New Risk • Jun 25
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 9,742% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Earnings have declined by 36% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (112% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.6% net profit margin). Market cap is less than US$100m (NT$1.24b market cap, or US$38.9m). New Risk • May 16
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: 1.6% Last year net profit margin: 2.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Earnings have declined by 36% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (112% payout ratio). Profit margins are more than 30% lower than last year (1.6% net profit margin). Market cap is less than US$100m (NT$1.30b market cap, or US$41.2m). Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$1.06 (vs NT$0.72 in FY 2024) Full year 2025 results: EPS: NT$1.06 (up from NT$0.72 in FY 2024). Revenue: NT$3.61b (up 12% from FY 2024). Net income: NT$64.0m (up 47% from FY 2024). Profit margin: 1.8% (up from 1.4% in FY 2024). 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 only fallen by 14% per year, which means it has not declined as severely as earnings. Annuncio • Mar 11
Singtex Industrial Co., Ltd., Annual General Meeting, May 26, 2026 Singtex Industrial Co., Ltd., Annual General Meeting, May 26, 2026, at 09:00 Taipei Standard Time. Location: 2 floor no,10, wu ch`uan 2nd rd., sinjhuang district, new taipei city Taiwan Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: NT$0.80 (vs NT$0.12 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.80 (up from NT$0.12 loss in 3Q 2024). Revenue: NT$873.2m (up 3.7% from 3Q 2024). Net income: NT$48.6m (up NT$55.9m from 3Q 2024). Profit margin: 5.6% (up from net loss in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 54 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 17
Second quarter 2025 earnings released: NT$1.76 loss per share (vs NT$0.54 profit in 2Q 2024) Second quarter 2025 results: NT$1.76 loss per share (down from NT$0.54 profit in 2Q 2024). Revenue: NT$685.2m (down 9.1% from 2Q 2024). Net loss: NT$106.5m (down 427% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$24.30, the stock trades at a trailing P/E ratio of 17x. Average trailing P/E is 17x in the Luxury industry in Taiwan. Negligible returns to shareholders over past three years. Upcoming Dividend • Jul 16
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 23 July 2025. Payment date: 14 August 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (4.7%). Annuncio • Jun 14
Singtex Industrial Co., Ltd. Approves Board Changes Singtex Industrial Co., Ltd. approved board changes, at its 2025 General Shareholders' Meeting held on June 13, 2025. Title and name of the previous position holder: Chen kan Nan: Honorary Professor of Department of Chemical and Materials Engineering. Tamkang University, Chen hsing san: Associate professor of Department of Information and Financial Management. National Taipei University of Technology, Lin i pei: Dean of College of Management, CYUT. Resume of the previous position holder: Chen kan Nan, Independent Director: Chen hsing san and Independent Director: Lin i pei. Title and name of the new position holder: Timon C. Du, Independent Director: Huei-song Hong and Independent Director: Hsien-Tang Chiu. Resume of the new position holder: Timon C. Du: Professor of Department of Industrial Management National Taiwan University of Science and Technology., Huei-song Hong: Adjunct Associate Professor of National Taipei University of Technology. and Hsien-Tang Chiu: Professor of National Taiwan University of Science and Technology. Circumstances of change: term expired. Effective date of the new appointment is June 13, 2025. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.31 (vs NT$0.40 loss in 1Q 2024) First quarter 2025 results: EPS: NT$0.31 (up from NT$0.40 loss in 1Q 2024). Revenue: NT$779.9m (up 27% from 1Q 2024). Net income: NT$18.5m (up NT$42.8m from 1Q 2024). Profit margin: 2.4% (up from net loss in 1Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Annuncio • May 06
Singtex Industrial Co., Ltd. to Report Q1, 2025 Results on May 13, 2025 Singtex Industrial Co., Ltd. announced that they will report Q1, 2025 results on May 13, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$24.10, the stock trades at a trailing P/E ratio of 33.4x. Average trailing P/E is 17x in the Luxury industry in Taiwan. Total loss to shareholders of 10% over the past three years. Annuncio • Mar 28
An undisclosed buyer acquired 50% stake in Alpha Brave Company Limited from Singtex Industrial Co., Ltd. (TPEX:4433) for $8 million. An undisclosed buyer acquired 50% stake in Alpha Brave Company Limited from Singtex Industrial Co., Ltd. (TPEX:4433) for $8 million on March 26, 2025. A cash consideration of $8 million will be paid by the buyer. As part of consideration, $8 million is paid towards common equity of Alpha Brave Company Limited.
The transaction is subject to approval of merger agreement by target board. The deal has been approved by the board.
CHIENTO Certified Public Accountant firm acted as accountant for Singtex Industrial Co., Ltd.
An undisclosed buyer completed the acquisition of 50% stake in Alpha Brave Company Limited from Singtex Industrial Co., Ltd. (TPEX:4433) on March 26, 2025. Reported Earnings • Mar 14
Full year 2024 earnings released: EPS: NT$0.72 (vs NT$0.53 in FY 2023) Full year 2024 results: EPS: NT$0.72 (up from NT$0.53 in FY 2023). Revenue: NT$3.22b (up 7.9% from FY 2023). Net income: NT$43.7m (up 36% from FY 2023). Profit margin: 1.4% (up from 1.1% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Annuncio • Feb 27
Singtex Industrial Co., Ltd., Annual General Meeting, Jun 13, 2025 Singtex Industrial Co., Ltd., Annual General Meeting, Jun 13, 2025. Location: 2 floor no,10, wu ch`uan 2nd rd., sinjhuang district, new taipei city Taiwan Annuncio • Feb 19
Singtex Industrial Co., Ltd. to Report Q4, 2024 Results on Feb 26, 2025 Singtex Industrial Co., Ltd. announced that they will report Q4, 2024 results on Feb 26, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings released: NT$0.12 loss per share (vs NT$0.85 profit in 3Q 2023) Third quarter 2024 results: NT$0.12 loss per share (down from NT$0.85 profit in 3Q 2023). Revenue: NT$841.8m (up 12% from 3Q 2023). Net loss: NT$7.23m (down 114% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 36% 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 18
Second quarter 2024 earnings released: EPS: NT$0.54 (vs NT$0.87 loss in 2Q 2023) Second quarter 2024 results: EPS: NT$0.54 (up from NT$0.87 loss in 2Q 2023). Revenue: NT$754.0m (up 37% from 2Q 2023). Net income: NT$32.6m (up NT$85.1m from 2Q 2023). Profit margin: 4.3% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. 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 2% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jun 14
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 19 June 2024. Payment date: 12 July 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.3%. Lower than top quartile of Taiwanese dividend payers (4.2%). In line with average of industry peers (3.1%). Declared Dividend • Jun 08
Dividend reduced to NT$1.00 Dividend of NT$1.00 is 33% lower than last year. Ex-date: 19th June 2024 Payment date: 12th July 2024 Dividend yield will be 3.3%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having 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 4.1% per year over the past 10 years. However, payments have been volatile during that time. Reported Earnings • May 19
First quarter 2024 earnings released: NT$0.40 loss per share (vs NT$0.064 profit in 1Q 2023) First quarter 2024 results: NT$0.40 loss per share (down from NT$0.064 profit in 1Q 2023). Revenue: NT$613.2m (down 14% from 1Q 2023). Net loss: NT$24.3m (down NT$28.2m 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 61 percentage points per year, which is a significant difference in performance. Annuncio • May 02
Singtex Industrial Co., Ltd. to Report Q1, 2024 Results on May 09, 2024 Singtex Industrial Co., Ltd. announced that they will report Q1, 2024 results on May 09, 2024 Reported Earnings • Mar 05
Full year 2023 earnings released: EPS: NT$0.53 (vs NT$2.51 in FY 2022) Full year 2023 results: EPS: NT$0.53 (down from NT$2.51 in FY 2022). Revenue: NT$2.98b (down 7.3% from FY 2022). Net income: NT$32.1m (down 77% from FY 2022). Profit margin: 1.1% (down from 4.3% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. Annuncio • Mar 02
Singtex Industrial Co., Ltd., Annual General Meeting, May 31, 2024 Singtex Industrial Co., Ltd., Annual General Meeting, May 31, 2024. Location: No. 10. Wu-Chun 2 Rd. Xinzhuang Dist., New Taipei City Taiwan Agenda: To consider 2023 Business report; to consider audit committee's review report; to consider for 2023 compensation distribution to employees and directors; to consider Report on 2023 cash dividend earnings distribution; and to consider other matters. New Risk • Nov 24
New major risk - Revenue and earnings growth Earnings have declined by 5.7% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.9x net interest cover). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 5.7% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$1.84b market cap, or US$58.1m). Reported Earnings • Aug 13
Second quarter 2023 earnings released: NT$0.87 loss per share (vs NT$0.89 profit in 2Q 2022) Second quarter 2023 results: NT$0.87 loss per share (down from NT$0.89 profit in 2Q 2022). Revenue: NT$552.4m (down 34% from 2Q 2022). Net loss: NT$52.5m (down 215% from profit in 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 56 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Jun 19
Upcoming dividend of NT$1.50 per share at 4.4% yield Eligible shareholders must have bought the stock before 26 June 2023. Payment date: 12 July 2023. Payout ratio is on the higher end at 97% but the company is not cash flow positive. Trailing yield: 4.4%. Lower than top quartile of Taiwanese dividend payers (5.4%). In line with average of industry peers (4.5%). Reported Earnings • Mar 08
Full year 2022 earnings released Full year 2022 results: Revenue: NT$3.22b (up 12% from FY 2021). Net income: NT$138.0m (up 143% from FY 2021). Profit margin: 4.3% (up from 2.0% in FY 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to NT$37.80, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 13x in the Luxury industry in Taiwan. Total returns to shareholders of 37% over the past three years. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: NT$0.74 (vs NT$0.14 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.74 (up from NT$0.14 in 3Q 2021). Revenue: NT$776.9m (up 11% from 3Q 2021). Net income: NT$45.5m (up NT$39.1m from 3Q 2021). Profit margin: 5.9% (up from 0.9% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 8% per year. Reported Earnings • Aug 10
Second quarter 2022 earnings released: EPS: NT$0.89 (vs NT$0.92 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.89. Revenue: NT$835.4m (down 7.3% from 2Q 2021). Net income: NT$45.8m (up 5.9% from 2Q 2021). Profit margin: 5.5% (up from 4.8% in 2Q 2021). The increase in margin was driven by lower expenses. Upcoming Dividend • Jul 05
Upcoming dividend of NT$0.77 per share Eligible shareholders must have bought the stock before 12 July 2022. Payment date: 27 July 2022. Payout ratio is a comfortable 46% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of Taiwanese dividend payers (6.7%). Lower than average of industry peers (4.0%). Valuation Update With 7 Day Price Move • May 27
Investor sentiment improved over the past week After last week's 17% share price gain to NT$33.80, the stock trades at a trailing P/E ratio of 15.5x. Average trailing P/E is 14x in the Luxury industry in Taiwan. Total returns to shareholders of 29% over the past three years. Reported Earnings • May 09
First quarter 2022 earnings: EPS misses analyst expectations First quarter 2022 results: EPS: NT$1.07 (up from NT$0.11 in 1Q 2021). Revenue: NT$909.1m (up 73% from 1Q 2021). Net income: NT$50.3m (up NT$45.3m from 1Q 2021). Profit margin: 5.5% (up from 1.0% in 1Q 2021). 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%. Over the last 3 years on average, earnings per share has increased by 4% per year and the company’s share price has also increased by 4% per year. Reported Earnings • Feb 20
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: NT$1.21 (down from NT$7.82 in FY 2020). Revenue: NT$2.88b (up 37% from FY 2020). Net income: NT$56.8m (down 84% from FY 2020). Profit margin: 2.0% (down from 17% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 14%. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.14 (vs NT$1.29 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$697.3m (up 11% from 3Q 2020). Net income: NT$6.39m (down 89% from 3Q 2020). Profit margin: 0.9% (down from 9.5% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 33% 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 13
Second quarter 2021 earnings released: EPS NT$0.92 (vs NT$6.91 in 2Q 2020) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$901.0m (up 52% from 2Q 2020). Net income: NT$43.2m (down 87% from 2Q 2020). Profit margin: 4.8% (down from 54% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 15
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 22 July 2021. Payment date: 20 August 2021. Trailing yield: 5.3%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (2.4%). Valuation Update With 7 Day Price Move • May 22
Investor sentiment improved over the past week After last week's 22% share price gain to NT$40.85, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 19x in the Luxury industry in Taiwan. Total returns to shareholders of 179% over the past three years. Reported Earnings • May 09
First quarter 2021 earnings released: EPS NT$0.11 (vs NT$0.41 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: NT$525.6m (up 25% from 1Q 2020). Net income: NT$5.00m (down 74% from 1Q 2020). Profit margin: 1.0% (down from 4.5% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Annuncio • Mar 18
Singtex Industrial Co., Ltd., Annual General Meeting, May 31, 2021 Singtex Industrial Co., Ltd., Annual General Meeting, May 31, 2021. Reported Earnings • Mar 17
Full year 2020 earnings released: EPS NT$7.82 (vs NT$0.49 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$2.11b (up 33% from FY 2019). Net income: NT$363.2m (up NT$342.9m from FY 2019). Profit margin: 17% (up from 1.3% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 09
New 90-day high: NT$43.30 The company is up 2.0% from its price of NT$42.45 on 09 December 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Luxury industry, which is also up 2.0% over the same period. Is New 90 Day High Low • Feb 04
New 90-day low: NT$40.40 The company is down 10.0% from its price of NT$44.90 on 06 November 2020. The Taiwanese market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is flat over the same period. Is New 90 Day High Low • Jan 06
New 90-day low: NT$40.90 The company is down 12% from its price of NT$46.70 on 08 October 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 8.0% over the same period. Is New 90 Day High Low • Dec 12
New 90-day low: NT$41.20 The company is down 9.0% from its price of NT$45.50 on 11 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 4.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$1.29 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$630.3m (up 58% from 3Q 2019). Net income: NT$60.0m (up 349% from 3Q 2019). Profit margin: 9.5% (up from 3.3% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth.