Top High Image（3284）株式概要Top High Image Corp.は、印刷用プレートと消耗品を台湾および海外で製造・販売している。 詳細3284 ファンダメンタル分析スノーフレーク・スコア評価2/6将来の成長0/6過去の実績4/6財務の健全性3/6配当金2/6報酬株価収益率（ 8.5 x） TW市場（ 18.9 x）を下回っています。過去1年間で収益は48.5%増加しました リスク分析負債は営業キャッシュフローで十分にカバーされていない 2.42%の配当はフリーキャッシュフローで十分にカバーされていない 意味のある時価総額がありません ( NT$2B )すべてのリスクチェックを見る3284 Community Fair Values Create NarrativeSee what others think this stock is worth. Follow their fair value or set your own to get alerts.NEW463,021 membersJoin community and earn perksGain real feedbackFrom our editorial team, personally. Not silence.Grow your followingReal investors. The kind who actually invest, not scroll past.Unlock free accessFree premium subscription for consistent and quality authors.Learn moreCreate NarrativeBLINRODA463,021 investors already sharing narrativesYour Fair ValueNT$Current PriceNT$20.654.4% 割高 内在価値ディスカウントGrowth estimate overAnnual revenue growth rate5 Yearstime period%/yrDecreaseIncreasePastFuture-60m1b2016201920222025202620282031Revenue NT$1.3bEarnings NT$405.7mAdvancedSet Fair ValueView all narrativesTop High Image Corp. 競合他社Transart GraphicsSymbol: TWSE:8481Market cap: NT$2.7bBai Sha TechnologySymbol: TPEX:8401Market cap: NT$1.6bChoice DevelopmentSymbol: TWSE:9929Market cap: NT$1.1bLily Logistics DevelopmentSymbol: TWSE:1443Market cap: NT$3.3b価格と性能株価の高値、安値、推移の概要Top High Image過去の株価現在の株価NT$20.6552週高値NT$32.9052週安値NT$15.30ベータ0.0451ヶ月の変化-13.96%3ヶ月変化22.92%1年変化-3.95%3年間の変化51.75%5年間の変化97.51%IPOからの変化0.37%最新ニュースNew Risk • Aug 18New major risk - Financial positionThe 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 Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.6% average weekly change). Market cap is less than US$100m (NT$2.28b market cap, or US$71.5m).Reported Earnings • Aug 18Second quarter 2026 earnings released: EPS: NT$0.22 (vs NT$0.071 in 2Q 2025)Second quarter 2026 results: EPS: NT$0.22 (up from NT$0.071 in 2Q 2025). Revenue: NT$195.1m (down 3.2% from 2Q 2025). Net income: NT$23.8m (up 224% from 2Q 2025). Profit margin: 12% (up from 3.7% in 2Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth.Valuation Update With 7 Day Price Move • Jul 29Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to NT$20.05, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 20x in the Commercial Services industry in Taiwan. Total returns to shareholders of 41% over the past three years.New Risk • Jul 17New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 9.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.5% average weekly change). Market cap is less than US$100m (NT$2.58b market cap, or US$79.7m).Valuation Update With 7 Day Price Move • Jul 13Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to NT$25.60, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 21x in the Commercial Services industry in Taiwan. Total returns to shareholders of 58% over the past three years.Upcoming Dividend • Jul 02Upcoming dividend of NT$0.50 per shareEligible shareholders must have bought the stock before 09 July 2026. Payment date: 03 August 2026. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (3.4%).最新情報をもっと見るRecent updatesNew Risk • Aug 18New major risk - Financial positionThe 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 Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.6% average weekly change). Market cap is less than US$100m (NT$2.28b market cap, or US$71.5m).Reported Earnings • Aug 18Second quarter 2026 earnings released: EPS: NT$0.22 (vs NT$0.071 in 2Q 2025)Second quarter 2026 results: EPS: NT$0.22 (up from NT$0.071 in 2Q 2025). Revenue: NT$195.1m (down 3.2% from 2Q 2025). Net income: NT$23.8m (up 224% from 2Q 2025). Profit margin: 12% (up from 3.7% in 2Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth.Valuation Update With 7 Day Price Move • Jul 29Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to NT$20.05, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 20x in the Commercial Services industry in Taiwan. Total returns to shareholders of 41% over the past three years.New Risk • Jul 17New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 9.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.5% average weekly change). Market cap is less than US$100m (NT$2.58b market cap, or US$79.7m).Valuation Update With 7 Day Price Move • Jul 13Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to NT$25.60, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 21x in the Commercial Services industry in Taiwan. Total returns to shareholders of 58% over the past three years.Upcoming Dividend • Jul 02Upcoming dividend of NT$0.50 per shareEligible shareholders must have bought the stock before 09 July 2026. Payment date: 03 August 2026. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (3.4%).Valuation Update With 7 Day Price Move • Jun 19Investor sentiment improves as stock rises 16%After last week's 16% share price gain to NT$22.70, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 19x in the Commercial Services industry in Taiwan. Total returns to shareholders of 78% over the past three years.Valuation Update With 7 Day Price Move • Jun 04Investor sentiment improves as stock rises 20%After last week's 20% share price gain to NT$19.10, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 20x in the Commercial Services industry in Taiwan. Total returns to shareholders of 49% over the past three years.Reported Earnings • May 16First quarter 2026 earnings released: EPS: NT$0.50 (vs NT$0.50 in 1Q 2025)First quarter 2026 results: EPS: NT$0.50 (in line with 1Q 2025). Revenue: NT$225.1m (down 4.0% from 1Q 2025). Net income: NT$53.9m (up 4.9% from 1Q 2025). Profit margin: 24% (up from 22% in 1Q 2025). The increase in margin was driven by lower expenses. 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 5% per year, which means it is significantly lagging earnings growth.Reported Earnings • Mar 17Full year 2025 earnings released: EPS: NT$2.31 (vs NT$2.28 in FY 2024)Full year 2025 results: EPS: NT$2.31 (up from NT$2.28 in FY 2024). Revenue: NT$868.7m (down 18% from FY 2024). Net income: NT$243.2m (up 3.2% from FY 2024). Profit margin: 28% (up from 22% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth.お知らせ • Mar 10Top High Image Corp., Annual General Meeting, May 27, 2026Top High Image Corp., Annual General Meeting, May 27, 2026, at 11:00 Taipei Standard Time. Location: 2 floor no,366, ming hua rd., gushan district, kaohsiung city TaiwanBuy Or Sell Opportunity • Feb 06Now 24% overvalued after recent price riseOver the last 90 days, the stock has risen 7.3% to NT$22.10. The fair value is estimated to be NT$17.82, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company has become profitable.Buy Or Sell Opportunity • Jan 19Now 22% overvaluedThe stock has been flat over the last 90 days, currently trading at NT$21.30. The fair value is estimated to be NT$17.51, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company has become profitable.Buy Or Sell Opportunity • Dec 24Now 21% overvaluedOver the last 90 days, the stock has fallen 9.8% to NT$21.10. The fair value is estimated to be NT$17.51, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company has become profitable.Buy Or Sell Opportunity • Nov 25Now 24% overvalued after recent price riseOver the last 90 days, the stock has risen 1.6% to NT$21.70. The fair value is estimated to be NT$17.51, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company has become profitable.New Risk • Nov 16New major risk - Financial positionThe 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 Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.3% average weekly change). Market cap is less than US$100m (NT$2.37b market cap, or US$76.9m).Reported Earnings • Nov 15Third quarter 2025 earnings released: EPS: NT$0.64 (vs NT$1.10 in 3Q 2024)Third quarter 2025 results: EPS: NT$0.64 (down from NT$1.10 in 3Q 2024). Revenue: NT$192.9m (down 48% from 3Q 2024). Net income: NT$67.0m (down 41% from 3Q 2024). Profit margin: 35% (up from 31% in 3Q 2024). The increase in margin was driven by lower 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 26% per year, which means it is significantly lagging earnings growth.New Risk • Oct 16New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.7% 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 (16% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.7% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.27b market cap, or US$74.1m).New Risk • Sep 11New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 22% 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 (16% operating cash flow to total debt). 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. Market cap is less than US$100m (NT$2.50b market cap, or US$82.3m).Reported Earnings • Aug 17Second quarter 2025 earnings released: EPS: NT$0.08 (vs NT$0.80 in 2Q 2024)Second quarter 2025 results: EPS: NT$0.08 (down from NT$0.80 in 2Q 2024). Revenue: NT$201.5m (down 35% from 2Q 2024). Net income: NT$7.36m (down 90% from 2Q 2024). Profit margin: 3.7% (down from 24% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth.Declared Dividend • Aug 08Dividend of NT$0.80 announcedShareholders will receive a dividend of NT$0.80. Ex-date: 21st August 2025 Payment date: 26th September 2025 Dividend yield will be 3.4%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (30% earnings payout ratio) and cash flows (60% cash payout ratio). The dividend has increased by an average of 2.1% per year over the past 9 years. However, payments have been volatile during that time. Earnings per share has grown by 73% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover.Reported Earnings • May 14First quarter 2025 earnings released: EPS: NT$0.56 (vs NT$0.48 in 1Q 2024)First quarter 2025 results: EPS: NT$0.56 (up from NT$0.48 in 1Q 2024). Revenue: NT$234.6m (up 9.5% from 1Q 2024). Net income: NT$51.4m (up 17% from 1Q 2024). Profit margin: 22% (up from 21% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth.お知らせ • May 09Top High Image Corp. has filed a Follow-on Equity Offering.Top High Image Corp. has filed a Follow-on Equity Offering. Security Name: Shares Security Type: Common Stock Securities Offered: 4,000,000 Security Name: Shares Security Type: Common Stock Securities Offered: 1,000,000 Transaction Features: Reserved Share Offering; Rights Offeringお知らせ • May 01Top High Image Corp. to Report Q1, 2025 Results on May 08, 2025Top High Image Corp. announced that they will report Q1, 2025 results on May 08, 2025New Risk • Apr 10New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 8.0% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.0% average weekly change). Market cap is less than US$100m (NT$2.32b market cap, or US$70.8m).Valuation Update With 7 Day Price Move • Apr 08Investor sentiment deteriorates as stock falls 19%After last week's 19% share price decline to NT$25.30, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 17x in the Commercial Services industry in Taiwan. Total returns to shareholders of 95% over the past three years.New Risk • Apr 07New minor risk - Dividend sustainabilityThe company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.8% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$2.88b market cap, or US$87.0m).Reported Earnings • Mar 26Full year 2024 earnings released: EPS: NT$2.55 (vs NT$0.73 in FY 2023)Full year 2024 results: EPS: NT$2.55 (up from NT$0.73 in FY 2023). Revenue: NT$1.06b (up 37% from FY 2023). Net income: NT$235.6m (up 249% from FY 2023). Profit margin: 22% (up from 8.8% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth.お知らせ • Mar 10Top High Image Corp., Annual General Meeting, Jun 17, 2025Top High Image Corp., Annual General Meeting, Jun 17, 2025. Location: 9 floor no,767, po ai rd., zuoying district, kaohsiung city Taiwanお知らせ • Mar 01Top High Image Corp. to Report Fiscal Year 2024 Results on Mar 07, 2025Top High Image Corp. announced that they will report fiscal year 2024 results on Mar 07, 2025Reported Earnings • Nov 18Third quarter 2024 earnings released: EPS: NT$1.23 (vs NT$0.15 in 3Q 2023)Third quarter 2024 results: EPS: NT$1.23 (up from NT$0.15 in 3Q 2023). Revenue: NT$371.2m (up 93% from 3Q 2023). Net income: NT$113.6m (up NT$99.3m from 3Q 2023). Profit margin: 31% (up from 7.4% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth.New Risk • Oct 04New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: NT$3.21b (US$100.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Market cap is less than US$100m (NT$3.21b market cap, or US$100.0m).Valuation Update With 7 Day Price Move • Sep 12Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to NT$44.45, the stock trades at a trailing P/E ratio of 26.9x. Average trailing P/E is 24x in the Commercial Services industry in Taiwan. Total returns to shareholders of 285% over the past three years.Reported Earnings • Aug 17Second quarter 2024 earnings released: EPS: NT$0.83 (vs NT$0.30 in 2Q 2023)Second quarter 2024 results: EPS: NT$0.83 (up from NT$0.30 in 2Q 2023). Revenue: NT$312.0m (up 54% from 2Q 2023). Net income: NT$73.7m (up 176% from 2Q 2023). Profit margin: 24% (up from 13% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 76% per year, which means it is significantly lagging earnings growth.New Risk • Aug 13New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 9.6% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. This is currently the only risk that has been identified for the company.Declared Dividend • Aug 11Dividend increased to NT$0.20Dividend of NT$0.20 is 100% higher than last year. Ex-date: 26th August 2024 Payment date: 30th September 2024 Dividend yield will be 0.4%, which is lower than the industry average of 4.0%.Valuation Update With 7 Day Price Move • Aug 02Investor sentiment improves as stock rises 17%After last week's 17% share price gain to NT$55.00, the stock trades at a trailing P/E ratio of 46.3x. Average trailing P/E is 29x in the Commercial Services industry in Taiwan. Total returns to shareholders of 351% over the past three years.お知らせ • Aug 02Top High Image Corp. to Report Q2, 2024 Results on Aug 09, 2024Top High Image Corp. announced that they will report Q2, 2024 results on Aug 09, 2024Valuation Update With 7 Day Price Move • Jul 15Investor sentiment improves as stock rises 18%After last week's 18% share price gain to NT$47.30, the stock trades at a trailing P/E ratio of 39.8x. Average trailing P/E is 29x in the Commercial Services industry in Taiwan. Total returns to shareholders of 285% over the past three years.Valuation Update With 7 Day Price Move • Jun 07Investor sentiment improves as stock rises 17%After last week's 17% share price gain to NT$40.10, the stock trades at a trailing P/E ratio of 33.8x. Average trailing P/E is 28x in the Commercial Services industry in Taiwan. Total returns to shareholders of 225% over the past three years.Reported Earnings • May 20First quarter 2024 earnings released: EPS: NT$0.50 (vs NT$0.068 in 1Q 2023)First quarter 2024 results: EPS: NT$0.50 (up from NT$0.068 in 1Q 2023). Revenue: NT$214.2m (up 43% from 1Q 2023). Net income: NT$44.1m (up NT$38.1m from 1Q 2023). Profit margin: 21% (up from 4.1% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth.お知らせ • May 03Top High Image Corp. to Report Q1, 2024 Results on May 10, 2024Top High Image Corp. announced that they will report Q1, 2024 results on May 10, 2024Valuation Update With 7 Day Price Move • Apr 24Investor sentiment improves as stock rises 18%After last week's 18% share price gain to NT$33.10, the stock trades at a trailing P/E ratio of 43.6x. Average trailing P/E is 27x in the Commercial Services industry in Taiwan. Total returns to shareholders of 144% over the past three years.New Risk • Apr 19New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 8.4% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.4% average weekly change). Minor Risk Market cap is less than US$100m (NT$2.63b market cap, or US$81.0m).Valuation Update With 7 Day Price Move • Apr 09Investor sentiment improves as stock rises 18%After last week's 18% share price gain to NT$29.75, the stock trades at a trailing P/E ratio of 39.2x. Average trailing P/E is 27x in the Commercial Services industry in Taiwan. Total returns to shareholders of 121% over the past three years.Reported Earnings • Mar 24Full year 2023 earnings released: EPS: NT$0.76 (vs NT$0.46 in FY 2022)Full year 2023 results: EPS: NT$0.76 (up from NT$0.46 in FY 2022). Revenue: NT$769.9m (down 3.5% from FY 2022). Net income: NT$67.5m (up 90% from FY 2022). Profit margin: 8.8% (up from 4.5% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth.Valuation Update With 7 Day Price Move • Mar 11Investor sentiment improves as stock rises 25%After last week's 25% share price gain to NT$27.30, the stock trades at a trailing P/E ratio of 42.9x. Average trailing P/E is 26x in the Commercial Services industry in Taiwan. Total returns to shareholders of 118% over the past three years.お知らせ • Mar 08Top High Image Corp., Annual General Meeting, May 27, 2024Top High Image Corp., Annual General Meeting, May 27, 2024. Location: 2F, No. 366, Minghua Road, Gushan District, (2nd floor banquet hall of H2O Hotel) Kaohsiung City Taiwan Agenda: To Report on the distribution of employee remunerations and director remunerations in 2023; to consider 2023 Business Report; to consider the Audit Committee's review report on the Company's statements for 2023; to consider report on the 2023 distribution of cash dividends; to consider Amendment of the Company's Rules and Procedures for Board of Directors Meetings; to consider Proposal of the 2023 Business Report and Financial Statements; to consider 2023 earnings distribution proposal; and to consider other matters.Valuation Update With 7 Day Price Move • Jan 08Investor sentiment improves as stock rises 16%After last week's 16% share price gain to NT$18.95, the stock trades at a trailing P/E ratio of 29.8x. Average trailing P/E is 25x in the Commercial Services industry in Taiwan. Total returns to shareholders of 36% over the past three years.Upcoming Dividend • Aug 16Upcoming dividend of NT$0.10 per share at 0.6% yieldEligible shareholders must have bought the stock before 23 August 2023. Payment date: 27 September 2023. Trailing yield: 0.6%. Lower than top quartile of Taiwanese dividend payers (5.7%). Lower than average of industry peers (4.5%).Reported Earnings • Aug 11Second quarter 2023 earnings released: EPS: NT$0.30 (vs NT$0.18 in 2Q 2022)Second quarter 2023 results: EPS: NT$0.30 (up from NT$0.18 in 2Q 2022). Revenue: NT$202.5m (down 12% from 2Q 2022). Net income: NT$26.7m (up 114% from 2Q 2022). Profit margin: 13% (up from 5.4% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth.New Risk • Jul 16New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 22% 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 9.3% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (28% increase in shares outstanding). Market cap is less than US$100m (NT$1.81b market cap, or US$58.3m).Valuation Update With 7 Day Price Move • Jul 10Investor sentiment improves as stock rises 25%After last week's 25% share price gain to NT$19.35, the stock trades at a trailing P/E ratio of 32.6x. Average trailing P/E is 24x in the Commercial Services industry in Taiwan. Total returns to shareholders of 50% over the past three years.Reported Earnings • Nov 16Third quarter 2022 earnings released: EPS: NT$0.33 (vs NT$0.004 in 3Q 2021)Third quarter 2022 results: EPS: NT$0.33 (up from NT$0.004 in 3Q 2021). Revenue: NT$229.2m (up 55% from 3Q 2021). Net income: NT$24.2m (up NT$24.0m from 3Q 2021). Profit margin: 11% (up from 0.2% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.Reported Earnings • Nov 13Third quarter 2022 earnings released: EPS: NT$0.33 (vs NT$0.004 in 3Q 2021)Third quarter 2022 results: EPS: NT$0.33 (up from NT$0.004 in 3Q 2021). Revenue: NT$229.2m (up 55% from 3Q 2021). Net income: NT$24.2m (up NT$24.0m from 3Q 2021). Profit margin: 11% (up from 0.2% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.Reported Earnings • Aug 15Second quarter 2022 earnings released: EPS: NT$0.18 (vs NT$0.047 loss in 2Q 2021)Second quarter 2022 results: EPS: NT$0.18 (up from NT$0.047 loss in 2Q 2021). Revenue: NT$229.5m (up 37% from 2Q 2021). Net income: NT$12.5m (up NT$15.0m from 2Q 2021). Profit margin: 5.4% (up from net loss in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 2% per year.Reported Earnings • Mar 31Full year 2021 earnings released: NT$0.86 loss per share (vs NT$1.49 loss in FY 2020)Full year 2021 results: NT$0.86 loss per share (up from NT$1.49 loss in FY 2020). Revenue: NT$571.5m (down 16% from FY 2020). Net loss: NT$52.4m (loss narrowed 35% from FY 2020). 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 2% per year, which means it has not declined as severely as earnings.Reported Earnings • Nov 15Third quarter 2021 earnings released: EPS NT$0.003 (vs NT$0.56 loss in 3Q 2020)The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: NT$148.2m (down 7.5% from 3Q 2020). Net income: NT$250.0k (up NT$30.7m from 3Q 2020). Profit margin: 0.2% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings.Reported Earnings • May 17First quarter 2021 earnings released: NT$0.08 loss per share (vs NT$0.45 loss in 1Q 2020)The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: NT$132.3m (down 42% from 1Q 2020). Net loss: NT$4.32m (loss narrowed 82% from 1Q 2020). 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.Reported Earnings • Mar 26Full year 2020 earnings released: NT$1.49 loss per share (vs NT$0.67 loss in FY 2019)The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: NT$682.0m (down 20% from FY 2019). Net loss: NT$80.2m (loss widened 123% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance.分析記事 • Mar 23Does Top High Image (GTSM:3284) Have A Healthy Balance Sheet?Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...お知らせ • Mar 18Top High Image Corp., Annual General Meeting, Jun 01, 2021Top High Image Corp., Annual General Meeting, Jun 01, 2021.Is New 90 Day High Low • Mar 03New 90-day low: NT$12.45The company is down 10.0% from its price of NT$13.90 on 03 December 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is flat over the same period.分析記事 • Dec 08Is Top High Image (GTSM:3284) A Risky Investment?Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Reported Earnings • Nov 14Third quarter 2020 earnings released: NT$0.56 loss per shareThe company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2020 results: Revenue: NT$160.3m (down 18% from 3Q 2019). Net loss: NT$30.5m (loss widened 266% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 121% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings.株主還元3284TW Commercial ServicesTW 市場7D-4.0%-2.0%-2.5%1Y-4.0%34.0%85.0%株主還元を見る業界別リターン: 3284過去 1 年間で34 % の収益を上げたTW Commercial Services業界を下回りました。リターン対市場: 3284は、過去 1 年間で85 % のリターンを上げたTW市場を下回りました。価格変動Is 3284's price volatile compared to industry and market?3284 volatility3284 Average Weekly Movement9.2%Commercial Services Industry Average Movement4.7%Market Average Movement6.4%10% most volatile stocks in TW Market11.9%10% least volatile stocks in TW Market2.7%安定した株価: 3284 、 TW市場と比較して、過去 3 か月間で大きな価格変動はありませんでした。時間の経過による変動: 3284の 週次ボラティリティ ( 9% ) は過去 1 年間安定しています。会社概要設立従業員CEO（最高経営責任者ウェブサイト1995n/aPin-Hsueh Luwww.ctptop.com.twTop High Image Corp.は、台湾および海外で印刷プレートおよび消耗品を製造・販売している。同社は、T-20 Process Free、T-UV Thermal CTP、T-830 Positive Thermal CTP、HS-920 Positive UV CTP、TP-103 Positive Conventional PS、HD-UV Thermal CTPプレートなどのTOPオフセット印刷プレート、TAU 330 RSC、TAU 330 RSC E、TAURSci.などのDurst製品、SCODIX Ultraシリーズ、Paper One 5000、Mercury 1520、Label Master 600などのSeiLASER製品を提供している；合成紙、SCODIX Ultraシリーズ、Paper One 5000、Mercury 1520、Label Master 600などのSeiLASER製品、ホットスタンプとコールドフォイル、サーマルCTPプレートプロセッサー、ウォッシュクロス、UVオーバープリンティング用ニス。また、貿易・サービス業、食品製造・卸売業、広告業、不動産仲介・賃貸業も行っている。旧社名はトップアルミ（株）で、2000年7月に（株）トップハイイメージに社名変更した。トップ・ハイイメージ社は1995年に設立され、台湾の高雄に本社を置いている。もっと見るTop High Image Corp. 基礎のまとめTop High Image の収益と売上を時価総額と比較するとどうか。3284 基礎統計学時価総額NT$2.24b収益（TTM）NT$262.19m売上高(TTM)NT$852.83m8.5xPER（株価収益率2.6xP/Sレシオ3284 は割高か？公正価値と評価分析を参照収益と収入最新の決算報告書（TTM）に基づく主な収益性統計3284 損益計算書（TTM）収益NT$852.83m売上原価NT$660.40m売上総利益NT$192.44mその他の費用-NT$69.75m収益NT$262.19m直近の収益報告Jun 30, 2026次回決算日該当なし一株当たり利益（EPS）2.42グロス・マージン22.56%純利益率30.74%有利子負債／自己資本比率83.0%3284 の長期的なパフォーマンスは？過去の実績と比較を見る配当金2.4%現在の配当利回り21%配当性向View Valuation企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/08/20 11:52終値2026/08/20 00:00収益2026/06/30年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレークこのレポートを生成するために使用した分析モデルの詳細は、当社のGitHubページでご覧いただけます。また、レポートの活用方法に関するガイドやYouTubeのチュートリアルも用意しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Top High Image Corp. 0 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。0
New Risk • Aug 18New major risk - Financial positionThe 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 Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.6% average weekly change). Market cap is less than US$100m (NT$2.28b market cap, or US$71.5m).
Reported Earnings • Aug 18Second quarter 2026 earnings released: EPS: NT$0.22 (vs NT$0.071 in 2Q 2025)Second quarter 2026 results: EPS: NT$0.22 (up from NT$0.071 in 2Q 2025). Revenue: NT$195.1m (down 3.2% from 2Q 2025). Net income: NT$23.8m (up 224% from 2Q 2025). Profit margin: 12% (up from 3.7% in 2Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth.
Valuation Update With 7 Day Price Move • Jul 29Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to NT$20.05, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 20x in the Commercial Services industry in Taiwan. Total returns to shareholders of 41% over the past three years.
New Risk • Jul 17New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 9.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.5% average weekly change). Market cap is less than US$100m (NT$2.58b market cap, or US$79.7m).
Valuation Update With 7 Day Price Move • Jul 13Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to NT$25.60, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 21x in the Commercial Services industry in Taiwan. Total returns to shareholders of 58% over the past three years.
Upcoming Dividend • Jul 02Upcoming dividend of NT$0.50 per shareEligible shareholders must have bought the stock before 09 July 2026. Payment date: 03 August 2026. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (3.4%).
New Risk • Aug 18New major risk - Financial positionThe 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 Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.6% average weekly change). Market cap is less than US$100m (NT$2.28b market cap, or US$71.5m).
Reported Earnings • Aug 18Second quarter 2026 earnings released: EPS: NT$0.22 (vs NT$0.071 in 2Q 2025)Second quarter 2026 results: EPS: NT$0.22 (up from NT$0.071 in 2Q 2025). Revenue: NT$195.1m (down 3.2% from 2Q 2025). Net income: NT$23.8m (up 224% from 2Q 2025). Profit margin: 12% (up from 3.7% in 2Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth.
Valuation Update With 7 Day Price Move • Jul 29Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to NT$20.05, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 20x in the Commercial Services industry in Taiwan. Total returns to shareholders of 41% over the past three years.
New Risk • Jul 17New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 9.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.5% average weekly change). Market cap is less than US$100m (NT$2.58b market cap, or US$79.7m).
Valuation Update With 7 Day Price Move • Jul 13Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to NT$25.60, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 21x in the Commercial Services industry in Taiwan. Total returns to shareholders of 58% over the past three years.
Upcoming Dividend • Jul 02Upcoming dividend of NT$0.50 per shareEligible shareholders must have bought the stock before 09 July 2026. Payment date: 03 August 2026. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (3.4%).
Valuation Update With 7 Day Price Move • Jun 19Investor sentiment improves as stock rises 16%After last week's 16% share price gain to NT$22.70, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 19x in the Commercial Services industry in Taiwan. Total returns to shareholders of 78% over the past three years.
Valuation Update With 7 Day Price Move • Jun 04Investor sentiment improves as stock rises 20%After last week's 20% share price gain to NT$19.10, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 20x in the Commercial Services industry in Taiwan. Total returns to shareholders of 49% over the past three years.
Reported Earnings • May 16First quarter 2026 earnings released: EPS: NT$0.50 (vs NT$0.50 in 1Q 2025)First quarter 2026 results: EPS: NT$0.50 (in line with 1Q 2025). Revenue: NT$225.1m (down 4.0% from 1Q 2025). Net income: NT$53.9m (up 4.9% from 1Q 2025). Profit margin: 24% (up from 22% in 1Q 2025). The increase in margin was driven by lower expenses. 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 5% per year, which means it is significantly lagging earnings growth.
Reported Earnings • Mar 17Full year 2025 earnings released: EPS: NT$2.31 (vs NT$2.28 in FY 2024)Full year 2025 results: EPS: NT$2.31 (up from NT$2.28 in FY 2024). Revenue: NT$868.7m (down 18% from FY 2024). Net income: NT$243.2m (up 3.2% from FY 2024). Profit margin: 28% (up from 22% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth.
お知らせ • Mar 10Top High Image Corp., Annual General Meeting, May 27, 2026Top High Image Corp., Annual General Meeting, May 27, 2026, at 11:00 Taipei Standard Time. Location: 2 floor no,366, ming hua rd., gushan district, kaohsiung city Taiwan
Buy Or Sell Opportunity • Feb 06Now 24% overvalued after recent price riseOver the last 90 days, the stock has risen 7.3% to NT$22.10. The fair value is estimated to be NT$17.82, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company has become profitable.
Buy Or Sell Opportunity • Jan 19Now 22% overvaluedThe stock has been flat over the last 90 days, currently trading at NT$21.30. The fair value is estimated to be NT$17.51, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company has become profitable.
Buy Or Sell Opportunity • Dec 24Now 21% overvaluedOver the last 90 days, the stock has fallen 9.8% to NT$21.10. The fair value is estimated to be NT$17.51, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company has become profitable.
Buy Or Sell Opportunity • Nov 25Now 24% overvalued after recent price riseOver the last 90 days, the stock has risen 1.6% to NT$21.70. The fair value is estimated to be NT$17.51, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company has become profitable.
New Risk • Nov 16New major risk - Financial positionThe 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 Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.3% average weekly change). Market cap is less than US$100m (NT$2.37b market cap, or US$76.9m).
Reported Earnings • Nov 15Third quarter 2025 earnings released: EPS: NT$0.64 (vs NT$1.10 in 3Q 2024)Third quarter 2025 results: EPS: NT$0.64 (down from NT$1.10 in 3Q 2024). Revenue: NT$192.9m (down 48% from 3Q 2024). Net income: NT$67.0m (down 41% from 3Q 2024). Profit margin: 35% (up from 31% in 3Q 2024). The increase in margin was driven by lower 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 26% per year, which means it is significantly lagging earnings growth.
New Risk • Oct 16New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.7% 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 (16% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.7% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.27b market cap, or US$74.1m).
New Risk • Sep 11New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 22% 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 (16% operating cash flow to total debt). 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. Market cap is less than US$100m (NT$2.50b market cap, or US$82.3m).
Reported Earnings • Aug 17Second quarter 2025 earnings released: EPS: NT$0.08 (vs NT$0.80 in 2Q 2024)Second quarter 2025 results: EPS: NT$0.08 (down from NT$0.80 in 2Q 2024). Revenue: NT$201.5m (down 35% from 2Q 2024). Net income: NT$7.36m (down 90% from 2Q 2024). Profit margin: 3.7% (down from 24% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth.
Declared Dividend • Aug 08Dividend of NT$0.80 announcedShareholders will receive a dividend of NT$0.80. Ex-date: 21st August 2025 Payment date: 26th September 2025 Dividend yield will be 3.4%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (30% earnings payout ratio) and cash flows (60% cash payout ratio). The dividend has increased by an average of 2.1% per year over the past 9 years. However, payments have been volatile during that time. Earnings per share has grown by 73% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover.
Reported Earnings • May 14First quarter 2025 earnings released: EPS: NT$0.56 (vs NT$0.48 in 1Q 2024)First quarter 2025 results: EPS: NT$0.56 (up from NT$0.48 in 1Q 2024). Revenue: NT$234.6m (up 9.5% from 1Q 2024). Net income: NT$51.4m (up 17% from 1Q 2024). Profit margin: 22% (up from 21% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth.
お知らせ • May 09Top High Image Corp. has filed a Follow-on Equity Offering.Top High Image Corp. has filed a Follow-on Equity Offering. Security Name: Shares Security Type: Common Stock Securities Offered: 4,000,000 Security Name: Shares Security Type: Common Stock Securities Offered: 1,000,000 Transaction Features: Reserved Share Offering; Rights Offering
お知らせ • May 01Top High Image Corp. to Report Q1, 2025 Results on May 08, 2025Top High Image Corp. announced that they will report Q1, 2025 results on May 08, 2025
New Risk • Apr 10New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 8.0% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.0% average weekly change). Market cap is less than US$100m (NT$2.32b market cap, or US$70.8m).
Valuation Update With 7 Day Price Move • Apr 08Investor sentiment deteriorates as stock falls 19%After last week's 19% share price decline to NT$25.30, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 17x in the Commercial Services industry in Taiwan. Total returns to shareholders of 95% over the past three years.
New Risk • Apr 07New minor risk - Dividend sustainabilityThe company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.8% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$2.88b market cap, or US$87.0m).
Reported Earnings • Mar 26Full year 2024 earnings released: EPS: NT$2.55 (vs NT$0.73 in FY 2023)Full year 2024 results: EPS: NT$2.55 (up from NT$0.73 in FY 2023). Revenue: NT$1.06b (up 37% from FY 2023). Net income: NT$235.6m (up 249% from FY 2023). Profit margin: 22% (up from 8.8% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth.
お知らせ • Mar 10Top High Image Corp., Annual General Meeting, Jun 17, 2025Top High Image Corp., Annual General Meeting, Jun 17, 2025. Location: 9 floor no,767, po ai rd., zuoying district, kaohsiung city Taiwan
お知らせ • Mar 01Top High Image Corp. to Report Fiscal Year 2024 Results on Mar 07, 2025Top High Image Corp. announced that they will report fiscal year 2024 results on Mar 07, 2025
Reported Earnings • Nov 18Third quarter 2024 earnings released: EPS: NT$1.23 (vs NT$0.15 in 3Q 2023)Third quarter 2024 results: EPS: NT$1.23 (up from NT$0.15 in 3Q 2023). Revenue: NT$371.2m (up 93% from 3Q 2023). Net income: NT$113.6m (up NT$99.3m from 3Q 2023). Profit margin: 31% (up from 7.4% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth.
New Risk • Oct 04New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: NT$3.21b (US$100.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Market cap is less than US$100m (NT$3.21b market cap, or US$100.0m).
Valuation Update With 7 Day Price Move • Sep 12Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to NT$44.45, the stock trades at a trailing P/E ratio of 26.9x. Average trailing P/E is 24x in the Commercial Services industry in Taiwan. Total returns to shareholders of 285% over the past three years.
Reported Earnings • Aug 17Second quarter 2024 earnings released: EPS: NT$0.83 (vs NT$0.30 in 2Q 2023)Second quarter 2024 results: EPS: NT$0.83 (up from NT$0.30 in 2Q 2023). Revenue: NT$312.0m (up 54% from 2Q 2023). Net income: NT$73.7m (up 176% from 2Q 2023). Profit margin: 24% (up from 13% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 76% per year, which means it is significantly lagging earnings growth.
New Risk • Aug 13New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 9.6% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. This is currently the only risk that has been identified for the company.
Declared Dividend • Aug 11Dividend increased to NT$0.20Dividend of NT$0.20 is 100% higher than last year. Ex-date: 26th August 2024 Payment date: 30th September 2024 Dividend yield will be 0.4%, which is lower than the industry average of 4.0%.
Valuation Update With 7 Day Price Move • Aug 02Investor sentiment improves as stock rises 17%After last week's 17% share price gain to NT$55.00, the stock trades at a trailing P/E ratio of 46.3x. Average trailing P/E is 29x in the Commercial Services industry in Taiwan. Total returns to shareholders of 351% over the past three years.
お知らせ • Aug 02Top High Image Corp. to Report Q2, 2024 Results on Aug 09, 2024Top High Image Corp. announced that they will report Q2, 2024 results on Aug 09, 2024
Valuation Update With 7 Day Price Move • Jul 15Investor sentiment improves as stock rises 18%After last week's 18% share price gain to NT$47.30, the stock trades at a trailing P/E ratio of 39.8x. Average trailing P/E is 29x in the Commercial Services industry in Taiwan. Total returns to shareholders of 285% over the past three years.
Valuation Update With 7 Day Price Move • Jun 07Investor sentiment improves as stock rises 17%After last week's 17% share price gain to NT$40.10, the stock trades at a trailing P/E ratio of 33.8x. Average trailing P/E is 28x in the Commercial Services industry in Taiwan. Total returns to shareholders of 225% over the past three years.
Reported Earnings • May 20First quarter 2024 earnings released: EPS: NT$0.50 (vs NT$0.068 in 1Q 2023)First quarter 2024 results: EPS: NT$0.50 (up from NT$0.068 in 1Q 2023). Revenue: NT$214.2m (up 43% from 1Q 2023). Net income: NT$44.1m (up NT$38.1m from 1Q 2023). Profit margin: 21% (up from 4.1% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth.
お知らせ • May 03Top High Image Corp. to Report Q1, 2024 Results on May 10, 2024Top High Image Corp. announced that they will report Q1, 2024 results on May 10, 2024
Valuation Update With 7 Day Price Move • Apr 24Investor sentiment improves as stock rises 18%After last week's 18% share price gain to NT$33.10, the stock trades at a trailing P/E ratio of 43.6x. Average trailing P/E is 27x in the Commercial Services industry in Taiwan. Total returns to shareholders of 144% over the past three years.
New Risk • Apr 19New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 8.4% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.4% average weekly change). Minor Risk Market cap is less than US$100m (NT$2.63b market cap, or US$81.0m).
Valuation Update With 7 Day Price Move • Apr 09Investor sentiment improves as stock rises 18%After last week's 18% share price gain to NT$29.75, the stock trades at a trailing P/E ratio of 39.2x. Average trailing P/E is 27x in the Commercial Services industry in Taiwan. Total returns to shareholders of 121% over the past three years.
Reported Earnings • Mar 24Full year 2023 earnings released: EPS: NT$0.76 (vs NT$0.46 in FY 2022)Full year 2023 results: EPS: NT$0.76 (up from NT$0.46 in FY 2022). Revenue: NT$769.9m (down 3.5% from FY 2022). Net income: NT$67.5m (up 90% from FY 2022). Profit margin: 8.8% (up from 4.5% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth.
Valuation Update With 7 Day Price Move • Mar 11Investor sentiment improves as stock rises 25%After last week's 25% share price gain to NT$27.30, the stock trades at a trailing P/E ratio of 42.9x. Average trailing P/E is 26x in the Commercial Services industry in Taiwan. Total returns to shareholders of 118% over the past three years.
お知らせ • Mar 08Top High Image Corp., Annual General Meeting, May 27, 2024Top High Image Corp., Annual General Meeting, May 27, 2024. Location: 2F, No. 366, Minghua Road, Gushan District, (2nd floor banquet hall of H2O Hotel) Kaohsiung City Taiwan Agenda: To Report on the distribution of employee remunerations and director remunerations in 2023; to consider 2023 Business Report; to consider the Audit Committee's review report on the Company's statements for 2023; to consider report on the 2023 distribution of cash dividends; to consider Amendment of the Company's Rules and Procedures for Board of Directors Meetings; to consider Proposal of the 2023 Business Report and Financial Statements; to consider 2023 earnings distribution proposal; and to consider other matters.
Valuation Update With 7 Day Price Move • Jan 08Investor sentiment improves as stock rises 16%After last week's 16% share price gain to NT$18.95, the stock trades at a trailing P/E ratio of 29.8x. Average trailing P/E is 25x in the Commercial Services industry in Taiwan. Total returns to shareholders of 36% over the past three years.
Upcoming Dividend • Aug 16Upcoming dividend of NT$0.10 per share at 0.6% yieldEligible shareholders must have bought the stock before 23 August 2023. Payment date: 27 September 2023. Trailing yield: 0.6%. Lower than top quartile of Taiwanese dividend payers (5.7%). Lower than average of industry peers (4.5%).
Reported Earnings • Aug 11Second quarter 2023 earnings released: EPS: NT$0.30 (vs NT$0.18 in 2Q 2022)Second quarter 2023 results: EPS: NT$0.30 (up from NT$0.18 in 2Q 2022). Revenue: NT$202.5m (down 12% from 2Q 2022). Net income: NT$26.7m (up 114% from 2Q 2022). Profit margin: 13% (up from 5.4% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth.
New Risk • Jul 16New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 22% 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 9.3% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (28% increase in shares outstanding). Market cap is less than US$100m (NT$1.81b market cap, or US$58.3m).
Valuation Update With 7 Day Price Move • Jul 10Investor sentiment improves as stock rises 25%After last week's 25% share price gain to NT$19.35, the stock trades at a trailing P/E ratio of 32.6x. Average trailing P/E is 24x in the Commercial Services industry in Taiwan. Total returns to shareholders of 50% over the past three years.
Reported Earnings • Nov 16Third quarter 2022 earnings released: EPS: NT$0.33 (vs NT$0.004 in 3Q 2021)Third quarter 2022 results: EPS: NT$0.33 (up from NT$0.004 in 3Q 2021). Revenue: NT$229.2m (up 55% from 3Q 2021). Net income: NT$24.2m (up NT$24.0m from 3Q 2021). Profit margin: 11% (up from 0.2% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.
Reported Earnings • Nov 13Third quarter 2022 earnings released: EPS: NT$0.33 (vs NT$0.004 in 3Q 2021)Third quarter 2022 results: EPS: NT$0.33 (up from NT$0.004 in 3Q 2021). Revenue: NT$229.2m (up 55% from 3Q 2021). Net income: NT$24.2m (up NT$24.0m from 3Q 2021). Profit margin: 11% (up from 0.2% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.
Reported Earnings • Aug 15Second quarter 2022 earnings released: EPS: NT$0.18 (vs NT$0.047 loss in 2Q 2021)Second quarter 2022 results: EPS: NT$0.18 (up from NT$0.047 loss in 2Q 2021). Revenue: NT$229.5m (up 37% from 2Q 2021). Net income: NT$12.5m (up NT$15.0m from 2Q 2021). Profit margin: 5.4% (up from net loss in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 2% per year.
Reported Earnings • Mar 31Full year 2021 earnings released: NT$0.86 loss per share (vs NT$1.49 loss in FY 2020)Full year 2021 results: NT$0.86 loss per share (up from NT$1.49 loss in FY 2020). Revenue: NT$571.5m (down 16% from FY 2020). Net loss: NT$52.4m (loss narrowed 35% from FY 2020). 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 2% per year, which means it has not declined as severely as earnings.
Reported Earnings • Nov 15Third quarter 2021 earnings released: EPS NT$0.003 (vs NT$0.56 loss in 3Q 2020)The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: NT$148.2m (down 7.5% from 3Q 2020). Net income: NT$250.0k (up NT$30.7m from 3Q 2020). Profit margin: 0.2% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings.
Reported Earnings • May 17First quarter 2021 earnings released: NT$0.08 loss per share (vs NT$0.45 loss in 1Q 2020)The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: NT$132.3m (down 42% from 1Q 2020). Net loss: NT$4.32m (loss narrowed 82% from 1Q 2020). 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.
Reported Earnings • Mar 26Full year 2020 earnings released: NT$1.49 loss per share (vs NT$0.67 loss in FY 2019)The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: NT$682.0m (down 20% from FY 2019). Net loss: NT$80.2m (loss widened 123% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance.
分析記事 • Mar 23Does Top High Image (GTSM:3284) Have A Healthy Balance Sheet?Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
お知らせ • Mar 18Top High Image Corp., Annual General Meeting, Jun 01, 2021Top High Image Corp., Annual General Meeting, Jun 01, 2021.
Is New 90 Day High Low • Mar 03New 90-day low: NT$12.45The company is down 10.0% from its price of NT$13.90 on 03 December 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is flat over the same period.
分析記事 • Dec 08Is Top High Image (GTSM:3284) A Risky Investment?Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
Reported Earnings • Nov 14Third quarter 2020 earnings released: NT$0.56 loss per shareThe company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2020 results: Revenue: NT$160.3m (down 18% from 3Q 2019). Net loss: NT$30.5m (loss widened 266% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 121% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings.
