Reported Earnings • 5h
Second quarter 2026 earnings released: NT$0.09 loss per share (vs NT$0.39 loss in 2Q 2025) Second quarter 2026 results: NT$0.09 loss per share (improved from NT$0.39 loss in 2Q 2025). Revenue: NT$121.3m (down 33% from 2Q 2025). Net loss: NT$2.65m (loss narrowed 78% from 2Q 2025). 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 7% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$17.05, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 17x in the Luxury industry in Taiwan. Total returns to shareholders of 16% over the past three years. Declared Dividend • Jul 02
Dividend increased to NT$0.30 Dividend of NT$0.30 is 50% higher than last year. Ex-date: 16th July 2026 Payment date: 12th August 2026 Dividend yield will be 2.1%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is well covered by both earnings (32% earnings payout ratio) and cash flows (10% cash payout ratio). The dividend has increased by an average of 25% per year over the past 6 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 64% to shift the payout ratio to a potentially unsustainable range, which is more than the 4.7% EPS decline seen over the last 5 years. Reported Earnings • May 21
First quarter 2026 earnings released: EPS: NT$0.15 (vs NT$0.26 loss in 1Q 2025) First quarter 2026 results: EPS: NT$0.15 (up from NT$0.26 loss in 1Q 2025). Revenue: NT$118.5m (down 9.2% from 1Q 2025). Net income: NT$4.66m (up NT$12.6m from 1Q 2025). Profit margin: 3.9% (up from net loss in 1Q 2025). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Apr 24
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at NT$18.30. The fair value is estimated to be NT$23.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Earnings per share has declined by 87%. Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: NT$0.53 (vs NT$0.057 in FY 2024) Full year 2025 results: EPS: NT$0.53 (up from NT$0.057 in FY 2024). Revenue: NT$862.2m (up 115% from FY 2024). Net income: NT$16.4m (up NT$14.7m from FY 2024). Profit margin: 1.9% (up from 0.4% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Announcement • Mar 10
Est Global Apparel Co.,Ltd, Annual General Meeting, May 25, 2026 Est Global Apparel Co.,Ltd, Annual General Meeting, May 25, 2026, at 10:30 Taipei Standard Time. Location: 8 floor no,252, hsin pei ta tao, sanchong district, new taipei city Taiwan New Risk • Nov 16
New major risk - Revenue and earnings growth Earnings have declined by 0.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.3% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$604.4m market cap, or US$19.6m). Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: NT$0.39 (vs NT$0.18 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.39 (up from NT$0.18 loss in 3Q 2024). Revenue: NT$357.6m (up 217% from 3Q 2024). Net income: NT$12.1m (up NT$17.7m from 3Q 2024). Profit margin: 3.4% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 104 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 15
Second quarter 2025 earnings released: NT$0.40 loss per share (vs NT$0.031 loss in 2Q 2024) Second quarter 2025 results: NT$0.40 loss per share (further deteriorated from NT$0.031 loss in 2Q 2024). Revenue: NT$182.0m (up 148% from 2Q 2024). Net loss: NT$12.2m (loss widened NT$11.3m from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Jun 26
Upcoming dividend of NT$0.20 per share Eligible shareholders must have bought the stock before 03 July 2025. Payment date: 30 July 2025. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (4.7%). Reported Earnings • May 15
First quarter 2025 earnings released: NT$0.25 loss per share (vs NT$0.24 profit in 1Q 2024) First quarter 2025 results: NT$0.25 loss per share (down from NT$0.24 profit in 1Q 2024). Revenue: NT$130.5m (up 41% from 1Q 2024). Net loss: NT$7.98m (down 205% from profit in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 15
Full year 2024 earnings released: EPS: NT$0.06 (vs NT$0.58 in FY 2023) Full year 2024 results: EPS: NT$0.06 (down from NT$0.58 in FY 2023). Revenue: NT$401.5m (down 10% from FY 2023). Net income: NT$1.78m (down 90% from FY 2023). Profit margin: 0.4% (down from 4.1% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Announcement • Mar 07
Est Global Apparel Co.,Ltd, Annual General Meeting, May 23, 2025 Est Global Apparel Co.,Ltd, Annual General Meeting, May 23, 2025. Location: 8 floor no,252, hsin pei ta tao, sanchong district, new taipei city Taiwan Reported Earnings • Nov 19
Third quarter 2024 earnings released: NT$0.18 loss per share (vs NT$0.58 profit in 3Q 2023) Third quarter 2024 results: NT$0.18 loss per share (down from NT$0.58 profit in 3Q 2023). Revenue: NT$113.0m (down 11% from 3Q 2023). Net loss: NT$5.60m (down 131% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Reported Earnings • Aug 18
Second quarter 2024 earnings released: NT$0.03 loss per share (vs NT$0.39 profit in 2Q 2023) Second quarter 2024 results: NT$0.03 loss per share (down from NT$0.39 profit in 2Q 2023). Revenue: NT$73.4m (down 41% from 2Q 2023). Net loss: NT$982.0k (down 108% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 13
Upcoming dividend of NT$0.40 per share Eligible shareholders must have bought the stock before 20 June 2024. Payment date: 18 July 2024. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (4.3%). Lower than average of industry peers (3.1%). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.24 (vs NT$0.022 loss in 1Q 2023) First quarter 2024 results: EPS: NT$0.24 (up from NT$0.022 loss in 1Q 2023). Revenue: NT$92.5m (down 13% from 1Q 2023). Net income: NT$7.60m (up NT$8.28m from 1Q 2023). Profit margin: 8.2% (up from net loss in 1Q 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 21
Full year 2023 earnings released: EPS: NT$0.58 (vs NT$1.72 in FY 2022) Full year 2023 results: EPS: NT$0.58 (down from NT$1.72 in FY 2022). Revenue: NT$448.0m (down 35% from FY 2022). Net income: NT$18.1m (down 66% from FY 2022). Profit margin: 4.1% (down from 7.8% 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 77% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Mar 16
Est Global Apparel Co.,Ltd, Annual General Meeting, May 31, 2024 Est Global Apparel Co.,Ltd, Annual General Meeting, May 31, 2024. Valuation Update With 7 Day Price Move • Jan 10
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$22.95, the stock trades at a trailing P/E ratio of 33.1x. Average trailing P/E is 23x in the Luxury industry in Taiwan. Total returns to shareholders of 70% over the past three years. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to NT$23.10, the stock trades at a trailing P/E ratio of 33.3x. Average trailing P/E is 22x in the Luxury industry in Taiwan. Total returns to shareholders of 61% over the past three years. Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$18.00, the stock trades at a trailing P/E ratio of 26x. Average trailing P/E is 23x in the Luxury industry in Taiwan. Total returns to shareholders of 13% over the past three years. New Risk • Nov 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 5.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.6% average weekly change). Profit margins are more than 30% lower than last year (4.7% net profit margin). Market cap is less than US$100m (NT$579.3m market cap, or US$18.1m). Reported Earnings • Aug 19
Second quarter 2023 earnings released: EPS: NT$0.39 (vs NT$0.75 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.39 (down from NT$0.75 in 2Q 2022). Revenue: NT$123.9m (down 37% from 2Q 2022). Net income: NT$12.1m (down 49% from 2Q 2022). Profit margin: 9.8% (down from 12% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. New Risk • Jun 21
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.1% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 7.1% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$508.9m market cap, or US$16.4m). Reported Earnings • Mar 24
Full year 2022 earnings released Full year 2022 results: Revenue: NT$692.7m (up 8.0% from FY 2021). Net income: NT$54.0m (up NT$47.8m from FY 2021). Profit margin: 7.8% (up from 1.0% in FY 2021). Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improved over the past week After last week's 19% share price gain to NT$19.50, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 12x in the Luxury industry in Taiwan. Total returns to shareholders of 44% over the past three years. Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: NT$0.70 (vs NT$0.08 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$0.70 (up from NT$0.08 loss in 3Q 2021). Revenue: NT$183.2m (up 23% from 3Q 2021). Net income: NT$22.1m (up NT$24.6m from 3Q 2021). Profit margin: 12% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. 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 12% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
No independent directors 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. 6 highly experienced directors. No independent directors (5 non-independent directors). Director Ji Mao was the last director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improved over the past week After last week's 18% share price gain to NT$16.70, the stock trades at a trailing P/E ratio of 14.1x. Average trailing P/E is 15x in the Luxury industry in Taiwan. Total returns to shareholders of 21% over the past three years. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$15.15, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 15x in the Luxury industry in Taiwan. Total returns to shareholders of 13% over the past three years. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$18.55, the stock trades at a trailing P/E ratio of 15.7x. Average trailing P/E is 15x in the Luxury industry in Taiwan. Total returns to shareholders of 32% over the past three years. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment deteriorated over the past week After last week's 21% share price decline to NT$23.35, the stock trades at a trailing P/E ratio of 19.7x. Average trailing P/E is 16x in the Luxury industry in Taiwan. Total returns to shareholders of 85% over the past three years. Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: NT$0.76 (vs NT$0.051 loss in 2Q 2021) Second quarter 2022 results: EPS: NT$0.76 (up from NT$0.051 loss in 2Q 2021). Revenue: NT$195.7m (up 48% from 2Q 2021). Net income: NT$23.6m (up NT$25.2m from 2Q 2021). Profit margin: 12% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 34% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improved over the past week After last week's 16% share price gain to NT$21.75, the stock trades at a trailing P/E ratio of 57.4x. Average trailing P/E is 14x in the Luxury industry in Taiwan. Total returns to shareholders of 87% over the past three years. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improved over the past week After last week's 16% share price gain to NT$17.15, the stock trades at a trailing P/E ratio of 45.2x. Average trailing P/E is 12x in the Luxury industry in Taiwan. Total returns to shareholders of 45% over the past three years. Valuation Update With 7 Day Price Move • May 23
Investor sentiment improved over the past week After last week's 19% share price gain to NT$16.20, the stock trades at a trailing P/E ratio of 42.7x. Average trailing P/E is 14x in the Luxury industry in Taiwan. Total returns to shareholders of 32% over the past three years. Reported Earnings • May 14
First quarter 2022 earnings released: EPS: NT$0.51 (vs NT$0.33 in 1Q 2021) First quarter 2022 results: EPS: NT$0.51 (up from NT$0.33 in 1Q 2021). Revenue: NT$206.2m (up 12% from 1Q 2021). Net income: NT$16.1m (up 55% from 1Q 2021). Profit margin: 7.8% (up from 5.6% in 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
No independent directors 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. 6 highly experienced directors. No independent directors (5 non-independent directors). Director Ji Mao was the last director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Mar 06
Est Global Apparel Co.,Ltd, Annual General Meeting, May 31, 2022 Est Global Apparel Co.,Ltd, Annual General Meeting, May 31, 2022. Reported Earnings • Feb 28
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$0.20 (up from NT$0.89 loss in FY 2020). Revenue: NT$641.5m (up 43% from FY 2020). Net income: NT$6.20m (up NT$34.1m from FY 2020). Profit margin: 1.0% (up from net loss in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 05
Third quarter 2021 earnings released: NT$0.08 loss per share (vs NT$0.28 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: NT$148.5m (up 27% from 3Q 2020). Net loss: NT$2.50m (loss narrowed 72% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 09
Second quarter 2021 earnings released: NT$0.05 loss per share (vs NT$0.015 profit in 2Q 2020) The company reported a soft second quarter result with weaker earnings and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: NT$132.6m (up 17% from 2Q 2020). Net loss: NT$1.60m (down 441% from profit in 2Q 2020). Reported Earnings • May 09
First quarter 2021 earnings released: EPS NT$0.33 (vs NT$0.055 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$184.4m (up 48% from 1Q 2020). Net income: NT$10.4m (up NT$12.1m from 1Q 2020). Profit margin: 5.6% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Announcement • Mar 18
Est Global Apparel Co.,Ltd, Annual General Meeting, May 31, 2021 Est Global Apparel Co.,Ltd, Annual General Meeting, May 31, 2021. Reported Earnings • Mar 17
Full year 2020 earnings released: NT$0.89 loss per share (vs NT$1.42 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$450.3m (down 23% from FY 2019). Net loss: NT$27.9m (down 163% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Mar 11
New 90-day high: NT$16.50 The company is up 13% from its price of NT$14.55 on 11 December 2020. The Taiwanese market is up 11% 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. Is New 90 Day High Low • Feb 01
New 90-day low: NT$12.60 The company is down 27% from its price of NT$17.35 on 04 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is flat over the same period. Is New 90 Day High Low • Jan 15
New 90-day low: NT$13.50 The company is down 35% from its price of NT$20.65 on 16 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 3.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: NT$0.28 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: NT$117.2m (down 44% from 3Q 2019). Net loss: NT$8.86m (down 182% from profit in 3Q 2019). 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 2% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 10
New 90-day low: NT$16.70 The company is down 6.0% from its price of NT$17.75 on 12 August 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 3.0% over the same period. 
