Reported Earnings • May 17
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: NT$4.81 (up from NT$4.71 in 1Q 2025). Revenue: NT$1.89b (up 25% from 1Q 2025). Net income: NT$328.2m (up 15% from 1Q 2025). Profit margin: 17% (down from 19% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 18
Price target decreased by 7.3% to NT$315 Down from NT$339, the current price target is an average from 4 analysts. New target price is 62% above last closing price of NT$195. Stock is down 3.0% over the past year. The company is forecast to post earnings per share of NT$18.17 for next year compared to NT$14.79 last year. New Risk • Mar 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 26% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (26% accrual ratio). Minor Risk Dividend is not well covered by cash flows (dividend per share is over 8x cash flows per share). Reported Earnings • Mar 17
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: NT$14.79 (down from NT$15.41 in FY 2024). Revenue: NT$7.48b (up 28% from FY 2024). Net income: NT$928.3m (flat on FY 2024). Profit margin: 12% (down from 16% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 5.2%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 6.5% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$204, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 13x in the Luxury industry in Taiwan. Total returns to shareholders of 150% over the past three years. Announcement • Feb 12
Great Giant Fibre Garment Co., Ltd., Annual General Meeting, May 11, 2026 Great Giant Fibre Garment Co., Ltd., Annual General Meeting, May 11, 2026. Location: 15 floor no,99, fu hsing n. rd., songshan district, taipei city Taiwan New Risk • Dec 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 6.3% 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: Minor Risks Dividend is not well covered by cash flows (119% cash payout ratio). Share price has been volatile over the past 3 months (6.3% average weekly change). Profit margins are more than 30% lower than last year (11% net profit margin). Buy Or Sell Opportunity • Nov 11
Now 23% undervalued Over the last 90 days, the stock has risen 5.9% to NT$278. The fair value is estimated to be NT$358, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.9% over the last 3 years. Earnings per share has declined by 6.7%. Revenue is forecast to grow by 22% in a year. Earnings are forecast to grow by 38% in the next year. Reported Earnings • Nov 05
Third quarter 2025 earnings released: EPS: NT$6.07 (vs NT$5.98 in 3Q 2024) Third quarter 2025 results: EPS: NT$6.07 (up from NT$5.98 in 3Q 2024). Revenue: NT$2.26b (up 5.6% from 3Q 2024). Net income: NT$377.2m (up 4.6% from 3Q 2024). Profit margin: 17% (in line with 3Q 2024). Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 5.5% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 47% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$276, the stock trades at a trailing P/E ratio of 21.1x. Average forward P/E is 16x in the Luxury industry in Taiwan. Total returns to shareholders of 154% over the past three years. Upcoming Dividend • Sep 19
Upcoming dividend of NT$9.15 per share Eligible shareholders must have bought the stock before 26 September 2025. Payment date: 22 October 2025. Payout ratio is on the higher end at 79%, and the cash payout ratio is above 100%. Trailing yield: 4.1%. Lower than top quartile of Taiwanese dividend payers (5.3%). In line with average of industry peers (4.5%). Announcement • Sep 04
Great Giant Fibre Garment Co., Ltd. has completed a Follow-on Equity Offering in the amount of TWD 1.321792 billion. Great Giant Fibre Garment Co., Ltd. has completed a Follow-on Equity Offering in the amount of TWD 1.321792 billion.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 1,468,000
Price\Range: TWD 190.46
Security Name: Shares
Security Type: Common Stock
Securities Offered: 5,472,000
Price\Range: TWD 190.46 Reported Earnings • Aug 18
Second quarter 2025 earnings released: EPS: NT$0.53 (vs NT$3.08 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.53 (down from NT$3.08 in 2Q 2024). Revenue: NT$1.92b (up 60% from 2Q 2024). Net income: NT$32.4m (down 83% from 2Q 2024). Profit margin: 1.7% (down from 15% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$277, the stock trades at a trailing P/E ratio of 17.7x. Average trailing P/E is 16x in the Luxury industry in Taiwan. Total returns to shareholders of 174% over the past three years. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: NT$4.71 (vs NT$3.76 in 1Q 2024) First quarter 2025 results: EPS: NT$4.71 (up from NT$3.76 in 1Q 2024). Revenue: NT$1.51b (up 33% from 1Q 2024). Net income: NT$284.4m (up 25% from 1Q 2024). Profit margin: 19% (down from 20% 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 5% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Apr 10
Now 43% overvalued Over the last 90 days, the stock has fallen 11% to NT$220. The fair value is estimated to be NT$154, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years, while earnings per share has been flat. New Risk • Apr 07
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 12% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). High level of non-cash earnings (45% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 36% After last week's 36% share price decline to NT$176, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 19x in the Luxury industry in Taiwan. Total returns to shareholders of 40% over the past three years. Reported Earnings • Mar 28
Full year 2024 earnings released: EPS: NT$15.41 (vs NT$12.33 in FY 2023) Full year 2024 results: EPS: NT$15.41 (up from NT$12.33 in FY 2023). Revenue: NT$5.83b (up 11% from FY 2023). Net income: NT$928.6m (up 25% from FY 2023). Profit margin: 16% (up from 14% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. New Risk • Mar 03
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. This is currently the only risk that has been identified for the company. Announcement • Jan 22
Great Giant Fibre Garment Co., Ltd., Annual General Meeting, Apr 25, 2025 Great Giant Fibre Garment Co., Ltd., Annual General Meeting, Apr 25, 2025, at 10:00 Taipei Standard Time. Location: 15 floor no,99, fu hsing n. rd., songshan district, taipei city Taiwan Valuation Update With 7 Day Price Move • Sep 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$235, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 20x in the Luxury industry in Taiwan. Total returns to shareholders of 154% over the past year. Reported Earnings • Aug 18
First half 2024 earnings released: EPS: NT$7.53 (vs NT$5.14 in 1H 2023) First half 2024 results: EPS: NT$7.53 (up from NT$5.14 in 1H 2023). Revenue: NT$2.27b (down 11% from 1H 2023). Net income: NT$453.8m (up 47% from 1H 2023). Profit margin: 20% (up from 12% in 1H 2023). The increase in margin was driven by lower expenses. Upcoming Dividend • Aug 08
Upcoming dividend of NT$7.20 per share Eligible shareholders must have bought the stock before 15 August 2024. Payment date: 06 September 2024. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Taiwanese dividend payers (4.5%). In line with average of industry peers (3.3%). Reported Earnings • Apr 23
Full year 2023 earnings released: EPS: NT$12.33 (vs NT$18.75 in FY 2022) Full year 2023 results: EPS: NT$12.33 (down from NT$18.75 in FY 2022). Revenue: NT$5.25b (down 32% from FY 2022). Net income: NT$741.6m (down 34% from FY 2022). Profit margin: 14% (in line with FY 2022). Announcement • Apr 03
Great Giant Fibre Garment Co., Ltd., Annual General Meeting, Jun 27, 2024 Great Giant Fibre Garment Co., Ltd., Annual General Meeting, Jun 27, 2024. New Risk • Mar 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 32% over the past year. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Aug 30
New major risk - Revenue and earnings growth Revenue has declined by 32% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 Revenue has declined by 32% over the past year. Minor Risks Less than 3 years of financial data is available. Short dividend paying track record (1 year of continuous dividend payments). Upcoming Dividend • Aug 10
Upcoming dividend of NT$5.95 per share at 6.4% yield Eligible shareholders must have bought the stock before 17 August 2023. Payment date: 06 September 2023. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 6.4%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (4.4%). New Risk • Jun 12
New minor risk - Dividend sustainability The company has a short dividend paying track record. Less than a year of continuous dividend payments. Dividend yield: 2.8% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. 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: Minor Risks Less than 3 years of financial data is available. Short dividend paying track record (less than a year of continuous dividend payments). 
