Reported Earnings • May 16
First quarter 2026 earnings released: NT$0.028 loss per share (vs NT$0.14 profit in 1Q 2025) First quarter 2026 results: NT$0.028 loss per share (down from NT$0.14 profit in 1Q 2025). Revenue: NT$570.6m (down 1.2% from 1Q 2025). Net loss: NT$4.76m (down 120% from profit in 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 27
Full year 2025 earnings released: NT$0.27 loss per share (vs NT$1.02 profit in FY 2024) Full year 2025 results: NT$0.27 loss per share (down from NT$1.02 profit in FY 2024). Revenue: NT$2.13b (down 18% from FY 2024). Net loss: NT$44.9m (down 126% from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 43% 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 16
Eminent Luggage Corporation, Annual General Meeting, Jun 24, 2026 Eminent Luggage Corporation, Annual General Meeting, Jun 24, 2026. Location: no,1, sec.2 chung cheng s. rd., gueiren district, tainan city Taiwan Buy Or Sell Opportunity • Feb 02
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to NT$11.65. The fair value is estimated to be NT$9.64, 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. Meanwhile, the company became loss making. Announcement • Jan 03
Eminent Luggage Corporation Announces Change of Representative of Corporate Director Effective January 2, 2026 Eminent Luggage Corporation announced a change of representative of the corporate director for Ding Fu Investment Co., LTD. The previous position holder, Huang, Te-Tan, Associate Manager of the Company, was replaced by Huang, Kuo-Chiang, Associate Manager of the Company. The reason for the change was the need to appoint a new representative of the corporate director. The original term was from June 21, 2024 to June 20, 2027. The effective date of the new appointment is January 2, 2026. Reported Earnings • Nov 18
Third quarter 2025 earnings released: NT$0.12 loss per share (vs NT$0.10 profit in 3Q 2024) Third quarter 2025 results: NT$0.12 loss per share (down from NT$0.10 profit in 3Q 2024). Revenue: NT$461.9m (down 37% from 3Q 2024). Net loss: NT$20.4m (down 222% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 1% per year. Reported Earnings • Aug 17
Second quarter 2025 earnings released: NT$0.46 loss per share (vs NT$0.32 profit in 2Q 2024) Second quarter 2025 results: NT$0.46 loss per share (down from NT$0.32 profit in 2Q 2024). Revenue: NT$608.3m (down 11% from 2Q 2024). Net loss: NT$77.0m (down 242% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.14 (vs NT$0.46 in 1Q 2024) First quarter 2025 results: EPS: NT$0.14 (down from NT$0.46 in 1Q 2024). Revenue: NT$577.5m (down 12% from 1Q 2024). Net income: NT$23.4m (down 70% from 1Q 2024). Profit margin: 4.0% (down from 12% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • May 01
Eminent Luggage Corporation to Report Q1, 2025 Results on May 09, 2025 Eminent Luggage Corporation announced that they will report Q1, 2025 results on May 09, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$10.85, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 17x in the Luxury industry in Taiwan. Total loss to shareholders of 4.0% over the past three years. Reported Earnings • Mar 24
Full year 2024 earnings released: EPS: NT$1.02 (vs NT$6.08 in FY 2023) Full year 2024 results: EPS: NT$1.02 (down from NT$6.08 in FY 2023). Revenue: NT$2.59b (down 11% from FY 2023). Net income: NT$171.6m (down 83% from FY 2023). Profit margin: 6.6% (down from 35% in FY 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Mar 14
Eminent Luggage Corporation, Annual General Meeting, Jun 26, 2025 Eminent Luggage Corporation, Annual General Meeting, Jun 26, 2025. Location: no,1, sec.2 chung cheng s. rd., gueiren district, tainan city Taiwan Announcement • Mar 06
Eminent Luggage Corporation to Report Fiscal Year 2024 Results on Mar 13, 2025 Eminent Luggage Corporation announced that they will report fiscal year 2024 results on Mar 13, 2025 New Risk • Mar 03
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: Major Risk Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Profit margins are more than 30% lower than last year (4.5% net profit margin). Market cap is less than US$100m (NT$2.40b market cap, or US$72.8m). Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$14.90, the stock trades at a trailing P/E ratio of 20.7x. Average trailing P/E is 24x in the Luxury industry in Taiwan. Total returns to shareholders of 51% over the past three years. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.32 (vs NT$5.58 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.32 (down from NT$5.58 in 2Q 2023). Revenue: NT$679.4m (down 16% from 2Q 2023). Net income: NT$54.0m (down 94% from 2Q 2023). Profit margin: 8.0% (down from 115% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Aug 02
Eminent Luggage Corporation to Report Q2, 2024 Results on Aug 09, 2024 Eminent Luggage Corporation announced that they will report Q2, 2024 results on Aug 09, 2024 Valuation Update With 7 Day Price Move • Jun 05
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 2.8x. Average trailing P/E is 23x in the Luxury industry in Taiwan. Total returns to shareholders of 46% over the past three years. New Risk • Jun 04
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 6.9% 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 (13% operating cash flow to total debt). High level of non-cash earnings (25% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (NT$2.86b market cap, or US$88.2m). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.46 (vs NT$0.15 in 1Q 2023) First quarter 2024 results: EPS: NT$0.46 (up from NT$0.15 in 1Q 2023). Revenue: NT$658.6m (flat on 1Q 2023). Net income: NT$76.8m (up 197% from 1Q 2023). Profit margin: 12% (up from 3.9% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • May 03
Eminent Luggage Corporation to Report Q1, 2024 Results on May 10, 2024 Eminent Luggage Corporation announced that they will report Q1, 2024 results on May 10, 2024 New Risk • Mar 22
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 503% 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 Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.87b market cap, or US$89.5m). Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: NT$6.08 (vs NT$1.45 loss in FY 2022) Full year 2023 results: EPS: NT$6.08 (up from NT$1.45 loss in FY 2022). Revenue: NT$2.91b (up 27% from FY 2022). Net income: NT$1.02b (up NT$1.24b from FY 2022). Profit margin: 35% (up from net loss in FY 2022). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Mar 15
Eminent Luggage Corporation, Annual General Meeting, Jun 21, 2024 Eminent Luggage Corporation, Annual General Meeting, Jun 21, 2024. Location: No. 1, Sec. 2, Zhongzheng S. Road, Guiren District, Tainan City Tainan City Taiwan Agenda: To consider Business Report of 2023; to consider Audit Committee's Review Report on the 2023 Financial Statements; to consider Proposal for the 2023 Business Report and Financial Statements; to consider Proposal for the 2023 deficit compensation; to consider Proposal for Release the Prohibition on New Directors from Participation in Competitive Business; and to consider other matters. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$23.25, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 22x in the Luxury industry in Taiwan. Total returns to shareholders of 148% over the past three years. New Risk • Aug 17
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.2x net interest cover). Share price has been highly volatile over the past 3 months (8.5% average weekly change). High level of non-cash earnings (24% accrual ratio). Minor Risks Shareholders have been diluted in the past year (14% increase in shares outstanding). Market cap is less than US$100m (NT$3.04b market cap, or US$95.1m). Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: NT$5.58 (vs NT$0.91 loss in 2Q 2022) Second quarter 2023 results: EPS: NT$5.58 (up from NT$0.91 loss in 2Q 2022). Revenue: NT$811.3m (up 72% from 2Q 2022). Net income: NT$936.3m (up NT$1.07b from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. New Risk • Jun 20
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 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 8.1% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Shareholders have been diluted in the past year (14% increase in shares outstanding). Market cap is less than US$100m (NT$2.63b market cap, or US$85.5m). Announcement • Feb 18
Eminent Starts Incorporating Innovative TPO Material in its New Line of Suitcases Eminent announced that it has started incorporating the innovative TPO material in its new line of suitcases. The sustainable material provides increased toughness and durability over the conventional PP copolymers commonly used in luggage production. TPO is a Polypropylene-based compound known for its chemical stability and resistance to high temperatures. These are properties that make TPO an ideal material for sustainable luggage production. Due to the increased durability and toughness of the material, new Eminent suitcases will withstand long-term use. After use, TPO suitcases can be reutilized multiple times with less electric power wastage, which makes TPO an environmentally-friendly material. Eminent’s new collection of durable and extra-lightweight TPO suitcases is a part of the company’s continuous eco-friendly production policy. In the near future, Eminent will also launch luggage collections from recyclable materials designed to be easily repairable even by their owners. Eminent customers can now buy the new TPO suitcases displayed among the manufacturer’s wide range of large and small suitcases, as well as hard-side and soft-side luggage and business and leisure bags. Eminent’s small suitcases come with either a soft or hard shell exterior. Hard shell suitcases are produced using a mix of sustainable and durable polycarbonate and TPO materials, while soft-side options use Polyester or Nylon. Suitcases come in a variety of unique or standard colours, such as black, blue, red, orange, purple, pink, and navy. Select from 3 different sizing options for your small suitcase to fit the carry on luggage criteria from the airlines. Additionally, each product has undergone vigorous quality testing to create premium luggage at a reasonable price. Travel in style with one of Eminent’s top-quality medium suitcases. This sizing has a roomy interior and is made with high-quality materials and exceptional craftsmanship while also being available in both hard- and soft-shell designs as well as a variety of eye-catching or more subtle colours. Eminent’s Small, Medium, Large & Extra large suitcase options all feature a built-in TSA-approved lock, 4 Polyurethane wheels that are ideal for a silent, smooth roll, and a 3 -7 year warranty. Reported Earnings • Aug 15
Second quarter 2022 earnings released: NT$0.91 loss per share (vs NT$2.13 loss in 2Q 2021) Second quarter 2022 results: NT$0.91 loss per share (up from NT$2.13 loss in 2Q 2021). Revenue: NT$472.2m (up 183% from 2Q 2021). Net loss: NT$134.8m (loss narrowed 57% from 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 28% 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. Reported Earnings • May 16
First quarter 2022 earnings released: NT$0.58 loss per share (vs NT$0.59 loss in 1Q 2021) First quarter 2022 results: NT$0.58 loss per share (up from NT$0.59 loss in 1Q 2021). Revenue: NT$562.6m (up 176% from 1Q 2021). Net loss: NT$85.4m (loss narrowed 2.1% from 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 23% 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 • Apr 03
Full year 2021 earnings released: NT$4.21 loss per share (vs NT$2.32 loss in FY 2020) Full year 2021 results: NT$4.21 loss per share (down from NT$2.32 loss in FY 2020). Revenue: NT$1.03b (down 5.7% from FY 2020). Net loss: NT$622.3m (loss widened 82% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 14% 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. Reported Earnings • Nov 15
Third quarter 2021 earnings released: NT$0.75 loss per share (vs NT$0.49 loss in 3Q 2020) The company reported a solid third quarter result with improved revenues and control over costs, although losses increased. Third quarter 2021 results: Revenue: NT$299.9m (up 55% from 3Q 2020). Net loss: NT$110.3m (loss widened 51% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 7% per year. Reported Earnings • Aug 18
Second quarter 2021 earnings released: NT$2.13 loss per share (vs NT$0.90 loss in 2Q 2020) The company reported a mediocre second quarter result with increased losses and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: NT$167.2m (up 50% from 2Q 2020). Net loss: NT$315.1m (loss widened 138% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • May 16
First quarter 2021 earnings released: NT$0.59 loss per share (vs NT$0.61 loss in 1Q 2020) The company reported a soft first quarter result with weaker revenues and control over costs, although losses reduced. First quarter 2021 results: Revenue: NT$203.7m (down 61% from 1Q 2020). Net loss: NT$87.3m (loss narrowed 3.1% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 30
Full year 2020 earnings released: NT$2.32 loss per share (vs NT$1.38 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: NT$1.09b (down 67% from FY 2019). Net loss: NT$342.0m (loss widened 99% from FY 2019). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Mar 10
New 90-day high: NT$11.05 The company is up 9.0% from its price of NT$10.10 on 10 December 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Luxury industry, which is up 3.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: NT$0.49 loss per share The company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2020 results: Revenue: NT$193.1m (down 78% from 3Q 2019). Net loss: NT$73.0m (loss widened 42% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Nov 11
New 90-day high: NT$10.15 The company is up 8.0% from its price of NT$9.38 on 13 August 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 up 4.0% over the same period. 
