New Risk • Mar 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 117% 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 47% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (15% net profit margin). Revenue is less than US$5m (NT$132m revenue, or US$4.1m). Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$0.32 (vs NT$0.73 in FY 2024) Full year 2025 results: EPS: NT$0.32 (down from NT$0.73 in FY 2024). Revenue: NT$131.9m (down 4.5% from FY 2024). Net income: NT$20.4m (down 56% from FY 2024). Profit margin: 16% (down from 33% in FY 2024). The decrease in margin was primarily driven by higher expenses. 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 16% per year, which means it is well ahead of earnings. Announcement • Mar 12
Global View Co., Ltd., Annual General Meeting, Jun 08, 2026 Global View Co., Ltd., Annual General Meeting, Jun 08, 2026. Location: 13 floor no,29-1, fu chung rd., banciao district, new taipei city Taiwan Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$42.65, the stock trades at a trailing P/E ratio of 77x. Average trailing P/E is 17x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 59% over the past three years. New Risk • Feb 02
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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 181% Paying a dividend despite having no free cash flows. Earnings have declined by 47% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Large one-off items impacting financial results. Revenue is less than US$5m (NT$134m revenue, or US$4.2m). New Risk • Jan 21
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.11b (US$98.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 181% Paying a dividend despite having no free cash flows. Earnings have declined by 47% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Revenue is less than US$5m (NT$134m revenue, or US$4.2m). Market cap is less than US$100m (NT$3.11b market cap, or US$98.2m). New Risk • Jan 03
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 181% The company is paying a dividend despite having no free cash flows. Dividend yield: 1.9% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough 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. 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 181% Paying a dividend despite having no free cash flows. Earnings have declined by 47% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Revenue is less than US$5m (NT$134m revenue, or US$4.3m). New Risk • Dec 04
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 6.5% 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 47% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Large one-off items impacting financial results. Revenue is less than US$5m (NT$134m revenue, or US$4.3m). New Risk • Nov 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 59% 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 47% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Revenue is less than US$5m (NT$134m revenue, or US$4.3m). Reported Earnings • Nov 17
Third quarter 2025 earnings released: NT$0.08 loss per share (vs NT$0.12 profit in 3Q 2024) Third quarter 2025 results: NT$0.08 loss per share (down from NT$0.12 profit in 3Q 2024). Revenue: NT$31.2m (down 11% from 3Q 2024). Net loss: NT$5.14m (down 170% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Reported Earnings • Aug 17
Second quarter 2025 earnings released: NT$0.10 loss per share (vs NT$0.21 profit in 2Q 2024) Second quarter 2025 results: NT$0.10 loss per share (down from NT$0.21 profit in 2Q 2024). Revenue: NT$31.7m (down 1.8% from 2Q 2024). Net loss: NT$6.16m (down 147% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. New Risk • Jun 21
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 8.8% 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 Earnings have declined by 39% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Large one-off items impacting financial results. Revenue is less than US$5m (NT$138m revenue, or US$4.7m). Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$55.20, the stock trades at a trailing P/E ratio of 52.2x. Average trailing P/E is 14x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 103% over the past three years. Declared Dividend • Jun 13
Dividend of NT$1.00 announced Dividend of NT$1.00 is the same as last year. Ex-date: 27th June 2025 Payment date: 31st July 2025 Dividend yield will be 2.3%, which is lower than the industry average of 4.1%. Sustainability & Growth Dividend is not adequately covered by earnings (95% earnings payout ratio) nor is it covered by cash flows (304% 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 grow by 5.1% to bring the payout ratio under control. However, EPS has declined by 10% over the last 5 years so the company would need to reverse this trend. Announcement • Jun 12
Global View Co., Ltd. Announces Cash Dividend for Year 2024 Global View Co., Ltd. at its 2025 Annual Shareholders' Meeting, held on June 11, 2025, announced Distribution of 2024 Profits, cash dividend each share TWD 1. New Risk • May 29
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 38% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 95% Cash payout ratio: 304% Earnings have declined by 39% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Revenue is less than US$5m (NT$138m revenue, or US$4.6m). Market cap is less than US$100m (NT$2.79b market cap, or US$92.9m). Reported Earnings • May 18
First quarter 2025 earnings released: EPS: NT$0.49 (vs NT$0.16 in 1Q 2024) First quarter 2025 results: EPS: NT$0.49 (up from NT$0.16 in 1Q 2024). Revenue: NT$32.2m (flat on 1Q 2024). Net income: NT$30.7m (up 201% from 1Q 2024). Profit margin: 95% (up from 32% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Announcement • May 01
Global View Co., Ltd. to Report Q1, 2025 Results on May 09, 2025 Global View 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$40.50, the stock trades at a trailing P/E ratio of 55.3x. Average trailing P/E is 14x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 31% over the past three years. Reported Earnings • Mar 14
Full year 2024 earnings released: EPS: NT$0.73 (vs NT$1.02 in FY 2023) Full year 2024 results: EPS: NT$0.73 (down from NT$1.02 in FY 2023). Revenue: NT$138.2m (down 13% from FY 2023). Net income: NT$46.1m (down 28% from FY 2023). Profit margin: 33% (down from 41% 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 28% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Announcement • Mar 12
Global View Co., Ltd., Annual General Meeting, Jun 11, 2025 Global View Co., Ltd., Annual General Meeting, Jun 11, 2025, at 09:00 Taipei Standard Time. Location: 13 floor no,29-1, fu chung rd., banciao district, new taipei city Taiwan Announcement • Feb 28
Global View Co., Ltd. to Report Q4, 2024 Results on Mar 07, 2025 Global View Co., Ltd. announced that they will report Q4, 2024 results on Mar 07, 2025 Board Change • Feb 27
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Chiu Chuan Liu was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Feb 26
Global View Co., Ltd. Announces Board Appointments Global View Co., Ltd. announced board appointments. Date of occurrence of the change: February 24, 2025. Elected or changed position: independent director, natural-person director. Title and name of the previous position holder: Director:Sunplus Technology Co., Ltd.; Director:Chou Chih Yuan; Director:Chiu Chi Ying; Director:Tsai Chih Chieh; Independent director:Lin Kuan Chao; Independent director:Wu Tzu Chi; Independent director:Chang Chih Liang. Resume of the previous position holder: Director:Sunplus Technology Co., Ltd.; Director:Chou Chih Yuan/Director,Global View Co., Ltd; Director:Chiu Chi Ying/Managing Partner and Attorney, PROACT INTERNATIONAL LAW OFFICE; Director:Tsai Chih Chieh/CPA and Director, Jianda Accounting Firm; Independent director:Lin Kuan Chao/CPA and Director, PKF Taiwan; Independent director:Wu Tzu Chi/Partner and Accountant, Cometrue CPAs Firm; Independent director:Chang Chih Liang/Consultant, Daiwa Cathay Capital Markets Co., Ltd. Title and name of the new position holder: Director:Chou Fa; Director:Huang Ting Yang; Director:Senlo Investment Co., Ltd. Representative:Huang Yu Feng; Director:Senlo Investment Co., Ltd. Representative:Huang Wei Lun; Independent director:Wu Shang Wen; Independent director:Liu Chiu Chuan; Independent director:Lai Chuang Kuan. .Resume of the new position holder: Director:Chou Fa/Director,Senlo Investment Co., Ltd.; Director:Huang Ting Yang/General Manager,Global View Co., Ltd.; Director:Senlo Investment Co., Ltd. Representative:Huang Yu Feng/Manager,21st Century Fudo Tsu Store; Director:Senlo Investment Co., Ltd. Representative:Huang Wei Lun/Manager,Chinatrust Real Estate Co. Qingpu Elementary School Franchise Store; Independent director:Wu Shang Wen/CPA,Evergreen United Accounting Firm; Independent director:Liu Chiu Chuan/Director,FAR.E Attorneys-at-law; Independent director:Lai Chuang Kuan/Director,JIA YI LAND DEVELOPMENT LTD. Circumstances of change: new appointment. Original term: June 9, 2023 – June 8, 2026. Effective date of the new appointment: February 24, 2025-February 23, 2028. Announcement • Jan 08
Global View Co., Ltd. Appoints Yu Yueh Lung as Chief Financial Officer Global View Co., Ltd. appointed Yu Yueh Lung as Chief Financial Officer. Effective date is January 17, 2025. Name, title, and resume of the new position holder: Yu Yueh Lung-Director of WinSheng Material Technology Co.,Ltd. Announcement • Jan 03
Global View Co., Ltd. Announces Dismissal of Chou Chih Yuan as Natural-Person Director Global View Co., Ltd. announced dismissal of Chou Chih Yuan as natural-person director. Reason for the change: During the term of office as a director, more than one half of the company's shares being held by him/her at the time he/she is elected, he/she shall, ipso facto, be discharged from the office of director. Original term is from June 9, 2023 to June 8, 2026. Announcement • Jan 02
Global View Co., Ltd. Announces the Resignation of Tsai Chih Chieh as Natural-Person Director Global View Co., Ltd. announced the resignation of Tsai Chih Chieh as natural-person director of the company. Reason for the change: Resigned as a natural person director due to personal plans. Announcement • Jan 01
Global View Co., Ltd. Announces Change of Chairperson Global View Co., Ltd. announced change of Chairperson. Name of the previous position holder:Sunplus Technology Co., Ltd. Resume of the previous position holder:Chairperson, Global View Co., Ltd. Name of the new position holder: Chiu Chi Ying. Resume of the new position holder:Director,Global View Co., Ltd. Reason for the change: resignation. Effective date of the new appointment is December 30, 2024. Announcement • Dec 06
SEN LUO INVESTMENT LTD. acquired 13.51% stake in Global View Co., Ltd. (TWSE:3040) from Sunplus Technology Company Limited (TWSE:2401) for approximately TWD 400 million. SEN LUO INVESTMENT LTD. acquired 13.51% stake in Global View Co., Ltd. (TWSE:3040) from Sunplus Technology Company Limited (TWSE:2401) for approximately TWD 400 million on December 4, 2024.
Ding Hongxun of Qian Cheng Accounting Firm acted as accountant for Sunplus Technology Company Limited.
SEN LUO INVESTMENT LTD. completed the acquisition of 13.51% stake in Global View Co., Ltd. (TWSE:3040) from Sunplus Technology Company Limited (TWSE:2401) on December 4, 2024. Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: NT$0.12 (vs NT$0.40 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.12 (down from NT$0.40 in 3Q 2023). Revenue: NT$35.2m (down 16% from 3Q 2023). Net income: NT$7.31m (down 71% from 3Q 2023). Profit margin: 21% (down from 59% in 3Q 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. New Risk • Nov 06
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 7.0% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 98% Cash payout ratio: 134% Earnings have declined by 21% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Revenue is less than US$5m (NT$149m revenue, or US$4.7m). Market cap is less than US$100m (NT$2.72b market cap, or US$85.2m). Announcement • Oct 31
Global View Co., Ltd. to Report Q3, 2024 Results on Nov 07, 2024 Global View Co., Ltd. announced that they will report Q3, 2024 results on Nov 07, 2024 Valuation Update With 7 Day Price Move • Sep 18
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$44.00, the stock trades at a trailing P/E ratio of 43.1x. Average trailing P/E is 15x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 30% over the past three years. Reported Earnings • Aug 12
Second quarter 2024 earnings released: EPS: NT$0.21 (vs NT$0.25 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.21 (down from NT$0.25 in 2Q 2023). Revenue: NT$32.3m (down 13% from 2Q 2023). Net income: NT$13.1m (down 18% from 2Q 2023). Profit margin: 41% (down from 43% in 2Q 2023). The decrease in margin was driven by lower revenue. 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 3% per year, which means it has not declined as severely as earnings. Announcement • Aug 02
Global View Co., Ltd. to Report Q2, 2024 Results on Aug 09, 2024 Global View Co., Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 New Risk • Jul 17
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 6.6% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 94% Cash payout ratio: 116% Earnings have declined by 15% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Revenue is less than US$5m (NT$153m revenue, or US$4.7m). Market cap is less than US$100m (NT$2.16b market cap, or US$66.5m). Upcoming Dividend • Jun 23
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 26 July 2024. Payout ratio is on the higher end at 94%, and the cash payout ratio is above 100%. Trailing yield: 2.8%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (3.4%). Declared Dividend • Jun 08
Dividend reduced to NT$1.00 Dividend of NT$1.00 is 50% lower than last year. Ex-date: 27th June 2024 Payment date: 26th July 2024 Dividend yield will be 2.9%, which is lower than the industry average of 4.1%. Sustainability & Growth Dividend is not adequately covered by earnings (95% earnings payout ratio) nor is it covered by cash flows (116% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 5.4% to bring the payout ratio under control. However, EPS has declined by 6.6% over the last 5 years so the company would need to reverse this trend. Announcement • Jun 08
Global View Co., Ltd. Approves Cash Dividend for the Year 2023, Expects to Payable on July 26, 2024 Global View Co., Ltd. at its 2024 Annual Shareholders' Meeting held on June 6, 2024, approved cash dividend each share of TWD 1 for the year 2023. Total Cash dividend: TWD 63,000,000. Ex-rights (ex-dividend) trading date: June 27, 2024. Ex-rights (ex-dividend) record date: July 5, 2024. Payment date of common stock cash dividend distribution: Expected release date: July 26, 2024. Date of the resolution by the board of directors or shareholders meeting or decision by the Company: June 6, 2024. Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$37.60, the stock trades at a trailing P/E ratio of 35.3x. Average trailing P/E is 17x in the Consumer Durables industry in Taiwan. Total loss to shareholders of 3.6% over the past three years. Reported Earnings • Mar 14
Full year 2023 earnings released: EPS: NT$1.02 (vs NT$1.60 in FY 2022) Full year 2023 results: EPS: NT$1.02 (down from NT$1.60 in FY 2022). Revenue: NT$158.6m (up 1.8% from FY 2022). Net income: NT$64.2m (down 36% from FY 2022). Profit margin: 41% (down from 65% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 49 percentage points per year, which is a significant difference in performance. New Risk • Nov 17
New major risk - Revenue and earnings growth Earnings have declined by 0.004% 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. Payout ratio: 154% Cash payout ratio: 126% Earnings have declined by 0.004% per year over the past 5 years. Minor Risks Revenue is less than US$5m (NT$156m revenue, or US$4.9m). Market cap is less than US$100m (NT$1.89b market cap, or US$59.4m). Buying Opportunity • Sep 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be NT$37.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.7% over the last 3 years. Earnings per share has declined by 56%. Buying Opportunity • Aug 25
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 6.2%. The fair value is estimated to be NT$37.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.7% over the last 3 years. Earnings per share has declined by 56%. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: NT$0.25 (vs NT$0.32 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.25 (down from NT$0.32 in 2Q 2022). Revenue: NT$36.9m (flat on 2Q 2022). Net income: NT$15.9m (down 21% from 2Q 2022). Profit margin: 43% (down from 55% in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 56% 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. New Risk • Jun 30
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: NT$156m (US$5.0m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 145% Cash payout ratio: 120% Minor Risks Revenue is less than US$5m (NT$156m revenue, or US$5.0m). Market cap is less than US$100m (NT$1.98b market cap, or US$63.4m). Upcoming Dividend • Jun 22
Upcoming dividend of NT$2.00 per share at 6.0% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 28 July 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 6.0%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (4.0%). Announcement • Jun 15
Global View Co., Ltd. Announces Change in Remuneration Committee Global View Co., Ltd. announced change in remuneration committee. Name of the previous position holder: Tsai Chih Chieh; Xu Mei Lan; Wu Tzu Chi. Resume of the previous position holder: Tsai Chih Chieh/CPA and Director, Jianda Accounting Firm; Xu Mei Lan/Managing Director, CITIC Securities International Company Limited; Wu Tzu Chi/Partner and Accountant, Cometrue CPAs Frim. Name of the new position holder: Lin Kuan Chao; Wu Tzu Chi; Chang Chih Liang. Resume of the new position holder: Lin Kuan Chao/CPA and Director, PKF Taiwan; Wu Tzu Chi/Partner and Accountant, Cometrue CPAs Frim; Chang Chih Liang/Consultant, Daiwa Cathay Capital Markets Co., Ltd. Effective date of the new member is June 9, 2023. Reported Earnings • Mar 16
Full year 2022 earnings released: EPS: NT$1.60 (vs NT$1.97 in FY 2021) Full year 2022 results: EPS: NT$1.60 (down from NT$1.97 in FY 2021). Revenue: NT$155.8m (down 9.2% from FY 2021). Net income: NT$100.9m (down 19% from FY 2021). Profit margin: 65% (down from 72% in FY 2021). The decrease in margin was primarily driven by higher expenses. 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 11% per year, which means it is well ahead of earnings. 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. 4 non-independent directors. Independent Director Mei Lan Xu 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 • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.77 (vs NT$0.48 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.77 (up from NT$0.48 in 3Q 2021). Revenue: NT$41.8m (down 3.1% from 3Q 2021). Net income: NT$48.6m (up 61% from 3Q 2021). 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 2% per year, which means it is well ahead of earnings. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.32 (vs NT$0.66 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.32 (down from NT$0.66 in 2Q 2021). Revenue: NT$36.7m (down 15% from 2Q 2021). Net income: NT$20.1m (down 52% from 2Q 2021). Profit margin: 55% (down from 97% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has remained flat. Upcoming Dividend • Jun 29
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 06 July 2022. Payment date: 29 July 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 6.3%. Within top quartile of Taiwanese dividend payers (6.3%). Higher than average of industry peers (4.6%). Announcement • Jun 18
Global View Co., Ltd. Approves Cash Dividend for the Year 2021 Global View Co., Ltd. held its shareholders meeting on June 17, 2022, approved cash dividend of TWD 2 per share for the year 2021. Reported Earnings • May 09
First quarter 2022 earnings released: EPS: NT$0.35 (vs NT$0.64 in 1Q 2021) First quarter 2022 results: EPS: NT$0.35 (down from NT$0.64 in 1Q 2021). Revenue: NT$37.6m (down 14% from 1Q 2021). Net income: NT$22.3m (down 44% from 1Q 2021). Profit margin: 59% (down from 92% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 1% 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. 4 non-independent directors. Independent Director Mei Lan Xu 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 • Mar 14
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$1.97 (down from NT$6.34 in FY 2020). Revenue: NT$171.5m (up 11% from FY 2020). Net income: NT$124.0m (down 69% from FY 2020). Profit margin: 72% (down from 258% in FY 2020). The decrease in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. 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 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$0.48 (vs NT$2.50 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$43.1m (up 4.6% from 3Q 2020). Net income: NT$30.1m (down 81% from 3Q 2020). Profit margin: 70% (down from 383% in 3Q 2020). 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 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$0.66 (vs NT$2.45 in 2Q 2020) Second quarter 2021 results: Net income: NT$41.8m (down 73% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 30
Upcoming dividend of NT$5.70 per share Eligible shareholders must have bought the stock before 06 August 2021. Payment date: 20 August 2021. Trailing yield: 11%. Within top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (3.5%). Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.64 (vs NT$0.78 in 1Q 2020) First quarter 2021 results: Net income: NT$40.1m (down 18% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 23
Full year 2020 earnings released: EPS NT$6.34 (vs NT$1.36 in FY 2019) Full year 2020 results: Net income: NT$399.2m (up 365% from FY 2019). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment improved over the past week After last week's 22% share price gain to NT$52.40, the stock trades at a trailing P/E ratio of 8.7x, up from the previous P/E ratio of 7.1x. Average P/E is 15x in the Consumer Durables industry in Taiwan. Total returns to shareholders over the past three years are 9.6%. Is New 90 Day High Low • Feb 17
New 90-day high: NT$40.50 The company is up 7.0% from its price of NT$37.75 on 19 November 2020. The Taiwanese market is up 14% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Consumer Durables industry, which is up 5.0% over the same period. Is New 90 Day High Low • Nov 16
New 90-day high: NT$37.90 The company is up 1.0% from its price of NT$37.50 on 18 August 2020. The Taiwanese market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 2.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$2.50 Third quarter 2020 results: Net income: NT$157.7m (up 475% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.