View Financial HealthTop High Image 배당 및 자사주 매입배당 기준 점검 2/6Top High Image 수익으로 충분히 충당되는 현재 수익률 2.41% 보유한 배당금 지급 회사입니다.핵심 정보2.4%배당 수익률-4.4%자사주 매입 수익률총 주주 수익률-2.0%미래 배당 수익률n/a배당 성장률-5.1%다음 배당 지급일n/a배당락일n/a주당 배당금n/a배당 성향22%최근 배당 및 자사주 매입 업데이트Upcoming Dividend • Jul 02Upcoming dividend of NT$0.50 per shareEligible shareholders must have bought the stock before 09 July 2026. Payment date: 03 August 2026. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (3.4%).Declared Dividend • Aug 08Dividend of NT$0.80 announcedShareholders will receive a dividend of NT$0.80. Ex-date: 21st August 2025 Payment date: 26th September 2025 Dividend yield will be 3.4%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (30% earnings payout ratio) and cash flows (60% cash payout ratio). The dividend has increased by an average of 2.1% per year over the past 9 years. However, payments have been volatile during that time. Earnings per share has grown by 73% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover.Declared Dividend • Aug 11Dividend increased to NT$0.20Dividend of NT$0.20 is 100% higher than last year. Ex-date: 26th August 2024 Payment date: 30th September 2024 Dividend yield will be 0.4%, which is lower than the industry average of 4.0%.Upcoming Dividend • Aug 16Upcoming dividend of NT$0.10 per share at 0.6% yieldEligible shareholders must have bought the stock before 23 August 2023. Payment date: 27 September 2023. Trailing yield: 0.6%. Lower than top quartile of Taiwanese dividend payers (5.7%). Lower than average of industry peers (4.5%).모든 업데이트 보기Recent updatesValuation Update With 7 Day Price Move • Jul 29Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to NT$20.05, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 20x in the Commercial Services industry in Taiwan. Total returns to shareholders of 41% over the past three years.New Risk • Jul 17New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 9.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.5% average weekly change). Market cap is less than US$100m (NT$2.58b market cap, or US$79.7m).Valuation Update With 7 Day Price Move • Jul 13Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to NT$25.60, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 21x in the Commercial Services industry in Taiwan. Total returns to shareholders of 58% over the past three years.Upcoming Dividend • Jul 02Upcoming dividend of NT$0.50 per shareEligible shareholders must have bought the stock before 09 July 2026. Payment date: 03 August 2026. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (3.4%).Valuation Update With 7 Day Price Move • Jun 19Investor sentiment improves as stock rises 16%After last week's 16% share price gain to NT$22.70, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 19x in the Commercial Services industry in Taiwan. Total returns to shareholders of 78% over the past three years.Valuation Update With 7 Day Price Move • Jun 04Investor sentiment improves as stock rises 20%After last week's 20% share price gain to NT$19.10, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 20x in the Commercial Services industry in Taiwan. Total returns to shareholders of 49% over the past three years.Reported Earnings • May 16First quarter 2026 earnings released: EPS: NT$0.50 (vs NT$0.50 in 1Q 2025)First quarter 2026 results: EPS: NT$0.50 (in line with 1Q 2025). Revenue: NT$225.1m (down 4.0% from 1Q 2025). Net income: NT$53.9m (up 4.9% from 1Q 2025). Profit margin: 24% (up from 22% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth.Reported Earnings • Mar 17Full year 2025 earnings released: EPS: NT$2.31 (vs NT$2.28 in FY 2024)Full year 2025 results: EPS: NT$2.31 (up from NT$2.28 in FY 2024). Revenue: NT$868.7m (down 18% from FY 2024). Net income: NT$243.2m (up 3.2% from FY 2024). Profit margin: 28% (up from 22% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth.공고 • Mar 10Top High Image Corp., Annual General Meeting, May 27, 2026Top High Image Corp., Annual General Meeting, May 27, 2026, at 11:00 Taipei Standard Time. Location: 2 floor no,366, ming hua rd., gushan district, kaohsiung city TaiwanBuy Or Sell Opportunity • Feb 06Now 24% overvalued after recent price riseOver the last 90 days, the stock has risen 7.3% to NT$22.10. The fair value is estimated to be NT$17.82, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company has become profitable.Buy Or Sell Opportunity • Jan 19Now 22% overvaluedThe stock has been flat over the last 90 days, currently trading at NT$21.30. The fair value is estimated to be NT$17.51, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company has become profitable.Buy Or Sell Opportunity • Dec 24Now 21% overvaluedOver the last 90 days, the stock has fallen 9.8% to NT$21.10. The fair value is estimated to be NT$17.51, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company has become profitable.Buy Or Sell Opportunity • Nov 25Now 24% overvalued after recent price riseOver the last 90 days, the stock has risen 1.6% to NT$21.70. The fair value is estimated to be NT$17.51, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company has become profitable.New Risk • Nov 16New major risk - Financial positionThe company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.3% average weekly change). Market cap is less than US$100m (NT$2.37b market cap, or US$76.9m).Reported Earnings • Nov 15Third quarter 2025 earnings released: EPS: NT$0.64 (vs NT$1.10 in 3Q 2024)Third quarter 2025 results: EPS: NT$0.64 (down from NT$1.10 in 3Q 2024). Revenue: NT$192.9m (down 48% from 3Q 2024). Net income: NT$67.0m (down 41% from 3Q 2024). Profit margin: 35% (up from 31% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth.New Risk • Oct 16New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.7% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.27b market cap, or US$74.1m).New Risk • Sep 11New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.50b market cap, or US$82.3m).Reported Earnings • Aug 17Second quarter 2025 earnings released: EPS: NT$0.08 (vs NT$0.80 in 2Q 2024)Second quarter 2025 results: EPS: NT$0.08 (down from NT$0.80 in 2Q 2024). Revenue: NT$201.5m (down 35% from 2Q 2024). Net income: NT$7.36m (down 90% from 2Q 2024). Profit margin: 3.7% (down from 24% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth.Declared Dividend • Aug 08Dividend of NT$0.80 announcedShareholders will receive a dividend of NT$0.80. Ex-date: 21st August 2025 Payment date: 26th September 2025 Dividend yield will be 3.4%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (30% earnings payout ratio) and cash flows (60% cash payout ratio). The dividend has increased by an average of 2.1% per year over the past 9 years. However, payments have been volatile during that time. Earnings per share has grown by 73% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover.Reported Earnings • May 14First quarter 2025 earnings released: EPS: NT$0.56 (vs NT$0.48 in 1Q 2024)First quarter 2025 results: EPS: NT$0.56 (up from NT$0.48 in 1Q 2024). Revenue: NT$234.6m (up 9.5% from 1Q 2024). Net income: NT$51.4m (up 17% from 1Q 2024). Profit margin: 22% (up from 21% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth.공고 • May 09Top High Image Corp. has filed a Follow-on Equity Offering.Top High Image Corp. has filed a Follow-on Equity Offering. Security Name: Shares Security Type: Common Stock Securities Offered: 4,000,000 Security Name: Shares Security Type: Common Stock Securities Offered: 1,000,000 Transaction Features: Reserved Share Offering; Rights Offering공고 • May 01Top High Image Corp. to Report Q1, 2025 Results on May 08, 2025Top High Image Corp. announced that they will report Q1, 2025 results on May 08, 2025New Risk • Apr 10New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 8.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.0% average weekly change). Market cap is less than US$100m (NT$2.32b market cap, or US$70.8m).Valuation Update With 7 Day Price Move • Apr 08Investor sentiment deteriorates as stock falls 19%After last week's 19% share price decline to NT$25.30, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 17x in the Commercial Services industry in Taiwan. Total returns to shareholders of 95% over the past three years.New Risk • Apr 07New minor risk - Dividend sustainabilityThe company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.8% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$2.88b market cap, or US$87.0m).Reported Earnings • Mar 26Full year 2024 earnings released: EPS: NT$2.55 (vs NT$0.73 in FY 2023)Full year 2024 results: EPS: NT$2.55 (up from NT$0.73 in FY 2023). Revenue: NT$1.06b (up 37% from FY 2023). Net income: NT$235.6m (up 249% from FY 2023). Profit margin: 22% (up from 8.8% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth.공고 • Mar 10Top High Image Corp., Annual General Meeting, Jun 17, 2025Top High Image Corp., Annual General Meeting, Jun 17, 2025. Location: 9 floor no,767, po ai rd., zuoying district, kaohsiung city Taiwan공고 • Mar 01Top High Image Corp. to Report Fiscal Year 2024 Results on Mar 07, 2025Top High Image Corp. announced that they will report fiscal year 2024 results on Mar 07, 2025Reported Earnings • Nov 18Third quarter 2024 earnings released: EPS: NT$1.23 (vs NT$0.15 in 3Q 2023)Third quarter 2024 results: EPS: NT$1.23 (up from NT$0.15 in 3Q 2023). Revenue: NT$371.2m (up 93% from 3Q 2023). Net income: NT$113.6m (up NT$99.3m from 3Q 2023). Profit margin: 31% (up from 7.4% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth.New Risk • Oct 04New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: NT$3.21b (US$100.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Market cap is less than US$100m (NT$3.21b market cap, or US$100.0m).Valuation Update With 7 Day Price Move • Sep 12Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to NT$44.45, the stock trades at a trailing P/E ratio of 26.9x. Average trailing P/E is 24x in the Commercial Services industry in Taiwan. Total returns to shareholders of 285% over the past three years.Reported Earnings • Aug 17Second quarter 2024 earnings released: EPS: NT$0.83 (vs NT$0.30 in 2Q 2023)Second quarter 2024 results: EPS: NT$0.83 (up from NT$0.30 in 2Q 2023). Revenue: NT$312.0m (up 54% from 2Q 2023). Net income: NT$73.7m (up 176% from 2Q 2023). Profit margin: 24% (up from 13% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 76% per year, which means it is significantly lagging earnings growth.New Risk • Aug 13New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 9.6% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company.Declared Dividend • Aug 11Dividend increased to NT$0.20Dividend of NT$0.20 is 100% higher than last year. Ex-date: 26th August 2024 Payment date: 30th September 2024 Dividend yield will be 0.4%, which is lower than the industry average of 4.0%.Valuation Update With 7 Day Price Move • Aug 02Investor sentiment improves as stock rises 17%After last week's 17% share price gain to NT$55.00, the stock trades at a trailing P/E ratio of 46.3x. Average trailing P/E is 29x in the Commercial Services industry in Taiwan. Total returns to shareholders of 351% over the past three years.공고 • Aug 02Top High Image Corp. to Report Q2, 2024 Results on Aug 09, 2024Top High Image Corp. announced that they will report Q2, 2024 results on Aug 09, 2024Valuation Update With 7 Day Price Move • Jul 15Investor sentiment improves as stock rises 18%After last week's 18% share price gain to NT$47.30, the stock trades at a trailing P/E ratio of 39.8x. Average trailing P/E is 29x in the Commercial Services industry in Taiwan. Total returns to shareholders of 285% over the past three years.Valuation Update With 7 Day Price Move • Jun 07Investor sentiment improves as stock rises 17%After last week's 17% share price gain to NT$40.10, the stock trades at a trailing P/E ratio of 33.8x. Average trailing P/E is 28x in the Commercial Services industry in Taiwan. Total returns to shareholders of 225% over the past three years.Reported Earnings • May 20First quarter 2024 earnings released: EPS: NT$0.50 (vs NT$0.068 in 1Q 2023)First quarter 2024 results: EPS: NT$0.50 (up from NT$0.068 in 1Q 2023). Revenue: NT$214.2m (up 43% from 1Q 2023). Net income: NT$44.1m (up NT$38.1m from 1Q 2023). Profit margin: 21% (up from 4.1% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth.공고 • May 03Top High Image Corp. to Report Q1, 2024 Results on May 10, 2024Top High Image Corp. announced that they will report Q1, 2024 results on May 10, 2024Valuation Update With 7 Day Price Move • Apr 24Investor sentiment improves as stock rises 18%After last week's 18% share price gain to NT$33.10, the stock trades at a trailing P/E ratio of 43.6x. Average trailing P/E is 27x in the Commercial Services industry in Taiwan. Total returns to shareholders of 144% over the past three years.New Risk • Apr 19New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 8.4% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.4% average weekly change). Minor Risk Market cap is less than US$100m (NT$2.63b market cap, or US$81.0m).Valuation Update With 7 Day Price Move • Apr 09Investor sentiment improves as stock rises 18%After last week's 18% share price gain to NT$29.75, the stock trades at a trailing P/E ratio of 39.2x. Average trailing P/E is 27x in the Commercial Services industry in Taiwan. Total returns to shareholders of 121% over the past three years.Reported Earnings • Mar 24Full year 2023 earnings released: EPS: NT$0.76 (vs NT$0.46 in FY 2022)Full year 2023 results: EPS: NT$0.76 (up from NT$0.46 in FY 2022). Revenue: NT$769.9m (down 3.5% from FY 2022). Net income: NT$67.5m (up 90% from FY 2022). Profit margin: 8.8% (up from 4.5% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth.Valuation Update With 7 Day Price Move • Mar 11Investor sentiment improves as stock rises 25%After last week's 25% share price gain to NT$27.30, the stock trades at a trailing P/E ratio of 42.9x. Average trailing P/E is 26x in the Commercial Services industry in Taiwan. Total returns to shareholders of 118% over the past three years.공고 • Mar 08Top High Image Corp., Annual General Meeting, May 27, 2024Top High Image Corp., Annual General Meeting, May 27, 2024. Location: 2F, No. 366, Minghua Road, Gushan District, (2nd floor banquet hall of H2O Hotel) Kaohsiung City Taiwan Agenda: To Report on the distribution of employee remunerations and director remunerations in 2023; to consider 2023 Business Report; to consider the Audit Committee's review report on the Company's statements for 2023; to consider report on the 2023 distribution of cash dividends; to consider Amendment of the Company's Rules and Procedures for Board of Directors Meetings; to consider Proposal of the 2023 Business Report and Financial Statements; to consider 2023 earnings distribution proposal; and to consider other matters.Valuation Update With 7 Day Price Move • Jan 08Investor sentiment improves as stock rises 16%After last week's 16% share price gain to NT$18.95, the stock trades at a trailing P/E ratio of 29.8x. Average trailing P/E is 25x in the Commercial Services industry in Taiwan. Total returns to shareholders of 36% over the past three years.Upcoming Dividend • Aug 16Upcoming dividend of NT$0.10 per share at 0.6% yieldEligible shareholders must have bought the stock before 23 August 2023. Payment date: 27 September 2023. Trailing yield: 0.6%. Lower than top quartile of Taiwanese dividend payers (5.7%). Lower than average of industry peers (4.5%).Reported Earnings • Aug 11Second quarter 2023 earnings released: EPS: NT$0.30 (vs NT$0.18 in 2Q 2022)Second quarter 2023 results: EPS: NT$0.30 (up from NT$0.18 in 2Q 2022). Revenue: NT$202.5m (down 12% from 2Q 2022). Net income: NT$26.7m (up 114% from 2Q 2022). Profit margin: 13% (up from 5.4% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth.New Risk • Jul 16New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 9.3% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (28% increase in shares outstanding). Market cap is less than US$100m (NT$1.81b market cap, or US$58.3m).Valuation Update With 7 Day Price Move • Jul 10Investor sentiment improves as stock rises 25%After last week's 25% share price gain to NT$19.35, the stock trades at a trailing P/E ratio of 32.6x. Average trailing P/E is 24x in the Commercial Services industry in Taiwan. Total returns to shareholders of 50% over the past three years.Reported Earnings • Nov 16Third quarter 2022 earnings released: EPS: NT$0.33 (vs NT$0.004 in 3Q 2021)Third quarter 2022 results: EPS: NT$0.33 (up from NT$0.004 in 3Q 2021). Revenue: NT$229.2m (up 55% from 3Q 2021). Net income: NT$24.2m (up NT$24.0m from 3Q 2021). Profit margin: 11% (up from 0.2% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.Reported Earnings • Nov 13Third quarter 2022 earnings released: EPS: NT$0.33 (vs NT$0.004 in 3Q 2021)Third quarter 2022 results: EPS: NT$0.33 (up from NT$0.004 in 3Q 2021). Revenue: NT$229.2m (up 55% from 3Q 2021). Net income: NT$24.2m (up NT$24.0m from 3Q 2021). Profit margin: 11% (up from 0.2% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.Reported Earnings • Aug 15Second quarter 2022 earnings released: EPS: NT$0.18 (vs NT$0.047 loss in 2Q 2021)Second quarter 2022 results: EPS: NT$0.18 (up from NT$0.047 loss in 2Q 2021). Revenue: NT$229.5m (up 37% from 2Q 2021). Net income: NT$12.5m (up NT$15.0m from 2Q 2021). Profit margin: 5.4% (up from net loss in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 2% per year.Reported Earnings • Mar 31Full year 2021 earnings released: NT$0.86 loss per share (vs NT$1.49 loss in FY 2020)Full year 2021 results: NT$0.86 loss per share (up from NT$1.49 loss in FY 2020). Revenue: NT$571.5m (down 16% from FY 2020). Net loss: NT$52.4m (loss narrowed 35% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings.Reported Earnings • Nov 15Third quarter 2021 earnings released: EPS NT$0.003 (vs NT$0.56 loss in 3Q 2020)The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: NT$148.2m (down 7.5% from 3Q 2020). Net income: NT$250.0k (up NT$30.7m from 3Q 2020). Profit margin: 0.2% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings.Reported Earnings • May 17First quarter 2021 earnings released: NT$0.08 loss per share (vs NT$0.45 loss in 1Q 2020)The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: NT$132.3m (down 42% from 1Q 2020). Net loss: NT$4.32m (loss narrowed 82% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance.Reported Earnings • Mar 26Full year 2020 earnings released: NT$1.49 loss per share (vs NT$0.67 loss in FY 2019)The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: NT$682.0m (down 20% from FY 2019). Net loss: NT$80.2m (loss widened 123% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance.분석 기사 • Mar 23Does Top High Image (GTSM:3284) Have A Healthy Balance Sheet?Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...공고 • Mar 18Top High Image Corp., Annual General Meeting, Jun 01, 2021Top High Image Corp., Annual General Meeting, Jun 01, 2021.Is New 90 Day High Low • Mar 03New 90-day low: NT$12.45The company is down 10.0% from its price of NT$13.90 on 03 December 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is flat over the same period.분석 기사 • Dec 08Is Top High Image (GTSM:3284) A Risky Investment?Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Reported Earnings • Nov 14Third quarter 2020 earnings released: NT$0.56 loss per shareThe company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2020 results: Revenue: NT$160.3m (down 18% from 3Q 2019). Net loss: NT$30.5m (loss widened 266% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 121% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings.지급의 안정성과 성장배당 데이터 가져오는 중안정적인 배당: 3284 의 배당금 지급은 지난 10 년 동안 휘발성이었습니다.배당금 증가: 3284 의 배당금 지급액은 지난 10 년 동안 감소했습니다.배당 수익률 vs 시장Top High Image 배당 수익률 vs 시장3284의 배당 수익률은 시장과 어떻게 비교되나요?구분배당 수익률회사 (3284)2.4%시장 하위 25% (TW)1.6%시장 상위 25% (TW)5.2%업계 평균 (Commercial Services)3.7%분석가 예측 (3284) (최대 3년)n/a주목할만한 배당금: 3284 의 배당금( 2.41% )은 TW 시장에서 배당금 지급자의 하위 25%( 1.61% )보다 높습니다.고배당: 3284 의 배당금( 2.41% )은 TW 시장에서 배당금 지급자의 상위 25%( 5.17% )와 비교해 낮습니다.주주 대상 이익 배당수익 보장: 지급 비율 ( 21.6% )이 낮기 때문에 3284 의 배당금 지급은 수익으로 충분히 충당됩니다.주주 현금 배당현금 흐름 범위: 3284 배당금을 지급하고 있지만 회사에는 잉여현금흐름이 없습니다.높은 배당을 제공하는 우량 기업 찾기7D1Y7D1Y7D1YTW 시장에서 배당이 강한 기업.View Management기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/08/04 08:29종가2026/08/04 00:00수익2026/03/31연간 수익2025/12/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델의 세부 정보는 당사의 GitHub 페이지에서 확인하실 수 있습니다. 또한 보고서 사용 방법에 대한 가이드와 YouTube 튜토리얼도 제공하고 있습니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스Top High Image Corp.는 0명의 분석가가 다루고 있습니다. 이 중 0명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.
Upcoming Dividend • Jul 02Upcoming dividend of NT$0.50 per shareEligible shareholders must have bought the stock before 09 July 2026. Payment date: 03 August 2026. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (3.4%).
Declared Dividend • Aug 08Dividend of NT$0.80 announcedShareholders will receive a dividend of NT$0.80. Ex-date: 21st August 2025 Payment date: 26th September 2025 Dividend yield will be 3.4%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (30% earnings payout ratio) and cash flows (60% cash payout ratio). The dividend has increased by an average of 2.1% per year over the past 9 years. However, payments have been volatile during that time. Earnings per share has grown by 73% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover.
Declared Dividend • Aug 11Dividend increased to NT$0.20Dividend of NT$0.20 is 100% higher than last year. Ex-date: 26th August 2024 Payment date: 30th September 2024 Dividend yield will be 0.4%, which is lower than the industry average of 4.0%.
Upcoming Dividend • Aug 16Upcoming dividend of NT$0.10 per share at 0.6% yieldEligible shareholders must have bought the stock before 23 August 2023. Payment date: 27 September 2023. Trailing yield: 0.6%. Lower than top quartile of Taiwanese dividend payers (5.7%). Lower than average of industry peers (4.5%).
Valuation Update With 7 Day Price Move • Jul 29Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to NT$20.05, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 20x in the Commercial Services industry in Taiwan. Total returns to shareholders of 41% over the past three years.
New Risk • Jul 17New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 9.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.5% average weekly change). Market cap is less than US$100m (NT$2.58b market cap, or US$79.7m).
Valuation Update With 7 Day Price Move • Jul 13Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to NT$25.60, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 21x in the Commercial Services industry in Taiwan. Total returns to shareholders of 58% over the past three years.
Upcoming Dividend • Jul 02Upcoming dividend of NT$0.50 per shareEligible shareholders must have bought the stock before 09 July 2026. Payment date: 03 August 2026. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (3.4%).
Valuation Update With 7 Day Price Move • Jun 19Investor sentiment improves as stock rises 16%After last week's 16% share price gain to NT$22.70, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 19x in the Commercial Services industry in Taiwan. Total returns to shareholders of 78% over the past three years.
Valuation Update With 7 Day Price Move • Jun 04Investor sentiment improves as stock rises 20%After last week's 20% share price gain to NT$19.10, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 20x in the Commercial Services industry in Taiwan. Total returns to shareholders of 49% over the past three years.
Reported Earnings • May 16First quarter 2026 earnings released: EPS: NT$0.50 (vs NT$0.50 in 1Q 2025)First quarter 2026 results: EPS: NT$0.50 (in line with 1Q 2025). Revenue: NT$225.1m (down 4.0% from 1Q 2025). Net income: NT$53.9m (up 4.9% from 1Q 2025). Profit margin: 24% (up from 22% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth.
Reported Earnings • Mar 17Full year 2025 earnings released: EPS: NT$2.31 (vs NT$2.28 in FY 2024)Full year 2025 results: EPS: NT$2.31 (up from NT$2.28 in FY 2024). Revenue: NT$868.7m (down 18% from FY 2024). Net income: NT$243.2m (up 3.2% from FY 2024). Profit margin: 28% (up from 22% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth.
공고 • Mar 10Top High Image Corp., Annual General Meeting, May 27, 2026Top High Image Corp., Annual General Meeting, May 27, 2026, at 11:00 Taipei Standard Time. Location: 2 floor no,366, ming hua rd., gushan district, kaohsiung city Taiwan
Buy Or Sell Opportunity • Feb 06Now 24% overvalued after recent price riseOver the last 90 days, the stock has risen 7.3% to NT$22.10. The fair value is estimated to be NT$17.82, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company has become profitable.
Buy Or Sell Opportunity • Jan 19Now 22% overvaluedThe stock has been flat over the last 90 days, currently trading at NT$21.30. The fair value is estimated to be NT$17.51, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company has become profitable.
Buy Or Sell Opportunity • Dec 24Now 21% overvaluedOver the last 90 days, the stock has fallen 9.8% to NT$21.10. The fair value is estimated to be NT$17.51, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company has become profitable.
Buy Or Sell Opportunity • Nov 25Now 24% overvalued after recent price riseOver the last 90 days, the stock has risen 1.6% to NT$21.70. The fair value is estimated to be NT$17.51, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company has become profitable.
New Risk • Nov 16New major risk - Financial positionThe company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.3% average weekly change). Market cap is less than US$100m (NT$2.37b market cap, or US$76.9m).
Reported Earnings • Nov 15Third quarter 2025 earnings released: EPS: NT$0.64 (vs NT$1.10 in 3Q 2024)Third quarter 2025 results: EPS: NT$0.64 (down from NT$1.10 in 3Q 2024). Revenue: NT$192.9m (down 48% from 3Q 2024). Net income: NT$67.0m (down 41% from 3Q 2024). Profit margin: 35% (up from 31% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth.
New Risk • Oct 16New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.7% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.27b market cap, or US$74.1m).
New Risk • Sep 11New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.50b market cap, or US$82.3m).
Reported Earnings • Aug 17Second quarter 2025 earnings released: EPS: NT$0.08 (vs NT$0.80 in 2Q 2024)Second quarter 2025 results: EPS: NT$0.08 (down from NT$0.80 in 2Q 2024). Revenue: NT$201.5m (down 35% from 2Q 2024). Net income: NT$7.36m (down 90% from 2Q 2024). Profit margin: 3.7% (down from 24% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth.
Declared Dividend • Aug 08Dividend of NT$0.80 announcedShareholders will receive a dividend of NT$0.80. Ex-date: 21st August 2025 Payment date: 26th September 2025 Dividend yield will be 3.4%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (30% earnings payout ratio) and cash flows (60% cash payout ratio). The dividend has increased by an average of 2.1% per year over the past 9 years. However, payments have been volatile during that time. Earnings per share has grown by 73% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover.
Reported Earnings • May 14First quarter 2025 earnings released: EPS: NT$0.56 (vs NT$0.48 in 1Q 2024)First quarter 2025 results: EPS: NT$0.56 (up from NT$0.48 in 1Q 2024). Revenue: NT$234.6m (up 9.5% from 1Q 2024). Net income: NT$51.4m (up 17% from 1Q 2024). Profit margin: 22% (up from 21% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth.
공고 • May 09Top High Image Corp. has filed a Follow-on Equity Offering.Top High Image Corp. has filed a Follow-on Equity Offering. Security Name: Shares Security Type: Common Stock Securities Offered: 4,000,000 Security Name: Shares Security Type: Common Stock Securities Offered: 1,000,000 Transaction Features: Reserved Share Offering; Rights Offering
공고 • May 01Top High Image Corp. to Report Q1, 2025 Results on May 08, 2025Top High Image Corp. announced that they will report Q1, 2025 results on May 08, 2025
New Risk • Apr 10New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 8.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.0% average weekly change). Market cap is less than US$100m (NT$2.32b market cap, or US$70.8m).
Valuation Update With 7 Day Price Move • Apr 08Investor sentiment deteriorates as stock falls 19%After last week's 19% share price decline to NT$25.30, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 17x in the Commercial Services industry in Taiwan. Total returns to shareholders of 95% over the past three years.
New Risk • Apr 07New minor risk - Dividend sustainabilityThe company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.8% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$2.88b market cap, or US$87.0m).
Reported Earnings • Mar 26Full year 2024 earnings released: EPS: NT$2.55 (vs NT$0.73 in FY 2023)Full year 2024 results: EPS: NT$2.55 (up from NT$0.73 in FY 2023). Revenue: NT$1.06b (up 37% from FY 2023). Net income: NT$235.6m (up 249% from FY 2023). Profit margin: 22% (up from 8.8% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth.
공고 • Mar 10Top High Image Corp., Annual General Meeting, Jun 17, 2025Top High Image Corp., Annual General Meeting, Jun 17, 2025. Location: 9 floor no,767, po ai rd., zuoying district, kaohsiung city Taiwan
공고 • Mar 01Top High Image Corp. to Report Fiscal Year 2024 Results on Mar 07, 2025Top High Image Corp. announced that they will report fiscal year 2024 results on Mar 07, 2025
Reported Earnings • Nov 18Third quarter 2024 earnings released: EPS: NT$1.23 (vs NT$0.15 in 3Q 2023)Third quarter 2024 results: EPS: NT$1.23 (up from NT$0.15 in 3Q 2023). Revenue: NT$371.2m (up 93% from 3Q 2023). Net income: NT$113.6m (up NT$99.3m from 3Q 2023). Profit margin: 31% (up from 7.4% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth.
New Risk • Oct 04New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: NT$3.21b (US$100.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Market cap is less than US$100m (NT$3.21b market cap, or US$100.0m).
Valuation Update With 7 Day Price Move • Sep 12Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to NT$44.45, the stock trades at a trailing P/E ratio of 26.9x. Average trailing P/E is 24x in the Commercial Services industry in Taiwan. Total returns to shareholders of 285% over the past three years.
Reported Earnings • Aug 17Second quarter 2024 earnings released: EPS: NT$0.83 (vs NT$0.30 in 2Q 2023)Second quarter 2024 results: EPS: NT$0.83 (up from NT$0.30 in 2Q 2023). Revenue: NT$312.0m (up 54% from 2Q 2023). Net income: NT$73.7m (up 176% from 2Q 2023). Profit margin: 24% (up from 13% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 76% per year, which means it is significantly lagging earnings growth.
New Risk • Aug 13New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 9.6% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company.
Declared Dividend • Aug 11Dividend increased to NT$0.20Dividend of NT$0.20 is 100% higher than last year. Ex-date: 26th August 2024 Payment date: 30th September 2024 Dividend yield will be 0.4%, which is lower than the industry average of 4.0%.
Valuation Update With 7 Day Price Move • Aug 02Investor sentiment improves as stock rises 17%After last week's 17% share price gain to NT$55.00, the stock trades at a trailing P/E ratio of 46.3x. Average trailing P/E is 29x in the Commercial Services industry in Taiwan. Total returns to shareholders of 351% over the past three years.
공고 • Aug 02Top High Image Corp. to Report Q2, 2024 Results on Aug 09, 2024Top High Image Corp. announced that they will report Q2, 2024 results on Aug 09, 2024
Valuation Update With 7 Day Price Move • Jul 15Investor sentiment improves as stock rises 18%After last week's 18% share price gain to NT$47.30, the stock trades at a trailing P/E ratio of 39.8x. Average trailing P/E is 29x in the Commercial Services industry in Taiwan. Total returns to shareholders of 285% over the past three years.
Valuation Update With 7 Day Price Move • Jun 07Investor sentiment improves as stock rises 17%After last week's 17% share price gain to NT$40.10, the stock trades at a trailing P/E ratio of 33.8x. Average trailing P/E is 28x in the Commercial Services industry in Taiwan. Total returns to shareholders of 225% over the past three years.
Reported Earnings • May 20First quarter 2024 earnings released: EPS: NT$0.50 (vs NT$0.068 in 1Q 2023)First quarter 2024 results: EPS: NT$0.50 (up from NT$0.068 in 1Q 2023). Revenue: NT$214.2m (up 43% from 1Q 2023). Net income: NT$44.1m (up NT$38.1m from 1Q 2023). Profit margin: 21% (up from 4.1% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth.
공고 • May 03Top High Image Corp. to Report Q1, 2024 Results on May 10, 2024Top High Image Corp. announced that they will report Q1, 2024 results on May 10, 2024
Valuation Update With 7 Day Price Move • Apr 24Investor sentiment improves as stock rises 18%After last week's 18% share price gain to NT$33.10, the stock trades at a trailing P/E ratio of 43.6x. Average trailing P/E is 27x in the Commercial Services industry in Taiwan. Total returns to shareholders of 144% over the past three years.
New Risk • Apr 19New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 8.4% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.4% average weekly change). Minor Risk Market cap is less than US$100m (NT$2.63b market cap, or US$81.0m).
Valuation Update With 7 Day Price Move • Apr 09Investor sentiment improves as stock rises 18%After last week's 18% share price gain to NT$29.75, the stock trades at a trailing P/E ratio of 39.2x. Average trailing P/E is 27x in the Commercial Services industry in Taiwan. Total returns to shareholders of 121% over the past three years.
Reported Earnings • Mar 24Full year 2023 earnings released: EPS: NT$0.76 (vs NT$0.46 in FY 2022)Full year 2023 results: EPS: NT$0.76 (up from NT$0.46 in FY 2022). Revenue: NT$769.9m (down 3.5% from FY 2022). Net income: NT$67.5m (up 90% from FY 2022). Profit margin: 8.8% (up from 4.5% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth.
Valuation Update With 7 Day Price Move • Mar 11Investor sentiment improves as stock rises 25%After last week's 25% share price gain to NT$27.30, the stock trades at a trailing P/E ratio of 42.9x. Average trailing P/E is 26x in the Commercial Services industry in Taiwan. Total returns to shareholders of 118% over the past three years.
공고 • Mar 08Top High Image Corp., Annual General Meeting, May 27, 2024Top High Image Corp., Annual General Meeting, May 27, 2024. Location: 2F, No. 366, Minghua Road, Gushan District, (2nd floor banquet hall of H2O Hotel) Kaohsiung City Taiwan Agenda: To Report on the distribution of employee remunerations and director remunerations in 2023; to consider 2023 Business Report; to consider the Audit Committee's review report on the Company's statements for 2023; to consider report on the 2023 distribution of cash dividends; to consider Amendment of the Company's Rules and Procedures for Board of Directors Meetings; to consider Proposal of the 2023 Business Report and Financial Statements; to consider 2023 earnings distribution proposal; and to consider other matters.
Valuation Update With 7 Day Price Move • Jan 08Investor sentiment improves as stock rises 16%After last week's 16% share price gain to NT$18.95, the stock trades at a trailing P/E ratio of 29.8x. Average trailing P/E is 25x in the Commercial Services industry in Taiwan. Total returns to shareholders of 36% over the past three years.
Upcoming Dividend • Aug 16Upcoming dividend of NT$0.10 per share at 0.6% yieldEligible shareholders must have bought the stock before 23 August 2023. Payment date: 27 September 2023. Trailing yield: 0.6%. Lower than top quartile of Taiwanese dividend payers (5.7%). Lower than average of industry peers (4.5%).
Reported Earnings • Aug 11Second quarter 2023 earnings released: EPS: NT$0.30 (vs NT$0.18 in 2Q 2022)Second quarter 2023 results: EPS: NT$0.30 (up from NT$0.18 in 2Q 2022). Revenue: NT$202.5m (down 12% from 2Q 2022). Net income: NT$26.7m (up 114% from 2Q 2022). Profit margin: 13% (up from 5.4% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth.
New Risk • Jul 16New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 9.3% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (28% increase in shares outstanding). Market cap is less than US$100m (NT$1.81b market cap, or US$58.3m).
Valuation Update With 7 Day Price Move • Jul 10Investor sentiment improves as stock rises 25%After last week's 25% share price gain to NT$19.35, the stock trades at a trailing P/E ratio of 32.6x. Average trailing P/E is 24x in the Commercial Services industry in Taiwan. Total returns to shareholders of 50% over the past three years.
Reported Earnings • Nov 16Third quarter 2022 earnings released: EPS: NT$0.33 (vs NT$0.004 in 3Q 2021)Third quarter 2022 results: EPS: NT$0.33 (up from NT$0.004 in 3Q 2021). Revenue: NT$229.2m (up 55% from 3Q 2021). Net income: NT$24.2m (up NT$24.0m from 3Q 2021). Profit margin: 11% (up from 0.2% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.
Reported Earnings • Nov 13Third quarter 2022 earnings released: EPS: NT$0.33 (vs NT$0.004 in 3Q 2021)Third quarter 2022 results: EPS: NT$0.33 (up from NT$0.004 in 3Q 2021). Revenue: NT$229.2m (up 55% from 3Q 2021). Net income: NT$24.2m (up NT$24.0m from 3Q 2021). Profit margin: 11% (up from 0.2% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.
Reported Earnings • Aug 15Second quarter 2022 earnings released: EPS: NT$0.18 (vs NT$0.047 loss in 2Q 2021)Second quarter 2022 results: EPS: NT$0.18 (up from NT$0.047 loss in 2Q 2021). Revenue: NT$229.5m (up 37% from 2Q 2021). Net income: NT$12.5m (up NT$15.0m from 2Q 2021). Profit margin: 5.4% (up from net loss in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 2% per year.
Reported Earnings • Mar 31Full year 2021 earnings released: NT$0.86 loss per share (vs NT$1.49 loss in FY 2020)Full year 2021 results: NT$0.86 loss per share (up from NT$1.49 loss in FY 2020). Revenue: NT$571.5m (down 16% from FY 2020). Net loss: NT$52.4m (loss narrowed 35% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings.
Reported Earnings • Nov 15Third quarter 2021 earnings released: EPS NT$0.003 (vs NT$0.56 loss in 3Q 2020)The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: NT$148.2m (down 7.5% from 3Q 2020). Net income: NT$250.0k (up NT$30.7m from 3Q 2020). Profit margin: 0.2% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings.
Reported Earnings • May 17First quarter 2021 earnings released: NT$0.08 loss per share (vs NT$0.45 loss in 1Q 2020)The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: NT$132.3m (down 42% from 1Q 2020). Net loss: NT$4.32m (loss narrowed 82% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance.
Reported Earnings • Mar 26Full year 2020 earnings released: NT$1.49 loss per share (vs NT$0.67 loss in FY 2019)The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: NT$682.0m (down 20% from FY 2019). Net loss: NT$80.2m (loss widened 123% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance.
분석 기사 • Mar 23Does Top High Image (GTSM:3284) Have A Healthy Balance Sheet?Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
공고 • Mar 18Top High Image Corp., Annual General Meeting, Jun 01, 2021Top High Image Corp., Annual General Meeting, Jun 01, 2021.
Is New 90 Day High Low • Mar 03New 90-day low: NT$12.45The company is down 10.0% from its price of NT$13.90 on 03 December 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is flat over the same period.
분석 기사 • Dec 08Is Top High Image (GTSM:3284) A Risky Investment?Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
Reported Earnings • Nov 14Third quarter 2020 earnings released: NT$0.56 loss per shareThe company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2020 results: Revenue: NT$160.3m (down 18% from 3Q 2019). Net loss: NT$30.5m (loss widened 266% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 121% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings.