Reported Earnings • Aug 14
Second quarter 2026 earnings released: EPS: NT$0.11 (vs NT$0.32 loss in 2Q 2025) Second quarter 2026 results: EPS: NT$0.11 (up from NT$0.32 loss in 2Q 2025). Revenue: NT$603.3m (down 45% from 2Q 2025). Net income: NT$8.83m (up NT$33.7m from 2Q 2025). Profit margin: 1.5% (up from net loss in 2Q 2025). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • May 13
First quarter 2026 earnings released: EPS: NT$0.48 (vs NT$0.53 in 1Q 2025) First quarter 2026 results: EPS: NT$0.48 (down from NT$0.53 in 1Q 2025). Revenue: NT$598.8m (down 29% from 1Q 2025). Net income: NT$37.9m (down 9.0% from 1Q 2025). Profit margin: 6.3% (up from 4.9% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: NT$2.32 (vs NT$1.06 in FY 2024) Full year 2025 results: EPS: NT$2.32 (up from NT$1.06 in FY 2024). Revenue: NT$3.63b (up 21% from FY 2024). Net income: NT$182.7m (up 118% from FY 2024). Profit margin: 5.0% (up from 2.8% in FY 2024). The increase in margin 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 10% per year. Announcement • Mar 05
CHANG TYPE Industrial Co., Ltd., Annual General Meeting, Jun 22, 2026 CHANG TYPE Industrial Co., Ltd., Annual General Meeting, Jun 22, 2026. Location: no,155-1, hsin sheng n. rd., fongyuan district, taichung city Taiwan Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$28.05, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 17x in the Consumer Durables industry in Taiwan. Total loss to shareholders of 9.6% over the past three years. New Risk • Nov 12
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 55% 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 35% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (381% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.3% net profit margin). Market cap is less than US$100m (NT$1.95b market cap, or US$62.7m). Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: NT$1.10 (vs NT$0.21 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$1.10 (up from NT$0.21 loss in 3Q 2024). Revenue: NT$938.0m (up 31% from 3Q 2024). Net income: NT$87.0m (up NT$103.8m from 3Q 2024). Profit margin: 9.3% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. 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 10% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Aug 20
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 27 August 2025. Payment date: 19 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: 1.9%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (4.3%). New Risk • Aug 12
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 384% Dividend yield: 1.9% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. 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 Earnings have declined by 35% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (384% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.3% net profit margin). Market cap is less than US$100m (NT$2.03b market cap, or US$67.7m). New Risk • Aug 10
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 55% 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 35% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.3% net profit margin). Market cap is less than US$100m (NT$2.09b market cap, or US$69.8m). Reported Earnings • Aug 10
Second quarter 2025 earnings released: NT$0.32 loss per share (vs NT$0.39 profit in 2Q 2024) Second quarter 2025 results: NT$0.32 loss per share (down from NT$0.39 profit in 2Q 2024). Revenue: NT$1.10b (up 35% from 2Q 2024). Net loss: NT$24.8m (down 182% from profit in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Declared Dividend • Jul 18
Dividend of NT$0.50 announced Dividend of NT$0.50 is the same as last year. Ex-date: 27th August 2025 Payment date: 19th September 2025 Dividend yield will be 1.9%, which is lower than the industry average of 4.1%. Sustainability & Growth Dividend is covered by both earnings (60% earnings payout ratio) and cash flows (6% 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 decline by 33% to shift the payout ratio to a potentially unsustainable range, which is more than the 28% EPS decline seen over the last 5 years. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$25.80, the stock trades at a trailing P/E ratio of 31x. Average trailing P/E is 14x in the Consumer Durables industry in Taiwan. Total loss to shareholders of 19% over the past three years. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$31.90, the stock trades at a trailing P/E ratio of 38.4x. Average trailing P/E is 14x in the Consumer Durables industry in Taiwan. Total loss to shareholders of 22% over the past three years. Announcement • Jun 07
CHANG TYPE Industrial Co., Ltd. Approves Board Appointments CHANG TYPE Industrial Co., Ltd. at its AGM held on June 6, 2025, approved the appointment of CHANG, CHIN-CHIN and CHANG, HSIANG-I as directors; LIN, HSIU-MEI and WANG, MING-JHIH as Independent Directors. Reported Earnings • May 13
First quarter 2025 earnings released: EPS: NT$0.53 (vs NT$0.76 in 1Q 2024) First quarter 2025 results: EPS: NT$0.53 (down from NT$0.76 in 1Q 2024). Revenue: NT$847.6m (up 18% from 1Q 2024). Net income: NT$41.7m (down 30% from 1Q 2024). Profit margin: 4.9% (down from 8.3% 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 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 06
CHANG TYPE Industrial Co., Ltd. to Report Q1, 2025 Results on May 05, 2025 CHANG TYPE Industrial Co., Ltd. announced that they will report Q1, 2025 results on May 05, 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$22.05, the stock trades at a trailing P/E ratio of 20.8x. Average trailing P/E is 14x in the Consumer Durables industry in Taiwan. Total loss to shareholders of 43% over the past three years. Reported Earnings • Mar 14
Full year 2024 earnings released Full year 2024 results: Revenue: NT$2.99b (down 12% from FY 2023). Net income: NT$83.7m (down 27% from FY 2023). Profit margin: 2.8% (down from 3.4% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 57% 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. New Risk • Mar 11
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 6.2% 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 Earnings have declined by 19% 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. Share price has been volatile over the past 3 months (6.2% average weekly change). Market cap is less than US$100m (NT$2.25b market cap, or US$68.5m). Announcement • Mar 07
CHANG TYPE Industrial Co., Ltd., Annual General Meeting, Jun 06, 2025 CHANG TYPE Industrial Co., Ltd., Annual General Meeting, Jun 06, 2025. Location: no,155-1, hsin sheng n. rd., fongyuan district, taichung city Taiwan Reported Earnings • Nov 07
Third quarter 2024 earnings released: NT$0.21 loss per share (vs NT$0.94 profit in 3Q 2023) Third quarter 2024 results: NT$0.21 loss per share (down from NT$0.94 profit in 3Q 2023). Revenue: NT$716.4m (down 4.4% from 3Q 2023). Net loss: NT$16.8m (down 123% from profit in 3Q 2023). 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 12% per year, which means it has not declined as severely as earnings. Announcement • Oct 24
CHANG TYPE Industrial Co., Ltd. to Report Q3, 2024 Results on Nov 01, 2024 CHANG TYPE Industrial Co., Ltd. announced that they will report Q3, 2024 results on Nov 01, 2024 Upcoming Dividend • Aug 20
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 27 August 2024. Payment date: 20 September 2024. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (4.4%). Lower than average of industry peers (3.1%). Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: NT$0.39 (vs NT$0.36 loss in 2Q 2023) Second quarter 2024 results: EPS: NT$0.39 (up from NT$0.36 loss in 2Q 2023). Revenue: NT$811.6m (down 15% from 2Q 2023). Net income: NT$30.4m (up NT$58.7m from 2Q 2023). Profit margin: 3.7% (up from net loss in 2Q 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 46% 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. New Risk • Aug 05
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: 1.8% 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 Risk Earnings have declined by 8.5% 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. Market cap is less than US$100m (NT$2.43b market cap, or US$74.6m). Announcement • Jul 27
CHANG TYPE Industrial Co., Ltd. to Report Q2, 2024 Results on Aug 07, 2024 CHANG TYPE Industrial Co., Ltd. announced that they will report Q2, 2024 results on Aug 07, 2024 Declared Dividend • Jul 15
Dividend reduced to NT$0.50 Dividend of NT$0.50 is 50% lower than last year. Ex-date: 27th August 2024 Payment date: 20th September 2024 Dividend yield will be 1.6%, which is lower than the industry average of 4.1%. Sustainability & Growth Dividend is well covered by both earnings (27% earnings payout ratio) and cash flows (18% cash payout ratio). The dividend has decreased over the past 96 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 3.7% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Jun 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% 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 8.5% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.50b market cap, or US$77.2m). Reported Earnings • May 12
First quarter 2024 earnings released: EPS: NT$0.76 (vs NT$0.40 in 1Q 2023) First quarter 2024 results: EPS: NT$0.76 (up from NT$0.40 in 1Q 2023). Revenue: NT$721.5m (up 23% from 1Q 2023). Net income: NT$59.8m (up 92% from 1Q 2023). Profit margin: 8.3% (up from 5.3% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 48% 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 • Apr 28
CHANG TYPE Industrial Co., Ltd. to Report Q1, 2024 Results on May 06, 2024 CHANG TYPE Industrial Co., Ltd. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 06, 2024 Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: NT$1.46 (vs NT$3.45 in FY 2022) Full year 2023 results: EPS: NT$1.46 (down from NT$3.45 in FY 2022). Revenue: NT$3.38b (down 17% from FY 2022). Net income: NT$115.2m (down 58% from FY 2022). Profit margin: 3.4% (down from 6.7% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Announcement • Mar 15
CHANG TYPE Industrial Co., Ltd., Annual General Meeting, Jun 21, 2024 CHANG TYPE Industrial Co., Ltd., Annual General Meeting, Jun 21, 2024. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: NT$0.94 (vs NT$1.24 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.94 (down from NT$1.24 in 3Q 2022). Revenue: NT$749.8m (down 5.7% from 3Q 2022). Net income: NT$73.8m (down 24% from 3Q 2022). Profit margin: 9.8% (down from 12% in 3Q 2022). The decrease in margin was driven by lower revenue. 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 12% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Aug 17
Upcoming dividend of NT$1.00 per share at 3.1% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 20 September 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 3.1%. Lower than top quartile of Taiwanese dividend payers (5.7%). Lower than average of industry peers (4.4%). Reported Earnings • Aug 15
Second quarter 2023 earnings released: NT$0.36 loss per share (vs NT$1.33 profit in 2Q 2022) Second quarter 2023 results: NT$0.36 loss per share (down from NT$1.33 profit in 2Q 2022). Revenue: NT$951.4m (down 6.6% from 2Q 2022). Net loss: NT$28.3m (down 127% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 25% 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 • Mar 28
Full year 2022 earnings released: EPS: NT$3.45 (vs NT$3.80 in FY 2021) Full year 2022 results: EPS: NT$3.45 (down from NT$3.80 in FY 2021). Revenue: NT$4.06b (down 35% from FY 2021). Net income: NT$272.1m (down 9.1% from FY 2021). Profit margin: 6.7% (up from 4.8% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 4% per year. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$40.20, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 13x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 22% over the past three years. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 06
Third quarter 2022 earnings released: EPS: NT$1.24 (vs NT$1.45 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.24 (down from NT$1.45 in 3Q 2021). Revenue: NT$795.4m (down 55% from 3Q 2021). Net income: NT$97.6m (down 15% from 3Q 2021). Profit margin: 12% (up from 6.4% in 3Q 2021). 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 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 18
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 25 August 2022. Payment date: 20 September 2022. Payout ratio is a comfortable 41% but the company is not cash flow positive. Trailing yield: 6.1%. Lower than top quartile of Taiwanese dividend payers (6.4%). Higher than average of industry peers (4.7%). Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: NT$1.33 (vs NT$0.14 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.33 (up from NT$0.14 in 2Q 2021). Revenue: NT$1.02b (down 28% from 2Q 2021). Net income: NT$105.1m (up NT$94.2m from 2Q 2021). Profit margin: 10% (up from 0.8% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$36.50, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 13x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 5.8% over the past three years. Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$43.30, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 13x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 26% over the past three years. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improved over the past week After last week's 18% share price gain to NT$53.00, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 14x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 107% over the past three years. Reported Earnings • May 14
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: NT$2.20 (up from NT$1.03 in 1Q 2021). Revenue: NT$1.59b (up 24% from 1Q 2021). Net income: NT$173.2m (up 113% from 1Q 2021). Profit margin: 11% (up from 6.4% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.7%. Earnings per share (EPS) missed analyst estimates by 37%. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improved over the past week After last week's 20% share price gain to NT$52.10, the stock trades at a trailing P/E ratio of 13.7x. Average trailing P/E is 14x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 96% over the past three years. Announcement • Apr 10
CHANG TYPE Industrial Co., Ltd., Annual General Meeting, Jun 27, 2022 CHANG TYPE Industrial Co., Ltd., Annual General Meeting, Jun 27, 2022. Reported Earnings • Nov 09
Third quarter 2021 earnings released: EPS NT$1.45 (vs NT$1.46 in 3Q 2020) The company reported a mediocre third quarter result with weaker profit margins, although earnings were flat and revenues improved. Third quarter 2021 results: Revenue: NT$1.78b (up 22% from 3Q 2020). Net income: NT$114.3m (flat on 3Q 2020). Profit margin: 6.4% (down from 7.9% 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 42% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Oct 01
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 08 October 2021. Payment date: 28 October 2021. Trailing yield: 6.1%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (4.2%). Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$0.14 (vs NT$1.15 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$1.41b (up 18% from 2Q 2020). Net income: NT$10.8m (down 88% from 2Q 2020). Profit margin: 0.8% (down from 7.6% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$44.20, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 12x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 33% over the past three years. Reported Earnings • May 12
First quarter 2021 earnings released: EPS NT$1.03 (vs NT$1.59 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: NT$1.28b (up 15% from 1Q 2020). Net income: NT$81.4m (down 35% from 1Q 2020). Profit margin: 6.4% (down from 11% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improved over the past week After last week's 20% share price gain to NT$69.80, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 15x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 87% over the past three years. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS NT$5.79 (vs NT$3.19 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$5.27b (up 26% from FY 2019). Net income: NT$456.6m (up 82% from FY 2019). Profit margin: 8.7% (up from 6.0% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 49% 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 14
Third quarter 2020 earnings released: EPS NT$1.46 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: NT$1.45b (up 22% from 3Q 2019). Net income: NT$114.7m (up 11% from 3Q 2019). Profit margin: 7.9% (down from 8.7% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth.