Reported Earnings • May 14
First quarter 2026 earnings released: EPS: NT$0.056 (vs NT$0.022 loss in 1Q 2025) First quarter 2026 results: EPS: NT$0.056 (up from NT$0.022 loss in 1Q 2025). Revenue: NT$113.5m (down 15% from 1Q 2025). Net income: NT$11.0m (up NT$16.1m from 1Q 2025). Profit margin: 9.7% (up from net loss in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 7% per year and the company’s share price has also fallen by 7% per year. New Risk • May 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.15b (US$99.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 26% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (NT$3.15b market cap, or US$99.8m). New Risk • Apr 18
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 30% 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 26% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Declared Dividend • Mar 16
Dividend of NT$0.20 announced Shareholders will receive a dividend of NT$0.20. Ex-date: 31st March 2026 Payment date: 24th April 2026 Dividend yield will be 6.5%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is not covered by earnings (195% earnings payout ratio). However, it is well covered by cash flows (27% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 117% to bring the payout ratio under control. However, EPS has declined by 23% over the last 5 years so the company would need to reverse this trend. Announcement • Mar 12
Tung Ho Textile Co., Ltd., Annual General Meeting, Jun 15, 2026 Tung Ho Textile Co., Ltd., Annual General Meeting, Jun 15, 2026, at 09:00 Taipei Standard Time. Location: 2 floor no,5, sec.5 shen yih rd., sinyi district, taipei city Taiwan Buy Or Sell Opportunity • Feb 06
Now 21% overvalued Over the last 90 days, the stock has fallen 1.7% to NT$19.55. The fair value is estimated to be NT$16.18, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Earnings per share has declined by 42%. Board Change • Jan 12
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. 5 non-independent directors. Independent Director A-Yu Lin was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Dec 24
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 31 December 2025. Payment date: 15 January 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (4.6%). Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: NT$0.10 (vs NT$0.099 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.10. Revenue: NT$99.1m (down 19% from 3Q 2024). Net income: NT$21.8m (flat on 3Q 2024). Profit margin: 22% (up from 18% in 3Q 2024). New Risk • May 06
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: 11% 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 11% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.5% net profit margin). Announcement • Apr 25
Tung Ho Textile Co., Ltd. to Report Q1, 2025 Results on May 05, 2025 Tung Ho Textile Co., Ltd. announced that they will report Q1, 2025 results on May 05, 2025 New Risk • Apr 09
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 30% 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 4.4% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to NT$16.60, the stock trades at a trailing P/E ratio of 64.4x. Average trailing P/E is 17x in the Luxury industry in Taiwan. Negligible returns to shareholders over past three years. Upcoming Dividend • Mar 31
Upcoming dividend of NT$0.23 per share Eligible shareholders must have bought the stock before 07 April 2025. Payment date: 02 May 2025. Payout ratio is on the higher end at 82%, however this is supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Taiwanese dividend payers (4.8%). Lower than average of industry peers (3.6%). Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: NT$0.26 (vs NT$0.15 in FY 2023) Full year 2024 results: EPS: NT$0.26 (up from NT$0.15 in FY 2023). Revenue: NT$523.9m (down 7.6% from FY 2023). Net income: NT$56.7m (up 73% from FY 2023). Profit margin: 11% (up from 5.8% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Declared Dividend • Mar 17
Dividend reduced to NT$0.23 Dividend of NT$0.23 is 8.0% lower than last year. Ex-date: 7th April 2025 Payment date: 2nd May 2025 Dividend yield will be 1.1%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by both earnings (82% earnings payout ratio) and cash flows (31% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 3.3% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 13
Tung Ho Textile Co., Ltd., Annual General Meeting, Jun 16, 2025 Tung Ho Textile Co., Ltd., Annual General Meeting, Jun 16, 2025, at 09:00 Taipei Standard Time. Location: 2 floor no,5, sec.5 shen yih rd., sinyi district, taipei city Taiwan Announcement • Mar 04
Tung Ho Textile Co., Ltd. to Report Fiscal Year 2024 Results on Mar 11, 2025 Tung Ho Textile Co., Ltd. announced that they will report fiscal year 2024 results on Mar 11, 2025 Reported Earnings • Nov 19
Third quarter 2024 earnings released: EPS: NT$0.10 (vs NT$0.067 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.10 (up from NT$0.067 in 3Q 2023). Revenue: NT$122.4m (down 16% from 3Q 2023). Net income: NT$21.8m (up 48% from 3Q 2023). Profit margin: 18% (up from 10% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Nov 05
Tung Ho Textile Co., Ltd. to Report Q3, 2024 Results on Nov 12, 2024 Tung Ho Textile Co., Ltd. announced that they will report Q3, 2024 results on Nov 12, 2024 Buy Or Sell Opportunity • Aug 16
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to NT$22.05. The fair value is estimated to be NT$18.20, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Earnings per share has declined by 42%. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: NT$0.08 (vs NT$0.077 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.08. Revenue: NT$142.8m (up 3.9% from 2Q 2023). Net income: NT$16.7m (down 1.5% from 2Q 2023). Profit margin: 12% (in line with 2Q 2023). Announcement • Aug 02
Tung Ho Textile Co., Ltd. to Report Q2, 2024 Results on Aug 09, 2024 Tung Ho Textile Co., Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.08 (vs NT$0.04 loss in 1Q 2023) First quarter 2024 results: EPS: NT$0.08 (up from NT$0.04 loss in 1Q 2023). Revenue: NT$140.1m (flat on 1Q 2023). Net income: NT$18.1m (up NT$27.0m from 1Q 2023). Profit margin: 13% (up from net loss in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 01
Upcoming dividend of NT$0.25 per share Eligible shareholders must have bought the stock before 08 April 2024. Payment date: 03 May 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 1.3%. Lower than top quartile of Taiwanese dividend payers (4.6%). Lower than average of industry peers (3.4%). Reported Earnings • Mar 16
Full year 2023 earnings released: EPS: NT$0.15 (vs NT$0.47 in FY 2022) Full year 2023 results: EPS: NT$0.15 (down from NT$0.47 in FY 2022). Revenue: NT$566.7m (down 18% from FY 2022). Net income: NT$32.8m (down 69% from FY 2022). Profit margin: 5.8% (down from 15% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Announcement • Mar 15
Tung Ho Textile Co., Ltd. Announces Cash Dividend, Payable on May 3, 2024 Tung Ho Textile Co., Ltd. announced cash dividend of TWD 0.25 per share at the meeting held on March 14, 2024. Ex-rights (ex-dividend) trading date is April 8, 2024, Ex-rights (ex-dividend) record date is April 14, 2024 and Payment date of cash dividend distribution is May 3, 2024. Announcement • Mar 09
Tung Ho Textile Co., Ltd., Annual General Meeting, Jun 18, 2024 Tung Ho Textile Co., Ltd., Annual General Meeting, Jun 18, 2024. Location: 2F, No.5, Section 5, Xinyi Road, Xinyi District, (No.2 Conference Room,Exhibition Building,Taipei World Trade Center, Foreign Trade Association) Taipei City Taiwan Agenda: To consider 2023 Business report; to consider Report on Audit Committee's review of 2023 final statements; to consider Report on the 2023 balance of guarantee provided to and by external parties; to consider Report on the payment of employee compensation and director remuneration of 2023; to consider Report on cash dividends from 2023 profits; to consider 2023 Business report and financial statements; to consider 2023 Earnings distribution proposal; and to consider By-election of an independent director. Announcement • Jan 26
Tung Ho Textile Co., Ltd. Announces the Demise of Hwang, Jin-Fa, Independent Director Tung Ho Textile Co., Ltd. announced the demise of Hwang, Jin-Fa, Independent Director. Announcement • Jan 25
Tung Ho Textile Co., Ltd. Announces the Demise of Hwang, Jin-Fa, Member of Audit Committee and Independent Director Tung Ho Textile Co., Ltd. announced the demise of Hwang, Jin-Fa, Member of Audit Committee and Independent Director. New Risk • Sep 14
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 35% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.5% net profit margin). Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: NT$0.08 (vs NT$0.21 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.08 (down from NT$0.21 in 2Q 2022). Revenue: NT$137.4m (down 32% from 2Q 2022). Net income: NT$17.0m (down 63% from 2Q 2022). Profit margin: 12% (down from 23% 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 6% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 13
Tung Ho Textile Co., Ltd. Approves Distribution for 2022 Tung Ho Textile Co., Ltd. approves 2022 earnings distribution proposal with cash dividend TWD 0.32 per share. Upcoming Dividend • Jun 07
Upcoming dividend of NT$0.32 per share at 1.8% yield Eligible shareholders must have bought the stock before 14 June 2023. Payment date: 12 July 2023. Payout ratio is on the higher end at 99%, and the cash payout ratio is above 100%. Trailing yield: 1.8%. Lower than top quartile of Taiwanese dividend payers (5.6%). Lower than average of industry peers (4.6%). Announcement • May 10
Tung Ho Textile Co., Ltd. Announces Cash Dividend for the Year 2022, Payable on July 12, 2023 Tung Ho Textile Co., Ltd. announced cash dividend of TWD 0.32 per share at shareholder meeting held on May 9, 2023. Ex-rights (ex-dividend) trading date is June 14, 2023, Ex-rights (ex-dividend) record date is June 20, 2023 and Payment date of cash dividend distribution is July 12, 2023. Reported Earnings • Mar 21
Full year 2022 earnings released: EPS: NT$0.47 (vs NT$0.65 in FY 2021) Full year 2022 results: EPS: NT$0.47 (down from NT$0.65 in FY 2021). Revenue: NT$688.9m (down 15% from FY 2021). Net income: NT$104.4m (down 27% from FY 2021). Profit margin: 15% (down from 18% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. 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. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . 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$0.21 (vs NT$0.14 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.21 (up from NT$0.14 in 2Q 2021). Revenue: NT$201.1m (up 1.9% from 2Q 2021). Net income: NT$45.7m (up 45% from 2Q 2021). Profit margin: 23% (up from 16% in 2Q 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 05
Upcoming dividend of NT$0.54 per share Eligible shareholders must have bought the stock before 12 July 2022. Payment date: 05 August 2022. Payout ratio is on the higher end at 79%, however this is supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Taiwanese dividend payers (6.7%). Lower than average of industry peers (4.0%). Announcement • Jun 18
Tung Ho Textile Co., Ltd. Announces Cash Dividend for the Year 2021 Tung Ho Textile Co., Ltd. announced the cash dividend of TWD 0.538 per share for the year 2021, at the AGM held on June 17, 2022. Reported Earnings • May 04
First quarter 2022 earnings released: EPS: NT$0.11 (vs NT$0.08 in 1Q 2021) First quarter 2022 results: EPS: NT$0.11 (up from NT$0.08 in 1Q 2021). Revenue: NT$185.5m (down 8.6% from 1Q 2021). Net income: NT$23.4m (up 33% from 1Q 2021). Profit margin: 13% (up from 8.7% in 1Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 18
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$0.65 (up from NT$0.27 in FY 2020). Revenue: NT$809.7m (up 15% from FY 2020). Net income: NT$142.5m (up 143% from FY 2020). Profit margin: 18% (up from 8.3% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$0.27 (vs NT$0.22 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: NT$198.1m (up 24% from 3Q 2020). Net income: NT$60.0m (up 23% from 3Q 2020). Profit margin: 30% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$0.14 (vs NT$0.087 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: NT$197.4m (up 65% from 2Q 2020). Net income: NT$31.5m (up 65% from 2Q 2020). Profit margin: 16% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 12
Upcoming dividend of NT$0.25 per share Eligible shareholders must have bought the stock before 19 July 2021. Payment date: 12 August 2021. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (2.3%). Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorated over the past week After last week's 26% share price decline to NT$15.40, the stock trades at a trailing P/E ratio of 34.8x. Average trailing P/E is 17x in the Luxury industry in Taiwan. Total returns to shareholders of 124% over the past three years. Reported Earnings • Apr 28
First quarter 2021 earnings released: EPS NT$0.08 (vs NT$0.098 loss 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$202.9m (down 3.4% from 1Q 2020). Net income: NT$17.6m (up NT$39.2m from 1Q 2020). Profit margin: 8.7% (up from net loss in 1Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improved over the past week After last week's 15% share price gain to NT$16.20, the stock trades at a trailing P/E ratio of 60.8x. Average trailing P/E is 26x in the Luxury industry in Taiwan. Total returns to shareholders of 133% over the past three years. Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment improved over the past week After last week's 20% share price gain to NT$15.20, the stock trades at a trailing P/E ratio of 56.3x. Average trailing P/E is 23x in the Luxury industry in Taiwan. Total returns to shareholders of 118% over the past three years. Reported Earnings • Mar 19
Full year 2020 earnings released: EPS NT$0.27 (vs NT$0.17 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$702.5m (down 11% from FY 2019). Net income: NT$58.6m (up 61% from FY 2019). Profit margin: 8.3% (up from 4.6% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.22 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$159.8m (down 16% from 3Q 2019). Net income: NT$48.9m (up NT$43.0m from 3Q 2019). Profit margin: 31% (up from 3.1% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Oct 29
New 90-day high: NT$11.30 The company is up 71% from its price of NT$6.59 on 31 July 2020. The Taiwanese market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 7.0% over the same period. Valuation Update With 7 Day Price Move • Oct 29
Market bids up stock over the past week After last week's 16% share price gain to NT$11.30, the stock is trading at a trailing P/E ratio of 47.2x, up from the previous P/E ratio of 40.5x. This compares to an average P/E of 20x in the Luxury industry in Taiwan. Total returns to shareholders over the past three years are 91%. Valuation Update With 7 Day Price Move • Oct 13
Market bids up stock over the past week After last week's 17% share price gain to NT$9.85, the stock is trading at a trailing P/E ratio of 41.1x, up from the previous P/E ratio of 35.2x. This compares to an average P/E of 20x in the Luxury industry in Taiwan. Total returns to shareholders over the past three years are 69%. Is New 90 Day High Low • Oct 13
New 90-day high: NT$9.85 The company is up 40% from its price of NT$7.04 on 15 July 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 3.0% over the same period. Is New 90 Day High Low • Sep 18
New 90-day high: NT$8.88 The company is up 17% from its price of NT$7.58 on 19 June 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is down 1.0% over the same period. 
