Upcoming Dividend • May 21
Upcoming dividend of NT$3.60 per share Eligible shareholders must have bought the stock before 28 May 2026. Payment date: 26 June 2026. Payout ratio is on the higher end at 91%, and the cash payout ratio is above 100%. Trailing yield: 7.6%. Within top quartile of Taiwanese dividend payers (5.1%). Higher than average of industry peers (4.2%). Reported Earnings • May 15
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$1.21 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00. Revenue: NT$538.1m (flat on 1Q 2025). Net income: NT$81.2m (up 4.3% from 1Q 2025). Profit margin: 15% (in line with 1Q 2025). New Risk • Mar 24
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 91% Cash payout ratio: 169% Dividend yield: 7.5% 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: 91% Cash payout ratio: 169% Minor Risk Market cap is less than US$100m (NT$3.12b market cap, or US$97.3m). Aankondiging • Mar 12
Munsin Garment Corporation, Annual General Meeting, May 26, 2026 Munsin Garment Corporation, Annual General Meeting, May 26, 2026. Location: 8 floor no,18, wu ch`uan 6th rd., wugu district, new taipei city Taiwan Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: NT$3.96 (vs NT$4.19 in FY 2024) Full year 2025 results: EPS: NT$3.96. Revenue: NT$1.96b (up 2.0% from FY 2024). Net income: NT$255.9m (up 3.2% from FY 2024). Profit margin: 13% (in line with FY 2024). New Risk • Jan 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.16b (US$99.6m) 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: Minor Risks Dividend is not well covered by cash flows (228% cash payout ratio). Market cap is less than US$100m (NT$3.16b market cap, or US$99.6m). Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: NT$0.29 (vs NT$0.42 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.29 (down from NT$0.42 in 3Q 2024). Revenue: NT$359.5m (flat on 3Q 2024). Net income: NT$19.0m (down 28% from 3Q 2024). Profit margin: 5.3% (down from 7.3% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Oct 11
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.07b (US$100.0m) 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: Minor Risks Dividend is not well covered by cash flows (148% cash payout ratio). Market cap is less than US$100m (NT$3.07b market cap, or US$100.0m). New Risk • Sep 01
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.06b (US$99.8m) 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: Minor Risks Dividend is not well covered by cash flows (148% cash payout ratio). Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (NT$3.06b market cap, or US$99.8m). Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$0.93 (vs NT$0.72 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.93 (up from NT$0.72 in 2Q 2024). Revenue: NT$450.1m (up 2.7% from 2Q 2024). Net income: NT$60.5m (up 54% from 2Q 2024). Profit margin: 13% (up from 8.9% in 2Q 2024). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jul 01
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$2.91b (US$99.6m) 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: Minor Risks Dividend is not well covered by cash flows (379% cash payout ratio). Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (NT$2.91b market cap, or US$99.6m). Upcoming Dividend • Jun 20
Upcoming dividend of NT$3.60 per share Eligible shareholders must have bought the stock before 27 June 2025. Payment date: 18 July 2025. Payout ratio is on the higher end at 88%, and the cash payout ratio is above 100%. Trailing yield: 7.2%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (4.2%). Aankondiging • May 29
Munsin Garment Corporation Approves Board Elections Munsin Garment Corporation announced that at its AGM held on May 28, 2025, the shareholders approved election of directors: LI CHIUN LIANG; GOTO KENJI; LI DERING; LI JIAN RUEY. Newly elected independent directors: HUANG BO CHEN; JAN HUNG TU; CHANG HUANG CHUN. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$1.21 (vs NT$1.38 in 1Q 2024) First quarter 2025 results: EPS: NT$1.21. Revenue: NT$534.9m (up 5.6% from 1Q 2024). Net income: NT$77.9m (up 3.7% from 1Q 2024). Profit margin: 15% (in line with 1Q 2024). Aankondiging • May 06
Munsin Garment Corporation to Report Q1, 2025 Results on May 13, 2025 Munsin Garment Corporation announced that they will report Q1, 2025 results on May 13, 2025 New Risk • Mar 31
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.32b (US$99.9m) 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 High level of non-cash earnings (20% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (NT$3.32b market cap, or US$99.9m). Buy Or Sell Opportunity • Mar 28
Now 20% undervalued Over the last 90 days, the stock has risen 5.1% to NT$52.00. The fair value is estimated to be NT$65.12, 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 19%. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$4.19 (vs NT$4.61 in FY 2023) Full year 2024 results: EPS: NT$4.19 (down from NT$4.61 in FY 2023). Revenue: NT$1.92b (up 4.5% from FY 2023). Net income: NT$248.1m (down 1.6% from FY 2023). Profit margin: 13% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Mar 14
Munsin Garment Corporation, Annual General Meeting, May 28, 2025 Munsin Garment Corporation, Annual General Meeting, May 28, 2025, at 09:00 Taipei Standard Time. Location: 8 floor no,18, wu ch`uan 6th rd., wugu district, new taipei city Taiwan Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.42 (vs NT$0.35 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.42 (up from NT$0.35 in 3Q 2023). Revenue: NT$358.5m (up 5.5% from 3Q 2023). Net income: NT$26.2m (up 37% from 3Q 2023). Profit margin: 7.3% (up from 5.6% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Oct 08
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% 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: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 92% Paying a dividend despite having no free cash flows. High level of non-cash earnings (40% accrual ratio). Minor Risk Shareholders have been diluted in the past year (18% increase in shares outstanding). Reported Earnings • Aug 18
Second quarter 2024 earnings released: EPS: NT$0.72 (vs NT$1.13 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.72 (down from NT$1.13 in 2Q 2023). Revenue: NT$438.3m (flat on 2Q 2023). Net income: NT$39.1m (down 36% from 2Q 2023). Profit margin: 8.9% (down from 14% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Jul 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to NT$56.00. The fair value is estimated to be NT$69.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 31%. Buy Or Sell Opportunity • Jun 18
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to NT$54.50. The fair value is estimated to be NT$70.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 31%. New Risk • Jun 03
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.22b (US$99.5m) 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 High level of non-cash earnings (40% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (NT$3.22b market cap, or US$99.5m). Upcoming Dividend • May 24
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 31 May 2024. Payment date: 05 July 2024. Payout ratio is a comfortable 68% but the company is not cash flow positive. Trailing yield: 4.7%. Within top quartile of Taiwanese dividend payers (4.4%). Higher than average of industry peers (3.2%). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$1.38 (vs NT$1.21 in 1Q 2023) First quarter 2024 results: EPS: NT$1.38 (up from NT$1.21 in 1Q 2023). Revenue: NT$506.5m (up 8.2% from 1Q 2023). Net income: NT$75.1m (up 13% from 1Q 2023). Profit margin: 15% (in line with 1Q 2023). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Apr 23
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to NT$62.30. The fair value is estimated to be NT$51.46, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 34%. Buy Or Sell Opportunity • Mar 20
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 28% to NT$63.20. The fair value is estimated to be NT$51.44, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 34%. Aankondiging • Mar 14
Munsin Garment Corporation, Annual General Meeting, May 29, 2024 Munsin Garment Corporation, Annual General Meeting, May 29, 2024. Reported Earnings • Mar 12
Full year 2023 earnings released: EPS: NT$4.61 (vs NT$3.29 in FY 2022) Full year 2023 results: EPS: NT$4.61 (up from NT$3.29 in FY 2022). Revenue: NT$1.84b (up 17% from FY 2022). Net income: NT$252.0m (up 40% from FY 2022). Profit margin: 14% (up from 11% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: NT$1.13 (vs NT$0.23 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.13 (up from NT$0.23 in 2Q 2022). Revenue: NT$441.8m (up 56% from 2Q 2022). Net income: NT$61.6m (up 389% from 2Q 2022). Profit margin: 14% (up from 4.4% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 43% per year whereas the company’s share price has increased by 45% per year. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$53.50, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 14x in the Retail Distributors industry in Taiwan. Total returns to shareholders of 320% over the past three years. New Risk • Jun 29
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 5.9% 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: Minor Risks Dividend is not well covered by earnings (91% payout ratio). Share price has been volatile over the past 3 months (5.9% average weekly change). Market cap is less than US$100m (NT$2.61b market cap, or US$84.0m). Upcoming Dividend • Jun 14
Upcoming dividend of NT$3.00 per share at 5.9% yield Eligible shareholders must have bought the stock before 21 June 2023. Payment date: 14 July 2023. Payout ratio is on the higher end at 91%, however this is supported by cash flows. Trailing yield: 5.9%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (4.9%). Reported Earnings • Mar 21
Full year 2022 earnings released: EPS: NT$3.29 (vs NT$2.52 in FY 2021) Full year 2022 results: EPS: NT$3.29 (up from NT$2.52 in FY 2021). Revenue: NT$1.58b (up 16% from FY 2021). Net income: NT$179.7m (up 31% from FY 2021). Profit margin: 11% (up from 10% in FY 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 31% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Sep 26
Now 20% undervalued Over the last 90 days, the stock is up 4.9%. The fair value is estimated to be NT$27.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 31%. Buying Opportunity • Jun 23
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be NT$27.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 24%. Upcoming Dividend • Jun 16
Upcoming dividend of NT$2.20 per share Eligible shareholders must have bought the stock before 23 June 2022. Payment date: 15 July 2022. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 6.3%. Within top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (4.7%). Reported Earnings • May 13
First quarter 2022 earnings released: EPS: NT$0.67 (vs NT$0.70 in 1Q 2021) First quarter 2022 results: EPS: NT$0.67 (down from NT$0.70 in 1Q 2021). Revenue: NT$388.5m (down 1.4% from 1Q 2021). Net income: NT$36.5m (down 4.9% from 1Q 2021). Profit margin: 9.4% (in line with 1Q 2021). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Aankondiging • Mar 23
Munsin Garment Corporation, Annual General Meeting, Jun 06, 2022 Munsin Garment Corporation, Annual General Meeting, Jun 06, 2022. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$0.16 (vs NT$0.10 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: NT$214.2m (down 21% from 3Q 2020). Net income: NT$8.62m (up 51% from 3Q 2020). Profit margin: 4.0% (up from 2.1% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 5% per year. Reported Earnings • Aug 09
Second quarter 2021 earnings released: NT$0.19 loss per share (vs NT$0.25 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: NT$207.5m (down 33% from 2Q 2020). Net loss: NT$10.5m (down 178% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 3% per year. Upcoming Dividend • Jun 16
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 23 June 2021. Payment date: 15 July 2021. Trailing yield: 6.9%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (3.7%). Reported Earnings • May 09
First quarter 2021 earnings released: EPS NT$0.70 (vs NT$0.077 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$394.1m (up 28% from 1Q 2020). Net income: NT$38.4m (up NT$42.6m from 1Q 2020). Profit margin: 9.7% (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 1% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Aankondiging • Mar 20
Munsin Garment Corporation, Annual General Meeting, Jun 07, 2021 Munsin Garment Corporation, Annual General Meeting, Jun 07, 2021. Reported Earnings • Mar 19
Full year 2020 earnings released: EPS NT$1.61 (vs NT$1.40 in FY 2019) The company reported a solid full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: NT$1.38b (flat on FY 2019). Net income: NT$88.2m (up 15% from FY 2019). Profit margin: 6.4% (up from 5.6% in FY 2019). 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 2% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 20
New 90-day high: NT$17.05 The company is up 6.0% from its price of NT$16.10 on 20 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Retail Distributors industry, which is down 2.0% over the same period. Is New 90 Day High Low • Dec 30
New 90-day high: NT$17.00 The company is up 7.0% from its price of NT$15.90 on 30 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Retail Distributors industry, which is up 9.0% over the same period. Is New 90 Day High Low • Nov 16
New 90-day high: NT$16.15 The company is up 2.0% from its price of NT$15.80 on 18 August 2020. The Taiwanese market is also up 2.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Retail Distributors industry, which is up 7.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.10 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$271.7m (up 6.5% from 3Q 2019). Net income: NT$5.70m (up NT$17.5m from 3Q 2019). Profit margin: 2.1% (up from net loss in 3Q 2019). The move to profitability was primarily 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 remained flat, which means it is well ahead of earnings.