Declared Dividend • Jun 04
Dividend increased to NT$3.60 Dividend of NT$3.60 is 350% higher than last year. Ex-date: 18th June 2026 Payment date: 17th July 2026 Dividend yield will be 8.3%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is not adequately covered by earnings (95% earnings payout ratio) nor is it covered by cash flows (234% cash payout ratio). The dividend has increased by an average of 67% per year over the past 6 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 6.0% to bring the payout ratio under control. However, EPS has declined by 2.2% over the last 5 years so the company would need to reverse this trend. Buy Or Sell Opportunity • May 26
Now 21% undervalued Over the last 90 days, the stock has risen 7.1% to NT$40.90. The fair value is estimated to be NT$51.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 20% over the last 3 years. Earnings per share has grown by 75%. Reported Earnings • May 11
First quarter 2026 earnings released: EPS: NT$0.15 (vs NT$0.74 in 1Q 2025) First quarter 2026 results: EPS: NT$0.15 (down from NT$0.74 in 1Q 2025). Net income: NT$15.4m (down 79% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. New Risk • Mar 28
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 245% 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 17% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (247% cash payout ratio). Large one-off items impacting financial results. Revenue is less than US$5m (NT$85m revenue, or US$2.7m). Announcement • Mar 09
Reward Wool Industry Corporation, Annual General Meeting, Jun 18, 2026 Reward Wool Industry Corporation, Annual General Meeting, Jun 18, 2026. Location: no,309, sec.2 chung shan e. rd., t`ou chou li, sinwu district, taoyuan city Taiwan Reported Earnings • Mar 09
Full year 2025 earnings released: EPS: NT$4.36 (vs NT$0.81 in FY 2024) Full year 2025 results: EPS: NT$4.36 (up from NT$0.81 in FY 2024). Net income: NT$434.0m (up 437% from FY 2024). Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. New Risk • Dec 02
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 217% 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 Dividend is not well covered by cash flows (158% cash payout ratio). Large one-off items impacting financial results. Revenue is less than US$5m (NT$83m revenue, or US$2.6m). Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$2.70 (vs NT$0.32 in 3Q 2024) Third quarter 2025 results: EPS: NT$2.70 (up from NT$0.32 in 3Q 2024). Net income: NT$268.9m (up NT$237.5m from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. New Risk • Aug 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 464% 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 Dividend is not well covered by cash flows (dividend per share is over 13x cash flows per share). Large one-off items impacting financial results. Revenue is less than US$5m (NT$89m revenue, or US$2.9m). Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: NT$0.62 (vs NT$0.26 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.62 (up from NT$0.26 in 2Q 2024). Net income: NT$62.2m (up 136% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 10
Upcoming dividend of NT$0.80 per share Eligible shareholders must have bought the stock before 17 June 2025. Payment date: 11 July 2025. Payout ratio is a comfortable 52% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (4.6%). New Risk • May 25
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 149% 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 Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Revenue is less than US$5m (NT$93m revenue, or US$3.1m). Reported Earnings • May 07
First quarter 2025 earnings released: EPS: NT$0.74 (vs NT$0.02 in 1Q 2024) First quarter 2025 results: EPS: NT$0.74 (up from NT$0.02 in 1Q 2024). Net income: NT$73.4m (up NT$71.5m from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 7% per year. New Risk • Apr 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.25b (US$98.7m) 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 99% Dividend per share is over 7x cash flows per share. Minor Risks Revenue is less than US$5m (NT$104m revenue, or US$3.2m). Market cap is less than US$100m (NT$3.25b market cap, or US$98.7m). New Risk • Mar 22
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 99% Dividend per share is over 7x cash flows per share. Dividend yield: 2.2% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 99% Dividend per share is over 7x cash flows per share. Minor Risk Revenue is less than US$5m (NT$104m revenue, or US$3.2m). Reported Earnings • Mar 14
Full year 2024 earnings released: EPS: NT$0.81 (vs NT$0.71 in FY 2023) Full year 2024 results: EPS: NT$0.81 (up from NT$0.71 in FY 2023). Revenue: NT$104.4m (down 16% from FY 2023). Net income: NT$80.8m (up 15% from FY 2023). Profit margin: 77% (up from 57% 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 24% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Mar 12
Reward Wool Industry Corporation, Annual General Meeting, Jun 17, 2025 Reward Wool Industry Corporation, Annual General Meeting, Jun 17, 2025. Location: no,309, sec.2 chung shan e. rd., t`ou chou li, sinwu district, taoyuan city Taiwan Announcement • Mar 04
Reward Wool Industry Corporation to Report Fiscal Year 2024 Results on Mar 11, 2025 Reward Wool Industry Corporation announced that they will report fiscal year 2024 results on Mar 11, 2025 Reported Earnings • Nov 12
Third quarter 2024 earnings released: EPS: NT$0.32 (vs NT$0.53 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.32 (down from NT$0.53 in 3Q 2023). Revenue: NT$30.2m (up 5.1% from 3Q 2023). Net income: NT$31.4m (down 41% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: NT$0.26 (vs NT$0.011 loss in 2Q 2023) Second quarter 2024 results: EPS: NT$0.26 (up from NT$0.011 loss in 2Q 2023). Revenue: NT$18.1m (down 30% from 2Q 2023). Net income: NT$26.3m (up NT$27.4m from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 102 percentage points per year, which is a significant difference in performance. Announcement • Aug 01
Reward Wool Industry Corporation to Report Q2, 2024 Results on Aug 08, 2024 Reward Wool Industry Corporation announced that they will report Q2, 2024 results on Aug 08, 2024 Upcoming Dividend • Jul 04
Upcoming dividend of NT$0.60 per share Eligible shareholders must have bought the stock before 11 July 2024. Payment date: 08 August 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 1.3%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (3.1%). New Risk • May 19
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: 34% Last year net profit margin: 51% 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: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (34% net profit margin). Revenue is less than US$5m (NT$128m revenue, or US$4.0m). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.02 (vs NT$0.29 in 1Q 2023) First quarter 2024 results: EPS: NT$0.02 (down from NT$0.29 in 1Q 2023). Revenue: NT$40.2m (up 9.3% from 1Q 2023). Net income: NT$2.00m (down 93% from 1Q 2023). Profit margin: 5.0% (down from 80% in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. Announcement • May 03
Reward Wool Industry Corporation to Report Q1, 2024 Results on May 10, 2024 Reward Wool Industry Corporation announced that they will report Q1, 2024 results on May 10, 2024 Announcement • Mar 28
Reward Wool Industry Corporation, Annual General Meeting, Jun 21, 2024 Reward Wool Industry Corporation, Annual General Meeting, Jun 21, 2024. New Risk • Mar 19
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.9% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Revenue is less than US$5m (NT$124m revenue, or US$3.9m). Market cap is less than US$100m (NT$3.09b market cap, or US$97.4m). Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: NT$0.57 (vs NT$0.74 in FY 2022) Full year 2023 results: EPS: NT$0.57 (down from NT$0.74 in FY 2022). Revenue: NT$124.2m (down 29% from FY 2022). Net income: NT$70.5m (down 3.8% from FY 2022). Profit margin: 57% (up from 42% in FY 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 79 percentage points per year, which is a significant difference in performance. New Risk • Oct 23
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$2.94b (US$90.9m) 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: Minor Risks Revenue is less than US$5m (NT$136m revenue, or US$4.2m). Market cap is less than US$100m (NT$2.94b market cap, or US$90.9m). Upcoming Dividend • Oct 05
Upcoming dividend of NT$2.80 per share at 0.8% yield Eligible shareholders must have bought the stock before 12 October 2023. Payment date: 26 October 2023. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (4.4%). Reported Earnings • Aug 17
Second quarter 2023 earnings released: NT$0.01 loss per share (vs NT$0.11 profit in 2Q 2022) Second quarter 2023 results: NT$0.01 loss per share (down from NT$0.11 profit in 2Q 2022). Revenue: NT$25.8m (down 38% from 2Q 2022). Net loss: NT$1.11m (down 108% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 06
Upcoming dividend of NT$0.20 per share at 0.8% yield Eligible shareholders must have bought the stock before 13 July 2023. Payment date: 10 August 2023. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (4.3%). Reported Earnings • Mar 17
Full year 2022 earnings released: EPS: NT$0.53 (vs NT$1.11 in FY 2021) Full year 2022 results: EPS: NT$0.53 (down from NT$1.11 in FY 2021). Revenue: NT$175.9m (down 7.5% from FY 2021). Net income: NT$73.4m (down 52% from FY 2021). Profit margin: 42% (down from 81% in FY 2021). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 27% per year whereas the company’s share price has increased by 30% per year. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.14 (vs NT$0.26 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$0.14 (up from NT$0.26 loss in 3Q 2021). Revenue: NT$34.1m (up 18% from 3Q 2021). Net income: NT$19.4m (up NT$55.8m from 3Q 2021). Profit margin: 57% (up from net loss in 3Q 2021). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Oct 31
Now 21% undervalued Over the last 90 days, the stock is up 1.3%. The fair value is estimated to be NT$24.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 46% over the last 3 years. Earnings per share has grown by 57%. Buying Opportunity • Oct 13
Now 21% undervalued Over the last 90 days, the stock is up 1.6%. The fair value is estimated to be NT$24.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 46% over the last 3 years. Earnings per share has grown by 57%. Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: NT$0.11 (vs NT$1.11 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.11 (down from NT$1.11 in 2Q 2021). Revenue: NT$41.6m (down 24% from 2Q 2021). Net income: NT$14.8m (down 90% from 2Q 2021). Profit margin: 36% (down from 281% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 57% 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 • Jul 05
Upcoming dividend of NT$0.75 per share Eligible shareholders must have bought the stock before 12 July 2022. Payment date: 05 August 2022. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Taiwanese dividend payers (6.7%). In line with average of industry peers (4.0%). Reported Earnings • May 13
First quarter 2022 earnings released: EPS: NT$0.19 (vs NT$0.14 in 1Q 2021) First quarter 2022 results: EPS: NT$0.19 (up from NT$0.14 in 1Q 2021). Revenue: NT$60.5m (up 12% from 1Q 2021). Net income: NT$25.6m (up 29% from 1Q 2021). Profit margin: 42% (up from 37% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 11
Third quarter 2021 earnings released: NT$0.26 loss per share (vs NT$0.24 loss in 3Q 2020) Third quarter 2021 results: Net loss: NT$36.4m (loss widened 8.0% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 13
Upcoming dividend of NT$1.80 per share Eligible shareholders must have bought the stock before 20 August 2021. Payment date: 15 September 2021. Trailing yield: 8.6%. Within top quartile of Taiwanese dividend payers (5.1%). Higher than average of industry peers (2.5%). Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS NT$1.11 (vs NT$0.25 loss in 2Q 2020) Second quarter 2021 results: Net income: NT$153.6m (up NT$188.8m from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 14
First quarter 2021 earnings released: EPS NT$0.14 (vs NT$0.33 loss in 1Q 2020) First quarter 2021 results: Net income: NT$19.9m (up NT$65.7m from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$2.56 (vs NT$0.26 loss in FY 2019) Full year 2020 results: Net income: NT$354.0m (up NT$390.2m from FY 2019). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 22
New 90-day high: NT$17.70 The company is up 12% from its price of NT$15.80 on 24 November 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Luxury industry, which is down 3.0% over the same period. Is New 90 Day High Low • Jan 27
New 90-day high: NT$17.60 The company is up 17% from its price of NT$15.05 on 29 October 2020. The Taiwanese market is up 21% 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 • Jan 08
New 90-day high: NT$17.05 The company is up 17% from its price of NT$14.55 on 08 October 2020. The Taiwanese market is also up 17% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Luxury industry, which is up 7.0% over the same period. Is New 90 Day High Low • Dec 24
New 90-day high: NT$16.00 The company is up 11% from its price of NT$14.35 on 25 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Luxury industry, which is up 8.0% over the same period. Is New 90 Day High Low • Nov 17
New 90-day high: NT$15.75 The company is up 8.0% from its price of NT$14.55 on 19 August 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. Reported Earnings • Nov 13
Third quarter 2020 earnings released: NT$0.25 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$41.3m (down 68% from 3Q 2019). Net loss: NT$33.7m (loss widened 13% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 88% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Oct 27
New 90-day high: NT$15.25 The company is up 15% from its price of NT$13.25 on 29 July 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 11% over the same period.