Buy Or Sell Opportunity • Jun 09
Now 22% overvalued Over the last 90 days, the stock has fallen 6.2% to NT$29.60. The fair value is estimated to be NT$24.25, 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 grown by 6.2%. Reported Earnings • May 12
First quarter 2026 earnings released: EPS: NT$0.25 (vs NT$0.40 in 1Q 2025) First quarter 2026 results: EPS: NT$0.25 (down from NT$0.40 in 1Q 2025). Revenue: NT$1.11b (down 24% from 1Q 2025). Net income: NT$280.9m (down 37% from 1Q 2025). Profit margin: 25% (down from 30% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 11% per year. Buy Or Sell Opportunity • Apr 16
Now 20% overvalued Over the last 90 days, the stock has fallen 29% to NT$29.85. The fair value is estimated to be NT$24.81, 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 grown by 4.7%. Buy Or Sell Opportunity • Mar 25
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to NT$30.25. The fair value is estimated to be NT$24.81, 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 grown by 4.7%. Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$1.29 (vs NT$1.07 in FY 2024) Full year 2025 results: EPS: NT$1.29 (up from NT$1.07 in FY 2024). Revenue: NT$4.78b (down 7.5% from FY 2024). Net income: NT$1.46b (up 25% from FY 2024). Profit margin: 31% (up from 23% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 12
Cleanaway Company Limited, Annual General Meeting, May 27, 2026 Cleanaway Company Limited, Annual General Meeting, May 27, 2026, at 09:00 Taipei Standard Time. Location: 2 floor no,434, kang shan rd., gangshan district, kaohsiung city Taiwan Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to NT$46.75, the stock trades at a trailing P/E ratio of 33.9x. Average trailing P/E is 19x in the Commercial Services industry in Taiwan. Total returns to shareholders of 205% over the past three years. New Risk • Jan 07
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 8.4% 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 Risks Debt is not well covered by operating cash flow (7.8% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (8.4% average weekly change). Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$29.30, the stock trades at a trailing P/E ratio of 21.2x. Average forward P/E is 15x in the Commercial Services industry in Taiwan. Total returns to shareholders of 90% over the past three years. Buy Or Sell Opportunity • Dec 29
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 45% to NT$29.30. The fair value is estimated to be NT$24.37, 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 grown by 3.0%. New Risk • Nov 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (7.8% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.6% average weekly change). Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$24.75, the stock trades at a trailing P/E ratio of 17.9x. Average forward P/E is 15x in the Commercial Services industry in Taiwan. Total returns to shareholders of 68% over the past three years. New Risk • Nov 23
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$2.49b (US$79.3m) 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 (9.6% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (NT$2.49b market cap, or US$79.3m). Reported Earnings • Nov 10
Third quarter 2025 earnings released: EPS: NT$2.48 (vs NT$0.26 in 3Q 2024) Third quarter 2025 results: EPS: NT$2.48. Revenue: NT$1.06b (down 7.6% from 3Q 2024). Net income: NT$281.7m (flat on 3Q 2024). Profit margin: 27% (up from 25% in 3Q 2024). The increase in margin was driven by lower expenses. New Risk • Nov 09
New major risk - Revenue and earnings growth Earnings have declined by 0.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Earnings have declined by 0.1% per year over the past 5 years. Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • Oct 22
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$247, the stock trades at a trailing P/E ratio of 17.8x. Average forward P/E is 15x in the Commercial Services industry in Taiwan. Total returns to shareholders of 75% over the past three years. Buy Or Sell Opportunity • Aug 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.3% to NT$192. The fair value is estimated to be NT$239, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years, while earnings per share has been flat. Reported Earnings • Aug 11
Second quarter 2025 earnings released: EPS: NT$4.03 (vs NT$2.51 in 2Q 2024) Second quarter 2025 results: EPS: NT$4.03 (up from NT$2.51 in 2Q 2024). Revenue: NT$1.27b (down 13% from 2Q 2024). Net income: NT$452.9m (up 66% from 2Q 2024). Profit margin: 36% (up from 19% in 2Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 3% per year. Buy Or Sell Opportunity • Jul 07
Now 20% undervalued Over the last 90 days, the stock has risen 3.3% to NT$187. The fair value is estimated to be NT$234, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Earnings per share has declined by 2.5%. Buy Or Sell Opportunity • Jun 10
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.0% to NT$182. The fair value is estimated to be NT$230, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Earnings per share has declined by 2.5%. Upcoming Dividend • Jun 03
Upcoming dividend of NT$9.94 per share Eligible shareholders must have bought the stock before 10 June 2025. Payment date: 30 June 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 5.2%. Lower than top quartile of Taiwanese dividend payers (5.3%). In line with average of industry peers (4.8%). Announcement • May 23
Cleanaway Announces to Adjust Its Payout Ratio Cleanaway Company Limited announced to adjust its payout ratio. Type and monetary amount of original dividend distribution: Appropriations of earnings in cash dividends TWD 783,176,639, TWD 7 per share. Cash distributed from capital surplus TWD 335,647,131, TWD 3 per share. Type and monetary amount of dividend distribution after the change: Appropriations of earnings in cash dividends TWD 783,176,639, TWD 6.96078210 per share. Cash distributed from capital surplus TWD 335,647,131, TWD 2.98319232 per share. Reason for the change: The Company's conversion of its 1st domestic unsecured convertible corporate bonds into ordinary shares in Taiwan affected the number of outstanding shares and accordingly caused the change of payout ratio to shareholders, the board of directors authorizes the chairman to adjust its payout ratio. New Risk • May 10
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 106% Paying a dividend despite having no free cash flows. Earnings have declined by 1.3% per year over the past 5 years. Announcement • May 10
Cleanaway Company Limited Announces Board Appointments Cleanaway Company Limited appointed Houng Joung-Shing and Yang Li, Pi-Lien as Independent Directors, at its shareholders meeting held on May 9, 2025. Reported Earnings • May 08
First quarter 2025 earnings released: EPS: NT$3.97 (vs NT$2.26 in 1Q 2024) First quarter 2025 results: EPS: NT$3.97 (up from NT$2.26 in 1Q 2024). Revenue: NT$1.46b (up 14% from 1Q 2024). Net income: NT$444.7m (up 80% from 1Q 2024). Profit margin: 30% (up from 19% in 1Q 2024). The increase in margin was primarily driven by higher revenue. Revenue is forecast to stay flat during the next 2 years compared to a 10% growth forecast for the Commercial Services industry in Asia. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has remained flat. Announcement • Apr 03
Cleanaway Company Limited announced that it has received TWD 2.02 billion in funding On April 1, 2025, Cleanaway Company Limited closed the transaction. The company has received gross proceeds of TWD2,020,000,000 from the issuance of 2nd domestic unsecured convertible bonds. Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$10.70 (vs NT$9.12 in FY 2023) Full year 2024 results: EPS: NT$10.70 (up from NT$9.12 in FY 2023). Revenue: NT$5.17b (up 21% from FY 2023). Net income: NT$1.17b (up 18% from FY 2023). Profit margin: 23% (in line with FY 2023). Revenue is forecast to stay flat during the next 2 years compared to a 11% growth forecast for the Commercial Services industry in Asia. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 2% per year. Announcement • Feb 18
Cleanaway Company Limited, Annual General Meeting, May 09, 2025 Cleanaway Company Limited, Annual General Meeting, May 09, 2025, at 09:00 Taipei Standard Time. Location: no,308, chung shan s. rd., gangshan district, kaohsiung city Taiwan New Risk • Jan 12
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. This is currently the only risk that has been identified for the company. Price Target Changed • Dec 13
Price target decreased by 13% to NT$200 Down from NT$230, the current price target is provided by 1 analyst. New target price is 11% above last closing price of NT$181. Stock is up 1.1% over the past year. The company posted earnings per share of NT$9.12 last year. Reported Earnings • Nov 06
Third quarter 2024 earnings released: EPS: NT$2.60 (vs NT$1.36 in 3Q 2023) Third quarter 2024 results: EPS: NT$2.60 (up from NT$1.36 in 3Q 2023). Revenue: NT$1.14b (up 68% from 3Q 2023). Net income: NT$283.5m (up 91% from 3Q 2023). Profit margin: 25% (up from 22% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Commercial Services industry in Asia. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 6% per year. Announcement • Oct 29
Cleanaway Company Limited to Report Q3, 2024 Results on Nov 05, 2024 Cleanaway Company Limited announced that they will report Q3, 2024 results on Nov 05, 2024 Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: NT$2.51 (vs NT$2.83 in 2Q 2023) Second quarter 2024 results: EPS: NT$2.51 (down from NT$2.83 in 2Q 2023). Revenue: NT$1.45b (up 17% from 2Q 2023). Net income: NT$273.7m (down 11% from 2Q 2023). Profit margin: 19% (down from 25% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Commercial Services industry in Asia. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Jul 30
Cleanaway Company Limited to Report Q2, 2024 Results on Aug 06, 2024 Cleanaway Company Limited announced that they will report Q2, 2024 results on Aug 06, 2024 Upcoming Dividend • Jun 21
Upcoming dividend of NT$10.00 per share Eligible shareholders must have bought the stock before 28 June 2024. Payment date: 25 July 2024. Payout ratio is on the higher end at 94% but the company is not cash flow positive. Trailing yield: 5.2%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (3.8%). Declared Dividend • Jun 03
Dividend of NT$10.00 announced Shareholders will receive a dividend of NT$10.00. Ex-date: 28th June 2024 Payment date: 25th July 2024 Dividend yield will be 5.2%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is not adequately covered by earnings (94% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 2.3% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 4.8% to bring the payout ratio under control. However, EPS has declined by 5.3% over the last 5 years so the company would need to reverse this trend. Announcement • Jun 01
Cleanaway Company Limited Approves Cash Dividend, Payable on July 25, 2024 Cleanaway Company Limited announced Appropriations of earnings in cash dividends to shareholders is TWD 7 per share and Cash distributed from capital surplus to shareholders TWD 3 per share. Ex-rights (ex-dividend) trading date is June 28, 2024. Ex-rights (ex-dividend) record date is July 6, 2024. Payment date of common stock cash dividend distribution is July 25, 2024. Reported Earnings • May 08
First quarter 2024 earnings released: EPS: NT$2.26 (vs NT$2.88 in 1Q 2023) First quarter 2024 results: EPS: NT$2.26 (down from NT$2.88 in 1Q 2023). Revenue: NT$1.28b (flat on 1Q 2023). Net income: NT$247.2m (down 21% from 1Q 2023). Profit margin: 19% (down from 24% in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Mar 05
Full year 2023 earnings released: EPS: NT$9.12 (vs NT$12.33 in FY 2022) Full year 2023 results: EPS: NT$9.12 (down from NT$12.33 in FY 2022). Revenue: NT$4.27b (down 19% from FY 2022). Net income: NT$994.0m (down 26% from FY 2022). Profit margin: 23% (down from 26% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 2% per year. Announcement • Feb 28
Cleanaway Company Limited, Annual General Meeting, May 31, 2024 Cleanaway Company Limited, Annual General Meeting, May 31, 2024. Location: The Cleanaway Company Limited??s Association Of Kaohsiung county R.O.C., No.308, Zhongshan S. Rd., Gangshan Dist Kaohsiung Taiwan Agenda: To consider the 2023 Business Report; to consider the 2023 Audit Committee’s Review Report; to consider the remuneration distribution of directors and employees for Year 2023; to consider the implementation of issuing unsecured convertible bonds the first time in Taiwan; to consider the cause for convening the meeting Acknowledged matters: 2023 Business Report and Financial Statements; Proposal for Distribution of 2023 Profits; to consider the revision of Procedures for Lending Funds to Others and Endorsements & Guarantee; and to consider the other resolutions. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$1.36 (vs NT$3.09 in 3Q 2022) Third quarter 2023 results: EPS: NT$1.36 (down from NT$3.09 in 3Q 2022). Revenue: NT$678.9m (down 52% from 3Q 2022). Net income: NT$148.8m (down 56% from 3Q 2022). Profit margin: 22% (down from 24% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 7.8% p.a. on average during the next 2 years, while revenues in the Commercial Services industry in Asia are expected to grow by 12%. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 3% per year. Price Target Changed • Aug 08
Price target increased by 14% to NT$240 Up from NT$210, the current price target is provided by 1 analyst. New target price is 27% above last closing price of NT$189. Stock is up 9.2% over the past year. The company posted earnings per share of NT$12.33 last year. Reported Earnings • Aug 08
Second quarter 2023 earnings released: EPS: NT$2.83 (vs NT$3.29 in 2Q 2022) Second quarter 2023 results: EPS: NT$2.83 (down from NT$3.29 in 2Q 2022). Revenue: NT$1.24b (down 1.9% from 2Q 2022). Net income: NT$308.3m (down 14% from 2Q 2022). Profit margin: 25% (down from 28% in 2Q 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 5% per year. Upcoming Dividend • Jun 29
Upcoming dividend of NT$9.99 per share at 4.7% yield Eligible shareholders must have bought the stock before 06 July 2023. Payment date: 28 July 2023. Payout ratio is on the higher end at 81%, and the cash payout ratio is above 100%. Trailing yield: 4.7%. Lower than top quartile of Taiwanese dividend payers (5.5%). In line with average of industry peers (4.3%). Announcement • Jun 08
Cleanaway Company Limited Announces Cash Dividend, Payable on July 28, 2023 Cleanaway Company Limited announced a cash dividends to shareholders of TWD 5 per share. Total amount of cash distributed to shareholders is TWD 1,088,880,000. Ex-rights (ex-dividend) trading date is July 6, 2023. Ex-rights (ex-dividend) record date is July 12, 2023. Payment date of cash dividend distribution is July 28, 2023. Reported Earnings • Feb 28
Full year 2022 earnings released: EPS: NT$12.33 (vs NT$10.59 in FY 2021) Full year 2022 results: EPS: NT$12.33 (up from NT$10.59 in FY 2021). Revenue: NT$5.24b (up 74% from FY 2021). Net income: NT$1.34b (up 17% from FY 2021). Profit margin: 26% (down from 38% in FY 2021). 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 7% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Dec 24
Cleanaway Company Limited Announces Appointment of Chen, Tsung-Tien as Chief Information Security Officer of the Company Cleanaway Company Limited Announces Appointment of Chen, Tsung-Tien as Chief Information Security Officer of the Company. Type of personnel changed: Chief information security officer. Date of occurrence of the change: 2022/12/23. Name, title, and resume of the previous position holder: None. Name, title, and resume of the new position holder: Chen, Tsung-Tien /COO of Cleanaway Company Limited. Type of the change: Position adjustment. Reason for the change: Internal position adjustment. Effective date: 2022/12/23. Price Target Changed • Nov 16
Price target decreased to NT$189 Down from NT$210, the current price target is an average from 2 analysts. New target price is 11% above last closing price of NT$170. Stock is down 29% over the past year. The company posted earnings per share of NT$10.59 last year. Board Change • Nov 16
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. 3 experienced directors. 5 highly experienced directors. Independent Director Kuo-Shu Fan was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Nov 06
Third quarter 2022 earnings released: EPS: NT$3.09 (vs NT$2.59 in 3Q 2021) Third quarter 2022 results: EPS: NT$3.09 (up from NT$2.59 in 3Q 2021). Revenue: NT$1.40b (up 84% from 3Q 2021). Net income: NT$336.6m (up 20% from 3Q 2021). Profit margin: 24% (down from 37% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 15% p.a. on average during the next 2 years, while revenues in the Commercial Services industry in Asia are expected to grow by 14%. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 2% per year. Price Target Changed • Oct 18
Price target decreased to NT$189 Down from NT$210, the current price target is an average from 2 analysts. New target price is 12% above last closing price of NT$169. Stock is down 20% over the past year. The company posted earnings per share of NT$10.59 last year. Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: NT$3.29 (vs NT$2.43 in 2Q 2021) Second quarter 2022 results: EPS: NT$3.29 (up from NT$2.43 in 2Q 2021). Revenue: NT$1.27b (up 114% from 2Q 2021). Net income: NT$358.7m (up 36% from 2Q 2021). Profit margin: 28% (down from 45% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 25%, compared to a 11% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 5% per year. Board Change • Aug 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. 2 experienced directors. 5 highly experienced directors. Independent Director Kuo-Shu Fan was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Upcoming Dividend • May 30
Upcoming dividend of NT$10.00 per share Eligible shareholders must have bought the stock before 06 June 2022. Payment date: 30 June 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 5.1%. Lower than top quartile of Taiwanese dividend payers (6.1%). In line with average of industry peers (4.7%). Reported Earnings • May 11
First quarter 2022 earnings released: EPS: NT$2.41 (vs NT$3.42 in 1Q 2021) First quarter 2022 results: EPS: NT$2.41 (down from NT$3.42 in 1Q 2021). Revenue: NT$1.12b (up 37% from 1Q 2021). Net income: NT$262.3m (down 30% from 1Q 2021). Profit margin: 23% (down from 46% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 5% per year. Reported Earnings • Mar 02
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: NT$10.59 (down from NT$10.81 in FY 2020). Revenue: NT$3.02b (up 13% from FY 2020). Net income: NT$1.15b (down 2.0% from FY 2020). Profit margin: 38% (down from 44% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.9%. Over the next year, revenue is forecast to grow 19%, compared to a 15% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Feb 27
Cleanaway Company Limited, Annual General Meeting, May 27, 2022 Cleanaway Company Limited, Annual General Meeting, May 27, 2022. Buying Opportunity • Jan 19
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be NT$255, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.5% per annum over the last 3 years. Earnings per share has been flat over the last 3 years. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS NT$2.59 (vs NT$3.01 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$762.5m (up 7.2% from 3Q 2020). Net income: NT$281.6m (down 14% from 3Q 2020). Profit margin: 37% (down from 46% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Price Target Changed • Sep 22
Price target increased to NT$190 Up from NT$175, the current price target is provided by 1 analyst. New target price is 7.3% above last closing price of NT$177. Stock is up 11% over the past year. Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS NT$2.43 (vs NT$2.29 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: NT$594.0m (down 8.2% from 2Q 2020). Net income: NT$264.1m (up 5.9% from 2Q 2020). Profit margin: 45% (up from 39% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 3% per year. Executive Departure • Jul 29
Director Chong - Meng Lai has left the company On the 26th of July, Chong - Meng Lai's tenure as Director ended after 14.1 years in the role. We don't have any record of a personal shareholding under Chong - Meng's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 11.79 years. Upcoming Dividend • Jun 16
Upcoming dividend of NT$10.00 per share Eligible shareholders must have bought the stock before 22 June 2021. Payment date: 20 July 2021. Trailing yield: 5.6%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (4.9%). Reported Earnings • May 11
First quarter 2021 earnings released: EPS NT$3.42 (vs NT$2.54 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$817.0m (up 25% from 1Q 2020). Net income: NT$372.7m (up 35% from 1Q 2020). Profit margin: 46% (up from 42% 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 7% per year whereas the company’s share price has fallen by 3% per year. Is New 90 Day High Low • Mar 04
New 90-day high: NT$166 The company is up 2.0% from its price of NT$163 on 04 December 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Commercial Services industry, which is flat over the same period. Reported Earnings • Mar 03
Full year 2020 earnings released: EPS NT$10.81 (vs NT$10.83 in FY 2019) The company reported a soft full year result with weaker revenues, although earnings and profit margins were flat. Full year 2020 results: Revenue: NT$2.68b (down 1.0% from FY 2019). Net income: NT$1.18b (flat on FY 2019). Profit margin: 44% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 3% per year. Analyst Estimate Surprise Post Earnings • Mar 03
Revenue misses expectations Revenue missed analyst estimates by 2.7%. Announcement • Feb 27
Cleanaway Company Limited, Annual General Meeting, May 28, 2021 Cleanaway Company Limited, Annual General Meeting, May 28, 2021. Location: Ganshan Township Farmer’s Association Kaohsiung county, 2F No.434, Gangshan Rd, Gangshan Dist. Kaohsiung Taiwan Agenda: To discuss 2020 Business Report; 2020 Audit Committee’s Review Report on Financial Statements; to consider the Remuneration Distribution of directors, supervisors and employees for Year 2020; to consider the proposal for Cash Dividend Distribution of 2020 Profits; to consider the 2020 Business Report and Financial Statements; to consider the Proposal for Distribution of 2020 Profits; and to consider the revision of Articles of Company. Analyst Estimate Surprise Post Earnings • Nov 12
Revenue beats expectations Revenue exceeded analyst estimates by 0.9%. Reported Earnings • Nov 12
Third quarter 2020 earnings released: EPS NT$3.01 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$711.6m (up 11% from 3Q 2019). Net income: NT$328.0m (up 34% from 3Q 2019). Profit margin: 46% (up from 38% in 3Q 2019). The increase in margin was primarily 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 only fallen by 2% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 11
New 90-day high: NT$161 The company is up 1.0% from its price of NT$160 on 13 August 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Commercial Services industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$213 per share. Announcement • Nov 06
Cleanaway Company Limited Announces Resignation of Hou Rong-Hsien as Natural-Person Supervisor Cleanaway Company Limited announced resignation of Hou Rong-Hsien as natural-person supervisor, effective November 4, 2020. 
