Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$25.40, the stock trades at a trailing P/E ratio of 22.4x. Average trailing P/E is 17x in the Commercial Services industry in Taiwan. Total loss to shareholders of 12% over the past three years. New Risk • Apr 04
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 32% 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 Debt is not well covered by operating cash flow (6.5% operating cash flow to total debt). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (16% net profit margin). Market cap is less than US$100m (NT$3.02b market cap, or US$94.3m). New Risk • Mar 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.16b (US$98.7m) 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 Debt is not well covered by operating cash flow (6.5% operating cash flow to total debt). Minor Risks Profit margins are more than 30% lower than last year (16% net profit margin). Market cap is less than US$100m (NT$3.16b market cap, or US$98.7m). Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$1.13 (vs NT$1.81 in FY 2024) Full year 2025 results: EPS: NT$1.13 (down from NT$1.81 in FY 2024). Revenue: NT$980.4m (up 6.1% from FY 2024). Net income: NT$153.2m (down 38% from FY 2024). Profit margin: 16% (down from 27% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 5% per year. Announcement • Mar 06
Lily Logistics Development Co., Ltd., Annual General Meeting, Jun 09, 2026 Lily Logistics Development Co., Ltd., Annual General Meeting, Jun 09, 2026. Location: no,65, sec.1 shuang fu rd., pingjhen district, taoyuan city Taiwan New Risk • Nov 26
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 46% 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 Debt is not well covered by operating cash flow (4.9% operating cash flow to total debt). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (10% net profit margin). Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: NT$0.46 (vs NT$0.42 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.46 (up from NT$0.42 in 3Q 2024). Revenue: NT$244.7m (up 1.7% from 3Q 2024). Net income: NT$61.8m (up 7.6% from 3Q 2024). Profit margin: 25% (up from 24% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. New Risk • Aug 18
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: 10% Last year net profit margin: 31% 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 Debt is not well covered by operating cash flow (6.2% operating cash flow to total debt). Minor Risk Profit margins are more than 30% lower than last year (10% net profit margin). Announcement • Jun 12
Lily Textile Co., Ltd. Approves Board Changes Lily Textile Co., Ltd. approved at its 2025 Annual General Meeting held on June 11, 2025, approved the board changes. Title and name of the previous position holder: The list of directors for the 16th term is as follows: Directors: LU HSUEH TUNGSU TING (independent director), CHIEN HUA YUEH (independent director). Title and name of the new position holder: The list of directors for the 17th term is as follows: Directors: WANG KUEI FANG, Representative of Yuan Feng Construction Co., Ltd. Independent Directors: CHU WU HSIANG, General manager of Risun Company Limited and LIAO WU CHIEN, Representative of Xiangcheng Enterprise Co., Ltd. Reported Earnings • May 18
First quarter 2025 earnings released: EPS: NT$0.55 (vs NT$0.72 in 1Q 2024) First quarter 2025 results: EPS: NT$0.55 (down from NT$0.72 in 1Q 2024). Revenue: NT$255.1m (up 20% from 1Q 2024). Net income: NT$73.8m (down 25% from 1Q 2024). Profit margin: 29% (down from 46% in 1Q 2024). The decrease in margin was driven by higher expenses. 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 26% per year, which means it is well ahead of earnings. Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$1.81 (vs NT$1.29 in FY 2023) Full year 2024 results: EPS: NT$1.81 (up from NT$1.29 in FY 2023). Revenue: NT$924.4m (up 18% from FY 2023). Net income: NT$245.5m (up 41% from FY 2023). Profit margin: 27% (up from 22% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Announcement • Mar 14
Lily Textile Co., Ltd., Annual General Meeting, Jun 11, 2025 Lily Textile Co., Ltd., Annual General Meeting, Jun 11, 2025, at 09:00 Taipei Standard Time. Location: no,65, sec.1 shuang fu rd., pingjhen district, taoyuan city Taiwan Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.42 (vs NT$0.82 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.42 (down from NT$0.82 in 3Q 2023). Revenue: NT$240.6m (up 7.6% from 3Q 2023). Net income: NT$57.5m (down 48% from 3Q 2023). Profit margin: 24% (down from 49% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 29
Lily Textile Co., Ltd. to Report Q3, 2024 Results on Nov 06, 2024 Lily Textile Co., Ltd. announced that they will report Q3, 2024 results on Nov 06, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.41 (vs NT$0.19 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.41 (up from NT$0.19 in 2Q 2023). Revenue: NT$216.9m (up 20% from 2Q 2023). Net income: NT$55.7m (up 121% from 2Q 2023). Profit margin: 26% (up from 14% 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 13% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 20
First quarter 2024 earnings released: EPS: NT$0.72 (vs NT$0.26 in 1Q 2023) First quarter 2024 results: EPS: NT$0.72 (up from NT$0.26 in 1Q 2023). Revenue: NT$213.5m (up 28% from 1Q 2023). Net income: NT$98.1m (up 185% from 1Q 2023). Profit margin: 46% (up from 21% in 1Q 2023). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$34.20, the stock trades at a trailing P/E ratio of 26.5x. Average trailing P/E is 27x in the Luxury industry in Taiwan. Total returns to shareholders of 159% over the past three years. Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: NT$1.29 (vs NT$1.67 in FY 2022) Full year 2023 results: EPS: NT$1.29 (down from NT$1.67 in FY 2022). Revenue: NT$780.8m (down 7.9% from FY 2022). Net income: NT$174.7m (down 23% from FY 2022). Profit margin: 22% (down from 27% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 38% per year whereas the company’s share price has increased by 37% per year. Announcement • Mar 08
Lily Textile Co., Ltd., Annual General Meeting, Jun 12, 2024 Lily Textile Co., Ltd., Annual General Meeting, Jun 12, 2024. Location: No. 65,Section 1, Shuangfu Road, Pingzhen District, Tao Yuan City Taiwan Agenda: To consider Annual Business Status Report; to consider Audit committee reviews 112 years Final accounts and consolidated final accounts report; to consider Annual Endorsement Guarantee Amount and report on the amount of funds loaned to others; and to consider other matters. New Risk • Aug 17
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: 21% Last year net profit margin: 32% 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 Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (21% net profit margin). Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: NT$0.19 (vs NT$0.24 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.19 (down from NT$0.24 in 2Q 2022). Revenue: NT$180.6m (down 3.1% from 2Q 2022). Net income: NT$25.2m (down 24% from 2Q 2022). Profit margin: 14% (down from 18% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: NT$1.67 (vs NT$1.67 in FY 2021) Full year 2022 results: EPS: NT$1.67 (up from NT$1.67 in FY 2021). Revenue: NT$847.5m (down 2.2% from FY 2021). Net income: NT$225.4m (flat on FY 2021). Profit margin: 27% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$32.90, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 13x in the Luxury industry in Taiwan. Total returns to shareholders of 251% over the past three years. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improved over the past week After last week's 20% share price gain to NT$28.90, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 13x in the Luxury industry in Taiwan. Total returns to shareholders of 203% over the past three years. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.67 (vs NT$0.053 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.67 (up from NT$0.053 in 3Q 2021). Revenue: NT$245.1m (up 8.6% from 3Q 2021). Net income: NT$90.2m (up NT$83.0m from 3Q 2021). Profit margin: 37% (up from 3.2% in 3Q 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 121% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.67 (vs NT$0.053 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.67 (up from NT$0.053 in 3Q 2021). Revenue: NT$245.1m (up 8.6% from 3Q 2021). Net income: NT$90.2m (up NT$83.0m from 3Q 2021). Profit margin: 37% (up from 3.2% in 3Q 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 121% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improved over the past week After last week's 27% share price gain to NT$21.35, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 17x in the Luxury industry in Taiwan. Total returns to shareholders of 122% over the past three years. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.24 (vs NT$0.044 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.24 (up from NT$0.044 in 2Q 2021). Revenue: NT$186.4m (up 15% from 2Q 2021). Net income: NT$32.9m (up 460% from 2Q 2021). Profit margin: 18% (up from 3.6% in 2Q 2021). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 133% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.65 (vs NT$0.27 in 1Q 2021) First quarter 2022 results: EPS: NT$0.65 (up from NT$0.27 in 1Q 2021). Revenue: NT$214.1m (up 35% from 1Q 2021). Net income: NT$88.6m (up 141% from 1Q 2021). Profit margin: 41% (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 136% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 30
Full year 2021 earnings released: EPS: NT$1.67 (vs NT$0.20 loss in FY 2020) Full year 2021 results: EPS: NT$1.67 (up from NT$0.20 loss in FY 2020). Revenue: NT$866.8m (up 52% from FY 2020). Net income: NT$224.8m (up NT$252.0m from FY 2020). Profit margin: 26% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 129% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS NT$0.05 (vs NT$0.005 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$225.7m (up 58% from 3Q 2020). Net income: NT$7.16m (up NT$7.85m from 3Q 2020). Profit margin: 3.2% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.04 (vs NT$0.31 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$162.6m (up 37% from 2Q 2020). Net income: NT$5.88m (up NT$48.2m from 2Q 2020). Profit margin: 3.6% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.27 (vs NT$0.039 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$159.2m (up 8.1% from 1Q 2020). Net income: NT$36.7m (up NT$31.5m from 1Q 2020). Profit margin: 23% (up from 3.6% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 31
Full year 2020 earnings released: NT$0.20 loss per share (vs NT$0.05 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: NT$569.4m (down 19% from FY 2019). Net loss: NT$27.2m (down NT$33.9m from profit in FY 2019). Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Announcement • Mar 17
Lily Textile Co., Ltd., Annual General Meeting, Jun 16, 2021 Lily Textile Co., Ltd., Annual General Meeting, Jun 16, 2021. Is New 90 Day High Low • Dec 25
New 90-day high: NT$11.70 The company is up 33% from its price of NT$8.82 on 25 September 2020. The Taiwanese market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 9.0% over the same period. Is New 90 Day High Low • Dec 08
New 90-day high: NT$10.65 The company is up 20% from its price of NT$8.90 on 09 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 4.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: NT$0.005 loss per share The company reported a decent third quarter result with reduced losses and improved control over expenses, although revenues were weaker. Third quarter 2020 results: Revenue: NT$142.7m (down 13% from 3Q 2019). Net loss: NT$691.0k (loss narrowed 98% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Nov 04
New 90-day high: NT$10.15 The company is up 11% from its price of NT$9.18 on 06 August 2020. The Taiwanese market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 2.0% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: NT$8.79 The company is down 4.0% from its price of NT$9.15 on 24 June 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 1.0% over the same period.