Reported Earnings • May 11
First quarter 2026 earnings released: EPS: NT$0.058 (vs NT$0.071 loss in 1Q 2025) First quarter 2026 results: EPS: NT$0.058 (up from NT$0.071 loss in 1Q 2025). Revenue: NT$89.8m (down 11% from 1Q 2025). Net income: NT$1.21m (up NT$2.69m from 1Q 2025). Profit margin: 1.3% (up from net loss in 1Q 2025). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Annuncio • Mar 12
Ever-Clear Environmental Eng. Corp., Annual General Meeting, Jun 18, 2026 Ever-Clear Environmental Eng. Corp., Annual General Meeting, Jun 18, 2026. Location: 1 floor no,261, sec.5 lung fu rd., hsi tun district, taichung city Taiwan New Risk • Mar 12
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.3% Last year net profit margin: 2.3% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (1.3% net profit margin). Market cap is less than US$100m (NT$1.31b market cap, or US$41.0m). Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: NT$0.36 (vs NT$0.71 in FY 2024) Full year 2025 results: EPS: NT$0.36 (down from NT$0.71 in FY 2024). Revenue: NT$574.9m (down 10% from FY 2024). Net income: NT$7.50m (down 48% from FY 2024). Profit margin: 1.3% (down from 2.3% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Annuncio • Dec 30
Myson Century, Inc. (TPEX:5314) and Feei Cherng Develop Technology Co., Ltd. (TPEX:3313) acquired 55.63% stake in Ever-Clear Environmental Eng. Corp. (TPEX:6624) for approximately TWD 390 million. Myson Century, Inc. (TPEX:5314) and Feei Cherng Develop Technology Co., Ltd. (TPEX:3313) proposed to acquire 55.63% stake in Ever-Clear Environmental Eng. Corp. (TPEX:6624) for approximately TWD 390 million on December 10, 2025. A cash consideration of TWD 315 million will be paid by Myson Century, Inc. and Feei Cherng Develop Technology Co., Ltd. As part of consideration, TWD 315 million is paid towards common equity of Ever-Clear Environmental Eng. Corp. The transaction is subject to minimum tender of 9.39 million shares.
The expected completion of the transaction is December 29, 2025.
Myson Century, Inc. (TPEX:5314) and Feei Cherng Develop Technology Co., Ltd. (TPEX:3313) completed the acquisition of 55.63% stake in Ever-Clear Environmental Eng. Corp. (TPEX:6624) on December 29, 2025. Minimum tender achieved in the transaction. Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$70.70, the stock trades at a trailing P/E ratio of 56.1x. Average trailing P/E is 17x in the Commercial Services industry in Taiwan. Total returns to shareholders of 96% over the past three years. New Risk • Nov 29
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 6.5% 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: Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (NT$1.04b market cap, or US$33.1m). Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$41.30, the stock trades at a trailing P/E ratio of 32.8x. Average trailing P/E is 17x in the Commercial Services industry in Taiwan. Total returns to shareholders of 15% over the past three years. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$0.18 (vs NT$0.024 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.18 (up from NT$0.024 in 3Q 2024). Revenue: NT$134.6m (up 1.3% from 3Q 2024). Net income: NT$3.81m (up NT$3.30m from 3Q 2024). Profit margin: 2.8% (up from 0.4% in 3Q 2024). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 5% per year. New Risk • Aug 17
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 15% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risk Market cap is less than US$100m (NT$730.8m market cap, or US$24.3m). Reported Earnings • Aug 15
Second quarter 2025 earnings released: NT$0.14 loss per share (vs NT$0.18 loss in 2Q 2024) Second quarter 2025 results: NT$0.14 loss per share (improved from NT$0.18 loss in 2Q 2024). Revenue: NT$129.1m (down 19% from 2Q 2024). Net loss: NT$2.87m (loss narrowed 22% from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 5% per year. Upcoming Dividend • Jul 07
Upcoming dividend of NT$0.55 per share Eligible shareholders must have bought the stock before 14 July 2025. Payment date: 05 August 2025. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (4.6%). Declared Dividend • Jun 15
Dividend reduced to NT$0.55 Dividend of NT$0.55 is 45% lower than last year. Ex-date: 14th July 2025 Payment date: 5th August 2025 Dividend yield will be 1.5%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (52% earnings payout ratio) and cash flows (12% cash payout ratio). The dividend has remained flat since 8 years ago. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 42% to shift the payout ratio to a potentially unsustainable range, which is more than the 18% EPS decline seen over the last 5 years. Reported Earnings • May 14
First quarter 2025 earnings released: NT$0.07 loss per share (vs NT$0.49 loss in 1Q 2024) First quarter 2025 results: NT$0.07 loss per share (improved from NT$0.49 loss in 1Q 2024). Revenue: NT$100.4m (up 55% from 1Q 2024). Net loss: NT$1.48m (loss narrowed 84% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$0.71 (vs NT$1.20 in FY 2023) Full year 2024 results: EPS: NT$0.71 (down from NT$1.20 in FY 2023). Revenue: NT$640.2m (up 23% from FY 2023). Net income: NT$14.5m (down 33% from FY 2023). Profit margin: 2.3% (down from 4.2% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Annuncio • Mar 14
Ever-Clear Environmental Eng. Corp., Annual General Meeting, Jun 13, 2025 Ever-Clear Environmental Eng. Corp., Annual General Meeting, Jun 13, 2025. Location: 3 floor no,386, shih cheng rd., hsi tun district, taichung city Taiwan Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.02 (vs NT$0.71 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.02 (down from NT$0.71 in 3Q 2023). Revenue: NT$132.9m (up 3.4% from 3Q 2023). Net income: NT$511.0k (down 96% from 3Q 2023). Profit margin: 0.4% (down from 9.9% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 10
Second quarter 2024 earnings released: NT$0.18 loss per share (vs NT$0.18 profit in 2Q 2023) Second quarter 2024 results: NT$0.18 loss per share (down from NT$0.18 profit in 2Q 2023). Revenue: NT$159.8m (up 61% from 2Q 2023). Net loss: NT$3.70m (down 214% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jun 20
Dividend reduced to NT$1.00 Dividend of NT$1.00 is 44% lower than last year. Ex-date: 3rd July 2024 Payment date: 26th July 2024 Dividend yield will be 2.5%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is not adequately covered by earnings (91% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 11% per year over the past 7 years. However, payments have been volatile during that time. Earnings per share declined by 21% over the last 5 years, which if continued should see the payout ratio increase to a potentially unsustainable range. Reported Earnings • May 13
First quarter 2024 earnings released: NT$0.49 loss per share (vs NT$0.59 loss in 1Q 2023) First quarter 2024 results: NT$0.49 loss per share (improved from NT$0.59 loss in 1Q 2023). Revenue: NT$64.7m (up 55% from 1Q 2023). Net loss: NT$9.15m (loss narrowed 14% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. New Risk • Apr 04
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 97% Paying a dividend despite having no free cash flows. Earnings have declined by 29% per year over the past 5 years. High level of non-cash earnings (22% accrual ratio). Minor Risks Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (NT$874.9m market cap, or US$27.3m). Annuncio • Mar 27
Ever-Clear Environmental Eng. Corp., Annual General Meeting, Jun 13, 2024 Ever-Clear Environmental Eng. Corp., Annual General Meeting, Jun 13, 2024. Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: NT$1.20 (vs NT$1.36 in FY 2022) Full year 2023 results: EPS: NT$1.20 (down from NT$1.36 in FY 2022). Revenue: NT$518.9m (up 13% from FY 2022). Net income: NT$21.6m (down 12% from FY 2022). Profit margin: 4.2% (down from 5.3% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: NT$0.18 (vs NT$0.13 loss in 2Q 2022) Second quarter 2023 results: EPS: NT$0.18 (up from NT$0.13 loss in 2Q 2022). Revenue: NT$99.0m (up 52% from 2Q 2022). Net income: NT$3.24m (up NT$5.65m from 2Q 2022). Profit margin: 3.3% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 28
Upcoming dividend of NT$1.80 per share at 3.8% yield Eligible shareholders must have bought the stock before 05 July 2023. Payment date: 28 July 2023. Trailing yield: 3.8%. Lower than top quartile of Taiwanese dividend payers (5.5%). In line with average of industry peers (4.2%). New Risk • Jun 08
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 10% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 164% Cash payout ratio: 105% Earnings have declined by 36% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$765.9m market cap, or US$24.9m). Reported Earnings • Mar 17
Full year 2022 earnings released: EPS: NT$1.36 (vs NT$0.041 in FY 2021) Full year 2022 results: EPS: NT$1.36 (up from NT$0.041 in FY 2021). Revenue: NT$460.2m (up 29% from FY 2021). Net income: NT$24.5m (up NT$23.8m from FY 2021). Profit margin: 5.3% (up from 0.2% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • May 14
First quarter 2022 earnings released: NT$0.34 loss per share (vs NT$0.21 loss in 1Q 2021) First quarter 2022 results: NT$0.34 loss per share (down from NT$0.21 loss in 1Q 2021). Revenue: NT$32.8m (down 26% from 1Q 2021). Net loss: NT$6.06m (loss widened 62% from 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Annuncio • Mar 23
Ever-Clear Environmental Eng. Corp., Annual General Meeting, Jun 10, 2022 Ever-Clear Environmental Eng. Corp., Annual General Meeting, Jun 10, 2022. Reported Earnings • Nov 07
Third quarter 2021 earnings released: NT$0.30 loss per share (vs NT$0.19 loss in 3Q 2020) The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: NT$61.5m (down 15% from 3Q 2020). Net loss: NT$5.43m (loss widened 58% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 09
Second quarter 2021 earnings released: NT$0.67 loss per share (vs NT$0.60 loss in 2Q 2020) The company reported a poor second quarter result with increased losses, weaker revenues and weaker control over costs. Second quarter 2021 results: Revenue: NT$31.3m (down 5.1% from 2Q 2020). Net loss: NT$12.0m (loss widened 11% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 46 percentage points per year, which is a significant difference in performance. Reported Earnings • May 17
First quarter 2021 earnings released: NT$0.21 loss per share (vs NT$0.026 loss in 1Q 2020) The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: NT$44.4m (down 32% from 1Q 2020). Net loss: NT$3.73m (loss widened NT$3.27m from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 48% 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. Reported Earnings • Mar 31
Full year 2020 earnings released: NT$0.86 loss per share (vs NT$3.16 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: NT$249.8m (down 47% from FY 2019). Net loss: NT$15.5m (down 129% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 20
New 90-day low: NT$31.50 The company is down 17% from its price of NT$37.90 on 23 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is up 1.0% over the same period. Is New 90 Day High Low • Dec 28
New 90-day low: NT$32.25 The company is down 14% from its price of NT$37.50 on 30 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is up 2.0% over the same period. Is New 90 Day High Low • Dec 05
New 90-day low: NT$35.15 The company is down 11% from its price of NT$39.40 on 04 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is up 1.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: NT$0.19 loss per share The company reported a poor third quarter result with weaker earnings and control over expenses, although revenues were flat. Third quarter 2020 results: Revenue: NT$72.2m (flat on 3Q 2019). Net loss: NT$3.43m (down 131% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings.