Buy Or Sell Opportunity • Jun 01
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at NT$25.65. The fair value is estimated to be NT$21.23, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.2% over the last 3 years. Earnings per share has declined by 6.2%. Declared Dividend • May 30
Dividend of NT$1.40 announced Dividend of NT$1.40 is the same as last year. Ex-date: 15th June 2026 Payment date: 9th July 2026 Dividend yield will be 5.6%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is not adequately covered by earnings (97% earnings payout ratio). However, it is covered by cash flows (68% cash payout ratio). The dividend has increased by an average of 1.8% 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 8.3% to bring the payout ratio under control. However, EPS has declined by 13% over the last 5 years so the company would need to reverse this trend. Reported Earnings • May 13
First quarter 2026 earnings released: EPS: NT$0.23 (vs NT$0.47 in 1Q 2025) First quarter 2026 results: EPS: NT$0.23 (down from NT$0.47 in 1Q 2025). Revenue: NT$327.5m (down 17% from 1Q 2025). Net income: NT$70.1m (down 51% from 1Q 2025). Profit margin: 21% (down from 36% in 1Q 2025). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • May 08
Now 20% undervalued Over the last 90 days, the stock has risen 5.7% to NT$26.10. The fair value is estimated to be NT$32.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.6% over the last 3 years. Earnings per share has declined by 7.3%. Buy Or Sell Opportunity • Mar 23
Now 20% undervalued Over the last 90 days, the stock has risen 2.7% to NT$25.10. The fair value is estimated to be NT$31.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.6% over the last 3 years. Earnings per share has declined by 7.4%. Annuncio • Mar 11
Formosan Rubber Group Inc., Annual General Meeting, Jun 12, 2026 Formosan Rubber Group Inc., Annual General Meeting, Jun 12, 2026. Location: 3 floor no,1, ch`ao feng rd., san huo li, longtan district, taoyuan city Taiwan Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: NT$1.67 (vs NT$1.89 in FY 2024) Full year 2025 results: EPS: NT$1.67 (down from NT$1.89 in FY 2024). Revenue: NT$1.44b (down 2.5% from FY 2024). Net income: NT$507.8m (down 11% from FY 2024). Profit margin: 35% (down from 39% in FY 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$0.59 (vs NT$0.65 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.59 (down from NT$0.65 in 3Q 2024). Revenue: NT$310.6m (down 19% from 3Q 2024). Net income: NT$179.4m (down 9.5% from 3Q 2024). Profit margin: 58% (up from 52% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$0.46 (vs NT$0.78 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.46 (down from NT$0.78 in 2Q 2024). Revenue: NT$304.2m (down 36% from 2Q 2024). Net income: NT$139.4m (down 41% from 2Q 2024). Profit margin: 46% (down from 50% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Annuncio • Jun 14
Formosan Rubber Group Inc. Announces Board Changes Formosan Rubber Group Inc. announced the appointment of HSU, CHENG CHI as director and HUANG, MING FA as independent director, at the AGM held on June 13, 2025. Resume of the previous position holder: Directors: HSU, CHENG TSAI: Chairperson of the company. HSU, CHENG CHI: Natural-person director and General Manager of the company. (3)HSU, CHENG HSIN: Representative of Institutional director of the company. (4)HSU, WEI JYH: Representative of Institutional director of the company. (5)LIN, KUN ZONG: Representative of Institutional director of the company. (6)CHU, LUNG TSUNG: Representative of Institutional director of the company. Independent Directors: (1)WU, CHUN LAI: President of the Strong Generation Association for Education, @ Science and Culture. (2)YAO, YU LIN: Partner of ShineWing Taiwan. (3)CHU, SHIH-YI: independent director of the company. 5.Title and name of the new position holder: Directors: (1)HSU, CHENG TSAI (2)HSU, CHENG CHI (3)CHUAN HSIN FENG Ltd. (Representative:HSU, CHENG HSIN) (4)PAC-NET CONSTRUCTION CORPORATIO(Representative:HSU, WEI JYH) (5)FORMOSAN CONSTRUCTION CORPORATION(Representative:LIN, KUN ZONG) (6)ASCEND GEAR INTERNATIONAL INC.(Representative:CHU, LUNG TSUNG) Independent Directors: (1)YAO, YU LIN (2)CHU, SHIH-YI (3)HUANG, MING FA 6.Resume of the new position holder: Directors: (1)HSU, CHENG TSAI: Chairperson of the company. (2)HSU, CHENG CHI: Natural-person director and General Manager of the company. (3)HSU, CHENG HSIN: Representative of Institutional director of the company. (4)HSU, WEI JYH: Representative of Institutional director of the company. (5)LIN, KUN ZONG: Representative of Institutional director of the company. (6)CHU, LUNG TSUNG: Representative of Institutional director of the company. Independent Directors: (1)YAO, YU LIN: Partner of ShineWing Taiwan. (2)CHU, SHIH-YI: Independent director of the company. (3)HUANG, MING FA: Managing Director of TAH KONG CHEMICAL INDUSTRIAL CORP. Upcoming Dividend • Jun 09
Upcoming dividend of NT$1.40 per share Eligible shareholders must have bought the stock before 16 June 2025. Payment date: 09 July 2025. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 5.4%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (3.0%). Reported Earnings • May 10
First quarter 2025 earnings released: EPS: NT$0.47 (vs NT$0.35 in 1Q 2024) First quarter 2025 results: EPS: NT$0.47 (up from NT$0.35 in 1Q 2024). Revenue: NT$392.6m (up 45% from 1Q 2024). Net income: NT$141.9m (up 32% from 1Q 2024). Profit margin: 36% (down from 40% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Annuncio • May 01
Formosan Rubber Group Inc. to Report Q1, 2025 Results on May 09, 2025 Formosan Rubber Group Inc. announced that they will report Q1, 2025 results on May 09, 2025 Reported Earnings • Apr 01
Full year 2024 earnings released: EPS: NT$1.89 (vs NT$1.61 in FY 2023) Full year 2024 results: EPS: NT$1.89 (up from NT$1.61 in FY 2023). Revenue: NT$1.48b (up 8.9% from FY 2023). Net income: NT$573.5m (up 11% from FY 2023). Profit margin: 39% (in line with FY 2023). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Annuncio • Mar 13
Formosan Rubber Group Inc., Annual General Meeting, Jun 13, 2025 Formosan Rubber Group Inc., Annual General Meeting, Jun 13, 2025, at 09:30 Taipei Standard Time. Location: 3 floor no,1, ch`ao feng rd., san huo li, longtan district, taoyuan city Taiwan Annuncio • Mar 12
Formosan Rubber Group Inc. Approves Distribution for the Year Ended December 31, 2024 Formosan Rubber Group Inc.'s Board of Directors approved distribution of TWD 1.4 per share or total of TWD 425,030,760 for the year ended December 31, 2024. Annuncio • Mar 04
Formosan Rubber Group Inc. to Report Q4, 2024 Results on Mar 11, 2025 Formosan Rubber Group Inc. announced that they will report Q4, 2024 results on Mar 11, 2025 New Risk • Dec 05
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: Major Risk Earnings have declined by 5.0% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.65 (vs NT$0.73 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.65 (down from NT$0.73 in 3Q 2023). Revenue: NT$381.4m (up 28% from 3Q 2023). Net income: NT$198.4m (down 4.3% from 3Q 2023). Profit margin: 52% (down from 70% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Buy Or Sell Opportunity • Nov 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.2% to NT$25.70. The fair value is estimated to be NT$32.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 32% over the last 3 years. Earnings per share has declined by 16%. Buy Or Sell Opportunity • Oct 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.1% to NT$25.65. The fair value is estimated to be NT$32.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 32% over the last 3 years. Earnings per share has declined by 16%. Buy Or Sell Opportunity • Sep 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.8% to NT$25.85. The fair value is estimated to be NT$32.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 32% over the last 3 years. Earnings per share has declined by 16%. Buy Or Sell Opportunity • Sep 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.3% to NT$25.75. The fair value is estimated to be NT$32.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 32% over the last 3 years. Earnings per share has declined by 16%. New Risk • Sep 01
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 29% 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 have declined by 1.4% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. New Risk • Aug 15
New major risk - Revenue and earnings growth Earnings have declined by 1.4% 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 1.4% per year over the past 5 years. Minor Risk Paying a dividend despite having no free cash flows. Annuncio • Jul 31
Formosan Rubber Group Inc. to Report Q2, 2024 Results on Aug 07, 2024 Formosan Rubber Group Inc. announced that they will report Q2, 2024 results on Aug 07, 2024 Buy Or Sell Opportunity • Jul 11
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 2.8% to NT$26.15. The fair value is estimated to be NT$21.77, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 32% over the last 3 years. Earnings per share has declined by 15%. Upcoming Dividend • Jun 25
Upcoming dividend of NT$1.30 per share Eligible shareholders must have bought the stock before 01 July 2024. Payment date: 23 July 2024. Payout ratio is a comfortable 73% and this is well supported by cash flows. Trailing yield: 4.8%. Within top quartile of Taiwanese dividend payers (4.3%). Higher than average of industry peers (2.2%). Declared Dividend • Jun 11
Dividend of NT$1.30 announced Shareholders will receive a dividend of NT$1.30. Ex-date: 1st July 2024 Payment date: 23rd July 2024 Dividend yield will be 8.6%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (73% earnings payout ratio) and cash flows (64% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 18% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.35 (vs NT$0.17 in 1Q 2023) First quarter 2024 results: EPS: NT$0.35 (up from NT$0.17 in 1Q 2023). Revenue: NT$271.4m (down 19% from 1Q 2023). Net income: NT$107.7m (up 110% from 1Q 2023). Profit margin: 40% (up from 15% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Annuncio • May 01
Formosan Rubber Group Inc. to Report Q1, 2024 Results on May 07, 2024 Formosan Rubber Group Inc. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 07, 2024 Buy Or Sell Opportunity • Apr 22
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 8.2% to NT$25.70. The fair value is estimated to be NT$21.33, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 30% over the last 3 years. Earnings per share has declined by 15%. Reported Earnings • Mar 28
Full year 2023 earnings released: EPS: NT$1.61 (vs NT$2.33 in FY 2022) Full year 2023 results: EPS: NT$1.61 (down from NT$2.33 in FY 2022). Revenue: NT$1.36b (down 30% from FY 2022). Net income: NT$518.9m (down 27% from FY 2022). Profit margin: 38% (up from 37% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Annuncio • Mar 14
Formosan Rubber Group Inc. Approves Distribution for the Year Ended December 31, 2023 Formosan Rubber Group Inc. approved Distribution for the year ended December 31, 2023. The company announced appropriations of earnings in cash dividends to shareholders of TWD 1.3 per share. Total amount of cash distributed to shareholders TWD 394,671,420. Per value of common stock is TWD 10. Annuncio • Mar 13
Formosan Rubber Group Inc., Annual General Meeting, Jun 07, 2024 Formosan Rubber Group Inc., Annual General Meeting, Jun 07, 2024. Location: No.1, Chaofeng Rd., Longtan Dist., Taoyuan City 325 dquarters conference room 3F Taiwan Agenda: To consider 2023 Business Report; to consider Inspection Report of Audit Committee of 2023; to consider Distribution of the 2023 Compensation of Employees and Directors; to consider Report on the distribution of cash dividends for year 2023; to consider Status of Land Development; to consider Report on the Establishment of Ethics and Conduct for the Company; to consider Report on the Establishment of Ethical Corporate Management Best Practice Principles for the Company; to consider 2023 Business Report and Financial Statements; to consider The Proposal for Distribution of 2023 Profits. Reported Earnings • Nov 08
Third quarter 2023 earnings released: EPS: NT$0.65 (vs NT$1.05 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.65 (down from NT$1.05 in 3Q 2022). Revenue: NT$297.0m (down 23% from 3Q 2022). Net income: NT$207.2m (down 35% from 3Q 2022). Profit margin: 70% (down from 83% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Annuncio • Sep 23
Formosan Rubber Group Inc. Announces Member of Remuneration Committee Changes Formosan Rubber Group Inc. announced the resignation of HSIAO, SHENG HSIEN as Member of Remuneration Committee, effective September 22, 2023. HSIAO, SHENG HSIEN is President of Formosa & CPAs. The company announced the appointment of LIN, YING-JI as Member of Remuneration Committee, effective September 22, 2023. LIN, YING-JI is lawyer. Upcoming Dividend • Aug 31
Upcoming dividend of NT$1.00 per share at 5.5% yield Eligible shareholders must have bought the stock before 07 September 2023. Payment date: 18 September 2023. Payout ratio is a comfortable 64% but the company is not cash flow positive. Trailing yield: 5.5%. Lower than top quartile of Taiwanese dividend payers (5.6%). Higher than average of industry peers (3.8%). Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: NT$0.75 (vs NT$0.63 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.75 (up from NT$0.63 in 2Q 2022). Revenue: NT$421.0m (down 20% from 2Q 2022). Net income: NT$253.9m (up 18% from 2Q 2022). Profit margin: 60% (up from 41% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Annuncio • Jul 01
Formosan Rubber Group Inc. Announces Resignation of Hsiao, Sheng Hsien as Independent Director Formosan Rubber Group Inc. received formal resignation letter from HSIAO, SHENG HSIEN as independent director on June 30, 2023, to resign the commission of independent director due to personal reason and effective from July 1, 2023. Resume of the previous position holder: President of Formosa & CPAs. Upcoming Dividend • Jun 28
Upcoming dividend of NT$1.20 per share at 5.4% yield Eligible shareholders must have bought the stock before 05 July 2023. Payment date: 27 July 2023. Payout ratio is a comfortable 68% but the company is not cash flow positive. Trailing yield: 5.4%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.6%). Annuncio • Jun 11
Formosan Rubber Group Inc. Announces Cash Dividend, Payable on July 27, 2023 Formosan Rubber Group Inc. announced that at the shareholders meeting held on June 9, 2023, the company approved the cash dividends TWD 1.2 per share. Payment date of cash dividend distribution is July 27, 2023. Ex-rights (ex-dividend) record date is July 11, 2023. Reported Earnings • Mar 31
Full year 2022 earnings released: EPS: NT$2.09 (vs NT$2.27 in FY 2021) Full year 2022 results: EPS: NT$2.09 (down from NT$2.27 in FY 2021). Revenue: NT$1.94b (down 31% from FY 2021). Net income: NT$711.7m (down 8.5% from FY 2021). Profit margin: 37% (up from 28% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Mar 16
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be NT$27.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.5% over the last 3 years. Earnings per share has grown by 10%. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 6 highly experienced directors. 4 independent directors (6 non-independent directors). Independent Director Chun-Lai Wu was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: NT$0.63 (vs NT$0.44 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.63 (up from NT$0.44 in 2Q 2021). Revenue: NT$524.4m (down 9.3% from 2Q 2021). Net income: NT$216.1m (up 42% from 2Q 2021). Profit margin: 41% (up from 26% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Annuncio • Jul 03
Formosan Rubber Group Inc. Appoints Hsu, Cheng Tsai as Chief Strategy Officer Formosan Rubber Group Inc. appointed Hsu, Cheng Tsai as Chief Strategy Officer effective July 1, 2022. Upcoming Dividend • Jun 24
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 01 July 2022. Payment date: 28 July 2022. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 5.6%. Lower than top quartile of Taiwanese dividend payers (6.4%). Lower than average of industry peers (7.0%). Annuncio • Jun 15
Formosan Rubber Group Inc. Announces Changes in Remuneration Committee Formosan Rubber Group Inc. announced changes in remuneration committee. Name of the previous position holder: (1)CHEN, CHU-SHENG (2)HSIAO, SHENG HSIEN (3)WU, CHUN LAI to Name of the new position holder: (1)WU, CHUN LAI (2)HSIAO, SHENG HSIEN (3)YAO, YU LIN. Resume of the previous position holder: (1)CHEN, CHU-SHENG: Independent director of the Company and General Manager of Furen Enterprise Management Co. Ltd. (2)HSIAO, SHENG HSIEN: Independent director of the Company and President of Formosa & CPAs. (3)WU, CHUN LAI: Independent director of the Company and CEO of Taiwan Active Aging Association. Resume of the new position holder: (1)WU, CHUN LAI: Independent director of the Company and CEO of Taiwan Active Aging Association. (2)HSIAO, SHENG HSIEN: Independent director of the Company and President of Formosa & CPAs. (3)YAO, YU LIN: Independent director of the Company and Partner of ShineWing CPAs Taiwan. Effective date of the new member: June 14, 2022. Annuncio • Jun 09
Formosan Rubber Group Inc. Announces Changes in Audit Comittee Formosan Rubber Group Inc. announced changes in audit comittee. The company has made changes by replacing the committee members from HSIAO, SHENG HSIEN: Independent director of the Company and President of Formosa & CPAs. (2)CHEN, CHU-SHENG: Independent director of the Company and General Manager of Furen Enterprise Management Co. Ltd. (3)WU, CHUN LAI: Independent director of the Company and CEO of Taiwan Active Aging Association. to HSIAO, SHENG HSIEN: Independent director of the Company and President of Formosa & CPAs. (2)WU, CHUN LAI: Independent director of the Company and CEO of Taiwan Active Aging Association. (3)YAO, YU LIN: Independent director of the Company and Partner of ShineWing Taiwan. Reported Earnings • May 14
First quarter 2022 earnings released: EPS: NT$0.48 (vs NT$0.63 in 1Q 2021) First quarter 2022 results: EPS: NT$0.48 (down from NT$0.63 in 1Q 2021). Revenue: NT$584.9m (down 37% from 1Q 2021). Net income: NT$164.4m (down 24% from 1Q 2021). Profit margin: 28% (up from 23% in 1Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Chun-Lai Wu was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS NT$0.60 (vs NT$1.09 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$571.0m (down 35% from 3Q 2020). Net income: NT$206.2m (down 45% from 3Q 2020). Profit margin: 36% (down from 43% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 17
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 24 August 2021. Payment date: 17 September 2021. Trailing yield: 6.4%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (2.9%). Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$0.44 (vs NT$0.49 in 2Q 2020) The company reported a poor second quarter result with weaker earnings and profit margins, although revenues were flat. Second quarter 2021 results: Revenue: NT$578.2m (flat on 2Q 2020). Net income: NT$151.9m (down 11% from 2Q 2020). Profit margin: 26% (down from 30% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 13
First quarter 2021 earnings released: EPS NT$0.63 (vs NT$0.73 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$934.4m (down 4.1% from 1Q 2020). Net income: NT$215.6m (down 15% from 1Q 2020). Profit margin: 23% (down from 26% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 04
Full year 2020 earnings released: EPS NT$2.62 (vs NT$1.54 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$3.28b (up 22% from FY 2019). Net income: NT$901.7m (up 67% from FY 2019). Profit margin: 28% (up from 20% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 20
Full year 2020 earnings released: EPS NT$2.62 (vs NT$1.54 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$3.28b (up 22% from FY 2019). Net income: NT$901.7m (up 67% from FY 2019). Profit margin: 28% (up from 20% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 23
Market bids up stock over the past week After last week's 18% share price gain to NT$25.80, the stock is trading at a trailing P/E ratio of 10x, up from the previous P/E ratio of 8.5x. This compares to an average P/E of 19x in the Chemicals industry in Taiwan. Total returns to shareholders over the past three years are 99%. Is New 90 Day High Low • Nov 17
New 90-day high: NT$22.85 The company is up 24% from its price of NT$18.50 on 19 August 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 6.0% over the same period. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS NT$1.09 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: NT$879.0m (up 57% from 3Q 2019). Net income: NT$375.7m (up 51% from 3Q 2019). Profit margin: 43% (down from 44% in 3Q 2019). The decrease in margin was driven by higher expenses. 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 14% per year, which means it is significantly lagging earnings growth.