View Future GrowthMunsin Garment 過去の業績過去 基準チェック /46Munsin Garmentは、平均年間16%の収益成長を遂げていますが、 Retail Distributors業界の収益は、年間 成長しています。収益は、平均年間5% 8.7%収益成長率で 成長しています。 Munsin Garmentの自己資本利益率は17.5%であり、純利益率は13.2%です。主要情報15.98%収益成長率12.46%EPS成長率Retail Distributors 業界の成長14.63%収益成長率8.70%株主資本利益率17.45%ネット・マージン13.22%前回の決算情報31 Mar 2026最近の業績更新Reported Earnings • May 15First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$1.21 in 1Q 2025)First quarter 2026 results: EPS: NT$1.00. Revenue: NT$538.1m (flat on 1Q 2025). Net income: NT$81.2m (up 4.3% from 1Q 2025). Profit margin: 15% (in line with 1Q 2025).Reported Earnings • Mar 12Full year 2025 earnings released: EPS: NT$3.96 (vs NT$4.19 in FY 2024)Full year 2025 results: EPS: NT$3.96. Revenue: NT$1.96b (up 2.0% from FY 2024). Net income: NT$255.9m (up 3.2% from FY 2024). Profit margin: 13% (in line with FY 2024).Reported Earnings • Nov 13Third quarter 2025 earnings released: EPS: NT$0.29 (vs NT$0.42 in 3Q 2024)Third quarter 2025 results: EPS: NT$0.29 (down from NT$0.42 in 3Q 2024). Revenue: NT$359.5m (flat on 3Q 2024). Net income: NT$19.0m (down 28% from 3Q 2024). Profit margin: 5.3% (down from 7.3% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth.Reported Earnings • Aug 17Second quarter 2025 earnings released: EPS: NT$0.93 (vs NT$0.72 in 2Q 2024)Second quarter 2025 results: EPS: NT$0.93 (up from NT$0.72 in 2Q 2024). Revenue: NT$450.1m (up 2.7% from 2Q 2024). Net income: NT$60.5m (up 54% from 2Q 2024). Profit margin: 13% (up from 8.9% in 2Q 2024). The increase in margin was primarily driven by higher revenue. 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 28% per year, which means it is tracking significantly ahead of earnings growth.Reported Earnings • May 14First quarter 2025 earnings released: EPS: NT$1.21 (vs NT$1.38 in 1Q 2024)First quarter 2025 results: EPS: NT$1.21. Revenue: NT$534.9m (up 5.6% from 1Q 2024). Net income: NT$77.9m (up 3.7% from 1Q 2024). Profit margin: 15% (in line with 1Q 2024).お知らせ • May 06Munsin Garment Corporation to Report Q1, 2025 Results on May 13, 2025Munsin Garment Corporation announced that they will report Q1, 2025 results on May 13, 2025すべての更新を表示Recent updatesUpcoming Dividend • May 21Upcoming dividend of NT$3.60 per shareEligible shareholders must have bought the stock before 28 May 2026. Payment date: 26 June 2026. Payout ratio is on the higher end at 91%, and the cash payout ratio is above 100%. Trailing yield: 7.6%. Within top quartile of Taiwanese dividend payers (5.1%). Higher than average of industry peers (4.2%).Reported Earnings • May 15First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$1.21 in 1Q 2025)First quarter 2026 results: EPS: NT$1.00. Revenue: NT$538.1m (flat on 1Q 2025). Net income: NT$81.2m (up 4.3% from 1Q 2025). Profit margin: 15% (in line with 1Q 2025).New Risk • Mar 24New major risk - Dividend sustainabilityThe dividend is not well covered by earnings and cash flows. Payout ratio: 91% Cash payout ratio: 169% Dividend yield: 7.5% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 91% Cash payout ratio: 169% Minor Risk Market cap is less than US$100m (NT$3.12b market cap, or US$97.3m).お知らせ • Mar 12Munsin Garment Corporation, Annual General Meeting, May 26, 2026Munsin Garment Corporation, Annual General Meeting, May 26, 2026. Location: 8 floor no,18, wu ch`uan 6th rd., wugu district, new taipei city TaiwanReported Earnings • Mar 12Full year 2025 earnings released: EPS: NT$3.96 (vs NT$4.19 in FY 2024)Full year 2025 results: EPS: NT$3.96. Revenue: NT$1.96b (up 2.0% from FY 2024). Net income: NT$255.9m (up 3.2% from FY 2024). Profit margin: 13% (in line with FY 2024).New Risk • Jan 09New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: NT$3.16b (US$99.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (228% cash payout ratio). Market cap is less than US$100m (NT$3.16b market cap, or US$99.6m).Reported Earnings • Nov 13Third quarter 2025 earnings released: EPS: NT$0.29 (vs NT$0.42 in 3Q 2024)Third quarter 2025 results: EPS: NT$0.29 (down from NT$0.42 in 3Q 2024). Revenue: NT$359.5m (flat on 3Q 2024). Net income: NT$19.0m (down 28% from 3Q 2024). Profit margin: 5.3% (down from 7.3% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth.New Risk • Oct 11New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: NT$3.07b (US$100.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (148% cash payout ratio). Market cap is less than US$100m (NT$3.07b market cap, or US$100.0m).New Risk • Sep 01New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: NT$3.06b (US$99.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (148% cash payout ratio). Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (NT$3.06b market cap, or US$99.8m).Reported Earnings • Aug 17Second quarter 2025 earnings released: EPS: NT$0.93 (vs NT$0.72 in 2Q 2024)Second quarter 2025 results: EPS: NT$0.93 (up from NT$0.72 in 2Q 2024). Revenue: NT$450.1m (up 2.7% from 2Q 2024). Net income: NT$60.5m (up 54% from 2Q 2024). Profit margin: 13% (up from 8.9% in 2Q 2024). The increase in margin was primarily driven by higher revenue. 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 28% per year, which means it is tracking significantly ahead of earnings growth.New Risk • Jul 01New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: NT$2.91b (US$99.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (379% cash payout ratio). Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (NT$2.91b market cap, or US$99.6m).Upcoming Dividend • Jun 20Upcoming dividend of NT$3.60 per shareEligible shareholders must have bought the stock before 27 June 2025. Payment date: 18 July 2025. Payout ratio is on the higher end at 88%, and the cash payout ratio is above 100%. Trailing yield: 7.2%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (4.2%).お知らせ • May 29Munsin Garment Corporation Approves Board ElectionsMunsin Garment Corporation announced that at its AGM held on May 28, 2025, the shareholders approved election of directors: LI CHIUN LIANG; GOTO KENJI; LI DERING; LI JIAN RUEY. Newly elected independent directors: HUANG BO CHEN; JAN HUNG TU; CHANG HUANG CHUN.Reported Earnings • May 14First quarter 2025 earnings released: EPS: NT$1.21 (vs NT$1.38 in 1Q 2024)First quarter 2025 results: EPS: NT$1.21. Revenue: NT$534.9m (up 5.6% from 1Q 2024). Net income: NT$77.9m (up 3.7% from 1Q 2024). Profit margin: 15% (in line with 1Q 2024).お知らせ • May 06Munsin Garment Corporation to Report Q1, 2025 Results on May 13, 2025Munsin Garment Corporation announced that they will report Q1, 2025 results on May 13, 2025New Risk • Mar 31New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: NT$3.32b (US$99.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (20% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (NT$3.32b market cap, or US$99.9m).Buy Or Sell Opportunity • Mar 28Now 20% undervaluedOver the last 90 days, the stock has risen 5.1% to NT$52.00. The fair value is estimated to be NT$65.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 19%.Reported Earnings • Mar 19Full year 2024 earnings released: EPS: NT$4.19 (vs NT$4.61 in FY 2023)Full year 2024 results: EPS: NT$4.19 (down from NT$4.61 in FY 2023). Revenue: NT$1.92b (up 4.5% from FY 2023). Net income: NT$248.1m (down 1.6% from FY 2023). Profit margin: 13% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth.お知らせ • Mar 14Munsin Garment Corporation, Annual General Meeting, May 28, 2025Munsin Garment Corporation, Annual General Meeting, May 28, 2025, at 09:00 Taipei Standard Time. Location: 8 floor no,18, wu ch`uan 6th rd., wugu district, new taipei city TaiwanReported Earnings • Nov 18Third quarter 2024 earnings released: EPS: NT$0.42 (vs NT$0.35 in 3Q 2023)Third quarter 2024 results: EPS: NT$0.42 (up from NT$0.35 in 3Q 2023). Revenue: NT$358.5m (up 5.5% from 3Q 2023). Net income: NT$26.2m (up 37% from 3Q 2023). Profit margin: 7.3% (up from 5.6% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth.New Risk • Oct 08New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 92% Paying a dividend despite having no free cash flows. High level of non-cash earnings (40% accrual ratio). Minor Risk Shareholders have been diluted in the past year (18% increase in shares outstanding).Reported Earnings • Aug 18Second quarter 2024 earnings released: EPS: NT$0.72 (vs NT$1.13 in 2Q 2023)Second quarter 2024 results: EPS: NT$0.72 (down from NT$1.13 in 2Q 2023). Revenue: NT$438.3m (flat on 2Q 2023). Net income: NT$39.1m (down 36% from 2Q 2023). Profit margin: 8.9% (down from 14% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth.Buy Or Sell Opportunity • Jul 01Now 20% undervalued after recent price dropOver the last 90 days, the stock has fallen 10% to NT$56.00. The fair value is estimated to be NT$69.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 31%.Buy Or Sell Opportunity • Jun 18Now 22% undervalued after recent price dropOver the last 90 days, the stock has fallen 14% to NT$54.50. The fair value is estimated to be NT$70.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 31%.New Risk • Jun 03New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: NT$3.22b (US$99.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (40% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (NT$3.22b market cap, or US$99.5m).Upcoming Dividend • May 24Upcoming dividend of NT$4.00 per shareEligible shareholders must have bought the stock before 31 May 2024. Payment date: 05 July 2024. Payout ratio is a comfortable 68% but the company is not cash flow positive. Trailing yield: 4.7%. Within top quartile of Taiwanese dividend payers (4.4%). Higher than average of industry peers (3.2%).Reported Earnings • May 19First quarter 2024 earnings released: EPS: NT$1.38 (vs NT$1.21 in 1Q 2023)First quarter 2024 results: EPS: NT$1.38 (up from NT$1.21 in 1Q 2023). Revenue: NT$506.5m (up 8.2% from 1Q 2023). Net income: NT$75.1m (up 13% from 1Q 2023). Profit margin: 15% (in line with 1Q 2023). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth.Buy Or Sell Opportunity • Apr 23Now 21% overvalued after recent price riseOver the last 90 days, the stock has risen 21% to NT$62.30. The fair value is estimated to be NT$51.46, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 34%.Buy Or Sell Opportunity • Mar 20Now 23% overvalued after recent price riseOver the last 90 days, the stock has risen 28% to NT$63.20. The fair value is estimated to be NT$51.44, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 34%.お知らせ • Mar 14Munsin Garment Corporation, Annual General Meeting, May 29, 2024Munsin Garment Corporation, Annual General Meeting, May 29, 2024.Reported Earnings • Mar 12Full year 2023 earnings released: EPS: NT$4.61 (vs NT$3.29 in FY 2022)Full year 2023 results: EPS: NT$4.61 (up from NT$3.29 in FY 2022). Revenue: NT$1.84b (up 17% from FY 2022). Net income: NT$252.0m (up 40% from FY 2022). Profit margin: 14% (up from 11% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth.Reported Earnings • Aug 12Second quarter 2023 earnings released: EPS: NT$1.13 (vs NT$0.23 in 2Q 2022)Second quarter 2023 results: EPS: NT$1.13 (up from NT$0.23 in 2Q 2022). Revenue: NT$441.8m (up 56% from 2Q 2022). Net income: NT$61.6m (up 389% from 2Q 2022). Profit margin: 14% (up from 4.4% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 43% per year whereas the company’s share price has increased by 45% per year.Valuation Update With 7 Day Price Move • Jul 12Investor sentiment improves as stock rises 16%After last week's 16% share price gain to NT$53.50, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 14x in the Retail Distributors industry in Taiwan. Total returns to shareholders of 320% over the past three years.New Risk • Jun 29New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 5.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (91% payout ratio). Share price has been volatile over the past 3 months (5.9% average weekly change). Market cap is less than US$100m (NT$2.61b market cap, or US$84.0m).Upcoming Dividend • Jun 14Upcoming dividend of NT$3.00 per share at 5.9% yieldEligible shareholders must have bought the stock before 21 June 2023. Payment date: 14 July 2023. Payout ratio is on the higher end at 91%, however this is supported by cash flows. Trailing yield: 5.9%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (4.9%).Reported Earnings • Mar 21Full year 2022 earnings released: EPS: NT$3.29 (vs NT$2.52 in FY 2021)Full year 2022 results: EPS: NT$3.29 (up from NT$2.52 in FY 2021). Revenue: NT$1.58b (up 16% from FY 2021). Net income: NT$179.7m (up 31% from FY 2021). Profit margin: 11% (up from 10% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth.Buying Opportunity • Sep 26Now 20% undervaluedOver the last 90 days, the stock is up 4.9%. The fair value is estimated to be NT$27.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 31%.Buying Opportunity • Jun 23Now 23% undervalued after recent price dropOver the last 90 days, the stock is down 16%. The fair value is estimated to be NT$27.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 24%.Upcoming Dividend • Jun 16Upcoming dividend of NT$2.20 per shareEligible shareholders must have bought the stock before 23 June 2022. Payment date: 15 July 2022. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 6.3%. Within top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (4.7%).Reported Earnings • May 13First quarter 2022 earnings released: EPS: NT$0.67 (vs NT$0.70 in 1Q 2021)First quarter 2022 results: EPS: NT$0.67 (down from NT$0.70 in 1Q 2021). Revenue: NT$388.5m (down 1.4% from 1Q 2021). Net income: NT$36.5m (down 4.9% from 1Q 2021). Profit margin: 9.4% (in line with 1Q 2021). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth.お知らせ • Mar 23Munsin Garment Corporation, Annual General Meeting, Jun 06, 2022Munsin Garment Corporation, Annual General Meeting, Jun 06, 2022.Reported Earnings • Nov 07Third quarter 2021 earnings released: EPS NT$0.16 (vs NT$0.10 in 3Q 2020)The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: NT$214.2m (down 21% from 3Q 2020). Net income: NT$8.62m (up 51% from 3Q 2020). Profit margin: 4.0% (up from 2.1% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 5% per year.Reported Earnings • Aug 09Second quarter 2021 earnings released: NT$0.19 loss per share (vs NT$0.25 profit in 2Q 2020)The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: NT$207.5m (down 33% from 2Q 2020). Net loss: NT$10.5m (down 178% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 3% per year.Upcoming Dividend • Jun 16Upcoming dividend of NT$1.50 per shareEligible shareholders must have bought the stock before 23 June 2021. Payment date: 15 July 2021. Trailing yield: 6.9%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (3.7%).Reported Earnings • May 09First quarter 2021 earnings released: EPS NT$0.70 (vs NT$0.077 loss in 1Q 2020)The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$394.1m (up 28% from 1Q 2020). Net income: NT$38.4m (up NT$42.6m from 1Q 2020). Profit margin: 9.7% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings.分析記事 • Apr 07Is Munsin Garment (GTSM:2916) Using Too Much Debt?The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...お知らせ • Mar 20Munsin Garment Corporation, Annual General Meeting, Jun 07, 2021Munsin Garment Corporation, Annual General Meeting, Jun 07, 2021.Reported Earnings • Mar 19Full year 2020 earnings released: EPS NT$1.61 (vs NT$1.40 in FY 2019)The company reported a solid full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: NT$1.38b (flat on FY 2019). Net income: NT$88.2m (up 15% from FY 2019). Profit margin: 6.4% (up from 5.6% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings.分析記事 • Mar 12Calculating The Intrinsic Value Of Munsin Garment Corporation (GTSM:2916)Does the March share price for Munsin Garment Corporation ( GTSM:2916 ) reflect what it's really worth? Today, we will...Is New 90 Day High Low • Feb 20New 90-day high: NT$17.05The company is up 6.0% from its price of NT$16.10 on 20 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Retail Distributors industry, which is down 2.0% over the same period.分析記事 • Feb 13Munsin Garment Corporation's (GTSM:2916) Financial Prospects Don't Look Very Positive: Could It Mean A Stock Price Drop In The Future?Munsin Garment's (GTSM:2916) stock is up by 5.0% over the past three months. Given that the markets usually pay for the...分析記事 • Jan 18The Returns At Munsin Garment (GTSM:2916) Provide Us With Signs Of What's To ComeIf you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...Is New 90 Day High Low • Dec 30New 90-day high: NT$17.00The company is up 7.0% from its price of NT$15.90 on 30 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Retail Distributors industry, which is up 9.0% over the same period.分析記事 • Dec 22Is Munsin Garment (GTSM:2916) A Risky Investment?Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...分析記事 • Nov 26A Look At The Fair Value Of Munsin Garment Corporation (GTSM:2916)Today we will run through one way of estimating the intrinsic value of Munsin Garment Corporation (GTSM:2916) by...Is New 90 Day High Low • Nov 16New 90-day high: NT$16.15The company is up 2.0% from its price of NT$15.80 on 18 August 2020. The Taiwanese market is also up 2.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Retail Distributors industry, which is up 7.0% over the same period.Reported Earnings • Nov 14Third quarter 2020 earnings released: EPS NT$0.10The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$271.7m (up 6.5% from 3Q 2019). Net income: NT$5.70m (up NT$17.5m from 3Q 2019). Profit margin: 2.1% (up from net loss in 3Q 2019). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has remained flat, which means it is well ahead of earnings.収支内訳Munsin Garment の稼ぎ方とお金の使い方。LTMベースの直近の報告された収益に基づく。収益と収入の歴史TPEX:2916 収益、費用、利益 ( )TWD Millions日付収益収益G+A経費研究開発費31 Mar 261,962259782031 Dec 251,958256780030 Sep 251,961265773030 Jun 251,960272767031 Mar 251,949251777031 Dec 241,920248764030 Sep 241,892246753030 Jun 241,873238738031 Mar 241,877261709031 Dec 231,838252694030 Sep 231,796241672030 Jun 231,814258657031 Mar 231,655209623031 Dec 221,576180603030 Sep 221,569187592030 Jun 221,425159570031 Mar 221,350136557031 Dec 211,355138552030 Sep 211,303110543030 Jun 211,360107549031 Mar 211,463131556031 Dec 201,37688548030 Sep 201,33360550030 Jun 201,31643558031 Mar 201,32844567031 Dec 191,36677576030 Sep 191,36480572030 Jun 191,34586557031 Mar 191,32185545031 Dec 181,30983531030 Sep 181,29885531030 Jun 181,30190536031 Mar 181,29784547031 Dec 171,29772551030 Sep 171,26664544030 Jun 171,26659548031 Mar 171,28054551031 Dec 161,31059557030 Sep 161,35667579030 Jun 161,36667587031 Mar 161,38078593031 Dec 151,37680594030 Sep 151,40383592030 Jun 151,403815870質の高い収益: 2916は 高品質の収益 を持っています。利益率の向上: 2916の現在の純利益率 (13.2%)は、昨年(12.9%)よりも高くなっています。フリー・キャッシュフローと収益の比較過去の収益成長分析収益動向: 2916の収益は過去 5 年間で年間16%増加しました。成長の加速: 2916の過去 1 年間の収益成長率 ( 3.3% ) は、5 年間の平均 ( 年間16%を下回っています。収益対業界: 2916の過去 1 年間の収益成長率 ( 3.3% ) はRetail Distributors業界-3%を上回りました。株主資本利益率高いROE: 2916の 自己資本利益率 ( 17.5% ) は 低い とみなされます。総資産利益率使用総資本利益率過去の好業績企業の発掘7D1Y7D1Y7D1YRetail 、過去の業績が好調な企業。View Financial Health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2026/06/26 17:05終値2026/06/26 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、レポートの使い方に関する ガイド や YouTube の チュートリアル もご用意しています。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Munsin Garment Corporation 0 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。0
Reported Earnings • May 15First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$1.21 in 1Q 2025)First quarter 2026 results: EPS: NT$1.00. Revenue: NT$538.1m (flat on 1Q 2025). Net income: NT$81.2m (up 4.3% from 1Q 2025). Profit margin: 15% (in line with 1Q 2025).
Reported Earnings • Mar 12Full year 2025 earnings released: EPS: NT$3.96 (vs NT$4.19 in FY 2024)Full year 2025 results: EPS: NT$3.96. Revenue: NT$1.96b (up 2.0% from FY 2024). Net income: NT$255.9m (up 3.2% from FY 2024). Profit margin: 13% (in line with FY 2024).
Reported Earnings • Nov 13Third quarter 2025 earnings released: EPS: NT$0.29 (vs NT$0.42 in 3Q 2024)Third quarter 2025 results: EPS: NT$0.29 (down from NT$0.42 in 3Q 2024). Revenue: NT$359.5m (flat on 3Q 2024). Net income: NT$19.0m (down 28% from 3Q 2024). Profit margin: 5.3% (down from 7.3% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth.
Reported Earnings • Aug 17Second quarter 2025 earnings released: EPS: NT$0.93 (vs NT$0.72 in 2Q 2024)Second quarter 2025 results: EPS: NT$0.93 (up from NT$0.72 in 2Q 2024). Revenue: NT$450.1m (up 2.7% from 2Q 2024). Net income: NT$60.5m (up 54% from 2Q 2024). Profit margin: 13% (up from 8.9% in 2Q 2024). The increase in margin was primarily driven by higher revenue. 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 28% per year, which means it is tracking significantly ahead of earnings growth.
Reported Earnings • May 14First quarter 2025 earnings released: EPS: NT$1.21 (vs NT$1.38 in 1Q 2024)First quarter 2025 results: EPS: NT$1.21. Revenue: NT$534.9m (up 5.6% from 1Q 2024). Net income: NT$77.9m (up 3.7% from 1Q 2024). Profit margin: 15% (in line with 1Q 2024).
お知らせ • May 06Munsin Garment Corporation to Report Q1, 2025 Results on May 13, 2025Munsin Garment Corporation announced that they will report Q1, 2025 results on May 13, 2025
Upcoming Dividend • May 21Upcoming dividend of NT$3.60 per shareEligible shareholders must have bought the stock before 28 May 2026. Payment date: 26 June 2026. Payout ratio is on the higher end at 91%, and the cash payout ratio is above 100%. Trailing yield: 7.6%. Within top quartile of Taiwanese dividend payers (5.1%). Higher than average of industry peers (4.2%).
Reported Earnings • May 15First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$1.21 in 1Q 2025)First quarter 2026 results: EPS: NT$1.00. Revenue: NT$538.1m (flat on 1Q 2025). Net income: NT$81.2m (up 4.3% from 1Q 2025). Profit margin: 15% (in line with 1Q 2025).
New Risk • Mar 24New major risk - Dividend sustainabilityThe dividend is not well covered by earnings and cash flows. Payout ratio: 91% Cash payout ratio: 169% Dividend yield: 7.5% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 91% Cash payout ratio: 169% Minor Risk Market cap is less than US$100m (NT$3.12b market cap, or US$97.3m).
お知らせ • Mar 12Munsin Garment Corporation, Annual General Meeting, May 26, 2026Munsin Garment Corporation, Annual General Meeting, May 26, 2026. Location: 8 floor no,18, wu ch`uan 6th rd., wugu district, new taipei city Taiwan
Reported Earnings • Mar 12Full year 2025 earnings released: EPS: NT$3.96 (vs NT$4.19 in FY 2024)Full year 2025 results: EPS: NT$3.96. Revenue: NT$1.96b (up 2.0% from FY 2024). Net income: NT$255.9m (up 3.2% from FY 2024). Profit margin: 13% (in line with FY 2024).
New Risk • Jan 09New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: NT$3.16b (US$99.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (228% cash payout ratio). Market cap is less than US$100m (NT$3.16b market cap, or US$99.6m).
Reported Earnings • Nov 13Third quarter 2025 earnings released: EPS: NT$0.29 (vs NT$0.42 in 3Q 2024)Third quarter 2025 results: EPS: NT$0.29 (down from NT$0.42 in 3Q 2024). Revenue: NT$359.5m (flat on 3Q 2024). Net income: NT$19.0m (down 28% from 3Q 2024). Profit margin: 5.3% (down from 7.3% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth.
New Risk • Oct 11New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: NT$3.07b (US$100.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (148% cash payout ratio). Market cap is less than US$100m (NT$3.07b market cap, or US$100.0m).
New Risk • Sep 01New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: NT$3.06b (US$99.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (148% cash payout ratio). Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (NT$3.06b market cap, or US$99.8m).
Reported Earnings • Aug 17Second quarter 2025 earnings released: EPS: NT$0.93 (vs NT$0.72 in 2Q 2024)Second quarter 2025 results: EPS: NT$0.93 (up from NT$0.72 in 2Q 2024). Revenue: NT$450.1m (up 2.7% from 2Q 2024). Net income: NT$60.5m (up 54% from 2Q 2024). Profit margin: 13% (up from 8.9% in 2Q 2024). The increase in margin was primarily driven by higher revenue. 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 28% per year, which means it is tracking significantly ahead of earnings growth.
New Risk • Jul 01New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: NT$2.91b (US$99.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (379% cash payout ratio). Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (NT$2.91b market cap, or US$99.6m).
Upcoming Dividend • Jun 20Upcoming dividend of NT$3.60 per shareEligible shareholders must have bought the stock before 27 June 2025. Payment date: 18 July 2025. Payout ratio is on the higher end at 88%, and the cash payout ratio is above 100%. Trailing yield: 7.2%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (4.2%).
お知らせ • May 29Munsin Garment Corporation Approves Board ElectionsMunsin Garment Corporation announced that at its AGM held on May 28, 2025, the shareholders approved election of directors: LI CHIUN LIANG; GOTO KENJI; LI DERING; LI JIAN RUEY. Newly elected independent directors: HUANG BO CHEN; JAN HUNG TU; CHANG HUANG CHUN.
Reported Earnings • May 14First quarter 2025 earnings released: EPS: NT$1.21 (vs NT$1.38 in 1Q 2024)First quarter 2025 results: EPS: NT$1.21. Revenue: NT$534.9m (up 5.6% from 1Q 2024). Net income: NT$77.9m (up 3.7% from 1Q 2024). Profit margin: 15% (in line with 1Q 2024).
お知らせ • May 06Munsin Garment Corporation to Report Q1, 2025 Results on May 13, 2025Munsin Garment Corporation announced that they will report Q1, 2025 results on May 13, 2025
New Risk • Mar 31New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: NT$3.32b (US$99.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (20% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (NT$3.32b market cap, or US$99.9m).
Buy Or Sell Opportunity • Mar 28Now 20% undervaluedOver the last 90 days, the stock has risen 5.1% to NT$52.00. The fair value is estimated to be NT$65.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 19%.
Reported Earnings • Mar 19Full year 2024 earnings released: EPS: NT$4.19 (vs NT$4.61 in FY 2023)Full year 2024 results: EPS: NT$4.19 (down from NT$4.61 in FY 2023). Revenue: NT$1.92b (up 4.5% from FY 2023). Net income: NT$248.1m (down 1.6% from FY 2023). Profit margin: 13% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth.
お知らせ • Mar 14Munsin Garment Corporation, Annual General Meeting, May 28, 2025Munsin Garment Corporation, Annual General Meeting, May 28, 2025, at 09:00 Taipei Standard Time. Location: 8 floor no,18, wu ch`uan 6th rd., wugu district, new taipei city Taiwan
Reported Earnings • Nov 18Third quarter 2024 earnings released: EPS: NT$0.42 (vs NT$0.35 in 3Q 2023)Third quarter 2024 results: EPS: NT$0.42 (up from NT$0.35 in 3Q 2023). Revenue: NT$358.5m (up 5.5% from 3Q 2023). Net income: NT$26.2m (up 37% from 3Q 2023). Profit margin: 7.3% (up from 5.6% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth.
New Risk • Oct 08New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 92% Paying a dividend despite having no free cash flows. High level of non-cash earnings (40% accrual ratio). Minor Risk Shareholders have been diluted in the past year (18% increase in shares outstanding).
Reported Earnings • Aug 18Second quarter 2024 earnings released: EPS: NT$0.72 (vs NT$1.13 in 2Q 2023)Second quarter 2024 results: EPS: NT$0.72 (down from NT$1.13 in 2Q 2023). Revenue: NT$438.3m (flat on 2Q 2023). Net income: NT$39.1m (down 36% from 2Q 2023). Profit margin: 8.9% (down from 14% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth.
Buy Or Sell Opportunity • Jul 01Now 20% undervalued after recent price dropOver the last 90 days, the stock has fallen 10% to NT$56.00. The fair value is estimated to be NT$69.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 31%.
Buy Or Sell Opportunity • Jun 18Now 22% undervalued after recent price dropOver the last 90 days, the stock has fallen 14% to NT$54.50. The fair value is estimated to be NT$70.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 31%.
New Risk • Jun 03New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: NT$3.22b (US$99.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (40% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (NT$3.22b market cap, or US$99.5m).
Upcoming Dividend • May 24Upcoming dividend of NT$4.00 per shareEligible shareholders must have bought the stock before 31 May 2024. Payment date: 05 July 2024. Payout ratio is a comfortable 68% but the company is not cash flow positive. Trailing yield: 4.7%. Within top quartile of Taiwanese dividend payers (4.4%). Higher than average of industry peers (3.2%).
Reported Earnings • May 19First quarter 2024 earnings released: EPS: NT$1.38 (vs NT$1.21 in 1Q 2023)First quarter 2024 results: EPS: NT$1.38 (up from NT$1.21 in 1Q 2023). Revenue: NT$506.5m (up 8.2% from 1Q 2023). Net income: NT$75.1m (up 13% from 1Q 2023). Profit margin: 15% (in line with 1Q 2023). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth.
Buy Or Sell Opportunity • Apr 23Now 21% overvalued after recent price riseOver the last 90 days, the stock has risen 21% to NT$62.30. The fair value is estimated to be NT$51.46, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 34%.
Buy Or Sell Opportunity • Mar 20Now 23% overvalued after recent price riseOver the last 90 days, the stock has risen 28% to NT$63.20. The fair value is estimated to be NT$51.44, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 34%.
お知らせ • Mar 14Munsin Garment Corporation, Annual General Meeting, May 29, 2024Munsin Garment Corporation, Annual General Meeting, May 29, 2024.
Reported Earnings • Mar 12Full year 2023 earnings released: EPS: NT$4.61 (vs NT$3.29 in FY 2022)Full year 2023 results: EPS: NT$4.61 (up from NT$3.29 in FY 2022). Revenue: NT$1.84b (up 17% from FY 2022). Net income: NT$252.0m (up 40% from FY 2022). Profit margin: 14% (up from 11% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth.
Reported Earnings • Aug 12Second quarter 2023 earnings released: EPS: NT$1.13 (vs NT$0.23 in 2Q 2022)Second quarter 2023 results: EPS: NT$1.13 (up from NT$0.23 in 2Q 2022). Revenue: NT$441.8m (up 56% from 2Q 2022). Net income: NT$61.6m (up 389% from 2Q 2022). Profit margin: 14% (up from 4.4% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 43% per year whereas the company’s share price has increased by 45% per year.
Valuation Update With 7 Day Price Move • Jul 12Investor sentiment improves as stock rises 16%After last week's 16% share price gain to NT$53.50, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 14x in the Retail Distributors industry in Taiwan. Total returns to shareholders of 320% over the past three years.
New Risk • Jun 29New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 5.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (91% payout ratio). Share price has been volatile over the past 3 months (5.9% average weekly change). Market cap is less than US$100m (NT$2.61b market cap, or US$84.0m).
Upcoming Dividend • Jun 14Upcoming dividend of NT$3.00 per share at 5.9% yieldEligible shareholders must have bought the stock before 21 June 2023. Payment date: 14 July 2023. Payout ratio is on the higher end at 91%, however this is supported by cash flows. Trailing yield: 5.9%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (4.9%).
Reported Earnings • Mar 21Full year 2022 earnings released: EPS: NT$3.29 (vs NT$2.52 in FY 2021)Full year 2022 results: EPS: NT$3.29 (up from NT$2.52 in FY 2021). Revenue: NT$1.58b (up 16% from FY 2021). Net income: NT$179.7m (up 31% from FY 2021). Profit margin: 11% (up from 10% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth.
Buying Opportunity • Sep 26Now 20% undervaluedOver the last 90 days, the stock is up 4.9%. The fair value is estimated to be NT$27.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 31%.
Buying Opportunity • Jun 23Now 23% undervalued after recent price dropOver the last 90 days, the stock is down 16%. The fair value is estimated to be NT$27.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 24%.
Upcoming Dividend • Jun 16Upcoming dividend of NT$2.20 per shareEligible shareholders must have bought the stock before 23 June 2022. Payment date: 15 July 2022. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 6.3%. Within top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (4.7%).
Reported Earnings • May 13First quarter 2022 earnings released: EPS: NT$0.67 (vs NT$0.70 in 1Q 2021)First quarter 2022 results: EPS: NT$0.67 (down from NT$0.70 in 1Q 2021). Revenue: NT$388.5m (down 1.4% from 1Q 2021). Net income: NT$36.5m (down 4.9% from 1Q 2021). Profit margin: 9.4% (in line with 1Q 2021). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth.
お知らせ • Mar 23Munsin Garment Corporation, Annual General Meeting, Jun 06, 2022Munsin Garment Corporation, Annual General Meeting, Jun 06, 2022.
Reported Earnings • Nov 07Third quarter 2021 earnings released: EPS NT$0.16 (vs NT$0.10 in 3Q 2020)The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: NT$214.2m (down 21% from 3Q 2020). Net income: NT$8.62m (up 51% from 3Q 2020). Profit margin: 4.0% (up from 2.1% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 5% per year.
Reported Earnings • Aug 09Second quarter 2021 earnings released: NT$0.19 loss per share (vs NT$0.25 profit in 2Q 2020)The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: NT$207.5m (down 33% from 2Q 2020). Net loss: NT$10.5m (down 178% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 3% per year.
Upcoming Dividend • Jun 16Upcoming dividend of NT$1.50 per shareEligible shareholders must have bought the stock before 23 June 2021. Payment date: 15 July 2021. Trailing yield: 6.9%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (3.7%).
Reported Earnings • May 09First quarter 2021 earnings released: EPS NT$0.70 (vs NT$0.077 loss in 1Q 2020)The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$394.1m (up 28% from 1Q 2020). Net income: NT$38.4m (up NT$42.6m from 1Q 2020). Profit margin: 9.7% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings.
分析記事 • Apr 07Is Munsin Garment (GTSM:2916) Using Too Much Debt?The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
お知らせ • Mar 20Munsin Garment Corporation, Annual General Meeting, Jun 07, 2021Munsin Garment Corporation, Annual General Meeting, Jun 07, 2021.
Reported Earnings • Mar 19Full year 2020 earnings released: EPS NT$1.61 (vs NT$1.40 in FY 2019)The company reported a solid full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: NT$1.38b (flat on FY 2019). Net income: NT$88.2m (up 15% from FY 2019). Profit margin: 6.4% (up from 5.6% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings.
分析記事 • Mar 12Calculating The Intrinsic Value Of Munsin Garment Corporation (GTSM:2916)Does the March share price for Munsin Garment Corporation ( GTSM:2916 ) reflect what it's really worth? Today, we will...
Is New 90 Day High Low • Feb 20New 90-day high: NT$17.05The company is up 6.0% from its price of NT$16.10 on 20 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Retail Distributors industry, which is down 2.0% over the same period.
分析記事 • Feb 13Munsin Garment Corporation's (GTSM:2916) Financial Prospects Don't Look Very Positive: Could It Mean A Stock Price Drop In The Future?Munsin Garment's (GTSM:2916) stock is up by 5.0% over the past three months. Given that the markets usually pay for the...
分析記事 • Jan 18The Returns At Munsin Garment (GTSM:2916) Provide Us With Signs Of What's To ComeIf you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...
Is New 90 Day High Low • Dec 30New 90-day high: NT$17.00The company is up 7.0% from its price of NT$15.90 on 30 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Retail Distributors industry, which is up 9.0% over the same period.
分析記事 • Dec 22Is Munsin Garment (GTSM:2916) A Risky Investment?Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
分析記事 • Nov 26A Look At The Fair Value Of Munsin Garment Corporation (GTSM:2916)Today we will run through one way of estimating the intrinsic value of Munsin Garment Corporation (GTSM:2916) by...
Is New 90 Day High Low • Nov 16New 90-day high: NT$16.15The company is up 2.0% from its price of NT$15.80 on 18 August 2020. The Taiwanese market is also up 2.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Retail Distributors industry, which is up 7.0% over the same period.
Reported Earnings • Nov 14Third quarter 2020 earnings released: EPS NT$0.10The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$271.7m (up 6.5% from 3Q 2019). Net income: NT$5.70m (up NT$17.5m from 3Q 2019). Profit margin: 2.1% (up from net loss in 3Q 2019). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has remained flat, which means it is well ahead of earnings.