Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$188, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 11x in the Auto Components industry in Taiwan. Total returns to shareholders of 44% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$111 per share. Declared Dividend • Jul 16
Dividend of NT$4.20 announced Dividend of NT$4.20 is the same as last year. Ex-date: 30th July 2026 Payment date: 28th August 2026 Dividend yield will be 2.1%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (63% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 2.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 116% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Jul 09
Price target increased by 9.2% to NT$226 Up from NT$207, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of NT$230. Stock is up 93% over the past year. The company is forecast to post earnings per share of NT$11.22 for next year compared to NT$6.04 last year. New Risk • Jul 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 9.5% 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 (9.5% average weekly change). Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$265, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 11x in the Auto Components industry in Taiwan. Total returns to shareholders of 91% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$112 per share. Board Change • Jul 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 2 highly experienced directors. Independent Director Chia-Yu Tsai was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Price Target Changed • Jun 18
Price target increased by 8.8% to NT$197 Up from NT$181, the current price target is an average from 6 analysts. New target price is 11% below last closing price of NT$222. Stock is up 88% over the past year. The company is forecast to post earnings per share of NT$11.10 for next year compared to NT$6.04 last year. Buy Or Sell Opportunity • Jun 17
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 59% to NT$202. The fair value is estimated to be NT$156, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 6.7%. Revenue is forecast to grow by 34% in 2 years. Earnings are forecast to grow by 90% in the next 2 years. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$167, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 14x in the Auto Components industry in Taiwan. Total returns to shareholders of 28% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$154 per share. Major Estimate Revision • May 15
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from NT$9.18b to NT$9.36b. EPS estimate increased from NT$9.64 to NT$10.82 per share. Net income forecast to grow 68% next year vs 24% growth forecast for Auto Components industry in Taiwan. Consensus price target up from NT$158 to NT$173. Share price rose 14% to NT$155 over the past week. Reported Earnings • May 09
First quarter 2026 earnings: EPS misses analyst expectations First quarter 2026 results: EPS: NT$2.00. Revenue: NT$2.27b (up 13% from 1Q 2025). Net income: NT$310.5m (up 30% from 1Q 2025). Profit margin: 14% (up from 12% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Auto Components industry in Taiwan. Major Estimate Revision • Mar 12
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from NT$9.08b to NT$8.75b. EPS estimate also fell from NT$9.49 per share to NT$8.08 per share. Net income forecast to grow 59% next year vs 20% growth forecast for Auto Components industry in Taiwan. Consensus price target broadly unchanged at NT$155. Share price was steady at NT$122 over the past week. Announcement • Mar 06
Global PMX Co., Ltd., Annual General Meeting, May 22, 2026 Global PMX Co., Ltd., Annual General Meeting, May 22, 2026, at 09:00 Taipei Standard Time. Location: 23 floor no,120, sec.1 chung yang w. rd., jhongli district, taoyuan city Taiwan Reported Earnings • Mar 06
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: NT$6.04 (down from NT$8.29 in FY 2024). Revenue: NT$7.82b (up 1.7% from FY 2024). Net income: NT$696.4m (down 27% from FY 2024). Profit margin: 8.9% (down from 12% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.1%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 4.9% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Price Target Changed • Mar 02
Price target increased by 7.9% to NT$157 Up from NT$145, the current price target is an average from 4 analysts. New target price is 25% above last closing price of NT$125. Stock is up 14% over the past year. The company is forecast to post earnings per share of NT$5.80 for next year compared to NT$8.29 last year. Price Target Changed • Nov 22
Price target decreased by 8.2% to NT$153 Down from NT$167, the current price target is an average from 6 analysts. New target price is 37% above last closing price of NT$112. Stock is down 9.7% over the past year. The company is forecast to post earnings per share of NT$5.62 for next year compared to NT$8.29 last year. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$116, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Auto Components industry in Taiwan. Total loss to shareholders of 19% over the past three years. Reported Earnings • Nov 12
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: NT$2.35 (up from NT$1.76 in 3Q 2024). Revenue: NT$1.94b (down 13% from 3Q 2024). Net income: NT$271.0m (up 34% from 3Q 2024). Profit margin: 14% (up from 9.1% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 5.3%. Earnings per share (EPS) also missed analyst estimates by 6.7%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 19% 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. Valuation Update With 7 Day Price Move • Oct 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$156, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 13x in the Auto Components industry in Taiwan. Total returns to shareholders of 23% over the past three years. Major Estimate Revision • Aug 14
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$8.52b to NT$8.30b. EPS estimate also fell from NT$8.22 per share to NT$6.87 per share. Net income forecast to grow 30% next year vs 14% growth forecast for Auto Components industry in Taiwan. Consensus price target up from NT$112 to NT$153. Share price rose 3.2% to NT$162 over the past week. Reported Earnings • Aug 09
Second quarter 2025 earnings released: NT$0.78 loss per share (vs NT$1.48 profit in 2Q 2024) Second quarter 2025 results: NT$0.78 loss per share (down from NT$1.48 profit in 2Q 2024). Revenue: NT$1.83b (down 1.6% from 2Q 2024). Net loss: NT$90.4m (down 153% from profit in 2Q 2024). Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Auto Components industry in Taiwan. 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 1% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$141, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 14x in the Auto Components industry in Taiwan. Total returns to shareholders of 1.8% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$67.57 per share. Upcoming Dividend • Jul 17
Upcoming dividend of NT$4.20 per share Eligible shareholders must have bought the stock before 23 July 2025. Payment date: 22 August 2025. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (4.8%). Declared Dividend • Jul 03
Dividend increased to NT$4.20 Dividend of NT$4.20 is 68% higher than last year. Ex-date: 23rd July 2025 Payment date: 22nd August 2025 Dividend yield will be 3.3%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is well covered by both earnings (47% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 32% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Jun 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 8.9% 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 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 (8.9% average weekly change). Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to NT$118, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Auto Components industry in Taiwan. Total loss to shareholders of 16% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$70.53 per share. Price Target Changed • Jun 04
Price target decreased by 8.9% to NT$112 Down from NT$123, the current price target is an average from 6 analysts. New target price is 19% above last closing price of NT$94.20. Stock is down 14% over the past year. The company is forecast to post earnings per share of NT$8.22 for next year compared to NT$8.29 last year. Reported Earnings • May 13
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: NT$2.07 (up from NT$1.50 in 1Q 2024). Revenue: NT$2.01b (up 23% from 1Q 2024). Net income: NT$238.9m (up 39% from 1Q 2024). Profit margin: 12% (up from 11% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 14%. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • May 03
Global PMX Co., Ltd. to Report Q1, 2025 Results on May 12, 2025 Global PMX Co., Ltd. announced that they will report Q1, 2025 results on May 12, 2025 Price Target Changed • Apr 11
Price target decreased by 8.6% to NT$125 Down from NT$137, the current price target is an average from 6 analysts. New target price is 43% above last closing price of NT$87.70. Stock is down 15% over the past year. The company is forecast to post earnings per share of NT$8.22 for next year compared to NT$8.29 last year. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$85.40, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Auto Components industry in Taiwan. Total loss to shareholders of 29% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$97.81 per share. Buy Or Sell Opportunity • Mar 20
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 5.6% to NT$114. The fair value is estimated to be NT$94.32, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 9.4% over the last 3 years. Earnings per share has declined by 27%. Revenue is forecast to grow by 24% in 2 years. Earnings are forecast to grow by 17% in the next 2 years. Announcement • Mar 03
Global PMX Co., Ltd. to Report Q4, 2024 Results on Mar 10, 2025 Global PMX Co., Ltd. announced that they will report Q4, 2024 results on Mar 10, 2025 Reported Earnings • Nov 13
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: NT$1.76 (up from NT$1.52 in 3Q 2023). Revenue: NT$2.22b (up 23% from 3Q 2023). Net income: NT$202.3m (up 16% from 3Q 2023). Profit margin: 9.1% (in line with 3Q 2023). Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) missed analyst estimates by 3.3%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. New Risk • Nov 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 8.1% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.1% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (8.2% net profit margin). Announcement • Nov 02
Global PMX Co., Ltd. to Report Q3, 2024 Results on Nov 11, 2024 Global PMX Co., Ltd. announced that they will report Q3, 2024 results on Nov 11, 2024 Price Target Changed • Oct 09
Price target increased by 7.4% to NT$128 Up from NT$119, the current price target is an average from 8 analysts. New target price is 10% below last closing price of NT$143. Stock is up 3.3% over the past year. The company is forecast to post earnings per share of NT$6.95 for next year compared to NT$4.47 last year. Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$135, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 16x in the Auto Components industry in Taiwan. Total loss to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$260 per share. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$122, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 15x in the Auto Components industry in Taiwan. Total loss to shareholders of 12% over the past three years. Reported Earnings • Aug 14
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: NT$1.48 (up from NT$1.15 in 2Q 2023). Revenue: NT$1.86b (flat on 2Q 2023). Net income: NT$170.1m (up 29% from 2Q 2023). Profit margin: 9.2% (up from 7.2% in 2Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 38%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Aug 13
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from NT$7.04 to NT$6.34 per share. Revenue forecast steady at NT$7.84b. Net income forecast to grow 48% next year vs 16% growth forecast for Auto Components industry in Taiwan. Consensus price target of NT$116 unchanged from last update. Share price rose 17% to NT$111 over the past week. Announcement • Aug 03
Global PMX Co., Ltd. to Report Q2, 2024 Results on Aug 12, 2024 Global PMX Co., Ltd. announced that they will report Q2, 2024 results on Aug 12, 2024 Upcoming Dividend • Jul 19
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 26 July 2024. Payment date: 28 August 2024. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (3.2%). Declared Dividend • Jun 24
Dividend reduced to NT$2.50 Dividend of NT$2.50 is 58% lower than last year. Ex-date: 26th July 2024 Payment date: 28th August 2024 Dividend yield will be 2.2%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (54% earnings payout ratio) and cash flows (29% cash payout ratio). The dividend has decreased over the past 96 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 31% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 24
Global PMX Co., Ltd. Announces Cash Dividend, Payable on August 28, 2024 Global PMX Co., Ltd. announced cash dividends of TWD 288,056,245 or TWD 2.5 per share of common stock. Payment date of cash dividend distribution is August 28, 2024. Ex-rights (ex-dividend) trading date is July 26, 2024. Ex-rights (ex-dividend) record date is August 3, 2024. Date of the resolution by the board of directors or shareholders meeting or decision by the Company: June 21, 2024. Price Target Changed • Jun 21
Price target decreased by 11% to NT$114 Down from NT$127, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of NT$114. Stock is down 25% over the past year. The company is forecast to post earnings per share of NT$7.04 for next year compared to NT$4.47 last year. Major Estimate Revision • May 20
Consensus EPS estimates fall by 27% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$8.11b to NT$7.71b. EPS estimate also fell from NT$8.09 per share to NT$5.87 per share. Net income forecast to grow 49% next year vs 30% growth forecast for Auto Components industry in Taiwan. Consensus price target of NT$123 unchanged from last update. Share price rose 3.5% to NT$104 over the past week. Reported Earnings • May 15
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: NT$1.50 (up from NT$1.38 in 1Q 2023). Revenue: NT$1.64b (down 12% from 1Q 2023). Net income: NT$172.4m (up 8.5% from 1Q 2023). Profit margin: 11% (up from 8.5% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 9.8%. Earnings per share (EPS) exceeded analyst estimates by 48%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 14% per year. Announcement • May 03
Global PMX Co., Ltd. to Report Q1, 2024 Results on May 10, 2024 Global PMX Co., Ltd. announced that they will report Q1, 2024 results on May 10, 2024 Major Estimate Revision • Apr 23
Consensus EPS estimates fall by 17% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from NT$7.92 to NT$6.58 per share. Revenue forecast steady at NT$8.11b. Net income forecast to grow 47% next year vs 40% growth forecast for Auto Components industry in Taiwan. Consensus price target down from NT$127 to NT$124. Share price fell 3.9% to NT$96.10 over the past week. Reported Earnings • Mar 18
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: NT$4.47 (down from NT$12.20 in FY 2022). Revenue: NT$7.12b (down 23% from FY 2022). Net income: NT$515.5m (down 63% from FY 2022). Profit margin: 7.2% (down from 15% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) also missed analyst estimates by 19%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 9.4% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Announcement • Mar 12
Global PMX Co., Ltd., Annual General Meeting, Jun 14, 2024 Global PMX Co., Ltd., Annual General Meeting, Jun 14, 2024. Location: 3F, No.398, Minquan Rd. Zhongli Dist. Taoyuan City Taiwan Agenda: To consider Business Report of 2023; to consider Audit Committee's review of the 2023 annual final accounting books and statements; to consider Distribution of 2023 Earnings of cash dividend Report; to consider Compensation distribution for employees and directors of 2023; to consider Business Report and Financial Statements of 2023; to consider Distribution of 2023 earnings; and to consider other matters. Price Target Changed • Nov 14
Price target decreased by 7.5% to NT$135 Down from NT$146, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of NT$132. Stock is down 17% over the past year. The company is forecast to post earnings per share of NT$5.55 for next year compared to NT$12.20 last year. New Risk • Nov 08
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: 9.9% Last year net profit margin: 15% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 90% Cash payout ratio: 92% Minor Risk Profit margins are more than 30% lower than last year (9.9% net profit margin). Reported Earnings • Aug 08
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: NT$1.15 (down from NT$3.11 in 2Q 2022). Revenue: NT$1.84b (down 20% from 2Q 2022). Net income: NT$132.3m (down 63% from 2Q 2022). Profit margin: 7.2% (down from 16% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 6.3%. Earnings per share (EPS) also missed analyst estimates by 40%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Major Estimate Revision • Aug 08
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$9.03b to NT$8.60b. EPS estimate also fell from NT$9.46 per share to NT$8.28 per share. Net income forecast to shrink 14% next year vs 5.5% growth forecast for Auto Components industry in Taiwan . Consensus price target broadly unchanged at NT$154. Share price fell 2.9% to NT$133 over the past week. Announcement • Jul 28
Global Pmx Co., Ltd. Announces Demise of Lin, En-Dao, Chairperson and President of the Company and the Executive Director of Subsidiaries Global PMX Co., Ltd. announced chairperson and president of the company and the Executive Director of Subsidiaries passed away. Name of the previous position holder: Lin, En-Dao. Resume of the previous position holder: Chairperson and president of Global PMX Co., Ltd. and the executive director of subsidiaries, Global PMX Co., Ltd.(Zhejiang) and Global PMX Co., Ltd.(Jiaxing). The date of change is July 27, 2023. Upcoming Dividend • Jul 07
Upcoming dividend of NT$6.00 per share at 3.9% yield Eligible shareholders must have bought the stock before 14 July 2023. Payment date: 15 August 2023. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (3.1%). Announcement • Jun 22
Global PMX Co., Ltd. Announces Board Changes Global PMX Co., Ltd. appointed Lin, Ci-Qing/Group Executive Vice President of Global PMX Co., Ltd, Chung, I-Teng/Director of Sixxon Precision Machinery Co., Ltd. as Director. Huang, Fung-Ting/Country Manager of NEXT Biometrics Taiwan, Chen, Chun-Yuan/General Manager of Ai Wei Hsiang Food Corporation, Lin, Pai-wen/Chairman of Protect-eco Technology & Consultants Co.,Ltd. The company announced the resignation of Lin, Zheng-Sheng and Lin, Liang-Xiong as Director and Yang, Xiang-Yu, Ku, Ching-Te as Independent Directors. Price Target Changed • May 11
Price target decreased by 13% to NT$157 Down from NT$181, the current price target is an average from 8 analysts. New target price is 22% above last closing price of NT$130. Stock is up 4.9% over the past year. The company is forecast to post earnings per share of NT$9.82 for next year compared to NT$12.20 last year. Major Estimate Revision • May 10
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$9.71b to NT$8.80b. EPS estimate also fell from NT$11.76 per share to NT$10.17 per share. Net income forecast to shrink 17% next year vs 3.6% growth forecast for Auto Components industry in Taiwan . Consensus price target down from NT$181 to NT$174. Share price fell 4.0% to NT$134 over the past week. Price Target Changed • May 09
Price target decreased by 9.4% to NT$175 Down from NT$194, the current price target is an average from 8 analysts. New target price is 26% above last closing price of NT$140. Stock is up 9.0% over the past year. The company is forecast to post earnings per share of NT$11.76 for next year compared to NT$12.20 last year. Reported Earnings • Mar 28
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: NT$12.20 (up from NT$10.47 in FY 2021). Revenue: NT$9.24b (up 4.8% from FY 2021). Net income: NT$1.41b (up 17% from FY 2021). Profit margin: 15% (up from 14% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 2.6%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Auto Components industry in Taiwan. 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 10% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 8 highly experienced directors. 3 independent directors (5 non-independent directors). Independent director Jia-Yu Cai was the last independent director to join the board, commencing their role in 2014. 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 09
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: NT$3.68 (up from NT$2.56 in 3Q 2021). Revenue: NT$2.38b (up 12% from 3Q 2021). Net income: NT$423.3m (up 44% from 3Q 2021). Profit margin: 18% (up from 14% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) exceeded analyst estimates by 20%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$147, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 14x in the Auto Components industry in Taiwan. Total loss to shareholders of 12% over the past three years. Reported Earnings • Aug 10
Second quarter 2022 earnings: EPS exceeds analyst expectations Second quarter 2022 results: EPS: NT$3.11 (up from NT$2.53 in 2Q 2021). Revenue: NT$2.29b (up 2.1% from 2Q 2021). Net income: NT$358.7m (up 23% from 2Q 2021). Profit margin: 16% (up from 13% in 2Q 2021). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 22%. Over the next year, revenue is forecast to grow 15%, compared to a 16% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 21
Upcoming dividend of NT$5.00 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 26 August 2022. Payout ratio is a comfortable 49% but the company is paying out more than the cash it is generating. Trailing yield: 3.1%. Lower than top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (2.8%). Announcement • Jul 15
Global PMX Co., Ltd. Announces Cash Dividend, Payable August 26, 2022 The board of directors or shareholders meeting or decision by the Global PMX Co., Ltd. 13, July 2022 announced Cash dividends TWD 5.00 per share of common stock. Ex-rights (ex-dividend) trading date July 28, 2022. Ex-rights (ex-dividend) record date August 4, 2022. The designated distribution date for the cash dividends will be on August 26, 2022. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improved over the past week After last week's 15% share price gain to NT$168, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 16x in the Auto Components industry in Taiwan. Total returns to shareholders of 43% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$157 per share. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improved over the past week After last week's 17% share price gain to NT$147, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 14x in the Auto Components industry in Taiwan. Total returns to shareholders of 56% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$125 per share. Price Target Changed • May 12
Price target decreased to NT$180 Down from NT$202, the current price target is an average from 8 analysts. New target price is 46% above last closing price of NT$124. Stock is down 22% over the past year. The company is forecast to post earnings per share of NT$11.54 for next year compared to NT$10.47 last year. Reported Earnings • May 11
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: NT$2.82 (down from NT$3.00 in 1Q 2021). Revenue: NT$2.34b (up 3.3% from 1Q 2021). Net income: NT$325.0m (down 4.8% from 1Q 2021). Profit margin: 14% (down from 15% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) also surpassed analyst estimates by 3.3%. Over the next year, revenue is forecast to grow 12%, compared to a 6.5% growth forecast for the industry in Taiwan. 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 7% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target decreased to NT$202 Down from NT$230, the current price target is an average from 8 analysts. New target price is 62% above last closing price of NT$125. Stock is down 30% over the past year. The company is forecast to post earnings per share of NT$11.91 for next year compared to NT$10.47 last year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 8 highly experienced directors. 3 independent directors (5 non-independent directors). Independent director Jia-Yu Cai was the last independent director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 02
Global PMX Co., Ltd., Annual General Meeting, Jun 27, 2022 Global PMX Co., Ltd., Annual General Meeting, Jun 27, 2022. Price Target Changed • Mar 23
Price target decreased to NT$214 Down from NT$230, the current price target is an average from 6 analysts. New target price is 45% above last closing price of NT$148. Stock is down 22% over the past year. The company is forecast to post earnings per share of NT$11.79 for next year compared to NT$10.47 last year. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS NT$2.55 (vs NT$2.44 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$2.12b (up 1.4% from 3Q 2020). Net income: NT$294.5m (up 13% from 3Q 2020). Profit margin: 14% (up from 13% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 10
Second quarter 2021 earnings released: EPS NT$2.52 (vs NT$0.21 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$2.24b (up 53% from 2Q 2020). Net income: NT$291.1m (up NT$306.3m from 2Q 2020). Profit margin: 13% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 21
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 28 July 2021. Payment date: 25 August 2021. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (5.0%). In line with average of industry peers (2.3%). Reported Earnings • May 11
First quarter 2021 earnings released: EPS NT$3.00 (vs NT$1.37 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$2.26b (up 45% from 1Q 2020). Net income: NT$341.4m (up 135% from 1Q 2020). Profit margin: 15% (up from 9.3% 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 1% per year whereas the company’s share price has increased by 2% per year.