Reported Earnings • May 19
First quarter 2026 earnings released: EPS: NT$0.11 (vs NT$0.02 in 1Q 2025) First quarter 2026 results: EPS: NT$0.11 (up from NT$0.02 in 1Q 2025). Revenue: NT$1.18b (down 4.9% from 1Q 2025). Net income: NT$25.4m (up 436% from 1Q 2025). Profit margin: 2.2% (up from 0.4% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 01
Full year 2025 earnings released: NT$0.45 loss per share (vs NT$0.46 profit in FY 2024) Full year 2025 results: NT$0.45 loss per share (down from NT$0.46 profit in FY 2024). Revenue: NT$5.15b (up 2.2% from FY 2024). Net loss: NT$105.3m (down 197% from profit in FY 2024). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Mar 12
Tex-Ray Industrial Co., Ltd., Annual General Meeting, Jun 12, 2026 Tex-Ray Industrial Co., Ltd., Annual General Meeting, Jun 12, 2026, at 09:00 Taipei Standard Time. Location: 11 floor no,426, lin sen n. rd., jhongshan district, taipei city Taiwan Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: NT$0.01 (vs NT$0.28 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.01 (down from NT$0.28 in 3Q 2024). Revenue: NT$1.48b (up 2.1% from 3Q 2024). Net income: NT$3.14m (down 95% from 3Q 2024). Profit margin: 0.2% (down from 4.4% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 19
Second quarter 2025 earnings released: NT$0.83 loss per share (vs NT$0.003 profit in 2Q 2024) Second quarter 2025 results: NT$0.83 loss per share (down from NT$0.003 profit in 2Q 2024). Revenue: NT$1.14b (up 12% from 2Q 2024). Net loss: NT$191.8m (down NT$192.6m from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. New Risk • Aug 19
New major risk - Revenue and earnings growth Earnings have declined by 6.1% 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 6.1% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$1.75b market cap, or US$58.2m). Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.02 (vs NT$0.12 in 1Q 2024) First quarter 2025 results: EPS: NT$0.02 (down from NT$0.12 in 1Q 2024). Revenue: NT$1.24b (flat on 1Q 2024). Net income: NT$4.74m (down 83% from 1Q 2024). Profit margin: 0.4% (down from 2.3% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • May 06
Tex-Ray Industrial Co., Ltd. to Report Q1, 2025 Results on May 13, 2025 Tex-Ray 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$7.77, the stock trades at a trailing P/E ratio of 16.8x. Average trailing P/E is 17x in the Luxury industry in Taiwan. Total loss to shareholders of 43% over the past three years. Reported Earnings • Apr 02
Full year 2024 earnings released: EPS: NT$0.46 (vs NT$0.71 loss in FY 2023) Full year 2024 results: EPS: NT$0.46 (up from NT$0.71 loss in FY 2023). Revenue: NT$5.04b (up 11% from FY 2023). Net income: NT$108.3m (up NT$274.1m from FY 2023). Profit margin: 2.2% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Mar 20
Tex-Ray Industrial Co., Ltd. to Report Fiscal Year 2024 Final Results on Mar 27, 2025 Tex-Ray Industrial Co., Ltd. announced that they will report fiscal year 2024 final results on Mar 27, 2025 Announcement • Mar 14
Tex-Ray Industrial Co., Ltd., Annual General Meeting, Jun 13, 2025 Tex-Ray Industrial Co., Ltd., Annual General Meeting, Jun 13, 2025, at 09:00 Taipei Standard Time. Location: 11 floor no,426, lin sen n. rd., jhongshan district, taipei city Taiwan Announcement • Mar 05
Tex-Ray Industrial Co., Ltd. to Report Fiscal Year 2024 Results on Mar 12, 2025 Tex-Ray Industrial Co., Ltd. announced that they will report fiscal year 2024 results on Mar 12, 2025 Reported Earnings • Nov 19
Third quarter 2024 earnings released: EPS: NT$0.28 (vs NT$0.092 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.28 (up from NT$0.092 in 3Q 2023). Revenue: NT$1.45b (up 4.0% from 3Q 2023). Net income: NT$64.3m (up 199% from 3Q 2023). Profit margin: 4.4% (up from 1.5% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Nov 05
Tex-Ray Industrial Co., Ltd. to Report Q3, 2024 Results on Nov 12, 2024 Tex-Ray Industrial Co., Ltd. announced that they will report Q3, 2024 results on Nov 12, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.003 (vs NT$0.29 loss in 2Q 2023) Second quarter 2024 results: EPS: NT$0.003 (up from NT$0.29 loss in 2Q 2023). Revenue: NT$1.02b (down 5.9% from 2Q 2023). Net income: NT$815.0k (up NT$69.5m from 2Q 2023). Profit margin: 0.1% (up from net loss in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Aug 12
Now 21% overvalued Over the last 90 days, the stock has fallen 9.3% to NT$10.75. The fair value is estimated to be NT$8.87, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 23% over the last 3 years. Meanwhile, the company became loss making. Announcement • Aug 10
Tex-Ray Industrial Co., Ltd. to Report Q2, 2024 Results on Aug 13, 2024 Tex-Ray Industrial Co., Ltd. announced that they will report Q2, 2024 results on Aug 13, 2024 Reported Earnings • Apr 03
Full year 2023 earnings released: NT$0.71 loss per share (vs NT$0.16 loss in FY 2022) Full year 2023 results: NT$0.71 loss per share (further deteriorated from NT$0.16 loss in FY 2022). Revenue: NT$4.56b (down 26% from FY 2022). Net loss: NT$165.8m (loss widened 332% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Announcement • Mar 14
Tex-Ray Industrial Co., Ltd., Annual General Meeting, Jun 14, 2024 Tex-Ray Industrial Co., Ltd., Annual General Meeting, Jun 14, 2024. Location: conference room,11F No. 426, Linsen North Road, Zhongshan District, Taipei City Taipei Taiwan Agenda: To approve the 2023 annual business status report; to approve the Audit committee reviews 2023 annual; to approve the Final accounts report; to approve the 2023 Employee Dividends and Directors Remuneration Distribution Report; to approve the 2023 Directors' Remuneration Report; to approve the 2023 Endorsement Guarantee and capital loan and processing status report; to approve the 2023 major transaction status report of related parties; to approve the Revision of the company's Board of Directors Meeting; to approve the Other reporting matters. New Risk • Nov 23
New major risk - Revenue and earnings growth Earnings have declined by 1.7% 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 Risks Debt is not well covered by operating cash flow (8.9% operating cash flow to total debt). Earnings have declined by 1.7% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$2.58b market cap, or US$81.8m). Reported Earnings • Aug 17
Second quarter 2023 earnings released: NT$0.29 loss per share (vs NT$0.12 profit in 2Q 2022) Second quarter 2023 results: NT$0.29 loss per share (down from NT$0.12 profit in 2Q 2022). Revenue: NT$1.09b (down 31% from 2Q 2022). Net loss: NT$68.7m (down 340% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 20% 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. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: NT$0.005 (vs NT$0.048 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$0.005 (up from NT$0.048 loss in 3Q 2021). Revenue: NT$1.59b (down 3.2% from 3Q 2021). Net income: NT$1.12m (up NT$12.3m from 3Q 2021). Profit margin: 0.1% (up from net loss in 3Q 2021). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. 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. 8 non-independent directors. Independent Director Hsing-Hua Chu was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: NT$0.12 (vs NT$0.15 loss in 2Q 2021) Second quarter 2022 results: EPS: NT$0.12 (up from NT$0.15 loss in 2Q 2021). Revenue: NT$1.57b (up 4.9% from 2Q 2021). Net income: NT$28.6m (up NT$63.6m from 2Q 2021). Profit margin: 1.8% (up from net loss in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 17
First quarter 2022 earnings released: EPS: NT$0.003 (vs NT$0.10 loss in 1Q 2021) First quarter 2022 results: EPS: NT$0.003 (up from NT$0.10 loss in 1Q 2021). Revenue: NT$1.68b (up 3.4% from 1Q 2021). Net income: NT$658.0k (up NT$25.1m from 1Q 2021). Profit margin: 0% (up from net loss in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. 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 Chao Lun Tsai was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 03
Full year 2021 earnings released: NT$0.13 loss per share (vs NT$0.72 profit in FY 2020) Full year 2021 results: NT$0.13 loss per share (down from NT$0.72 profit in FY 2020). Revenue: NT$6.64b (down 23% from FY 2020). Net loss: NT$30.9m (down 118% from profit in FY 2020). Over the last 3 years on average, earnings per share has increased by 44% 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 16
Third quarter 2021 earnings released: NT$0.05 loss per share (vs NT$1.92 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: NT$1.64b (down 56% from 3Q 2020). Net loss: NT$11.2m (down 102% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 06
Upcoming dividend of NT$0.70 per share Eligible shareholders must have bought the stock before 13 September 2021. Payment date: 15 October 2021. Trailing yield: 4.7%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (2.5%). Reported Earnings • Aug 18
Second quarter 2021 earnings released: NT$0.15 loss per share (vs NT$0.84 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: NT$1.50b (up 15% from 2Q 2020). Net loss: NT$35.0m (loss narrowed 82% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 15
First quarter 2021 earnings released: NT$0.10 loss per share (vs NT$0.68 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: NT$1.62b (up 34% from 1Q 2020). Net loss: NT$24.5m (loss narrowed 85% from 1Q 2020). 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 17% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 05
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$19.00, the stock trades at a trailing P/E ratio of 26.4x. Average trailing P/E is 24x in the Luxury industry in Taiwan. Total returns to shareholders of 91% over the past three years. Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment improved over the past week After last week's 16% share price gain to NT$22.40, the stock trades at a trailing P/E ratio of 31.1x. Average trailing P/E is 25x in the Luxury industry in Taiwan. Total returns to shareholders of 87% over the past three years. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$0.72 (vs NT$0.74 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$8.60b (up 24% from FY 2019). Net income: NT$168.1m (up NT$340.0m from FY 2019). Profit margin: 2.0% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Jan 28
New 90-day low: NT$17.65 The company is down 3.0% from its price of NT$18.25 on 30 October 2020. The Taiwanese market is up 23% 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 • Dec 07
New 90-day low: NT$17.70 The company is down 10.0% from its price of NT$19.65 on 08 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 5.0% over the same period. Reported Earnings • Nov 17
Third quarter 2020 earnings released: EPS NT$1.92 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$3.74b (up 83% from 3Q 2019). Net income: NT$447.7m (up NT$424.4m from 3Q 2019). Profit margin: 12% (up from 1.1% in 3Q 2019). The increase in margin was driven by higher revenue. 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 17% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Sep 24
New 90-day low: NT$19.40 The company is down 29% from its price of NT$27.25 on 24 June 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 1.0% over the same period.