Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$41.85, the stock trades at a trailing P/E ratio of 22.9x. Average trailing P/E is 34x in the Electronic industry in Taiwan. Total returns to shareholders of 48% over the past three years. Buy Or Sell Opportunity • Aug 04
Now 22% overvalued Over the last 90 days, the stock has fallen 41% to NT$40.95. The fair value is estimated to be NT$33.68, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.1% over the last 3 years. Earnings per share has grown by 3.2%. Board Change • Jul 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. 4 non-independent directors. Independent Director Yi-You Huang was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$51.30, the stock trades at a trailing P/E ratio of 28.1x. Average forward P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 76% over the past three years. Upcoming Dividend • Jun 24
Upcoming dividend of NT$1.30 per share Eligible shareholders must have bought the stock before 01 July 2026. Payment date: 28 July 2026. Payout ratio is a comfortable 71% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (1.3%). Declared Dividend • May 27
Dividend of NT$1.30 announced Shareholders will receive a dividend of NT$1.30. Ex-date: 1st July 2026 Payment date: 28th July 2026 Dividend yield will be 1.9%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (71% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 21% to shift the payout ratio to a potentially unsustainable range, which is more than the 8.4% EPS decline seen over the last 5 years. Reported Earnings • May 19
First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2026 results: EPS: NT$0.40 (down from NT$0.76 in 1Q 2025). Revenue: NT$1.61b (down 14% from 1Q 2025). Net income: NT$40.2m (down 47% from 1Q 2025). Profit margin: 2.5% (down from 4.0% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) exceeded analyst estimates by 8.1%. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$74.80, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 181% over the past three years. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$63.40, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 20x in the Electronic industry in Taiwan. Total returns to shareholders of 146% over the past three years. New Risk • Apr 05
New major risk - Revenue and earnings growth Earnings have declined by 6.0% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 6.0% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (9.5% average weekly change). Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$45.70, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 82% over the past three years. New Risk • Mar 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 7.3% 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 (94% payout ratio). Share price has been volatile over the past 3 months (7.3% average weekly change). Profit margins are more than 30% lower than last year (2.3% net profit margin). Aankondiging • Feb 04
Wah Hong Industrial Corp., Annual General Meeting, May 25, 2026 Wah Hong Industrial Corp., Annual General Meeting, May 25, 2026. Location: 5 floor no,211, chung cheng 4th rd., cianjin district, kaohsiung city Taiwan Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$42.65, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 71% over the past three years. New Risk • Nov 19
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.12b (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: Major Risk Earnings have declined by 3.4% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.3% net profit margin). Market cap is less than US$100m (NT$3.12b market cap, or US$100.0m). New Risk • Nov 11
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.3% Last year net profit margin: 4.3% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 3.4% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (94% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.3% net profit margin). Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: NT$0.53 (vs NT$1.73 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.53 (down from NT$1.73 in 3Q 2024). Revenue: NT$1.83b (down 9.1% from 3Q 2024). Net income: NT$52.6m (down 69% from 3Q 2024). Profit margin: 2.9% (down from 8.5% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$42.50, the stock trades at a trailing P/E ratio of 14.7x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 73% over the past three years. New Risk • Aug 15
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 6.3% 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 0.4% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (277% cash payout ratio). Share price has been volatile over the past 3 months (6.3% average weekly change). Large one-off items impacting financial results. New Risk • Aug 13
New major risk - Revenue and earnings growth Earnings have declined by 0.4% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.4% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (277% cash payout ratio). Large one-off items impacting financial results. Reported Earnings • Aug 13
Second quarter 2025 earnings released: EPS: NT$0.25 (vs NT$0.79 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.25 (down from NT$0.79 in 2Q 2024). Revenue: NT$1.74b (down 6.2% from 2Q 2024). Net income: NT$25.5m (down 67% from 2Q 2024). Profit margin: 1.5% (down from 4.2% in 2Q 2024). 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 12% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$36.75, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 64% over the past three years. Buy Or Sell Opportunity • Jul 17
Now 23% overvalued Over the last 90 days, the stock has fallen 2.9% to NT$31.30. The fair value is estimated to be NT$25.45, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Earnings per share has declined by 15%. Upcoming Dividend • Jun 20
Upcoming dividend of NT$1.60 per share Eligible shareholders must have bought the stock before 27 June 2025. Payment date: 25 July 2025. Payout ratio is a comfortable 46% but the company is not cash flow positive. Trailing yield: 4.9%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (3.3%). Declared Dividend • May 28
Dividend of NT$1.60 announced Shareholders will receive a dividend of NT$1.60. Ex-date: 27th June 2025 Payment date: 25th July 2025 Dividend yield will be 4.7%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (46% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 2.3% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 7.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Aankondiging • May 27
Wah Hong Industrial Corp. Announces Cash Dividend, Payable on July 5, 2025 Wah Hong Industrial Corp. announced cash dividend of TWD 130,005,739. Ex-rights (Ex-dividend) date is June 27, 2025. Ex-rights (Ex-dividend) record date is July 5, 2025. Payment date of cash dividend distribution is July 5, 2025. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$0.76 (vs NT$0.36 in 1Q 2024) First quarter 2025 results: EPS: NT$0.76 (up from NT$0.36 in 1Q 2024). Revenue: NT$1.88b (up 14% from 1Q 2024). Net income: NT$75.7m (up 112% from 1Q 2024). Profit margin: 4.0% (up from 2.2% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Aankondiging • Apr 30
Wah Hong Industrial Corp. to Report Q1, 2025 Results on May 07, 2025 Wah Hong Industrial Corp. announced that they will report Q1, 2025 results on May 07, 2025 New Risk • Apr 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.11b (US$94.0m) 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (NT$3.11b market cap, or US$94.0m). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$31.05, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 11% over the past three years. New Risk • Apr 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 50% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Mar 28
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: NT$3.04 (up from NT$2.05 in FY 2023). Revenue: NT$7.51b (flat on FY 2023). Net income: NT$301.1m (up 49% from FY 2023). Profit margin: 4.0% (up from 2.7% in FY 2023). Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) missed analyst estimates by 9.3%. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Aankondiging • Mar 12
Wah Hong Industrial Corp. Proposes Dividend for the Year Ended December 31, 2024 Wah Hong Industrial Corp. proposed cash dividend of TWD 1.3 per share for the year ended December 31, 2024. Total amount of cash dividends to shareholders TWD 160,007,064. Aankondiging • Feb 19
Wah Hong Industrial Corp., Annual General Meeting, May 26, 2025 Wah Hong Industrial Corp., Annual General Meeting, May 26, 2025. Location: 5 floor no,211, chung cheng 4th rd., cianjin district, kaohsiung city Taiwan New Risk • Dec 02
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 52% 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 Share price has been highly volatile over the past 3 months (9.7% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$1.73 (vs NT$0.60 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.73 (up from NT$0.60 in 3Q 2023). Revenue: NT$2.01b (down 4.1% from 3Q 2023). Net income: NT$170.4m (up 189% from 3Q 2023). Profit margin: 8.5% (up from 2.8% in 3Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$52.20, the stock trades at a trailing P/E ratio of 24.6x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 110% over the past three years. New Risk • Nov 07
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 6.6% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.6% average weekly change). Aankondiging • Oct 30
Wah Hong Industrial Corp. to Report Q3, 2024 Results on Nov 06, 2024 Wah Hong Industrial Corp. announced that they will report Q3, 2024 results on Nov 06, 2024 Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$40.45, the stock trades at a trailing P/E ratio of 19.1x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 75% over the past three years. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.79 (vs NT$1.05 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.79 (down from NT$1.05 in 2Q 2023). Revenue: NT$1.85b (down 5.3% from 2Q 2023). Net income: NT$78.2m (down 24% from 2Q 2023). Profit margin: 4.2% (down from 5.3% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Board Change • Aug 14
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. 4 non-independent directors. Independent Director L.J. Chen was the last independent 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. Buy Or Sell Opportunity • Aug 07
Now 23% overvalued Over the last 90 days, the stock has fallen 17% to NT$30.70. The fair value is estimated to be NT$25.03, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Earnings per share has declined by 16%. Aankondiging • Jul 31
Wah Hong Industrial Corp. to Report Q2, 2024 Results on Aug 07, 2024 Wah Hong Industrial Corp. announced that they will report Q2, 2024 results on Aug 07, 2024 New Risk • Jul 22
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.28b (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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$3.28b market cap, or US$99.8m). Upcoming Dividend • Jun 20
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 25 July 2024. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 4.0%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.7%). Declared Dividend • May 31
Dividend of NT$1.50 announced Shareholders will receive a dividend of NT$1.50. Ex-date: 27th June 2024 Payment date: 25th July 2024 Dividend yield will be 3.9%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (73% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has increased by an average of 4.1% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 7.7% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.36 (vs NT$0.041 in 1Q 2023) First quarter 2024 results: EPS: NT$0.36 (up from NT$0.041 in 1Q 2023). Revenue: NT$1.65b (up 2.4% from 1Q 2023). Net income: NT$35.7m (up NT$31.6m from 1Q 2023). Profit margin: 2.2% (up from 0.2% in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Aankondiging • May 01
Wah Hong Industrial Corp. to Report Q1, 2024 Results on May 07, 2024 Wah Hong Industrial Corp. announced that they will report Q1, 2024 results on May 07, 2024 Buy Or Sell Opportunity • Apr 25
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 4.3% to NT$36.30. The fair value is estimated to be NT$30.07, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Earnings per share has declined by 8.8%. Buy Or Sell Opportunity • Apr 02
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 8.3% to NT$37.80. The fair value is estimated to be NT$30.14, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Earnings per share has declined by 8.8%. Reported Earnings • Mar 17
Full year 2023 earnings released: EPS: NT$2.05 (vs NT$2.66 in FY 2022) Full year 2023 results: EPS: NT$2.05 (down from NT$2.66 in FY 2022). Revenue: NT$7.52b (down 18% from FY 2022). Net income: NT$202.4m (down 23% from FY 2022). Profit margin: 2.7% (down from 2.9% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 9% 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. Aankondiging • Jan 26
Wah Hong Industrial Corp., Annual General Meeting, May 29, 2024 Wah Hong Industrial Corp., Annual General Meeting, May 29, 2024. Location: 5F., No. 211,Zhongzheng 4th Rd., Qianjin Dist., Kaohsiung City 801301, Kaohsiung City Taiwan Agenda: To discuss report the business of 2023; to discuss 2023 Audit Committee's review report; to discuss report the distribution of employees' and Directors' compensation of 2023; to discuss report earnings distribution in cash dividends of 2023; to discuss report the Status of Endorsement and Guarantee of 2023; to discuss report the Status of Loaning of Company Funds of 2023; and to discuss other matters. Aankondiging • Nov 08
Wah Hong Industrial Corp. Appoints Tsuen-Hsien Chang as New Chairperson Wah Hong Industrial Corp. announced appointment of Tsuen-Hsien Chang as new chairperson in place of Ray-Ching Chang. Reason for the change: Arrangement for the company's successor and corporate inheritance. Effective date of the new appointment is November 7, 2023. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$42.05, the stock trades at a trailing P/E ratio of 20.2x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 62% over the past three years. New Risk • Oct 25
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 5.8% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.8% average weekly change). Profit margins are more than 30% lower than last year (2.7% net profit margin). Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: NT$1.05 (vs NT$0.98 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.05 (up from NT$0.98 in 2Q 2022). Revenue: NT$1.95b (down 17% from 2Q 2022). Net income: NT$103.4m (up 6.5% from 2Q 2022). Profit margin: 5.3% (up from 4.1% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 7% per year and the company’s share price has also increased by 7% per year. Upcoming Dividend • Jun 29
Upcoming dividend of NT$1.50 per share at 4.6% yield Eligible shareholders must have bought the stock before 06 July 2023. Payment date: 28 July 2023. Payout ratio is a comfortable 75% and this is well supported by cash flows. Trailing yield: 4.6%. Lower than top quartile of Taiwanese dividend payers (5.5%). In line with average of industry peers (4.3%). Aankondiging • May 30
Wah Hong Industrial Corp. Approves Cash Dividend, Payable on July 28, 2023 Wah Hong Industrial Corp. announced cash dividends of TWD 147,780,621 (TWD 1.5 per common share). Date of the resolution by the board of directors or shareholders’ meeting, or of the decision by the company is May 29, 2023. Ex-rights (ex-dividend) date is July 6, 2023. Ex-rights (ex-dividend) record date is July 12, 2023. Payment date of cash dividend distribution is July 28, 2023. Reported Earnings • Mar 28
Full year 2022 earnings released: EPS: NT$2.66 (vs NT$4.39 in FY 2021) Full year 2022 results: EPS: NT$2.66 (down from NT$4.39 in FY 2021). Revenue: NT$9.18b (down 16% from FY 2021). Net income: NT$262.5m (down 39% from FY 2021). Profit margin: 2.9% (down from 3.9% in FY 2021). The decrease in margin was driven by lower revenue. 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 15% per year, which means it is significantly lagging earnings growth. 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. 8 experienced directors. 1 highly experienced director. 3 independent directors (4 non-independent directors). Independent Director L.J. Chen was the last independent director to join the board, commencing their role in 2021. 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 13
Third quarter 2022 earnings released: EPS: NT$0.62 (vs NT$0.83 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.62 (down from NT$0.83 in 3Q 2021). Revenue: NT$2.17b (down 23% from 3Q 2021). Net income: NT$61.4m (down 25% from 3Q 2021). Profit margin: 2.8% (down from 2.9% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Buying Opportunity • Nov 02
Now 21% undervalued Over the last 90 days, the stock is up 4.5%. The fair value is estimated to be NT$34.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.5% over the last 3 years. Earnings per share has grown by 38%. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: NT$0.98 (vs NT$0.19 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.98 (up from NT$0.19 in 2Q 2021). Revenue: NT$2.35b (down 12% from 2Q 2021). Net income: NT$97.0m (up 414% from 2Q 2021). Profit margin: 4.1% (up from 0.7% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 09
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 16 June 2022. Payment date: 13 July 2022. Payout ratio is a comfortable 61% and this is well supported by cash flows. Trailing yield: 7.8%. Within top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (4.2%). Aankondiging • May 27
Wah Hong Industrial Corp. Declares Cash Dividend for the Year 2021, Payable on July 13, 2022 Wah Hong Industrial Corp. declared Cash dividends TWD 246,301,035 (TWD 2.5 per common share) for the year 2021. Ex-rights (Ex-dividend) date June 16, 2022. Ex-rights (Ex-dividend) record date is June 22, 2022. Payment date of cash dividend distribution July 13, 2022. 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. 9 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director L.J. Chen was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Aankondiging • Apr 01
Wah Hong Industrial Corp. Proposes Cash Dividend for the Year 2021 Wah Hong Industrial Corp. proposed cash dividends to shareholders of TWD 2.5 per share for the year 2021. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$0.83 (vs NT$0.70 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$2.83b (down 2.4% from 3Q 2020). Net income: NT$81.8m (up 20% from 3Q 2020). Profit margin: 2.9% (up from 2.4% 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 19% per year whereas the company’s share price has increased by 15% per year. Upcoming Dividend • Aug 16
Upcoming dividend of NT$1.60 per share Eligible shareholders must have bought the stock before 23 August 2021. Payment date: 10 September 2021. Trailing yield: 4.1%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (3.2%). Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS NT$0.19 (vs NT$0.42 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$2.66b (up 6.9% from 2Q 2020). Net income: NT$18.9m (down 54% from 2Q 2020). Profit margin: 0.7% (down from 1.7% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 20% per year. Director Overboarding • Aug 03
Director Lai-Jhu Chen has joined 5th company board Independent Director Lai-Jhu Chen has been appointed to the board of Wah Hong Industrial Corp. (TPEX:8240). Chen now sits on a total of 5 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Reported Earnings • May 14
First quarter 2021 earnings released: EPS NT$0.98 (vs NT$0.35 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$2.70b (up 24% from 1Q 2020). Net income: NT$96.0m (up 179% from 1Q 2020). Profit margin: 3.6% (up from 1.6% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$31.25, the stock trades at a trailing P/E ratio of 14.1x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 84% over the past three years. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improved over the past week After last week's 15% share price gain to NT$41.65, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 20x in the Electronic industry in Taiwan. Total returns to shareholders of 134% over the past three years. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$2.21 (vs NT$2.10 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: NT$10.3b (up 5.1% from FY 2019). Net income: NT$216.4m (up 3.8% from FY 2019). Profit margin: 2.1% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Aankondiging • Jan 28
Wah Hong Industrial Corp., Annual General Meeting, May 27, 2021 Wah Hong Industrial Corp., Annual General Meeting, May 27, 2021. Location: 1F, No.279, Liuhe 2nd Road Qianjin District, Kaohsiung (Chulin Hall of Holiday Garden Hotel) Kaohsiung Taiwan Agenda: To consider 2020 business report; to consider 2020 Audit Committee's review report; to consider 2020 employees' profit sharing bonus and directors' compensation; to consider To report the Status of Endorsement and Guarantee of 2020; to consider report the Status of Loaning of Company Funds of 2020; to consider report the implementation of Investments in the PRC of 2020; and to consider other matters. Valuation Update With 7 Day Price Move • Dec 08
Market bids up stock over the past week After last week's 26% share price gain to NT$40.15, the stock is trading at a trailing P/E ratio of 18.6x, up from the previous P/E ratio of 14.8x. This compares to an average P/E of 17x in the Electronic industry in Taiwan. Total returns to shareholders over the past three years are 130%. Valuation Update With 7 Day Price Move • Dec 03
Market bids up stock over the past week After last week's 18% share price gain to NT$35.10, the stock is trading at a trailing P/E ratio of 16.2x, up from the previous P/E ratio of 13.8x. This compares to an average P/E of 17x in the Electronic industry in Taiwan. Total returns to shareholders over the past three years are 103%. Is New 90 Day High Low • Dec 03
New 90-day high: NT$35.10 The company is up 24% from its price of NT$28.35 on 04 September 2020. The Taiwanese market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 7.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.70 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: NT$2.90b (up 12% from 3Q 2019). Net income: NT$68.2m (down 32% from 3Q 2019). Profit margin: 2.4% (down from 3.9% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Oct 14
New 90-day high: NT$30.90 The company is up 24% from its price of NT$24.90 on 16 July 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is down 4.0% over the same period. 
