Reported Earnings • May 19
First quarter 2026 earnings released: EPS: NT$0.09 (vs NT$0.18 in 1Q 2025) First quarter 2026 results: EPS: NT$0.09 (down from NT$0.18 in 1Q 2025). Revenue: NT$691.0m (down 7.0% from 1Q 2025). Net income: NT$11.5m (down 51% from 1Q 2025). Profit margin: 1.7% (down from 3.2% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. New Risk • Apr 04
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% 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 26% 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. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.5% net profit margin). Market cap is less than US$100m (NT$1.29b market cap, or US$40.3m). Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$0.34 (vs NT$0.82 in FY 2024) Full year 2025 results: EPS: NT$0.34 (down from NT$0.82 in FY 2024). Revenue: NT$2.92b (down 7.9% from FY 2024). Net income: NT$43.8m (down 59% from FY 2024). Profit margin: 1.5% (down from 3.4% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Mar 12
Honmyue Enterprise Co., Ltd., Annual General Meeting, Jun 23, 2026 Honmyue Enterprise Co., Ltd., Annual General Meeting, Jun 23, 2026. Location: no,60, kung hsi 1st rd., shengang township, changhua county Taiwan Buy Or Sell Opportunity • Jan 26
Now 20% overvalued Over the last 90 days, the stock has fallen 5.4% to NT$10.60. The fair value is estimated to be NT$8.82, 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 grown by 15%. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: NT$0.15 (vs NT$0.017 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.15 (up from NT$0.017 loss in 3Q 2024). Revenue: NT$728.0m (down 4.2% from 3Q 2024). Net income: NT$18.9m (up NT$21.2m from 3Q 2024). Profit margin: 2.6% (up from net loss in 3Q 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 17
Second quarter 2025 earnings released: NT$0.04 loss per share (vs NT$0.17 profit in 2Q 2024) Second quarter 2025 results: NT$0.04 loss per share (down from NT$0.17 profit in 2Q 2024). Revenue: NT$697.6m (down 13% from 2Q 2024). Net loss: NT$5.28m (down 124% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 2% per year and the company’s share price has also increased by 2% per year. Upcoming Dividend • Aug 12
Upcoming dividend of NT$0.40 per share Eligible shareholders must have bought the stock before 19 August 2025. Payment date: 12 September 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.2%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (4.7%). Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$0.18 (vs NT$0.62 in 1Q 2024) First quarter 2025 results: EPS: NT$0.18 (down from NT$0.62 in 1Q 2024). Revenue: NT$743.4m (up 1.1% from 1Q 2024). Net income: NT$23.6m (down 71% from 1Q 2024). Profit margin: 3.2% (down from 11% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • May 01
Honmyue Enterprise Co., Ltd. to Report Q1, 2025 Results on May 09, 2025 Honmyue Enterprise 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 18% After last week's 18% share price decline to NT$11.55, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 17x in the Luxury industry in Taiwan. Total loss to shareholders of 15% over the past three years. Reported Earnings • Mar 14
Full year 2024 earnings released: EPS: NT$0.82 (vs NT$0.34 loss in FY 2023) Full year 2024 results: EPS: NT$0.82 (up from NT$0.34 loss in FY 2023). Revenue: NT$3.17b (up 18% from FY 2023). Net income: NT$106.9m (up NT$151.4m from FY 2023). Profit margin: 3.4% (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 fallen by 18% 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 11
Honmyue Enterprise Co., Ltd., Annual General Meeting, Jun 26, 2025 Honmyue Enterprise Co., Ltd., Annual General Meeting, Jun 26, 2025. Location: no,60, kung hsi 1st rd., shengang township, changhua county Taiwan Announcement • Feb 28
Honmyue Enterprise Co., Ltd. to Report Fiscal Year 2024 Results on Mar 10, 2025 Honmyue Enterprise Co., Ltd. announced that they will report fiscal year 2024 results on Mar 10, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings released: NT$0.01 loss per share (vs NT$0.27 loss in 3Q 2023) Third quarter 2024 results: NT$0.01 loss per share (improved from NT$0.27 loss in 3Q 2023). Revenue: NT$760.3m (up 4.8% from 3Q 2023). Net loss: NT$2.23m (loss narrowed 94% from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 41% 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 • Nov 05
Honmyue Enterprise Co., Ltd. to Report Q3, 2024 Results on Nov 12, 2024 Honmyue Enterprise 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$0.17 (vs NT$0.18 loss in 2Q 2023) Second quarter 2024 results: EPS: NT$0.17 (up from NT$0.18 loss in 2Q 2023). Revenue: NT$798.6m (up 39% from 2Q 2023). Net income: NT$22.2m (up NT$45.2m from 2Q 2023). Profit margin: 2.8% (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 60 percentage points per year, which is a significant difference in performance. Announcement • Aug 03
Honmyue Enterprise Co., Ltd. to Report Q2, 2024 Results on Aug 12, 2024 Honmyue Enterprise Co., Ltd. announced that they will report Q2, 2024 results on Aug 12, 2024 Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.62 (vs NT$0.15 loss in 1Q 2023) First quarter 2024 results: EPS: NT$0.62 (up from NT$0.15 loss in 1Q 2023). Revenue: NT$735.6m (up 18% from 1Q 2023). Net income: NT$81.0m (up NT$101.1m from 1Q 2023). Profit margin: 11% (up from net loss in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Announcement • May 03
Honmyue Enterprise Co., Ltd. to Report Q1, 2024 Results on May 10, 2024 Honmyue Enterprise Co., Ltd. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 10, 2024 Reported Earnings • Mar 15
Full year 2023 earnings released: NT$0.34 loss per share (vs NT$0.60 profit in FY 2022) Full year 2023 results: NT$0.34 loss per share (down from NT$0.60 profit in FY 2022). Revenue: NT$2.69b (down 16% from FY 2022). Net loss: NT$44.4m (down 157% from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Announcement • Mar 09
Honmyue Enterprise Co., Ltd., Annual General Meeting, Jun 26, 2024 Honmyue Enterprise Co., Ltd., Annual General Meeting, Jun 26, 2024. Location: The Administration building No.60,Gongxi 1st Rd., Xidi Vil.,Shengang Township,Changhua County Changhua Country Taiwan Agenda: To consider the Business Report of 2023; to Audit Committee’s Review Report for the Company’s Financial Statement and Annual Report of the Year 2023; to Report on the Distribution of Annual Employee and Director Compensation for the Year 2023; to 2nd issue for Domestic Unsecured Corporate Bonds; to Implementation of Investments in the PRC; to consider other matters if any. Upcoming Dividend • Aug 31
Upcoming dividend of NT$0.40 per share at 3.4% yield Eligible shareholders must have bought the stock before 07 September 2023. Payment date: 27 September 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (5.6%). Lower than average of industry peers (4.5%). New Risk • Aug 14
New major risk - Revenue and earnings growth Earnings have declined by 2.2% 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 Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 2.2% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$1.59b market cap, or US$49.9m). Reported Earnings • Aug 14
Second quarter 2023 earnings released: NT$0.18 loss per share (vs NT$0.18 profit in 2Q 2022) Second quarter 2023 results: NT$0.18 loss per share (down from NT$0.18 profit in 2Q 2022). Revenue: NT$574.8m (down 30% from 2Q 2022). Net loss: NT$23.1m (down 196% from profit in 2Q 2022). 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 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 01
Full year 2022 earnings released: EPS: NT$0.60 (vs NT$1.11 in FY 2021) Full year 2022 results: EPS: NT$0.60 (down from NT$1.11 in FY 2021). Revenue: NT$3.19b (down 9.0% from FY 2021). Net income: NT$77.4m (down 46% from FY 2021). Profit margin: 2.4% (down from 4.1% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 16% per year. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.18 (vs NT$0.36 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.18 (down from NT$0.36 in 2Q 2021). Revenue: NT$820.8m (up 1.4% from 2Q 2021). Net income: NT$24.0m (down 49% from 2Q 2021). Profit margin: 2.9% (down from 5.8% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 25
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 01 August 2022. Payment date: 26 August 2022. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 4.2%. Lower than top quartile of Taiwanese dividend payers (6.6%). In line with average of industry peers (4.0%). Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.26 (vs NT$0.35 in 1Q 2021) First quarter 2022 results: EPS: NT$0.26 (down from NT$0.35 in 1Q 2021). Revenue: NT$888.2m (up 13% from 1Q 2021). Net income: NT$33.6m (down 25% from 1Q 2021). Profit margin: 3.8% (down from 5.7% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Apr 02
Honmyue Enterprise Co., Ltd., Annual General Meeting, Jun 21, 2022 Honmyue Enterprise Co., Ltd., Annual General Meeting, Jun 21, 2022. Reported Earnings • Mar 30
Full year 2021 earnings released: EPS: NT$1.11 (vs NT$0.83 in FY 2020) Full year 2021 results: EPS: NT$1.11 (up from NT$0.83 in FY 2020). Revenue: NT$3.50b (up 23% from FY 2020). Net income: NT$144.0m (up 34% from FY 2020). Profit margin: 4.1% (up from 3.8% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 16
Third quarter 2021 earnings released: EPS NT$0.26 (vs NT$0.21 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: NT$962.6m (up 30% from 3Q 2020). Net income: NT$33.6m (up 24% from 3Q 2020). Profit margin: 3.5% (down from 3.7% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 33% 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 29
Upcoming dividend of NT$0.40 per share Eligible shareholders must have bought the stock before 06 October 2021. Payment date: 28 October 2021. Trailing yield: 2.5%. Lower than top quartile of Taiwanese dividend payers (5.2%). In line with average of industry peers (2.5%). Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$0.36 (vs NT$0.15 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$809.3m (up 37% from 2Q 2020). Net income: NT$47.0m (up 134% from 2Q 2020). Profit margin: 5.8% (up from 3.4% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.35 (vs NT$0.022 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$789.5m (up 16% from 1Q 2020). Net income: NT$44.9m (up NT$42.1m from 1Q 2020). Profit margin: 5.7% (up from 0.4% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$14.00, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 20x in the Luxury industry in Taiwan. Total returns to shareholders of 26% over the past three years. Valuation Update With 7 Day Price Move • Apr 26
Investor sentiment improved over the past week After last week's 18% share price gain to NT$17.15, the stock trades at a trailing P/E ratio of 20.8x. Average trailing P/E is 25x in the Luxury industry in Taiwan. Total returns to shareholders of 58% over the past three years. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$0.83 (vs NT$0.40 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$2.86b (down 17% from FY 2019). Net income: NT$107.3m (up 107% from FY 2019). Profit margin: 3.8% (up from 1.5% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 17
New 90-day low: NT$12.20 The company is down 1.0% from its price of NT$12.35 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 • Dec 22
New 90-day high: NT$13.50 The company is up 7.0% from its price of NT$12.60 on 23 September 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Luxury industry, which is up 5.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.21 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$739.2m (down 12% from 3Q 2019). Net income: NT$27.1m (up NT$27.8m from 3Q 2019). Profit margin: 3.7% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Sep 25
New 90-day low: NT$11.55 The company is down 30% from its price of NT$16.45 on 24 June 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 down 2.0% over the same period. 
