Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$112, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 18x in the Luxury industry in Taiwan. Total returns to shareholders of 16% over the past three years. Reported Earnings • May 01
First quarter 2026 earnings released: EPS: NT$2.00 (vs NT$1.79 in 1Q 2025) First quarter 2026 results: EPS: NT$2.00 (up from NT$1.79 in 1Q 2025). Revenue: NT$917.3m (up 18% from 1Q 2025). Net income: NT$162.2m (up 15% from 1Q 2025). Profit margin: 18% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 10% per year. Upcoming Dividend • Mar 05
Upcoming dividend of NT$6.00 per share Eligible shareholders must have bought the stock before 12 March 2026. Payment date: 16 April 2026. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 6.1%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (5.0%). New Risk • Feb 21
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 107% Cash payout ratio: 113% Dividend yield: 4.8% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 15
Full year 2025 earnings released: EPS: NT$5.62 (vs NT$6.27 in FY 2024) Full year 2025 results: EPS: NT$5.62 (down from NT$6.27 in FY 2024). Revenue: NT$2.86b (up 14% from FY 2024). Net income: NT$442.8m (down 9.6% from FY 2024). Profit margin: 16% (down from 20% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 9% per year. Declared Dividend • Feb 07
Dividend of NT$6.00 announced Shareholders will receive a dividend of NT$6.00. Ex-date: 12th March 2026 Payment date: 16th April 2026 Dividend yield will be 6.0%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (88% earnings payout ratio) but not covered by cash flows (124% cash payout ratio). The dividend has increased by an average of 13% per year over the past 6 years and payments have been stable during that time. Earnings per share has grown by 13% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$1.34 (vs NT$1.46 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.34 (down from NT$1.46 in 3Q 2024). Revenue: NT$614.4m (up 2.4% from 3Q 2024). Net income: NT$106.0m (down 7.0% from 3Q 2024). Profit margin: 17% (down from 19% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Jul 31
Second quarter 2025 earnings released: EPS: NT$0.88 (vs NT$1.77 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.88 (down from NT$1.77 in 2Q 2024). Revenue: NT$706.2m (up 14% from 2Q 2024). Net income: NT$69.7m (down 50% from 2Q 2024). Profit margin: 9.9% (down from 22% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 05
First quarter 2025 earnings released: EPS: NT$1.79 (vs NT$1.59 in 1Q 2024) First quarter 2025 results: EPS: NT$1.79 (up from NT$1.59 in 1Q 2024). Revenue: NT$778.9m (up 27% from 1Q 2024). Net income: NT$140.8m (up 13% from 1Q 2024). Profit margin: 18% (down from 20% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 13% per year. 공시 • Apr 17
Cathay Consolidated, Inc. to Report Q1, 2025 Results on Apr 24, 2025 Cathay Consolidated, Inc. announced that they will report Q1, 2025 results on Apr 24, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to NT$78.00, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 16x in the Luxury industry in Taiwan. Total returns to shareholders of 56% over the past three years. Upcoming Dividend • Mar 13
Upcoming dividend of NT$4.79 per share Eligible shareholders must have bought the stock before 20 March 2025. Payment date: 16 April 2025. Payout ratio is on the higher end at 77%, and the cash payout ratio is above 100%. Trailing yield: 4.6%. Within top quartile of Taiwanese dividend payers (4.4%). Higher than average of industry peers (3.0%). Reported Earnings • Feb 22
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: NT$6.27 (down from NT$6.83 in FY 2023). Revenue: NT$2.51b (down 2.1% from FY 2023). Net income: NT$489.6m (down 7.6% from FY 2023). Profit margin: 20% (down from 21% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.9%. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Feb 15
Dividend of NT$4.80 announced Shareholders will receive a dividend of NT$4.80. Ex-date: 20th March 2025 Payment date: 16th April 2025 Dividend yield will be 4.4%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (70% earnings payout ratio) but not covered by cash flows (113% cash payout ratio). The dividend has increased by an average of 15% per year over the past 5 years and payments have been stable during that time. Earnings per share has grown by 18% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. 공시 • Feb 06
Cathay Consolidated, Inc. to Report Q4, 2024 Results on Feb 13, 2025 Cathay Consolidated, Inc. announced that they will report Q4, 2024 results on Feb 13, 2025 Reported Earnings • Oct 24
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: NT$1.46 (down from NT$1.99 in 3Q 2023). Revenue: NT$600.0m (down 9.6% from 3Q 2023). Net income: NT$114.0m (down 26% from 3Q 2023). Profit margin: 19% (down from 23% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.8%. Earnings per share (EPS) also missed analyst estimates by 13%. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. 공시 • Oct 10
Cathay Consolidated, Inc. to Report Q3, 2024 Results on Oct 17, 2024 Cathay Consolidated, Inc. announced that they will report Q3, 2024 results on Oct 17, 2024 Buy Or Sell Opportunity • Aug 07
Now 26% overvalued Over the last 90 days, the stock has fallen 12% to NT$92.90. The fair value is estimated to be NT$73.83, 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 27%. Revenue is forecast to grow by 12% in a year. Earnings are forecast to grow by 11% in the next year. Reported Earnings • Aug 01
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: NT$1.77 (down from NT$1.83 in 2Q 2023). Revenue: NT$619.9m (up 2.1% from 2Q 2023). Net income: NT$138.4m (down 2.0% from 2Q 2023). Profit margin: 22% (in line with 2Q 2023). Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) also surpassed analyst estimates by 6.4%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 9.5% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 27% per year whereas the company’s share price has increased by 26% per year. 공시 • Jul 18
Cathay Consolidated, Inc. to Report First Half, 2024 Results on Jul 25, 2024 Cathay Consolidated, Inc. announced that they will report first half, 2024 results on Jul 25, 2024 공시 • Apr 19
Cathay Consolidated, Inc. to Report Q1, 2024 Results on Apr 25, 2024 Cathay Consolidated, Inc. announced that they will report Q1, 2024 results on Apr 25, 2024 Upcoming Dividend • Mar 14
Upcoming dividend of NT$5.00 per share Eligible shareholders must have bought the stock before 21 March 2024. Payment date: 18 April 2024. Payout ratio is a comfortable 67% but the company is paying out more than the cash it is generating. Trailing yield: 3.7%. Lower than top quartile of Taiwanese dividend payers (4.8%). Lower than average of industry peers (4.2%). Reported Earnings • Feb 28
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: NT$7.52 (up from NT$7.34 in FY 2022). Revenue: NT$2.56b (flat on FY 2022). Net income: NT$529.8m (up 6.1% from FY 2022). Profit margin: 21% (up from 19% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 9.5% p.a. on average during the next 2 years, compared to a 9.9% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 35% per year whereas the company’s share price has increased by 30% per year. Declared Dividend • Feb 24
Dividend reduced to NT$5.00 Dividend of NT$5.00 is 6.9% lower than last year. Ex-date: 21st March 2024 Payment date: 18th April 2024 Dividend yield will be 4.1%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (70% earnings payout ratio) but not covered by cash flows (103% cash payout ratio). The dividend has increased by an average of 21% per year over the past 4 years and payments have been stable during that time. EPS is expected to grow by 21% over the next 2 years, which should provide support to the dividend and adequate earnings cover. 공시 • Dec 15
Cathay Consolidated, Inc. Announces Appointment of George T.S. Liu as Chief Information Security Officer Cathay Consolidated, Inc. announced the appointment of George T.S. Liu as Chief Information Security Officer. Name, title, and resume of the new position holder: George T.S. Liu, General manager. Effective date is December 14, 2023. 공시 • Oct 16
Cathay Consolidated, Inc. Announces Death Death and Dismissal of Independent Director and Audit Committee and the Remuneration Committee Cathay Consolidated, Inc. announced death and dismissal of Independent Director and the Audit Committee and the Remuneration Committee. Date of occurrence of the change: October 15, 2023. Name of the functional committees: Independent Director and Audit Committee and the Remuneration Committee. Name of the previous position holder: Independent director of the company /Chen Xian-Zhi Resume of the previous position holder: The Company Audit Committee and the Remuneration Committee. Circumstances of change: death. Any other matters that need to be specified: The Company was informed of the unfortunate death of Mr. Chen Xianzhi, a member of the Audit Committee and Remuneration Committee, on 2023/10/15, and hereby makes an announcement. Upcoming Dividend • Mar 09
Upcoming dividend of NT$5.40 per share at 3.5% yield Eligible shareholders must have bought the stock before 16 March 2023. Payment date: 20 April 2023. Payout ratio is a comfortable 74% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Taiwanese dividend payers (6.0%). Lower than average of industry peers (3.9%). Reported Earnings • Feb 25
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: EPS: NT$7.34 (up from NT$3.92 in FY 2021). Revenue: NT$2.59b (up 25% from FY 2021). Net income: NT$499.5m (up 88% from FY 2021). Profit margin: 19% (up from 13% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$145, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 13x in the Luxury industry in Taiwan. Total returns to shareholders of 193% over the past three years. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improved over the past week After last week's 42% share price gain to NT$125, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Luxury industry in Taiwan. Total returns to shareholders of 142% over the past three years. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improved over the past week After last week's 16% share price gain to NT$94.50, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 10x in the Luxury industry in Taiwan. Total returns to shareholders of 77% over the past three years. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director David Biing was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: NT$1.91 (up from NT$1.12 in 3Q 2021). Revenue: NT$645.3m (up 23% from 3Q 2021). Net income: NT$130.1m (up 71% from 3Q 2021). Profit margin: 20% (up from 14% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.8%. Revenue is forecast to stay flat during the next 2 years compared to a 7.0% growth forecast for the Luxury industry in Taiwan. 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 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment improved over the past week After last week's 22% share price gain to NT$92.80, the stock trades at a trailing P/E ratio of 16.5x. Average forward P/E is 12x in the Luxury industry in Taiwan. Total returns to shareholders of 57% over the past three years. Reported Earnings • Aug 18
Second quarter 2022 earnings released: EPS: NT$1.85 (vs NT$0.84 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.85 (up from NT$0.84 in 2Q 2021). Revenue: NT$619.3m (up 35% from 2Q 2021). Net income: NT$125.8m (up 121% from 2Q 2021). Profit margin: 20% (up from 12% in 2Q 2021). The increase in margin was driven by higher revenue. Upcoming Dividend • May 30
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 06 June 2022. Payment date: 28 June 2022. Payout ratio is a comfortable 64% but the company is not cash flow positive. Trailing yield: 4.0%. Lower than top quartile of Taiwanese dividend payers (6.1%). In line with average of industry peers (3.8%). Board Change • May 18
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Pan Sian was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 13
First quarter 2022 earnings released: EPS: NT$1.52 (vs NT$0.75 in 1Q 2021) First quarter 2022 results: EPS: NT$1.52 (up from NT$0.75 in 1Q 2021). Revenue: NT$616.1m (up 41% from 1Q 2021). Net income: NT$103.3m (up 102% from 1Q 2021). Profit margin: 17% (up from 12% in 1Q 2021). The increase in margin was driven by higher revenue. Board Change • Apr 27
High number of new directors Director Cing-Sia Cyue was the last director to join the board, commencing their role in 2019. Reported Earnings • Mar 01
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$3.92 (up from NT$3.15 in FY 2020). Revenue: NT$2.07b (up 35% from FY 2020). Net income: NT$266.2m (up 36% from FY 2020). Profit margin: 13% (in line with FY 2020). Revenue was in line with analyst estimates. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS NT$1.12 (vs NT$1.22 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: NT$523.9m (up 18% from 3Q 2020). Net income: NT$76.1m (up 1.6% from 3Q 2020). Profit margin: 14% (down from 17% in 3Q 2020). The decrease in margin was driven by higher expenses. Upcoming Dividend • May 27
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 03 June 2021. Payment date: 25 June 2021. Trailing yield: 4.7%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (2.6%). Reported Earnings • May 17
First quarter 2021 earnings released: EPS NT$0.75 (vs NT$0.97 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: NT$436.3m (up 13% from 1Q 2020). Net income: NT$51.0m (down 14% from 1Q 2020). Profit margin: 12% (down from 15% in 1Q 2020). The decrease in margin was driven by higher expenses. Reported Earnings • Mar 04
Full year 2020 earnings released The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: NT$1.53b (up 6.1% from FY 2019). Net income: NT$196.2m (up 8.7% from FY 2019). Profit margin: 13% (in line with FY 2019). 공시 • Feb 24
Cathay Consolidated, Inc., Annual General Meeting, May 18, 2021 Cathay Consolidated, Inc., Annual General Meeting, May 18, 2021. Location: Shangrila Boutiquew Hotel No.15,Gongyuan 2nd Rd.,Wuchieh Township,Yi-Lan County Taiwan Taiwan Agenda: To consider 2020 business report; to consider 2020 financial satements; to consider 2020 distribution of employees remuneration and directors remuneration; to consider 2020 dividend distribution plan,sumittde for recognition; and to consider other matters. Is New 90 Day High Low • Jan 18
New 90-day low: NT$58.10 The company is down 27% from its price of NT$79.60 on 20 October 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 1.0% over the same period. Is New 90 Day High Low • Nov 24
New 90-day low: NT$65.60 The company is down 13% from its price of NT$75.00 on 26 August 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 5.0% over the same period. Reported Earnings • Nov 02
Third quarter 2020 earnings released: EPS NT$1.21 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$443.2m (up 11% from 3Q 2019). Net income: NT$75.0m (up 60% from 3Q 2019). Profit margin: 17% (up from 12% in 3Q 2019). The increase in margin was driven by higher revenue.