Buy Or Sell Opportunity • May 20
Now 20% overvalued Over the last 90 days, the stock has fallen 9.0% to NT$10.15. The fair value is estimated to be NT$8.43, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.1% over the last 3 years. Earnings per share has grown by 7.9%. Reported Earnings • May 20
First quarter 2026 earnings released: EPS: NT$0.30 (vs NT$0.29 in 1Q 2025) First quarter 2026 results: EPS: NT$0.30 (up from NT$0.29 in 1Q 2025). Revenue: NT$2.99b (down 14% from 1Q 2025). Net income: NT$128.6m (up 4.1% from 1Q 2025). Profit margin: 4.3% (up from 3.6% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 28
Full year 2025 earnings released: EPS: NT$0.35 (vs NT$0.99 in FY 2024) Full year 2025 results: EPS: NT$0.35 (down from NT$0.99 in FY 2024). Revenue: NT$12.6b (up 4.8% from FY 2024). Net income: NT$150.1m (down 64% from FY 2024). Profit margin: 1.2% (down from 3.5% in FY 2024). The decrease in margin was driven by higher expenses. 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 8% per year, which means it is significantly lagging earnings. Announcement • Mar 06
De Licacy Industrial Co., Ltd., Annual General Meeting, Jun 09, 2026 De Licacy Industrial Co., Ltd., Annual General Meeting, Jun 09, 2026. Location: 1 floor no,820, fu hsing rd., san sho li, sinshih district, tainan city Taiwan Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: NT$0.14 (vs NT$0.26 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.14 (down from NT$0.26 in 3Q 2024). Revenue: NT$3.05b (down 5.4% from 3Q 2024). Net income: NT$60.9m (down 45% from 3Q 2024). Profit margin: 2.0% (down from 3.4% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 6% per year. Reported Earnings • Aug 15
Second quarter 2025 earnings released: NT$0.42 loss per share (vs NT$0.24 profit in 2Q 2024) Second quarter 2025 results: NT$0.42 loss per share (down from NT$0.24 profit in 2Q 2024). Revenue: NT$2.82b (up 1.6% from 2Q 2024). Net loss: NT$170.9m (down 266% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 3% per year. Upcoming Dividend • Jul 29
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 05 August 2025. Payment date: 19 September 2025. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (4.6%). Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.30 (vs NT$0.13 in 1Q 2024) First quarter 2025 results: EPS: NT$0.30 (up from NT$0.13 in 1Q 2024). Revenue: NT$3.46b (up 34% from 1Q 2024). Net income: NT$123.5m (up 131% from 1Q 2024). Profit margin: 3.6% (up from 2.1% in 1Q 2024). The increase in margin was driven by higher revenue. 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 2% per year. Announcement • May 01
De Licacy Industrial Co., Ltd. to Report Q1, 2025 Results on May 09, 2025 De Licacy Industrial Co., Ltd. announced that they will report Q1, 2025 results on May 09, 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$14.45, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 17x in the Luxury industry in Taiwan. Total returns to shareholders of 5.5% over the past three years. New Risk • Apr 03
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 103% Dividend yield: 2.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risk Dividend is not well covered by cash flows (103% cash payout ratio). Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$1.04 (vs NT$0.13 in FY 2023) Full year 2024 results: EPS: NT$1.04 (up from NT$0.13 in FY 2023). Revenue: NT$12.0b (up 22% from FY 2023). Net income: NT$422.0m (up NT$369.4m from FY 2023). Profit margin: 3.5% (up from 0.5% in FY 2023). The increase in margin was driven by higher revenue. 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 8% per year, which means it is well ahead of earnings. Announcement • Mar 11
De Licacy Industrial Co., Ltd., Annual General Meeting, Jun 10, 2025 De Licacy Industrial Co., Ltd., Annual General Meeting, Jun 10, 2025. Location: 1 floor no,820, fu hsing rd., san sho li, sinshih district, tainan city Taiwan New Risk • Dec 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 6.1% 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 Interest payments are not well covered by earnings (2.5x net interest cover). Earnings have declined by 8.4% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.1% average weekly change). Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: NT$0.27 (vs NT$0.081 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.27 (up from NT$0.081 in 3Q 2023). Revenue: NT$3.23b (up 27% from 3Q 2023). Net income: NT$111.1m (up 235% from 3Q 2023). Profit margin: 3.4% (up from 1.3% in 3Q 2023). The increase in margin was driven by higher revenue. 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 1% per year, which means it is well ahead of earnings. Announcement • Oct 30
De Licacy Industrial Co., Ltd. to Report Q3, 2024 Results on Nov 06, 2024 De Licacy Industrial Co., Ltd. announced that they will report Q3, 2024 results on Nov 06, 2024 Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: NT$0.25 (vs NT$0.088 loss in 2Q 2023) Second quarter 2024 results: EPS: NT$0.25 (up from NT$0.088 loss in 2Q 2023). Revenue: NT$2.78b (up 33% from 2Q 2023). Net income: NT$102.7m (up NT$138.5m from 2Q 2023). Profit margin: 3.7% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 5% per year. Announcement • Jul 30
De Licacy Industrial Co., Ltd. to Report Q2, 2024 Results on Aug 06, 2024 De Licacy Industrial Co., Ltd. announced that they will report Q2, 2024 results on Aug 06, 2024 Upcoming Dividend • Jun 19
Upcoming dividend of NT$0.25 per share Eligible shareholders must have bought the stock before 26 June 2024. Payment date: 18 July 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.7%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (3.1%). Reported Earnings • May 12
First quarter 2024 earnings released: EPS: NT$0.13 (vs NT$0.11 in 1Q 2023) First quarter 2024 results: EPS: NT$0.13 (up from NT$0.11 in 1Q 2023). Revenue: NT$2.59b (down 1.3% from 1Q 2023). Net income: NT$53.4m (up 19% from 1Q 2023). Profit margin: 2.1% (up from 1.7% in 1Q 2023). The increase in margin was driven by lower expenses. 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. Announcement • May 03
De Licacy Industrial Co., Ltd. to Report Q1, 2024 Results on May 07, 2024 De Licacy Industrial Co., Ltd. announced that they will report Q1, 2024 results on May 07, 2024 Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: NT$0.13 (vs NT$0.90 in FY 2022) Full year 2023 results: EPS: NT$0.13 (down from NT$0.90 in FY 2022). Revenue: NT$9.83b (down 20% from FY 2022). Net income: NT$52.6m (down 86% from FY 2022). Profit margin: 0.5% (down from 3.0% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Mar 14
De Licacy Industrial Co., Ltd., Annual General Meeting, Jun 07, 2024 De Licacy Industrial Co., Ltd., Annual General Meeting, Jun 07, 2024. Location: NO.240, SAN-SHEH SINSHIH DISTTAINAN CITY 1st floor of staff recreation center Tainan City Taiwan Agenda: To consider 2023 dividend distribution proposal; to consider 2023 Business Report; to consider Audit committees Review Report on the 2023 Consolidated Financial Statements; to consider Invest in China proposal; to consider the statement of endorsement and guarantee; and to consider other business matters. Announcement • Nov 08
De Licacy Industrial Co., Ltd. to Report Q3, 2023 Results on Nov 06, 2023 De Licacy Industrial Co., Ltd. announced that they will report Q3, 2023 results on Nov 06, 2023 Upcoming Dividend • Aug 17
Upcoming dividend of NT$0.40 per share at 2.7% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 28 September 2023. Payout ratio is on the higher end at 94%, however this is supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Taiwanese dividend payers (5.7%). Lower than average of industry peers (4.5%). New Risk • Aug 08
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: 1.5% Last year net profit margin: 2.6% 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 Risks Interest payments are not well covered by earnings (1.8x net interest cover). Earnings have declined by 7.9% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (103% payout ratio). Profit margins are more than 30% lower than last year (1.5% net profit margin). Reported Earnings • Aug 08
Second quarter 2023 earnings released: NT$0.09 loss per share (vs NT$0.25 profit in 2Q 2022) Second quarter 2023 results: NT$0.09 loss per share (down from NT$0.25 profit in 2Q 2022). Revenue: NT$2.09b (down 35% from 2Q 2022). Net loss: NT$35.8m (down 137% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. New Risk • Jul 17
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: 2.6% 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: Major Risks Interest payments are not well covered by earnings (2.1x net interest cover). Earnings have declined by 6.6% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Board Change • Jul 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Bai-cheng Su was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Jun 15
De Licacy Industrial Co., Ltd. Announces Board Changes De Licacy Industrial Co., Ltd.at its shareholders meeting held on June 14, 2023 announced The list of elected directors (including independent directors) is as follows: Independent Director - Huang Jun-ren, Independent Director - Su Bai-cheng, Independent Director - Huang Shih-ying, and Independent Director - Tsai Li-ju. Reported Earnings • Mar 18
Full year 2022 earnings released: EPS: NT$0.95 (vs NT$0.48 in FY 2021) Full year 2022 results: EPS: NT$0.95 (up from NT$0.48 in FY 2021). Revenue: NT$12.3b (up 17% from FY 2021). Net income: NT$367.1m (up 101% from FY 2021). Profit margin: 3.0% (up from 1.7% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 1% 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. 5 non-independent directors. Independent Director Chi-Chun Tsai 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 • Aug 12
Second quarter 2022 earnings released: EPS: NT$0.25 (vs NT$0.011 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.25 (up from NT$0.011 in 2Q 2021). Revenue: NT$3.20b (up 21% from 2Q 2021). Net income: NT$95.6m (up NT$91.2m from 2Q 2021). Profit margin: 3.0% (up from 0.2% in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jun 28
Upcoming dividend of NT$0.25 per share Eligible shareholders must have bought the stock before 05 July 2022. Payment date: 28 July 2022. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Taiwanese dividend payers (6.3%). Lower than average of industry peers (3.6%). Announcement • Jun 18
De Licacy Industrial Co., Ltd. Announces Cash Dividend from Capital Surplus, Payable on July 28, 2022 De Licacy Industrial Co., Ltd. announced cash dividend from the capital surplus is TWD 96,141,413 (TWD 0.25 per share). Ex-rights (ex-dividend) trading date is July 5, 2022. Ex-rights (ex-dividend) record date is July 11, 2022. Cash dividend is expected to be distributed on July 28, 2022. Reported Earnings • May 14
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: NT$0.30 (up from NT$0.24 in 1Q 2021). Revenue: NT$3.02b (up 25% from 1Q 2021). Net income: NT$117.1m (up 24% from 1Q 2021). Profit margin: 3.9% (in line with 1Q 2021). Revenue missed analyst estimates by 38%. Earnings per share (EPS) also missed analyst estimates by 307%. Over the last 3 years on average, earnings per share has fallen by 62% 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. Announcement • May 12
De Licacy Industrial Co., Ltd. Approves the Promotion of Management Manager Chu Yinchu to Senior Manager De Licacy Industrial Co., Ltd., at its board meeting, approved the promotion of management manager Chu Yinchu to senior manager. Announcement • May 04
De Licacy Industrial Co., Ltd. Announces Total Amount of Cash Distribution for the Year Ended December 31, 2021 De Licacy Industrial Co., Ltd. announced total amount of cash distributed to shareholders is TWD 96,141,413 for the year ended December 31, 2021. Reported Earnings • Mar 28
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: NT$0.48 (up from NT$0.54 loss in FY 2020). Revenue: NT$10.5b (up 22% from FY 2020). Net income: NT$183.0m (up NT$390.3m from FY 2020). Profit margin: 1.7% (up from net loss in FY 2020). Revenue missed analyst estimates by 38%. Earnings per share (EPS) also missed analyst estimates by 307%. Over the last 3 years on average, earnings per share has fallen by 62% 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. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.12 (vs NT$0.10 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: NT$2.41b (up 22% from 3Q 2020). Net income: NT$47.8m (up 23% from 3Q 2020). Profit margin: 2.0% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS NT$0.01 (vs NT$0.60 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$2.65b (up 78% from 2Q 2020). Net income: NT$4.34m (up NT$232.8m from 2Q 2020). Profit margin: 0.2% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 54% 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. Upcoming Dividend • Aug 06
Upcoming dividend of NT$0.30 per share Eligible shareholders must have bought the stock before 13 August 2021. Payment date: 27 August 2021. Trailing yield: 1.7%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (2.5%). Reported Earnings • May 13
First quarter 2021 earnings released: EPS NT$0.25 (vs NT$0.17 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$2.42b (down 5.7% from 1Q 2020). Net income: NT$94.4m (up 47% from 1Q 2020). Profit margin: 3.9% (up from 2.5% 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 44% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 30
Full year 2020 earnings released: NT$0.54 loss per share (vs NT$1.61 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: NT$8.59b (down 21% from FY 2019). Net loss: NT$207.3m (down 137% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 29% 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. Is New 90 Day High Low • Feb 01
New 90-day low: NT$17.00 The company is down 6.0% from its price of NT$18.10 on 03 November 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 flat over the same period. Is New 90 Day High Low • Jan 17
New 90-day low: NT$17.95 The company is down 1.0% from its price of NT$18.20 on 19 October 2020. The Taiwanese market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 2.0% over the same period. Is New 90 Day High Low • Nov 26
New 90-day high: NT$19.35 The company is up 5.0% from its price of NT$18.35 on 28 August 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Luxury industry, which is up 4.0% over the same period.