New Risk • May 12
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: 3.3% Last year net profit margin: 52% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 91% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.3% net profit margin). Market cap is less than US$100m (NT$1.72b market cap, or US$54.6m). Reported Earnings • May 12
First quarter 2026 earnings released: EPS: NT$0.17 (vs NT$4.88 in 1Q 2025) First quarter 2026 results: EPS: NT$0.17 (down from NT$4.88 in 1Q 2025). Revenue: NT$229.5m (down 7.6% from 1Q 2025). Net income: NT$6.69m (down 97% from 1Q 2025). Profit margin: 2.9% (down from 80% in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Declared Dividend • Mar 14
Dividend of NT$3.00 announced Shareholders will receive a dividend of NT$3.00. Ex-date: 26th March 2026 Payment date: 29th April 2026 Dividend yield will be 6.0%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is not adequately covered by earnings (91% 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 36% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 42% over the last 5 years, which if continued should maintain adequate earnings cover for the dividend. Announcement • Mar 13
Kwang Ming Silk Mill Co., Ltd. announces Annual dividend, payable on April 29, 2026 Kwang Ming Silk Mill Co., Ltd. announced Annual dividend of TWD 3.0000 per share payable on April 29, 2026, ex-date on March 26, 2026 and record date on March 27, 2026. Announcement • Mar 12
Kwang Ming Silk Mill Co., Ltd., Annual General Meeting, May 26, 2026 Kwang Ming Silk Mill Co., Ltd., Annual General Meeting, May 26, 2026, at 09:00 Taipei Standard Time. Location: no,29, hung chou st., gueishan district, taoyuan city Taiwan Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: NT$5.53 (vs NT$6.18 in FY 2024) Full year 2025 results: EPS: NT$5.53 (down from NT$6.18 in FY 2024). Revenue: NT$1.03b (up 23% from FY 2024). Net income: NT$223.6m (down 11% from FY 2024). Profit margin: 22% (down from 30% 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 13% per year whereas the company’s share price has increased by 18% per year. New Risk • Nov 11
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 91% Dividend per share is over 34x cash flows per share. Dividend yield: 42% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 91% Dividend per share is over 34x cash flows per share. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (24% net profit margin). Market cap is less than US$100m (NT$2.06b market cap, or US$66.2m). Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: NT$0.10 (vs NT$5.87 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.10 (down from NT$5.87 in 3Q 2024). Revenue: NT$248.4m (up 1.9% from 3Q 2024). Net income: NT$4.22m (down 98% from 3Q 2024). Profit margin: 1.7% (down from 97% in 3Q 2024). 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. Board Change • Oct 22
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Sun-Quae Lai was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: NT$0.24 (vs NT$0.16 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.24 (up from NT$0.16 in 2Q 2024). Revenue: NT$272.8m (up 44% from 2Q 2024). Net income: NT$9.82m (up 49% from 2Q 2024). Profit margin: 3.6% (in line with 2Q 2024). Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 18
First quarter 2025 earnings released: EPS: NT$4.88 (vs NT$0.68 loss in 1Q 2024) First quarter 2025 results: EPS: NT$4.88 (up from NT$0.68 loss in 1Q 2024). Revenue: NT$248.3m (up 48% from 1Q 2024). Net income: NT$197.5m (up NT$225.1m from 1Q 2024). Profit margin: 80% (up from net loss in 1Q 2024). 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 23% per year, which means it is significantly lagging earnings growth. New Risk • May 18
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 35% 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. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 183% Dividend per share is over 25x cash flows per share. High level of non-cash earnings (35% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (52% net profit margin). Market cap is less than US$100m (NT$2.38b market cap, or US$78.7m). Announcement • May 03
Kwang Ming Silk Mill Co., Ltd. to Report Q1, 2025 Results on May 12, 2025 Kwang Ming Silk Mill Co., Ltd. announced that they will report Q1, 2025 results on May 12, 2025 New Risk • Apr 25
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 348% Dividend per share is over 24x cash flows per share. Dividend yield: 42% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 348% Dividend per share is over 24x cash flows per share. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (30% net profit margin). Market cap is less than US$100m (NT$2.05b market cap, or US$63.0m). Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$52.20, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 16x in the Luxury industry in Taiwan. Total returns to shareholders of 240% over the past three years. New Risk • Mar 31
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 6.0% 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 (dividend per share is over 35x cash flows per share). Share price has been volatile over the past 3 months (6.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (30% net profit margin). Market cap is less than US$100m (NT$2.07b market cap, or US$62.2m). New Risk • Mar 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 591% 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: Minor Risks Dividend is not well covered by cash flows (dividend per share is over 35x cash flows per share). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (30% net profit margin). Market cap is less than US$100m (NT$2.19b market cap, or US$66.0m). Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$54.50, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 20x in the Luxury industry in Taiwan. Total returns to shareholders of 264% over the past three years. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$6.18 (vs NT$40.44 in FY 2023) Full year 2024 results: EPS: NT$6.18 (down from NT$40.44 in FY 2023). Revenue: NT$835.6m (up 21% from FY 2023). Net income: NT$250.2m (down 85% from FY 2023). Profit margin: 30% (down from 238% in FY 2023). Over the last 3 years on average, earnings per share has increased by 96% 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 12
Kwang Ming Silk Mill Co., Ltd., Annual General Meeting, May 27, 2025 Kwang Ming Silk Mill Co., Ltd., Annual General Meeting, May 27, 2025, at 09:00 Taipei Standard Time. Location: no,29, hung chou st., gueishan district, taoyuan city Taiwan Declared Dividend • Mar 12
Dividend of NT$5.50 announced Shareholders will receive a dividend of NT$5.50. Ex-date: 27th March 2025 Payment date: 30th April 2025 Dividend yield will be 35%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (76% earnings payout ratio) but not covered by cash flows (dividend approximately 23x free cash flows). The dividend has increased by an average of 41% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 27% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 11
Kwang Ming Silk Mill Co., Ltd. Announces Cash Dividend for the Second Half Ended December 31, 2024, Payable on April 30, 2025 Kwang Ming Silk Mill Co., Ltd. announced cash dividends of TWD 5.5 per share for the second half ended December 31, 2024. Total amount of cash dividends to shareholders of TWD 222,502,500. Ex-rights (Ex-dividend) date: March 27, 2025; Ex-rights (Ex-dividend) record date: April 02, 2025; Payment date of cash dividend distribution: April 30, 2025. Announcement • Mar 01
Kwang Ming Silk Mill Co., Ltd. to Report Q4, 2024 Results on Mar 10, 2025 Kwang Ming Silk Mill Co., Ltd. announced that they will report Q4, 2024 results on Mar 10, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$5.87 (vs NT$0.68 loss in 3Q 2023) Third quarter 2024 results: EPS: NT$5.87 (up from NT$0.68 loss in 3Q 2023). Revenue: NT$243.7m (up 42% from 3Q 2023). Net income: NT$237.4m (up NT$265.0m from 3Q 2023). Profit margin: 97% (up from net loss in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 09
Upcoming dividend of NT$16.00 per share Eligible shareholders must have bought the stock before 16 September 2024. Payment date: 09 October 2024. Payout ratio is on the higher end at 88% but the company is not cash flow positive. Trailing yield: 46%. Within top quartile of Taiwanese dividend payers (4.4%). Higher than average of industry peers (3.2%). Reported Earnings • Aug 12
Second quarter 2024 earnings released: EPS: NT$0.16 (vs NT$0.67 loss in 2Q 2023) Second quarter 2024 results: EPS: NT$0.16 (up from NT$0.67 loss in 2Q 2023). Revenue: NT$189.9m (up 23% from 2Q 2023). Net income: NT$6.60m (up NT$33.7m from 2Q 2023). Profit margin: 3.5% (up from net loss in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Announcement • Aug 03
Kwang Ming Silk Mill Co., Ltd. Approves Dividend for the First Half of 2024 Kwang Ming Silk Mill Co., Ltd. approved dividend for the first half of 2024 of TWD 16.00 per share, Total amount of cash dividends to shareholders TWD 647,280,000. Announcement • Jul 24
Kwang Ming Silk Mill Co., Ltd. to Report Q2, 2024 Results on Aug 02, 2024 Kwang Ming Silk Mill Co., Ltd. announced that they will report Q2, 2024 results on Aug 02, 2024 Reported Earnings • May 19
First quarter 2024 earnings released: NT$0.68 loss per share (vs NT$0.24 loss in 1Q 2023) First quarter 2024 results: NT$0.68 loss per share (further deteriorated from NT$0.24 loss in 1Q 2023). Revenue: NT$168.3m (flat on 1Q 2023). Net loss: NT$27.6m (loss widened 179% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 122% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. New Risk • Mar 27
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. 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 (currently running at an operating cash loss). Earnings have declined by 5.3% per year over the past 5 years. High level of non-cash earnings (53% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (NT$2.71b market cap, or US$84.9m). Upcoming Dividend • Mar 21
Upcoming dividend of NT$20.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 22 April 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 28%. Within top quartile of Taiwanese dividend payers (4.7%). Higher than average of industry peers (3.6%). Reported Earnings • Mar 21
Full year 2023 earnings released: EPS: NT$40.44 (vs NT$0.11 loss in FY 2022) Full year 2023 results: EPS: NT$40.44 (up from NT$0.11 loss in FY 2022). Revenue: NT$688.9m (down 26% from FY 2022). Net income: NT$1.64b (up NT$1.64b from FY 2022). Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 11
Dividend increased to NT$20.00 Dividend of NT$20.00 is 900% higher than last year. Ex-date: 28th March 2024 Payment date: 22nd April 2024 Dividend yield will be 33%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having 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 7.2% per year over the past 10 years. However, payments have been volatile during that time. New Risk • Jan 25
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 7.1% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (1.2% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (7.1% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 59% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$2.06b market cap, or US$65.8m). New Risk • Nov 30
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: Major Risks Debt is not well covered by operating cash flow (1.2% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 59% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (5.6% average weekly change). Market cap is less than US$100m (NT$1.88b market cap, or US$59.8m). Reported Earnings • Aug 12
Second quarter 2023 earnings released: NT$0.67 loss per share (vs NT$0.46 loss in 2Q 2022) Second quarter 2023 results: NT$0.67 loss per share (further deteriorated from NT$0.46 loss in 2Q 2022). Revenue: NT$154.4m (down 33% from 2Q 2022). Net loss: NT$27.1m (loss widened 44% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • Mar 24
Full year 2022 earnings released: NT$0.11 loss per share (vs NT$2.04 profit in FY 2021) Full year 2022 results: NT$0.11 loss per share (down from NT$2.04 profit in FY 2021). Revenue: NT$928.5m (up 1.3% from FY 2021). Net loss: NT$4.35m (down 105% from profit in FY 2021). 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 • Mar 22
Upcoming dividend of NT$2.00 per share at 6.5% yield Eligible shareholders must have bought the stock before 29 March 2023. Payment date: 26 April 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 6.5%. Within top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (4.8%). Reported Earnings • Aug 15
Second quarter 2022 earnings released: NT$0.46 loss per share (vs NT$0.66 profit in 2Q 2021) Second quarter 2022 results: NT$0.46 loss per share (down from NT$0.66 profit in 2Q 2021). Revenue: NT$228.8m (down 3.7% from 2Q 2021). Net loss: NT$18.8m (down 171% from profit in 2Q 2021). 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. Reported Earnings • May 17
First quarter 2022 earnings released: EPS: NT$0.47 (vs NT$0.71 in 1Q 2021) First quarter 2022 results: EPS: NT$0.47 (down from NT$0.71 in 1Q 2021). Revenue: NT$245.3m (up 3.8% from 1Q 2021). Net income: NT$19.2m (down 33% from 1Q 2021). Profit margin: 7.8% (down from 12% in 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Apr 14
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 21 April 2022. Payment date: 16 May 2022. Payout ratio is on the higher end at 98%, however this is supported by cash flows. Trailing yield: 5.9%. Within top quartile of Taiwanese dividend payers (5.7%). Higher than average of industry peers (2.8%). Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS NT$0.40 (vs NT$0.046 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$204.3m (up 59% from 3Q 2020). Net income: NT$16.1m (up NT$14.3m from 3Q 2020). Profit margin: 7.9% (up from 1.5% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$0.66 (vs NT$0.52 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$237.5m (up 149% from 2Q 2020). Net income: NT$26.6m (up NT$47.4m from 2Q 2020). Profit margin: 11% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • May 17
First quarter 2021 earnings released: EPS NT$0.71 (vs NT$0.40 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$236.3m (up 38% from 1Q 2020). Net income: NT$28.6m (up NT$44.7m from 1Q 2020). Profit margin: 12% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 15
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 21 April 2021. Payment date: 14 May 2021. Trailing yield: 13%. Within top quartile of Taiwanese dividend payers (4.8%). Higher than average of industry peers (2.9%). Reported Earnings • Mar 19
Full year 2020 earnings released: NT$0.46 loss per share (vs NT$13.64 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$591.7m (down 30% from FY 2019). Net loss: NT$18.7m (down 103% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.05 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$128.5m (down 36% from 3Q 2019). Net income: NT$1.87m (down 70% from 3Q 2019). Profit margin: 1.5% (down from 3.1% 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 18% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 06
New 90-day high: NT$24.50 The company is up 5.0% from its price of NT$23.35 on 08 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is flat over the same period.