Reported Earnings • May 19
First quarter 2026 earnings released: EPS: NT$0.15 (vs NT$0.16 in 1Q 2025) First quarter 2026 results: EPS: NT$0.15 (down from NT$0.16 in 1Q 2025). Revenue: NT$400.6m (down 26% from 1Q 2025). Net income: NT$13.9m (down 6.3% from 1Q 2025). Profit margin: 3.5% (up from 2.7% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Apr 17
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 24 April 2026. Payment date: 22 May 2026. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 7.0%. Within top quartile of Taiwanese dividend payers (5.1%). Higher than average of industry peers (4.8%). New Risk • Mar 14
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: 6.5% Last year net profit margin: 9.6% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 275% Dividend per share is over 14x cash flows per share. Earnings have declined by 66% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (6.5% net profit margin). Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$1.55 (vs NT$2.15 in FY 2024) Full year 2025 results: EPS: NT$1.55 (down from NT$2.15 in FY 2024). Revenue: NT$2.28b (up 6.3% from FY 2024). Net income: NT$147.7m (down 28% from FY 2024). Profit margin: 6.5% (down from 9.6% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Announcement • Mar 13
Tahsin Industrial Corporation, Annual General Meeting, Jun 26, 2026 Tahsin Industrial Corporation, Annual General Meeting, Jun 26, 2026. Location: no,51, kung yeh rd., hsi tun district, taichung city Taiwan Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: NT$1.43 (vs NT$0.47 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.43 (up from NT$0.47 in 3Q 2024). Revenue: NT$590.9m (up 16% from 3Q 2024). Net income: NT$136.3m (up 207% from 3Q 2024). Profit margin: 23% (up from 8.7% in 3Q 2024). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Aug 28
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 01 September 2025. Payment date: 26 September 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 7.5%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (4.7%). Reported Earnings • Aug 15
Second quarter 2025 earnings released: NT$0.60 loss per share (vs NT$0.62 profit in 2Q 2024) Second quarter 2025 results: NT$0.60 loss per share (down from NT$0.62 profit in 2Q 2024). Revenue: NT$616.3m (up 10% from 2Q 2024). Net loss: NT$57.0m (down 197% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 54% 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. Declared Dividend • Aug 14
Dividend of NT$2.00 announced Shareholders will receive a dividend of NT$2.00. Ex-date: 1st September 2025 Payment date: 26th September 2025 Dividend yield will be 6.8%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is not covered by earnings (265% earnings payout ratio) nor is it covered by cash flows (dividend approximately 5x free cash flows). The dividend has increased by an average of 8.6% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 194% to bring the payout ratio under control. However, EPS has declined by 24% over the last 5 years so the company would need to reverse this trend. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$0.16 (vs NT$0.42 in 1Q 2024) First quarter 2025 results: EPS: NT$0.16 (down from NT$0.42 in 1Q 2024). Revenue: NT$541.2m (up 19% from 1Q 2024). Net income: NT$14.9m (down 63% from 1Q 2024). Profit margin: 2.7% (down from 8.8% 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 30% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • May 03
Tahsin Industrial Corporation to Report Q1, 2025 Results on May 12, 2025 Tahsin Industrial Corporation announced that they will report Q1, 2025 results on May 12, 2025 Upcoming Dividend • Apr 03
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 10 April 2025. Payment date: 09 May 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 7.1%. Within top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (3.7%). Reported Earnings • Mar 18
Full year 2024 earnings released: EPS: NT$2.15 (vs NT$3.66 in FY 2023) Full year 2024 results: EPS: NT$2.15 (down from NT$3.66 in FY 2023). Revenue: NT$2.15b (flat on FY 2023). Net income: NT$205.6m (down 41% from FY 2023). Profit margin: 9.6% (down from 16% in FY 2023). 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 6% per year. Announcement • Mar 14
Tahsin Industrial Corporation, Annual General Meeting, Jun 20, 2025 Tahsin Industrial Corporation, Annual General Meeting, Jun 20, 2025, at 09:00 Taipei Standard Time. Location: no,51, kung yeh rd., hsi tun district, taichung city Taiwan Declared Dividend • Mar 14
Dividend of NT$2.50 announced Dividend of NT$2.50 is the same as last year. Ex-date: 10th April 2025 Payment date: 9th May 2025 Dividend yield will be 7.2%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is not covered by earnings (498% earnings payout ratio) nor is it covered by cash flows (414% cash payout ratio). The dividend has increased by an average of 8.5% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 453% to bring the payout ratio under control. However, EPS has declined by 33% over the last 5 years so the company would need to reverse this trend. Announcement • Mar 13
Tahsin Industrial Corporation Announces Cash Dividend for the Second Half of 2024, Payable on May 9, 2025 Tahsin Industrial Corporation announced cash dividends of TWD 247,747,500 or (TWD 2.5 per share) for the second half of 2024. Ex-rights (ex-dividend) trading date: April 10, 2025. Ex-rights (ex-dividend) record date: April 16, 2025. Payment date of common stock cash dividend distribution: May 9, 2025. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.46 (vs NT$1.37 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.46 (down from NT$1.37 in 3Q 2023). Revenue: NT$510.7m (down 2.7% from 3Q 2023). Net income: NT$44.4m (down 66% from 3Q 2023). Profit margin: 8.7% (down from 25% in 3Q 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Nov 05
Tahsin Industrial Corporation to Report Q3, 2024 Results on Nov 12, 2024 Tahsin Industrial Corporation announced that they will report Q3, 2024 results on Nov 12, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.62 (vs NT$2.46 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.62 (down from NT$2.46 in 2Q 2023). Revenue: NT$559.0m (down 11% from 2Q 2023). Net income: NT$59.1m (down 75% from 2Q 2023). Profit margin: 11% (down from 37% in 2Q 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Declared Dividend • Aug 14
Dividend of NT$2.50 announced Shareholders will receive a dividend of NT$2.50. Ex-date: 29th August 2024 Payment date: 27th September 2024 Dividend yield will be 7.0%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is not covered by earnings (134% earnings payout ratio) nor is it covered by cash flows (119% cash payout ratio). The dividend has increased by an average of 8.5% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 48% to bring the payout ratio under control, which is more than the 8.1% EPS growth achieved over the last 5 years. Announcement • Aug 03
Tahsin Industrial Corporation to Report Q2, 2024 Results on Aug 12, 2024 Tahsin Industrial Corporation announced that they will report Q2, 2024 results on Aug 12, 2024 Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.42 (vs NT$0.33 in 1Q 2023) First quarter 2024 results: EPS: NT$0.42 (up from NT$0.33 in 1Q 2023). Revenue: NT$455.5m (down 16% from 1Q 2023). Net income: NT$40.0m (up 26% from 1Q 2023). Profit margin: 8.8% (up from 5.9% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Announcement • May 05
Tahsin Industrial Corporation to Report Q1, 2024 Results on May 13, 2024 Tahsin Industrial Corporation announced that they will report Q1, 2024 results on May 13, 2024 Upcoming Dividend • Apr 04
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 11 April 2024. Payment date: 10 May 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 6.8%. Within top quartile of Taiwanese dividend payers (4.6%). Higher than average of industry peers (3.4%). Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: NT$3.66 (vs NT$7.41 in FY 2022) Full year 2023 results: EPS: NT$3.66 (down from NT$7.41 in FY 2022). Revenue: NT$2.16b (down 19% from FY 2022). Net income: NT$349.4m (down 51% from FY 2022). Profit margin: 16% (down from 27% in FY 2022). The decrease in margin was driven by lower revenue. 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. Declared Dividend • Mar 14
Dividend reduced to NT$2.50 Dividend of NT$2.50 is 29% lower than last year. Ex-date: 11th April 2024 Payment date: 10th May 2024 Dividend yield will be 6.9%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is not covered by earnings (140% earnings payout ratio) nor is it covered by cash flows (135% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 56% to bring the payout ratio under control, which is more than the 9.7% EPS growth achieved over the last 5 years. New Risk • Nov 17
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: 18% Last year net profit margin: 26% 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 Earnings have declined by 10.0% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (135% cash payout ratio). Profit margins are more than 30% lower than last year (18% net profit margin). Upcoming Dividend • Aug 24
Upcoming dividend of NT$2.50 per share at 8.3% yield Eligible shareholders must have bought the stock before 31 August 2023. Payment date: 27 September 2023. Payout ratio is a comfortable 43% and the cash payout ratio is 95%. Trailing yield: 8.3%. Within top quartile of Taiwanese dividend payers (5.6%). Higher than average of industry peers (4.6%). New Risk • Aug 14
New major risk - Revenue and earnings growth Earnings have declined by 1.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.3% per year over the past 5 years. Minor Risk Dividend is not well covered by cash flows (95% cash payout ratio). Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: NT$2.46 (vs NT$1.16 in 2Q 2022) Second quarter 2023 results: EPS: NT$2.46 (up from NT$1.16 in 2Q 2022). Revenue: NT$627.1m (down 9.3% from 2Q 2022). Net income: NT$234.6m (up 112% from 2Q 2022). Profit margin: 37% (up from 16% in 2Q 2022). The increase in margin was driven by lower expenses. 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 • Apr 07
Upcoming dividend of NT$3.50 per share at 8.4% yield Eligible shareholders must have bought the stock before 14 April 2023. Payment date: 17 May 2023. Payout ratio is a comfortable 68% but the company is paying out more than the cash it is generating. Trailing yield: 8.4%. Within top quartile of Taiwanese dividend payers (5.8%). Higher than average of industry peers (4.6%). Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: NT$7.41 (vs NT$0.056 in FY 2021) Full year 2022 results: EPS: NT$7.41 (up from NT$0.056 in FY 2021). Revenue: NT$2.67b (up 12% from FY 2021). Net income: NT$708.2m (up NT$702.8m from FY 2021). Profit margin: 27% (up from 0.2% in FY 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. 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. 3 experienced directors. 6 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Ko-Wu Lin was the last independent director to join the board, commencing their role in 2017. 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 • Nov 13
Third quarter 2022 earnings released: EPS: NT$5.29 (vs NT$2.45 in 3Q 2021) Third quarter 2022 results: EPS: NT$5.29 (up from NT$2.45 in 3Q 2021). Revenue: NT$749.4m (up 9.9% from 3Q 2021). Net income: NT$505.3m (up 116% from 3Q 2021). Profit margin: 67% (up from 34% in 3Q 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Buying Opportunity • Sep 05
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be NT$87.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Upcoming Dividend • Aug 29
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 05 September 2022. Payment date: 30 September 2022. Payout ratio is a comfortable 55% but the company is not cash flow positive. Trailing yield: 7.1%. Within top quartile of Taiwanese dividend payers (6.4%). Higher than average of industry peers (3.8%). Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$1.16 (vs NT$2.81 loss in 2Q 2021) Second quarter 2022 results: EPS: NT$1.16 (up from NT$2.81 loss in 2Q 2021). Revenue: NT$691.0m (up 28% from 2Q 2021). Net income: NT$110.6m (up NT$378.7m from 2Q 2021). Profit margin: 16% (up from net loss in 2Q 2021). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Buying Opportunity • Jul 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be NT$87.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Reported Earnings • May 17
First quarter 2022 earnings released: EPS: NT$0.84 (vs NT$0.33 in 1Q 2021) First quarter 2022 results: EPS: NT$0.84 (up from NT$0.33 in 1Q 2021). Revenue: NT$613.7m (up 14% from 1Q 2021). Net income: NT$80.5m (up 155% from 1Q 2021). Profit margin: 13% (up from 5.8% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Board Change • Apr 27
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 Kuo Shu Yang was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 08
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 15 April 2022. Payment date: 18 May 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 6.2%. Within top quartile of Taiwanese dividend payers (5.7%). Higher than average of industry peers (2.9%). Reported Earnings • Mar 30
Full year 2021 earnings released: EPS: NT$0.04 (vs NT$44.71 in FY 2020) Full year 2021 results: EPS: NT$0.04 (down from NT$44.71 in FY 2020). Revenue: NT$2.38b (up 6.5% from FY 2020). Net income: NT$5.36m (down 100% from FY 2020). Profit margin: 0.2% (down from 243% in FY 2020). The decrease in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 02
Upcoming dividend of NT$2.85 per share Eligible shareholders must have bought the stock before 09 December 2021. Payment date: 23 December 2021. Trailing yield: 7.3%. Within top quartile of Taiwanese dividend payers (5.1%). Higher than average of industry peers (2.6%). Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$1.75 (vs NT$0.92 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$682.0m (up 8.6% from 3Q 2020). Net income: NT$233.7m (up 55% from 3Q 2020). Profit margin: 34% (up from 24% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 24
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 31 August 2021. Payment date: 30 September 2021. Trailing yield: 6.1%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.6%). Reported Earnings • Aug 16
Second quarter 2021 earnings released: NT$2.01 loss per share (vs NT$39.12 profit in 2Q 2020) The company reported a soft second quarter result with weaker earnings and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: NT$542.2m (up 13% from 2Q 2020). Net loss: NT$268.1m (down 105% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 24
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 01 July 2021. Payment date: 28 July 2021. Trailing yield: 11%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (2.3%). Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.24 (vs NT$0.065 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$539.2m (up 3.4% from 1Q 2020). Net income: NT$31.5m (up 261% from 1Q 2020). Profit margin: 5.8% (up from 1.7% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$31.97 (vs NT$5.21 in FY 2019) Full year 2020 results: Revenue: NT$2.23b (down 8.5% from FY 2019). Net income: NT$5.43b (up NT$4.73b from FY 2019). Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 03
New 90-day high: NT$74.40 The company is up 2.0% from its price of NT$72.60 on 03 December 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Luxury industry, which is up 1.0% over the same period. Is New 90 Day High Low • Nov 23
New 90-day high: NT$79.90 The company is up 2.0% from its price of NT$78.14 on 25 August 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 5.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.91 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$627.7m (down 17% from 3Q 2019). Net income: NT$150.4m (down 44% from 3Q 2019). Profit margin: 24% (down from 35% 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 118% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Oct 29
New 90-day low: NT$68.20 The company is down 8.0% from its price of NT$73.86 on 31 July 2020. The Taiwanese market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 7.0% over the same period. 