Valuation Update With 7 Day Price Move • 13h
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$94.90, the stock trades at a trailing P/E ratio of 29.6x. Average trailing P/E is 34x in the Chemicals industry in Taiwan. Total returns to shareholders of 17% over the past three years. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$105, the stock trades at a trailing P/E ratio of 32.6x. Average trailing P/E is 31x in the Chemicals industry in Taiwan. Total returns to shareholders of 24% over the past three years. Upcoming Dividend • Jun 15
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 22 June 2026. Payment date: 16 July 2026. Payout ratio is a comfortable 64% but the company is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of Taiwanese dividend payers (4.9%). Lower than average of industry peers (1.5%). Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$119, the stock trades at a trailing P/E ratio of 35.3x. Average trailing P/E is 33x in the Chemicals industry in Taiwan. Total returns to shareholders of 35% over the past three years. Declared Dividend • May 27
Dividend increased to NT$1.00 Dividend of NT$1.00 is 5.3% higher than last year. Ex-date: 22nd June 2026 Payment date: 16th July 2026 Dividend yield will be 1.0%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (64% 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 decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 5.3% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 13
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$0.23 loss in 1Q 2025) First quarter 2026 results: EPS: NT$1.00 (up from NT$0.23 loss in 1Q 2025). Revenue: NT$2.37b (up 125% from 1Q 2025). Net income: NT$186.0m (up NT$213.5m from 1Q 2025). Profit margin: 7.8% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. 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 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$85.10, the stock trades at a trailing P/E ratio of 54.5x. Average trailing P/E is 32x in the Chemicals industry in Taiwan. Negligible returns to shareholders over past three years. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$88.90, the stock trades at a trailing P/E ratio of 56.9x. Average trailing P/E is 29x in the Chemicals industry in Taiwan. Total loss to shareholders of 3.5% over the past three years. New Risk • Mar 11
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 36% per year over the past 5 years. High level of non-cash earnings (22% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (8.2% average weekly change). Profit margins are more than 30% lower than last year (1.6% net profit margin). Aankondiging • Mar 06
Coremax Corporation, Annual General Meeting, May 25, 2026 Coremax Corporation, Annual General Meeting, May 25, 2026. Location: no,22, chung hua rd., feng shan ts`un, hukou township, hsinchu county Taiwan New Risk • Feb 09
New minor risk - Share price stability The 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. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 30% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.6% net profit margin). Aankondiging • Jan 06
Coremax Corporation has filed a Follow-on Equity Offering in the amount of TWD 29.58 million. Coremax Corporation has filed a Follow-on Equity Offering in the amount of TWD 29.58 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 510,000
Price\Range: TWD 58 New Risk • Nov 25
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 44% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 30% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.6% net profit margin). Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: NT$0.71 (vs NT$0.34 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.71 (up from NT$0.34 in 3Q 2024). Revenue: NT$1.76b (up 77% from 3Q 2024). Net income: NT$84.2m (up 114% from 3Q 2024). Profit margin: 4.8% (up from 3.9% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 13
Second quarter 2025 earnings released: EPS: NT$0.06 (vs NT$0.48 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.06 (down from NT$0.48 in 2Q 2024). Revenue: NT$1.45b (up 31% from 2Q 2024). Net income: NT$6.66m (down 88% from 2Q 2024). Profit margin: 0.5% (down from 5.1% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. New Risk • Jul 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.4% 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. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 17% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$53.40, the stock trades at a trailing P/E ratio of 71.5x. Average trailing P/E is 19x in the Chemicals industry in Taiwan. Total loss to shareholders of 54% over the past three years. Upcoming Dividend • Jun 18
Upcoming dividend of NT$0.95 per share Eligible shareholders must have bought the stock before 25 June 2025. Payment date: 21 July 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 2.1%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (3.1%). Declared Dividend • May 31
Dividend increased to NT$0.95 Dividend of NT$0.95 is 19% higher than last year. Ex-date: 25th June 2025 Payment date: 21st July 2025 Dividend yield will be 2.0%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is not covered by earnings (126% earnings payout ratio) and the company has 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. The company's earnings per share (EPS) would need to grow by 40% to bring the payout ratio under control. However, EPS has declined by 13% over the last 5 years so the company would need to reverse this trend. New Risk • May 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 34% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 17% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Reported Earnings • May 15
First quarter 2025 earnings released: NT$0.23 loss per share (vs NT$0.45 profit in 1Q 2024) First quarter 2025 results: NT$0.23 loss per share (down from NT$0.45 profit in 1Q 2024). Revenue: NT$1.05b (down 3.4% from 1Q 2024). Net loss: NT$27.4m (down 152% from profit in 1Q 2024). 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. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$50.70, the stock trades at a trailing P/E ratio of 35.3x. Average trailing P/E is 19x in the Chemicals industry in Taiwan. Total loss to shareholders of 58% over the past three years. Aankondiging • May 01
Coremax Corporation to Report Q1, 2025 Results on May 09, 2025 Coremax Corporation announced that they will report Q1, 2025 results on May 09, 2025 Buy Or Sell Opportunity • Apr 10
Now 32% overvalued Over the last 90 days, the stock has fallen 18% to NT$43.65. The fair value is estimated to be NT$33.18, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 27% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$44.10, the stock trades at a trailing P/E ratio of 30.7x. Average trailing P/E is 18x in the Chemicals industry in Taiwan. Total loss to shareholders of 69% over the past three years. New Risk • Mar 13
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.8% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 11% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Mar 05
Full year 2024 earnings released: EPS: NT$1.44 (vs NT$0.93 loss in FY 2023) Full year 2024 results: EPS: NT$1.44 (up from NT$0.93 loss in FY 2023). Revenue: NT$4.10b (down 22% from FY 2023). Net income: NT$169.0m (up NT$269.3m from FY 2023). Profit margin: 4.1% (up from net loss in FY 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. Aankondiging • Feb 26
Coremax Corporation, Annual General Meeting, May 28, 2025 Coremax Corporation, Annual General Meeting, May 28, 2025. Location: no,366, hsin hu rd., singpu township, hsinchu county Taiwan Aankondiging • Feb 18
Coremax Corporation to Report Q4, 2024 Results on Feb 25, 2025 Coremax Corporation announced that they will report Q4, 2024 results on Feb 25, 2025 New Risk • Nov 28
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 30% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 7.9% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.34 (vs NT$0.19 loss in 3Q 2023) Third quarter 2024 results: EPS: NT$0.34 (up from NT$0.19 loss in 3Q 2023). Revenue: NT$997.0m (down 13% from 3Q 2023). Net income: NT$39.3m (up NT$59.5m from 3Q 2023). Profit margin: 3.9% (up from net loss in 3Q 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. Aankondiging • Nov 01
Coremax Corporation to Report Q3, 2024 Results on Nov 08, 2024 Coremax Corporation announced that they will report Q3, 2024 results on Nov 08, 2024 Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: NT$0.48 (vs NT$0.052 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.48 (up from NT$0.052 in 2Q 2023). Revenue: NT$1.10b (down 25% from 2Q 2023). Net income: NT$56.3m (up NT$50.8m from 2Q 2023). Profit margin: 5.1% (up from 0.4% in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. Aankondiging • Aug 02
Coremax Corporation to Report Q2, 2024 Results on Aug 08, 2024 Coremax Corporation announced that they will report Q2, 2024 results on Aug 08, 2024 Upcoming Dividend • Jun 17
Upcoming dividend of NT$0.80 per share Eligible shareholders must have bought the stock before 24 June 2024. Payment date: 18 July 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 1.2%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (2.2%). Aankondiging • May 29
Coremax Corporation Announces Change of Representative of Juristic-Person Director Coremax Corporation announced change of representative of juristic-person director. Date of occurrence of the change is May 28, 2024. Name of legal person:Chang Xing Investment Co. Ltd. Name of the previous position holder:Lai, Ching-Yuan Resume of the previous position holder: General manager of Uranus Chemicals Co. Ltd. Name of the new position holder:Huang, Chao-Hui Resume of the new position holder: Chief technology officer of Coremax Corporation Effective date of the new appointment is May 28, 2024. .Original term is June 30, 2023 to June 29, 2026. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: NT$0.45 (vs NT$0.52 loss in 1Q 2023) First quarter 2024 results: EPS: NT$0.45 (up from NT$0.52 loss in 1Q 2023). Revenue: NT$1.09b (down 29% from 1Q 2023). Net income: NT$53.0m (up NT$107.6m from 1Q 2023). Profit margin: 4.9% (up from net loss in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Mar 05
Full year 2023 earnings released: NT$0.93 loss per share (vs NT$4.72 profit in FY 2022) Full year 2023 results: NT$0.93 loss per share (down from NT$4.72 profit in FY 2022). Revenue: NT$5.23b (down 42% from FY 2022). Net loss: NT$100.2m (down 120% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 14
Third quarter 2023 earnings released: NT$0.19 loss per share (vs NT$1.04 profit in 3Q 2022) Third quarter 2023 results: NT$0.19 loss per share (down from NT$1.04 profit in 3Q 2022). Revenue: NT$1.15b (down 48% from 3Q 2022). Net loss: NT$20.2m (down 119% from profit in 3Q 2022). 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 10% per year, which means it is well ahead of earnings. New Risk • Oct 18
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 13% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (427% payout ratio). Profit margins are more than 30% lower than last year (1.1% net profit margin). Shareholders have been diluted in the past year (13% increase in shares outstanding). Aankondiging • Aug 23
Coremax Corporation has completed a Follow-on Equity Offering in the amount of TWD 816 million. Coremax Corporation has completed a Follow-on Equity Offering in the amount of TWD 816 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 1,200,000
Price\Range: TWD 68
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 9,600,000
Price\Range: TWD 68
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 1,200,000
Price\Range: TWD 68 Reported Earnings • Aug 08
Second quarter 2023 earnings released: EPS: NT$0.05 (vs NT$1.80 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.05 (down from NT$1.80 in 2Q 2022). Revenue: NT$1.46b (down 48% from 2Q 2022). Net income: NT$5.47m (down 97% from 2Q 2022). Profit margin: 0.4% (down from 6.7% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 25
Upcoming dividend of NT$3.00 per share at 3.5% yield Eligible shareholders must have bought the stock before 01 August 2023. Payment date: 06 September 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.5%. Lower than top quartile of Taiwanese dividend payers (5.5%). In line with average of industry peers (3.7%). Reported Earnings • Mar 10
Full year 2022 earnings released: EPS: NT$4.72 (vs NT$4.67 in FY 2021) Full year 2022 results: EPS: NT$4.72 (up from NT$4.67 in FY 2021). Revenue: NT$9.08b (up 24% from FY 2021). Net income: NT$493.2m (up 6.5% from FY 2021). Profit margin: 5.4% (down from 6.3% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 16
Price target increased to NT$179 Up from NT$135, the current price target is provided by 1 analyst. New target price is 82% above last closing price of NT$98.10. Stock is down 37% over the past year. The company posted earnings per share of NT$4.67 last year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Director Hsien Chiu was the last director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 09
Third quarter 2022 earnings released: EPS: NT$1.03 (vs NT$1.42 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.03 (down from NT$1.42 in 3Q 2021). Revenue: NT$2.20b (up 17% from 3Q 2021). Net income: NT$108.5m (down 23% from 3Q 2021). Profit margin: 4.9% (down from 7.5% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$83.20, the stock trades at a trailing P/E ratio of 14.1x. Average trailing P/E is 12x in the Chemicals industry in Taiwan. Total returns to shareholders of 14% over the past three years. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$94.70, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 14x in the Chemicals industry in Taiwan. Total returns to shareholders of 26% over the past three years. Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: NT$1.80 (vs NT$1.15 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.80 (up from NT$1.15 in 2Q 2021). Revenue: NT$2.81b (up 54% from 2Q 2021). Net income: NT$187.5m (up 65% from 2Q 2021). Profit margin: 6.7% (up from 6.2% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 17
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 24 June 2022. Payment date: 20 July 2022. Payout ratio is a comfortable 55% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of Taiwanese dividend payers (6.1%). Lower than average of industry peers (6.9%). Aankondiging • May 29
Coremax Corporation Announces Cash Dividend, Payable on July 20, 2022 Coremax Corporation announced Cash dividends to common share holders TWD 316,812,807 (TWD 3 per share), Date of the resolution by the board of directors or shareholders meeting or decision by the Company: May 27, 2022. Ex-rights (ex-dividend) record date: July 2, 2022. Cash dividend will be paid on July 20, 2022. Ex-rights (ex-dividend) trading date: June 24, 2022. Reported Earnings • May 11
First quarter 2022 earnings released: EPS: NT$1.76 (vs NT$1.00 in 1Q 2021) First quarter 2022 results: EPS: NT$1.76 (up from NT$1.00 in 1Q 2021). Revenue: NT$2.46b (up 45% from 1Q 2021). Net income: NT$182.7m (up 90% from 1Q 2021). Profit margin: 7.4% (up from 5.7% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target increased to NT$179 Up from NT$135, the current price target is provided by 1 analyst. New target price is 34% above last closing price of NT$134. Stock is up 58% over the past year. The company posted earnings per share of NT$4.67 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. VP, CFO & Representative Director Chih-Hsien Weng was the last director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 27
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: NT$4.67 (up from NT$1.73 in FY 2020). Revenue: NT$7.34b (up 39% from FY 2020). Net income: NT$462.9m (up 198% from FY 2020). Profit margin: 6.3% (up from 2.9% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 14%. Earnings per share (EPS) also missed analyst estimates by 56%. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 13% per year. Reported Earnings • Nov 01
Third quarter 2021 earnings released: EPS NT$1.42 (vs NT$0.78 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$1.88b (up 32% from 3Q 2020). Net income: NT$140.5m (up 102% from 3Q 2020). Profit margin: 7.5% (up from 4.9% 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 12% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment improved over the past week After last week's 18% share price gain to NT$141, the stock trades at a trailing P/E ratio of 41.7x. Average trailing P/E is 17x in the Chemicals industry in Taiwan. Total returns to shareholders of 70% over the past three years. Valuation Update With 7 Day Price Move • Oct 08
Investor sentiment improved over the past week After last week's 18% share price gain to NT$120, the stock trades at a trailing P/E ratio of 35.6x. Average trailing P/E is 16x in the Chemicals industry in Taiwan. Total returns to shareholders of 63% over the past three years. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improved over the past week After last week's 20% share price gain to NT$126, the stock trades at a trailing P/E ratio of 33.8x. Average trailing P/E is 16x in the Chemicals industry in Taiwan. Total returns to shareholders of 40% over the past three years. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$1.14 (vs NT$0.045 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$1.82b (up 48% from 2Q 2020). Net income: NT$113.6m (up NT$109.5m from 2Q 2020). Profit margin: 6.2% (up from 0.3% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improved over the past week After last week's 16% share price gain to NT$132, the stock trades at a trailing P/E ratio of 50.4x. Average trailing P/E is 16x in the Chemicals industry in Taiwan. Total returns to shareholders of 31% over the past three years. Upcoming Dividend • Jul 13
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 20 July 2021. Payment date: 13 August 2021. Trailing yield: 1.0%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (2.8%). Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improved over the past week After last week's 19% share price gain to NT$92.90, the stock trades at a trailing P/E ratio of 35.6x. Average trailing P/E is 16x in the Chemicals industry in Taiwan. Total loss to shareholders of 20% over the past three years. Valuation Update With 7 Day Price Move • May 14
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$63.40, the stock trades at a trailing P/E ratio of 24.3x. Average trailing P/E is 17x in the Chemicals industry in Taiwan. Total loss to shareholders of 41% over the past three years. Reported Earnings • May 05
First quarter 2021 earnings released: EPS NT$1.00 (vs NT$0.15 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$1.69b (up 25% from 1Q 2020). Net income: NT$96.1m (up NT$82.4m from 1Q 2020). Profit margin: 5.7% (up from 1.0% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment improved over the past week After last week's 20% share price gain to NT$88.90, the stock trades at a trailing P/E ratio of 51.4x. Average trailing P/E is 21x in the Chemicals industry in Taiwan. Total loss to shareholders of 29% over the past three years. Aankondiging • Mar 12
Coremax Corporation, Annual General Meeting, Jun 04, 2021 Coremax Corporation, Annual General Meeting, Jun 04, 2021. Is New 90 Day High Low • Mar 11
New 90-day high: NT$73.60 The company is up 22% from its price of NT$60.40 on 11 December 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 11% over the same period. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS NT$1.73 (vs NT$1.41 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$5.29b (down 17% from FY 2019). Net income: NT$155.2m (up 21% from FY 2019). Profit margin: 2.9% (up from 2.0% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 18% share price gain to NT$73.50, the stock is trading at a trailing P/E ratio of 54.6x, up from the previous P/E ratio of 46.3x. This compares to an average P/E of 20x in the Chemicals industry in Taiwan. Total return to shareholders over the past three years is a loss of 30%. Is New 90 Day High Low • Dec 24
New 90-day high: NT$62.70 The company is up 12% from its price of NT$56.10 on 25 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 17% over the same period. Reported Earnings • Nov 12
Third quarter 2020 earnings released: EPS NT$0.77 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$1.43b (down 16% from 3Q 2019). Net income: NT$69.4m (up 12% from 3Q 2019). Profit margin: 4.9% (up from 3.7% 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 53% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 22
New 90-day low: NT$54.30 The company is down 12% from its price of NT$61.50 on 24 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is flat over the same period.