Reported Earnings • 18h
Second quarter 2026 earnings released: EPS: NT$3.57 (vs NT$1.50 in 2Q 2025) Second quarter 2026 results: EPS: NT$3.57 (up from NT$1.50 in 2Q 2025). Revenue: NT$713.5m (up 12% from 2Q 2025). Net income: NT$217.6m (up 139% from 2Q 2025). Profit margin: 31% (up from 14% in 2Q 2025). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 25% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$314, the stock trades at a trailing P/E ratio of 21.6x. Average forward P/E is 26x in the Machinery industry in Taiwan. Total returns to shareholders of 157% over the past three years. Upcoming Dividend • Jul 21
Upcoming dividend of NT$10.14 per share Eligible shareholders must have bought the stock before 28 July 2026. Payment date: 20 August 2026. Payout ratio is a comfortable 70% but the company is paying out more than the cash it is generating. Trailing yield: 2.8%. Lower than top quartile of Taiwanese dividend payers (5.1%). Higher than average of industry peers (1.9%). Declared Dividend • Jul 02
Dividend increased to NT$10.20 Dividend of NT$10.20 is 2.8% higher than last year. Ex-date: 28th July 2026 Payment date: 20th August 2026 Dividend yield will be 2.5%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (70% earnings payout ratio) but not covered by cash flows (126% cash payout ratio). The dividend has increased by an average of 12% per year over the past 8 years and payments have been stable during that time. Earnings per share has grown by 19% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$467, the stock trades at a trailing P/E ratio of 32.1x. Average forward P/E is 37x in the Machinery industry in Taiwan. Total returns to shareholders of 347% over the past three years. Reported Earnings • May 16
First quarter 2026 earnings released: EPS: NT$3.00 (vs NT$4.24 in 1Q 2025) First quarter 2026 results: EPS: NT$3.00 (down from NT$4.24 in 1Q 2025). Revenue: NT$667.2m (up 17% from 1Q 2025). Net income: NT$226.5m (down 12% from 1Q 2025). Profit margin: 34% (down from 45% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$464, the stock trades at a trailing P/E ratio of 30.8x. Average forward P/E is 28x in the Machinery industry in Taiwan. Total returns to shareholders of 366% over the past three years. New Risk • Apr 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 8.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (81% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (8.4% average weekly change). Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$355, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 27x in the Machinery industry in Taiwan. Total returns to shareholders of 238% over the past three years. New Risk • Mar 12
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 81% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 03
Full year 2025 earnings released: EPS: NT$15.06 (vs NT$16.97 in FY 2024) Full year 2025 results: EPS: NT$15.06 (down from NT$16.97 in FY 2024). Revenue: NT$2.57b (up 3.1% from FY 2024). Net income: NT$913.9m (down 8.6% from FY 2024). Profit margin: 36% (down from 40% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 02
Group Up Industrial Co., Ltd., Annual General Meeting, May 26, 2026 Group Up Industrial Co., Ltd., Annual General Meeting, May 26, 2026, at 09:00 Taipei Standard Time. Location: 4 floor no,188, huo p`ing rd., yangmei district, taoyuan city Taiwan Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$309, the stock trades at a trailing P/E ratio of 19.3x. Average trailing P/E is 24x in the Machinery industry in Taiwan. Total returns to shareholders of 242% over the past three years. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$5.02 (vs NT$2.91 in 3Q 2024) Third quarter 2025 results: EPS: NT$5.02 (up from NT$2.91 in 3Q 2024). Revenue: NT$642.2m (up 2.1% from 3Q 2024). Net income: NT$304.4m (up 79% from 3Q 2024). Profit margin: 47% (up from 27% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$260, the stock trades at a trailing P/E ratio of 18.6x. Average trailing P/E is 24x in the Machinery industry in Taiwan. Total returns to shareholders of 230% over the past three years. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$1.50 (vs NT$4.09 in 2Q 2024) Second quarter 2025 results: EPS: NT$1.50 (down from NT$4.09 in 2Q 2024). Revenue: NT$635.6m (up 1.1% from 2Q 2024). Net income: NT$91.1m (down 62% from 2Q 2024). Profit margin: 14% (down from 38% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 18
Upcoming dividend of NT$9.93 per share Eligible shareholders must have bought the stock before 25 July 2025. Payment date: 20 August 2025. Payout ratio is a comfortable 60% but the company is paying out more than the cash it is generating. Trailing yield: 4.3%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.8%). Declared Dividend • Jul 02
Dividend increased to NT$10.00 Dividend of NT$10.00 is 28% higher than last year. Ex-date: 25th July 2025 Payment date: 20th August 2025 Dividend yield will be 4.4%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (60% earnings payout ratio) but not covered by cash flows (149% cash payout ratio). The dividend has increased by an average of 14% per year over the past 7 years and payments have been stable during that time. Earnings per share has grown by 25% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Jun 11
Now 20% overvalued Over the last 90 days, the stock has fallen 6.6% to NT$204. The fair value is estimated to be NT$170, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Earnings per share has grown by 22%. New Risk • May 14
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 8.8% 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 Dividend is not well covered by cash flows (146% cash payout ratio). Share price has been volatile over the past 3 months (8.8% average weekly change). Buy Or Sell Opportunity • May 14
Now 21% overvalued Over the last 90 days, the stock has fallen 6.9% to NT$209. The fair value is estimated to be NT$172, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Earnings per share has grown by 22%. Announcement • May 06
Group Up Industrial Co., Ltd. to Report Q1, 2025 Results on May 13, 2025 Group Up Industrial Co., Ltd. announced that they will report Q1, 2025 results on May 13, 2025 Reported Earnings • Apr 26
Full year 2024 earnings released: EPS: NT$16.97 (vs NT$12.65 in FY 2023) Full year 2024 results: EPS: NT$16.97 (up from NT$12.65 in FY 2023). Revenue: NT$2.50b (up 2.7% from FY 2023). Net income: NT$999.6m (up 40% from FY 2023). Profit margin: 40% (up from 29% in FY 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 26% per year whereas the company’s share price has increased by 30% per year. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$162, the stock trades at a trailing P/E ratio of 12.3x. Average trailing P/E is 17x in the Machinery industry in Taiwan. Total returns to shareholders of 126% over the past three years. Buy Or Sell Opportunity • Mar 20
Now 20% overvalued Over the last 90 days, the stock has fallen 13% to NT$213. The fair value is estimated to be NT$176, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.6% over the last 3 years. Earnings per share has grown by 28%. Announcement • Feb 27
Group Up Industrial Co., Ltd., Annual General Meeting, May 27, 2025 Group Up Industrial Co., Ltd., Annual General Meeting, May 27, 2025, at 09:00 Taipei Standard Time. Location: 4 floor no,188, huo p`ing rd., yangmei district, taoyuan city Taiwan Announcement • Feb 18
Group Up Industrial Co., Ltd. to Report Q4, 2024 Results on Feb 25, 2025 Group Up Industrial Co., Ltd. announced that they will report Q4, 2024 results on Feb 25, 2025 Buy Or Sell Opportunity • Feb 07
Now 21% overvalued Over the last 90 days, the stock has fallen 22% to NT$225. The fair value is estimated to be NT$187, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.6% over the last 3 years. Earnings per share has grown by 28%. Buy Or Sell Opportunity • Jan 16
Now 21% overvalued Over the last 90 days, the stock has fallen 21% to NT$227. The fair value is estimated to be NT$187, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.6% over the last 3 years. Earnings per share has grown by 28%. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$2.90 (vs NT$4.45 in 3Q 2023) Third quarter 2024 results: EPS: NT$2.90 (down from NT$4.45 in 3Q 2023). Revenue: NT$629.0m (flat on 3Q 2023). Net income: NT$170.3m (down 32% from 3Q 2023). Profit margin: 27% (down from 40% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 05
Group Up Industrial Co., Ltd. to Report Q3, 2024 Results on Nov 12, 2024 Group Up Industrial Co., Ltd. announced that they will report Q3, 2024 results on Nov 12, 2024 Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$340, the stock trades at a trailing P/E ratio of 22.8x. Average trailing P/E is 20x in the Machinery industry in Taiwan. Total returns to shareholders of 482% over the past three years. New Risk • Sep 20
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 9.4% 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 (9.4% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (5.0% increase in shares outstanding). Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$343, the stock trades at a trailing P/E ratio of 23x. Average trailing P/E is 20x in the Machinery industry in Taiwan. Total returns to shareholders of 515% over the past three years. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$4.09 (vs NT$3.96 in 2Q 2023) Second quarter 2024 results: EPS: NT$4.09 (up from NT$3.96 in 2Q 2023). Revenue: NT$628.9m (up 4.5% from 2Q 2023). Net income: NT$238.6m (up 8.8% from 2Q 2023). Profit margin: 38% (up from 36% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 63% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$227, the stock trades at a trailing P/E ratio of 15.5x. Average trailing P/E is 18x in the Machinery industry in Taiwan. Total returns to shareholders of 270% over the past three years. New Risk • Aug 05
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 9.0% 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 (9.0% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (5.4% increase in shares outstanding). Announcement • Aug 03
Group Up Industrial Co., Ltd. to Report Q2, 2024 Results on Aug 13, 2024 Group Up Industrial Co., Ltd. announced that they will report Q2, 2024 results on Aug 13, 2024 Upcoming Dividend • Jul 18
Upcoming dividend of NT$7.82 per share Eligible shareholders must have bought the stock before 25 July 2024. Payment date: 20 August 2024. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.4%). Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$287, the stock trades at a trailing P/E ratio of 19.7x. Average trailing P/E is 20x in the Machinery industry in Taiwan. Total returns to shareholders of 376% over the past three years. Declared Dividend • Jun 28
Dividend increased to NT$8.00 Dividend of NT$8.00 is 17% higher than last year. Ex-date: 25th July 2024 Payment date: 20th August 2024 Dividend yield will be 3.3%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (54% earnings payout ratio) and cash flows (30% cash payout ratio). The dividend has increased by an average of 12% per year over the past 6 years and payments have been stable during that time. Earnings per share has grown by 23% 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$4.65 (vs NT$2.52 in 1Q 2023) First quarter 2024 results: EPS: NT$4.65 (up from NT$2.52 in 1Q 2023). Revenue: NT$592.7m (up 4.1% from 1Q 2023). Net income: NT$269.8m (up 95% from 1Q 2023). Profit margin: 46% (up from 24% in 1Q 2023). The increase in margin was primarily driven by lower expenses. 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 48% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$224, the stock trades at a trailing P/E ratio of 17.7x. Average trailing P/E is 21x in the Machinery industry in Taiwan. Total returns to shareholders of 298% over the past three years. Announcement • May 02
Group Up Industrial Co., Ltd. to Report Q1, 2024 Results on May 10, 2024 Group Up Industrial Co., Ltd. announced that they will report Q1, 2024 results on May 10, 2024 Announcement • Feb 24
Group Up Industrial Co., Ltd., Annual General Meeting, May 30, 2024 Group Up Industrial Co., Ltd., Annual General Meeting, May 30, 2024. Location: No.188,He-Ping Road, Yangmei Taoyuan Taiwan Agenda: To consider 2023 Annual Business Report; to consider Audit Committee audit report; to consider 2023 Annual Report on Staff and Director's Remuneration Distribution; to consider 2023 Annual Earnings Distribution Report on Cash Dividends; to consider 2023 Annual Business Report and Financial Statements; to consider 2023 Annual Earnings Distribution Statement; and to consider any other matters. New Risk • Nov 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.6% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks 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 (5.7% average weekly change). Shareholders have been diluted in the past year (2.6% increase in shares outstanding). Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to NT$168, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 17x in the Machinery industry in Taiwan. Total returns to shareholders of 219% over the past three years. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: NT$3.96 (vs NT$2.69 in 2Q 2022) Second quarter 2023 results: EPS: NT$3.96 (up from NT$2.69 in 2Q 2022). Revenue: NT$602.0m (down 5.7% from 2Q 2022). Net income: NT$219.2m (up 48% from 2Q 2022). Profit margin: 36% (up from 23% 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 35% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 17
Upcoming dividend of NT$6.83 per share at 5.0% yield Eligible shareholders must have bought the stock before 24 July 2023. Payment date: 21 August 2023. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.1%). Announcement • Jul 06
Group Up Industrial Co., Ltd. Announces Cash Dividend Adjustment Group Up Industrial Co., Ltd. announced cash dividend adjustment. Type and monetary amount of original dividend distribution: Cash dividend of TWD 7 per share, totaling TWD 385,202,202. Type and monetary amount of dividend distribution after the change: Cash dividend of TWD 6.82781243 per share, totaling TWD 385,202,202. Reason for the change: (1)Since the first unsecured convertible Bonds' holders requested conversion,the number of the outstanding shares have been changed. (2) In accordance with the authorization granted by the Board of Directors on February 24th,2023 year of company resolution, the Chairman adjusted the rights issue and dividend rate based on the number of shares outstanding. Announcement • Jun 28
Group Up Industrial Co., Ltd. Announces Cash Dividend, Payable on August 21, 2023 Group Up Industrial Co., Ltd. announced cash dividend, total amount of TWD 385,202,202 or TWD 7 per share. Ex-rights (Ex-dividend) date is July 24, 2023. Ex-rights (Ex-dividend) record date is July 30, 2023. Payment date of cash dividend distribution is August 21, 2023. 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 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 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 (5.9% average weekly change). Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$133, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 16x in the Machinery industry in Taiwan. Total returns to shareholders of 154% over the past three years. Reported Earnings • Mar 06
Full year 2022 earnings released: EPS: NT$11.44 (vs NT$6.12 in FY 2021) Full year 2022 results: EPS: NT$11.44 (up from NT$6.12 in FY 2021). Revenue: NT$2.36b (up 23% from FY 2021). Net income: NT$629.2m (up 87% from FY 2021). Profit margin: 27% (up from 18% 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 27% per year but the company’s share price has only increased by 19% 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. 6 experienced directors. 3 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Robert Li was the last independent director to join the board, commencing their role in 2018. 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$3.84 (vs NT$1.39 in 3Q 2021) Third quarter 2022 results: EPS: NT$3.84 (up from NT$1.39 in 3Q 2021). Revenue: NT$597.2m (up 21% from 3Q 2021). Net income: NT$211.4m (up 177% from 3Q 2021). Profit margin: 35% (up from 15% in 3Q 2021). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: NT$2.69 (vs NT$0.91 in 2Q 2021) Second quarter 2022 results: EPS: NT$2.69 (up from NT$0.91 in 2Q 2021). Revenue: NT$638.3m (up 40% from 2Q 2021). Net income: NT$147.9m (up 197% from 2Q 2021). Profit margin: 23% (up from 11% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year and the company’s share price has also increased by 12% per year. Upcoming Dividend • Jul 21
Upcoming dividend of NT$4.90 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 19 August 2022. Payout ratio is a comfortable 71% and this is well supported by cash flows. Trailing yield: 6.0%. Lower than top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (3.5%). Announcement • Jun 30
Group Up Industrial Co., Ltd. Announces Cash Dividend, Payable on August 19, 2022 Group Up Industrial Co., Ltd. announced cash dividend of Total Amount TWD 269,500,000 TWD 4.9 per share. With Ex-dividend date of July 28, 2022, record date of August 3, 2022 and cash dividend distribution on August 19, 2022. Buying Opportunity • Jun 16
Now 22% undervalued Over the last 90 days, the stock is up 2.1%. The fair value is estimated to be NT$114, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Earnings per share has grown by 6.6%. Reported Earnings • May 08
First quarter 2022 earnings released: EPS: NT$2.57 (vs NT$1.80 in 1Q 2021) First quarter 2022 results: EPS: NT$2.57 (up from NT$1.80 in 1Q 2021). Revenue: NT$506.5m (up 17% from 1Q 2021). Net income: NT$141.4m (up 43% from 1Q 2021). Profit margin: 28% (up from 23% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. 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. 6 experienced directors. 3 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Robert Li was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Mar 06
Group Up Industrial Co., Ltd., Annual General Meeting, May 27, 2022 Group Up Industrial Co., Ltd., Annual General Meeting, May 27, 2022. Reported Earnings • Feb 28
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: NT$6.12 (up from NT$5.65 in FY 2020). Revenue: NT$1.91b (up 18% from FY 2020). Net income: NT$336.5m (up 8.2% from FY 2020). Profit margin: 18% (down from 19% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 8.0%. 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. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$1.39 (vs NT$1.05 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: NT$494.9m (up 27% from 3Q 2020). Net income: NT$76.3m (up 33% from 3Q 2020). Profit margin: 15% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.91 (vs NT$1.85 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$456.4m (up 3.7% from 2Q 2020). Net income: NT$49.9m (down 51% from 2Q 2020). Profit margin: 11% (down from 23% 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 2% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 20
Upcoming dividend of NT$4.30 per share Eligible shareholders must have bought the stock before 27 July 2021. Payment date: 20 August 2021. Trailing yield: 5.8%. Within top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (2.4%). Reported Earnings • May 17
First quarter 2021 earnings released: EPS NT$1.80 (vs NT$1.26 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$434.0m (up 16% from 1Q 2020). Net income: NT$99.1m (up 43% from 1Q 2020). Profit margin: 23% (up from 19% 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 5% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$5.65 (vs NT$5.40 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$1.61b (down 3.2% from FY 2019). Net income: NT$310.9m (up 4.6% from FY 2019). Profit margin: 19% (up from 18% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has fallen by 2% per year. Is New 90 Day High Low • Dec 28
New 90-day high: NT$65.00 The company is up 13% from its price of NT$57.50 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 Machinery industry, which is up 17% over the same period. Is New 90 Day High Low • Dec 09
New 90-day high: NT$63.00 The company is up 6.0% from its price of NT$59.50 on 11 September 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 8.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$1.05 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$390.0m (down 8.1% from 3Q 2019). Net income: NT$57.5m (down 28% from 3Q 2019). Profit margin: 15% (down from 19% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 3% per year. 
