Buy Or Sell Opportunity • Jun 04
Now 21% undervalued Over the last 90 days, the stock has risen 1.5% to NT$10.10. The fair value is estimated to be NT$12.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.9% over the last 3 years. Earnings per share has declined by 2.6%. Buy Or Sell Opportunity • May 19
Now 23% undervalued The stock has been flat over the last 90 days, currently trading at NT$10.05. The fair value is estimated to be NT$13.06, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.9% over the last 3 years. Earnings per share has declined by 2.6%. Reported Earnings • May 16
First quarter 2026 earnings released: NT$0.19 loss per share (vs NT$0.29 loss in 1Q 2025) First quarter 2026 results: NT$0.19 loss per share (improved from NT$0.29 loss in 1Q 2025). Revenue: NT$1.01b (up 56% from 1Q 2025). Net loss: NT$14.0m (loss narrowed 34% from 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 18
Full year 2025 earnings released: NT$2.05 loss per share (vs NT$0.39 loss in FY 2024) Full year 2025 results: NT$2.05 loss per share (further deteriorated from NT$0.39 loss in FY 2024). Revenue: NT$3.08b (down 7.3% from FY 2024). Net loss: NT$150.7m (loss widened 427% from FY 2024). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Annuncio • Mar 16
Jiyuan Packaging Holdings Limited, Annual General Meeting, Jun 26, 2026 Jiyuan Packaging Holdings Limited, Annual General Meeting, Jun 26, 2026. Location: no,90, yu hsueh rd., east district, tainan city Taiwan Reported Earnings • Nov 18
Third quarter 2025 earnings released: NT$0.10 loss per share (vs NT$0.40 loss in 3Q 2024) Third quarter 2025 results: NT$0.10 loss per share (improved from NT$0.40 loss in 3Q 2024). Revenue: NT$819.0m (down 1.8% from 3Q 2024). Net loss: NT$7.05m (loss narrowed 76% from 3Q 2024). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. New Risk • Aug 24
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. 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 (currently running at an operating cash loss). Earnings have declined by 53% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$852.6m market cap, or US$28.1m). Reported Earnings • Aug 23
Second quarter 2025 earnings released: NT$1.37 loss per share (vs NT$0.40 loss in 2Q 2024) Second quarter 2025 results: NT$1.37 loss per share (further deteriorated from NT$0.40 loss in 2Q 2024). Revenue: NT$688.6m (up 3.9% from 2Q 2024). Net loss: NT$100.6m (loss widened 245% from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Reported Earnings • May 14
First quarter 2025 earnings released: NT$0.29 loss per share (vs NT$0.20 loss in 1Q 2024) First quarter 2025 results: NT$0.29 loss per share (further deteriorated from NT$0.20 loss in 1Q 2024). Revenue: NT$651.0m (down 24% from 1Q 2024). Net loss: NT$21.3m (loss widened 46% from 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 39% 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 • May 01
Jiyuan Packaging Holdings Limited to Report Q1, 2025 Results on May 09, 2025 Jiyuan Packaging Holdings Limited announced that they will report Q1, 2025 results on May 09, 2025 New Risk • Mar 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: 7.2% 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 (7.2% operating cash flow to total debt). Earnings have declined by 57% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$992.3m market cap, or US$29.9m). Reported Earnings • Mar 20
Full year 2024 earnings released: NT$0.39 loss per share (vs NT$1.75 loss in FY 2023) Full year 2024 results: NT$0.39 loss per share (improved from NT$1.75 loss in FY 2023). Revenue: NT$3.32b (down 13% from FY 2023). Net loss: NT$28.6m (loss narrowed 76% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. Annuncio • Mar 17
Jiyuan Packaging Holdings Limited, Annual General Meeting, Jun 19, 2025 Jiyuan Packaging Holdings Limited, Annual General Meeting, Jun 19, 2025. Location: no,90, yu hsueh rd., east district, tainan city Taiwan Board Change • Feb 04
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 Chou Chiu was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 18
Third quarter 2024 earnings released: NT$0.40 loss per share (vs NT$0.22 loss in 3Q 2023) Third quarter 2024 results: NT$0.40 loss per share (further deteriorated from NT$0.22 loss in 3Q 2023). Revenue: NT$834.1m (down 21% from 3Q 2023). Net loss: NT$29.5m (loss widened 97% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Annuncio • Nov 05
Jiyuan Packaging Holdings Limited to Report Q3, 2024 Results on Nov 11, 2024 Jiyuan Packaging Holdings Limited announced that they will report Q3, 2024 results on Nov 11, 2024 Reported Earnings • Aug 20
Second quarter 2024 earnings released: NT$0.40 loss per share (vs NT$0.54 loss in 2Q 2023) Second quarter 2024 results: NT$0.40 loss per share (improved from NT$0.54 loss in 2Q 2023). Revenue: NT$662.8m (down 27% from 2Q 2023). Net loss: NT$29.2m (loss narrowed 21% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Annuncio • Aug 06
Jiyuan Packaging Holdings Limited to Report Q2, 2024 Results on Aug 12, 2024 Jiyuan Packaging Holdings Limited announced that they will report Q2, 2024 results on Aug 12, 2024 New Risk • Jun 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 8.9% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 28% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (8.9% increase in shares outstanding). Market cap is less than US$100m (NT$1.19b market cap, or US$36.7m). Reported Earnings • May 12
First quarter 2024 earnings released: NT$0.20 loss per share (vs NT$0.41 loss in 1Q 2023) First quarter 2024 results: NT$0.20 loss per share (improved from NT$0.41 loss in 1Q 2023). Revenue: NT$851.3m (flat on 1Q 2023). Net loss: NT$14.5m (loss narrowed 47% from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 110 percentage points per year, which is a significant difference in performance. Annuncio • May 02
Jiyuan Packaging Holdings Limited to Report Q1, 2024 Results on May 08, 2024 Jiyuan Packaging Holdings Limited announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 08, 2024 New Risk • Mar 16
New major risk - Revenue and earnings growth Earnings have declined by 5.4% 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 5.4% per year over the past 5 years. Minor Risks High level of debt (56% net debt to equity). Market cap is less than US$100m (NT$1.10b market cap, or US$34.8m). Reported Earnings • Mar 16
Full year 2023 earnings released: NT$1.75 loss per share (vs NT$1.01 loss in FY 2022) Full year 2023 results: NT$1.75 loss per share (further deteriorated from NT$1.01 loss in FY 2022). Revenue: NT$3.83b (down 2.4% from FY 2022). Net loss: NT$118.1m (loss widened 73% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 107 percentage points per year, which is a significant difference in performance. Annuncio • Mar 12
Jiyuan Packaging Holdings Limited, Annual General Meeting, Jun 21, 2024 Jiyuan Packaging Holdings Limited, Annual General Meeting, Jun 21, 2024. Location: Meeting Room of Talmud Hotel Tainan No. 90, Yuxue Rd., East Dist Tainan City Taiwan Agenda: To approve 2023 Business Report; to approve Audit Committee's Review Report for 2023 Financial Statements; to approve Report on amendments to the Rules of Procedure for Board of Directors Meetings; to approve Adoption of 2023 appropriation of profit or loss; and to consider other matters. New Risk • Nov 20
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 0.8% 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 (0.8% operating cash flow to total debt). Minor Risk Market cap is less than US$100m (NT$1.20b market cap, or US$37.9m). Reported Earnings • Sep 01
Second quarter 2023 earnings released: NT$0.54 loss per share (vs NT$0.35 loss in 2Q 2022) Second quarter 2023 results: NT$0.54 loss per share (further deteriorated from NT$0.35 loss in 2Q 2022). Revenue: NT$909.9m (up 25% from 2Q 2022). Net loss: NT$36.7m (loss widened 56% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. New Risk • Jul 22
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 6.3% 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 Debt is not well covered by operating cash flow (0.8% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (NT$1.27b market cap, or US$40.4m). Reported Earnings • Mar 26
Full year 2022 earnings released: NT$1.01 loss per share (vs NT$0.75 profit in FY 2021) Full year 2022 results: NT$1.01 loss per share (down from NT$0.75 profit in FY 2021). Revenue: NT$3.93b (down 3.1% from FY 2021). Net loss: NT$117.9m (down 334% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Nov 16
Third quarter 2022 earnings released: NT$0.85 loss per share (vs NT$0.075 profit in 3Q 2021) Third quarter 2022 results: NT$0.85 loss per share (down from NT$0.075 profit in 3Q 2021). Revenue: NT$1.11b (up 12% from 3Q 2021). Net loss: NT$57.4m (down NT$62.5m from profit in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 5% per year. 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. 8 experienced directors. 1 highly experienced director. 3 independent directors (6 non-independent directors). Independent Director Tuoh-Hsiung Chen was the last independent director to join the board, commencing their role in 2016. 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 • Nov 13
Third quarter 2022 earnings released: NT$0.85 loss per share (vs NT$0.075 profit in 3Q 2021) Third quarter 2022 results: NT$0.85 loss per share (down from NT$0.075 profit in 3Q 2021). Revenue: NT$1.11b (up 12% from 3Q 2021). Net loss: NT$57.4m (down NT$62.5m from profit in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 4% per year. Reported Earnings • Aug 27
Second quarter 2022 earnings released: NT$0.35 loss per share (vs NT$0.094 loss in 2Q 2021) Second quarter 2022 results: NT$0.35 loss per share (down from NT$0.094 loss in 2Q 2021). Revenue: NT$729.0m (down 29% from 2Q 2021). Net loss: NT$23.5m (loss widened 271% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 23
Upcoming dividend of NT$0.30 per share Eligible shareholders must have bought the stock before 30 August 2022. Payment date: 30 September 2022. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Taiwanese dividend payers (6.4%). Lower than average of industry peers (5.8%). Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.03 (vs NT$0.069 loss in 1Q 2021) First quarter 2022 results: EPS: NT$0.03 (up from NT$0.069 loss in 1Q 2021). Revenue: NT$1.04b (up 48% from 1Q 2021). Net income: NT$1.77m (up NT$6.41m from 1Q 2021). Profit margin: 0.2% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. 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 1% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
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. 8 experienced directors. 1 highly experienced director. 3 independent directors (6 non-independent directors). Independent Director Tuoh-Hsiung Chen was the last independent director to join the board, commencing their role in 2016. 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 • Apr 05
Full year 2021 earnings released: EPS: NT$0.75 (vs NT$0.75 in FY 2020) Full year 2021 results: EPS: NT$0.75. Revenue: NT$4.05b (up 45% from FY 2020). Net income: NT$50.3m (flat on FY 2020). Profit margin: 1.2% (down from 1.8% in FY 2020). The decrease in margin was driven by higher expenses. Annuncio • Mar 31
Jiyuan Packaging Holdings Limited, Annual General Meeting, Jun 17, 2022 Jiyuan Packaging Holdings Limited, Annual General Meeting, Jun 17, 2022. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.07 (vs NT$0.47 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$984.7m (up 15% from 3Q 2020). Net income: NT$5.05m (down 84% from 3Q 2020). Profit margin: 0.5% (down from 3.7% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 29
Upcoming dividend of NT$0.30 per share Eligible shareholders must have bought the stock before 06 October 2021. Payment date: 12 November 2021. Trailing yield: 1.8%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (4.5%). Reported Earnings • Aug 31
Second quarter 2021 earnings released: NT$0.09 loss per share (vs NT$0.55 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: NT$1.03b (up 92% from 2Q 2020). Net loss: NT$6.33m (loss narrowed 83% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • May 15
First quarter 2021 earnings released: NT$0.069 loss per share (vs NT$0.57 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: NT$703.9m (up 39% from 1Q 2020). Net loss: NT$4.64m (loss narrowed 88% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$0.75 (vs NT$1.43 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$2.79b (down 28% from FY 2019). Net income: NT$50.5m (down 48% from FY 2019). Profit margin: 1.8% (down from 2.5% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$13.75, the stock is trading at a trailing P/E ratio of 46x, down from the previous P/E ratio of 54.9x. This compares to an average P/E of 12x in the Packaging industry in Taiwan. Total return to shareholders over the past three years is a loss of 49%. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$15.15, the stock is trading at a trailing P/E ratio of 50.7x, down from the previous P/E ratio of 62.1x. This compares to an average P/E of 12x in the Packaging industry in Taiwan. Total return to shareholders over the past three years is a loss of 45%. Valuation Update With 7 Day Price Move • Dec 02
Market bids up stock over the past week After last week's 20% share price gain to NT$17.30, the stock is trading at a trailing P/E ratio of 57.9x, up from the previous P/E ratio of 48.4x. This compares to an average P/E of 13x in the Packaging industry in Taiwan. Total return to shareholders over the past three years is a loss of 36%. Is New 90 Day High Low • Nov 30
New 90-day high: NT$15.55 The company is up 13% from its price of NT$13.75 on 01 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 8.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.47 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$854.7m (down 15% from 3Q 2019). Net income: NT$31.7m (up NT$27.4m from 3Q 2019). Profit margin: 3.7% (up from 0.4% in 3Q 2019). The increase in margin was driven by lower expenses. 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 24% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Nov 03
New 90-day low: NT$13.40 The company is down 3.0% from its price of NT$13.80 on 05 August 2020. The Taiwanese market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Packaging industry, which is up 21% over the same period. Is New 90 Day High Low • Oct 14
New 90-day high: NT$15.25 The company is up 10.0% from its price of NT$13.90 on 16 July 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Packaging industry, which is up 17% over the same period.