New Risk • 1h
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 2.6% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (107% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.2% net profit margin). Reported Earnings • May 16
First quarter 2026 earnings released: EPS: NT$0.17 (vs NT$0.34 in 1Q 2025) First quarter 2026 results: EPS: NT$0.17 (down from NT$0.34 in 1Q 2025). Revenue: NT$1.45b (down 13% from 1Q 2025). Net income: NT$26.2m (down 48% from 1Q 2025). Profit margin: 1.8% (down from 3.0% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 17
Full year 2025 earnings released: EPS: NT$2.50 (vs NT$4.04 in FY 2024) Full year 2025 results: EPS: NT$2.50 (down from NT$4.04 in FY 2024). Revenue: NT$8.54b (up 8.2% from FY 2024). Net income: NT$377.3m (down 38% from FY 2024). Profit margin: 4.4% (down from 7.7% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Mar 10
Kwong Lung Enterprise Co., Ltd., Annual General Meeting, May 29, 2026 Kwong Lung Enterprise Co., Ltd., Annual General Meeting, May 29, 2026, at 09:00 Taipei Standard Time. Location: 5 floor no,285, sec.4 chung hsiao e. rd., da-an district, taipei city Taiwan Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: NT$0.67 (vs NT$1.64 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.67 (down from NT$1.64 in 2Q 2024). Revenue: NT$2.43b (down 3.4% from 2Q 2024). Net income: NT$101.2m (down 59% from 2Q 2024). Profit margin: 4.2% (down from 9.8% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. New Risk • Aug 09
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 25% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 149% Cash payout ratio: 161% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.6% net profit margin). Declared Dividend • Jun 21
Dividend of NT$3.60 announced Shareholders will receive a dividend of NT$3.60. Ex-date: 29th July 2025 Payment date: 21st August 2025 Dividend yield will be 7.1%, which is higher than the industry average of 4.1%. Sustainability & Growth Dividend is not covered by earnings (106% 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 1.8% 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. The company's earnings per share (EPS) would need to grow by 18% to bring the payout ratio under control. However, EPS has declined by 3.5% over the last 5 years so the company would need to reverse this trend. Announcement • Jun 20
Kwong Lung Enterprise Co., Ltd. Announces Cash Dividend, Payable on August 21, 2025 Kwong Lung Enterprise Co., Ltd. announced cash dividend of TWD 544,056,995(TWD 3.6 per common share). Ex-rights (Ex-dividend) date is July 29, 2025. Ex-rights (Ex-dividend) record date is August 4, 2025. Payment date of cash dividend distribution is August 21, 2025. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: NT$0.33 (vs NT$0.98 in 1Q 2024) First quarter 2025 results: EPS: NT$0.33 (down from NT$0.98 in 1Q 2024). Revenue: NT$1.67b (up 10% from 1Q 2024). Net income: NT$51.3m (down 65% from 1Q 2024). Profit margin: 3.1% (down from 9.7% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • May 01
Kwong Lung Enterprise Co., Ltd. to Report Q1, 2025 Results on May 08, 2025 Kwong Lung Enterprise Co., Ltd. announced that they will report Q1, 2025 results on May 08, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$48.85, the stock trades at a trailing P/E ratio of 12.1x. Average forward P/E is 11x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 39% over the past three years. Announcement • Mar 13
Kwong Lung Enterprise Co., Ltd., Annual General Meeting, May 27, 2025 Kwong Lung Enterprise Co., Ltd., Annual General Meeting, May 27, 2025, at 09:00 Taipei Standard Time. Location: 5 floor no,285, sec.4 chung hsiao e. rd., da-an district, taipei city Taiwan Reported Earnings • Mar 13
Full year 2024 earnings released: EPS: NT$4.04 (vs NT$3.93 in FY 2023) Full year 2024 results: EPS: NT$4.04 (up from NT$3.93 in FY 2023). Revenue: NT$7.89b (up 2.4% from FY 2023). Net income: NT$609.3m (up 6.0% from FY 2023). Profit margin: 7.7% (up from 7.5% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Announcement • Mar 04
Kwong Lung Enterprise Co., Ltd. to Report Fiscal Year 2024 Results on Mar 11, 2025 Kwong Lung Enterprise Co., Ltd. announced that they will report fiscal year 2024 results on Mar 11, 2025 Board Change • Feb 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. 3 experienced directors. 6 highly experienced directors. Independent Director Chia-Te Hsu was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Buy Or Sell Opportunity • Jan 03
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at NT$57.80. The fair value is estimated to be NT$48.07, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.0% over the last 3 years. Earnings per share has grown by 3.7%. New Risk • Dec 16
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. Buy Or Sell Opportunity • Dec 12
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at NT$57.80. The fair value is estimated to be NT$48.01, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.0% over the last 3 years. Earnings per share has grown by 3.7%. Buy Or Sell Opportunity • Nov 25
Now 21% overvalued Over the last 90 days, the stock has fallen 1.5% to NT$57.20. The fair value is estimated to be NT$47.38, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.0% over the last 3 years. Earnings per share has grown by 3.7%. Reported Earnings • Nov 12
Third quarter 2024 earnings released: EPS: NT$0.91 (vs NT$1.44 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.91 (down from NT$1.44 in 3Q 2023). Revenue: NT$2.22b (up 1.6% from 3Q 2023). Net income: NT$139.5m (down 35% from 3Q 2023). Profit margin: 6.3% (down from 9.9% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 9.9% growth forecast for the Consumer Durables industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 4% 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 • Aug 13
Second quarter 2024 earnings released: EPS: NT$1.64 (vs NT$1.87 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.64 (down from NT$1.87 in 2Q 2023). Revenue: NT$2.52b (up 1.9% from 2Q 2023). Net income: NT$246.2m (down 8.8% from 2Q 2023). Profit margin: 9.8% (down from 11% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 9% per year. Buy Or Sell Opportunity • Aug 01
Now 21% overvalued Over the last 90 days, the stock has fallen 3.3% to NT$57.80. The fair value is estimated to be NT$47.83, 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 18%. Announcement • Aug 01
Kwong Lung Enterprise Co., Ltd. to Report Q2, 2024 Results on Aug 08, 2024 Kwong Lung Enterprise Co., Ltd. announced that they will report Q2, 2024 results on Aug 08, 2024 Upcoming Dividend • Jul 19
Upcoming dividend of NT$3.58 per share Eligible shareholders must have bought the stock before 26 July 2024. Payment date: 21 August 2024. Payout ratio and cash payout ratio are on the higher end at 83% and 85% respectively. Trailing yield: 5.9%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (3.3%). Announcement • Jun 25
Kwong Lung Enterprise Co., Ltd. Approves Cash Dividend on Common Shares, Payable on August 21, 2024 Kwong Lung Enterprise Co., Ltd. at shareholders’ meeting held on June 24, 2024 approved common share cash dividend of TWD 540,703,998 (TWD 3.6 per Common share). Ex-rights (Ex-dividend) date is July 26, 2024. Ex-rights (Ex-dividend) record date is August 3, 2024. Payment date of cash dividend distribution is August 21, 2024. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: NT$0.98 (vs NT$0.53 in 1Q 2023) First quarter 2024 results: EPS: NT$0.98 (up from NT$0.53 in 1Q 2023). Revenue: NT$1.51b (down 14% from 1Q 2023). Net income: NT$148.5m (up 99% from 1Q 2023). Profit margin: 9.8% (up from 4.3% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 13% per year. New Risk • May 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (92% payout ratio). Shareholders have been diluted in the past year (5.3% increase in shares outstanding). Announcement • May 03
Kwong Lung Enterprise Co., Ltd. to Report Q1, 2024 Results on May 09, 2024 Kwong Lung Enterprise Co., Ltd. announced that they will report Q1, 2024 results on May 09, 2024 Reported Earnings • Mar 21
Full year 2023 earnings released: EPS: NT$3.93 (vs NT$6.54 in FY 2022) Full year 2023 results: EPS: NT$3.93 (down from NT$6.54 in FY 2022). Revenue: NT$7.71b (down 25% from FY 2022). Net income: NT$577.7m (down 34% from FY 2022). Profit margin: 7.5% (down from 8.5% 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 26% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Mar 15
Kwong Lung Enterprise Co., Ltd., Annual General Meeting, May 31, 2024 Kwong Lung Enterprise Co., Ltd., Annual General Meeting, May 31, 2024. Announcement • Dec 15
Kwong Lung Enterprise Co., Ltd.'S Board of Directors Resolves to Establish A Risk Management Committee Kwong Lung Enterprise Co., Ltd. announced that the board of directors resolved to establish a risk management committee. Name of the functional committees: Risk Management committee. Name of the new position holder: Lee Chao-Fu-BTsai Hsun-Hsiung-BHsu Chia-Te. Resume of the new position holder: Lee Chao-Fu: Vice Chairman of the Company; Tsai Hsun-Hsiung: Independent Director of the Company; Hsu Chia-Te: Independent Director of the Company. Effective date of the new member: December 14, 2023. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: NT$1.44 (vs NT$2.78 in 3Q 2022) Third quarter 2023 results: EPS: NT$1.44 (down from NT$2.78 in 3Q 2022). Revenue: NT$2.19b (down 32% from 3Q 2022). Net income: NT$213.3m (down 42% from 3Q 2022). Profit margin: 9.8% (down from 12% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.8% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Consumer Durables industry in Taiwan. 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 9% per year, which means it is significantly lagging earnings growth. Announcement • Nov 10
Kwong Lung Enterprise Co., Ltd. Announces Change of Corporate Governance Officer Kwong Lung Enterprise Co., Ltd. announced change of corporate governance officer. Name, title, and resume of the previous position holder: Norman Chang,CFO. Name, title, and resume of the new position holder: Judy Lee,stock affairs unit officer. Effective date is November 9, 2023. New Risk • Nov 10
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 8.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: NT$1.68 (vs NT$1.89 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.68. Revenue: NT$2.47b (down 13% from 2Q 2022). Net income: NT$254.5m (up 2.3% from 2Q 2022). Profit margin: 10% (up from 8.8% in 2Q 2022). The increase in margin was driven by lower expenses. Upcoming Dividend • Aug 08
Upcoming dividend of NT$3.79 per share at 7.2% yield Eligible shareholders must have bought the stock before 15 August 2023. Payment date: 31 August 2023. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 7.2%. Within top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (4.3%). Price Target Changed • Jul 03
Price target decreased by 11% to NT$62.00 Down from NT$69.50, the current price target is an average from 2 analysts. New target price is 11% above last closing price of NT$56.00. Stock is up 32% over the past year. The company posted earnings per share of NT$6.54 last year. Announcement • Jun 16
Kwong Lung Enterprise Co., Ltd. Approves Dividend on Common Share, Payable on August 31, 2023 Kwong Lung Enterprise Co., Ltd. at shareholders’ meeting, or on June 15, 2023 the company approved common share cash dividend of TWD 566,468,532 (TWD 4 per Common share). Ex-rights (Ex-dividend) date is August 15, 2023.Ex-rights (Ex-dividend) record date is August 21, 2023. Payment date of cash dividend distribution is August 31, 2023. Reported Earnings • Mar 16
Full year 2022 earnings released: EPS: NT$6.54 (vs NT$3.58 in FY 2021) Full year 2022 results: EPS: NT$6.54 (up from NT$3.58 in FY 2021). Revenue: NT$10.3b (up 28% from FY 2021). Net income: NT$919.1m (up 96% from FY 2021). Profit margin: 8.9% (up from 5.8% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 16
Price target increased to NT$67.00 Up from NT$49.50, the current price target is provided by 1 analyst. New target price is 15% above last closing price of NT$58.10. Stock is up 41% over the past year. The company posted earnings per share of NT$3.58 last year. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$2.78 (vs NT$0.26 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$2.78 (up from NT$0.26 loss in 3Q 2021). Revenue: NT$3.21b (up 79% from 3Q 2021). Net income: NT$369.6m (up NT$403.8m from 3Q 2021). Profit margin: 12% (up from net loss in 3Q 2021). Revenue is forecast to grow 3.6% p.a. on average during the next 2 years, compared to a 8.0% growth forecast for the Consumer Durables industry in Asia. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 7% per year. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 23% share price gain to NT$61.40, the stock trades at a trailing P/E ratio of 15.2x. Average forward P/E is 13x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 60% over the past three years. Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: NT$1.89 (vs NT$1.00 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.89 (up from NT$1.00 in 2Q 2021). Revenue: NT$2.83b (up 18% from 2Q 2021). Net income: NT$294.4m (up 124% from 2Q 2021). Profit margin: 10% (up from 5.5% in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 26
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 02 August 2022. Payment date: 19 August 2022. Payout ratio is on the higher end at 81% but the company is not cash flow positive. Trailing yield: 6.7%. Within top quartile of Taiwanese dividend payers (6.6%). Higher than average of industry peers (4.9%). Reported Earnings • May 08
First quarter 2022 earnings released: EPS: NT$1.11 (vs NT$0.98 in 1Q 2021) First quarter 2022 results: EPS: NT$1.11 (up from NT$0.98 in 1Q 2021). Revenue: NT$2.11b (up 25% from 1Q 2021). Net income: NT$145.4m (up 13% from 1Q 2021). Profit margin: 6.9% (down from 7.6% in 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Hsien-Yeh Chen was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 02
Full year 2021 earnings released: EPS: NT$3.58 (vs NT$2.28 in FY 2020) Full year 2021 results: EPS: NT$3.58 (up from NT$2.28 in FY 2020). Revenue: NT$8.06b (down 5.2% from FY 2020). Net income: NT$515.3m (up 72% from FY 2020). Profit margin: 6.4% (up from 3.5% in FY 2020). The increase in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 7.1%, compared to a 11% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 16
Third quarter 2021 earnings released: NT$0.26 loss per share (vs NT$0.98 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$1.80b (down 30% from 3Q 2020). Net income: NT$11.3m (down 91% from 3Q 2020). Profit margin: 0.6% (down from 5.0% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 36% 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. Price Target Changed • Nov 16
Price target decreased to NT$40.00 Down from NT$49.50, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of NT$41.20. Stock is up 3.0% over the past year. The company posted earnings per share of NT$2.28 last year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Hsien-Yeh Chen was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Hsien-Yeh Chen was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 13
First quarter 2021 earnings released: EPS NT$0.98 (vs NT$0.17 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: NT$1.69b (down 17% from 1Q 2020). Net income: NT$128.4m (up 463% from 1Q 2020). Profit margin: 7.6% (up from 1.1% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Executive Departure • Apr 13
Representative Director has left the company On the 6th of April, Chen-Yun Chang's tenure as Representative Director ended after 4.8 years in the role. We don't have any record of a personal shareholding under Chen-Yun's name. A total of 2 executives have left over the last 12 months. Reported Earnings • Apr 04
Full year 2020 earnings released: EPS NT$2.28 (vs NT$4.10 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$8.50b (down 20% from FY 2019). Net income: NT$298.9m (down 39% from FY 2019). Profit margin: 3.5% (down from 4.6% 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 9% per year whereas the company’s share price has fallen by 4% per year. Reported Earnings • Mar 18
Full year 2020 earnings released: EPS NT$2.28 (vs NT$4.10 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$8.50b (down 20% from FY 2019). Net income: NT$344.4m (down 29% from FY 2019). Profit margin: 4.1% (down from 4.6% 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 9% per year whereas the company’s share price has fallen by 5% per year. Is New 90 Day High Low • Mar 11
New 90-day high: NT$40.35 The company is up 5.0% from its price of NT$38.55 on 11 December 2020. The Taiwanese market is up 11% 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 • Jan 21
New 90-day low: NT$38.50 The company is down 5.0% from its price of NT$40.50 on 23 October 2020. The Taiwanese market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 7.0% over the same period. Is New 90 Day High Low • Dec 08
New 90-day low: NT$39.25 The company is down 3.0% from its price of NT$40.45 on 09 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$292 per share. Reported Earnings • Nov 10
Third quarter 2020 earnings released: EPS NT$0.98 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$2.55b (down 20% from 3Q 2019). Net income: NT$128.2m (down 45% from 3Q 2019). Profit margin: 5.0% (down from 7.3% 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 16% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Nov 10
Revenue misses expectations Revenue missed analyst estimates by 5.0%. Over the next year, revenue is forecast to grow 5.8%, compared to a 6.4% growth forecast for the Consumer Durables industry in Taiwan.