervalued Over the last 90 days, the stock has risen 113% to NT$113. The fair value is estimated to be NT$142, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 11%. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$109, the stock trades at a trailing P/E ratio of 33.3x. Average trailing P/E is 19x in the Machinery industry in Taiwan. Total returns to shareholders of 212% over the past three years. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$80.00, the stock trades at a trailing P/E ratio of 24.4x. Average trailing P/E is 19x in the Machinery industry in Taiwan. Total returns to shareholders of 146% over the past three years. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$68.20, the stock trades at a trailing P/E ratio of 20.8x. Average trailing P/E is 19x in the Machinery industry in Taiwan. Total returns to shareholders of 133% over the past three years. Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$64.00, the stock trades at a trailing P/E ratio of 19.5x. Average trailing P/E is 19x in the Machinery industry in Taiwan. Total returns to shareholders of 142% over the past three years. Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: NT$0.49 (vs NT$1.27 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.49 (down from NT$1.27 in 2Q 2022). Revenue: NT$728.7m (down 45% from 2Q 2022). Net income: NT$77.0m (down 61% from 2Q 2022). Profit margin: 11% (down from 15% 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 20% per year whereas the company’s share price has increased by 22% per year. Upcoming Dividend • May 31
Upcoming dividend of NT$3.60 per share at 6.8% yield Eligible shareholders must have bought the stock before 07 June 2023. Payment date: 27 June 2023. Payout ratio and cash payout ratio are on the higher end at 78% and 88% respectively. Trailing yield: 6.8%. Within top quartile of Taiwanese dividend payers (5.6%). Higher than average of industry peers (3.2%). Reported Earnings • Mar 06
Full year 2022 earnings released: EPS: NT$4.59 (vs NT$4.22 in FY 2021) Full year 2022 results: EPS: NT$4.59 (up from NT$4.22 in FY 2021). Revenue: NT$5.37b (down 6.2% from FY 2021). Net income: NT$719.0m (up 8.9% from FY 2021). Profit margin: 13% (up from 12% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$1.44 (vs NT$0.99 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.44 (up from NT$0.99 in 3Q 2021). Revenue: NT$1.53b (up 16% from 3Q 2021). Net income: NT$226.0m (up 46% from 3Q 2021). Profit margin: 15% (up from 12% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. 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. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Shu-Xian Lin 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 • Nov 12
Third quarter 2022 earnings released: EPS: NT$1.44 (vs NT$0.99 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.44 (up from NT$0.99 in 3Q 2021). Revenue: NT$1.53b (up 16% from 3Q 2021). Net income: NT$226.0m (up 46% from 3Q 2021). Profit margin: 15% (up from 12% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 09
Second quarter 2022 earnings released: EPS: NT$1.27 (vs NT$1.19 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.27 (up from NT$1.19 in 2Q 2021). Revenue: NT$1.32b (down 14% from 2Q 2021). Net income: NT$199.2m (up 6.8% from 2Q 2021). Profit margin: 15% (up from 12% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 21% per year. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$36.15, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 13x in the Machinery industry in Taiwan. Total returns to shareholders of 55% over the past three years. Buying Opportunity • Jul 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be NT$53.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years. Earnings per share has grown by 17%. Upcoming Dividend • Jun 30
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 07 July 2022. Payment date: 28 July 2022. Payout ratio is a comfortable 69% but the company is not cash flow positive. Trailing yield: 6.9%. Within top quartile of Taiwanese dividend payers (6.4%). Higher than average of industry peers (3.2%). Buying Opportunity • May 12
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be NT$53.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years. Earnings per share has grown by 17%. Reported Earnings • May 03
First quarter 2022 earnings released: EPS: NT$1.03 (vs NT$0.99 in 1Q 2021) First quarter 2022 results: EPS: NT$1.03 (up from NT$0.99 in 1Q 2021). Revenue: NT$1.24b (down 10% from 1Q 2021). Net income: NT$156.7m (up 3.9% from 1Q 2021). Profit margin: 13% (up from 11% in 1Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Shu-Xian Lin was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annuncio • Mar 23
C Sun Mfg Ltd., Annual General Meeting, Jun 09, 2022 C Sun Mfg Ltd., Annual General Meeting, Jun 09, 2022. Reported Earnings • Mar 18
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: NT$4.35 (up from NT$2.88 in FY 2020). Revenue: NT$5.72b (up 40% from FY 2020). Net income: NT$660.3m (up 51% from FY 2020). Profit margin: 12% (in line with FY 2020). Revenue missed analyst estimates by 21%. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 08
Third quarter 2021 earnings released: EPS NT$1.02 (vs NT$0.86 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: NT$1.32b (up 24% from 3Q 2020). Net income: NT$155.2m (up 19% from 3Q 2020). Profit margin: 12% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS NT$1.25 (vs NT$0.56 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$1.53b (up 69% from 2Q 2020). Net income: NT$186.5m (up 119% from 2Q 2020). Profit margin: 12% (up from 9.4% 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 4% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 27
Upcoming dividend of NT$2.51 per share Eligible shareholders must have bought the stock before 03 August 2021. Payment date: 25 August 2021. Trailing yield: 4.2%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (2.5%). Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improved over the past week After last week's 20% share price gain to NT$58.40, the stock trades at a trailing P/E ratio of 19.9x. Average trailing P/E is 20x in the Machinery industry in Taiwan. Total returns to shareholders of 162% over the past three years. Annuncio • Mar 10
C Sun Mfg Ltd., Annual General Meeting, May 25, 2021 C Sun Mfg Ltd., Annual General Meeting, May 25, 2021. Reported Earnings • Mar 05
Full year 2020 earnings released: EPS NT$2.94 (vs NT$2.09 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$4.09b (down 7.9% from FY 2019). Net income: NT$438.8m (up 41% from FY 2019). Profit margin: 11% (up from 7.0% 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 11% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improved over the past week After last week's 18% share price gain to NT$48.40, the stock is trading at a trailing P/E ratio of 21x, up from the previous P/E ratio of 17.8x. This compares to an average P/E of 20x in the Machinery industry in Taiwan. Total returns to shareholders over the past three years are 121%. Is New 90 Day High Low • Feb 23
New 90-day high: NT$48.40 The company is up 43% from its price of NT$33.90 on 25 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 18% over the same period.