View ValuationFormosa Plastics 향후 성장Future 기준 점검 3/6Formosa Plastics (는) 각각 연간 85.4% 및 3.5% 수익과 수익이 증가할 것으로 예상됩니다. EPS는 연간 85.4% 만큼 성장할 것으로 예상됩니다. 자기자본이익률은 3년 후 3.1% 로 예상됩니다.핵심 정보85.4%이익 성장률85.39%EPS 성장률Chemicals 이익 성장51.9%매출 성장률3.5%향후 자기자본이익률3.13%애널리스트 커버리지Low마지막 업데이트14 Apr 2026최근 향후 성장 업데이트Price Target Changed • Mar 26Price target increased by 9.4% to NT$50.00Up from NT$45.71, the current price target is an average from 5 analysts. New target price is 5.4% above last closing price of NT$47.45. Stock is up 22% over the past year. The company posted a net loss per share of NT$1.58 last year.Price Target Changed • Jul 11Price target increased by 13% to NT$49.22Up from NT$43.75, the current price target is an average from 9 analysts. New target price is 45% above last closing price of NT$34.00. Stock is down 41% over the past year. The company is forecast to post earnings per share of NT$0.64 next year compared to a net loss per share of NT$0.19 last year.Price Target Changed • Jan 14Price target decreased by 17% to NT$48.43Down from NT$58.43, the current price target is an average from 7 analysts. New target price is 38% above last closing price of NT$35.00. Stock is down 52% over the past year. The company is forecast to post earnings per share of NT$0.18 for next year compared to NT$1.15 last year.Price Target Changed • Dec 11Price target decreased by 7.8% to NT$61.57Down from NT$66.78, the current price target is an average from 7 analysts. New target price is 54% above last closing price of NT$40.00. Stock is down 49% over the past year. The company is forecast to post earnings per share of NT$2.13 for next year compared to NT$1.15 last year.Major Estimate Revision • Oct 16Consensus EPS estimates increase by 10%, revenue downgradedThe consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from NT$207.2b to NT$203.6b. EPS estimate rose from NT$1.47 to NT$1.62. Net income forecast to grow 165% next year vs 29% growth forecast for Chemicals industry in Taiwan. Consensus price target down from NT$66.78 to NT$64.56. Share price fell 3.2% to NT$47.95 over the past week.Price Target Changed • Apr 12Price target decreased by 9.0% to NT$74.00Down from NT$81.33, the current price target is an average from 9 analysts. New target price is 6.2% above last closing price of NT$69.70. Stock is down 25% over the past year. The company is forecast to post earnings per share of NT$2.05 for next year compared to NT$1.15 last year.모든 업데이트 보기Recent updatesReported Earnings • May 14First quarter 2026 earnings released: EPS: NT$0.51 (vs NT$0.008 in 1Q 2025)First quarter 2026 results: EPS: NT$0.51 (up from NT$0.008 in 1Q 2025). Revenue: NT$42.0b (down 11% from 1Q 2025). Net income: NT$3.27b (up NT$3.22b from 1Q 2025). Profit margin: 7.8% (up from 0.1% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance.New Risk • Apr 14New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 8.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company.Price Target Changed • Mar 26Price target increased by 9.4% to NT$50.00Up from NT$45.71, the current price target is an average from 5 analysts. New target price is 5.4% above last closing price of NT$47.45. Stock is up 22% over the past year. The company posted a net loss per share of NT$1.58 last year.공시 • Mar 09Formosa Plastics Corporation, Annual General Meeting, May 28, 2026Formosa Plastics Corporation, Annual General Meeting, May 28, 2026. Location: no,100, tun hua n. rd., taipei city TaiwanReported Earnings • Mar 08Full year 2025 earnings released: NT$1.58 loss per share (vs NT$0.19 loss in FY 2024)Full year 2025 results: NT$1.58 loss per share (further deteriorated from NT$0.19 loss in FY 2024). Revenue: NT$175.4b (down 12% from FY 2024). Net loss: NT$10.0b (loss widened NT$8.82b from FY 2024). Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 109 percentage points per year, which is a significant difference in performance.New Risk • Feb 26New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company.Buy Or Sell Opportunity • Feb 26Now 23% undervaluedOver the last 90 days, the stock has risen 23% to NT$51.20. The fair value is estimated to be NT$66.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Meanwhile, the company became loss making.공시 • Dec 20Formosa Plastics Corporation Executive ChangesFormosa Plastics Corporation announced that the Board of Directors approved the promotion of Mr. Jerry Lin to be the Acting President from the Senior Vice President and also discharged the duty of original President of Mr. Wen-Bee Kuo. The previous position holder was Wen-Bee Kuo, Chairman and President of the Company. The new position holder is Jerry Lin, previously the Senior Vice President of the Company. The circumstances of change were job relocation. The reason for the change was job relocation. The effective date of the new appointment is December 19, 2025. The date of the board of directors resolution was December 19, 2025.Reported Earnings • Nov 13Third quarter 2025 earnings released: NT$0.09 loss per share (vs NT$0.49 loss in 3Q 2024)Third quarter 2025 results: NT$0.09 loss per share (improved from NT$0.49 loss in 3Q 2024). Revenue: NT$41.7b (down 17% from 3Q 2024). Net loss: NT$602.1m (loss narrowed 81% from 3Q 2024). Revenue is expected to decline by 1.4% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Taiwan are expected to grow by 6.1%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 109 percentage points per year, which is a significant difference in performance.New Risk • Aug 21New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company.Reported Earnings • Aug 07Second quarter 2025 earnings: EPS and revenues miss analyst expectationsSecond quarter 2025 results: NT$1.04 loss per share (down from NT$0.21 profit in 2Q 2024). Revenue: NT$45.4b (down 11% from 2Q 2024). Net loss: NT$6.63b (down NT$7.99b from profit in 2Q 2024). Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates. Revenue is expected to decline by 1.1% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Taiwan are expected to grow by 3.6%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance.Price Target Changed • Jul 11Price target increased by 13% to NT$49.22Up from NT$43.75, the current price target is an average from 9 analysts. New target price is 45% above last closing price of NT$34.00. Stock is down 41% over the past year. The company is forecast to post earnings per share of NT$0.64 next year compared to a net loss per share of NT$0.19 last year.Upcoming Dividend • Jul 08Upcoming dividend of NT$0.50 per shareEligible shareholders must have bought the stock before 15 July 2025. Payment date: 15 August 2025. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.1%).공시 • Jun 13Formosa Plastics Corporation Announces Distribution of Cash Dividend, Payable on August 15, 2025Formosa Plastics Corporation announced distribution of cash dividend of TWD 0.5 per share. Ex-rights (ex-dividend) trading date is July 15, 2025. Ex-rights (ex-dividend) record date is July 21, 2025. Payment date of common stock cash dividend distribution is August 15, 2025.Declared Dividend • Jun 13Dividend reduced to NT$0.50Dividend of NT$0.50 is 50% lower than last year. Ex-date: 15th July 2025 Payment date: 15th August 2025 Dividend yield will be 1.4%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments.Reported Earnings • May 08First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behindFirst quarter 2025 results: EPS: NT$0.01 (down from NT$0.035 in 1Q 2024). Revenue: NT$47.2b (down 1.9% from 1Q 2024). Net income: NT$50.4m (down 77% from 1Q 2024). Profit margin: 0.1% (down from 0.5% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to stay flat during the next 3 years compared to a 4.1% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance.Reported Earnings • Mar 15Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2024 results: NT$0.19 loss per share (down from NT$1.15 profit in FY 2023). Revenue: NT$200.0b (flat on FY 2023). Net loss: NT$1.23b (down 117% from profit in FY 2023). Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) missed analyst estimates by 43%. Revenue is forecast to grow 1.1% p.a. on average during the next 2 years, compared to a 4.9% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance.공시 • Mar 14+ 1 more updateFormosa Plastics Corporation, Annual General Meeting, Jun 11, 2025Formosa Plastics Corporation, Annual General Meeting, Jun 11, 2025. Location: no,100, tun hua n. rd., taipei city Taiwan공시 • Mar 06Formosa Plastics Corporation to Report Fiscal Year 2024 Results on Mar 13, 2025Formosa Plastics Corporation announced that they will report fiscal year 2024 results at 1:30 PM, Taipei Standard Time on Mar 13, 2025New Risk • Feb 13New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Share price has been volatile over the past 3 months (6.2% average weekly change).Price Target Changed • Jan 14Price target decreased by 17% to NT$48.43Down from NT$58.43, the current price target is an average from 7 analysts. New target price is 38% above last closing price of NT$35.00. Stock is down 52% over the past year. The company is forecast to post earnings per share of NT$0.18 for next year compared to NT$1.15 last year.Price Target Changed • Dec 11Price target decreased by 7.8% to NT$61.57Down from NT$66.78, the current price target is an average from 7 analysts. New target price is 54% above last closing price of NT$40.00. Stock is down 49% over the past year. The company is forecast to post earnings per share of NT$2.13 for next year compared to NT$1.15 last year.Reported Earnings • Nov 08Third quarter 2024 earnings: EPS misses analyst expectationsThird quarter 2024 results: NT$0.51 loss per share (down from NT$1.05 profit in 3Q 2023). Revenue: NT$50.5b (flat on 3Q 2023). Net loss: NT$3.09b (down 146% from profit in 3Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance.Major Estimate Revision • Oct 16Consensus EPS estimates increase by 10%, revenue downgradedThe consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from NT$207.2b to NT$203.6b. EPS estimate rose from NT$1.47 to NT$1.62. Net income forecast to grow 165% next year vs 29% growth forecast for Chemicals industry in Taiwan. Consensus price target down from NT$66.78 to NT$64.56. Share price fell 3.2% to NT$47.95 over the past week.Reported Earnings • Aug 10Second quarter 2024 earnings: EPS in line with expectations, revenues disappointSecond quarter 2024 results: EPS: NT$0.21 (up from NT$0.19 in 2Q 2023). Revenue: NT$51.1b (up 5.5% from 2Q 2023). Net income: NT$1.36b (up 11% from 2Q 2023). Profit margin: 2.7% (up from 2.5% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance.공시 • Aug 02Formosa Plastics Corporation to Report Q2, 2024 Results on Aug 08, 2024Formosa Plastics Corporation announced that they will report Q2, 2024 results on Aug 08, 2024Upcoming Dividend • Jul 16Upcoming dividend of NT$1.00 per shareEligible shareholders must have bought the stock before 23 July 2024. Payment date: 21 August 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.7%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (2.2%).공시 • Jun 21+ 5 more updatesFormosa Plastics Corporation Announces Change of the Sustainable Development Committee MembersFormosa Plastics Corporation announced change of the Sustainable Development Committee Members. Name and resume of the previous position holder: Jason Lin: Chairman of the Company; Wen-Chyi Ong: Independent Director of the Company. Name and resume of the new position holder: Wen-Bee Kuo: Chairman and President of the Company; Ching-Tse Yeh: Independent Director of the Company. Other members are: C. L. Wei: Independent Director of the Company; C. J. Wu: Independent Director of the Company; Yen-Shiang Shih: Independent Director of the Company; Jerry Lin: Senior Vice President of the Company. Reason for the change: term expired. Effective date of the new member is June 20, 2024.Reported Earnings • May 09First quarter 2024 earnings released: EPS: NT$0.06 (vs NT$0.37 in 1Q 2023)First quarter 2024 results: EPS: NT$0.06 (down from NT$0.37 in 1Q 2023). Revenue: NT$48.1b (down 7.9% from 1Q 2023). Net income: NT$220.9m (down 91% from 1Q 2023). Profit margin: 0.5% (down from 4.5% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 57% 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.Price Target Changed • Apr 12Price target decreased by 9.0% to NT$74.00Down from NT$81.33, the current price target is an average from 9 analysts. New target price is 6.2% above last closing price of NT$69.70. Stock is down 25% over the past year. The company is forecast to post earnings per share of NT$2.05 for next year compared to NT$1.15 last year.Major Estimate Revision • Mar 28Consensus revenue estimates fall by 11%The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$221.7b to NT$196.4b. EPS estimate fell from NT$3.47 to NT$2.24 per share. Net income forecast to grow 93% next year vs 23% growth forecast for Chemicals industry in Taiwan. Consensus price target broadly unchanged at NT$81.33. Share price was steady at NT$68.10 over the past week.Reported Earnings • Mar 08Full year 2023 earnings: EPS and revenues miss analyst expectationsFull year 2023 results: EPS: NT$1.15 (down from NT$5.68 in FY 2022). Revenue: NT$199.1b (down 21% from FY 2022). Net income: NT$7.34b (down 80% from FY 2022). Profit margin: 3.7% (down from 14% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) also missed analyst estimates by 29%. Revenue is forecast to grow 8.8% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings.공시 • Mar 07+ 1 more updateFormosa Plastics Corporation, Annual General Meeting, Jun 20, 2024Formosa Plastics Corporation, Annual General Meeting, Jun 20, 2024. Location: Illume Taipei No.100 Dun Hua North Road, Taipei Taipei Taiwan Agenda: To consider the 2023 business report; to Audit committee' review report on the 2023 financial statements; to Distribution of 2023 employees compensation; to Distribution of 2023 cash dividend ; to Issuance of 2023 domestic unsecured ordinary corporate bonds; to To approve the 2023 business report and financial statements as required by the Company Act; to To approve the proposal for distribution of 2023 profits as required by the Company Act; to Amendment of articles of incorporation of the Company; and to consider other matters if any.Major Estimate Revision • Jan 05Consensus EPS estimates fall by 12%The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from NT$2.18 to NT$1.91 per share. Revenue forecast steady at NT$200.8b. Net income forecast to grow 648% next year vs 30% growth forecast for Chemicals industry in Taiwan. Consensus price target broadly unchanged at NT$83.89. Share price was steady at NT$78.10 over the past week.Reported Earnings • Nov 14Third quarter 2023 earnings: EPS in line with expectations, revenues disappointThird quarter 2023 results: EPS: NT$1.05 (up from NT$0.91 in 3Q 2022). Revenue: NT$50.7b (down 8.8% from 3Q 2022). Net income: NT$6.67b (up 16% from 3Q 2022). Profit margin: 13% (up from 10% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 15% 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.Major Estimate Revision • Oct 13Consensus EPS estimates increase by 37%The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from NT$1.45 to NT$1.99. Revenue forecast steady at NT$214.1b. Net income forecast to grow 951% next year vs 2.9% growth forecast for Chemicals industry in Taiwan. Consensus price target down from NT$87.72 to NT$85.83. Share price rose 2.2% to NT$80.50 over the past week.Major Estimate Revision • Sep 20Consensus EPS estimates fall by 43%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$217.7b to NT$214.9b. EPS estimate also fell from NT$2.92 per share to NT$1.66 per share. Net income forecast to grow 906% next year vs 12% growth forecast for Chemicals industry in Taiwan. Consensus price target broadly unchanged at NT$87.83. Share price was steady at NT$82.40 over the past week.Major Estimate Revision • Aug 25Consensus EPS estimates increase by 13%The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from NT$2.08 to NT$2.34. Revenue forecast unchanged at NT$210.4b. Net income forecast to grow 1,109% next year vs 22% growth forecast for Chemicals industry in Taiwan. Consensus price target of NT$91.32 unchanged from last update. Share price was steady at NT$79.30 over the past week.New Risk • Aug 16New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 29% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Dividend per share is over 13x earnings per share. Cash payout ratio: 125% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.9% net profit margin).Reported Earnings • Aug 11Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behindSecond quarter 2023 results: EPS: NT$0.19 (down from NT$3.33 in 2Q 2022). Revenue: NT$48.4b (down 35% from 2Q 2022). Net income: NT$1.23b (down 94% from 2Q 2022). Profit margin: 2.5% (down from 29% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 15%. Earnings per share (EPS) exceeded analyst estimates by 182%. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth.Major Estimate Revision • Jul 11Consensus 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$216.5b to NT$211.6b. EPS estimate also fell from NT$3.89 per share to NT$3.21 per share. Net income forecast to grow 4.7% next year vs 15% growth forecast for Chemicals industry in Taiwan. Consensus price target broadly unchanged at NT$92.77. Share price fell 2.7% to NT$82.40 over the past week.Major Estimate Revision • Jun 28Consensus EPS estimates fall by 10%The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from NT$4.85 to NT$4.35 per share. Revenue forecast steady at NT$219.4b. Net income forecast to grow 54% next year vs 39% growth forecast for Chemicals industry in Taiwan. Consensus price target broadly unchanged at NT$94.96. Share price fell 7.1% to NT$86.20 over the past week.New Risk • Jun 22New major risk - Dividend sustainabilityThe dividend is not well covered by earnings and cash flows. Payout ratio: 122% Cash payout ratio: 106% Dividend yield: 4.5% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 122% Cash payout ratio: 106% Minor Risk Profit margins are more than 30% lower than last year (9.4% net profit margin).Upcoming Dividend • Jun 20Upcoming dividend of NT$4.20 per share at 4.6% yieldEligible shareholders must have bought the stock before 27 June 2023. Payment date: 26 July 2023. Payout ratio is a comfortable 74% but the company is paying out more than the cash it is generating. Trailing yield: 4.6%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.5%).공시 • May 31Formosa Plastics Corporation Announces Cash Dividend, Payable on July 26, 2023Formosa Plastics Corporation announced cash dividend of TWD 4.2 per share. Payment date of cash dividend distribution is July 26, 2023. Ex-rights (ex-dividend) trading date is June 27, 2023. Last date before book closure is June 28, 2023. Book closure starting date is June 29, 2023. Book closure ending date: July 3, 2023. Ex-rights (ex-dividend) record date is July 3, 2023.Major Estimate Revision • May 30Consensus revenue estimates decrease by 13%The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from NT$256.3b to NT$223.8b. EPS estimate unchanged from NT$5.90 per share at last update. Chemicals industry in Taiwan expected to see average net income growth of 5.8% next year. Consensus price target of NT$96.96 unchanged from last update. Share price was steady at NT$93.30 over the past week.공시 • May 23Formosa Plastics Corporation Announces Demise of C.T. Lee, DirectorFormosa Plastics Corporation announced that Director of the Company, C.T. Lee, passed away.Major Estimate Revision • Apr 12Consensus EPS estimates increase by 22%, revenue downgradedThe consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from NT$245.1b to NT$229.3b. EPS estimate rose from NT$3.82 to NT$4.65. Net income forecast to shrink 32% next year vs 0.1% growth forecast for Chemicals industry in Taiwan . Consensus price target reaffirmed at NT$95.04. Share price was steady at NT$92.60 over the past week.Major Estimate Revision • Mar 31Consensus EPS estimates fall by 39%The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from NT$6.25 to NT$3.82 per share. Revenue forecast steady at NT$245.1b. Net income forecast to shrink 33% next year vs 2.1% growth forecast for Chemicals industry in Taiwan . Consensus price target broadly unchanged at NT$95.04. Share price was steady at NT$91.80 over the past week.Reported Earnings • Mar 14Full year 2022 earnings: EPS misses analyst expectationsFull year 2022 results: EPS: NT$6.88 (down from NT$11.21 in FY 2021). Revenue: NT$251.6b (down 8.0% from FY 2021). Net income: NT$36.1b (down 49% from FY 2021). Profit margin: 14% (down from 26% in FY 2021). The decrease in margin was primarily driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is forecast to grow 2.4% p.a. on average during the next 2 years, compared to a 1.5% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth.Major Estimate Revision • Jan 06Consensus EPS estimates fall by 12%The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$260.1b to NT$250.0b. EPS estimate also fell from NT$7.97 per share to NT$7.04 per share. Net income forecast to shrink 28% next year vs 12% decline forecast for Chemicals industry in Taiwan. Consensus price target down from NT$98.88 to NT$95.54. Share price was steady at NT$88.00 over the past week.Reported Earnings • Nov 16Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behindThird quarter 2022 results: EPS: NT$0.91 (down from NT$3.03 in 3Q 2021). Revenue: NT$55.7b (down 17% from 3Q 2021). Net income: NT$5.76b (down 70% from 3Q 2021). Profit margin: 10% (down from 29% in 3Q 2021). The decrease in margin was primarily driven by lower revenue. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) missed analyst estimates by 36%. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Taiwan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.Reported Earnings • Nov 13Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behindThird quarter 2022 results: EPS: NT$0.96 (down from NT$3.03 in 3Q 2021). Revenue: NT$55.7b (down 17% from 3Q 2021). Net income: NT$5.76b (down 70% from 3Q 2021). Profit margin: 10% (down from 29% in 3Q 2021). The decrease in margin was primarily driven by lower revenue. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) missed analyst estimates by 36%. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Taiwan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.Price Target Changed • Oct 12Price target decreased to NT$109Down from NT$118, the current price target is an average from 11 analysts. New target price is 35% above last closing price of NT$80.80. Stock is down 30% over the past year. The company is forecast to post earnings per share of NT$8.61 for next year compared to NT$11.21 last year.Buying Opportunity • Oct 12Now 22% undervalued after recent price dropOver the last 90 days, the stock is down 7.1%. The fair value is estimated to be NT$103, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 37%. Revenue is forecast to decline by 5.9% in 2 years. Earnings is forecast to decline by 37% in the next 2 years.Major Estimate Revision • Aug 27Consensus revenue estimates fall by 12%The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from NT$279.4b to NT$244.8b. EPS estimate fell from NT$10.19 to NT$9.96 per share. Net income forecast to shrink 21% next year vs 8.0% decline forecast for Chemicals industry in Taiwan. Consensus price target broadly unchanged at NT$118. Share price was steady at NT$93.20 over the past week.Reported Earnings • Aug 13Second quarter 2022 earnings: EPS and revenues exceed analyst expectationsSecond quarter 2022 results: EPS: NT$3.33 (up from NT$3.18 in 2Q 2021). Revenue: NT$73.9b (up 3.2% from 2Q 2021). Net income: NT$21.2b (up 4.8% from 2Q 2021). Profit margin: 29% (in line with 2Q 2021). Revenue exceeded analyst estimates by 5.8%. Earnings per share (EPS) also surpassed analyst estimates by 48%. Over the next year, revenue is expected to shrink by 4.4% compared to a 1.7% decline forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth.Valuation Update With 7 Day Price Move • Jul 06Investor sentiment deteriorated over the past weekAfter last week's 21% share price decline to NT$87.00, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Chemicals industry in Taiwan. Total loss to shareholders of 1.4% over the past three years.Upcoming Dividend • Jun 28Upcoming dividend of NT$8.20 per shareEligible shareholders must have bought the stock before 05 July 2022. Payment date: 05 August 2022. Payout ratio is a comfortable 72% and this is well supported by cash flows. Trailing yield: 7.5%. Within top quartile of Taiwanese dividend payers (6.3%). Higher than average of industry peers (6.8%).Reported Earnings • May 13First quarter 2022 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2022 results: EPS: NT$2.60 (up from NT$2.35 in 1Q 2021). Revenue: NT$71.0b (up 17% from 1Q 2021). Net income: NT$16.6b (up 11% from 1Q 2021). Profit margin: 23% (down from 25% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) also surpassed analyst estimates by 16%. Over the next year, revenue is forecast to decline by 4.0% while the industry in Taiwan is not expected to grow. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings.공시 • May 12Formosa Plastics Corporation Announces Formation of Sustainable Development CommitteeFormosa Plastics Corporation announced the formation of Sustainable Development Committee which includes: Jason Lin: Chairman and President of the Company; Jerry Lin: Director and Senior Vice President of the Company; C. L. Wei: Independant Director of the Company; C. J. Wu: Independant Director of the Company; Yen-Shiang Shih: Independant Director of the Company; and Wen-Chyi Ong: Independant Director of the Company. Effective date is May 10, 2022.Reported Earnings • Mar 11Full year 2021 earnings: EPS exceeds analyst expectationsFull year 2021 results: EPS: NT$13.50 (up from NT$3.15 in FY 2020). Revenue: NT$273.6b (up 47% from FY 2020). Net income: NT$71.4b (up 256% from FY 2020). Profit margin: 26% (up from 11% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.5%. Over the next year, revenue is expected to shrink by 4.0% compared to a 1.9% growth forecast for the 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 remained flat, which means it is significantly lagging earnings.Reported Earnings • Nov 11Third quarter 2021 earnings released: EPS NT$3.03 (vs NT$1.63 in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$66.9b (up 45% from 3Q 2020). Net income: NT$19.3b (up 87% from 3Q 2020). Profit margin: 29% (up from 22% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings.Reported Earnings • Aug 12Second quarter 2021 earnings released: EPS NT$3.18 (vs NT$0.099 loss in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$71.7b (up 67% from 2Q 2020). Net income: NT$20.2b (up NT$20.9b from 2Q 2020). Profit margin: 28% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 23% 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.Upcoming Dividend • Jul 23Upcoming dividend of NT$2.40 per shareEligible shareholders must have bought the stock before 30 July 2021. Payment date: 27 August 2021. Trailing yield: 2.4%. Lower than top quartile of Taiwanese dividend payers (4.9%). Lower than average of industry peers (2.8%).Major Estimate Revision • Jul 15Consensus EPS estimates increase to NT$8.39The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from NT$237.9b to NT$246.4b. EPS estimate increased from NT$7.58 to NT$8.39 per share. Net income forecast to grow 43% next year vs 13% growth forecast for Chemicals industry in Taiwan. Consensus price target broadly unchanged at NT$123. Share price was steady at NT$104 over the past week.Reported Earnings • May 14First quarter 2021 earnings released: EPS NT$2.35 (vs NT$0.062 loss in 1Q 2020)The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$60.6b (up 44% from 1Q 2020). Net income: NT$15.0b (up NT$15.4b from 1Q 2020). Profit margin: 25% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.Major Estimate Revision • Apr 15Consensus EPS estimates increase to NT$7.83The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from NT$225.2b to NT$227.9b. EPS estimate increased from NT$6.50 to NT$7.83 per share. Net income forecast to grow 139% next year vs 25% growth forecast for Chemicals industry in Taiwan. Consensus price target up from NT$113 to NT$116. Share price rose 7.5% to NT$108 over the past week.공시 • Mar 18+ 1 more updateFormosa Plastics Corporation Proposes Dividend Distribution for the Year Ended December 31, 2020The Board of Directors of Formosa Plastics Corporation proposed dividend distribution for the year ended December 31, 2020. The company announced the cash dividend to shareholders of TWD 2.4 per share.Reported Earnings • Mar 18Full year 2020 earnings released: EPS NT$3.15 (vs NT$5.86 in FY 2019)The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$185.8b (down 11% from FY 2019). Net income: NT$20.0b (down 46% from FY 2019). Profit margin: 11% (down from 18% in FY 2019). The decrease in margin was driven by lower revenue. 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 1% per year, which means it has not declined as severely as earnings.Is New 90 Day High Low • Feb 23New 90-day high: NT$99.80The company is up 14% from its price of NT$87.80 on 25 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Chemicals industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$148 per share.Price Target Changed • Feb 11Price target raised to NT$107Up from NT$99.65, the current price target is an average from 8 analysts. The new target price is 19% above the current share price of NT$89.80. As of last close, the stock is down 5.3% over the past year.Is New 90 Day High Low • Jan 07New 90-day high: NT$97.10The company is up 20% from its price of NT$81.00 on 08 October 2020. The Taiwanese market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$161 per share.Is New 90 Day High Low • Dec 21New 90-day high: NT$92.30The company is up 13% from its price of NT$81.40 on 22 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$208 per share.Major Estimate Revision • Dec 10Analysts update estimatesThe 2020 consensus earning per share (EPS) estimate was lowered from NT$3.21 to NT$2.66. No change was made to the revenue estimate which at the last update was NT$185.5b. Net income is expected to grow by 149% next year compared to 44% growth forecast for the Chemicals industry in Taiwan. The consensus price target increased from NT$94.05 to NT$94.82. Share price is up 1.6% to NT$89.90 over the past week.이익 및 매출 성장 예측TWSE:1301 - 애널리스트 향후 추정치 및 과거 재무 데이터 (TWD Millions)날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수12/31/2028184,29218,386N/A9,219112/31/2027178,9639,8255,69010,673412/31/2026163,6816,3334,1693,12243/31/2026170,194-6,830-7,7257,904N/A12/31/2025175,411-10,049-7,9426,619N/A9/30/2025184,638-6,902-2,83811,143N/A6/30/2025193,412-9,3923,85018,631N/A3/31/2025199,134-1,402-1,59413,664N/A12/31/2024200,040-1,232-4,67811,461N/A9/30/2024197,452-4,408-11,2754,408N/A6/30/2024197,6965,356-13,8121,929N/A3/31/2024195,0345,216-8,7166,737N/A12/31/2023199,1397,338-7,4796,157N/A9/30/2023202,4622,84646413,376N/A6/30/2023207,3791,93521,35832,962N/A3/31/2023232,85721,91125,20138,464N/A12/31/2022251,64736,14342,01556,802N/A9/30/2022274,98860,38649,27865,070N/A6/30/2022286,27273,94038,70556,809N/A3/31/2022284,00072,96944,30562,122N/A12/31/2021273,59871,35539,57857,859N/A9/30/2021253,82765,21537,02554,475N/A6/30/2021233,06556,25130,50046,369N/A3/31/2021204,39635,39031,78644,583N/A12/31/2020185,81320,03622,34731,444N/A9/30/2020179,73012,47718,31829,216N/A6/30/2020183,27017,80329,55240,517N/A3/31/2020196,85628,79021,69836,093N/A12/31/2019207,84937,324N/A46,580N/A9/30/2019215,64936,505N/A46,247N/A6/30/2019223,30839,009N/A49,806N/A3/31/2019229,21545,807N/A55,971N/A12/31/2018230,37049,550N/A50,507N/A9/30/2018227,08560,072N/A47,584N/A6/30/2018223,19258,819N/A49,838N/A3/31/2018213,08151,376N/A50,359N/A12/31/2017206,71049,383N/A46,070N/A9/30/2017204,08948,584N/A50,382N/A6/30/2017192,75343,053N/A35,552N/A3/31/2017185,18743,570N/A30,267N/A12/31/2016180,17339,393N/A36,548N/A9/30/2016175,57233,179N/A36,927N/A6/30/2016180,42232,314N/A32,980N/A3/31/2016186,63132,946N/A35,695N/A12/31/2015191,54530,877N/A40,832N/A9/30/2015195,92924,504N/A32,162N/A6/30/2015204,27521,461N/A27,856N/A더 보기애널리스트 향후 성장 전망수입 대 저축률: 1301 은 향후 3년 동안 수익을 낼 것으로 예상되며, 이는 절약률(1.3%)보다 빠른 성장으로 간주됩니다.수익 vs 시장: 1301 (는) 향후 3년 동안 평균 시장 성장보다 높은 수익을 올릴 것으로 예상됩니다.고성장 수익: 1301 향후 3년 내에 수익을 낼 것으로 예상됩니다.수익 대 시장: 1301 의 수익(연간 3.5%)이 TW 시장(연간 18.6%)보다 느리게 성장할 것으로 예상됩니다.고성장 매출: 1301 의 수익(연간 3.5%)은 연간 20%보다 느리게 증가할 것으로 예상됩니다.주당순이익 성장 예측향후 자기자본이익률미래 ROE: 1301의 자본 수익률은 3년 후 3.1%로 낮을 것으로 예상됩니다.성장 기업 찾아보기7D1Y7D1Y7D1YMaterials 산업의 고성장 기업.View Past Performance기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/05/21 07:26종가2026/05/21 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 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.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 소스Formosa Plastics Corporation는 18명의 분석가가 다루고 있습니다. 이 중 4명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Changming YehBarclaysJoon-Ho LeeBofA Global ResearchSun Jung LeeBofA Global Research15명의 분석가 더 보기
Price Target Changed • Mar 26Price target increased by 9.4% to NT$50.00Up from NT$45.71, the current price target is an average from 5 analysts. New target price is 5.4% above last closing price of NT$47.45. Stock is up 22% over the past year. The company posted a net loss per share of NT$1.58 last year.
Price Target Changed • Jul 11Price target increased by 13% to NT$49.22Up from NT$43.75, the current price target is an average from 9 analysts. New target price is 45% above last closing price of NT$34.00. Stock is down 41% over the past year. The company is forecast to post earnings per share of NT$0.64 next year compared to a net loss per share of NT$0.19 last year.
Price Target Changed • Jan 14Price target decreased by 17% to NT$48.43Down from NT$58.43, the current price target is an average from 7 analysts. New target price is 38% above last closing price of NT$35.00. Stock is down 52% over the past year. The company is forecast to post earnings per share of NT$0.18 for next year compared to NT$1.15 last year.
Price Target Changed • Dec 11Price target decreased by 7.8% to NT$61.57Down from NT$66.78, the current price target is an average from 7 analysts. New target price is 54% above last closing price of NT$40.00. Stock is down 49% over the past year. The company is forecast to post earnings per share of NT$2.13 for next year compared to NT$1.15 last year.
Major Estimate Revision • Oct 16Consensus EPS estimates increase by 10%, revenue downgradedThe consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from NT$207.2b to NT$203.6b. EPS estimate rose from NT$1.47 to NT$1.62. Net income forecast to grow 165% next year vs 29% growth forecast for Chemicals industry in Taiwan. Consensus price target down from NT$66.78 to NT$64.56. Share price fell 3.2% to NT$47.95 over the past week.
Price Target Changed • Apr 12Price target decreased by 9.0% to NT$74.00Down from NT$81.33, the current price target is an average from 9 analysts. New target price is 6.2% above last closing price of NT$69.70. Stock is down 25% over the past year. The company is forecast to post earnings per share of NT$2.05 for next year compared to NT$1.15 last year.
Reported Earnings • May 14First quarter 2026 earnings released: EPS: NT$0.51 (vs NT$0.008 in 1Q 2025)First quarter 2026 results: EPS: NT$0.51 (up from NT$0.008 in 1Q 2025). Revenue: NT$42.0b (down 11% from 1Q 2025). Net income: NT$3.27b (up NT$3.22b from 1Q 2025). Profit margin: 7.8% (up from 0.1% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance.
New Risk • Apr 14New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 8.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company.
Price Target Changed • Mar 26Price target increased by 9.4% to NT$50.00Up from NT$45.71, the current price target is an average from 5 analysts. New target price is 5.4% above last closing price of NT$47.45. Stock is up 22% over the past year. The company posted a net loss per share of NT$1.58 last year.
공시 • Mar 09Formosa Plastics Corporation, Annual General Meeting, May 28, 2026Formosa Plastics Corporation, Annual General Meeting, May 28, 2026. Location: no,100, tun hua n. rd., taipei city Taiwan
Reported Earnings • Mar 08Full year 2025 earnings released: NT$1.58 loss per share (vs NT$0.19 loss in FY 2024)Full year 2025 results: NT$1.58 loss per share (further deteriorated from NT$0.19 loss in FY 2024). Revenue: NT$175.4b (down 12% from FY 2024). Net loss: NT$10.0b (loss widened NT$8.82b from FY 2024). Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 109 percentage points per year, which is a significant difference in performance.
New Risk • Feb 26New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company.
Buy Or Sell Opportunity • Feb 26Now 23% undervaluedOver the last 90 days, the stock has risen 23% to NT$51.20. The fair value is estimated to be NT$66.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Meanwhile, the company became loss making.
공시 • Dec 20Formosa Plastics Corporation Executive ChangesFormosa Plastics Corporation announced that the Board of Directors approved the promotion of Mr. Jerry Lin to be the Acting President from the Senior Vice President and also discharged the duty of original President of Mr. Wen-Bee Kuo. The previous position holder was Wen-Bee Kuo, Chairman and President of the Company. The new position holder is Jerry Lin, previously the Senior Vice President of the Company. The circumstances of change were job relocation. The reason for the change was job relocation. The effective date of the new appointment is December 19, 2025. The date of the board of directors resolution was December 19, 2025.
Reported Earnings • Nov 13Third quarter 2025 earnings released: NT$0.09 loss per share (vs NT$0.49 loss in 3Q 2024)Third quarter 2025 results: NT$0.09 loss per share (improved from NT$0.49 loss in 3Q 2024). Revenue: NT$41.7b (down 17% from 3Q 2024). Net loss: NT$602.1m (loss narrowed 81% from 3Q 2024). Revenue is expected to decline by 1.4% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Taiwan are expected to grow by 6.1%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 109 percentage points per year, which is a significant difference in performance.
New Risk • Aug 21New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company.
Reported Earnings • Aug 07Second quarter 2025 earnings: EPS and revenues miss analyst expectationsSecond quarter 2025 results: NT$1.04 loss per share (down from NT$0.21 profit in 2Q 2024). Revenue: NT$45.4b (down 11% from 2Q 2024). Net loss: NT$6.63b (down NT$7.99b from profit in 2Q 2024). Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates. Revenue is expected to decline by 1.1% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Taiwan are expected to grow by 3.6%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance.
Price Target Changed • Jul 11Price target increased by 13% to NT$49.22Up from NT$43.75, the current price target is an average from 9 analysts. New target price is 45% above last closing price of NT$34.00. Stock is down 41% over the past year. The company is forecast to post earnings per share of NT$0.64 next year compared to a net loss per share of NT$0.19 last year.
Upcoming Dividend • Jul 08Upcoming dividend of NT$0.50 per shareEligible shareholders must have bought the stock before 15 July 2025. Payment date: 15 August 2025. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.1%).
공시 • Jun 13Formosa Plastics Corporation Announces Distribution of Cash Dividend, Payable on August 15, 2025Formosa Plastics Corporation announced distribution of cash dividend of TWD 0.5 per share. Ex-rights (ex-dividend) trading date is July 15, 2025. Ex-rights (ex-dividend) record date is July 21, 2025. Payment date of common stock cash dividend distribution is August 15, 2025.
Declared Dividend • Jun 13Dividend reduced to NT$0.50Dividend of NT$0.50 is 50% lower than last year. Ex-date: 15th July 2025 Payment date: 15th August 2025 Dividend yield will be 1.4%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments.
Reported Earnings • May 08First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behindFirst quarter 2025 results: EPS: NT$0.01 (down from NT$0.035 in 1Q 2024). Revenue: NT$47.2b (down 1.9% from 1Q 2024). Net income: NT$50.4m (down 77% from 1Q 2024). Profit margin: 0.1% (down from 0.5% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to stay flat during the next 3 years compared to a 4.1% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance.
Reported Earnings • Mar 15Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2024 results: NT$0.19 loss per share (down from NT$1.15 profit in FY 2023). Revenue: NT$200.0b (flat on FY 2023). Net loss: NT$1.23b (down 117% from profit in FY 2023). Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) missed analyst estimates by 43%. Revenue is forecast to grow 1.1% p.a. on average during the next 2 years, compared to a 4.9% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance.
공시 • Mar 14+ 1 more updateFormosa Plastics Corporation, Annual General Meeting, Jun 11, 2025Formosa Plastics Corporation, Annual General Meeting, Jun 11, 2025. Location: no,100, tun hua n. rd., taipei city Taiwan
공시 • Mar 06Formosa Plastics Corporation to Report Fiscal Year 2024 Results on Mar 13, 2025Formosa Plastics Corporation announced that they will report fiscal year 2024 results at 1:30 PM, Taipei Standard Time on Mar 13, 2025
New Risk • Feb 13New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Share price has been volatile over the past 3 months (6.2% average weekly change).
Price Target Changed • Jan 14Price target decreased by 17% to NT$48.43Down from NT$58.43, the current price target is an average from 7 analysts. New target price is 38% above last closing price of NT$35.00. Stock is down 52% over the past year. The company is forecast to post earnings per share of NT$0.18 for next year compared to NT$1.15 last year.
Price Target Changed • Dec 11Price target decreased by 7.8% to NT$61.57Down from NT$66.78, the current price target is an average from 7 analysts. New target price is 54% above last closing price of NT$40.00. Stock is down 49% over the past year. The company is forecast to post earnings per share of NT$2.13 for next year compared to NT$1.15 last year.
Reported Earnings • Nov 08Third quarter 2024 earnings: EPS misses analyst expectationsThird quarter 2024 results: NT$0.51 loss per share (down from NT$1.05 profit in 3Q 2023). Revenue: NT$50.5b (flat on 3Q 2023). Net loss: NT$3.09b (down 146% from profit in 3Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance.
Major Estimate Revision • Oct 16Consensus EPS estimates increase by 10%, revenue downgradedThe consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from NT$207.2b to NT$203.6b. EPS estimate rose from NT$1.47 to NT$1.62. Net income forecast to grow 165% next year vs 29% growth forecast for Chemicals industry in Taiwan. Consensus price target down from NT$66.78 to NT$64.56. Share price fell 3.2% to NT$47.95 over the past week.
Reported Earnings • Aug 10Second quarter 2024 earnings: EPS in line with expectations, revenues disappointSecond quarter 2024 results: EPS: NT$0.21 (up from NT$0.19 in 2Q 2023). Revenue: NT$51.1b (up 5.5% from 2Q 2023). Net income: NT$1.36b (up 11% from 2Q 2023). Profit margin: 2.7% (up from 2.5% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance.
공시 • Aug 02Formosa Plastics Corporation to Report Q2, 2024 Results on Aug 08, 2024Formosa Plastics Corporation announced that they will report Q2, 2024 results on Aug 08, 2024
Upcoming Dividend • Jul 16Upcoming dividend of NT$1.00 per shareEligible shareholders must have bought the stock before 23 July 2024. Payment date: 21 August 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.7%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (2.2%).
공시 • Jun 21+ 5 more updatesFormosa Plastics Corporation Announces Change of the Sustainable Development Committee MembersFormosa Plastics Corporation announced change of the Sustainable Development Committee Members. Name and resume of the previous position holder: Jason Lin: Chairman of the Company; Wen-Chyi Ong: Independent Director of the Company. Name and resume of the new position holder: Wen-Bee Kuo: Chairman and President of the Company; Ching-Tse Yeh: Independent Director of the Company. Other members are: C. L. Wei: Independent Director of the Company; C. J. Wu: Independent Director of the Company; Yen-Shiang Shih: Independent Director of the Company; Jerry Lin: Senior Vice President of the Company. Reason for the change: term expired. Effective date of the new member is June 20, 2024.
Reported Earnings • May 09First quarter 2024 earnings released: EPS: NT$0.06 (vs NT$0.37 in 1Q 2023)First quarter 2024 results: EPS: NT$0.06 (down from NT$0.37 in 1Q 2023). Revenue: NT$48.1b (down 7.9% from 1Q 2023). Net income: NT$220.9m (down 91% from 1Q 2023). Profit margin: 0.5% (down from 4.5% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 57% 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.
Price Target Changed • Apr 12Price target decreased by 9.0% to NT$74.00Down from NT$81.33, the current price target is an average from 9 analysts. New target price is 6.2% above last closing price of NT$69.70. Stock is down 25% over the past year. The company is forecast to post earnings per share of NT$2.05 for next year compared to NT$1.15 last year.
Major Estimate Revision • Mar 28Consensus revenue estimates fall by 11%The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$221.7b to NT$196.4b. EPS estimate fell from NT$3.47 to NT$2.24 per share. Net income forecast to grow 93% next year vs 23% growth forecast for Chemicals industry in Taiwan. Consensus price target broadly unchanged at NT$81.33. Share price was steady at NT$68.10 over the past week.
Reported Earnings • Mar 08Full year 2023 earnings: EPS and revenues miss analyst expectationsFull year 2023 results: EPS: NT$1.15 (down from NT$5.68 in FY 2022). Revenue: NT$199.1b (down 21% from FY 2022). Net income: NT$7.34b (down 80% from FY 2022). Profit margin: 3.7% (down from 14% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) also missed analyst estimates by 29%. Revenue is forecast to grow 8.8% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings.
공시 • Mar 07+ 1 more updateFormosa Plastics Corporation, Annual General Meeting, Jun 20, 2024Formosa Plastics Corporation, Annual General Meeting, Jun 20, 2024. Location: Illume Taipei No.100 Dun Hua North Road, Taipei Taipei Taiwan Agenda: To consider the 2023 business report; to Audit committee' review report on the 2023 financial statements; to Distribution of 2023 employees compensation; to Distribution of 2023 cash dividend ; to Issuance of 2023 domestic unsecured ordinary corporate bonds; to To approve the 2023 business report and financial statements as required by the Company Act; to To approve the proposal for distribution of 2023 profits as required by the Company Act; to Amendment of articles of incorporation of the Company; and to consider other matters if any.
Major Estimate Revision • Jan 05Consensus EPS estimates fall by 12%The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from NT$2.18 to NT$1.91 per share. Revenue forecast steady at NT$200.8b. Net income forecast to grow 648% next year vs 30% growth forecast for Chemicals industry in Taiwan. Consensus price target broadly unchanged at NT$83.89. Share price was steady at NT$78.10 over the past week.
Reported Earnings • Nov 14Third quarter 2023 earnings: EPS in line with expectations, revenues disappointThird quarter 2023 results: EPS: NT$1.05 (up from NT$0.91 in 3Q 2022). Revenue: NT$50.7b (down 8.8% from 3Q 2022). Net income: NT$6.67b (up 16% from 3Q 2022). Profit margin: 13% (up from 10% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 15% 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.
Major Estimate Revision • Oct 13Consensus EPS estimates increase by 37%The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from NT$1.45 to NT$1.99. Revenue forecast steady at NT$214.1b. Net income forecast to grow 951% next year vs 2.9% growth forecast for Chemicals industry in Taiwan. Consensus price target down from NT$87.72 to NT$85.83. Share price rose 2.2% to NT$80.50 over the past week.
Major Estimate Revision • Sep 20Consensus EPS estimates fall by 43%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$217.7b to NT$214.9b. EPS estimate also fell from NT$2.92 per share to NT$1.66 per share. Net income forecast to grow 906% next year vs 12% growth forecast for Chemicals industry in Taiwan. Consensus price target broadly unchanged at NT$87.83. Share price was steady at NT$82.40 over the past week.
Major Estimate Revision • Aug 25Consensus EPS estimates increase by 13%The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from NT$2.08 to NT$2.34. Revenue forecast unchanged at NT$210.4b. Net income forecast to grow 1,109% next year vs 22% growth forecast for Chemicals industry in Taiwan. Consensus price target of NT$91.32 unchanged from last update. Share price was steady at NT$79.30 over the past week.
New Risk • Aug 16New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 29% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Dividend per share is over 13x earnings per share. Cash payout ratio: 125% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.9% net profit margin).
Reported Earnings • Aug 11Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behindSecond quarter 2023 results: EPS: NT$0.19 (down from NT$3.33 in 2Q 2022). Revenue: NT$48.4b (down 35% from 2Q 2022). Net income: NT$1.23b (down 94% from 2Q 2022). Profit margin: 2.5% (down from 29% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 15%. Earnings per share (EPS) exceeded analyst estimates by 182%. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth.
Major Estimate Revision • Jul 11Consensus 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$216.5b to NT$211.6b. EPS estimate also fell from NT$3.89 per share to NT$3.21 per share. Net income forecast to grow 4.7% next year vs 15% growth forecast for Chemicals industry in Taiwan. Consensus price target broadly unchanged at NT$92.77. Share price fell 2.7% to NT$82.40 over the past week.
Major Estimate Revision • Jun 28Consensus EPS estimates fall by 10%The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from NT$4.85 to NT$4.35 per share. Revenue forecast steady at NT$219.4b. Net income forecast to grow 54% next year vs 39% growth forecast for Chemicals industry in Taiwan. Consensus price target broadly unchanged at NT$94.96. Share price fell 7.1% to NT$86.20 over the past week.
New Risk • Jun 22New major risk - Dividend sustainabilityThe dividend is not well covered by earnings and cash flows. Payout ratio: 122% Cash payout ratio: 106% Dividend yield: 4.5% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 122% Cash payout ratio: 106% Minor Risk Profit margins are more than 30% lower than last year (9.4% net profit margin).
Upcoming Dividend • Jun 20Upcoming dividend of NT$4.20 per share at 4.6% yieldEligible shareholders must have bought the stock before 27 June 2023. Payment date: 26 July 2023. Payout ratio is a comfortable 74% but the company is paying out more than the cash it is generating. Trailing yield: 4.6%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.5%).
공시 • May 31Formosa Plastics Corporation Announces Cash Dividend, Payable on July 26, 2023Formosa Plastics Corporation announced cash dividend of TWD 4.2 per share. Payment date of cash dividend distribution is July 26, 2023. Ex-rights (ex-dividend) trading date is June 27, 2023. Last date before book closure is June 28, 2023. Book closure starting date is June 29, 2023. Book closure ending date: July 3, 2023. Ex-rights (ex-dividend) record date is July 3, 2023.
Major Estimate Revision • May 30Consensus revenue estimates decrease by 13%The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from NT$256.3b to NT$223.8b. EPS estimate unchanged from NT$5.90 per share at last update. Chemicals industry in Taiwan expected to see average net income growth of 5.8% next year. Consensus price target of NT$96.96 unchanged from last update. Share price was steady at NT$93.30 over the past week.
공시 • May 23Formosa Plastics Corporation Announces Demise of C.T. Lee, DirectorFormosa Plastics Corporation announced that Director of the Company, C.T. Lee, passed away.
Major Estimate Revision • Apr 12Consensus EPS estimates increase by 22%, revenue downgradedThe consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from NT$245.1b to NT$229.3b. EPS estimate rose from NT$3.82 to NT$4.65. Net income forecast to shrink 32% next year vs 0.1% growth forecast for Chemicals industry in Taiwan . Consensus price target reaffirmed at NT$95.04. Share price was steady at NT$92.60 over the past week.
Major Estimate Revision • Mar 31Consensus EPS estimates fall by 39%The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from NT$6.25 to NT$3.82 per share. Revenue forecast steady at NT$245.1b. Net income forecast to shrink 33% next year vs 2.1% growth forecast for Chemicals industry in Taiwan . Consensus price target broadly unchanged at NT$95.04. Share price was steady at NT$91.80 over the past week.
Reported Earnings • Mar 14Full year 2022 earnings: EPS misses analyst expectationsFull year 2022 results: EPS: NT$6.88 (down from NT$11.21 in FY 2021). Revenue: NT$251.6b (down 8.0% from FY 2021). Net income: NT$36.1b (down 49% from FY 2021). Profit margin: 14% (down from 26% in FY 2021). The decrease in margin was primarily driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is forecast to grow 2.4% p.a. on average during the next 2 years, compared to a 1.5% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth.
Major Estimate Revision • Jan 06Consensus EPS estimates fall by 12%The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$260.1b to NT$250.0b. EPS estimate also fell from NT$7.97 per share to NT$7.04 per share. Net income forecast to shrink 28% next year vs 12% decline forecast for Chemicals industry in Taiwan. Consensus price target down from NT$98.88 to NT$95.54. Share price was steady at NT$88.00 over the past week.
Reported Earnings • Nov 16Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behindThird quarter 2022 results: EPS: NT$0.91 (down from NT$3.03 in 3Q 2021). Revenue: NT$55.7b (down 17% from 3Q 2021). Net income: NT$5.76b (down 70% from 3Q 2021). Profit margin: 10% (down from 29% in 3Q 2021). The decrease in margin was primarily driven by lower revenue. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) missed analyst estimates by 36%. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Taiwan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.
Reported Earnings • Nov 13Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behindThird quarter 2022 results: EPS: NT$0.96 (down from NT$3.03 in 3Q 2021). Revenue: NT$55.7b (down 17% from 3Q 2021). Net income: NT$5.76b (down 70% from 3Q 2021). Profit margin: 10% (down from 29% in 3Q 2021). The decrease in margin was primarily driven by lower revenue. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) missed analyst estimates by 36%. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Taiwan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.
Price Target Changed • Oct 12Price target decreased to NT$109Down from NT$118, the current price target is an average from 11 analysts. New target price is 35% above last closing price of NT$80.80. Stock is down 30% over the past year. The company is forecast to post earnings per share of NT$8.61 for next year compared to NT$11.21 last year.
Buying Opportunity • Oct 12Now 22% undervalued after recent price dropOver the last 90 days, the stock is down 7.1%. The fair value is estimated to be NT$103, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 37%. Revenue is forecast to decline by 5.9% in 2 years. Earnings is forecast to decline by 37% in the next 2 years.
Major Estimate Revision • Aug 27Consensus revenue estimates fall by 12%The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from NT$279.4b to NT$244.8b. EPS estimate fell from NT$10.19 to NT$9.96 per share. Net income forecast to shrink 21% next year vs 8.0% decline forecast for Chemicals industry in Taiwan. Consensus price target broadly unchanged at NT$118. Share price was steady at NT$93.20 over the past week.
Reported Earnings • Aug 13Second quarter 2022 earnings: EPS and revenues exceed analyst expectationsSecond quarter 2022 results: EPS: NT$3.33 (up from NT$3.18 in 2Q 2021). Revenue: NT$73.9b (up 3.2% from 2Q 2021). Net income: NT$21.2b (up 4.8% from 2Q 2021). Profit margin: 29% (in line with 2Q 2021). Revenue exceeded analyst estimates by 5.8%. Earnings per share (EPS) also surpassed analyst estimates by 48%. Over the next year, revenue is expected to shrink by 4.4% compared to a 1.7% decline forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth.
Valuation Update With 7 Day Price Move • Jul 06Investor sentiment deteriorated over the past weekAfter last week's 21% share price decline to NT$87.00, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Chemicals industry in Taiwan. Total loss to shareholders of 1.4% over the past three years.
Upcoming Dividend • Jun 28Upcoming dividend of NT$8.20 per shareEligible shareholders must have bought the stock before 05 July 2022. Payment date: 05 August 2022. Payout ratio is a comfortable 72% and this is well supported by cash flows. Trailing yield: 7.5%. Within top quartile of Taiwanese dividend payers (6.3%). Higher than average of industry peers (6.8%).
Reported Earnings • May 13First quarter 2022 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2022 results: EPS: NT$2.60 (up from NT$2.35 in 1Q 2021). Revenue: NT$71.0b (up 17% from 1Q 2021). Net income: NT$16.6b (up 11% from 1Q 2021). Profit margin: 23% (down from 25% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) also surpassed analyst estimates by 16%. Over the next year, revenue is forecast to decline by 4.0% while the industry in Taiwan is not expected to grow. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings.
공시 • May 12Formosa Plastics Corporation Announces Formation of Sustainable Development CommitteeFormosa Plastics Corporation announced the formation of Sustainable Development Committee which includes: Jason Lin: Chairman and President of the Company; Jerry Lin: Director and Senior Vice President of the Company; C. L. Wei: Independant Director of the Company; C. J. Wu: Independant Director of the Company; Yen-Shiang Shih: Independant Director of the Company; and Wen-Chyi Ong: Independant Director of the Company. Effective date is May 10, 2022.
Reported Earnings • Mar 11Full year 2021 earnings: EPS exceeds analyst expectationsFull year 2021 results: EPS: NT$13.50 (up from NT$3.15 in FY 2020). Revenue: NT$273.6b (up 47% from FY 2020). Net income: NT$71.4b (up 256% from FY 2020). Profit margin: 26% (up from 11% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.5%. Over the next year, revenue is expected to shrink by 4.0% compared to a 1.9% growth forecast for the 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 remained flat, which means it is significantly lagging earnings.
Reported Earnings • Nov 11Third quarter 2021 earnings released: EPS NT$3.03 (vs NT$1.63 in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$66.9b (up 45% from 3Q 2020). Net income: NT$19.3b (up 87% from 3Q 2020). Profit margin: 29% (up from 22% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings.
Reported Earnings • Aug 12Second quarter 2021 earnings released: EPS NT$3.18 (vs NT$0.099 loss in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$71.7b (up 67% from 2Q 2020). Net income: NT$20.2b (up NT$20.9b from 2Q 2020). Profit margin: 28% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 23% 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.
Upcoming Dividend • Jul 23Upcoming dividend of NT$2.40 per shareEligible shareholders must have bought the stock before 30 July 2021. Payment date: 27 August 2021. Trailing yield: 2.4%. Lower than top quartile of Taiwanese dividend payers (4.9%). Lower than average of industry peers (2.8%).
Major Estimate Revision • Jul 15Consensus EPS estimates increase to NT$8.39The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from NT$237.9b to NT$246.4b. EPS estimate increased from NT$7.58 to NT$8.39 per share. Net income forecast to grow 43% next year vs 13% growth forecast for Chemicals industry in Taiwan. Consensus price target broadly unchanged at NT$123. Share price was steady at NT$104 over the past week.
Reported Earnings • May 14First quarter 2021 earnings released: EPS NT$2.35 (vs NT$0.062 loss in 1Q 2020)The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$60.6b (up 44% from 1Q 2020). Net income: NT$15.0b (up NT$15.4b from 1Q 2020). Profit margin: 25% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.
Major Estimate Revision • Apr 15Consensus EPS estimates increase to NT$7.83The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from NT$225.2b to NT$227.9b. EPS estimate increased from NT$6.50 to NT$7.83 per share. Net income forecast to grow 139% next year vs 25% growth forecast for Chemicals industry in Taiwan. Consensus price target up from NT$113 to NT$116. Share price rose 7.5% to NT$108 over the past week.
공시 • Mar 18+ 1 more updateFormosa Plastics Corporation Proposes Dividend Distribution for the Year Ended December 31, 2020The Board of Directors of Formosa Plastics Corporation proposed dividend distribution for the year ended December 31, 2020. The company announced the cash dividend to shareholders of TWD 2.4 per share.
Reported Earnings • Mar 18Full year 2020 earnings released: EPS NT$3.15 (vs NT$5.86 in FY 2019)The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$185.8b (down 11% from FY 2019). Net income: NT$20.0b (down 46% from FY 2019). Profit margin: 11% (down from 18% in FY 2019). The decrease in margin was driven by lower revenue. 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 1% per year, which means it has not declined as severely as earnings.
Is New 90 Day High Low • Feb 23New 90-day high: NT$99.80The company is up 14% from its price of NT$87.80 on 25 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Chemicals industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$148 per share.
Price Target Changed • Feb 11Price target raised to NT$107Up from NT$99.65, the current price target is an average from 8 analysts. The new target price is 19% above the current share price of NT$89.80. As of last close, the stock is down 5.3% over the past year.
Is New 90 Day High Low • Jan 07New 90-day high: NT$97.10The company is up 20% from its price of NT$81.00 on 08 October 2020. The Taiwanese market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$161 per share.
Is New 90 Day High Low • Dec 21New 90-day high: NT$92.30The company is up 13% from its price of NT$81.40 on 22 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$208 per share.
Major Estimate Revision • Dec 10Analysts update estimatesThe 2020 consensus earning per share (EPS) estimate was lowered from NT$3.21 to NT$2.66. No change was made to the revenue estimate which at the last update was NT$185.5b. Net income is expected to grow by 149% next year compared to 44% growth forecast for the Chemicals industry in Taiwan. The consensus price target increased from NT$94.05 to NT$94.82. Share price is up 1.6% to NT$89.90 over the past week.