New Risk • May 29
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: 3.1% Last year net profit margin: 5.2% 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 22% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (97% payout ratio). Profit margins are more than 30% lower than last year (3.1% net profit margin). Reported Earnings • May 09
First quarter 2026 earnings released: EPS: NT$0.20 (vs NT$0.11 in 1Q 2025) First quarter 2026 results: EPS: NT$0.20 (up from NT$0.11 in 1Q 2025). Revenue: NT$6.98b (down 9.2% from 1Q 2025). Net income: NT$336.6m (up 80% from 1Q 2025). Profit margin: 4.8% (up from 2.4% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 17% per year. Announcement • Mar 11
Formosa Taffeta Co., Ltd., Annual General Meeting, Jun 26, 2026 Formosa Taffeta Co., Ltd., Annual General Meeting, Jun 26, 2026. Location: no,380, sec.6 nan ching e. rd., taipei city Taiwan Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: NT$0.51 (vs NT$0.89 in FY 2024) Full year 2025 results: EPS: NT$0.51 (down from NT$0.89 in FY 2024). Revenue: NT$27.5b (down 4.1% from FY 2024). Net income: NT$865.3m (down 42% from FY 2024). Profit margin: 3.1% (down from 5.2% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Jan 23
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 7.5% to NT$16.50. The fair value is estimated to be NT$13.61, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.3% over the last 3 years. Earnings per share has declined by 49%. Buy Or Sell Opportunity • Jan 07
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 5.8% to NT$16.30. The fair value is estimated to be NT$13.49, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.3% over the last 3 years. Earnings per share has declined by 49%. Buy Or Sell Opportunity • Dec 22
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 8.9% to NT$16.50. The fair value is estimated to be NT$13.52, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.3% over the last 3 years. Earnings per share has declined by 49%. Buy Or Sell Opportunity • Dec 02
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 6.1% to NT$16.40. The fair value is estimated to be NT$13.48, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.3% over the last 3 years. Earnings per share has declined by 49%. New Risk • Nov 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: 2.1% Last year net profit margin: 4.3% 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 23% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (110% payout ratio). Profit margins are more than 30% lower than last year (2.1% net profit margin). Announcement • Sep 22
Formosa Taffeta Co., Ltd.(TWSE:1434) dropped from FTSE All-World Index (USD) Formosa Taffeta Co., Ltd.(TWSE:1434) dropped from FTSE All-World Index (USD) Reported Earnings • Aug 14
Second quarter 2025 earnings released: NT$0.04 loss per share (vs NT$0.14 profit in 2Q 2024) Second quarter 2025 results: NT$0.04 loss per share (down from NT$0.14 profit in 2Q 2024). Revenue: NT$7.25b (down 5.0% from 2Q 2024). Net loss: NT$34.4m (down 114% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 17
Upcoming dividend of NT$0.80 per share Eligible shareholders must have bought the stock before 24 July 2025. Payment date: 27 August 2025. Payout ratio is on the higher end at 90%, however this is supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (4.7%). Declared Dividend • Jun 22
Dividend increased to NT$0.80 Dividend of NT$0.80 is 60% higher than last year. Ex-date: 24th July 2025 Payment date: 27th August 2025 Dividend yield will be 5.3%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by both earnings (89.9% earnings payout ratio) and cash flows (43% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share declined by 19% over the last 5 years, which if continued should see the payout ratio increase to a potentially unsustainable range. Announcement • Jun 21
Formosa Taffeta Co., Ltd. Announces Dividend Distribution, Payable on August 27, 2025 Formosa Taffeta Co., Ltd. announced that monetary amount of common stock dividend distribution Cash dividends, TWD 0.8 per common share. Ex-rights (ex-dividend) trading date is July 24, 2025. Ex-rights (ex-dividend) record date is July 30, 2025. Payment date of common stock cash dividend distribution is August 27, 2025. Reported Earnings • May 13
First quarter 2025 earnings released First quarter 2025 results: Revenue: NT$7.69b (up 7.2% from 1Q 2024). Net income: NT$187.1m (up 4.3% from 1Q 2024). Profit margin: 2.4% (down from 2.5% in 1Q 2024). The decrease in margin was driven by higher expenses. Announcement • May 01
Formosa Taffeta Co., Ltd. to Report Q1, 2025 Results on May 09, 2025 Formosa Taffeta Co., Ltd. announced that they will report Q1, 2025 results on May 09, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$15.05, the stock trades at a trailing P/E ratio of 17x. Average trailing P/E is 16x in the Luxury industry in Taiwan. Total loss to shareholders of 39% over the past three years. Buy Or Sell Opportunity • Apr 07
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to NT$16.35. The fair value is estimated to be NT$21.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.8% over the last 3 years. Earnings per share has declined by 46%. Reported Earnings • Mar 13
Full year 2024 earnings released: EPS: NT$0.92 (vs NT$0.26 in FY 2023) Full year 2024 results: EPS: NT$0.92 (up from NT$0.26 in FY 2023). Revenue: NT$28.7b (flat on FY 2023). Net income: NT$1.49b (up 235% from FY 2023). Profit margin: 5.2% (up from 1.6% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Announcement • Mar 10
Formosa Taffeta Co., Ltd., Annual General Meeting, Jun 20, 2025 Formosa Taffeta Co., Ltd., Annual General Meeting, Jun 20, 2025. Location: no,380, sec.6 nan ching e. rd., taipei city Taiwan Announcement • Mar 01
Formosa Taffeta Co., Ltd. to Report Fiscal Year 2024 Results on Mar 07, 2025 Formosa Taffeta Co., Ltd. announced that they will report fiscal year 2024 results at 12:00 PM, Taipei Standard Time on Mar 07, 2025 New Risk • Dec 16
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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: NT$0.57 (vs NT$0.03 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.57 (up from NT$0.03 in 3Q 2023). Revenue: NT$7.09b (flat on 3Q 2023). Net income: NT$962.5m (up NT$912.4m from 3Q 2023). Profit margin: 14% (up from 0.7% in 3Q 2023). Revenue is forecast to grow 2.6% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. New Risk • Aug 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 28% 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 21% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (264% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.1% net profit margin). Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: NT$0.15 (vs NT$0.28 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.15 (down from NT$0.28 in 2Q 2023). Revenue: NT$7.62b (up 5.5% from 2Q 2023). Net income: NT$242.6m (down 48% from 2Q 2023). Profit margin: 3.2% (down from 6.4% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.4% p.a. on average during the next 2 years, compared to a 9.6% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Announcement • Jul 31
Formosa Taffeta Co., Ltd. to Report Q2, 2024 Results on Aug 07, 2024 Formosa Taffeta Co., Ltd. announced that they will report Q2, 2024 results on Aug 07, 2024 Upcoming Dividend • Jul 24
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 31 July 2024. Payment date: 30 August 2024. The company is paying out more than 100% of its profits and is paying out 86% of its cash flow. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (4.3%). Lower than average of industry peers (3.1%). Declared Dividend • Jun 24
Dividend of NT$0.50 announced Shareholders will receive a dividend of NT$0.50. Ex-date: 31st July 2024 Payment date: 30th August 2024 Dividend yield will be 2.2%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is not covered by earnings (155% earnings payout ratio). However, it is well covered by cash flows (29% 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 72% to bring the payout ratio under control. However, EPS has declined by 30% over the last 5 years so the company would need to reverse this trend. Reported Earnings • May 08
First quarter 2024 earnings released First quarter 2024 results: Revenue: NT$7.17b (down 6.3% from 1Q 2023). Net income: NT$179.3m (up 120% from 1Q 2023). Profit margin: 2.5% (up from 1.1% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 8.4% p.a. on average during the next 2 years, compared to a 9.3% growth forecast for the Luxury industry in Taiwan. Announcement • May 01
Formosa Taffeta Co., Ltd. to Report Q1, 2024 Results on May 07, 2024 Formosa Taffeta Co., Ltd. announced that they will report Q1, 2024 results on May 07, 2024 Announcement • Mar 22
Formosa Taffeta Co., Ltd., Annual General Meeting, Jun 21, 2024 Formosa Taffeta Co., Ltd., Annual General Meeting, Jun 21, 2024. Reported Earnings • Mar 12
Full year 2023 earnings released: EPS: NT$0.26 (vs NT$2.02 in FY 2022) Full year 2023 results: EPS: NT$0.26 (down from NT$2.02 in FY 2022). Revenue: NT$28.5b (down 18% from FY 2022). Net income: NT$444.6m (down 87% from FY 2022). Profit margin: 1.6% (down from 9.8% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.7% p.a. on average during the next 2 years, compared to a 9.6% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 9% per year. Reported Earnings • Nov 08
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: NT$7.14b (down 18% from 3Q 2022). Net income: NT$50.1m (down 92% from 3Q 2022). Profit margin: 0.7% (down from 6.7% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. New Risk • Aug 07
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: 4.3% 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 7.8% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (4.3% net profit margin). Reported Earnings • Aug 06
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: NT$7.23b (down 22% from 2Q 2022). Net income: NT$466.1m (down 77% from 2Q 2022). Profit margin: 6.4% (down from 22% 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 5% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 11
Upcoming dividend of NT$1.50 per share at 5.4% yield Eligible shareholders must have bought the stock before 18 July 2023. Payment date: 18 August 2023. Payout ratio is on the higher end at 86%, however this is supported by cash flows. Trailing yield: 5.4%. Within top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (4.4%). Reported Earnings • Mar 08
Full year 2022 earnings released: EPS: NT$2.02 (vs NT$1.27 in FY 2021) Full year 2022 results: EPS: NT$2.02 (up from NT$1.27 in FY 2021). Revenue: NT$34.7b (up 5.9% from FY 2021). Net income: NT$3.40b (up 59% from FY 2021). Profit margin: 9.8% (up from 6.5% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 4% per year. Board Change • Nov 16
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. 7 non-independent directors. Independent Director Sheng-Chung Lin 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. Reported Earnings • Nov 07
Third quarter 2022 earnings released: EPS: NT$0.40 (vs NT$0.40 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.40. Revenue: NT$8.75b (up 15% from 3Q 2021). Net income: NT$586.1m (down 12% from 3Q 2021). Profit margin: 6.7% (down from 8.8% in 3Q 2021). The decrease in margin was driven by higher expenses. Reported Earnings • Aug 08
Second quarter 2022 earnings released: EPS: NT$1.21 (vs NT$0.33 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.21 (up from NT$0.33 in 2Q 2021). Revenue: NT$9.28b (up 7.8% from 2Q 2021). Net income: NT$2.03b (up 272% from 2Q 2021). Profit margin: 22% (up from 6.4% in 2Q 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 8% per year. Announcement • Jul 27
Formosa Taffeta Co., Ltd. Appoints Li, Yi-Yung as Chief Information Security Officer, Effective August 1, 2022 Formosa Taffeta Co., Ltd. announced the appointment of Chief Information Security Officer. Date of occurrence of the change is July 25, 2022. Name, title, and resume of the previous position holder: None. Name, title, and resume of the new position holder: Li, Yi-Yung (Deputy Department Manager of MIS Center of F.T.C). Type of the change: New replacement. Reason for the change: New replacement. Effective date is August 1, 2022. Upcoming Dividend • Jul 19
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 26 July 2022. Payment date: 25 August 2022. Payout ratio and cash payout ratio are on the higher end at 79% and 93% respectively. Trailing yield: 3.8%. Lower than top quartile of Taiwanese dividend payers (6.8%). In line with average of industry peers (4.1%). Reported Earnings • May 08
First quarter 2022 earnings released: EPS: NT$0.33 (vs NT$0.34 in 1Q 2021) First quarter 2022 results: EPS: NT$0.33 (down from NT$0.34 in 1Q 2021). Revenue: NT$8.91b (up 9.2% from 1Q 2021). Net income: NT$557.2m (down 2.9% from 1Q 2021). Profit margin: 6.3% (down from 7.0% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as 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. 8 non-independent directors. Independent Director Sheng-Chung Lin 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. Reported Earnings • Mar 11
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: NT$1.27 (up from NT$1.25 in FY 2020). Revenue: NT$32.8b (up 14% from FY 2020). Net income: NT$2.14b (up 2.2% from FY 2020). Profit margin: 6.5% (down from 7.3% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.0%. Over the next year, revenue is forecast to grow 9.5%, compared to a 15% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 17% 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. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$0.40 (vs NT$0.09 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$7.58b (up 15% from 3Q 2020). Net income: NT$664.7m (up 338% from 3Q 2020). Profit margin: 8.8% (up from 2.3% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$0.33 (vs NT$0.76 in 2Q 2020) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$8.61b (up 34% from 2Q 2020). Net income: NT$547.5m (down 57% from 2Q 2020). Profit margin: 6.4% (down from 20% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 15% 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. Upcoming Dividend • Jul 27
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 03 August 2021. Payment date: 07 September 2021. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (2.4%). Reported Earnings • May 08
First quarter 2021 earnings released: EPS NT$0.34 (vs NT$0.21 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$8.16b (down 5.0% from 1Q 2020). Net income: NT$573.9m (up 62% from 1Q 2020). Profit margin: 7.0% (up from 4.1% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Jan 08
Formosa Taffeta Co., Ltd. Announces Yunlin County Government Orders the Suspension of the Related Process for Violating the Water Pollution Control Act Formosa Taffeta Co., Ltd. announced that Yunlin County Government ordered the suspension of the related process for violating the Water Pollution Control Act. The Company has currently abided by the request by the Environmental Protection Bureau, Yunlin County to stop wastewater from entering the storage facility of RO Recycling System. The facility will not be used until the improvements are completed and verified by the Environmental Protection Bureau, Yunlin County. Is New 90 Day High Low • Dec 08
New 90-day low: NT$30.60 The company is down 1.0% from its price of NT$30.90 on 09 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 4.0% over the same period. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS NT$0.09 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$6.60b (down 42% from 3Q 2019). Net income: NT$151.8m (down 75% from 3Q 2019). Profit margin: 2.3% (down from 5.3% in 3Q 2019). The decrease in margin was driven by lower revenue. 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 1% per year, which means it is well ahead of earnings. 
