Buy Or Sell Opportunity • Apr 21
Now 20% undervalued Over the last 90 days, the stock has risen 1.4% to NT$74.40. The fair value is estimated to be NT$93.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.2% over the last 3 years. Earnings per share has grown by 4.1%. Reported Earnings • Mar 17
Full year 2025 earnings released: EPS: NT$5.80 (vs NT$4.62 in FY 2024) Full year 2025 results: EPS: NT$5.80 (up from NT$4.62 in FY 2024). Revenue: NT$1.08b (up 5.3% from FY 2024). Net income: NT$209.3m (up 26% from FY 2024). Profit margin: 19% (up from 16% in FY 2024). The increase in margin was driven by higher revenue. 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 3% per year. Announcement • Feb 26
Wellpool Co., Ltd., Annual General Meeting, May 20, 2026 Wellpool Co., Ltd., Annual General Meeting, May 20, 2026. Location: no,168, ching yeh 4th rd., jhongshan district, taipei city Taiwan Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: NT$1.30 (vs NT$0.99 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.30 (up from NT$0.99 in 3Q 2024). Revenue: NT$258.5m (up 1.0% from 3Q 2024). Net income: NT$46.9m (up 32% from 3Q 2024). Profit margin: 18% (up from 14% in 3Q 2024). Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 4% per year. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$1.42 (vs NT$1.33 in 2Q 2024) Second quarter 2025 results: EPS: NT$1.42 (up from NT$1.33 in 2Q 2024). Revenue: NT$279.3m (flat on 2Q 2024). Net income: NT$51.3m (up 7.1% from 2Q 2024). Profit margin: 18% (up from 17% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has increased by 2% per year. Declared Dividend • May 29
Dividend increased to NT$4.40 Dividend of NT$4.40 is 10% higher than last year. Ex-date: 13th June 2025 Payment date: 4th July 2025 Dividend yield will be 5.9%, which is higher than the industry average of 4.1%. Sustainability & Growth Dividend is covered by earnings (89% earnings payout ratio) but not covered by cash flows (117% cash payout ratio). The dividend has increased by an average of 5.8% 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. Earnings per share has grown by 2.1% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$1.42 (vs NT$1.07 in 1Q 2024) First quarter 2025 results: EPS: NT$1.42 (up from NT$1.07 in 1Q 2024). Revenue: NT$275.3m (up 20% from 1Q 2024). Net income: NT$51.1m (up 32% from 1Q 2024). Profit margin: 19% (up from 17% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has increased by 1% per year. New Risk • Mar 28
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 95% Cash payout ratio: 95% Dividend yield: 6.2% 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: 95% Cash payout ratio: 95% Minor Risk Market cap is less than US$100m (NT$2.58b market cap, or US$77.8m). Reported Earnings • Mar 18
Full year 2024 earnings released: EPS: NT$4.61 (vs NT$4.24 in FY 2023) Full year 2024 results: EPS: NT$4.61 (up from NT$4.24 in FY 2023). Revenue: NT$1.03b (up 8.0% from FY 2023). Net income: NT$166.4m (up 8.7% from FY 2023). Profit margin: 16% (in line with FY 2023). Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has increased by 1% per year. Announcement • Feb 27
Wellpool Co., Ltd., Annual General Meeting, May 26, 2025 Wellpool Co., Ltd., Annual General Meeting, May 26, 2025. Location: 1 floor no,137, cheng chou rd., taipei city Taiwan Reported Earnings • Nov 19
Third quarter 2024 earnings released: EPS: NT$0.99 (vs NT$0.96 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.99 (up from NT$0.96 in 3Q 2023). Revenue: NT$256.0m (up 13% from 3Q 2023). Net income: NT$35.6m (up 2.9% from 3Q 2023). Profit margin: 14% (down from 15% in 3Q 2023). The decrease in margin was driven by higher expenses. 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 • Aug 17
Second quarter 2024 earnings released: EPS: NT$1.33 (vs NT$1.13 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.33 (up from NT$1.13 in 2Q 2023). Revenue: NT$278.6m (up 14% from 2Q 2023). Net income: NT$47.9m (up 18% from 2Q 2023). Profit margin: 17% (in line with 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 05
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 12 June 2024. Payment date: 09 July 2024. Payout ratio is on the higher end at 94%, and the cash payout ratio is above 100%. Trailing yield: 5.5%. Within top quartile of Taiwanese dividend payers (4.3%). Higher than average of industry peers (3.3%). Buy Or Sell Opportunity • Mar 12
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 2.8% to NT$68.90. The fair value is estimated to be NT$57.33, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years, while earnings per share has been flat. Announcement • Mar 08
Wellpool Co., Ltd., Annual General Meeting, May 24, 2024 Wellpool Co., Ltd., Annual General Meeting, May 24, 2024. New Risk • Mar 08
New major risk - Revenue and earnings growth Earnings have declined by 0.4% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 107% Cash payout ratio: 114% Earnings have declined by 0.4% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$2.49b market cap, or US$79.0m). Buy Or Sell Opportunity • Feb 26
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 3.9% to NT$68.90. The fair value is estimated to be NT$57.41, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.1% over the last 3 years. Earnings per share has grown by 5.4%. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$0.96 (vs NT$1.32 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.96 (down from NT$1.32 in 3Q 2022). Revenue: NT$226.9m (down 15% from 3Q 2022). Net income: NT$34.6m (down 28% from 3Q 2022). Profit margin: 15% (down from 18% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 9% per year. Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: NT$1.13 (vs NT$1.45 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.13 (down from NT$1.45 in 2Q 2022). Revenue: NT$245.5m (down 12% from 2Q 2022). Net income: NT$40.7m (down 22% from 2Q 2022). Profit margin: 17% (down from 19% 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 8% per year whereas the company’s share price has increased by 11% per year. Upcoming Dividend • Jun 01
Upcoming dividend of NT$4.70 per share at 6.6% yield Eligible shareholders must have bought the stock before 08 June 2023. Payment date: 07 July 2023. Payout ratio is on the higher end at 93%, and the cash payout ratio is above 100%. Trailing yield: 6.6%. Within top quartile of Taiwanese dividend payers (5.6%). Higher than average of industry peers (4.1%). Reported Earnings • Mar 09
Full year 2022 earnings released: EPS: NT$5.20 (vs NT$4.61 in FY 2021) Full year 2022 results: EPS: NT$5.20 (up from NT$4.61 in FY 2021). Revenue: NT$1.03b (up 16% from FY 2021). Net income: NT$187.6m (up 13% from FY 2021). Profit margin: 18% (in line with FY 2021). 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 11% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: NT$1.32 (vs NT$1.07 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.32 (up from NT$1.07 in 3Q 2021). Revenue: NT$265.7m (up 22% from 3Q 2021). Net income: NT$47.7m (up 24% from 3Q 2021). Profit margin: 18% (in line with 3Q 2021). 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 5% per year. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 5 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Li Sheng Zhu was the last independent director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$1.44 (vs NT$1.30 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.44 (up from NT$1.30 in 2Q 2021). Revenue: NT$279.2m (up 21% from 2Q 2021). Net income: NT$52.1m (up 11% from 2Q 2021). Profit margin: 19% (down from 20% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 03
Upcoming dividend of NT$4.50 per share Eligible shareholders must have bought the stock before 10 June 2022. Payment date: 08 July 2022. Payout ratio and cash payout ratio are on the higher end at 85% and 84% respectively. Trailing yield: 6.3%. Within top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (4.6%). Reported Earnings • May 16
First quarter 2022 earnings: EPS misses analyst expectations First quarter 2022 results: EPS: NT$1.22 (up from NT$1.12 in 1Q 2021). Revenue: NT$249.0m (up 17% from 1Q 2021). Net income: NT$44.0m (up 8.6% from 1Q 2021). Profit margin: 18% (down from 19% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.6%. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 5 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Li Sheng Zhu was the last independent director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 06
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: NT$4.61 (up from NT$4.06 in FY 2020). Revenue: NT$891.1m (up 8.2% from FY 2020). Net income: NT$166.1m (up 14% from FY 2020). Profit margin: 19% (in line with FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.6%. 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 5% per year, which means it is well ahead of earnings. Announcement • Mar 03
Wellpool Co., Ltd., Annual General Meeting, May 20, 2022 Wellpool Co., Ltd., Annual General Meeting, May 20, 2022. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$1.07 (vs NT$1.02 in 3Q 2020) The company reported a mediocre third quarter result with weaker revenues, although profit margins were flat and earnings improved. Third quarter 2021 results: Revenue: NT$217.1m (down 1.3% from 3Q 2020). Net income: NT$38.4m (up 4.5% from 3Q 2020). Profit margin: 18% (in line with 3Q 2020). 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 7% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 24
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 31 August 2021. Payment date: 17 September 2021. Trailing yield: 6.5%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (4.0%). Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$1.30 (vs NT$1.02 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$230.2m (up 8.8% from 2Q 2020). Net income: NT$46.8m (up 28% from 2Q 2020). Profit margin: 20% (up from 17% in 2Q 2020). The increase in margin was driven by higher revenue. 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 4% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 10
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 17 August 2021. Payment date: 13 September 2021. Trailing yield: 6.5%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (3.7%). Reported Earnings • May 17
First quarter 2021 earnings released: EPS NT$1.12 (vs NT$0.73 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$212.5m (up 29% from 1Q 2020). Net income: NT$40.5m (up 54% from 1Q 2020). Profit margin: 19% (up from 16% 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 5% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Mar 26
Full year 2020 earnings released: EPS NT$4.06 (vs NT$5.01 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$823.9m (down 12% from FY 2019). Net income: NT$146.3m (down 19% from FY 2019). Profit margin: 18% (down from 19% in FY 2019). The decrease in margin was driven by lower revenue. 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 2% per year, which means it is well ahead of earnings. Announcement • Mar 17
Wellpool Co., Ltd., Annual General Meeting, May 31, 2021 Wellpool Co., Ltd., Annual General Meeting, May 31, 2021. Is New 90 Day High Low • Feb 26
New 90-day high: NT$52.10 The company is up 3.0% from its price of NT$50.60 on 27 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 12% over the same period. Is New 90 Day High Low • Dec 31
New 90-day high: NT$52.00 The company is up 2.0% from its price of NT$51.00 on 30 September 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 11% over the same period. Is New 90 Day High Low • Dec 03
New 90-day high: NT$51.50 The company is up 4.0% from its price of NT$49.35 on 04 September 2020. The Taiwanese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Consumer Durables industry, which is also up 4.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$1.02 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: NT$220.0m (up 3.0% from 3Q 2019). Net income: NT$36.8m (down 15% from 3Q 2019). Profit margin: 17% (down from 20% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has increased by 2% per year.