Declared Dividend • Jul 11
Dividend reduced to NT$6.00 Dividend of NT$6.00 is 40% lower than last year. Ex-date: 1st September 2026 Payment date: 30th September 2026 Dividend yield will be 5.2%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (64% earnings payout ratio) but not covered by cash flows (170% cash payout ratio). The dividend has increased by an average of 27% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 7.0% over the next year, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • Jul 01
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from NT$10.06 to NT$8.56 per share. Revenue forecast steady at NT$7.35b. Net income forecast to grow 1.7% next year vs 17% growth forecast for Personal Products industry in Taiwan. Consensus price target of NT$148 unchanged from last update. Share price fell 3.0% to NT$113 over the past week. Price Target Changed • May 17
Price target decreased by 8.1% to NT$147 Down from NT$160, the current price target is an average from 3 analysts. New target price is 25% above last closing price of NT$118. Stock is down 9.9% over the past year. The company is forecast to post earnings per share of NT$10.06 for next year compared to NT$8.68 last year. Reported Earnings • May 11
First quarter 2026 earnings: EPS misses analyst expectations First quarter 2026 results: EPS: NT$1.91 (up from NT$1.24 in 1Q 2025). Revenue: NT$1.64b (up 3.4% from 1Q 2025). Net income: NT$210.7m (up 54% from 1Q 2025). Profit margin: 13% (up from 8.6% in 1Q 2025). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 40%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 9.3% growth forecast for the Personal Products industry in Asia. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Major Estimate Revision • Mar 20
Consensus EPS estimates increase by 13% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from NT$9.79 to NT$11.02. Revenue forecast steady at NT$7.99b. Net income forecast to grow 27% next year vs 25% growth forecast for Personal Products industry in Taiwan. Consensus price target down from NT$162 to NT$155. Share price was steady at NT$124 over the past week. Annuncio • Mar 12
TCI Co., Ltd., Annual General Meeting, Jun 23, 2026 TCI Co., Ltd., Annual General Meeting, Jun 23, 2026. Location: no,12, shen nung rd., to huo ts`un, changjhjh township, pingtung county Taiwan New Risk • Mar 12
New major risk - Revenue and earnings growth Earnings have declined by 17% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 117% Cash payout ratio: 321% Earnings have declined by 17% per year over the past 5 years. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$156, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 21x in the Personal Products industry in Asia. Total returns to shareholders of 3.6% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$154 per share. Price Target Changed • Jan 22
Price target increased by 9.5% to NT$162 Up from NT$148, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of NT$155. Stock is up 34% over the past year. The company is forecast to post earnings per share of NT$7.91 for next year compared to NT$7.60 last year. Buy Or Sell Opportunity • Jan 13
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to NT$132. The fair value is estimated to be NT$109, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.5% over the last 3 years. Earnings per share has grown by 8.0%. Revenue is forecast to grow by 8.2% in a year. Earnings are forecast to grow by 9.9% in the next year. Major Estimate Revision • Nov 27
Consensus EPS estimates increase by 18% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from NT$7.70 to NT$9.06. Revenue forecast unchanged at NT$7.00b. Net income forecast to grow 10% next year vs 27% growth forecast for Personal Products industry in Taiwan. Consensus price target of NT$146 unchanged from last update. Share price was steady at NT$116 over the past week. Reported Earnings • Nov 12
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: EPS: NT$2.50 (up from NT$1.48 in 3Q 2024). Revenue: NT$1.74b (down 3.6% from 3Q 2024). Net income: NT$274.3m (up 68% from 3Q 2024). Profit margin: 16% (up from 9.0% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) exceeded analyst estimates by 32%. Revenue is forecast to grow 9.6% p.a. on average during the next 2 years, compared to a 9.5% growth forecast for the Personal Products industry in Asia. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. New Risk • Nov 12
New major risk - Revenue and earnings growth Earnings have declined by 21% 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 Risk Earnings have declined by 21% per year over the past 5 years. Minor Risk Dividend is not well covered by earnings (134% payout ratio). Major Estimate Revision • Oct 09
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$7.59b to NT$7.00b. EPS estimate also fell from NT$8.12 per share to NT$7.03 per share. Net income forecast to grow 14% next year vs 28% growth forecast for Personal Products industry in Taiwan. Consensus price target broadly unchanged at NT$148. Share price fell 3.3% to NT$116 over the past week. Price Target Changed • Oct 08
Price target decreased by 7.8% to NT$148 Down from NT$161, the current price target is an average from 2 analysts. New target price is 27% above last closing price of NT$117. Stock is down 13% over the past year. The company is forecast to post earnings per share of NT$7.03 for next year compared to NT$7.60 last year. New Risk • Sep 11
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 129% Cash payout ratio: 94% Dividend yield: 8.6% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough 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. 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 129% Cash payout ratio: 94% Earnings have declined by 20% per year over the past 5 years. Buy Or Sell Opportunity • Aug 29
Now 20% undervalued Over the last 90 days, the stock has risen 7.1% to NT$136. The fair value is estimated to be NT$171, 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 7.8%. Reported Earnings • Aug 12
Second quarter 2025 earnings: EPS exceeds analyst expectations Second quarter 2025 results: EPS: NT$2.16 (down from NT$2.43 in 2Q 2024). Revenue: NT$1.80b (down 9.2% from 2Q 2024). Net income: NT$237.8m (down 12% from 2Q 2024). Profit margin: 13% (in line with 2Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 51%. 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 1% per year, which means it is significantly lagging earnings. Price Target Changed • May 22
Price target decreased by 7.2% to NT$161 Down from NT$173, the current price target is an average from 2 analysts. New target price is 23% above last closing price of NT$130. Stock is down 14% over the past year. The company is forecast to post earnings per share of NT$8.12 for next year compared to NT$7.60 last year. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: NT$1.24 (vs NT$1.11 in 1Q 2024) First quarter 2025 results: EPS: NT$1.24 (up from NT$1.11 in 1Q 2024). Revenue: NT$1.59b (up 5.0% from 1Q 2024). Net income: NT$136.9m (up 7.4% from 1Q 2024). Profit margin: 8.6% (up from 8.4% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 4% per year. Annuncio • Apr 30
TCI Co., Ltd. to Report Q1, 2025 Results on May 07, 2025 TCI Co., Ltd. announced that they will report Q1, 2025 results on May 07, 2025 New Risk • Apr 07
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: Major Risk Earnings have declined by 21% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (103% payout ratio). Share price has been volatile over the past 3 months (6.5% average weekly change). Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$149, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 18x in the Personal Products industry in Asia. Total loss to shareholders of 16% over the past three years. Reported Earnings • Feb 28
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: NT$7.60 (down from NT$7.73 in FY 2023). Revenue: NT$7.24b (down 9.7% from FY 2023). Net income: NT$851.5m (down 5.0% from FY 2023). Profit margin: 12% (in line with FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 12%. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Annuncio • Feb 19
TCI Co., Ltd. to Report Fiscal Year 2024 Results on Feb 26, 2025 TCI Co., Ltd. announced that they will report fiscal year 2024 results on Feb 26, 2025 Price Target Changed • Jan 13
Price target decreased by 21% to NT$151 Down from NT$190, the current price target is provided by 1 analyst. New target price is 30% above last closing price of NT$116. Stock is down 32% over the past year. The company is forecast to post earnings per share of NT$6.79 for next year compared to NT$7.73 last year. Major Estimate Revision • Nov 14
Consensus EPS estimates fall by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$7.84b to NT$7.29b. EPS estimate also fell from NT$8.13 per share to NT$6.50 per share. Net income forecast to grow 38% next year vs 27% growth forecast for Personal Products industry in Taiwan. Consensus price target of NT$177 unchanged from last update. Share price fell 6.1% to NT$131 over the past week. Reported Earnings • Nov 10
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: NT$1.47 (down from NT$2.78 in 3Q 2023). Revenue: NT$1.80b (down 18% from 3Q 2023). Net income: NT$163.3m (down 49% from 3Q 2023). Profit margin: 9.0% (down from 14% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 12%. Earnings per share (EPS) also missed analyst estimates by 27%. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 9.1% growth forecast for the Personal Products industry in Asia. 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 13% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Oct 17
Consensus EPS estimates increase by 13% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from NT$8.13 to NT$9.23. Revenue forecast unchanged at NT$7.84b. Net income forecast to grow 17% next year vs 22% growth forecast for Personal Products industry in Taiwan. Consensus price target of NT$177 unchanged from last update. Share price was steady at NT$134 over the past week. Annuncio • Oct 07
TCI Co., Ltd. Unveils Promising GLP-1 Formula Clinical Trial Results for Advanced Weight Management TCI Co., Ltd. announced the successful results of its recent clinical trial of the GLP-1 Formula, a natural supplement designed to support weight management in adults. The clinical trial, conducted from October 25 to December 31, 2023, demonstrated that the formula was effective in promoting significant weight loss among the 560 participants, who collectively lost a total of 2,732 kg. Participants aged 18 to 75 were instructed to take one sachet containing seven tablets of GLP-1 Formula daily before lunch. The trial results revealed an average weight loss of 4.9 kg per participant. Furthermore, over 59.3% of participants successfully lost at least 4 kg of their baseline body weight by the trial's end. These compelling results highlight the potential of the GLP-1 formula as an effective, natural approach to weight management. Developed by TCI, the GLP-1 Formula is designed to enhance the secretion of GLP-1 naturally, a hormone known for regulating appetite and promoting satiety. By using a blend of natural plant extracts, probiotics, and amino acids such as phenylalanine and leucine, the formula effectively stimulates GLP-1 secretion, leading to appetite suppression and weight reduction. The success of this trial marks a major milestone for TCI in its ongoing commitment to developing natural, science-backed solutions for addressing global wellness challenges. Annuncio • Jul 23
TCI Co., Ltd. to Report Q2, 2024 Results on Jul 30, 2024 TCI Co., Ltd. announced that they will report Q2, 2024 results on Jul 30, 2024 Declared Dividend • Jul 08
Dividend of NT$7.00 announced Shareholders will receive a dividend of NT$7.00. Ex-date: 23rd July 2024 Payment date: 16th August 2024 Dividend yield will be 4.3%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not adequately covered by earnings (94% earnings payout ratio). However, it is well covered by cash flows (42% cash payout ratio). The dividend has increased by an average of 31% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 4.3% to bring the payout ratio under control. EPS is expected to grow by 38% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. New Risk • Jun 28
New major risk - Revenue and earnings growth Earnings have declined by 23% 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 Risk Earnings have declined by 23% per year over the past 5 years. Minor Risk Dividend is not well covered by earnings (94% payout ratio). Annuncio • Jun 26
TCI Co., Ltd. Approves the By-Election of Ching-Ting Chen as Institutional Director TCI Co., Ltd. at its 2024 annual shareholders meeting held on June 25, 2024, approved the by-election of Ching-Ting Chen as institutional director. Title and name of the new position holder: Director: Ching-Ting Chen, Maxigen Biotech Inc. representative. Resume of the new position holder: General manager of Maxigen Biotech Inc. Effective date of the new appointment: June 25, 2024. Major Estimate Revision • May 23
Consensus EPS estimates increase by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from NT$8.14b to NT$8.69b. EPS estimate increased from NT$7.82 to NT$9.05 per share. Net income forecast to grow 31% next year vs 24% growth forecast for Personal Products industry in Taiwan. Consensus price target down from NT$186 to NT$176. Share price was steady at NT$151 over the past week. Reported Earnings • May 18
First quarter 2024 earnings: EPS exceeds analyst expectations First quarter 2024 results: EPS: NT$1.11 (down from NT$1.39 in 1Q 2023). Revenue: NT$1.51b (down 19% from 1Q 2023). Net income: NT$127.4m (down 22% from 1Q 2023). Profit margin: 8.4% (down from 8.7% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 93%. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Personal Products industry in Asia. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • May 10
Now 21% overvalued Over the last 90 days, the stock has fallen 12% to NT$152. The fair value is estimated to be NT$125, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.5% over the last 3 years. Earnings per share has declined by 34%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 48% in the next 2 years. Annuncio • May 10
TCI Co., Ltd. Board Approves Dividend Distribution for the Year Ended December 31, 2023 TCI Co., Ltd. board of directors approved the dividend distribution of TWD 7 per share for the year ended December 31, 2023. Total amount of cash dividends to shareholders is TWD 824,101,810. Annuncio • May 02
TCI Co., Ltd. to Report Q1, 2024 Results on May 09, 2024 TCI Co., Ltd. announced that they will report Q1, 2024 results on May 09, 2024 Major Estimate Revision • Apr 18
Consensus revenue estimates fall by 12% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$9.16b to NT$8.10b. EPS estimate fell from NT$9.86 to NT$8.20 per share. Net income forecast to shrink 1.8% next year vs 27% growth forecast for Personal Products industry in Taiwan . Consensus price target broadly unchanged at NT$186. Share price fell 6.8% to NT$145 over the past week. Reported Earnings • Mar 29
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: NT$7.73 (up from NT$6.06 in FY 2022). Revenue: NT$8.02b (up 7.8% from FY 2022). Net income: NT$896.3m (up 26% from FY 2022). Profit margin: 11% (up from 9.6% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) also missed analyst estimates by 3.6%. Revenue is forecast to grow 9.6% p.a. on average during the next 2 years, compared to a 8.9% growth forecast for the Personal Products industry in Asia. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Annuncio • Mar 16
TCI Co., Ltd., Annual General Meeting, Jun 25, 2024 TCI Co., Ltd., Annual General Meeting, Jun 25, 2024. Location: No.12, Shennong Rd., Changzhi Township, Pingtung County Pingtung County Taiwan Agenda: To approve The Company's 2023 Business Report; to approve Audit Committee's review of the 2023 annual final accounting books and statements; to Report on 2023 employees and Directors' remuneration; and to discuss other matters. Reported Earnings • Nov 14
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: NT$2.78 (down from NT$2.96 in 3Q 2022). Revenue: NT$2.21b (up 7.2% from 3Q 2022). Net income: NT$320.1m (down 8.0% from 3Q 2022). Profit margin: 14% (down from 17% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 19%. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Personal Products industry in Asia. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Annuncio • Nov 01
TCI Co., Ltd. Unveils Weight Loss Formula at SupplySide West 2023 TCI Co., Ltd. announced that in a debut at the esteemed SupplySide West 2023 event in Las Vegas, TCI introduced its weight loss formula, backed by positive results from human clinical trials. This global exhibition, renowned for its focus on natural health ingredients, showcased TCI's exclusive weight management solution, which promises impressive results in just 14 days. Notably, participants in the trials experienced significant weight reduction, ranging from 4 to 11 pounds, without requiring major changes to their diet or exercise routines. TCI's innovation marks a significant step towards addressing the global challenges of obesity and blood sugar issues. The company is now poised to provide a range of weight management supplements for its business-to-business (B-to-B) clients through collaborations in Original Design Manufacturing (ODM) and Contract Development and Manufacturing Organization (CDMO). The natural and potent supplements generated considerable interest from established healthcare brands at the SupplySide West Exhibition. Underpinning this achievement is TCI's sophisticated bioresource data mining platform, which took over 4,000 hours from substance discovery to RNA screening and validation. The primary ingredient in TCI's exclusive weight loss formula demonstrated remarkable appetite-suppressing effects. Human trials revealed an 11.7% reduction in appetite after four weeks of use, with an astounding 80% improvement rate among participants. Furthermore, the primary ingredient proved highly effective in promoting weight and fat loss, resulting in an average weight loss of 2.2 pounds and a 0.4% reduction in trunk body fat percentage. These findings underscore the product's efficacy in addressing health problems associated with obesity. Upcoming Dividend • Jul 20
Upcoming dividend of NT$5.02 per share at 4.8% yield Eligible shareholders must have bought the stock before 27 July 2023. Payment date: 22 August 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 4.8%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (2.8%). Annuncio • Jul 13
TCI Co., Ltd. Announces Cash Dividend, Payable on August 22, 2023 TCI Co., Ltd. announced cash dividend of TWD 591,304,150 (TWD 5.02259429 per share allotted). Ex-rights (Ex-dividend) date is July 27, 2023; Ex-rights (Ex-dividend) record date is August 2, 2023; Payment date of cash dividend distribution is August 22, 2023. Reported Earnings • Jul 13
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: NT$1.39 (up from NT$1.32 in 1Q 2022). Revenue: NT$1.87b (up 13% from 1Q 2022). Net income: NT$163.7m (up 5.7% from 1Q 2022). Profit margin: 8.7% (down from 9.3% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 23%. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Personal Products industry in Asia. Over the last 3 years on average, earnings per share has fallen by 32% 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. Annuncio • Jul 12
TCI Introduces Vecollal VeCollal located in Belgium, is a renowned global leader in developing collagen sourced from non-animal origins. The company possesses a strong scientific background and comprehensive clinical trial data. Dr. Josue Vazquez, the Chief Scientist of VeCollal, is well-known for his expertise in biomaterials and tissue engineering, holding a Ph.D. in Tissue Engineering and Precision Medicine. Through precise molecular-level analysis of amino acid sequences, VeCollal has completely reproduced the amino acid composition found in human collagen; the purity and quality has been recognized by international supplement and beauty brands. In recent years, the growing awareness among consumers regarding environmental protection and health has driven the demand for vegan collagen. This growing awareness has prompted TCI to form a strategic alliance and become the exclusive distributor for VeCollal in Asia. In-vitro tests have shown a 135% increase in collagen secretion with VeCollal compared to untreated skin fibroblasts. Through clinical trials conducted in medical institutions, TCI has observed significant improvements in various skin parameters after eight weeks of daily consumption of 5g of VeCollal. These include a 13.1% reduction in skin texture, a 14.2% reduction in wrinkles. Hydration, skin tone, and pore problems have been improved in the clinical trial as well. VeCollal offers better choices for consumers with different lifestyles, providing a viable alternative for those on a vegetarian or vegan diet to enjoy the benefits of collagen supplements of non-animal origin. Committed to marine conservation, VeCollal does not depend on marine resources and guarantee a pure origin to achieve its high quality and stability. Board Change • Jul 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. Independent Director Shih-Ming Li was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annuncio • Jun 28
TCI Co., Ltd. Appoints Representative of the Legal Person as Director TCI Co., Ltd. appointed representative of the legal person as director of the Company. Date of occurrence of the change: June 27, 2023. Name of legal person: Yang Guang Investment Co., Ltd. Dydo Group Holdings Inc. Name of the previous position holder: Not applicable. Resume of the previous position holder: Not applicable. Name of the new position holder: Pi-Shu Li, Tomiya Takamatsu. Resume of the new position holder: Pi-Shu Li, Chairman of the Board, Uchen Management & Consulting Co., Ltd. Tomiya Takamatsu, President, DyDo Group Holdings Inc. Reason for the change: Newly elected appointed representative by the legal person as a director. Effective date of the new appointment: June 27, 2023. Major Estimate Revision • May 23
Consensus EPS estimates fall by 26% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$8.69b to NT$7.88b. EPS estimate also fell from NT$10.75 per share to NT$8.00 per share. Net income forecast to grow 36% next year vs 32% growth forecast for Personal Products industry in Taiwan. Consensus price target up from NT$196 to NT$201. Share price rose 3.4% to NT$183 over the past week. Annuncio • May 09
TCI Co., Ltd. Announces Cash Dividend for the Year Ended December 31, 2022 TCI Co., Ltd. announced cash dividends to shareholders is TWD 5 per share. Cash dividends distributed from legal reserve and capital reserve to shareholders (TWD per share): TWD 591304150. The dividend per value of common stock is TWD 10.0. Buying Opportunity • May 08
Now 22% undervalued Over the last 90 days, the stock is up 5.3%. The fair value is estimated to be NT$267, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.6% over the last 3 years. Earnings per share has declined by 28%. Revenue is forecast to grow by 20% in 2 years. Earnings is forecast to grow by 56% in the next 2 years. Buying Opportunity • Apr 21
Now 20% undervalued Over the last 90 days, the stock is up 21%. The fair value is estimated to be NT$264, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.6% over the last 3 years. Earnings per share has declined by 28%. Revenue is forecast to grow by 20% in 2 years. Earnings is forecast to grow by 56% in the next 2 years. Price Target Changed • Feb 07
Price target increased by 11% to NT$179 Up from NT$161, the current price target is an average from 6 analysts. New target price is 9.3% below last closing price of NT$197. Stock is up 1.0% over the past year. The company is forecast to post earnings per share of NT$5.58 for next year compared to NT$13.17 last year. Major Estimate Revision • Dec 23
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from NT$6.41 to NT$5.76. Revenue forecast unchanged from NT$7.54b at last update. Net income forecast to grow 56% next year vs 24% growth forecast for Personal Products industry in Taiwan. Consensus price target of NT$159 unchanged from last update. Share price rose 10% to NT$174 over the past week. Price Target Changed • Dec 19
Price target increased to NT$177 Up from NT$154, the current price target is an average from 2 analysts. New target price is 6.6% above last closing price of NT$166. Stock is down 19% over the past year. The company is forecast to post earnings per share of NT$6.35 for next year compared to NT$13.17 last year. Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improved over the past week After last week's 16% share price gain to NT$153, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 22x in the Personal Products industry in Asia. Total loss to shareholders of 47% over the past three years. Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: NT$2.95 (down from NT$4.02 in 3Q 2021). Revenue: NT$2.06b (down 13% from 3Q 2021). Net income: NT$347.9m (down 26% from 3Q 2021). Profit margin: 17% (down from 20% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.8%. Earnings per share (EPS) exceeded analyst estimates by 8.7%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Personal Products industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 25% per year whereas the company’s share price has fallen by 27% per year. Reported Earnings • Nov 13
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: NT$2.95 (down from NT$4.02 in 3Q 2021). Revenue: NT$2.06b (down 13% from 3Q 2021). Net income: NT$347.9m (down 26% from 3Q 2021). Profit margin: 17% (down from 20% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.8%. Earnings per share (EPS) exceeded analyst estimates by 8.7%. Revenue is forecast to grow 13% p.a. on average during the next 3 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 25% per year whereas the company’s share price has fallen by 29% per year. Annuncio • Oct 02
TCI Co., Ltd. Announces Executive Changes TCI Co., Ltd. announced that the change to the financial officer and accounting officer of the company. Name, title, and resume of the previous position holder: Liu Yi Chun/TCI financial officer and Ou Tzu Chen/TCI accounting officer. Name, title, and resume of the new position holder: Fu Chen Chen/TCI financial officer and accounting officer, TCI GENE INC General Manager. The effective date is September 30, 2022. Major Estimate Revision • Sep 06
Consensus EPS estimates fall by 31% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$8.15b to NT$7.61b. EPS estimate also fell from NT$9.41 per share to NT$6.50 per share. Net income forecast to grow 39% next year vs 22% growth forecast for Personal Products industry in Taiwan. Consensus price target broadly unchanged at NT$162. Share price rose 4.0% to NT$144 over the past week. Reported Earnings • Aug 07
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: NT$0.75 loss per share (down from NT$4.19 profit in 2Q 2021). Revenue: NT$1.85b (down 21% from 2Q 2021). Net loss: NT$88.2m (down 118% from profit in 2Q 2021). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates. Over the next year, revenue is forecast to grow 12%, compared to a 11% growth forecast for the industry in Taiwan. 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 24% per year. Upcoming Dividend • Jul 14
Upcoming dividend of NT$8.92 per share Eligible shareholders must have bought the stock before 21 July 2022. Payment date: 18 August 2022. Payout ratio is on the higher end at 79%, and the cash payout ratio is above 100%. Trailing yield: 5.8%. Lower than top quartile of Taiwanese dividend payers (6.8%). Higher than average of industry peers (4.1%). Annuncio • Jul 07
TCI Co., Ltd. Approves Cash Dividend, Payable on August 18, 2022 TCI Co., Ltd. at its shareholders meeting held on July 6, 2022 approved Cash dividends of TWD 1,050,014,090 (TWD 8.91892062 per share allotted). Ex-rights (Ex-dividend) record date is July 29, 2022. Payment date of cash dividend distribution is August 18, 2022. Price Target Changed • May 13
Price target decreased to NT$183 Down from NT$197, the current price target is an average from 5 analysts. New target price is 31% above last closing price of NT$140. Stock is down 40% over the past year. The company is forecast to post earnings per share of NT$9.01 for next year compared to NT$13.17 last year. Annuncio • May 08
TCI Co., Ltd. Appoints Members of the Risk Management Committee TCI Co., Ltd. announced the appointment of members of the Company's Risk Management Committee as follows: Lin Yung-Hsiang/Chairman of TCI CO., Ltd; Liao Sung-Yuan/Independent Director of TCI CO., Ltd; Kao Chen-Yi/Independent Director of TCI CO., Ltd; Li Shi Ming/Independent Director of TCI CO., Ltd; He Shu-Min/Independent Director of TCI CO., Ltd. The newly Risk Management Committee served term same as the Board of Directors. From May 6, 2022 to June 17, 2023. Reported Earnings • May 08
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: NT$1.32 (down from NT$3.25 in 1Q 2021). Revenue: NT$1.66b (down 15% from 1Q 2021). Net income: NT$154.9m (down 59% from 1Q 2021). Profit margin: 9.3% (down from 20% in 1Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.2%. Earnings per share (EPS) also missed analyst estimates by 30%. Over the next year, revenue is forecast to grow 9.2%, compared to a 11% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 27% per year, which means it is performing significantly worse than earnings. Buying Opportunity • May 08
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be NT$212, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.2% over the last 3 years. Earnings per share has declined by 14%. Revenue is forecast to grow by 9.2% in a year. Earnings is forecast to grow by 20% in the next year. Price Target Changed • Apr 27
Price target decreased to NT$197 Down from NT$213, the current price target is an average from 7 analysts. New target price is 15% above last closing price of NT$171. Stock is down 28% over the past year. The company is forecast to post earnings per share of NT$12.12 for next year compared to NT$13.17 last year. Annuncio • Apr 13
TCI Co., Ltd., Annual General Meeting, Jun 29, 2022 TCI Co., Ltd., Annual General Meeting, Jun 29, 2022. Agenda: Annual Shareholders Meeting. Price Target Changed • Apr 13
Price target decreased to NT$197 Down from NT$213, the current price target is an average from 7 analysts. New target price is 14% above last closing price of NT$173. Stock is down 27% over the past year. The company is forecast to post earnings per share of NT$12.12 for next year compared to NT$13.17 last year. Major Estimate Revision • Apr 01
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$9.61b to NT$8.96b. EPS estimate also fell from NT$14.67 per share to NT$12.82 per share. Net income forecast to shrink 2.1% next year vs 15% growth forecast for Personal Products industry in Taiwan . Consensus price target down from NT$226 to NT$213. Share price was steady at NT$190 over the past week. Price Target Changed • Nov 29
Price target decreased to NT$258 Down from NT$278, the current price target is an average from 8 analysts. New target price is 24% above last closing price of NT$208. Stock is down 6.7% over the past year. The company is forecast to post earnings per share of NT$14.92 for next year compared to NT$15.69 last year. Price Target Changed • Nov 13
Price target decreased to NT$278 Down from NT$304, the current price target is an average from 8 analysts. New target price is 36% above last closing price of NT$204. Stock is down 6.0% over the past year. The company is forecast to post earnings per share of NT$15.02 for next year compared to NT$15.69 last year. Price Target Changed • Nov 11
Price target decreased to NT$283 Down from NT$304, the current price target is an average from 7 analysts. New target price is 26% above last closing price of NT$225. Stock is up 5.6% over the past year. The company is forecast to post earnings per share of NT$14.95 for next year compared to NT$15.69 last year. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS NT$4.02 (vs NT$4.23 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$2.38b (up 10% from 3Q 2020). Net income: NT$472.1m (down 4.5% from 3Q 2020). Profit margin: 20% (down from 23% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Sep 06
Upcoming dividend of NT$8.88 per share Eligible shareholders must have bought the stock before 13 September 2021. Payment date: 08 October 2021. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (3.8%). Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS NT$4.19 (vs NT$4.50 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$2.34b (up 6.0% from 2Q 2020). Net income: NT$491.2m (down 6.3% from 2Q 2020). Profit margin: 21% (down from 24% in 2Q 2020). 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 fallen by 13% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improved over the past week After last week's 17% share price gain to NT$330, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 26x in the Personal Products industry in Asia. Total loss to shareholders of 21% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$244 per share. Executive Departure • Jun 22
Head of Finance Department & CFO Chia- Chi Li has left the company During their tenure, earnings grew by 5.5% annually compared to the industry average of 4.7%. On the 16th of June, Chia- Chi Li left the company after less than a year in the role. We don't have any record of a personal shareholding under Chia- Chi's name. Chia- Chi is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 1.67 years, which is considered inexperienced in the Simply Wall St Risk Model. Price Target Changed • May 13
Price target increased to NT$249 Up from NT$228, the current price target is an average from 7 analysts. New target price is 9.6% above last closing price of NT$227. Stock is down 8.8% over the past year. Price Target Changed • May 10
Price target increased to NT$240 Up from NT$222, the current price target is an average from 7 analysts. New target price is 5.5% above last closing price of NT$227. Stock is down 11% over the past year. Reported Earnings • May 08
First quarter 2021 earnings released: EPS NT$3.25 (vs NT$3.13 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: NT$1.95b (up 7.8% from 1Q 2020). Net income: NT$381.0m (up 2.4% from 1Q 2020). Profit margin: 20% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improved over the past week After last week's 16% share price gain to NT$250, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 27x in the Personal Products industry in Asia. Total loss to shareholders of 23% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$232 per share. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$15.69 (vs NT$17.02 in FY 2019) The company reported a soft full year result with weaker earnings and revenues, although profit margins were improved. Full year 2020 results: Revenue: NT$8.22b (down 14% from FY 2019). Net income: NT$1.84b (down 8.8% from FY 2019). Profit margin: 22% (up from 21% in FY 2019). The increase in margin was driven by lower 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 11% per year, which means it is significantly lagging earnings. Major Estimate Revision • Mar 14
Analysts lower EPS estimates to NT$15.17 The 2021 consensus revenue estimate was lowered from NT$9.24b to NT$8.53b. Earning per share (EPS) estimate was also lowered from NT$17.10 to NT$15.17 for the same period. Net income is expected to shrink by 2.8% next year compared to 22% growth forecast for the Personal Products industry in Taiwan . The consensus price target was lowered from NT$262 to NT$222. Share price is down by 1.9% to NT$209 over the past week. Annuncio • Mar 11
TCI Co., Ltd. (GTSM:8436) made an offer to acquire 30% stake in Maxigen Biotech Inc. (TSEC:1783) for approximately TWD 600 million. TCI Co., Ltd. (GTSM:8436) made an offer to acquire 30% stake in Maxigen Biotech Inc. (TSEC:1783) for approximately TWD 600 million on March 8, 2021. TCI will acquire 20.8 million shares at TWD 29 per share. A minimum of 5% stake will be acquired. Scheduled period of the public tender offer is March 10, 2021 to April 16, 2021. Taishin International Bank is the appointed institution to pay the consideration. Price Target Changed • Mar 09
Price target lowered to NT$235 Down from NT$262, the current price target is an average from 8 analysts. The new target price is 7.3% above the current share price of NT$219. As of last close, the stock is up 3.8% over the past year. Reported Earnings • Mar 09
Full year 2020 earnings released: EPS NT$15.69 (vs NT$17.02 in FY 2019) The company reported a soft full year result with weaker earnings and revenues, although profit margins were improved. Full year 2020 results: Revenue: NT$8.22b (down 14% from FY 2019). Net income: NT$1.84b (down 8.8% from FY 2019). Profit margin: 22% (up from 21% in FY 2019). The increase in margin was driven by lower 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 10% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Mar 09
Revenue and earnings miss expectations Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 1.9%. Over the next year, revenue is forecast to grow 10%, compared to a 11% growth forecast for the Personal Products industry in Taiwan. Is New 90 Day High Low • Mar 04
New 90-day high: NT$221 The company is up 2.0% from its price of NT$217 on 04 December 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Personal Products industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$454 per share.