View ValuationTaiwan Paiho 향후 성장Future 기준 점검 1/6Taiwan Paiho은 연간 수입과 매출이 각각 8.2%와 6.6% 증가할 것으로 예상되고 EPS는 연간 8.3%만큼 증가할 것으로 예상됩니다.핵심 정보8.2%이익 성장률8.25%EPS 성장률Luxury 이익 성장5.9%매출 성장률6.6%향후 자기자본이익률n/a애널리스트 커버리지Low마지막 업데이트20 Jul 2026최근 향후 성장 업데이트Major Estimate Revision • Jul 18Consensus EPS estimates fall by 10%The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from NT$3.50 to NT$3.15 per share. Revenue forecast steady at NT$16.2b. Net income forecast to shrink 3.7% next year vs 26% growth forecast for Luxury industry in Taiwan . Consensus price target of NT$54.10 unchanged from last update. Share price was steady at NT$45.85 over the past week.Price Target Changed • Apr 20Price target decreased by 9.0% to NT$58.43Down from NT$64.23, the current price target is an average from 3 analysts. New target price is 29% above last closing price of NT$45.35. Stock is down 13% over the past year. The company is forecast to post earnings per share of NT$4.19 for next year compared to NT$4.10 last year.Major Estimate Revision • Apr 07Consensus EPS estimates fall by 16%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from NT$17.2b to NT$16.5b. EPS estimate also fell from NT$4.98 per share to NT$4.19 per share. Net income forecast to grow 2.4% next year vs 14% growth forecast for Luxury industry in Taiwan. Consensus price target down from NT$64.23 to NT$61.77. Share price was steady at NT$45.50 over the past week.Price Target Changed • Jul 16Price target decreased by 12% to NT$72.58Down from NT$82.33, the current price target is an average from 4 analysts. New target price is 36% above last closing price of NT$53.50. Stock is down 19% over the past year. The company is forecast to post earnings per share of NT$4.46 for next year compared to NT$4.75 last year.Price Target Changed • May 27Price target decreased by 8.3% to NT$77.00Down from NT$84.00, the current price target is an average from 3 analysts. New target price is 35% above last closing price of NT$57.10. Stock is down 11% over the past year. The company is forecast to post earnings per share of NT$6.53 for next year compared to NT$4.75 last year.Price Target Changed • Oct 07Price target increased by 7.3% to NT$84.00Up from NT$78.27, the current price target is an average from 3 analysts. New target price is 8.8% above last closing price of NT$77.20. Stock is up 39% over the past year. The company is forecast to post earnings per share of NT$4.73 for next year compared to NT$1.95 last year.모든 업데이트 보기Recent updatesUpcoming Dividend • Jul 28Upcoming dividend of NT$3.00 per shareEligible shareholders must have bought the stock before 04 August 2026. Payment date: 31 August 2026. Payout ratio is on the higher end at 87% but the company is not cash flow positive. Trailing yield: 6.4%. Within top quartile of Taiwanese dividend payers (5.1%). Higher than average of industry peers (4.7%).Major Estimate Revision • Jul 18Consensus EPS estimates fall by 10%The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from NT$3.50 to NT$3.15 per share. Revenue forecast steady at NT$16.2b. Net income forecast to shrink 3.7% next year vs 26% growth forecast for Luxury industry in Taiwan . Consensus price target of NT$54.10 unchanged from last update. Share price was steady at NT$45.85 over the past week.Declared Dividend • Jun 08Dividend of NT$3.00 announcedShareholders will receive a dividend of NT$3.00. Ex-date: 4th August 2026 Payment date: 31st August 2026 Dividend yield will be 6.7%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (87% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 4.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 23% over the next 3 years, which should provide support to the dividend and adequate earnings cover.New Risk • May 20New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.6% Last year net profit margin: 9.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (6.6% net profit margin).Reported Earnings • May 20First quarter 2026 earnings: EPS and revenues miss analyst expectationsFirst quarter 2026 results: EPS: NT$0.87 (down from NT$1.54 in 1Q 2025). Revenue: NT$4.04b (down 5.0% from 1Q 2025). Net income: NT$260.1m (down 43% from 1Q 2025). Profit margin: 6.4% (down from 11% in 1Q 2025). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 17%. Revenue is forecast to grow 7.1% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings.Price Target Changed • Apr 20Price target decreased by 9.0% to NT$58.43Down from NT$64.23, the current price target is an average from 3 analysts. New target price is 29% above last closing price of NT$45.35. Stock is down 13% over the past year. The company is forecast to post earnings per share of NT$4.19 for next year compared to NT$4.10 last year.Major Estimate Revision • Apr 07Consensus EPS estimates fall by 16%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from NT$17.2b to NT$16.5b. EPS estimate also fell from NT$4.98 per share to NT$4.19 per share. Net income forecast to grow 2.4% next year vs 14% growth forecast for Luxury industry in Taiwan. Consensus price target down from NT$64.23 to NT$61.77. Share price was steady at NT$45.50 over the past week.Reported Earnings • Mar 19Full year 2025 earnings: Revenues and EPS in line with analyst expectationsFull year 2025 results: EPS: NT$4.10 (down from NT$4.75 in FY 2024). Revenue: NT$15.8b (up 2.0% from FY 2024). Net income: NT$1.22b (down 14% from FY 2024). Profit margin: 7.7% (down from 9.2% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 5.4% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings.Buy Or Sell Opportunity • Mar 10Now 20% overvaluedOver the last 90 days, the stock has fallen 6.4% to NT$49.35. The fair value is estimated to be NT$40.98, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue is forecast to grow by 8.7% in 2 years. Earnings are forecast to grow by 27% in the next 2 years.공고 • Jan 08Taiwan Paiho Limited, Annual General Meeting, Jun 09, 2026Taiwan Paiho Limited, Annual General Meeting, Jun 09, 2026. Location: no,575, huo kang rd., hemei township, changhua county TaiwanReported Earnings • Nov 15Third quarter 2025 earnings: EPS misses analyst expectationsThird quarter 2025 results: EPS: NT$1.16 (down from NT$1.53 in 3Q 2024). Revenue: NT$4.17b (down 3.5% from 3Q 2024). Net income: NT$344.7m (down 24% from 3Q 2024). Profit margin: 8.3% (down from 11% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 1% per year.Reported Earnings • Aug 14Second quarter 2025 earnings: EPS exceeds analyst expectationsSecond quarter 2025 results: EPS: NT$0.67 (down from NT$1.17 in 2Q 2024). Revenue: NT$3.59b (down 3.5% from 2Q 2024). Net income: NT$200.8m (down 43% from 2Q 2024). Profit margin: 5.6% (down from 9.4% in 2Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.1%. Revenue is forecast to grow 4.5% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 5% per year.Upcoming Dividend • Jul 28Upcoming dividend of NT$3.00 per shareEligible shareholders must have bought the stock before 04 August 2025. Payment date: 29 August 2025. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 5.6%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (4.6%).Price Target Changed • Jul 16Price target decreased by 12% to NT$72.58Down from NT$82.33, the current price target is an average from 4 analysts. New target price is 36% above last closing price of NT$53.50. Stock is down 19% over the past year. The company is forecast to post earnings per share of NT$4.46 for next year compared to NT$4.75 last year.Declared Dividend • Jun 19Dividend increased to NT$3.00Dividend of NT$3.00 is 200% higher than last year. Ex-date: 4th August 2025 Payment date: 29th August 2025 Dividend yield will be 5.6%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 4.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 3.9% over the next year, which should provide support to the dividend and adequate earnings cover.Price Target Changed • May 27Price target decreased by 8.3% to NT$77.00Down from NT$84.00, the current price target is an average from 3 analysts. New target price is 35% above last closing price of NT$57.10. Stock is down 11% over the past year. The company is forecast to post earnings per share of NT$6.53 for next year compared to NT$4.75 last year.Reported Earnings • May 15First quarter 2025 earnings: Revenues and EPS in line with analyst expectationsFirst quarter 2025 results: EPS: NT$1.54 (up from NT$1.12 in 1Q 2024). Revenue: NT$4.25b (up 20% from 1Q 2024). Net income: NT$457.4m (up 38% from 1Q 2024). Profit margin: 11% (up from 9.4% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 6.2% p.a. on average during the next 2 years, compared to a 8.5% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings.New Risk • Apr 25New minor risk - Dividend sustainabilityThe company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 5.2% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks High level of debt (47% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past.Valuation Update With 7 Day Price Move • Apr 08Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to NT$53.70, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Luxury industry in Taiwan. Total loss to shareholders of 17% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$90.77 per share.Reported Earnings • Mar 20Full year 2024 earnings: Revenues and EPS in line with analyst expectationsFull year 2024 results: EPS: NT$4.75 (up from NT$1.95 in FY 2023). Revenue: NT$15.5b (up 24% from FY 2023). Net income: NT$1.42b (up 144% from FY 2023). Profit margin: 9.2% (up from 4.7% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 8.4% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings.공고 • Mar 12+ 1 more updateTaiwan Paiho Limited Announces Cash Dividend for the Year Ended December 31, 2024Taiwan Paiho Limited announced the Board of Directors' resolution for the dividend distribution for 2024 on March 11, 2025. Period which dividends belong to: January 1, 2024 to December 31, 2024. Appropriations of earnings in cash dividends to shareholders: TWD 3 per share; Total amount of cash distributed to shareholders: TWD 893,891,706.공고 • Mar 04Taiwan Paiho Limited to Report Fiscal Year 2024 Results on Mar 11, 2025Taiwan Paiho Limited announced that they will report fiscal year 2024 results on Mar 11, 2025분석 기사 • Dec 20Should You Investigate Taiwan Paiho Limited (TWSE:9938) At NT$70.30?While Taiwan Paiho Limited ( TWSE:9938 ) might not have the largest market cap around , it saw a double-digit share...Reported Earnings • Nov 12Third quarter 2024 earnings: EPS and revenues exceed analyst expectationsThird quarter 2024 results: EPS: NT$1.53 (up from NT$0.85 in 3Q 2023). Revenue: NT$4.32b (up 21% from 3Q 2023). Net income: NT$456.2m (up 79% from 3Q 2023). Profit margin: 11% (up from 7.1% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.0%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings.Price Target Changed • Oct 07Price target increased by 7.3% to NT$84.00Up from NT$78.27, the current price target is an average from 3 analysts. New target price is 8.8% above last closing price of NT$77.20. Stock is up 39% over the past year. The company is forecast to post earnings per share of NT$4.73 for next year compared to NT$1.95 last year.분석 기사 • Oct 03A Piece Of The Puzzle Missing From Taiwan Paiho Limited's (TWSE:9938) 25% Share Price ClimbTaiwan Paiho Limited ( TWSE:9938 ) shareholders have had their patience rewarded with a 25% share price jump in the...분석 기사 • Sep 17Here's Why Taiwan Paiho (TWSE:9938) Has A Meaningful Debt BurdenWarren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company...Price Target Changed • Aug 31Price target increased by 16% to NT$78.27Up from NT$67.75, the current price target is an average from 3 analysts. New target price is 27% above last closing price of NT$61.50. Stock is up 23% over the past year. The company is forecast to post earnings per share of NT$4.78 for next year compared to NT$1.95 last year.Reported Earnings • Aug 12Second quarter 2024 earnings released: EPS: NT$1.17 (vs NT$0.24 in 2Q 2023)Second quarter 2024 results: EPS: NT$1.17 (up from NT$0.24 in 2Q 2023). Revenue: NT$3.72b (up 37% from 2Q 2023). Net income: NT$349.0m (up 385% from 2Q 2023). Profit margin: 9.4% (up from 2.7% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings.공고 • Aug 02Taiwan Paiho Limited to Report Q2, 2024 Results on Aug 08, 2024Taiwan Paiho Limited announced that they will report Q2, 2024 results on Aug 08, 2024Upcoming Dividend • Jul 26Upcoming dividend of NT$1.00 per shareEligible shareholders must have bought the stock before 02 August 2024. Payment date: 30 August 2024. Payout ratio is a comfortable 38% but the company is paying out more than the cash it is generating. Trailing yield: 1.5%. Lower than top quartile of Taiwanese dividend payers (4.3%). Lower than average of industry peers (3.1%).분석 기사 • Jul 22Taiwan Paiho (TWSE:9938) Is Paying Out Less In Dividends Than Last YearTaiwan Paiho Limited ( TWSE:9938 ) is reducing its dividend from last year's comparable payment to NT$1.00 on the 30th...Valuation Update With 7 Day Price Move • Jul 18Investor sentiment improves as stock rises 17%After last week's 17% share price gain to NT$69.30, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 17x in the Luxury industry in Taiwan. Total loss to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$29.94 per share.분석 기사 • Jul 17Should You Investigate Taiwan Paiho Limited (TWSE:9938) At NT$65.90?Taiwan Paiho Limited ( TWSE:9938 ), is not the largest company out there, but it saw a double-digit share price rise of...Price Target Changed • Jul 17Price target increased by 7.9% to NT$71.20Up from NT$66.00, the current price target is an average from 4 analysts. New target price is 8.0% above last closing price of NT$65.90. Stock is up 20% over the past year. The company is forecast to post earnings per share of NT$4.78 for next year compared to NT$1.95 last year.분석 기사 • Jun 27Taiwan Paiho (TWSE:9938) Has Announced That Its Dividend Will Be Reduced To NT$1.00Taiwan Paiho Limited ( TWSE:9938 ) is reducing its dividend from last year's comparable payment to NT$1.00 on the 30th...Declared Dividend • Jun 27Dividend reduced to NT$1.00Dividend of NT$1.00 is 60% lower than last year. Ex-date: 2nd August 2024 Payment date: 30th August 2024 Dividend yield will be 1.6%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (38% earnings payout ratio) but not covered by cash flows (109% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 21% over the next year, which should provide support to the dividend and adequate earnings cover.Board Change • Jun 21Less than half of directors are independentFollowing the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Yin-Chieh Hsu was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.공고 • Jun 21Taiwan Paiho Limited Approves Cash Dividend for the Year 2023Taiwan Paiho Limited approved cash dividend of TWD 1 per share for the year 2023 at its Annual General Shareholders’ Meeting held on June 19, 2024.Reported Earnings • May 11First quarter 2024 earnings: EPS exceeds analyst expectationsFirst quarter 2024 results: EPS: NT$1.12 (up from NT$0.45 in 1Q 2023). Revenue: NT$3.56b (up 18% from 1Q 2023). Net income: NT$332.6m (up 146% from 1Q 2023). Profit margin: 9.4% (up from 4.5% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.7%. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings.Major Estimate Revision • Apr 17Consensus EPS estimates increase by 11%The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from NT$3.83 to NT$4.24. Revenue forecast steady at NT$14.6b. Net income forecast to grow 117% next year vs 23% growth forecast for Luxury industry in Taiwan. Consensus price target up from NT$62.50 to NT$66.00. Share price rose 3.7% to NT$61.20 over the past week.Reported Earnings • Mar 15Full year 2023 earnings: EPS misses analyst expectationsFull year 2023 results: EPS: NT$1.95 (down from NT$5.10 in FY 2022). Revenue: NT$12.4b (down 24% from FY 2022). Net income: NT$581.2m (down 62% from FY 2022). Profit margin: 4.7% (down from 9.3% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.5%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 9.7% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings.공고 • Mar 14+ 1 more updateTaiwan Paiho Limited, Annual General Meeting, Jun 19, 2024Taiwan Paiho Limited, Annual General Meeting, Jun 19, 2024. Location: No.575, Ho Kang Rd., Hemei Township Changhua County Taiwan Agenda: To consider the 2023 Business Report; to consider the audit Committee's review report of 2023; to report on 2023 employees compensation and remuneration to directors; to report the cash dividends of 2023 earnings distribution; to report the endorsements/guarantees amount of the Company and its subsidiaries accounted for more than 50% of the net worth; to consider the adoption of the 2023 Business Report and Financial Statements; and to consider the adoption of the proposal for distribution of 2023 profits.Major Estimate Revision • Jan 18Consensus EPS estimates fall by 17%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$13.1b to NT$12.8b. EPS estimate also fell from NT$2.40 per share to NT$1.98 per share. Net income forecast to grow 66% next year vs 18% growth forecast for Luxury industry in Taiwan. Consensus price target down from NT$65.50 to NT$63.00. Share price fell 8.5% to NT$52.80 over the past week.Price Target Changed • Jan 17Price target decreased by 8.7% to NT$63.00Down from NT$69.00, the current price target is an average from 4 analysts. New target price is 19% above last closing price of NT$52.80. Stock is down 8.2% over the past year. The company is forecast to post earnings per share of NT$1.98 for next year compared to NT$5.10 last year.공고 • Dec 29Taiwan Paiho Limited Announces the Resignation of Cheng-Tsung Cheng as DirectorTaiwan Paiho Limited announced the resignation of Cheng-Tsung Cheng as director o the company, December 28, 2023.Reported Earnings • Nov 15Third quarter 2023 earnings: EPS and revenues exceed analyst expectationsThird quarter 2023 results: EPS: NT$0.86 (down from NT$1.34 in 3Q 2022). Revenue: NT$3.58b (down 11% from 3Q 2022). Net income: NT$254.9m (down 36% from 3Q 2022). Profit margin: 7.1% (down from 10.0% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) also surpassed analyst estimates by 7.1%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings.Price Target Changed • Sep 20Price target decreased by 8.2% to NT$63.33Down from NT$69.00, the current price target is an average from 3 analysts. New target price is 16% above last closing price of NT$54.60. Stock is down 15% over the past year. The company is forecast to post earnings per share of NT$2.40 for next year compared to NT$5.10 last year.Valuation Update With 7 Day Price Move • Sep 13Investor sentiment improves as stock rises 18%After last week's 18% share price gain to NT$56.90, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 15x in the Luxury industry in Taiwan. Total loss to shareholders of 4.6% over the past three years.New Risk • Aug 13New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 2.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.9x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 105% Paying a dividend despite having no free cash flows. Minor Risk Profit margins are more than 30% lower than last year (5.6% net profit margin).Reported Earnings • Aug 12Second quarter 2023 earnings: EPS misses analyst expectationsSecond quarter 2023 results: EPS: NT$0.24 (down from NT$1.88 in 2Q 2022). Revenue: NT$2.71b (down 46% from 2Q 2022). Net income: NT$72.0m (down 87% from 2Q 2022). Profit margin: 2.7% (down from 11% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.7%. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 7.9% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 12% per year.Upcoming Dividend • Jul 27Upcoming dividend of NT$2.50 per share at 4.3% yieldEligible shareholders must have bought the stock before 03 August 2023. Payment date: 30 August 2023. Payout ratio is a comfortable 63% but the company is not cash flow positive. Trailing yield: 4.3%. Lower than top quartile of Taiwanese dividend payers (5.5%). In line with average of industry peers (4.3%).Major Estimate Revision • Jul 15Consensus revenue estimates fall by 17%The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$16.4b to NT$13.6b. EPS estimate fell from NT$4.05 to NT$2.39 per share. Net income forecast to shrink 16% next year vs 24% growth forecast for Luxury industry in Taiwan . Consensus price target down from NT$73.00 to NT$69.00. Share price was steady at NT$54.50 over the past week.공고 • Jun 08+ 2 more updatesTaiwan Paiho Limited Announces Board ChangesTaiwan Paiho Limited announced the term expiration of Yi-Ming Lin, Hsi-Ming Pai and Chung-Cheng Wang from the board of Directors and announced the appointments of Shui-Jin Chen, Accountant of Yuan-Sheng Certified Public Accountants, Cheng-Tsung Cheng, Executive Vice General Manager, Sales Department, TAIWAN PAIHO LIMITED., Kuei-Chu Yeh. Vice General Manager, President Office, TAIWAN PAIHO LIMITED., Yin-Chieh Hsu. President of HC & Partners. and Chun-Chieh Tseng. CPA, Hui Yi Certified Public Accountant. to the board of Directors, effective June 7, 2023.Reported Earnings • May 18First quarter 2023 earnings: EPS and revenues miss analyst expectationsFirst quarter 2023 results: EPS: NT$0.45 (down from NT$1.56 in 1Q 2022). Revenue: NT$3.00b (down 30% from 1Q 2022). Net income: NT$135.3m (down 71% from 1Q 2022). Profit margin: 4.5% (down from 11% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Luxury industry in Asia. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings.Major Estimate Revision • Apr 19Consensus EPS estimates fall by 26%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$16.8b to NT$15.8b. EPS estimate also fell from NT$5.46 per share to NT$4.05 per share. Net income forecast to shrink 21% next year vs 17% decline forecast for Luxury industry in Taiwan. Consensus price target of NT$73.00 unchanged from last update. Share price fell 2.0% to NT$58.10 over the past week.Reported Earnings • Mar 29Full year 2022 earnings: EPS and revenues miss analyst expectationsFull year 2022 results: EPS: NT$5.10 (down from NT$6.91 in FY 2021). Revenue: NT$16.3b (down 11% from FY 2021). Net income: NT$1.52b (down 26% from FY 2021). Profit margin: 9.3% (down from 11% in FY 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) also missed analyst estimates by 9.9%. Revenue is forecast to grow 5.6% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Luxury industry in Asia. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 3% per year.Board Change • Nov 16Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 8 experienced directors. 3 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Jui-Lin Lo was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Reported Earnings • Nov 13Third quarter 2022 earnings: EPS exceeds analyst expectationsThird quarter 2022 results: EPS: NT$1.34 (up from NT$1.17 in 3Q 2021). Revenue: NT$4.01b (up 15% from 3Q 2021). Net income: NT$400.4m (up 15% from 3Q 2021). Profit margin: 10.0% (in line with 3Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.2%. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings.Price Target Changed • Oct 18Price target decreased to NT$67.00Down from NT$77.14, the current price target is an average from 7 analysts. New target price is 30% above last closing price of NT$51.70. Stock is down 35% over the past year. The company is forecast to post earnings per share of NT$6.20 for next year compared to NT$6.91 last year.Reported Earnings • Aug 13Second quarter 2022 earnings: EPS and revenues miss analyst expectationsSecond quarter 2022 results: EPS: NT$1.88 (down from NT$2.30 in 2Q 2021). Revenue: NT$5.04b (down 16% from 2Q 2021). Net income: NT$558.8m (down 19% from 2Q 2021). Profit margin: 11% (in line with 2Q 2021). Revenue missed analyst estimates by 7.0%. Earnings per share (EPS) also missed analyst estimates by 4.1%. Over the next year, revenue is forecast to grow 2.2%, compared to a 18% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings.Upcoming Dividend • Jul 27Upcoming dividend of NT$3.50 per shareEligible shareholders must have bought the stock before 03 August 2022. Payment date: 30 August 2022. Payout ratio is a comfortable 54% and the cash payout ratio is 84%. Trailing yield: 5.7%. Lower than top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (4.0%).Price Target Changed • Jul 14Price target decreased to NT$91.43Down from NT$101, the current price target is an average from 5 analysts. New target price is 57% above last closing price of NT$58.20. Stock is down 40% over the past year. The company is forecast to post earnings per share of NT$6.84 for next year compared to NT$6.91 last year.공고 • Jun 25Taiwan Paiho Limited Announces Cash Dividend for the Year 2021Taiwan Paiho Limited announced cash dividend of TWD 3.5 per share for the year 2021, at the AGM held on June 24, 2022.Reported Earnings • May 10First quarter 2022 earnings: Revenues and EPS in line with analyst expectationsFirst quarter 2022 results: EPS: NT$1.56 (down from NT$1.95 in 1Q 2021). Revenue: NT$4.26b (down 8.7% from 1Q 2021). Net income: NT$463.9m (down 20% from 1Q 2021). Profit margin: 11% (down from 13% in 1Q 2021). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to stay flat compared to a 16% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings.Price Target Changed • Apr 27Price target decreased to NT$103Down from NT$113, the current price target is an average from 7 analysts. New target price is 55% above last closing price of NT$66.20. Stock is down 32% over the past year. The company is forecast to post earnings per share of NT$7.05 for next year compared to NT$6.91 last year.Board Change • Apr 27Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 8 experienced directors. 3 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Jui-Lin Lo was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Price Target Changed • Apr 17Price target decreased to NT$103Down from NT$113, the current price target is an average from 7 analysts. New target price is 45% above last closing price of NT$71.00. Stock is down 25% over the past year. The company is forecast to post earnings per share of NT$7.04 for next year compared to NT$6.91 last year.공고 • Apr 02Taiwan Paiho Limited, Annual General Meeting, Jun 24, 2022Taiwan Paiho Limited, Annual General Meeting, Jun 24, 2022.Reported Earnings • Mar 29Full year 2021 earnings: EPS misses analyst expectationsFull year 2021 results: EPS: NT$6.91 (up from NT$5.21 in FY 2020). Revenue: NT$18.3b (up 25% from FY 2020). Net income: NT$2.06b (up 33% from FY 2020). Profit margin: 11% (in line with FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.7%. Over the next year, revenue is expected to shrink by 3.8% compared to a 17% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.Reported Earnings • Nov 12Third quarter 2021 earnings released: EPS NT$1.17 (vs NT$1.22 in 3Q 2020)The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: NT$3.48m (down 100% from 3Q 2020). Net income: NT$348.7k (down 100% from 3Q 2020). Profit margin: 10.0% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth.Reported Earnings • Aug 15Second quarter 2021 earnings released: EPS NT$2.30 (vs NT$0.82 in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$6.01b (up 101% from 2Q 2020). Net income: NT$686.5m (up 181% from 2Q 2020). Profit margin: 11% (up from 8.2% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth.Upcoming Dividend • Jul 27Upcoming dividend of NT$3.00 per shareEligible shareholders must have bought the stock before 03 August 2021. Payment date: 30 August 2021. Trailing yield: 3.3%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (2.4%).Reported Earnings • May 14First quarter 2021 earnings released: EPS NT$1.95 (vs NT$1.79 in 1Q 2020)The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: NT$4.67b (up 1.6% from 1Q 2020). Net income: NT$582.1m (up 9.0% from 1Q 2020). Profit margin: 13% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 8% per year.Valuation Update With 7 Day Price Move • Apr 16Investor sentiment improved over the past weekAfter last week's 16% share price gain to NT$96.60, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Luxury industry in Taiwan. Total returns to shareholders of 51% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$120 per share.Major Estimate Revision • Apr 16Consensus EPS estimates increase to NT$6.98The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from NT$17.1b to NT$18.0b. EPS estimate increased from NT$6.22 to NT$6.98 per share. Net income forecast to grow 30% next year vs 27% growth forecast for Luxury industry in Taiwan. Consensus price target up from NT$91.48 to NT$101. Share price rose 16% to NT$96.60 over the past week.분석 기사 • Apr 01We Like The Quality Of Taiwan Paiho's (TPE:9938) EarningsTaiwan Paiho Limited's ( TPE:9938 ) solid earnings announcement recently didn't do much to the stock price. We did some...Reported Earnings • Mar 28Full year 2020 earnings released: EPS NT$5.21 (vs NT$5.11 in FY 2019)The company reported a mediocre full year result with weaker revenues, although profit margins were flat and earnings improved. Full year 2020 results: Revenue: NT$14.6b (down 4.3% from FY 2019). Net income: NT$1.55b (up 1.9% from FY 2019). Profit margin: 11% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 1% per year.Is New 90 Day High Low • Feb 04New 90-day high: NT$82.00The company is up 16% from its price of NT$70.90 on 06 November 2020. The Taiwanese market is up 21% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Luxury industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$101 per share.Major Estimate Revision • Jan 20Analysts increase EPS estimates to NT$6.12The 2021 consensus revenue estimate increased from NT$15.4b to NT$16.8b. The earnings per share estimate also received an upgrade from NT$5.53 to NT$6.12 for the same period. Net income is expected to grow by 16% next year compared to 18% growth forecast for the Luxury industry in Taiwan. The consensus price target increased from NT$84.78 to NT$92.60. Share price is up 4.7% to NT$79.90 over the past week.Price Target Changed • Jan 19Price target raised to NT$91.18Up from NT$84.78, the current price target is an average from 10 analysts. The new target price is 14% above the current share price of NT$80.30. As of last close, the stock is down 7.7% over the past year.Is New 90 Day High Low • Jan 14New 90-day high: NT$80.30The company is up 11% from its price of NT$72.20 on 16 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Luxury industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$56.99 per share.분석 기사 • Dec 31Taiwan Paiho (TPE:9938) Share Prices Have Dropped 42% In The Last Three YearsMany investors define successful investing as beating the market average over the long term. But if you try your hand...분석 기사 • Dec 18Taiwan Paiho Limited's (TPE:9938) Intrinsic Value Is Potentially 22% Below Its Share PriceToday we'll do a simple run through of a valuation method used to estimate the attractiveness of Taiwan Paiho Limited...분석 기사 • Dec 01Here's How We Evaluate Taiwan Paiho Limited's (TPE:9938) DividendCould Taiwan Paiho Limited (TPE:9938) be an attractive dividend share to own for the long haul? Investors are often...Reported Earnings • Nov 14Third quarter 2020 earnings released: EPS NT$1.22The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$3.40b (down 8.5% from 3Q 2019). Net income: NT$364.4m (up 3.9% from 3Q 2019). Profit margin: 11% (up from 9.4% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings.Analyst Estimate Surprise Post Earnings • Nov 14Revenue behind estimatesRevenue missed analyst estimates by 0.3%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 3.6%, compared to a 3.0% growth forecast for the Luxury industry in Taiwan.이익 및 매출 성장 예측TWSE:9938 - 애널리스트 향후 추정치 및 과거 재무 데이터 (TWD Millions)날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수12/31/202818,2571,264N/AN/A112/31/202717,7271,12982,208312/31/202616,202939-4712,32933/31/202615,5641,024-132,054N/A12/31/202515,7751,2214012,335N/A9/30/202515,8711,2811,0482,561N/A6/30/202516,0221,3932,0963,445N/A3/31/202516,1531,5411,7482,971N/A12/31/202415,4591,4161,3262,737N/A9/30/202414,7541,2576792,320N/A6/30/202414,0111,0562102,002N/A3/31/202412,9977782732,012N/A12/31/202312,445581-3701,363N/A9/30/202312,251559-1,0511,441N/A6/30/202312,681705-9901,876N/A3/31/202315,0091,192-1,1122,581N/A12/31/202216,2701,520-6443,068N/A9/30/202217,4331,8663173,448N/A6/30/202216,9071,8143782,987N/A3/31/202217,8801,9421,0602,733N/A12/31/202118,2882,0608232,289N/A9/30/202117,8142,0261,6132,843N/A6/30/202117,7332,0422,4703,700N/A3/31/202114,7201,6001,9893,249N/A12/31/202014,6451,5523,9875,257N/A9/30/202014,6851,5182,7224,368N/A6/30/202014,9991,5041,5363,403N/A3/31/202015,5531,6501,2023,430N/A12/31/201915,3001,522N/A1,774N/A9/30/201916,2881,539N/A1,783N/A6/30/201915,7191,474N/A1,748N/A3/31/201915,1711,401N/A2,691N/A12/31/201813,7161,360N/A2,678N/A9/30/201811,9681,330N/A2,512N/A6/30/201811,9771,507N/A2,270N/A3/31/201811,8381,577N/A963N/A12/31/201711,7481,620N/A1,158N/A9/30/201711,5451,646N/A1,231N/A6/30/201711,1091,532N/A1,540N/A3/31/201710,9321,519N/A1,971N/A12/31/201610,6301,490N/A2,173N/A9/30/201610,4471,412N/A2,353N/A6/30/201610,0911,361N/A2,406N/A3/31/20169,7931,272N/A1,921N/A12/31/20159,4431,140N/A2,074N/A9/30/20159,4011,121N/A1,896N/A더 보기애널리스트 향후 성장 전망수입 대 저축률: 9938 의 연간 예상 수익 증가율(8.2%)이 saving rate(1.3%)보다 높습니다.수익 vs 시장: 9938 의 연간 수익(8.2%)이 TW 시장(26.7%)보다 느리게 성장할 것으로 예상됩니다.고성장 수익: 9938 의 수입은 증가할 것으로 예상되지만 상당히 증가하지는 않을 것입니다.수익 대 시장: 9938 의 수익(연간 6.6%)이 TW 시장(연간 22%)보다 느리게 성장할 것으로 예상됩니다.고성장 매출: 9938 의 수익(연간 6.6%)은 연간 20%보다 느리게 증가할 것으로 예상됩니다.주당순이익 성장 예측향후 자기자본이익률미래 ROE: 9938의 자본 수익률이 3년 후 높을 것으로 예상되는지 판단하기에 데이터가 부족합니다.성장 기업 찾아보기7D1Y7D1Y7D1YConsumer-durables 산업의 고성장 기업.View Past Performance기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/08/15 21:47종가2026/08/14 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 소스Taiwan Paiho Limited는 7명의 분석가가 다루고 있습니다. 이 중 3명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Helen ChienDaiwa Securities Co. Ltd.Chenghsin LinJ.P. MorganTseen LiuKGI Securities Co. Ltd.4명의 분석가 더 보기
Major Estimate Revision • Jul 18Consensus EPS estimates fall by 10%The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from NT$3.50 to NT$3.15 per share. Revenue forecast steady at NT$16.2b. Net income forecast to shrink 3.7% next year vs 26% growth forecast for Luxury industry in Taiwan . Consensus price target of NT$54.10 unchanged from last update. Share price was steady at NT$45.85 over the past week.
Price Target Changed • Apr 20Price target decreased by 9.0% to NT$58.43Down from NT$64.23, the current price target is an average from 3 analysts. New target price is 29% above last closing price of NT$45.35. Stock is down 13% over the past year. The company is forecast to post earnings per share of NT$4.19 for next year compared to NT$4.10 last year.
Major Estimate Revision • Apr 07Consensus EPS estimates fall by 16%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from NT$17.2b to NT$16.5b. EPS estimate also fell from NT$4.98 per share to NT$4.19 per share. Net income forecast to grow 2.4% next year vs 14% growth forecast for Luxury industry in Taiwan. Consensus price target down from NT$64.23 to NT$61.77. Share price was steady at NT$45.50 over the past week.
Price Target Changed • Jul 16Price target decreased by 12% to NT$72.58Down from NT$82.33, the current price target is an average from 4 analysts. New target price is 36% above last closing price of NT$53.50. Stock is down 19% over the past year. The company is forecast to post earnings per share of NT$4.46 for next year compared to NT$4.75 last year.
Price Target Changed • May 27Price target decreased by 8.3% to NT$77.00Down from NT$84.00, the current price target is an average from 3 analysts. New target price is 35% above last closing price of NT$57.10. Stock is down 11% over the past year. The company is forecast to post earnings per share of NT$6.53 for next year compared to NT$4.75 last year.
Price Target Changed • Oct 07Price target increased by 7.3% to NT$84.00Up from NT$78.27, the current price target is an average from 3 analysts. New target price is 8.8% above last closing price of NT$77.20. Stock is up 39% over the past year. The company is forecast to post earnings per share of NT$4.73 for next year compared to NT$1.95 last year.
Upcoming Dividend • Jul 28Upcoming dividend of NT$3.00 per shareEligible shareholders must have bought the stock before 04 August 2026. Payment date: 31 August 2026. Payout ratio is on the higher end at 87% but the company is not cash flow positive. Trailing yield: 6.4%. Within top quartile of Taiwanese dividend payers (5.1%). Higher than average of industry peers (4.7%).
Major Estimate Revision • Jul 18Consensus EPS estimates fall by 10%The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from NT$3.50 to NT$3.15 per share. Revenue forecast steady at NT$16.2b. Net income forecast to shrink 3.7% next year vs 26% growth forecast for Luxury industry in Taiwan . Consensus price target of NT$54.10 unchanged from last update. Share price was steady at NT$45.85 over the past week.
Declared Dividend • Jun 08Dividend of NT$3.00 announcedShareholders will receive a dividend of NT$3.00. Ex-date: 4th August 2026 Payment date: 31st August 2026 Dividend yield will be 6.7%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (87% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 4.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 23% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
New Risk • May 20New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.6% Last year net profit margin: 9.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (6.6% net profit margin).
Reported Earnings • May 20First quarter 2026 earnings: EPS and revenues miss analyst expectationsFirst quarter 2026 results: EPS: NT$0.87 (down from NT$1.54 in 1Q 2025). Revenue: NT$4.04b (down 5.0% from 1Q 2025). Net income: NT$260.1m (down 43% from 1Q 2025). Profit margin: 6.4% (down from 11% in 1Q 2025). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 17%. Revenue is forecast to grow 7.1% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings.
Price Target Changed • Apr 20Price target decreased by 9.0% to NT$58.43Down from NT$64.23, the current price target is an average from 3 analysts. New target price is 29% above last closing price of NT$45.35. Stock is down 13% over the past year. The company is forecast to post earnings per share of NT$4.19 for next year compared to NT$4.10 last year.
Major Estimate Revision • Apr 07Consensus EPS estimates fall by 16%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from NT$17.2b to NT$16.5b. EPS estimate also fell from NT$4.98 per share to NT$4.19 per share. Net income forecast to grow 2.4% next year vs 14% growth forecast for Luxury industry in Taiwan. Consensus price target down from NT$64.23 to NT$61.77. Share price was steady at NT$45.50 over the past week.
Reported Earnings • Mar 19Full year 2025 earnings: Revenues and EPS in line with analyst expectationsFull year 2025 results: EPS: NT$4.10 (down from NT$4.75 in FY 2024). Revenue: NT$15.8b (up 2.0% from FY 2024). Net income: NT$1.22b (down 14% from FY 2024). Profit margin: 7.7% (down from 9.2% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 5.4% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings.
Buy Or Sell Opportunity • Mar 10Now 20% overvaluedOver the last 90 days, the stock has fallen 6.4% to NT$49.35. The fair value is estimated to be NT$40.98, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue is forecast to grow by 8.7% in 2 years. Earnings are forecast to grow by 27% in the next 2 years.
공고 • Jan 08Taiwan Paiho Limited, Annual General Meeting, Jun 09, 2026Taiwan Paiho Limited, Annual General Meeting, Jun 09, 2026. Location: no,575, huo kang rd., hemei township, changhua county Taiwan
Reported Earnings • Nov 15Third quarter 2025 earnings: EPS misses analyst expectationsThird quarter 2025 results: EPS: NT$1.16 (down from NT$1.53 in 3Q 2024). Revenue: NT$4.17b (down 3.5% from 3Q 2024). Net income: NT$344.7m (down 24% from 3Q 2024). Profit margin: 8.3% (down from 11% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 1% per year.
Reported Earnings • Aug 14Second quarter 2025 earnings: EPS exceeds analyst expectationsSecond quarter 2025 results: EPS: NT$0.67 (down from NT$1.17 in 2Q 2024). Revenue: NT$3.59b (down 3.5% from 2Q 2024). Net income: NT$200.8m (down 43% from 2Q 2024). Profit margin: 5.6% (down from 9.4% in 2Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.1%. Revenue is forecast to grow 4.5% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 5% per year.
Upcoming Dividend • Jul 28Upcoming dividend of NT$3.00 per shareEligible shareholders must have bought the stock before 04 August 2025. Payment date: 29 August 2025. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 5.6%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (4.6%).
Price Target Changed • Jul 16Price target decreased by 12% to NT$72.58Down from NT$82.33, the current price target is an average from 4 analysts. New target price is 36% above last closing price of NT$53.50. Stock is down 19% over the past year. The company is forecast to post earnings per share of NT$4.46 for next year compared to NT$4.75 last year.
Declared Dividend • Jun 19Dividend increased to NT$3.00Dividend of NT$3.00 is 200% higher than last year. Ex-date: 4th August 2025 Payment date: 29th August 2025 Dividend yield will be 5.6%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 4.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 3.9% over the next year, which should provide support to the dividend and adequate earnings cover.
Price Target Changed • May 27Price target decreased by 8.3% to NT$77.00Down from NT$84.00, the current price target is an average from 3 analysts. New target price is 35% above last closing price of NT$57.10. Stock is down 11% over the past year. The company is forecast to post earnings per share of NT$6.53 for next year compared to NT$4.75 last year.
Reported Earnings • May 15First quarter 2025 earnings: Revenues and EPS in line with analyst expectationsFirst quarter 2025 results: EPS: NT$1.54 (up from NT$1.12 in 1Q 2024). Revenue: NT$4.25b (up 20% from 1Q 2024). Net income: NT$457.4m (up 38% from 1Q 2024). Profit margin: 11% (up from 9.4% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 6.2% p.a. on average during the next 2 years, compared to a 8.5% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings.
New Risk • Apr 25New minor risk - Dividend sustainabilityThe company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 5.2% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks High level of debt (47% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past.
Valuation Update With 7 Day Price Move • Apr 08Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to NT$53.70, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Luxury industry in Taiwan. Total loss to shareholders of 17% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$90.77 per share.
Reported Earnings • Mar 20Full year 2024 earnings: Revenues and EPS in line with analyst expectationsFull year 2024 results: EPS: NT$4.75 (up from NT$1.95 in FY 2023). Revenue: NT$15.5b (up 24% from FY 2023). Net income: NT$1.42b (up 144% from FY 2023). Profit margin: 9.2% (up from 4.7% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 8.4% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings.
공고 • Mar 12+ 1 more updateTaiwan Paiho Limited Announces Cash Dividend for the Year Ended December 31, 2024Taiwan Paiho Limited announced the Board of Directors' resolution for the dividend distribution for 2024 on March 11, 2025. Period which dividends belong to: January 1, 2024 to December 31, 2024. Appropriations of earnings in cash dividends to shareholders: TWD 3 per share; Total amount of cash distributed to shareholders: TWD 893,891,706.
공고 • Mar 04Taiwan Paiho Limited to Report Fiscal Year 2024 Results on Mar 11, 2025Taiwan Paiho Limited announced that they will report fiscal year 2024 results on Mar 11, 2025
분석 기사 • Dec 20Should You Investigate Taiwan Paiho Limited (TWSE:9938) At NT$70.30?While Taiwan Paiho Limited ( TWSE:9938 ) might not have the largest market cap around , it saw a double-digit share...
Reported Earnings • Nov 12Third quarter 2024 earnings: EPS and revenues exceed analyst expectationsThird quarter 2024 results: EPS: NT$1.53 (up from NT$0.85 in 3Q 2023). Revenue: NT$4.32b (up 21% from 3Q 2023). Net income: NT$456.2m (up 79% from 3Q 2023). Profit margin: 11% (up from 7.1% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.0%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings.
Price Target Changed • Oct 07Price target increased by 7.3% to NT$84.00Up from NT$78.27, the current price target is an average from 3 analysts. New target price is 8.8% above last closing price of NT$77.20. Stock is up 39% over the past year. The company is forecast to post earnings per share of NT$4.73 for next year compared to NT$1.95 last year.
분석 기사 • Oct 03A Piece Of The Puzzle Missing From Taiwan Paiho Limited's (TWSE:9938) 25% Share Price ClimbTaiwan Paiho Limited ( TWSE:9938 ) shareholders have had their patience rewarded with a 25% share price jump in the...
분석 기사 • Sep 17Here's Why Taiwan Paiho (TWSE:9938) Has A Meaningful Debt BurdenWarren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company...
Price Target Changed • Aug 31Price target increased by 16% to NT$78.27Up from NT$67.75, the current price target is an average from 3 analysts. New target price is 27% above last closing price of NT$61.50. Stock is up 23% over the past year. The company is forecast to post earnings per share of NT$4.78 for next year compared to NT$1.95 last year.
Reported Earnings • Aug 12Second quarter 2024 earnings released: EPS: NT$1.17 (vs NT$0.24 in 2Q 2023)Second quarter 2024 results: EPS: NT$1.17 (up from NT$0.24 in 2Q 2023). Revenue: NT$3.72b (up 37% from 2Q 2023). Net income: NT$349.0m (up 385% from 2Q 2023). Profit margin: 9.4% (up from 2.7% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings.
공고 • Aug 02Taiwan Paiho Limited to Report Q2, 2024 Results on Aug 08, 2024Taiwan Paiho Limited announced that they will report Q2, 2024 results on Aug 08, 2024
Upcoming Dividend • Jul 26Upcoming dividend of NT$1.00 per shareEligible shareholders must have bought the stock before 02 August 2024. Payment date: 30 August 2024. Payout ratio is a comfortable 38% but the company is paying out more than the cash it is generating. Trailing yield: 1.5%. Lower than top quartile of Taiwanese dividend payers (4.3%). Lower than average of industry peers (3.1%).
분석 기사 • Jul 22Taiwan Paiho (TWSE:9938) Is Paying Out Less In Dividends Than Last YearTaiwan Paiho Limited ( TWSE:9938 ) is reducing its dividend from last year's comparable payment to NT$1.00 on the 30th...
Valuation Update With 7 Day Price Move • Jul 18Investor sentiment improves as stock rises 17%After last week's 17% share price gain to NT$69.30, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 17x in the Luxury industry in Taiwan. Total loss to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$29.94 per share.
분석 기사 • Jul 17Should You Investigate Taiwan Paiho Limited (TWSE:9938) At NT$65.90?Taiwan Paiho Limited ( TWSE:9938 ), is not the largest company out there, but it saw a double-digit share price rise of...
Price Target Changed • Jul 17Price target increased by 7.9% to NT$71.20Up from NT$66.00, the current price target is an average from 4 analysts. New target price is 8.0% above last closing price of NT$65.90. Stock is up 20% over the past year. The company is forecast to post earnings per share of NT$4.78 for next year compared to NT$1.95 last year.
분석 기사 • Jun 27Taiwan Paiho (TWSE:9938) Has Announced That Its Dividend Will Be Reduced To NT$1.00Taiwan Paiho Limited ( TWSE:9938 ) is reducing its dividend from last year's comparable payment to NT$1.00 on the 30th...
Declared Dividend • Jun 27Dividend reduced to NT$1.00Dividend of NT$1.00 is 60% lower than last year. Ex-date: 2nd August 2024 Payment date: 30th August 2024 Dividend yield will be 1.6%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (38% earnings payout ratio) but not covered by cash flows (109% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 21% over the next year, which should provide support to the dividend and adequate earnings cover.
Board Change • Jun 21Less than half of directors are independentFollowing the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Yin-Chieh Hsu was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
공고 • Jun 21Taiwan Paiho Limited Approves Cash Dividend for the Year 2023Taiwan Paiho Limited approved cash dividend of TWD 1 per share for the year 2023 at its Annual General Shareholders’ Meeting held on June 19, 2024.
Reported Earnings • May 11First quarter 2024 earnings: EPS exceeds analyst expectationsFirst quarter 2024 results: EPS: NT$1.12 (up from NT$0.45 in 1Q 2023). Revenue: NT$3.56b (up 18% from 1Q 2023). Net income: NT$332.6m (up 146% from 1Q 2023). Profit margin: 9.4% (up from 4.5% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.7%. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings.
Major Estimate Revision • Apr 17Consensus EPS estimates increase by 11%The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from NT$3.83 to NT$4.24. Revenue forecast steady at NT$14.6b. Net income forecast to grow 117% next year vs 23% growth forecast for Luxury industry in Taiwan. Consensus price target up from NT$62.50 to NT$66.00. Share price rose 3.7% to NT$61.20 over the past week.
Reported Earnings • Mar 15Full year 2023 earnings: EPS misses analyst expectationsFull year 2023 results: EPS: NT$1.95 (down from NT$5.10 in FY 2022). Revenue: NT$12.4b (down 24% from FY 2022). Net income: NT$581.2m (down 62% from FY 2022). Profit margin: 4.7% (down from 9.3% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.5%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 9.7% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings.
공고 • Mar 14+ 1 more updateTaiwan Paiho Limited, Annual General Meeting, Jun 19, 2024Taiwan Paiho Limited, Annual General Meeting, Jun 19, 2024. Location: No.575, Ho Kang Rd., Hemei Township Changhua County Taiwan Agenda: To consider the 2023 Business Report; to consider the audit Committee's review report of 2023; to report on 2023 employees compensation and remuneration to directors; to report the cash dividends of 2023 earnings distribution; to report the endorsements/guarantees amount of the Company and its subsidiaries accounted for more than 50% of the net worth; to consider the adoption of the 2023 Business Report and Financial Statements; and to consider the adoption of the proposal for distribution of 2023 profits.
Major Estimate Revision • Jan 18Consensus EPS estimates fall by 17%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$13.1b to NT$12.8b. EPS estimate also fell from NT$2.40 per share to NT$1.98 per share. Net income forecast to grow 66% next year vs 18% growth forecast for Luxury industry in Taiwan. Consensus price target down from NT$65.50 to NT$63.00. Share price fell 8.5% to NT$52.80 over the past week.
Price Target Changed • Jan 17Price target decreased by 8.7% to NT$63.00Down from NT$69.00, the current price target is an average from 4 analysts. New target price is 19% above last closing price of NT$52.80. Stock is down 8.2% over the past year. The company is forecast to post earnings per share of NT$1.98 for next year compared to NT$5.10 last year.
공고 • Dec 29Taiwan Paiho Limited Announces the Resignation of Cheng-Tsung Cheng as DirectorTaiwan Paiho Limited announced the resignation of Cheng-Tsung Cheng as director o the company, December 28, 2023.
Reported Earnings • Nov 15Third quarter 2023 earnings: EPS and revenues exceed analyst expectationsThird quarter 2023 results: EPS: NT$0.86 (down from NT$1.34 in 3Q 2022). Revenue: NT$3.58b (down 11% from 3Q 2022). Net income: NT$254.9m (down 36% from 3Q 2022). Profit margin: 7.1% (down from 10.0% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) also surpassed analyst estimates by 7.1%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings.
Price Target Changed • Sep 20Price target decreased by 8.2% to NT$63.33Down from NT$69.00, the current price target is an average from 3 analysts. New target price is 16% above last closing price of NT$54.60. Stock is down 15% over the past year. The company is forecast to post earnings per share of NT$2.40 for next year compared to NT$5.10 last year.
Valuation Update With 7 Day Price Move • Sep 13Investor sentiment improves as stock rises 18%After last week's 18% share price gain to NT$56.90, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 15x in the Luxury industry in Taiwan. Total loss to shareholders of 4.6% over the past three years.
New Risk • Aug 13New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 2.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.9x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 105% Paying a dividend despite having no free cash flows. Minor Risk Profit margins are more than 30% lower than last year (5.6% net profit margin).
Reported Earnings • Aug 12Second quarter 2023 earnings: EPS misses analyst expectationsSecond quarter 2023 results: EPS: NT$0.24 (down from NT$1.88 in 2Q 2022). Revenue: NT$2.71b (down 46% from 2Q 2022). Net income: NT$72.0m (down 87% from 2Q 2022). Profit margin: 2.7% (down from 11% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.7%. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 7.9% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 12% per year.
Upcoming Dividend • Jul 27Upcoming dividend of NT$2.50 per share at 4.3% yieldEligible shareholders must have bought the stock before 03 August 2023. Payment date: 30 August 2023. Payout ratio is a comfortable 63% but the company is not cash flow positive. Trailing yield: 4.3%. Lower than top quartile of Taiwanese dividend payers (5.5%). In line with average of industry peers (4.3%).
Major Estimate Revision • Jul 15Consensus revenue estimates fall by 17%The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$16.4b to NT$13.6b. EPS estimate fell from NT$4.05 to NT$2.39 per share. Net income forecast to shrink 16% next year vs 24% growth forecast for Luxury industry in Taiwan . Consensus price target down from NT$73.00 to NT$69.00. Share price was steady at NT$54.50 over the past week.
공고 • Jun 08+ 2 more updatesTaiwan Paiho Limited Announces Board ChangesTaiwan Paiho Limited announced the term expiration of Yi-Ming Lin, Hsi-Ming Pai and Chung-Cheng Wang from the board of Directors and announced the appointments of Shui-Jin Chen, Accountant of Yuan-Sheng Certified Public Accountants, Cheng-Tsung Cheng, Executive Vice General Manager, Sales Department, TAIWAN PAIHO LIMITED., Kuei-Chu Yeh. Vice General Manager, President Office, TAIWAN PAIHO LIMITED., Yin-Chieh Hsu. President of HC & Partners. and Chun-Chieh Tseng. CPA, Hui Yi Certified Public Accountant. to the board of Directors, effective June 7, 2023.
Reported Earnings • May 18First quarter 2023 earnings: EPS and revenues miss analyst expectationsFirst quarter 2023 results: EPS: NT$0.45 (down from NT$1.56 in 1Q 2022). Revenue: NT$3.00b (down 30% from 1Q 2022). Net income: NT$135.3m (down 71% from 1Q 2022). Profit margin: 4.5% (down from 11% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Luxury industry in Asia. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings.
Major Estimate Revision • Apr 19Consensus EPS estimates fall by 26%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$16.8b to NT$15.8b. EPS estimate also fell from NT$5.46 per share to NT$4.05 per share. Net income forecast to shrink 21% next year vs 17% decline forecast for Luxury industry in Taiwan. Consensus price target of NT$73.00 unchanged from last update. Share price fell 2.0% to NT$58.10 over the past week.
Reported Earnings • Mar 29Full year 2022 earnings: EPS and revenues miss analyst expectationsFull year 2022 results: EPS: NT$5.10 (down from NT$6.91 in FY 2021). Revenue: NT$16.3b (down 11% from FY 2021). Net income: NT$1.52b (down 26% from FY 2021). Profit margin: 9.3% (down from 11% in FY 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) also missed analyst estimates by 9.9%. Revenue is forecast to grow 5.6% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Luxury industry in Asia. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 3% per year.
Board Change • Nov 16Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 8 experienced directors. 3 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Jui-Lin Lo was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Reported Earnings • Nov 13Third quarter 2022 earnings: EPS exceeds analyst expectationsThird quarter 2022 results: EPS: NT$1.34 (up from NT$1.17 in 3Q 2021). Revenue: NT$4.01b (up 15% from 3Q 2021). Net income: NT$400.4m (up 15% from 3Q 2021). Profit margin: 10.0% (in line with 3Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.2%. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings.
Price Target Changed • Oct 18Price target decreased to NT$67.00Down from NT$77.14, the current price target is an average from 7 analysts. New target price is 30% above last closing price of NT$51.70. Stock is down 35% over the past year. The company is forecast to post earnings per share of NT$6.20 for next year compared to NT$6.91 last year.
Reported Earnings • Aug 13Second quarter 2022 earnings: EPS and revenues miss analyst expectationsSecond quarter 2022 results: EPS: NT$1.88 (down from NT$2.30 in 2Q 2021). Revenue: NT$5.04b (down 16% from 2Q 2021). Net income: NT$558.8m (down 19% from 2Q 2021). Profit margin: 11% (in line with 2Q 2021). Revenue missed analyst estimates by 7.0%. Earnings per share (EPS) also missed analyst estimates by 4.1%. Over the next year, revenue is forecast to grow 2.2%, compared to a 18% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings.
Upcoming Dividend • Jul 27Upcoming dividend of NT$3.50 per shareEligible shareholders must have bought the stock before 03 August 2022. Payment date: 30 August 2022. Payout ratio is a comfortable 54% and the cash payout ratio is 84%. Trailing yield: 5.7%. Lower than top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (4.0%).
Price Target Changed • Jul 14Price target decreased to NT$91.43Down from NT$101, the current price target is an average from 5 analysts. New target price is 57% above last closing price of NT$58.20. Stock is down 40% over the past year. The company is forecast to post earnings per share of NT$6.84 for next year compared to NT$6.91 last year.
공고 • Jun 25Taiwan Paiho Limited Announces Cash Dividend for the Year 2021Taiwan Paiho Limited announced cash dividend of TWD 3.5 per share for the year 2021, at the AGM held on June 24, 2022.
Reported Earnings • May 10First quarter 2022 earnings: Revenues and EPS in line with analyst expectationsFirst quarter 2022 results: EPS: NT$1.56 (down from NT$1.95 in 1Q 2021). Revenue: NT$4.26b (down 8.7% from 1Q 2021). Net income: NT$463.9m (down 20% from 1Q 2021). Profit margin: 11% (down from 13% in 1Q 2021). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to stay flat compared to a 16% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings.
Price Target Changed • Apr 27Price target decreased to NT$103Down from NT$113, the current price target is an average from 7 analysts. New target price is 55% above last closing price of NT$66.20. Stock is down 32% over the past year. The company is forecast to post earnings per share of NT$7.05 for next year compared to NT$6.91 last year.
Board Change • Apr 27Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 8 experienced directors. 3 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Jui-Lin Lo was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Price Target Changed • Apr 17Price target decreased to NT$103Down from NT$113, the current price target is an average from 7 analysts. New target price is 45% above last closing price of NT$71.00. Stock is down 25% over the past year. The company is forecast to post earnings per share of NT$7.04 for next year compared to NT$6.91 last year.
공고 • Apr 02Taiwan Paiho Limited, Annual General Meeting, Jun 24, 2022Taiwan Paiho Limited, Annual General Meeting, Jun 24, 2022.
Reported Earnings • Mar 29Full year 2021 earnings: EPS misses analyst expectationsFull year 2021 results: EPS: NT$6.91 (up from NT$5.21 in FY 2020). Revenue: NT$18.3b (up 25% from FY 2020). Net income: NT$2.06b (up 33% from FY 2020). Profit margin: 11% (in line with FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.7%. Over the next year, revenue is expected to shrink by 3.8% compared to a 17% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.
Reported Earnings • Nov 12Third quarter 2021 earnings released: EPS NT$1.17 (vs NT$1.22 in 3Q 2020)The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: NT$3.48m (down 100% from 3Q 2020). Net income: NT$348.7k (down 100% from 3Q 2020). Profit margin: 10.0% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth.
Reported Earnings • Aug 15Second quarter 2021 earnings released: EPS NT$2.30 (vs NT$0.82 in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$6.01b (up 101% from 2Q 2020). Net income: NT$686.5m (up 181% from 2Q 2020). Profit margin: 11% (up from 8.2% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth.
Upcoming Dividend • Jul 27Upcoming dividend of NT$3.00 per shareEligible shareholders must have bought the stock before 03 August 2021. Payment date: 30 August 2021. Trailing yield: 3.3%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (2.4%).
Reported Earnings • May 14First quarter 2021 earnings released: EPS NT$1.95 (vs NT$1.79 in 1Q 2020)The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: NT$4.67b (up 1.6% from 1Q 2020). Net income: NT$582.1m (up 9.0% from 1Q 2020). Profit margin: 13% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 8% per year.
Valuation Update With 7 Day Price Move • Apr 16Investor sentiment improved over the past weekAfter last week's 16% share price gain to NT$96.60, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Luxury industry in Taiwan. Total returns to shareholders of 51% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$120 per share.
Major Estimate Revision • Apr 16Consensus EPS estimates increase to NT$6.98The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from NT$17.1b to NT$18.0b. EPS estimate increased from NT$6.22 to NT$6.98 per share. Net income forecast to grow 30% next year vs 27% growth forecast for Luxury industry in Taiwan. Consensus price target up from NT$91.48 to NT$101. Share price rose 16% to NT$96.60 over the past week.
분석 기사 • Apr 01We Like The Quality Of Taiwan Paiho's (TPE:9938) EarningsTaiwan Paiho Limited's ( TPE:9938 ) solid earnings announcement recently didn't do much to the stock price. We did some...
Reported Earnings • Mar 28Full year 2020 earnings released: EPS NT$5.21 (vs NT$5.11 in FY 2019)The company reported a mediocre full year result with weaker revenues, although profit margins were flat and earnings improved. Full year 2020 results: Revenue: NT$14.6b (down 4.3% from FY 2019). Net income: NT$1.55b (up 1.9% from FY 2019). Profit margin: 11% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 1% per year.
Is New 90 Day High Low • Feb 04New 90-day high: NT$82.00The company is up 16% from its price of NT$70.90 on 06 November 2020. The Taiwanese market is up 21% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Luxury industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$101 per share.
Major Estimate Revision • Jan 20Analysts increase EPS estimates to NT$6.12The 2021 consensus revenue estimate increased from NT$15.4b to NT$16.8b. The earnings per share estimate also received an upgrade from NT$5.53 to NT$6.12 for the same period. Net income is expected to grow by 16% next year compared to 18% growth forecast for the Luxury industry in Taiwan. The consensus price target increased from NT$84.78 to NT$92.60. Share price is up 4.7% to NT$79.90 over the past week.
Price Target Changed • Jan 19Price target raised to NT$91.18Up from NT$84.78, the current price target is an average from 10 analysts. The new target price is 14% above the current share price of NT$80.30. As of last close, the stock is down 7.7% over the past year.
Is New 90 Day High Low • Jan 14New 90-day high: NT$80.30The company is up 11% from its price of NT$72.20 on 16 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Luxury industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$56.99 per share.
분석 기사 • Dec 31Taiwan Paiho (TPE:9938) Share Prices Have Dropped 42% In The Last Three YearsMany investors define successful investing as beating the market average over the long term. But if you try your hand...
분석 기사 • Dec 18Taiwan Paiho Limited's (TPE:9938) Intrinsic Value Is Potentially 22% Below Its Share PriceToday we'll do a simple run through of a valuation method used to estimate the attractiveness of Taiwan Paiho Limited...
분석 기사 • Dec 01Here's How We Evaluate Taiwan Paiho Limited's (TPE:9938) DividendCould Taiwan Paiho Limited (TPE:9938) be an attractive dividend share to own for the long haul? Investors are often...
Reported Earnings • Nov 14Third quarter 2020 earnings released: EPS NT$1.22The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$3.40b (down 8.5% from 3Q 2019). Net income: NT$364.4m (up 3.9% from 3Q 2019). Profit margin: 11% (up from 9.4% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings.
Analyst Estimate Surprise Post Earnings • Nov 14Revenue behind estimatesRevenue missed analyst estimates by 0.3%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 3.6%, compared to a 3.0% growth forecast for the Luxury industry in Taiwan.