Reported Earnings • Mar 17
Full year 2025 earnings released: NT$1.29 loss per share (vs NT$0.47 profit in FY 2024) Full year 2025 results: NT$1.29 loss per share (down from NT$0.47 profit in FY 2024). Net loss: NT$69.9m (down 371% from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Announcement • Mar 06
TongHwa Corporation, Annual General Meeting, Jun 08, 2026 TongHwa Corporation, Annual General Meeting, Jun 08, 2026. Location: 3 floor no,1, sec.3 chung hsiao e. rd., da-an district, taipei city Taiwan Reported Earnings • Nov 17
Third quarter 2025 earnings released: NT$0.71 loss per share (vs NT$0.47 loss in 3Q 2024) Third quarter 2025 results: NT$0.71 loss per share (further deteriorated from NT$0.47 loss in 3Q 2024). Net loss: NT$38.7m (loss widened 50% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Reported Earnings • Aug 17
Second quarter 2025 earnings released: NT$0.83 loss per share (vs NT$0.45 loss in 2Q 2024) Second quarter 2025 results: NT$0.83 loss per share (further deteriorated from NT$0.45 loss in 2Q 2024). Revenue: NT$709.0k (down 71% from 2Q 2024). Net loss: NT$45.2m (loss widened 83% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Board Change • Aug 13
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 6 highly experienced directors. 4 independent directors (6 non-independent directors). Independent Director Yu-Chien Yang was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$23.75, the stock trades at a trailing P/E ratio of 55.5x. Average trailing P/E is 17x in the Luxury industry in Taiwan. Total returns to shareholders of 45% over the past three years. Announcement • Jun 11
TongHwa Corporation Announces Directorate Changes TongHwa Corporation announced comprehensive re-election of directors (including independent directors). Title and name of the previous position holder: Name of former director: Lin Chuang-Ju ¡BChung Liang CO.,LTD Representative: Lin Ho-Whei¡BLin Chuang-Yeh¡BJiang Zhi-Heng, NINGHAN DEVELOPMENT Representative: Huang Yu-Ching. Resume of the previous position holder: Resume of Former Directors: Lin Chuang-Ju(TongHwa Corporation- Chairman), Chung Liang CO.,LTD Representative: Lin Ho-Whei, (TongHwa Corporation- Chief Strategy Officer), Lin Chuang-Yeh(TongHwa Corporation- General Manager, and Jiang Zhi-Heng(East Fiber Technology- General Manager). NINGHAN DEVELOPMENT Representative: Huang Yu-Ching(Horwath Chien Hsing- Manager Siny Chemical Industirial- vice president). Resumes of former independent directors: Lee Tsung-Ju(Shangyi United Accounting Firm- Director), Chiu Cheng-Yi(Chiu Cheng-yi Law Firm- Director), and Chen Wei-Tai(Original BioMedicals- Directors). Title and name of the new position holder:Name of new director: Lin Chuang-Ju ¡BChung Liang CO.,LTD Representative: Lin Ho-Whei¡BLin Chuang-Yeh¡BJiang Zhi-Heng, NINGHAN DEVELOPMENT Representative: Huang Yu-Ching¡BChiu Cheng-Yi. Resume of the new position holder:Resumes of the new directors: Lin Chuang-Ju(TongHwa Corporation- Chairman), Chung Liang CO.,LTD Representative: Lin Ho-Whei, (TongHwa Corporation- Chief Strategy Officer), Lin Chuang-Yeh(TongHwa Corporation- General Manager), Jiang Zhi-Heng(East Fiber Technology- General Manager), NINGHAN DEVELOPMENT Representative: Huang Yu-Ching(Horwath Chien Hsing- Manager Siny, Chemical Industirial- vice president), Chiu Cheng-Yi(Chiu Cheng-yi Law Firm- Director). Resume of the new independent director: Lee Tsung-Ju(Shangyi United Accounting Firm- Director), Chen Wei-Tai(Original BioMedicals- Directors), and Yang Yu-Chien(Red Sunrise-Vice President and Chief Financial Officer). .Original term: from June 27, 2022 to June 26, 2025. Effective date of the new appointment: June 20, 2025. Reported Earnings • May 15
First quarter 2025 earnings released: NT$0.69 loss per share (vs NT$0.65 loss in 1Q 2024) First quarter 2025 results: NT$0.69 loss per share (further deteriorated from NT$0.65 loss in 1Q 2024). Net loss: NT$37.7m (loss widened 7.3% from 1Q 2024). 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 7% per year, which means it is significantly lagging earnings growth. Announcement • May 01
TongHwa Corporation to Report Q1, 2025 Results on May 08, 2025 TongHwa Corporation announced that they will report Q1, 2025 results on May 08, 2025 New Risk • Mar 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 129% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Revenue is less than US$1m (NT$10m revenue, or US$308k). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.43b market cap, or US$42.9m). Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$0.47 (vs NT$0.74 in FY 2023) Full year 2024 results: EPS: NT$0.47 (down from NT$0.74 in FY 2023). Net income: NT$25.8m (down 36% from FY 2023). Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Mar 07
TongHwa Corporation, Annual General Meeting, Jun 10, 2025 TongHwa Corporation, Annual General Meeting, Jun 10, 2025. Location: 2 floor no,1, sec.3 chung hsiao e. rd., da-an district, taipei city Taiwan New Risk • Jan 12
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. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Market cap is less than US$100m (NT$1.53b market cap, or US$46.1m). Reported Earnings • Nov 18
Third quarter 2024 earnings released: NT$0.47 loss per share (vs NT$0.40 loss in 3Q 2023) Third quarter 2024 results: NT$0.47 loss per share (further deteriorated from NT$0.40 loss in 3Q 2023). Net loss: NT$25.7m (loss widened 19% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 127% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 18
Second quarter 2024 earnings released: NT$0.45 loss per share (vs NT$0.55 loss in 2Q 2023) Second quarter 2024 results: NT$0.45 loss per share (improved from NT$0.55 loss in 2Q 2023). Net loss: NT$24.6m (loss narrowed 17% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 129% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Announcement • Aug 01
TongHwa Corporation to Report Q2, 2024 Results on Aug 08, 2024 TongHwa Corporation announced that they will report Q2, 2024 results on Aug 08, 2024 New Risk • Jun 28
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 6.5% 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 (currently running at an operating cash loss). Revenue is less than US$1m (NT$14m revenue, or US$444k). Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.82b market cap, or US$56.1m). Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$35.45, the stock trades at a trailing P/E ratio of 69.5x. Average trailing P/E is 24x in the Luxury industry in Taiwan. Total returns to shareholders of 224% over the past three years. Reported Earnings • May 20
First quarter 2024 earnings released: NT$0.65 loss per share (vs NT$0.42 loss in 1Q 2023) First quarter 2024 results: NT$0.65 loss per share (further deteriorated from NT$0.42 loss in 1Q 2023). Net loss: NT$35.1m (loss widened 54% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 124% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Announcement • May 01
TongHwa Corporation to Report Q1, 2024 Results on May 07, 2024 TongHwa Corporation announced that they will report Q1, 2024 results on May 07, 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 136% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Revenue is less than US$1m (NT$21m revenue, or US$643k). Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.72b market cap, or US$53.6m). Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: NT$0.74 (vs NT$0.40 in FY 2022) Full year 2023 results: EPS: NT$0.74 (up from NT$0.40 in FY 2022). Net income: NT$40.0m (up 83% from FY 2022). Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 64% per year, which means it is significantly lagging earnings growth. Announcement • Mar 12
TongHwa Corporation, Annual General Meeting, Jun 25, 2024 TongHwa Corporation, Annual General Meeting, Jun 25, 2024. Location: The Conference Centre of GIST, No. 1, Sec. 3, Zhongxiao E. Rd., Da'an Dist., Taipei City Taiwan Agenda: To consider 2023 Business Report; to consider audit Committee's Review of 2023 Financial Statements; to consider report of accumulated losses reaching one-half of the paid-in capital; to consider amendment to the Rules of Procedure for Board of Directors Meetings; to consider 2023 Business Report and Financial Statements; to consider 2023 appropriation of profit and loss; to consider Urban renewal of the whole industrial area of Hsinchu Plant; and to consider other matters. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$32.65, the stock trades at a trailing P/E ratio of 61.4x. Average trailing P/E is 25x in the Luxury industry in Taiwan. Total returns to shareholders of 352% over the past three years. New Risk • Jan 31
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 5.4% 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 (currently running at an operating cash loss). Revenue is less than US$1m (NT$26m revenue, or US$834k). Minor Risks Share price has been volatile over the past 3 months (5.4% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.64b market cap, or US$52.3m). Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$25.10, the stock trades at a trailing P/E ratio of 47.2x. Average trailing P/E is 22x in the Luxury industry in Taiwan. Total returns to shareholders of 186% over the past three years. Reported Earnings • Aug 13
Second quarter 2023 earnings released: NT$0.55 loss per share (vs NT$0.51 loss in 2Q 2022) Second quarter 2023 results: NT$0.55 loss per share (further deteriorated from NT$0.51 loss in 2Q 2022). Revenue: NT$3.16m (down 29% from 2Q 2022). Net loss: NT$29.8m (loss widened 7.9% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$21.75, the stock trades at a trailing P/E ratio of 54.1x. Average trailing P/E is 20x in the Luxury industry in Taiwan. Total returns to shareholders of 245% over the past three years. Valuation Update With 7 Day Price Move • May 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$17.50, the stock trades at a trailing P/E ratio of 43.6x. Average trailing P/E is 16x in the Luxury industry in Taiwan. Total returns to shareholders of 192% over the past three years. Reported Earnings • Nov 16
Third quarter 2022 earnings released: NT$0.48 loss per share (vs NT$0.60 loss in 3Q 2021) Third quarter 2022 results: NT$0.48 loss per share (improved from NT$0.60 loss in 3Q 2021). Net loss: NT$26.3m (loss narrowed 20% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 33% per year whereas the company’s share price has increased by 30% per year. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 11 highly experienced directors. No independent directors (9 non-independent directors). Chairman He Lin was the last director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: NT$0.48 loss per share (vs NT$0.60 loss in 3Q 2021) Third quarter 2022 results: NT$0.48 loss per share (improved from NT$0.60 loss in 3Q 2021). Net loss: NT$26.3m (loss narrowed 20% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 33% per year whereas the company’s share price has increased by 32% per year. Reported Earnings • Aug 16
Second quarter 2022 earnings released: NT$0.51 loss per share (vs NT$0.93 loss in 2Q 2021) Second quarter 2022 results: NT$0.51 loss per share (up from NT$0.93 loss in 2Q 2021). Net loss: NT$27.6m (loss narrowed 45% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 11 highly experienced directors. No independent directors (9 non-independent directors). Chairman He Hui Lin was the last director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Mar 31
Full year 2021 earnings released: NT$3.10 loss per share (vs NT$4.20 loss in FY 2020) Full year 2021 results: NT$3.10 loss per share (up from NT$4.20 loss in FY 2020). Net loss: NT$168.6m (loss narrowed 26% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Reported Earnings • Nov 15
Third quarter 2021 earnings released: NT$0.60 loss per share (vs NT$1.13 loss in 3Q 2020) Third quarter 2021 results: Net loss: NT$32.7m (loss narrowed 47% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Aug 13
Second quarter 2021 earnings released: NT$0.93 loss per share (vs NT$1.22 loss in 2Q 2020) Second quarter 2021 results: Net loss: NT$50.4m (loss narrowed 24% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Reported Earnings • May 17
First quarter 2021 earnings released: NT$2.66 loss per share (vs NT$1.10 loss in 1Q 2020) First quarter 2021 results: Net loss: NT$144.1m (loss widened 143% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 7% per year. Reported Earnings • Apr 01
Full year 2020 earnings released: NT$4.20 loss per share (vs NT$3.94 loss in FY 2019) Full year 2020 results: Net loss: NT$228.2m (loss widened 6.6% from FY 2019). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Jan 29
New 90-day high: NT$8.50 The company is up 8.0% from its price of NT$7.90 on 30 October 2020. The Taiwanese market is up 22% 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. Reported Earnings • Nov 14
Third quarter 2020 earnings released: NT$1.13 loss per share Third quarter 2020 results: Net loss: NT$61.2m (loss narrowed 1.7% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Nov 12
New 90-day low: NT$7.35 The company is down 6.0% from its price of NT$7.80 on 14 August 2020. The Taiwanese market is up 4.0% 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. Is New 90 Day High Low • Oct 22
New 90-day low: NT$7.56 The company is down 19% from its price of NT$9.31 on 24 July 2020. The Taiwanese market is up 3.0% 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. 