Taiwan Paiho(9938)株式概要タッチファスナー、デジタル織物、4WAYストレッチ織物、ウェビング、ゴム、靴ひも、反射材、2D/3Dロゴ、素材加工、成型フック、竹炭製品などを台湾内外で製造・販売している。 詳細9938 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1/6過去の実績1/6財務の健全性4/6配当金4/6報酬株価収益率( 12 x) TW市場( 19.3 x)を下回っています。収益は年間8.24%増加すると予測されています 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 7.28%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 利益率(6.6%)は昨年より低い(9.5%) すべてのリスクチェックを見る9938 Community Fair Values Create NarrativeSee what others think this stock is worth. Follow their fair value or set your own to get alerts.NEW481,749 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 NarrativeBLINRODA481,749 investors already sharing narrativesYour Fair ValueNT$Current PriceNT$41.2018.3% 割高 内在価値ディスカウントGrowth estimate overAnnual revenue growth rate5 Yearstime period%/yrDecreaseIncreasePastFuture021b2016201920222025202620282031Revenue NT$21.4bEarnings NT$1.4bAdvancedSet Fair ValueView all narrativesTaiwan Paiho Limited 競合他社Cathay ConsolidatedSymbol: TWSE:1342Market cap: NT$7.9bShinkong TextileSymbol: TWSE:1419Market cap: NT$19.0bDe Licacy IndustrialSymbol: TWSE:1464Market cap: NT$4.3bFormosa TaffetaSymbol: TWSE:1434Market cap: NT$29.5b価格と性能株価の高値、安値、推移の概要Taiwan Paiho過去の株価現在の株価NT$41.2052週高値NT$61.5052週安値NT$41.20ベータ0.451ヶ月の変化-10.14%3ヶ月変化-5.07%1年変化-21.67%3年間の変化-13.54%5年間の変化-50.12%IPOからの変化242.66%最新ニュースUpcoming Dividend • Jul 28Upcoming dividend of NT$3.00 per shareEligible shareholders must have bought the stock before 04 August 2026. Payment date: 31 August 2026. Payout ratio is on the higher end at 87% but the company is not cash flow positive. Trailing yield: 6.4%. Within top quartile of Taiwanese dividend payers (5.1%). Higher than average of industry peers (4.7%).Major Estimate Revision • Jul 18Consensus EPS estimates fall by 10%The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from NT$3.50 to NT$3.15 per share. Revenue forecast steady at NT$16.2b. Net income forecast to shrink 3.7% next year vs 26% growth forecast for Luxury industry in Taiwan . Consensus price target of NT$54.10 unchanged from last update. Share price was steady at NT$45.85 over the past week.Declared Dividend • Jun 08Dividend of NT$3.00 announcedShareholders will receive a dividend of NT$3.00. Ex-date: 4th August 2026 Payment date: 31st August 2026 Dividend yield will be 6.7%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (87% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 4.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 23% over the next 3 years, which should provide support to the dividend and adequate earnings cover.New Risk • May 20New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.6% Last year net profit margin: 9.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (6.6% net profit margin).Reported Earnings • May 20First quarter 2026 earnings: EPS and revenues miss analyst expectationsFirst quarter 2026 results: EPS: NT$0.87 (down from NT$1.54 in 1Q 2025). Revenue: NT$4.04b (down 5.0% from 1Q 2025). Net income: NT$260.1m (down 43% from 1Q 2025). Profit margin: 6.4% (down from 11% in 1Q 2025). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 17%. Revenue is forecast to grow 7.1% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings.Price Target Changed • Apr 20Price target decreased by 9.0% to NT$58.43Down from NT$64.23, the current price target is an average from 3 analysts. New target price is 29% above last closing price of NT$45.35. Stock is down 13% over the past year. The company is forecast to post earnings per share of NT$4.19 for next year compared to NT$4.10 last year.最新情報をもっと見るRecent updatesUpcoming Dividend • Jul 28Upcoming dividend of NT$3.00 per shareEligible shareholders must have bought the stock before 04 August 2026. Payment date: 31 August 2026. Payout ratio is on the higher end at 87% but the company is not cash flow positive. Trailing yield: 6.4%. Within top quartile of Taiwanese dividend payers (5.1%). Higher than average of industry peers (4.7%).Major Estimate Revision • Jul 18Consensus EPS estimates fall by 10%The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from NT$3.50 to NT$3.15 per share. Revenue forecast steady at NT$16.2b. Net income forecast to shrink 3.7% next year vs 26% growth forecast for Luxury industry in Taiwan . Consensus price target of NT$54.10 unchanged from last update. Share price was steady at NT$45.85 over the past week.Declared Dividend • Jun 08Dividend of NT$3.00 announcedShareholders will receive a dividend of NT$3.00. Ex-date: 4th August 2026 Payment date: 31st August 2026 Dividend yield will be 6.7%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (87% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 4.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 23% over the next 3 years, which should provide support to the dividend and adequate earnings cover.New Risk • May 20New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.6% Last year net profit margin: 9.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (6.6% net profit margin).Reported Earnings • May 20First quarter 2026 earnings: EPS and revenues miss analyst expectationsFirst quarter 2026 results: EPS: NT$0.87 (down from NT$1.54 in 1Q 2025). Revenue: NT$4.04b (down 5.0% from 1Q 2025). Net income: NT$260.1m (down 43% from 1Q 2025). Profit margin: 6.4% (down from 11% in 1Q 2025). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 17%. Revenue is forecast to grow 7.1% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings.Price Target Changed • Apr 20Price target decreased by 9.0% to NT$58.43Down from NT$64.23, the current price target is an average from 3 analysts. New target price is 29% above last closing price of NT$45.35. Stock is down 13% over the past year. The company is forecast to post earnings per share of NT$4.19 for next year compared to NT$4.10 last year.Major Estimate Revision • Apr 07Consensus EPS estimates fall by 16%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from NT$17.2b to NT$16.5b. EPS estimate also fell from NT$4.98 per share to NT$4.19 per share. Net income forecast to grow 2.4% next year vs 14% growth forecast for Luxury industry in Taiwan. Consensus price target down from NT$64.23 to NT$61.77. Share price was steady at NT$45.50 over the past week.Reported Earnings • Mar 19Full year 2025 earnings: Revenues and EPS in line with analyst expectationsFull year 2025 results: EPS: NT$4.10 (down from NT$4.75 in FY 2024). Revenue: NT$15.8b (up 2.0% from FY 2024). Net income: NT$1.22b (down 14% from FY 2024). Profit margin: 7.7% (down from 9.2% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 5.4% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings.Buy Or Sell Opportunity • Mar 10Now 20% overvaluedOver the last 90 days, the stock has fallen 6.4% to NT$49.35. The fair value is estimated to be NT$40.98, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue is forecast to grow by 8.7% in 2 years. Earnings are forecast to grow by 27% in the next 2 years.お知らせ • Jan 08Taiwan Paiho Limited, Annual General Meeting, Jun 09, 2026Taiwan Paiho Limited, Annual General Meeting, Jun 09, 2026. Location: no,575, huo kang rd., hemei township, changhua county TaiwanReported Earnings • Nov 15Third quarter 2025 earnings: EPS misses analyst expectationsThird quarter 2025 results: EPS: NT$1.16 (down from NT$1.53 in 3Q 2024). Revenue: NT$4.17b (down 3.5% from 3Q 2024). Net income: NT$344.7m (down 24% from 3Q 2024). Profit margin: 8.3% (down from 11% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 1% per year.Reported Earnings • Aug 14Second quarter 2025 earnings: EPS exceeds analyst expectationsSecond quarter 2025 results: EPS: NT$0.67 (down from NT$1.17 in 2Q 2024). Revenue: NT$3.59b (down 3.5% from 2Q 2024). Net income: NT$200.8m (down 43% from 2Q 2024). Profit margin: 5.6% (down from 9.4% in 2Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.1%. Revenue is forecast to grow 4.5% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 5% per year.Upcoming Dividend • Jul 28Upcoming dividend of NT$3.00 per shareEligible shareholders must have bought the stock before 04 August 2025. Payment date: 29 August 2025. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 5.6%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (4.6%).Price Target Changed • Jul 16Price target decreased by 12% to NT$72.58Down from NT$82.33, the current price target is an average from 4 analysts. New target price is 36% above last closing price of NT$53.50. Stock is down 19% over the past year. The company is forecast to post earnings per share of NT$4.46 for next year compared to NT$4.75 last year.Declared Dividend • Jun 19Dividend increased to NT$3.00Dividend of NT$3.00 is 200% higher than last year. Ex-date: 4th August 2025 Payment date: 29th August 2025 Dividend yield will be 5.6%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 4.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 3.9% over the next year, which should provide support to the dividend and adequate earnings cover.Price Target Changed • May 27Price target decreased by 8.3% to NT$77.00Down from NT$84.00, the current price target is an average from 3 analysts. New target price is 35% above last closing price of NT$57.10. Stock is down 11% over the past year. The company is forecast to post earnings per share of NT$6.53 for next year compared to NT$4.75 last year.Reported Earnings • May 15First quarter 2025 earnings: Revenues and EPS in line with analyst expectationsFirst quarter 2025 results: EPS: NT$1.54 (up from NT$1.12 in 1Q 2024). Revenue: NT$4.25b (up 20% from 1Q 2024). Net income: NT$457.4m (up 38% from 1Q 2024). Profit margin: 11% (up from 9.4% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 6.2% p.a. on average during the next 2 years, compared to a 8.5% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings.New Risk • Apr 25New 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: 5.2% 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 High level of debt (47% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past.Valuation Update With 7 Day Price Move • Apr 08Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to NT$53.70, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Luxury industry in Taiwan. Total loss to shareholders of 17% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$90.77 per share.Reported Earnings • Mar 20Full year 2024 earnings: Revenues and EPS in line with analyst expectationsFull year 2024 results: EPS: NT$4.75 (up from NT$1.95 in FY 2023). Revenue: NT$15.5b (up 24% from FY 2023). Net income: NT$1.42b (up 144% from FY 2023). Profit margin: 9.2% (up from 4.7% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 8.4% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 27% 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.お知らせ • Mar 12+ 1 more updateTaiwan Paiho Limited Announces Cash Dividend for the Year Ended December 31, 2024Taiwan Paiho Limited announced the Board of Directors' resolution for the dividend distribution for 2024 on March 11, 2025. Period which dividends belong to: January 1, 2024 to December 31, 2024. Appropriations of earnings in cash dividends to shareholders: TWD 3 per share; Total amount of cash distributed to shareholders: TWD 893,891,706.お知らせ • Mar 04Taiwan Paiho Limited to Report Fiscal Year 2024 Results on Mar 11, 2025Taiwan Paiho Limited announced that they will report fiscal year 2024 results on Mar 11, 2025分析記事 • Dec 20Should You Investigate Taiwan Paiho Limited (TWSE:9938) At NT$70.30?While Taiwan Paiho Limited ( TWSE:9938 ) might not have the largest market cap around , it saw a double-digit share...Reported Earnings • Nov 12Third quarter 2024 earnings: EPS and revenues exceed analyst expectationsThird quarter 2024 results: EPS: NT$1.53 (up from NT$0.85 in 3Q 2023). Revenue: NT$4.32b (up 21% from 3Q 2023). Net income: NT$456.2m (up 79% from 3Q 2023). Profit margin: 11% (up from 7.1% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.0%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings.Price Target Changed • Oct 07Price target increased by 7.3% to NT$84.00Up from NT$78.27, the current price target is an average from 3 analysts. New target price is 8.8% above last closing price of NT$77.20. Stock is up 39% over the past year. The company is forecast to post earnings per share of NT$4.73 for next year compared to NT$1.95 last year.分析記事 • Oct 03A Piece Of The Puzzle Missing From Taiwan Paiho Limited's (TWSE:9938) 25% Share Price ClimbTaiwan Paiho Limited ( TWSE:9938 ) shareholders have had their patience rewarded with a 25% share price jump in the...分析記事 • Sep 17Here's Why Taiwan Paiho (TWSE:9938) Has A Meaningful Debt BurdenWarren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company...Price Target Changed • Aug 31Price target increased by 16% to NT$78.27Up from NT$67.75, the current price target is an average from 3 analysts. New target price is 27% above last closing price of NT$61.50. Stock is up 23% over the past year. The company is forecast to post earnings per share of NT$4.78 for next year compared to NT$1.95 last year.Reported Earnings • Aug 12Second quarter 2024 earnings released: EPS: NT$1.17 (vs NT$0.24 in 2Q 2023)Second quarter 2024 results: EPS: NT$1.17 (up from NT$0.24 in 2Q 2023). Revenue: NT$3.72b (up 37% from 2Q 2023). Net income: NT$349.0m (up 385% from 2Q 2023). Profit margin: 9.4% (up from 2.7% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 40% 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.お知らせ • Aug 02Taiwan Paiho Limited to Report Q2, 2024 Results on Aug 08, 2024Taiwan Paiho Limited announced that they will report Q2, 2024 results on Aug 08, 2024Upcoming Dividend • Jul 26Upcoming dividend of NT$1.00 per shareEligible shareholders must have bought the stock before 02 August 2024. Payment date: 30 August 2024. Payout ratio is a comfortable 38% but the company is paying out more than the cash it is generating. Trailing yield: 1.5%. Lower than top quartile of Taiwanese dividend payers (4.3%). Lower than average of industry peers (3.1%).分析記事 • Jul 22Taiwan Paiho (TWSE:9938) Is Paying Out Less In Dividends Than Last YearTaiwan Paiho Limited ( TWSE:9938 ) is reducing its dividend from last year's comparable payment to NT$1.00 on the 30th...Valuation Update With 7 Day Price Move • Jul 18Investor sentiment improves as stock rises 17%After last week's 17% share price gain to NT$69.30, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 17x in the Luxury industry in Taiwan. Total loss to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$29.94 per share.分析記事 • Jul 17Should You Investigate Taiwan Paiho Limited (TWSE:9938) At NT$65.90?Taiwan Paiho Limited ( TWSE:9938 ), is not the largest company out there, but it saw a double-digit share price rise of...Price Target Changed • Jul 17Price target increased by 7.9% to NT$71.20Up from NT$66.00, the current price target is an average from 4 analysts. New target price is 8.0% above last closing price of NT$65.90. Stock is up 20% over the past year. The company is forecast to post earnings per share of NT$4.78 for next year compared to NT$1.95 last year.分析記事 • Jun 27Taiwan Paiho (TWSE:9938) Has Announced That Its Dividend Will Be Reduced To NT$1.00Taiwan Paiho Limited ( TWSE:9938 ) is reducing its dividend from last year's comparable payment to NT$1.00 on the 30th...Declared Dividend • Jun 27Dividend reduced to NT$1.00Dividend of NT$1.00 is 60% lower than last year. Ex-date: 2nd August 2024 Payment date: 30th August 2024 Dividend yield will be 1.6%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (38% earnings payout ratio) but not covered by cash flows (109% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 21% over the next year, which should provide support to the dividend and adequate earnings cover.Board Change • Jun 21Less than half of directors are independentFollowing the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Yin-Chieh Hsu was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.お知らせ • Jun 21Taiwan Paiho Limited Approves Cash Dividend for the Year 2023Taiwan Paiho Limited approved cash dividend of TWD 1 per share for the year 2023 at its Annual General Shareholders’ Meeting held on June 19, 2024.Reported Earnings • May 11First quarter 2024 earnings: EPS exceeds analyst expectationsFirst quarter 2024 results: EPS: NT$1.12 (up from NT$0.45 in 1Q 2023). Revenue: NT$3.56b (up 18% from 1Q 2023). Net income: NT$332.6m (up 146% from 1Q 2023). Profit margin: 9.4% (up from 4.5% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.7%. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 37% 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.Major Estimate Revision • Apr 17Consensus EPS estimates increase by 11%The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from NT$3.83 to NT$4.24. Revenue forecast steady at NT$14.6b. Net income forecast to grow 117% next year vs 23% growth forecast for Luxury industry in Taiwan. Consensus price target up from NT$62.50 to NT$66.00. Share price rose 3.7% to NT$61.20 over the past week.Reported Earnings • Mar 15Full year 2023 earnings: EPS misses analyst expectationsFull year 2023 results: EPS: NT$1.95 (down from NT$5.10 in FY 2022). Revenue: NT$12.4b (down 24% from FY 2022). Net income: NT$581.2m (down 62% from FY 2022). Profit margin: 4.7% (down from 9.3% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.5%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 9.7% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings.お知らせ • Mar 14+ 1 more updateTaiwan Paiho Limited, Annual General Meeting, Jun 19, 2024Taiwan Paiho Limited, Annual General Meeting, Jun 19, 2024. Location: No.575, Ho Kang Rd., Hemei Township Changhua County Taiwan Agenda: To consider the 2023 Business Report; to consider the audit Committee's review report of 2023; to report on 2023 employees compensation and remuneration to directors; to report the cash dividends of 2023 earnings distribution; to report the endorsements/guarantees amount of the Company and its subsidiaries accounted for more than 50% of the net worth; to consider the adoption of the 2023 Business Report and Financial Statements; and to consider the adoption of the proposal for distribution of 2023 profits.Major Estimate Revision • Jan 18Consensus EPS estimates fall by 17%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$13.1b to NT$12.8b. EPS estimate also fell from NT$2.40 per share to NT$1.98 per share. Net income forecast to grow 66% next year vs 18% growth forecast for Luxury industry in Taiwan. Consensus price target down from NT$65.50 to NT$63.00. Share price fell 8.5% to NT$52.80 over the past week.Price Target Changed • Jan 17Price target decreased by 8.7% to NT$63.00Down from NT$69.00, the current price target is an average from 4 analysts. New target price is 19% above last closing price of NT$52.80. Stock is down 8.2% over the past year. The company is forecast to post earnings per share of NT$1.98 for next year compared to NT$5.10 last year.お知らせ • Dec 29Taiwan Paiho Limited Announces the Resignation of Cheng-Tsung Cheng as DirectorTaiwan Paiho Limited announced the resignation of Cheng-Tsung Cheng as director o the company, December 28, 2023.Reported Earnings • Nov 15Third quarter 2023 earnings: EPS and revenues exceed analyst expectationsThird quarter 2023 results: EPS: NT$0.86 (down from NT$1.34 in 3Q 2022). Revenue: NT$3.58b (down 11% from 3Q 2022). Net income: NT$254.9m (down 36% from 3Q 2022). Profit margin: 7.1% (down from 10.0% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) also surpassed analyst estimates by 7.1%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings.Price Target Changed • Sep 20Price target decreased by 8.2% to NT$63.33Down from NT$69.00, the current price target is an average from 3 analysts. New target price is 16% above last closing price of NT$54.60. Stock is down 15% over the past year. The company is forecast to post earnings per share of NT$2.40 for next year compared to NT$5.10 last year.Valuation Update With 7 Day Price Move • Sep 13Investor sentiment improves as stock rises 18%After last week's 18% share price gain to NT$56.90, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 15x in the Luxury industry in Taiwan. Total loss to shareholders of 4.6% over the past three years.New Risk • Aug 13New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 2.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.9x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 105% Paying a dividend despite having no free cash flows. Minor Risk Profit margins are more than 30% lower than last year (5.6% net profit margin).Reported Earnings • Aug 12Second quarter 2023 earnings: EPS misses analyst expectationsSecond quarter 2023 results: EPS: NT$0.24 (down from NT$1.88 in 2Q 2022). Revenue: NT$2.71b (down 46% from 2Q 2022). Net income: NT$72.0m (down 87% from 2Q 2022). Profit margin: 2.7% (down from 11% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.7%. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 7.9% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 12% per year.Upcoming Dividend • Jul 27Upcoming dividend of NT$2.50 per share at 4.3% yieldEligible shareholders must have bought the stock before 03 August 2023. Payment date: 30 August 2023. Payout ratio is a comfortable 63% but the company is not cash flow positive. Trailing yield: 4.3%. Lower than top quartile of Taiwanese dividend payers (5.5%). In line with average of industry peers (4.3%).Major Estimate Revision • Jul 15Consensus revenue estimates fall by 17%The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$16.4b to NT$13.6b. EPS estimate fell from NT$4.05 to NT$2.39 per share. Net income forecast to shrink 16% next year vs 24% growth forecast for Luxury industry in Taiwan . Consensus price target down from NT$73.00 to NT$69.00. Share price was steady at NT$54.50 over the past week.お知らせ • Jun 08+ 2 more updatesTaiwan Paiho Limited Announces Board ChangesTaiwan Paiho Limited announced the term expiration of Yi-Ming Lin, Hsi-Ming Pai and Chung-Cheng Wang from the board of Directors and announced the appointments of Shui-Jin Chen, Accountant of Yuan-Sheng Certified Public Accountants, Cheng-Tsung Cheng, Executive Vice General Manager, Sales Department, TAIWAN PAIHO LIMITED., Kuei-Chu Yeh. Vice General Manager, President Office, TAIWAN PAIHO LIMITED., Yin-Chieh Hsu. President of HC & Partners. and Chun-Chieh Tseng. CPA, Hui Yi Certified Public Accountant. to the board of Directors, effective June 7, 2023.Reported Earnings • May 18First quarter 2023 earnings: EPS and revenues miss analyst expectationsFirst quarter 2023 results: EPS: NT$0.45 (down from NT$1.56 in 1Q 2022). Revenue: NT$3.00b (down 30% from 1Q 2022). Net income: NT$135.3m (down 71% from 1Q 2022). Profit margin: 4.5% (down from 11% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Luxury industry in Asia. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings.Major Estimate Revision • Apr 19Consensus EPS estimates fall by 26%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$16.8b to NT$15.8b. EPS estimate also fell from NT$5.46 per share to NT$4.05 per share. Net income forecast to shrink 21% next year vs 17% decline forecast for Luxury industry in Taiwan. Consensus price target of NT$73.00 unchanged from last update. Share price fell 2.0% to NT$58.10 over the past week.Reported Earnings • Mar 29Full year 2022 earnings: EPS and revenues miss analyst expectationsFull year 2022 results: EPS: NT$5.10 (down from NT$6.91 in FY 2021). Revenue: NT$16.3b (down 11% from FY 2021). Net income: NT$1.52b (down 26% from FY 2021). Profit margin: 9.3% (down from 11% in FY 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) also missed analyst estimates by 9.9%. Revenue is forecast to grow 5.6% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Luxury industry in Asia. 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 3% per year.Board Change • Nov 16Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 8 experienced directors. 3 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Jui-Lin Lo was the last independent director to join the board, commencing their role in 2017. 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 13Third quarter 2022 earnings: EPS exceeds analyst expectationsThird quarter 2022 results: EPS: NT$1.34 (up from NT$1.17 in 3Q 2021). Revenue: NT$4.01b (up 15% from 3Q 2021). Net income: NT$400.4m (up 15% from 3Q 2021). Profit margin: 10.0% (in line with 3Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.2%. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings.Price Target Changed • Oct 18Price target decreased to NT$67.00Down from NT$77.14, the current price target is an average from 7 analysts. New target price is 30% above last closing price of NT$51.70. Stock is down 35% over the past year. The company is forecast to post earnings per share of NT$6.20 for next year compared to NT$6.91 last year.Reported Earnings • Aug 13Second quarter 2022 earnings: EPS and revenues miss analyst expectationsSecond quarter 2022 results: EPS: NT$1.88 (down from NT$2.30 in 2Q 2021). Revenue: NT$5.04b (down 16% from 2Q 2021). Net income: NT$558.8m (down 19% from 2Q 2021). Profit margin: 11% (in line with 2Q 2021). Revenue missed analyst estimates by 7.0%. Earnings per share (EPS) also missed analyst estimates by 4.1%. Over the next year, revenue is forecast to grow 2.2%, compared to a 18% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings.Upcoming Dividend • Jul 27Upcoming dividend of NT$3.50 per shareEligible shareholders must have bought the stock before 03 August 2022. Payment date: 30 August 2022. Payout ratio is a comfortable 54% and the cash payout ratio is 84%. Trailing yield: 5.7%. Lower than top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (4.0%).Price Target Changed • Jul 14Price target decreased to NT$91.43Down from NT$101, the current price target is an average from 5 analysts. New target price is 57% above last closing price of NT$58.20. Stock is down 40% over the past year. The company is forecast to post earnings per share of NT$6.84 for next year compared to NT$6.91 last year.お知らせ • Jun 25Taiwan Paiho Limited Announces Cash Dividend for the Year 2021Taiwan Paiho Limited announced cash dividend of TWD 3.5 per share for the year 2021, at the AGM held on June 24, 2022.Reported Earnings • May 10First quarter 2022 earnings: Revenues and EPS in line with analyst expectationsFirst quarter 2022 results: EPS: NT$1.56 (down from NT$1.95 in 1Q 2021). Revenue: NT$4.26b (down 8.7% from 1Q 2021). Net income: NT$463.9m (down 20% from 1Q 2021). Profit margin: 11% (down from 13% in 1Q 2021). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to stay flat compared to a 16% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings.Price Target Changed • Apr 27Price target decreased to NT$103Down from NT$113, the current price target is an average from 7 analysts. New target price is 55% above last closing price of NT$66.20. Stock is down 32% over the past year. The company is forecast to post earnings per share of NT$7.05 for next year compared to NT$6.91 last year.Board Change • Apr 27Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 8 experienced directors. 3 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Jui-Lin Lo was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Price Target Changed • Apr 17Price target decreased to NT$103Down from NT$113, the current price target is an average from 7 analysts. New target price is 45% above last closing price of NT$71.00. Stock is down 25% over the past year. The company is forecast to post earnings per share of NT$7.04 for next year compared to NT$6.91 last year.お知らせ • Apr 02Taiwan Paiho Limited, Annual General Meeting, Jun 24, 2022Taiwan Paiho Limited, Annual General Meeting, Jun 24, 2022.Reported Earnings • Mar 29Full year 2021 earnings: EPS misses analyst expectationsFull year 2021 results: EPS: NT$6.91 (up from NT$5.21 in FY 2020). Revenue: NT$18.3b (up 25% from FY 2020). Net income: NT$2.06b (up 33% from FY 2020). Profit margin: 11% (in line with FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.7%. Over the next year, revenue is expected to shrink by 3.8% compared to a 17% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.Reported Earnings • Nov 12Third quarter 2021 earnings released: EPS NT$1.17 (vs NT$1.22 in 3Q 2020)The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: NT$3.48m (down 100% from 3Q 2020). Net income: NT$348.7k (down 100% from 3Q 2020). Profit margin: 10.0% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth.Reported Earnings • Aug 15Second quarter 2021 earnings released: EPS NT$2.30 (vs NT$0.82 in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$6.01b (up 101% from 2Q 2020). Net income: NT$686.5m (up 181% from 2Q 2020). Profit margin: 11% (up from 8.2% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth.Upcoming Dividend • Jul 27Upcoming dividend of NT$3.00 per shareEligible shareholders must have bought the stock before 03 August 2021. Payment date: 30 August 2021. Trailing yield: 3.3%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (2.4%).Reported Earnings • May 14First quarter 2021 earnings released: EPS NT$1.95 (vs NT$1.79 in 1Q 2020)The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: NT$4.67b (up 1.6% from 1Q 2020). Net income: NT$582.1m (up 9.0% from 1Q 2020). Profit margin: 13% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 8% per year.Valuation Update With 7 Day Price Move • Apr 16Investor sentiment improved over the past weekAfter last week's 16% share price gain to NT$96.60, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Luxury industry in Taiwan. Total returns to shareholders of 51% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$120 per share.Major Estimate Revision • Apr 16Consensus EPS estimates increase to NT$6.98The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from NT$17.1b to NT$18.0b. EPS estimate increased from NT$6.22 to NT$6.98 per share. Net income forecast to grow 30% next year vs 27% growth forecast for Luxury industry in Taiwan. Consensus price target up from NT$91.48 to NT$101. Share price rose 16% to NT$96.60 over the past week.分析記事 • Apr 01We Like The Quality Of Taiwan Paiho's (TPE:9938) EarningsTaiwan Paiho Limited's ( TPE:9938 ) solid earnings announcement recently didn't do much to the stock price. We did some...Reported Earnings • Mar 28Full year 2020 earnings released: EPS NT$5.21 (vs NT$5.11 in FY 2019)The company reported a mediocre full year result with weaker revenues, although profit margins were flat and earnings improved. Full year 2020 results: Revenue: NT$14.6b (down 4.3% from FY 2019). Net income: NT$1.55b (up 1.9% from FY 2019). Profit margin: 11% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 1% per year.Is New 90 Day High Low • Feb 04New 90-day high: NT$82.00The company is up 16% from its price of NT$70.90 on 06 November 2020. The Taiwanese market is up 21% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Luxury industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$101 per share.Major Estimate Revision • Jan 20Analysts increase EPS estimates to NT$6.12The 2021 consensus revenue estimate increased from NT$15.4b to NT$16.8b. The earnings per share estimate also received an upgrade from NT$5.53 to NT$6.12 for the same period. Net income is expected to grow by 16% next year compared to 18% growth forecast for the Luxury industry in Taiwan. The consensus price target increased from NT$84.78 to NT$92.60. Share price is up 4.7% to NT$79.90 over the past week.Price Target Changed • Jan 19Price target raised to NT$91.18Up from NT$84.78, the current price target is an average from 10 analysts. The new target price is 14% above the current share price of NT$80.30. As of last close, the stock is down 7.7% over the past year.Is New 90 Day High Low • Jan 14New 90-day high: NT$80.30The company is up 11% from its price of NT$72.20 on 16 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Luxury industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$56.99 per share.分析記事 • Dec 31Taiwan Paiho (TPE:9938) Share Prices Have Dropped 42% In The Last Three YearsMany investors define successful investing as beating the market average over the long term. But if you try your hand...分析記事 • Dec 18Taiwan Paiho Limited's (TPE:9938) Intrinsic Value Is Potentially 22% Below Its Share PriceToday we'll do a simple run through of a valuation method used to estimate the attractiveness of Taiwan Paiho Limited...分析記事 • Dec 01Here's How We Evaluate Taiwan Paiho Limited's (TPE:9938) DividendCould Taiwan Paiho Limited (TPE:9938) be an attractive dividend share to own for the long haul? Investors are often...Reported Earnings • Nov 14Third quarter 2020 earnings released: EPS NT$1.22The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$3.40b (down 8.5% from 3Q 2019). Net income: NT$364.4m (up 3.9% from 3Q 2019). Profit margin: 11% (up from 9.4% 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 1% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings.Analyst Estimate Surprise Post Earnings • Nov 14Revenue behind estimatesRevenue missed analyst estimates by 0.3%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 3.6%, compared to a 3.0% growth forecast for the Luxury industry in Taiwan.株主還元9938TW LuxuryTW 市場7D-3.1%-1.7%0.4%1Y-21.7%-16.7%83.7%株主還元を見る業界別リターン: 9938過去 1 年間で-17 % の収益を上げたTW Luxury業界を下回りました。リターン対市場: 9938は、過去 1 年間で85.1 % のリターンを上げたTW市場を下回りました。価格変動Is 9938's price volatile compared to industry and market?9938 volatility9938 Average Weekly Movement3.6%Luxury Industry Average Movement4.4%Market Average Movement6.4%10% most volatile stocks in TW Market12.0%10% least volatile stocks in TW Market2.7%安定した株価: 9938 、 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: 9938の 週次ボラティリティ ( 4% ) 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1979n/aCheng-Wei Chengwww.paiho.comタッチファスナー、デジタル織物、4ウェイストレッチ織物、ウェビング、ゴム、靴ひも、反射材、2D/3Dロゴ、素材加工、成型フック、竹炭製品などを台湾国内外で製造・販売。生産、粉体塗装、建築の各セグメントで事業を展開している。同社は、履物、衣服、バッグのウェビング、靴ひも、ドローコード、引きひも、タッチファスナー、ニットゴム、平織りゴム、ジャカードゴム、ニットジャカードメッシュ、ズボンのストラップ、ジャケットの裾、袖口、アクセサリー、靴のヴァンプ生地に使用される伸縮性のある多方向織物を提供している。また、靴や衣服のヴァンプの裾、ベルトのアイレット、革製品やスポーツバッグのバックストラップ、帽子の付属品に使用されるウェビング、靴、衣服、レインコート、帽子、スポーツ用品、革製品、医療機器の付属品に使用されるタッチファスナーも提供している;紙おむつ、医療機器、コンピューターパイプライン、アウトドアスポーツ用品、自動車や航空機のシートや内装、その他の付属品に使用されるイージーテープ製品、竹炭糸、履物、衣料品、ブティックのスーツケースやバッグ、家庭装飾品に使用されるジャカードデジタル織物、ジャカードエンジニアメッシュ、その他の生地。さらに、パウダーコーティング製品、刺繍、家電アクセサリー、マスク・不織布製品の製造・販売、非住宅用不動産賃貸、商業用不動産管理、企画コンサルタント、不動産の販売・開発・賃貸、デザイン装飾サービスの提供、国際投資・貿易活動も行っている。前身は三和新股份有限公司で、1986年に台湾培豊股份有限公司に社名を変更した。1979年に設立され、本社は台湾の彰化市にある。もっと見るTaiwan Paiho Limited 基礎のまとめTaiwan Paiho の収益と売上を時価総額と比較するとどうか。9938 基礎統計学時価総額NT$12.28b収益(TTM)NT$1.02b売上高(TTM)NT$15.56b12.0xPER(株価収益率0.8xP/Sレシオ9938 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9938 損益計算書(TTM)収益NT$15.56b売上原価NT$10.36b売上総利益NT$5.21bその他の費用NT$4.18b収益NT$1.02b直近の収益報告Mar 31, 2026次回決算日該当なし一株当たり利益(EPS)3.44グロス・マージン33.45%純利益率6.58%有利子負債/自己資本比率81.6%9938 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7.3%現在の配当利回り87%配当性向9938 配当は確実ですか?9938 配当履歴とベンチマークを見る9938 、いつまでに購入すれば配当金を受け取れますか?Taiwan Paiho 配当日配当落ち日Aug 04 2026配当支払日Aug 31 2026配当落ちまでの日数15 days配当支払日までの日数12 days9938 配当は確実ですか?9938 配当履歴とベンチマークを見る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2026/08/18 02:10終値2026/08/18 00:00収益2026/03/31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Taiwan Paiho Limited 3 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。7 アナリスト機関Helen ChienDaiwa Securities Co. Ltd.Chenghsin LinJ.P. MorganTseen LiuKGI Securities Co. Ltd.4 その他のアナリストを表示
Upcoming Dividend • Jul 28Upcoming dividend of NT$3.00 per shareEligible shareholders must have bought the stock before 04 August 2026. Payment date: 31 August 2026. Payout ratio is on the higher end at 87% but the company is not cash flow positive. Trailing yield: 6.4%. Within top quartile of Taiwanese dividend payers (5.1%). Higher than average of industry peers (4.7%).
Major Estimate Revision • Jul 18Consensus EPS estimates fall by 10%The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from NT$3.50 to NT$3.15 per share. Revenue forecast steady at NT$16.2b. Net income forecast to shrink 3.7% next year vs 26% growth forecast for Luxury industry in Taiwan . Consensus price target of NT$54.10 unchanged from last update. Share price was steady at NT$45.85 over the past week.
Declared Dividend • Jun 08Dividend of NT$3.00 announcedShareholders will receive a dividend of NT$3.00. Ex-date: 4th August 2026 Payment date: 31st August 2026 Dividend yield will be 6.7%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (87% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 4.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 23% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
New Risk • May 20New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.6% Last year net profit margin: 9.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (6.6% net profit margin).
Reported Earnings • May 20First quarter 2026 earnings: EPS and revenues miss analyst expectationsFirst quarter 2026 results: EPS: NT$0.87 (down from NT$1.54 in 1Q 2025). Revenue: NT$4.04b (down 5.0% from 1Q 2025). Net income: NT$260.1m (down 43% from 1Q 2025). Profit margin: 6.4% (down from 11% in 1Q 2025). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 17%. Revenue is forecast to grow 7.1% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings.
Price Target Changed • Apr 20Price target decreased by 9.0% to NT$58.43Down from NT$64.23, the current price target is an average from 3 analysts. New target price is 29% above last closing price of NT$45.35. Stock is down 13% over the past year. The company is forecast to post earnings per share of NT$4.19 for next year compared to NT$4.10 last year.
Upcoming Dividend • Jul 28Upcoming dividend of NT$3.00 per shareEligible shareholders must have bought the stock before 04 August 2026. Payment date: 31 August 2026. Payout ratio is on the higher end at 87% but the company is not cash flow positive. Trailing yield: 6.4%. Within top quartile of Taiwanese dividend payers (5.1%). Higher than average of industry peers (4.7%).
Major Estimate Revision • Jul 18Consensus EPS estimates fall by 10%The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from NT$3.50 to NT$3.15 per share. Revenue forecast steady at NT$16.2b. Net income forecast to shrink 3.7% next year vs 26% growth forecast for Luxury industry in Taiwan . Consensus price target of NT$54.10 unchanged from last update. Share price was steady at NT$45.85 over the past week.
Declared Dividend • Jun 08Dividend of NT$3.00 announcedShareholders will receive a dividend of NT$3.00. Ex-date: 4th August 2026 Payment date: 31st August 2026 Dividend yield will be 6.7%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (87% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 4.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 23% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
New Risk • May 20New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.6% Last year net profit margin: 9.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (6.6% net profit margin).
Reported Earnings • May 20First quarter 2026 earnings: EPS and revenues miss analyst expectationsFirst quarter 2026 results: EPS: NT$0.87 (down from NT$1.54 in 1Q 2025). Revenue: NT$4.04b (down 5.0% from 1Q 2025). Net income: NT$260.1m (down 43% from 1Q 2025). Profit margin: 6.4% (down from 11% in 1Q 2025). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 17%. Revenue is forecast to grow 7.1% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings.
Price Target Changed • Apr 20Price target decreased by 9.0% to NT$58.43Down from NT$64.23, the current price target is an average from 3 analysts. New target price is 29% above last closing price of NT$45.35. Stock is down 13% over the past year. The company is forecast to post earnings per share of NT$4.19 for next year compared to NT$4.10 last year.
Major Estimate Revision • Apr 07Consensus EPS estimates fall by 16%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from NT$17.2b to NT$16.5b. EPS estimate also fell from NT$4.98 per share to NT$4.19 per share. Net income forecast to grow 2.4% next year vs 14% growth forecast for Luxury industry in Taiwan. Consensus price target down from NT$64.23 to NT$61.77. Share price was steady at NT$45.50 over the past week.
Reported Earnings • Mar 19Full year 2025 earnings: Revenues and EPS in line with analyst expectationsFull year 2025 results: EPS: NT$4.10 (down from NT$4.75 in FY 2024). Revenue: NT$15.8b (up 2.0% from FY 2024). Net income: NT$1.22b (down 14% from FY 2024). Profit margin: 7.7% (down from 9.2% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 5.4% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings.
Buy Or Sell Opportunity • Mar 10Now 20% overvaluedOver the last 90 days, the stock has fallen 6.4% to NT$49.35. The fair value is estimated to be NT$40.98, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue is forecast to grow by 8.7% in 2 years. Earnings are forecast to grow by 27% in the next 2 years.
お知らせ • Jan 08Taiwan Paiho Limited, Annual General Meeting, Jun 09, 2026Taiwan Paiho Limited, Annual General Meeting, Jun 09, 2026. Location: no,575, huo kang rd., hemei township, changhua county Taiwan
Reported Earnings • Nov 15Third quarter 2025 earnings: EPS misses analyst expectationsThird quarter 2025 results: EPS: NT$1.16 (down from NT$1.53 in 3Q 2024). Revenue: NT$4.17b (down 3.5% from 3Q 2024). Net income: NT$344.7m (down 24% from 3Q 2024). Profit margin: 8.3% (down from 11% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 1% per year.
Reported Earnings • Aug 14Second quarter 2025 earnings: EPS exceeds analyst expectationsSecond quarter 2025 results: EPS: NT$0.67 (down from NT$1.17 in 2Q 2024). Revenue: NT$3.59b (down 3.5% from 2Q 2024). Net income: NT$200.8m (down 43% from 2Q 2024). Profit margin: 5.6% (down from 9.4% in 2Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.1%. Revenue is forecast to grow 4.5% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 5% per year.
Upcoming Dividend • Jul 28Upcoming dividend of NT$3.00 per shareEligible shareholders must have bought the stock before 04 August 2025. Payment date: 29 August 2025. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 5.6%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (4.6%).
Price Target Changed • Jul 16Price target decreased by 12% to NT$72.58Down from NT$82.33, the current price target is an average from 4 analysts. New target price is 36% above last closing price of NT$53.50. Stock is down 19% over the past year. The company is forecast to post earnings per share of NT$4.46 for next year compared to NT$4.75 last year.
Declared Dividend • Jun 19Dividend increased to NT$3.00Dividend of NT$3.00 is 200% higher than last year. Ex-date: 4th August 2025 Payment date: 29th August 2025 Dividend yield will be 5.6%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 4.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 3.9% over the next year, which should provide support to the dividend and adequate earnings cover.
Price Target Changed • May 27Price target decreased by 8.3% to NT$77.00Down from NT$84.00, the current price target is an average from 3 analysts. New target price is 35% above last closing price of NT$57.10. Stock is down 11% over the past year. The company is forecast to post earnings per share of NT$6.53 for next year compared to NT$4.75 last year.
Reported Earnings • May 15First quarter 2025 earnings: Revenues and EPS in line with analyst expectationsFirst quarter 2025 results: EPS: NT$1.54 (up from NT$1.12 in 1Q 2024). Revenue: NT$4.25b (up 20% from 1Q 2024). Net income: NT$457.4m (up 38% from 1Q 2024). Profit margin: 11% (up from 9.4% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 6.2% p.a. on average during the next 2 years, compared to a 8.5% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings.
New Risk • Apr 25New 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: 5.2% 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 High level of debt (47% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past.
Valuation Update With 7 Day Price Move • Apr 08Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to NT$53.70, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Luxury industry in Taiwan. Total loss to shareholders of 17% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$90.77 per share.
Reported Earnings • Mar 20Full year 2024 earnings: Revenues and EPS in line with analyst expectationsFull year 2024 results: EPS: NT$4.75 (up from NT$1.95 in FY 2023). Revenue: NT$15.5b (up 24% from FY 2023). Net income: NT$1.42b (up 144% from FY 2023). Profit margin: 9.2% (up from 4.7% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 8.4% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 27% 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.
お知らせ • Mar 12+ 1 more updateTaiwan Paiho Limited Announces Cash Dividend for the Year Ended December 31, 2024Taiwan Paiho Limited announced the Board of Directors' resolution for the dividend distribution for 2024 on March 11, 2025. Period which dividends belong to: January 1, 2024 to December 31, 2024. Appropriations of earnings in cash dividends to shareholders: TWD 3 per share; Total amount of cash distributed to shareholders: TWD 893,891,706.
お知らせ • Mar 04Taiwan Paiho Limited to Report Fiscal Year 2024 Results on Mar 11, 2025Taiwan Paiho Limited announced that they will report fiscal year 2024 results on Mar 11, 2025
分析記事 • Dec 20Should You Investigate Taiwan Paiho Limited (TWSE:9938) At NT$70.30?While Taiwan Paiho Limited ( TWSE:9938 ) might not have the largest market cap around , it saw a double-digit share...
Reported Earnings • Nov 12Third quarter 2024 earnings: EPS and revenues exceed analyst expectationsThird quarter 2024 results: EPS: NT$1.53 (up from NT$0.85 in 3Q 2023). Revenue: NT$4.32b (up 21% from 3Q 2023). Net income: NT$456.2m (up 79% from 3Q 2023). Profit margin: 11% (up from 7.1% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.0%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings.
Price Target Changed • Oct 07Price target increased by 7.3% to NT$84.00Up from NT$78.27, the current price target is an average from 3 analysts. New target price is 8.8% above last closing price of NT$77.20. Stock is up 39% over the past year. The company is forecast to post earnings per share of NT$4.73 for next year compared to NT$1.95 last year.
分析記事 • Oct 03A Piece Of The Puzzle Missing From Taiwan Paiho Limited's (TWSE:9938) 25% Share Price ClimbTaiwan Paiho Limited ( TWSE:9938 ) shareholders have had their patience rewarded with a 25% share price jump in the...
分析記事 • Sep 17Here's Why Taiwan Paiho (TWSE:9938) Has A Meaningful Debt BurdenWarren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company...
Price Target Changed • Aug 31Price target increased by 16% to NT$78.27Up from NT$67.75, the current price target is an average from 3 analysts. New target price is 27% above last closing price of NT$61.50. Stock is up 23% over the past year. The company is forecast to post earnings per share of NT$4.78 for next year compared to NT$1.95 last year.
Reported Earnings • Aug 12Second quarter 2024 earnings released: EPS: NT$1.17 (vs NT$0.24 in 2Q 2023)Second quarter 2024 results: EPS: NT$1.17 (up from NT$0.24 in 2Q 2023). Revenue: NT$3.72b (up 37% from 2Q 2023). Net income: NT$349.0m (up 385% from 2Q 2023). Profit margin: 9.4% (up from 2.7% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 40% 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.
お知らせ • Aug 02Taiwan Paiho Limited to Report Q2, 2024 Results on Aug 08, 2024Taiwan Paiho Limited announced that they will report Q2, 2024 results on Aug 08, 2024
Upcoming Dividend • Jul 26Upcoming dividend of NT$1.00 per shareEligible shareholders must have bought the stock before 02 August 2024. Payment date: 30 August 2024. Payout ratio is a comfortable 38% but the company is paying out more than the cash it is generating. Trailing yield: 1.5%. Lower than top quartile of Taiwanese dividend payers (4.3%). Lower than average of industry peers (3.1%).
分析記事 • Jul 22Taiwan Paiho (TWSE:9938) Is Paying Out Less In Dividends Than Last YearTaiwan Paiho Limited ( TWSE:9938 ) is reducing its dividend from last year's comparable payment to NT$1.00 on the 30th...
Valuation Update With 7 Day Price Move • Jul 18Investor sentiment improves as stock rises 17%After last week's 17% share price gain to NT$69.30, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 17x in the Luxury industry in Taiwan. Total loss to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$29.94 per share.
分析記事 • Jul 17Should You Investigate Taiwan Paiho Limited (TWSE:9938) At NT$65.90?Taiwan Paiho Limited ( TWSE:9938 ), is not the largest company out there, but it saw a double-digit share price rise of...
Price Target Changed • Jul 17Price target increased by 7.9% to NT$71.20Up from NT$66.00, the current price target is an average from 4 analysts. New target price is 8.0% above last closing price of NT$65.90. Stock is up 20% over the past year. The company is forecast to post earnings per share of NT$4.78 for next year compared to NT$1.95 last year.
分析記事 • Jun 27Taiwan Paiho (TWSE:9938) Has Announced That Its Dividend Will Be Reduced To NT$1.00Taiwan Paiho Limited ( TWSE:9938 ) is reducing its dividend from last year's comparable payment to NT$1.00 on the 30th...
Declared Dividend • Jun 27Dividend reduced to NT$1.00Dividend of NT$1.00 is 60% lower than last year. Ex-date: 2nd August 2024 Payment date: 30th August 2024 Dividend yield will be 1.6%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (38% earnings payout ratio) but not covered by cash flows (109% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 21% over the next year, which should provide support to the dividend and adequate earnings cover.
Board Change • Jun 21Less than half of directors are independentFollowing the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Yin-Chieh Hsu was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
お知らせ • Jun 21Taiwan Paiho Limited Approves Cash Dividend for the Year 2023Taiwan Paiho Limited approved cash dividend of TWD 1 per share for the year 2023 at its Annual General Shareholders’ Meeting held on June 19, 2024.
Reported Earnings • May 11First quarter 2024 earnings: EPS exceeds analyst expectationsFirst quarter 2024 results: EPS: NT$1.12 (up from NT$0.45 in 1Q 2023). Revenue: NT$3.56b (up 18% from 1Q 2023). Net income: NT$332.6m (up 146% from 1Q 2023). Profit margin: 9.4% (up from 4.5% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.7%. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 37% 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.
Major Estimate Revision • Apr 17Consensus EPS estimates increase by 11%The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from NT$3.83 to NT$4.24. Revenue forecast steady at NT$14.6b. Net income forecast to grow 117% next year vs 23% growth forecast for Luxury industry in Taiwan. Consensus price target up from NT$62.50 to NT$66.00. Share price rose 3.7% to NT$61.20 over the past week.
Reported Earnings • Mar 15Full year 2023 earnings: EPS misses analyst expectationsFull year 2023 results: EPS: NT$1.95 (down from NT$5.10 in FY 2022). Revenue: NT$12.4b (down 24% from FY 2022). Net income: NT$581.2m (down 62% from FY 2022). Profit margin: 4.7% (down from 9.3% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.5%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 9.7% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings.
お知らせ • Mar 14+ 1 more updateTaiwan Paiho Limited, Annual General Meeting, Jun 19, 2024Taiwan Paiho Limited, Annual General Meeting, Jun 19, 2024. Location: No.575, Ho Kang Rd., Hemei Township Changhua County Taiwan Agenda: To consider the 2023 Business Report; to consider the audit Committee's review report of 2023; to report on 2023 employees compensation and remuneration to directors; to report the cash dividends of 2023 earnings distribution; to report the endorsements/guarantees amount of the Company and its subsidiaries accounted for more than 50% of the net worth; to consider the adoption of the 2023 Business Report and Financial Statements; and to consider the adoption of the proposal for distribution of 2023 profits.
Major Estimate Revision • Jan 18Consensus EPS estimates fall by 17%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$13.1b to NT$12.8b. EPS estimate also fell from NT$2.40 per share to NT$1.98 per share. Net income forecast to grow 66% next year vs 18% growth forecast for Luxury industry in Taiwan. Consensus price target down from NT$65.50 to NT$63.00. Share price fell 8.5% to NT$52.80 over the past week.
Price Target Changed • Jan 17Price target decreased by 8.7% to NT$63.00Down from NT$69.00, the current price target is an average from 4 analysts. New target price is 19% above last closing price of NT$52.80. Stock is down 8.2% over the past year. The company is forecast to post earnings per share of NT$1.98 for next year compared to NT$5.10 last year.
お知らせ • Dec 29Taiwan Paiho Limited Announces the Resignation of Cheng-Tsung Cheng as DirectorTaiwan Paiho Limited announced the resignation of Cheng-Tsung Cheng as director o the company, December 28, 2023.
Reported Earnings • Nov 15Third quarter 2023 earnings: EPS and revenues exceed analyst expectationsThird quarter 2023 results: EPS: NT$0.86 (down from NT$1.34 in 3Q 2022). Revenue: NT$3.58b (down 11% from 3Q 2022). Net income: NT$254.9m (down 36% from 3Q 2022). Profit margin: 7.1% (down from 10.0% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) also surpassed analyst estimates by 7.1%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings.
Price Target Changed • Sep 20Price target decreased by 8.2% to NT$63.33Down from NT$69.00, the current price target is an average from 3 analysts. New target price is 16% above last closing price of NT$54.60. Stock is down 15% over the past year. The company is forecast to post earnings per share of NT$2.40 for next year compared to NT$5.10 last year.
Valuation Update With 7 Day Price Move • Sep 13Investor sentiment improves as stock rises 18%After last week's 18% share price gain to NT$56.90, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 15x in the Luxury industry in Taiwan. Total loss to shareholders of 4.6% over the past three years.
New Risk • Aug 13New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 2.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.9x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 105% Paying a dividend despite having no free cash flows. Minor Risk Profit margins are more than 30% lower than last year (5.6% net profit margin).
Reported Earnings • Aug 12Second quarter 2023 earnings: EPS misses analyst expectationsSecond quarter 2023 results: EPS: NT$0.24 (down from NT$1.88 in 2Q 2022). Revenue: NT$2.71b (down 46% from 2Q 2022). Net income: NT$72.0m (down 87% from 2Q 2022). Profit margin: 2.7% (down from 11% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.7%. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 7.9% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 12% per year.
Upcoming Dividend • Jul 27Upcoming dividend of NT$2.50 per share at 4.3% yieldEligible shareholders must have bought the stock before 03 August 2023. Payment date: 30 August 2023. Payout ratio is a comfortable 63% but the company is not cash flow positive. Trailing yield: 4.3%. Lower than top quartile of Taiwanese dividend payers (5.5%). In line with average of industry peers (4.3%).
Major Estimate Revision • Jul 15Consensus revenue estimates fall by 17%The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$16.4b to NT$13.6b. EPS estimate fell from NT$4.05 to NT$2.39 per share. Net income forecast to shrink 16% next year vs 24% growth forecast for Luxury industry in Taiwan . Consensus price target down from NT$73.00 to NT$69.00. Share price was steady at NT$54.50 over the past week.
お知らせ • Jun 08+ 2 more updatesTaiwan Paiho Limited Announces Board ChangesTaiwan Paiho Limited announced the term expiration of Yi-Ming Lin, Hsi-Ming Pai and Chung-Cheng Wang from the board of Directors and announced the appointments of Shui-Jin Chen, Accountant of Yuan-Sheng Certified Public Accountants, Cheng-Tsung Cheng, Executive Vice General Manager, Sales Department, TAIWAN PAIHO LIMITED., Kuei-Chu Yeh. Vice General Manager, President Office, TAIWAN PAIHO LIMITED., Yin-Chieh Hsu. President of HC & Partners. and Chun-Chieh Tseng. CPA, Hui Yi Certified Public Accountant. to the board of Directors, effective June 7, 2023.
Reported Earnings • May 18First quarter 2023 earnings: EPS and revenues miss analyst expectationsFirst quarter 2023 results: EPS: NT$0.45 (down from NT$1.56 in 1Q 2022). Revenue: NT$3.00b (down 30% from 1Q 2022). Net income: NT$135.3m (down 71% from 1Q 2022). Profit margin: 4.5% (down from 11% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Luxury industry in Asia. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings.
Major Estimate Revision • Apr 19Consensus EPS estimates fall by 26%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$16.8b to NT$15.8b. EPS estimate also fell from NT$5.46 per share to NT$4.05 per share. Net income forecast to shrink 21% next year vs 17% decline forecast for Luxury industry in Taiwan. Consensus price target of NT$73.00 unchanged from last update. Share price fell 2.0% to NT$58.10 over the past week.
Reported Earnings • Mar 29Full year 2022 earnings: EPS and revenues miss analyst expectationsFull year 2022 results: EPS: NT$5.10 (down from NT$6.91 in FY 2021). Revenue: NT$16.3b (down 11% from FY 2021). Net income: NT$1.52b (down 26% from FY 2021). Profit margin: 9.3% (down from 11% in FY 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) also missed analyst estimates by 9.9%. Revenue is forecast to grow 5.6% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Luxury industry in Asia. 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 3% per year.
Board Change • Nov 16Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 8 experienced directors. 3 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Jui-Lin Lo was the last independent director to join the board, commencing their role in 2017. 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 13Third quarter 2022 earnings: EPS exceeds analyst expectationsThird quarter 2022 results: EPS: NT$1.34 (up from NT$1.17 in 3Q 2021). Revenue: NT$4.01b (up 15% from 3Q 2021). Net income: NT$400.4m (up 15% from 3Q 2021). Profit margin: 10.0% (in line with 3Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.2%. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings.
Price Target Changed • Oct 18Price target decreased to NT$67.00Down from NT$77.14, the current price target is an average from 7 analysts. New target price is 30% above last closing price of NT$51.70. Stock is down 35% over the past year. The company is forecast to post earnings per share of NT$6.20 for next year compared to NT$6.91 last year.
Reported Earnings • Aug 13Second quarter 2022 earnings: EPS and revenues miss analyst expectationsSecond quarter 2022 results: EPS: NT$1.88 (down from NT$2.30 in 2Q 2021). Revenue: NT$5.04b (down 16% from 2Q 2021). Net income: NT$558.8m (down 19% from 2Q 2021). Profit margin: 11% (in line with 2Q 2021). Revenue missed analyst estimates by 7.0%. Earnings per share (EPS) also missed analyst estimates by 4.1%. Over the next year, revenue is forecast to grow 2.2%, compared to a 18% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings.
Upcoming Dividend • Jul 27Upcoming dividend of NT$3.50 per shareEligible shareholders must have bought the stock before 03 August 2022. Payment date: 30 August 2022. Payout ratio is a comfortable 54% and the cash payout ratio is 84%. Trailing yield: 5.7%. Lower than top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (4.0%).
Price Target Changed • Jul 14Price target decreased to NT$91.43Down from NT$101, the current price target is an average from 5 analysts. New target price is 57% above last closing price of NT$58.20. Stock is down 40% over the past year. The company is forecast to post earnings per share of NT$6.84 for next year compared to NT$6.91 last year.
お知らせ • Jun 25Taiwan Paiho Limited Announces Cash Dividend for the Year 2021Taiwan Paiho Limited announced cash dividend of TWD 3.5 per share for the year 2021, at the AGM held on June 24, 2022.
Reported Earnings • May 10First quarter 2022 earnings: Revenues and EPS in line with analyst expectationsFirst quarter 2022 results: EPS: NT$1.56 (down from NT$1.95 in 1Q 2021). Revenue: NT$4.26b (down 8.7% from 1Q 2021). Net income: NT$463.9m (down 20% from 1Q 2021). Profit margin: 11% (down from 13% in 1Q 2021). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to stay flat compared to a 16% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings.
Price Target Changed • Apr 27Price target decreased to NT$103Down from NT$113, the current price target is an average from 7 analysts. New target price is 55% above last closing price of NT$66.20. Stock is down 32% over the past year. The company is forecast to post earnings per share of NT$7.05 for next year compared to NT$6.91 last year.
Board Change • Apr 27Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 8 experienced directors. 3 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Jui-Lin Lo was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Price Target Changed • Apr 17Price target decreased to NT$103Down from NT$113, the current price target is an average from 7 analysts. New target price is 45% above last closing price of NT$71.00. Stock is down 25% over the past year. The company is forecast to post earnings per share of NT$7.04 for next year compared to NT$6.91 last year.
お知らせ • Apr 02Taiwan Paiho Limited, Annual General Meeting, Jun 24, 2022Taiwan Paiho Limited, Annual General Meeting, Jun 24, 2022.
Reported Earnings • Mar 29Full year 2021 earnings: EPS misses analyst expectationsFull year 2021 results: EPS: NT$6.91 (up from NT$5.21 in FY 2020). Revenue: NT$18.3b (up 25% from FY 2020). Net income: NT$2.06b (up 33% from FY 2020). Profit margin: 11% (in line with FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.7%. Over the next year, revenue is expected to shrink by 3.8% compared to a 17% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.
Reported Earnings • Nov 12Third quarter 2021 earnings released: EPS NT$1.17 (vs NT$1.22 in 3Q 2020)The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: NT$3.48m (down 100% from 3Q 2020). Net income: NT$348.7k (down 100% from 3Q 2020). Profit margin: 10.0% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth.
Reported Earnings • Aug 15Second quarter 2021 earnings released: EPS NT$2.30 (vs NT$0.82 in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$6.01b (up 101% from 2Q 2020). Net income: NT$686.5m (up 181% from 2Q 2020). Profit margin: 11% (up from 8.2% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth.
Upcoming Dividend • Jul 27Upcoming dividend of NT$3.00 per shareEligible shareholders must have bought the stock before 03 August 2021. Payment date: 30 August 2021. Trailing yield: 3.3%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (2.4%).
Reported Earnings • May 14First quarter 2021 earnings released: EPS NT$1.95 (vs NT$1.79 in 1Q 2020)The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: NT$4.67b (up 1.6% from 1Q 2020). Net income: NT$582.1m (up 9.0% from 1Q 2020). Profit margin: 13% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 8% per year.
Valuation Update With 7 Day Price Move • Apr 16Investor sentiment improved over the past weekAfter last week's 16% share price gain to NT$96.60, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Luxury industry in Taiwan. Total returns to shareholders of 51% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$120 per share.
Major Estimate Revision • Apr 16Consensus EPS estimates increase to NT$6.98The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from NT$17.1b to NT$18.0b. EPS estimate increased from NT$6.22 to NT$6.98 per share. Net income forecast to grow 30% next year vs 27% growth forecast for Luxury industry in Taiwan. Consensus price target up from NT$91.48 to NT$101. Share price rose 16% to NT$96.60 over the past week.
分析記事 • Apr 01We Like The Quality Of Taiwan Paiho's (TPE:9938) EarningsTaiwan Paiho Limited's ( TPE:9938 ) solid earnings announcement recently didn't do much to the stock price. We did some...
Reported Earnings • Mar 28Full year 2020 earnings released: EPS NT$5.21 (vs NT$5.11 in FY 2019)The company reported a mediocre full year result with weaker revenues, although profit margins were flat and earnings improved. Full year 2020 results: Revenue: NT$14.6b (down 4.3% from FY 2019). Net income: NT$1.55b (up 1.9% from FY 2019). Profit margin: 11% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 1% per year.
Is New 90 Day High Low • Feb 04New 90-day high: NT$82.00The company is up 16% from its price of NT$70.90 on 06 November 2020. The Taiwanese market is up 21% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Luxury industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$101 per share.
Major Estimate Revision • Jan 20Analysts increase EPS estimates to NT$6.12The 2021 consensus revenue estimate increased from NT$15.4b to NT$16.8b. The earnings per share estimate also received an upgrade from NT$5.53 to NT$6.12 for the same period. Net income is expected to grow by 16% next year compared to 18% growth forecast for the Luxury industry in Taiwan. The consensus price target increased from NT$84.78 to NT$92.60. Share price is up 4.7% to NT$79.90 over the past week.
Price Target Changed • Jan 19Price target raised to NT$91.18Up from NT$84.78, the current price target is an average from 10 analysts. The new target price is 14% above the current share price of NT$80.30. As of last close, the stock is down 7.7% over the past year.
Is New 90 Day High Low • Jan 14New 90-day high: NT$80.30The company is up 11% from its price of NT$72.20 on 16 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Luxury industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$56.99 per share.
分析記事 • Dec 31Taiwan Paiho (TPE:9938) Share Prices Have Dropped 42% In The Last Three YearsMany investors define successful investing as beating the market average over the long term. But if you try your hand...
分析記事 • Dec 18Taiwan Paiho Limited's (TPE:9938) Intrinsic Value Is Potentially 22% Below Its Share PriceToday we'll do a simple run through of a valuation method used to estimate the attractiveness of Taiwan Paiho Limited...
分析記事 • Dec 01Here's How We Evaluate Taiwan Paiho Limited's (TPE:9938) DividendCould Taiwan Paiho Limited (TPE:9938) be an attractive dividend share to own for the long haul? Investors are often...
Reported Earnings • Nov 14Third quarter 2020 earnings released: EPS NT$1.22The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$3.40b (down 8.5% from 3Q 2019). Net income: NT$364.4m (up 3.9% from 3Q 2019). Profit margin: 11% (up from 9.4% 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 1% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings.
Analyst Estimate Surprise Post Earnings • Nov 14Revenue behind estimatesRevenue missed analyst estimates by 0.3%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 3.6%, compared to a 3.0% growth forecast for the Luxury industry in Taiwan.