New Risk • Mar 31
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 47% 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 Risk Debt is not well covered by operating cash flow (7.4% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (11% net profit margin). New Risk • Mar 16
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 7.3% 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 (7.3% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 142% Paying a dividend despite having no free cash flows. Minor Risk Profit margins are more than 30% lower than last year (11% net profit margin). Reported Earnings • Mar 14
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: NT$2.20 (down from NT$4.40 in FY 2024). Revenue: NT$11.6b (down 10% from FY 2024). Net income: NT$1.30b (down 50% from FY 2024). Profit margin: 11% (down from 20% in FY 2024). Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) exceeded analyst estimates by 15%. 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. Declared Dividend • Mar 05
Dividend reduced to NT$1.20 Dividend of NT$1.20 is 54% lower than last year. Ex-date: 29th June 2026 Payment date: 17th July 2026 Dividend yield will be 3.4%, which is lower than the industry average of 3.9%. Sustainability & Growth Dividend is not covered by earnings (142% 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 13% 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 58% to bring the payout ratio under control. EPS is expected to grow by 24% over the next year, which means the dividend may need to be reduced to reach a sustainable payout ratio. Annuncio • Mar 04
Gloria Material Technology Corp., Annual General Meeting, May 28, 2026 Gloria Material Technology Corp., Annual General Meeting, May 28, 2026, at 14:00 Taipei Standard Time. Location: 1 floor no,10, kung erh rd., liouying district, tainan city Taiwan New Risk • Nov 18
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 2.0% 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 (2.0% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (9.2% net profit margin). New Risk • Nov 15
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 142% The company is paying a dividend despite having no free cash flows. Dividend yield: 8.3% 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 Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 142% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (9.2% net profit margin). Reported Earnings • Nov 15
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: NT$0.30 (down from NT$1.67 in 3Q 2024). Revenue: NT$2.66b (down 13% from 3Q 2024). Net income: NT$177.6m (down 82% from 3Q 2024). Profit margin: 6.7% (down from 33% in 3Q 2024). Revenue missed analyst estimates by 7.9%. Earnings per share (EPS) also missed analyst estimates by 25%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 7.0% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has remained flat, which means it is well ahead of earnings. New Risk • Aug 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 16% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Debt is not well covered by operating cash flow (0.9% operating cash flow to total debt). Earnings are forecast to decline by an average of 16% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: NT$0.37 (down from NT$1.20 in 2Q 2024). Revenue: NT$3.06b (down 9.0% from 2Q 2024). Net income: NT$219.5m (down 69% from 2Q 2024). Profit margin: 7.2% (down from 21% in 2Q 2024). Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 45%. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 7% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 20
Upcoming dividend of NT$2.60 per share Eligible shareholders must have bought the stock before 27 June 2025. Payment date: 18 July 2025. Payout ratio is a comfortable 65% but the company is not cash flow positive. Trailing yield: 6.5%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (3.3%). New Risk • May 15
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 1.4% 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 (1.4% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Annuncio • Apr 17
Gloria Material Technology Corp. to Report Q1, 2025 Results on Apr 24, 2025 Gloria Material Technology Corp. announced that they will report Q1, 2025 results on Apr 24, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$38.55, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 53% over the past three years. New Risk • Apr 01
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 58% 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: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Reported Earnings • Mar 22
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: NT$4.40. Revenue: NT$12.9b (down 4.9% from FY 2023). Net income: NT$2.59b (up 11% from FY 2023). Profit margin: 20% (up from 17% in FY 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 13%. Declared Dividend • Feb 27
Dividend of NT$2.60 announced Shareholders will receive a dividend of NT$2.60. Ex-date: 27th June 2025 Payment date: 18th July 2025 Dividend yield will be 5.4%, which is higher than the industry average of 3.9%. Sustainability & Growth Dividend is covered by earnings (49% earnings payout ratio) but 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 18% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 19% over the next year. However, it would need to fall by 46% to increase the payout ratio to a potentially unsustainable range. Board Change • Feb 25
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 8 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Tianlin Zhao was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Annuncio • Feb 18
Gloria Material Technology Corp. to Report Fiscal Year 2024 Results on Feb 25, 2025 Gloria Material Technology Corp. announced that they will report fiscal year 2024 results on Feb 25, 2025 New Risk • Dec 09
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 73% 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 Risk Earnings are forecast to decline by an average of 16% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Shareholders have been diluted in the past year (13% increase in shares outstanding). Reported Earnings • Nov 18
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: NT$1.67 (up from NT$1.00 in 3Q 2023). Revenue: NT$3.04b (down 7.8% from 3Q 2023). Net income: NT$991.0m (up 89% from 3Q 2023). Profit margin: 33% (up from 16% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 5.2%. Earnings per share (EPS) also missed analyst estimates by 5.2%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 3.6% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 30% per year whereas the company’s share price has increased by 32% per year. Price Target Changed • Nov 09
Price target decreased by 10% to NT$56.00 Down from NT$62.50, the current price target is an average from 2 analysts. New target price is 18% above last closing price of NT$47.55. Stock is up 5.7% over the past year. The company is forecast to post earnings per share of NT$4.54 for next year compared to NT$4.66 last year. Annuncio • Oct 24
Gloria Material Technology Corp. to Report Q3, 2024 Results on Oct 31, 2024 Gloria Material Technology Corp. announced that they will report Q3, 2024 results on Oct 31, 2024 Major Estimate Revision • Sep 27
Consensus revenue estimates fall by 13% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$15.3b to NT$13.3b. EPS estimate fell from NT$5.26 to NT$4.47 per share. Net income forecast to grow 1.8% next year vs 9.2% growth forecast for Metals and Mining industry in Taiwan. Consensus price target down from NT$62.50 to NT$59.00. Share price rose 2.2% to NT$47.30 over the past week. Reported Earnings • Aug 14
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: NT$1.20. Revenue: NT$3.36b (down 7.1% from 2Q 2023). Net income: NT$716.0m (up 19% from 2Q 2023). Profit margin: 21% (up from 17% in 2Q 2023). Revenue missed analyst estimates by 4.2%. Earnings per share (EPS) also missed analyst estimates by 15%. Revenue is forecast to grow 35% p.a. on average during the next 2 years, compared to a 4.8% growth forecast for the Metals and Mining industry in Taiwan. Annuncio • Jul 26
Gloria Material Technology Corp. Announces Appointment of Tien-Lin Chao as Member of Nomination Committee Gloria Material Technology Corp. announced the appointment of Tien-Lin Chao as Member of Nomination Committee. Resume of the new position holder: Member of the 8th, 9th and 10th term of the Legislative Council of the Republic of China; Director of the Straits Exchange Foundation. Reason for the change: By-election an Independent Director. Effective date of the new member: July 25, 2024. Annuncio • Jul 18
Gloria Material Technology Corp. to Report Q2, 2024 Results on Jul 25, 2024 Gloria Material Technology Corp. announced that they will report Q2, 2024 results on Jul 25, 2024 Upcoming Dividend • Jun 19
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 26 June 2024. Payment date: 24 July 2024. Payout ratio is a comfortable 56% but the company is paying out more than the cash it is generating. Trailing yield: 4.8%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (3.7%). Reported Earnings • May 18
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: NT$1.00. Revenue: NT$3.41b (up 2.9% from 1Q 2023). Net income: NT$571.4m (up 3.5% from 1Q 2023). Profit margin: 17% (in line with 1Q 2023). Revenue exceeded analyst estimates by 5.5%. Earnings per share (EPS) also surpassed analyst estimates by 20%. Price Target Changed • May 15
Price target increased by 20% to NT$66.00 Up from NT$55.00, the current price target is provided by 1 analyst. New target price is 18% above last closing price of NT$55.80. Stock is down 0.5% over the past year. The company is forecast to post earnings per share of NT$5.45 for next year compared to NT$4.66 last year. Annuncio • Apr 19
Gloria Material Technology Corp. to Report Q1, 2024 Results on Apr 25, 2024 Gloria Material Technology Corp. announced that they will report Q1, 2024 results on Apr 25, 2024 New Risk • Apr 10
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% 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: Minor Risks Dividend is not well covered by cash flows (239% cash payout ratio). Large one-off items impacting financial results. Shareholders have been diluted in the past year (34% increase in shares outstanding). Major Estimate Revision • Mar 19
Consensus revenue estimates decrease by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from NT$16.7b to NT$14.8b. EPS estimate unchanged at NT$4.48 per share. Net income forecast to grow 3.2% next year vs 22% growth forecast for Metals and Mining industry in Taiwan. Consensus price target broadly unchanged at NT$52.50. Share price was steady at NT$48.40 over the past week. Reported Earnings • Mar 07
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: NT$4.66 (up from NT$4.52 in FY 2022). Revenue: NT$13.5b (up 9.4% from FY 2022). Net income: NT$2.34b (up 16% from FY 2022). Profit margin: 17% (in line with FY 2022). Revenue missed analyst estimates by 5.0%. Earnings per share (EPS) also missed analyst estimates by 9.6%. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 02
Dividend increased to NT$2.50 Dividend of NT$2.50 is 5.5% higher than last year. Ex-date: 26th June 2024 Payment date: 24th July 2024 Dividend yield will be 5.2%, which is higher than the industry average of 3.9%. Sustainability & Growth Dividend is covered by earnings (51% earnings payout ratio) but not covered by cash flows (123% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 3.6% over the next year. However, it would need to fall by 43% to increase the payout ratio to a potentially unsustainable range. New Risk • Nov 30
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% 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 (17% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (123% cash payout ratio). Shareholders have been diluted in the past year (18% increase in shares outstanding). New Risk • Oct 31
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 16% 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 (16% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (122% cash payout ratio). Shareholders have been diluted in the past year (17% increase in shares outstanding). New Risk • Aug 29
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 46% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (46% net debt to equity). Dividend is not well covered by cash flows (121% cash payout ratio). Shareholders have been diluted in the past year (17% increase in shares outstanding). Reported Earnings • Aug 18
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: NT$1.20. Revenue: NT$3.62b (up 16% from 2Q 2022). Net income: NT$602.2m (up 9.6% from 2Q 2022). Profit margin: 17% (in line with 2Q 2022). Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) also surpassed analyst estimates by 8.7%. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 4.9% growth forecast for the Metals and Mining industry in Taiwan. Annuncio • Jul 29
Gloria Material Technology Corp. Announces Executive Changes Gloria Material Technology Corp. announced executive changes. Name, title, and resume of the previous position holder: Yu-Chen Lee/executive vice president/principal financial officer. Name, title, and resume of the new position holder: Ya-yong Zhang/section chief/manager of Financing Department. Effective date: July 27, 2023. Upcoming Dividend • Jun 20
Upcoming dividend of NT$2.37 per share at 4.1% yield Eligible shareholders must have bought the stock before 27 June 2023. Payment date: 25 July 2023. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of Taiwanese dividend payers (5.5%). In line with average of industry peers (3.8%). Annuncio • May 26
Gloria Material Technology Corp. Announces Board Changes The board of directors of Gloria Material Technology Corp. elect the chairman. Name of the previous position holder: Chiung-Fen Wang. Name of the new position holder: Chiung-Fen Wang. Effective date of the new appointment is May 25, 2023. Reported Earnings • May 10
First quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2023 results: EPS: NT$1.20 (up from NT$0.78 in 1Q 2022). Revenue: NT$3.32b (up 26% from 1Q 2022). Net income: NT$552.3m (up 60% from 1Q 2022). Profit margin: 17% (up from 13% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.2%. Earnings per share (EPS) missed analyst estimates by 37%. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$60.40, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 14x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 331% over the past three years. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$50.00, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 14x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 274% over the past three years. Price Target Changed • Mar 10
Price target increased by 33% to NT$44.00 Up from NT$33.00, the current price target is an average from 2 analysts. New target price is 11% below last closing price of NT$49.65. Stock is up 94% over the past year. The company is forecast to post earnings per share of NT$5.29 for next year compared to NT$4.52 last year. Reported Earnings • Mar 01
Full year 2022 earnings released: EPS: NT$4.52 (vs NT$1.70 in FY 2021) Full year 2022 results: EPS: NT$4.52 (up from NT$1.70 in FY 2021). Revenue: NT$12.4b (up 41% from FY 2021). Net income: NT$2.02b (up 169% from FY 2021). Profit margin: 16% (up from 8.6% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Annuncio • Jan 14
S-Tech Corp. (TPEX:1584) entered into an agreement to acquire S350 Forging Plant and Finishing Plant from Gloria Material Technology Corp. (TPEX:5009) for NTD 0.21 million S-Tech Corp. (TPEX:1584) entered into an agreement to acquire S350 Forging Plant and Finishing Plant from Gloria Material Technology Corp. (TPEX:5009) for NTD 207.44 million on January 12, 2023. The board of directors of S-Tech Corp. and Gloria Material Technology Corp. approved the transaction. Price Target Changed • Nov 16
Price target increased to NT$37.00 Up from NT$33.00, the current price target is an average from 3 analysts. New target price is 15% above last closing price of NT$32.15. Stock is up 51% over the past year. The company is forecast to post earnings per share of NT$4.37 for next year compared to NT$1.70 last year. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 8 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Yi-Lang Lin was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Oct 31
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: NT$1.26 (up from NT$0.45 in 3Q 2021). Revenue: NT$3.26b (up 33% from 3Q 2021). Net income: NT$561.2m (up 178% from 3Q 2021). Profit margin: 17% (up from 8.3% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) exceeded analyst estimates by 9.5%. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 3.1% decline forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Oct 03
Now 21% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be NT$36.74, 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 grown by 57%. Revenue is forecast to grow by 27% in a year. Earnings is forecast to grow by 37% in the next year. Buying Opportunity • Sep 16
Now 21% undervalued Over the last 90 days, the stock is up 1.1%. The fair value is estimated to be NT$35.78, 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 grown by 57%. Revenue is forecast to grow by 27% in a year. Earnings is forecast to grow by 37% in the next year. Buying Opportunity • Sep 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.4%. The fair value is estimated to be NT$35.24, 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 grown by 57%. Revenue is forecast to grow by 27% in a year. Earnings is forecast to grow by 37% in the next year. Price Target Changed • Aug 19
Price target increased to NT$37.00 Up from NT$33.00, the current price target is an average from 3 analysts. New target price is 26% above last closing price of NT$29.45. Stock is up 20% over the past year. The company is forecast to post earnings per share of NT$4.37 for next year compared to NT$1.70 last year. Reported Earnings • Jul 30
Second quarter 2022 earnings: EPS exceeds analyst expectations Second quarter 2022 results: EPS: NT$1.23 (up from NT$0.36 in 2Q 2021). Revenue: NT$3.13b (up 56% from 2Q 2021). Net income: NT$549.4m (up 248% from 2Q 2021). Profit margin: 18% (up from 7.8% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 14%. Over the next year, revenue is forecast to grow 33% while the industry in Taiwan is not expected to grow. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Jul 23
Consensus EPS estimates increase by 18% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from NT$12.2b to NT$12.3b. EPS estimate increased from NT$3.59 to NT$4.24 per share. Net income forecast to grow 103% next year vs 13% decline forecast for Metals and Mining industry in Taiwan. Consensus price target of NT$34.67 unchanged from last update. Share price rose 7.1% to NT$29.30 over the past week. Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment improved over the past week After last week's 23% share price gain to NT$29.00, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 68% over the past three years. Major Estimate Revision • May 12
Consensus revenue estimates increase by 14% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from NT$10.7b to NT$12.2b. EPS estimate increased from NT$2.52 to NT$3.59 per share. Net income forecast to grow 78% next year vs 17% growth forecast for Metals and Mining industry in Taiwan. Consensus price target up from NT$31.33 to NT$33.00. Share price rose 5.5% to NT$30.60 over the past week. Reported Earnings • May 07
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: NT$0.77 (up from NT$0.34 in 1Q 2021). Revenue: NT$2.64b (up 50% from 1Q 2021). Net income: NT$345.9m (up 136% from 1Q 2021). Profit margin: 13% (up from 8.3% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) also surpassed analyst estimates by 31%. Over the next year, revenue is forecast to grow 26%, compared to a 8.9% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Apr 27
Now 21% undervalued Over the last 90 days, the stock is up 43%. The fair value is estimated to be NT$36.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Earnings per share has grown by 28%. Revenue is forecast to grow by 88% in 2 years. Earnings is forecast to grow by 80% in the next 2 years. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Yi-Lang Lin was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improved over the past week After last week's 16% share price gain to NT$29.85, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 68% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$36.10 per share. Price Target Changed • Mar 11
Price target increased to NT$31.33 Up from NT$28.33, the current price target is an average from 2 analysts. New target price is 22% above last closing price of NT$25.65. Stock is up 50% over the past year. The company is forecast to post earnings per share of NT$2.52 for next year compared to NT$1.70 last year. Upcoming Dividend • Mar 09
Upcoming dividend of NT$1.40 per share Eligible shareholders must have bought the stock before 16 March 2022. Payment date: 12 April 2022. Payout ratio is a comfortable 29% but the company is not cash flow positive. Trailing yield: 5.7%. Within top quartile of Taiwanese dividend payers (5.3%). In line with average of industry peers (6.1%). Major Estimate Revision • Mar 02
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from NT$2.06 to NT$2.53. Revenue forecast unchanged at NT$11.1b. Net income forecast to grow 70% next year vs 8.3% growth forecast for Metals and Mining industry in Taiwan. Consensus price target up from NT$28.33 to NT$29.67. Share price rose 6.0% to NT$24.90 over the past week. Reported Earnings • Feb 28
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$1.70 (up from NT$0.50 in FY 2020). Revenue: NT$8.77b (up 15% from FY 2020). Net income: NT$751.6m (up 245% from FY 2020). Profit margin: 8.6% (up from 2.8% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 19%, compared to a 11% growth forecast for the mining industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Annuncio • Feb 25
Gloria Material Technology Corp., Annual General Meeting, May 26, 2022 Gloria Material Technology Corp., Annual General Meeting, May 26, 2022, at 14:00 Taipei Standard Time. Location: No.10, Gong 2st Road Environmental Science and Technology Park, Liouying Dist Tainan City Taiwan Agenda: To consider 2021 Business Report; to The Audit Committee's Review Report on the 2021 Financial Statements; to Implementation of Investments in the PRC; to Report on 2021 employees' profit sharing bonus and directors' compensation; to 2021 Profit Distribution of cash dividend Report; to The merger with subsidiary Homkom Precision Industry Corp; and to consider other matter. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$0.45 (vs NT$0.024 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$2.44b (up 35% from 3Q 2020). Net income: NT$202.1m (up NT$191.8m from 3Q 2020). Profit margin: 8.3% (up from 0.6% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$24.20, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 10x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 44% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$23.92 per share. Annuncio • Aug 05
Gloria Material Technology Corp. (TPEX:5009) agreed to acquire remaining 3.6% stake in Homkom Precision Industry Corp. Gloria Material Technology Corp. (TPEX:5009) agreed to acquire remaining 3.6% stake in Homkom Precision Industry Corp on August 3, 2021. Homkom Precision Industry Corp will be dissolved after the transaction. The transaction is expected to close on November 30, 2021. Reported Earnings • Aug 05
Second quarter 2021 earnings released: EPS NT$0.36 (vs NT$0.21 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$2.01b (up 2.3% from 2Q 2020). Net income: NT$157.9m (up 70% from 2Q 2020). Profit margin: 7.8% (up from 4.7% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 15% per year. Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment improved over the past week After last week's 15% share price gain to NT$27.10, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 11x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 72% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$23.84 per share. Major Estimate Revision • Jul 15
Consensus EPS estimates increase to NT$1.68 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from NT$7.86b to NT$8.30b. EPS estimate increased from NT$1.52 to NT$1.68 per share. Net income forecast to grow 132% next year vs 91% growth forecast for Metals and Mining industry in Taiwan. Consensus price target up from NT$28.00 to NT$35.50. Share price was steady at NT$24.85 over the past week. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improved over the past week After last week's 34% share price gain to NT$27.50, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 11x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 60% over the past three years. Valuation Update With 7 Day Price Move • May 24
Investor sentiment improved over the past week After last week's 15% share price gain to NT$19.15, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 10x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 10% over the past three years. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.34 (vs NT$0.039 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: NT$1.77b (down 22% from 1Q 2020). Net income: NT$146.3m (up NT$129.2m from 1Q 2020). Profit margin: 8.3% (up from 0.8% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improved over the past week After last week's 16% share price gain to NT$20.95, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 15x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 17% over the past three years. Major Estimate Revision • Mar 27
Consensus EPS estimates increase to NT$1.03 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from NT$7.19b to NT$7.60b. EPS estimate increased from NT$0.57 to NT$1.03 per share. Net income forecast to grow 105% next year vs 26% growth forecast for Metals and Mining industry in Taiwan. Consensus price target up from NT$17.00 to NT$22.00. Share price was steady at NT$16.70 over the past week. Reported Earnings • Mar 19
Full year 2020 earnings released: EPS NT$0.50 (vs NT$0.64 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$7.64b (down 28% from FY 2019). Net income: NT$217.7m (down 22% from FY 2019). Profit margin: 2.8% (up from 2.6% in FY 2019). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 18
Upcoming Dividend of NT$0.40 Per Share Will be paid on the 27th of April to those who are registered shareholders by the 25th of March. The trailing yield of 2.4% is below the top quartile of Taiwanese dividend payers (4.9%), but it is higher than industry peers (2.1%). Annuncio • Jan 29
Gloria Material Technology Corp., Annual General Meeting, May 27, 2021 Gloria Material Technology Corp., Annual General Meeting, May 27, 2021. Location: No.10, Gong 2st Road, Environmental Science and Technology Park, Liouying Tainan City Taiwan Agenda: To consider 2020 Business Report; to consider the Audit Committee's Review Report on the 2020 Financial Statements; to consider implementation of Investments in the PRC. 4.Report on 2020 employees' profit sharing bonus and directors' compensation; to consider 2020 Profit Distribution of cash dividend Report; to consider revise the Articles of Incorporation; and to consider revise the Procedures of Election of Directors. Is New 90 Day High Low • Jan 20
New 90-day low: NT$15.30 The company is down 1.0% from its price of NT$15.40 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 Metals and Mining industry, which is up 16% over the same period. Is New 90 Day High Low • Dec 10
New 90-day high: NT$17.20 The company is up 6.0% from its price of NT$16.30 on 11 September 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 11% over the same period.