New Risk • May 15
New major risk - Revenue and earnings growth Earnings have declined by 15% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 15% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.9% average weekly change). Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (NT$1.64b market cap, or US$52.0m). Reported Earnings • May 15
First quarter 2026 earnings released: NT$0.23 loss per share (vs NT$0.18 profit in 1Q 2025) First quarter 2026 results: NT$0.23 loss per share (down from NT$0.18 profit in 1Q 2025). Revenue: NT$793.6m (up 22% from 1Q 2025). Net loss: NT$28.6m (down 250% from profit in 1Q 2025). 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 2% per year, which means it has not declined as severely as earnings. New Risk • Apr 07
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 8.4% 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 Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (NT$1.73b market cap, or US$54.0m). New Risk • Apr 04
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 177% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (NT$1.58b market cap, or US$49.2m). Announcement • Mar 16
Chia Her Industrial Co., Ltd., Annual General Meeting, Jun 24, 2026 Chia Her Industrial Co., Ltd., Annual General Meeting, Jun 24, 2026. Location: no,11, kung yeh rd., guantian district, tainan city Taiwan Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$0.12 (vs NT$0.91 in FY 2024) Full year 2025 results: EPS: NT$0.12 (down from NT$0.91 in FY 2024). Revenue: NT$2.67b (down 7.9% from FY 2024). Net income: NT$13.5m (down 85% from FY 2024). Profit margin: 0.5% (down from 3.1% 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 38% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. New Risk • Nov 29
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (NT$1.32b market cap, or US$41.9m). Reported Earnings • Nov 15
Third quarter 2025 earnings released: NT$0.29 loss per share (vs NT$0.14 profit in 3Q 2024) Third quarter 2025 results: NT$0.29 loss per share (down from NT$0.14 profit in 3Q 2024). Revenue: NT$453.1m (down 29% from 3Q 2024). Net loss: NT$32.4m (down 330% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 40% 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. New Risk • Aug 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: 0.7% Last year net profit margin: 3.3% 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 Interest payments are not well covered by earnings (0.02x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.7% net profit margin). Market cap is less than US$100m (NT$1.23b market cap, or US$40.7m). Reported Earnings • Aug 19
Second quarter 2025 earnings released: NT$0.16 loss per share (vs NT$0.32 profit in 2Q 2024) Second quarter 2025 results: NT$0.16 loss per share (down from NT$0.32 profit in 2Q 2024). Revenue: NT$703.4m (flat on 2Q 2024). Net loss: NT$16.8m (down 161% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 26% 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 • Jun 12
Chia Her Industrial Co., Ltd. has filed a Follow-on Equity Offering in the amount of TWD 220 million. Chia Her Industrial Co., Ltd. has filed a Follow-on Equity Offering in the amount of TWD 220 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 4,000,000
Price\Range: TWD 11
Security Name: Shares
Security Type: Common Stock
Securities Offered: 16,000,000
Price\Range: TWD 11
Transaction Features: Reserved Share Offering; Rights Offering Reported Earnings • May 17
First quarter 2025 earnings released: EPS: NT$0.18 (vs NT$0.50 in 1Q 2024) First quarter 2025 results: EPS: NT$0.18 (down from NT$0.50 in 1Q 2024). Revenue: NT$649.1m (down 27% from 1Q 2024). Net income: NT$19.1m (down 57% from 1Q 2024). Profit margin: 2.9% (down from 5.0% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • May 06
Chia Her Industrial Co., Ltd. to Report Q1, 2025 Results on May 13, 2025 Chia Her Industrial Co., Ltd. announced that they will report Q1, 2025 results on May 13, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$13.40, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 17x in the Luxury industry in Taiwan. Total loss to shareholders of 27% over the past three years. Reported Earnings • Mar 19
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: NT$0.93 (up from NT$0.60 in FY 2023). Revenue: NT$2.89b (up 8.9% from FY 2023). Net income: NT$88.3m (up 72% from FY 2023). Profit margin: 3.1% (up from 1.9% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 21%. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Mar 12
Chia Her Industrial Co., Ltd., Annual General Meeting, Jun 19, 2025 Chia Her Industrial Co., Ltd., Annual General Meeting, Jun 19, 2025. Location: no,11, kung yeh rd., guantian district, tainan city Taiwan Announcement • Mar 04
Chia Her Industrial Co., Ltd. to Report Q4, 2024 Results on Mar 11, 2025 Chia Her Industrial Co., Ltd. announced that they will report Q4, 2024 results on Mar 11, 2025 Announcement • Feb 22
Chia Her Industrial Co., Ltd. Announces Resignation of Weng,Mao-Chin as Director Representative Chia Her Industrial Co., Ltd. announced that the changes in the company's corporate director representative. Name of the previous position holder: WENG,MAO-CHIN. Resume of the previous position holder: Director (Legal Representative) of CHIA HER INDUSTRIAL CO., LTD. Waiting for suitable candidates to be appointed. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$19.25, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Luxury industry in Taiwan. Total loss to shareholders of 1.9% over the past three years. Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$29.15, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 15x in the Luxury industry in Taiwan. Total returns to shareholders of 46% over the past three years. Reported Earnings • Nov 18
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: NT$0.14 (down from NT$0.43 in 3Q 2023). Revenue: NT$641.8m (down 20% from 3Q 2023). Net income: NT$14.0m (down 63% from 3Q 2023). Profit margin: 2.2% (down from 4.7% in 3Q 2023). Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) also missed analyst estimates by 55%. Revenue is forecast to grow 4.0% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$27.35, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 16x in the Luxury industry in Taiwan. Total returns to shareholders of 38% over the past three years. Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$21.65, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 15x in the Luxury industry in Taiwan. Total returns to shareholders of 8.5% over the past three years. Upcoming Dividend • Sep 12
Upcoming dividend of NT$0.031 per share Eligible shareholders must have bought the stock before 19 September 2024. Payment date: 25 October 2024. Trailing yield: 0.2%. Lower than top quartile of Taiwanese dividend payers (4.5%). Lower than average of industry peers (3.2%). Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.33 (vs NT$0.10 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.33 (up from NT$0.10 in 2Q 2023). Revenue: NT$698.8m (up 12% from 2Q 2023). Net income: NT$27.8m (up 221% from 2Q 2023). Profit margin: 4.0% (up from 1.4% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Aug 17
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 7.2% to NT$20.00. The fair value is estimated to be NT$16.07, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 30%. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$20.10, the stock trades at a trailing P/E ratio of 21.7x. Average trailing P/E is 21x in the Luxury industry in Taiwan. Total loss to shareholders of 7.9% over the past three years. Announcement • Aug 06
Chia Her Industrial Co., Ltd. to Report Q2, 2024 Results on Aug 13, 2024 Chia Her Industrial Co., Ltd. announced that they will report Q2, 2024 results on Aug 13, 2024 New Risk • Aug 05
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 6.8% 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 Risk Interest payments are not well covered by earnings (0.5x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.4% increase in shares outstanding). Market cap is less than US$100m (NT$1.49b market cap, or US$45.6m). Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$21.45, the stock trades at a trailing P/E ratio of 23.2x. Average trailing P/E is 25x in the Luxury industry in Taiwan. Total loss to shareholders of 4.5% over the past three years. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.52 (vs NT$0.20 in 1Q 2023) First quarter 2024 results: EPS: NT$0.52 (up from NT$0.20 in 1Q 2023). Revenue: NT$885.2m (up 44% from 1Q 2023). Net income: NT$44.0m (up 165% from 1Q 2023). Profit margin: 5.0% (up from 2.7% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • May 08
Chia Her Industrial Co., Ltd. to Report Q1, 2024 Results on May 14, 2024 Chia Her Industrial Co., Ltd. announced that they will report Q1, 2024 results on May 14, 2024 Announcement • Apr 24
Chia Her Industrial Co., Ltd. has filed a Follow-on Equity Offering in the amount of TWD 200.2 million. Chia Her Industrial Co., Ltd. has filed a Follow-on Equity Offering in the amount of TWD 200.2 million.
Security Name: Share
Security Type: Common Stock
Securities Offered: 14,300,000
Price\Range: TWD 14
Transaction Features: Subsequent Direct Listing Announcement • Apr 11
Chia Her Industrial Co., Ltd., Annual General Meeting, Jun 25, 2024 Chia Her Industrial Co., Ltd., Annual General Meeting, Jun 25, 2024. Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: NT$0.61 (vs NT$1.06 in FY 2022) Full year 2023 results: EPS: NT$0.61 (down from NT$1.06 in FY 2022). Revenue: NT$2.66b (up 6.9% from FY 2022). Net income: NT$51.5m (down 40% from FY 2022). Profit margin: 1.9% (down from 3.4% in FY 2022). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$21.35, the stock trades at a trailing P/E ratio of 41.7x. Average trailing P/E is 23x in the Luxury industry in Taiwan. Total loss to shareholders of 29% over the past three years. New Risk • Dec 18
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (8.0% average weekly change). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.7% net profit margin). Shareholders have been diluted in the past year (2.3% increase in shares outstanding). Market cap is less than US$100m (NT$1.79b market cap, or US$57.1m). New Risk • Nov 03
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 7.8% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (8.6% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (7.8% average weekly change). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.8% net profit margin). Market cap is less than US$100m (NT$1.46b market cap, or US$45.1m). Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$16.05, the stock trades at a trailing P/E ratio of 66.1x. Average trailing P/E is 22x in the Luxury industry in Taiwan. Total loss to shareholders of 60% over the past three years. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$16.95, the stock trades at a trailing P/E ratio of 67.8x. Average trailing P/E is 22x in the Luxury industry in Taiwan. Total loss to shareholders of 67% over the past three years. Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: NT$0.11 (vs NT$1.05 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.11 (down from NT$1.05 in 2Q 2022). Revenue: NT$622.2m (down 11% from 2Q 2022). Net income: NT$8.66m (down 89% from 2Q 2022). Profit margin: 1.4% (down from 12% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$18.00, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 21x in the Luxury industry in Taiwan. Total loss to shareholders of 69% over the past three years. New Risk • Jun 20
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 6.0% 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 Risk Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.8% net profit margin). Shareholders have been diluted in the past year (3.5% increase in shares outstanding). Market cap is less than US$100m (NT$1.90b market cap, or US$61.6m). Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$18.70, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 22x in the Luxury industry in Taiwan. Total loss to shareholders of 65% over the past three years. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improved over the past week After last week's 19% share price gain to NT$16.80, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 13x in the Luxury industry in Taiwan. Total loss to shareholders of 57% over the past three years. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.18 (vs NT$0.18 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$0.18 (up from NT$0.18 loss in 3Q 2021). Revenue: NT$655.8m (down 9.4% from 3Q 2021). Net income: NT$14.2m (up NT$30.4m from 3Q 2021). Profit margin: 2.2% (up from net loss in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.18 (vs NT$0.18 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$0.18 (up from NT$0.18 loss in 3Q 2021). Revenue: NT$655.8m (down 9.4% from 3Q 2021). Net income: NT$14.2m (up NT$30.4m from 3Q 2021). Profit margin: 2.2% (up from net loss in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improved over the past week After last week's 20% share price gain to NT$14.35, the stock trades at a trailing P/E ratio of 17.6x. Average trailing P/E is 15x in the Luxury industry in Taiwan. Total returns to shareholders of 55% over the past three years. Buying Opportunity • Sep 26
Now 21% undervalued Over the last 90 days, the stock is up 18%. The fair value is estimated to be NT$15.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Earnings per share has grown by 61%. Valuation Update With 7 Day Price Move • Aug 31
Investor sentiment improved over the past week After last week's 18% share price gain to NT$14.85, the stock trades at a trailing P/E ratio of 17.7x. Average trailing P/E is 16x in the Luxury industry in Taiwan. Total returns to shareholders of 43% over the past three years. Buying Opportunity • Aug 29
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be NT$15.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Earnings per share has grown by 61%. Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: NT$0.72 (vs NT$1.64 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.72 (down from NT$1.64 in 2Q 2021). Revenue: NT$702.5m (down 16% from 2Q 2021). Net income: NT$81.7m (down 43% from 2Q 2021). Profit margin: 12% (down from 17% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improved over the past week After last week's 22% share price gain to NT$11.20, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 14x in the Luxury industry in Taiwan. Total returns to shareholders of 8.5% over the past three years. Reported Earnings • May 14
First quarter 2022 earnings released: EPS: NT$0.08 (vs NT$0.84 loss in 1Q 2021) First quarter 2022 results: EPS: NT$0.08 (up from NT$0.84 loss in 1Q 2021). Revenue: NT$612.9m (up 4.0% from 1Q 2021). Net income: NT$8.81m (up NT$82.4m from 1Q 2021). Profit margin: 1.4% (up from net loss in 1Q 2021). 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 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 03
Full year 2021 earnings released: EPS: NT$0.83 (vs NT$1.48 loss in FY 2020) Full year 2021 results: EPS: NT$0.83 (up from NT$1.48 loss in FY 2020). Revenue: NT$2.79b (up 44% from FY 2020). Net income: NT$75.3m (up NT$187.1m from FY 2020). Profit margin: 2.7% (up from net loss in FY 2020). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 15
Third quarter 2021 earnings released: NT$0.18 loss per share (vs NT$0.76 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: NT$724.0m (up 66% from 3Q 2020). Net loss: NT$16.2m (loss narrowed 74% from 3Q 2020). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$1.64 (vs NT$0.63 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$834.7m (up 68% from 2Q 2020). Net income: NT$144.3m (up NT$196.3m from 2Q 2020). Profit margin: 17% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Reported Earnings • May 16
First quarter 2021 earnings released: NT$0.84 loss per share (vs NT$1.09 loss in 1Q 2020) The company reported a solid first quarter result with improved revenues and control over costs, although losses increased. First quarter 2021 results: Revenue: NT$589.5m (up 40% from 1Q 2020). Net loss: NT$73.6m (loss widened 12% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Reported Earnings • Apr 01
Full year 2020 earnings released: NT$1.46 loss per share (vs NT$1.53 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: NT$1.93b (down 23% from FY 2019). Net loss: NT$111.8m (loss widened 34% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 05
New 90-day low: NT$21.30 The company is down 32% from its price of NT$31.40 on 06 November 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is down 1.0% over the same period. Is New 90 Day High Low • Jan 11
New 90-day low: NT$24.45 The company is down 30% from its price of NT$34.69 on 13 October 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 9.0% over the same period. Is New 90 Day High Low • Dec 10
New 90-day low: NT$28.30 The company is down 26% from its price of NT$38.31 on 11 September 2020. The Taiwanese market is up 13% 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 15
Third quarter 2020 earnings released: NT$0.76 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: NT$436.2m (down 35% from 3Q 2019). Net loss: NT$62.4m (down NT$68.6m from profit in 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 39% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Oct 29
New 90-day low: NT$13.05 The company is down 23% from its price of NT$17.05 on 31 July 2020. The Taiwanese market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 7.0% over the same period. Is New 90 Day High Low • Oct 13
New 90-day low: NT$15.80 The company is down 12% from its price of NT$17.95 on 15 July 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 3.0% over the same period.