Buy Or Sell Opportunity • Jun 24
Now 26% undervalued Over the last 90 days, the stock has risen 149% to NT$321. The fair value is estimated to be NT$432, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last 3 years. Earnings per share has grown by 87%. Buy Or Sell Opportunity • May 26
Now 21% undervalued Over the last 90 days, the stock has risen 150% to NT$339. The fair value is estimated to be NT$430, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last 3 years. Earnings per share has grown by 87%. Reported Earnings • May 11
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$0.37 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00 (up from NT$0.37 in 1Q 2025). Revenue: NT$822.8m (up 25% from 1Q 2025). Net income: NT$88.1m (up 176% from 1Q 2025). Profit margin: 11% (up from 4.8% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 87% per year and the company’s share price has also increased by 87% per year. Upcoming Dividend • Apr 16
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 23 April 2026. Payment date: 29 May 2026. Payout ratio is on the higher end at 82%, however this is supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Taiwanese dividend payers (5.1%). Lower than average of industry peers (1.6%). Buy Or Sell Opportunity • Apr 15
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 50% to NT$200. The fair value is estimated to be NT$160, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Apr 04
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 37% 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 Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 31% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Buy Or Sell Opportunity • Mar 31
Now 24% undervalued Over the last 90 days, the stock has risen 12% to NT$118. The fair value is estimated to be NT$155, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Mar 20
Full year 2025 earnings released: EPS: NT$1.22 (vs NT$0.44 loss in FY 2024) Full year 2025 results: EPS: NT$1.22 (up from NT$0.44 loss in FY 2024). Revenue: NT$2.85b (up 5.5% from FY 2024). Net income: NT$104.5m (up NT$141.8m from FY 2024). Profit margin: 3.7% (up from net loss in FY 2024). Over the last 3 years on average, earnings per share has increased by 41% per year whereas the company’s share price has increased by 38% per year. Aankondiging • Mar 16
Double Bond Chemical Ind. Co., Ltd., Annual General Meeting, Jun 25, 2026 Double Bond Chemical Ind. Co., Ltd., Annual General Meeting, Jun 25, 2026. Location: 4 floor no,959, chung cheng rd., jhonghe district, new taipei city Taiwan Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$54.90, the stock trades at a trailing P/E ratio of 61.8x. Average trailing P/E is 20x in the Chemicals industry in Taiwan. Total returns to shareholders of 12% over the past three years. Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$0.24 (vs NT$0.26 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.24 (up from NT$0.26 loss in 3Q 2024). Revenue: NT$674.5m (down 8.1% from 3Q 2024). Net income: NT$20.7m (up NT$42.9m from 3Q 2024). Profit margin: 3.1% (up from net loss in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. New Risk • Oct 23
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 Risks Debt is not well covered by operating cash flow (7.6% operating cash flow to total debt). Earnings have declined by 46% 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. New Risk • Aug 22
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 7.6% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (7.6% operating cash flow to total debt). Earnings have declined by 46% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: NT$0.002 (vs NT$0.14 loss in 2Q 2024) Second quarter 2025 results: EPS: NT$0.002 (up from NT$0.14 loss in 2Q 2024). Revenue: NT$729.6m (up 6.1% from 2Q 2024). Net income: NT$170.0k (up NT$12.5m from 2Q 2024). Profit margin: 0% (up from net loss in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$0.37 (vs NT$0.30 loss in 1Q 2024) First quarter 2025 results: EPS: NT$0.37 (up from NT$0.30 loss in 1Q 2024). Revenue: NT$660.1m (up 27% from 1Q 2024). Net income: NT$31.9m (up NT$57.9m from 1Q 2024). Profit margin: 4.8% (up from net loss in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Aankondiging • May 06
Double Bond Chemical Ind. Co., Ltd. to Report Q1, 2025 Results on May 13, 2025 Double Bond Chemical Ind. Co., Ltd. announced that they will report Q1, 2025 results on May 13, 2025 New Risk • Apr 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.17b (US$95.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 55% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$3.17b market cap, or US$95.8m). Reported Earnings • Mar 19
Full year 2024 earnings released: NT$0.44 loss per share (vs NT$1.00 loss in FY 2023) Full year 2024 results: NT$0.44 loss per share (improved from NT$1.00 loss in FY 2023). Revenue: NT$2.70b (up 21% from FY 2023). Net loss: NT$37.3m (loss narrowed 57% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Aankondiging • Mar 14
Double Bond Chemical Ind. Co., Ltd., Annual General Meeting, Jun 25, 2025 Double Bond Chemical Ind. Co., Ltd., Annual General Meeting, Jun 25, 2025. Location: 4 floor no,959, chung cheng rd., jhonghe district, new taipei city Taiwan Reported Earnings • Nov 09
Third quarter 2024 earnings released: NT$0.26 loss per share (vs NT$0.13 loss in 3Q 2023) Third quarter 2024 results: NT$0.26 loss per share (further deteriorated from NT$0.13 loss in 3Q 2023). Revenue: NT$734.2m (up 27% from 3Q 2023). Net loss: NT$22.2m (loss widened 97% from 3Q 2023). 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. Reported Earnings • Aug 17
Second quarter 2024 earnings released: NT$0.14 loss per share (vs NT$0.31 loss in 2Q 2023) Second quarter 2024 results: NT$0.14 loss per share (improved from NT$0.31 loss in 2Q 2023). Revenue: NT$687.6m (up 17% from 2Q 2023). Net loss: NT$12.3m (loss narrowed 53% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. Aankondiging • Aug 02
Double Bond Chemical Ind. Co., Ltd. to Report Q2, 2024 Results on Aug 09, 2024 Double Bond Chemical Ind. Co., Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 Reported Earnings • May 12
First quarter 2024 earnings released: NT$0.30 loss per share (vs NT$0.22 loss in 1Q 2023) First quarter 2024 results: NT$0.30 loss per share (further deteriorated from NT$0.22 loss in 1Q 2023). Revenue: NT$521.4m (up 4.5% from 1Q 2023). Net loss: NT$26.0m (loss widened 37% from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Aankondiging • May 03
Double Bond Chemical Ind. Co., Ltd. to Report Q1, 2024 Results on May 10, 2024 Double Bond Chemical Ind. Co., Ltd. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 10, 2024 New Risk • Mar 27
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.17b (US$99.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 61% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$3.17b market cap, or US$99.1m). Reported Earnings • Mar 19
Full year 2023 earnings released: NT$1.00 loss per share (vs NT$0.71 profit in FY 2022) Full year 2023 results: NT$1.00 loss per share (down from NT$0.71 profit in FY 2022). Revenue: NT$2.23b (down 21% from FY 2022). Net loss: NT$85.9m (down 242% from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Aankondiging • Mar 15
Double Bond Chemical Ind. Co., Ltd., Annual General Meeting, Jun 28, 2024 Double Bond Chemical Ind. Co., Ltd., Annual General Meeting, Jun 28, 2024. Location: Auditorium, 4F, No. 959, Zhongzheng Road, Zhonghe District, New Taipei City Taiwan Agenda: To consider the Company's 2023 Business Report; to consider the Audit Committee's 2023 Review Report; to consider the 2023 Business Report and Financial Statements; to consider the proposal of 2023 Profit and Loss Appropriation; and to consider the amendments to the "Rules and Procedures for Shareholder Meetings". Aankondiging • Feb 01
Double Bond Chemical Ind. Co., Ltd.'s Subsidiary Dafeng Xin Yuan Da Chemical Co., Ltd. Announces Board Changes Double Bond Chemical Ind. Co., Ltd. announced the change of chairperson on behalf of subsidiary Dafeng Xin Yuan Da Chemical Co., Ltd. Name of the previous position holder is TSAY, MAW-DER. Name of the new position holder is CHEN, CHUNG-PIN. Resume of the new position holder is General Manager of DBC. Reported Earnings • Nov 14
Third quarter 2023 earnings released: NT$0.13 loss per share (vs NT$0.08 profit in 3Q 2022) Third quarter 2023 results: NT$0.13 loss per share (down from NT$0.08 profit in 3Q 2022). Revenue: NT$577.8m (down 9.3% from 3Q 2022). Net loss: NT$11.3m (down 265% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Aankondiging • Sep 21
Double Bond Chemical Ind. Co., Ltd. Announces Executive Changes Double Bond Chemical Ind. Co., Ltd. announced the resignation of YU, HUI-LIN as accounting officer, effective October 1, 2023. YU, HUI-LIN is Senior Manager and CFO of DBC. The company announced the appointment of TSAI, JO-YU as accounting officer, effective October 1, 2023. TSAI, JO-YU is Accounting Director of DBC. Reported Earnings • Aug 12
Second quarter 2023 earnings released: NT$0.31 loss per share (vs NT$0.24 profit in 2Q 2022) Second quarter 2023 results: NT$0.31 loss per share (down from NT$0.24 profit in 2Q 2022). Revenue: NT$589.6m (down 18% from 2Q 2022). Net loss: NT$26.5m (down 227% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Aankondiging • Aug 11
Double Bond Chemical Ind. Co., Ltd. Announces Change of the General Manager Double Bond Chemical Ind. Co., Ltd. announced change of the General Manager. Name of the previous position holder: TSAY, MAW-DER. Resume of the previous position holder: Chairperson and General Manager of DBC. Name of the new position holder: CHEN, CHUNG-PIN. Resume of the new position holder: Vice president of DBC. Effective date of the new appointment: august 10, 2023. Upcoming Dividend • Jul 14
Upcoming dividend of NT$0.50 per share at 1.0% yield Eligible shareholders must have bought the stock before 21 July 2023. Payment date: 15 August 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 1.0%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.8%). Reported Earnings • Mar 29
Full year 2022 earnings released: EPS: NT$0.71 (vs NT$1.25 in FY 2021) Full year 2022 results: EPS: NT$0.71 (down from NT$1.25 in FY 2021). Revenue: NT$2.81b (down 8.4% from FY 2021). Net income: NT$60.4m (down 44% from FY 2021). Profit margin: 2.2% (down from 3.5% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Wen-Chiung Su was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: NT$0.08 (vs NT$0.17 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.08 (down from NT$0.17 in 3Q 2021). Revenue: NT$636.8m (down 16% from 3Q 2021). Net income: NT$6.86m (down 54% from 3Q 2021). Profit margin: 1.1% (down from 1.9% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.24 (vs NT$0.46 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.24 (down from NT$0.46 in 2Q 2021). Revenue: NT$720.6m (down 9.2% from 2Q 2021). Net income: NT$20.9m (down 46% from 2Q 2021). Profit margin: 2.9% (down from 4.9% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 51% 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. Upcoming Dividend • Jul 13
Upcoming dividend of NT$0.40 per share Eligible shareholders must have bought the stock before 20 July 2022. Payment date: 02 September 2022. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 0.7%. Lower than top quartile of Taiwanese dividend payers (6.9%). Lower than average of industry peers (8.5%). Reported Earnings • May 13
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: NT$0.31 (up from NT$0.30 in 1Q 2021). Revenue: NT$781.7m (up 7.9% from 1Q 2021). Net income: NT$24.8m (up 3.7% from 1Q 2021). Profit margin: 3.2% (down from 3.3% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) exceeded analyst estimates by 30%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. 3 independent directors (4 non-independent directors). Independent Director Wen-Chiung Su was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 28
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: NT$1.32 (up from NT$0.76 in FY 2020). Revenue: NT$3.06b (up 16% from FY 2020). Net income: NT$106.9m (up 72% from FY 2020). Profit margin: 3.5% (up from 2.4% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) exceeded analyst estimates by 30%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$0.18 (vs NT$0.19 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$761.0m (up 22% from 3Q 2020). Net income: NT$14.8m (down 4.5% from 3Q 2020). Profit margin: 1.9% (down from 2.5% in 3Q 2020). 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 73 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Aug 25
Upcoming dividend of NT$0.30 per share Eligible shareholders must have bought the stock before 01 September 2021. Payment date: 15 October 2021. Trailing yield: 0.5%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (2.9%). Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$0.52 (vs NT$0.26 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$793.8m (up 26% from 2Q 2020). Net income: NT$39.1m (up 96% from 2Q 2020). Profit margin: 4.9% (up from 3.2% in 2Q 2020). 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 64 percentage points per year, which is a significant difference in performance. Reported Earnings • May 14
First quarter 2021 earnings released: EPS NT$0.32 (vs NT$0.073 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$724.6m (up 28% from 1Q 2020). Net income: NT$23.9m (up NT$29.5m from 1Q 2020). Profit margin: 3.3% (up from net loss in 1Q 2020). The move to profitability 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 60 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 26
Full year 2020 earnings released: EPS NT$0.81 (vs NT$2.53 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$2.63b (down 25% from FY 2019). Net income: NT$62.1m (down 68% from FY 2019). Profit margin: 2.4% (down from 5.6% in FY 2019). The decrease in margin was driven by lower revenue. Is New 90 Day High Low • Feb 17
New 90-day high: NT$66.20 The company is up 9.0% from its price of NT$60.60 on 19 November 2020. The Taiwanese market is up 14% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Chemicals industry, which is up 2.0% over the same period. Is New 90 Day High Low • Jan 19
New 90-day high: NT$66.00 The company is up 6.0% from its price of NT$62.20 on 21 October 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 15% over the same period. Is New 90 Day High Low • Dec 17
New 90-day high: NT$63.50 The company is up 4.0% from its price of NT$60.80 on 18 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 12% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.20 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$626.4m (down 26% from 3Q 2019). Net income: NT$15.5m (up 10% from 3Q 2019). Profit margin: 2.5% (up from 1.7% 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 41% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. 