Reported Earnings • Mar 18
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: NT$14.92 (down from NT$18.86 in FY 2024). Revenue: NT$9.20b (down 2.9% from FY 2024). Net income: NT$1.35b (down 21% from FY 2024). Profit margin: 15% (down from 18% in FY 2024). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 3.0%. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 9% per year. Announcement • Mar 13
Topkey Corporation, Annual General Meeting, Jun 09, 2026 Topkey Corporation, Annual General Meeting, Jun 09, 2026. Location: no,18, hsing k`o rd., kuang fu li, houli district, taichung city Taiwan Reported Earnings • Nov 17
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: EPS: NT$3.86 (up from NT$3.52 in 3Q 2024). Revenue: NT$2.42b (down 7.0% from 3Q 2024). Net income: NT$350.9m (up 9.7% from 3Q 2024). Profit margin: 14% (up from 12% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.2%. Revenue is forecast to grow 3.6% p.a. on average during the next 2 years, compared to a 6.1% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has remained flat, which means it is well ahead of earnings. New Risk • Sep 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 16
Second quarter 2025 earnings: Revenues and EPS in line with analyst expectations Second quarter 2025 results: EPS: NT$3.11 (down from NT$4.32 in 2Q 2024). Revenue: NT$2.51b (up 8.3% from 2Q 2024). Net income: NT$282.5m (down 28% from 2Q 2024). Profit margin: 11% (down from 17% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. 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 1% per year, which means it is well ahead of earnings. Declared Dividend • Jun 28
Dividend increased to NT$11.00 Dividend of NT$11.00 is 29% higher than last year. Ex-date: 16th July 2025 Payment date: 15th August 2025 Dividend yield will be 5.9%, which is higher than the industry average of 5.0%. Sustainability & Growth Dividend is covered by both earnings (56% earnings payout ratio) and cash flows (63% cash payout ratio). The dividend has increased by an average of 9.3% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 19% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$5.11 (vs NT$4.30 in 1Q 2024) First quarter 2025 results: EPS: NT$5.11 (up from NT$4.30 in 1Q 2024). Revenue: NT$2.40b (up 26% from 1Q 2024). Net income: NT$463.9m (up 19% from 1Q 2024). Profit margin: 19% (down from 21% 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 1% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Announcement • May 01
Topkey Corporation to Report Q1, 2025 Results on May 08, 2025 Topkey Corporation announced that they will report Q1, 2025 results on May 08, 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$162, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 14x in the Leisure industry in Taiwan. Total returns to shareholders of 46% over the past three years. Reported Earnings • Mar 05
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: NT$18.86 (up from NT$15.58 in FY 2023). Revenue: NT$9.48b (up 2.3% from FY 2023). Net income: NT$1.71b (up 21% from FY 2023). Profit margin: 18% (up from 15% in FY 2023). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 12%. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 03
Topkey Corporation, Annual General Meeting, May 28, 2025 Topkey Corporation, Annual General Meeting, May 28, 2025. Location: b1 floor no,17, kung yeh ou rd., nan tun district, taichung city Taiwan Announcement • Feb 20
Topkey Corporation to Report Q4, 2024 Results on Feb 27, 2025 Topkey Corporation announced that they will report Q4, 2024 results on Feb 27, 2025 Reported Earnings • Nov 13
Third quarter 2024 earnings: EPS misses analyst expectations Third quarter 2024 results: EPS: NT$3.52 (down from NT$4.19 in 3Q 2023). Revenue: NT$2.60b (up 31% from 3Q 2023). Net income: NT$319.9m (down 16% from 3Q 2023). Profit margin: 12% (down from 19% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 26%. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 15% per year. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$4.33 (vs NT$5.20 in 2Q 2023) Second quarter 2024 results: EPS: NT$4.33 (down from NT$5.20 in 2Q 2023). Revenue: NT$2.32b (down 7.2% from 2Q 2023). Net income: NT$392.4m (down 17% from 2Q 2023). Profit margin: 17% (down from 19% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Aug 01
Topkey Corporation to Report Q2, 2024 Results on Aug 08, 2024 Topkey Corporation announced that they will report Q2, 2024 results on Aug 08, 2024 Upcoming Dividend • Jul 08
Upcoming dividend of NT$8.50 per share Eligible shareholders must have bought the stock before 15 July 2024. Payment date: 15 August 2024. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 4.3%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.8%). Declared Dividend • Jun 03
Dividend reduced to NT$8.50 Dividend of NT$8.50 is 23% lower than last year. Ex-date: 15th July 2024 Payment date: 15th August 2024 Dividend yield will be 4.2%, which is lower than the industry average of 5.0%. Sustainability & Growth Dividend is covered by both earnings (52% earnings payout ratio) and cash flows (44% cash payout ratio). The dividend has increased by an average of 5.4% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 8.1% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jun 01
Topkey Corporation Approves Cash Dividend, Payable on August 15, 2024 Topkey Corporation announced at shareholders meeting held on May 31, 2024, the shareholders approved cash dividend of TWD 771,970,000 (TWD 8.5 per share). Ex-rights (ex-dividend) trading date: July 15, 2024. Ex-rights (ex-dividend) record date: July 21, 2024. Payment date of common stock cash dividend distribution: August 15, 2024. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$4.30 (vs NT$3.60 in 1Q 2023) First quarter 2024 results: EPS: NT$4.30 (up from NT$3.60 in 1Q 2023). Revenue: NT$1.90b (down 31% from 1Q 2023). Net income: NT$390.9m (up 20% from 1Q 2023). Profit margin: 21% (up from 12% in 1Q 2023). The increase in margin was driven by lower expenses. 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 9% per year, which means it is significantly lagging earnings growth. Announcement • May 03
Topkey Corporation to Report Q1, 2024 Results on May 09, 2024 Topkey Corporation announced that they will report Q1, 2024 results on May 09, 2024 Announcement • Mar 01
Topkey Corporation, Annual General Meeting, May 31, 2024 Topkey Corporation, Annual General Meeting, May 31, 2024. Location: Topkey Meeting Room #B1 Taichung Taiwan Agenda: To consider 2023 Business Report; to consider The 2023 Audit Committee review report; and to consider other matters. New Risk • Nov 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% 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: 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. Reported Earnings • Aug 13
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: NT$5.20 (down from NT$7.88 in 2Q 2022). Revenue: NT$2.50b (down 6.5% from 2Q 2022). Net income: NT$472.6m (down 34% from 2Q 2022). Profit margin: 19% (down from 27% in 2Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue exceeded analyst estimates by 9.5%. Earnings per share (EPS) also surpassed analyst estimates by 115%. 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 3% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 06
Upcoming dividend of NT$11.00 per share at 5.6% yield Eligible shareholders must have bought the stock before 13 July 2023. Payment date: 15 August 2023. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 5.6%. Within top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (4.2%). Reported Earnings • Mar 30
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: NT$24.89 (up from NT$9.16 in FY 2021). Revenue: NT$11.0b (up 26% from FY 2021). Net income: NT$2.26b (up 172% from FY 2021). Profit margin: 21% (up from 9.6% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 13%. 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 33% per year, which means it is significantly lagging earnings growth. 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$206, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Leisure industry in Taiwan. Total returns to shareholders of 126% over the past three years. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment improved over the past week After last week's 17% share price gain to NT$201, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Leisure industry in Taiwan. Total returns to shareholders of 78% over the past three years. Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: NT$9.37 (up from NT$1.81 in 3Q 2021). Revenue: NT$3.17b (up 35% from 3Q 2021). Net income: NT$851.6m (up 418% from 3Q 2021). Profit margin: 27% (up from 7.0% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 43%. Revenue is forecast to grow 8.3% p.a. on average during the next 2 years, compared to a 3.2% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Cherng Lee was the last independent director to join the board, commencing their role in 2022. 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: EPS exceeds analyst expectations Third quarter 2022 results: EPS: NT$9.37 (up from NT$1.81 in 3Q 2021). Revenue: NT$3.17b (up 35% from 3Q 2021). Net income: NT$851.6m (up 418% from 3Q 2021). Profit margin: 27% (up from 7.0% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 43%. Revenue is forecast to grow 8.3% p.a. on average during the next 2 years, compared to a 3.0% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Oct 25
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from NT$9.80b to NT$10.5b. EPS estimate increased from NT$18.88 to NT$21.31 per share. Net income forecast to grow 22% next year vs 1.3% growth forecast for Leisure industry in Taiwan. Consensus price target up from NT$158 to NT$176. Share price fell 6.8% to NT$158 over the past week. Reported Earnings • Aug 15
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: NT$7.88 (up from NT$1.99 in 2Q 2021). Revenue: NT$2.68b (up 47% from 2Q 2021). Net income: NT$715.4m (up 295% from 2Q 2021). Profit margin: 27% (up from 9.9% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) also surpassed analyst estimates by 198%. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Jul 25
Upcoming dividend of NT$6.00 per share Eligible shareholders must have bought the stock before 01 August 2022. Payment date: 31 August 2022. Payout ratio is a comfortable 61% but the company is not cash flow positive. Trailing yield: 4.1%. Lower than top quartile of Taiwanese dividend payers (6.6%). In line with average of industry peers (4.4%). Announcement • Jul 22
Topkey Corporation Provides Earnings Guidance for 2022 Topkey Corporation provides earnings guidance for 2022. The Company's annual consolidated revenue is expected to reach TWD 10.2 billion, and EPS will challenge TWD 15 both of which are expected to hit record highs. Price Target Changed • Jun 15
Price target decreased to NT$158 Down from NT$185, the current price target is provided by 1 analyst. New target price is 20% above last closing price of NT$132. Stock is down 15% over the past year. The company is forecast to post earnings per share of NT$12.38 for next year compared to NT$9.16 last year. Reported Earnings • Jun 05
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: NT$3.15 (up from NT$2.51 in 1Q 2021). Revenue: NT$2.18b (up 8.6% from 1Q 2021). Net income: NT$286.0m (up 26% from 1Q 2021). Profit margin: 13% (up from 11% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 17%. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 4% per year. Announcement • May 28
Topkey Corporation Appoints Chu,Tong-Chen as Vice Chairperson of the Board of Directors Topkey Corporation appointed Chu,Tong-Chen as Vice Chairperson of the Board of Directors, effective from May 27, 2022. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Ying-Hwang Yang was the last independent director to join the board, commencing their role in 2019. 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 • Mar 30
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: NT$9.16 (up from NT$7.48 in FY 2020). Revenue: NT$8.69b (up 20% from FY 2020). Net income: NT$831.6m (up 23% from FY 2020). Profit margin: 9.6% (in line with FY 2020). Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) missed analyst estimates by 1.9%. Over the next year, revenue is forecast to grow 7.1%, compared to a 10% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 5% per year. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$1.81 (vs NT$2.39 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$2.35b (up 15% from 3Q 2020). Net income: NT$164.2m (down 24% from 3Q 2020). Profit margin: 7.0% (down from 11% in 3Q 2020). The decrease in margin was driven by higher expenses. 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 14% per year, which means it is well ahead of earnings. Price Target Changed • Sep 27
Price target decreased to NT$169 Down from NT$188, the current price target is an average from 2 analysts. New target price is 17% above last closing price of NT$145. Stock is up 2.5% over the past year. Major Estimate Revision • Aug 20
Consensus EPS estimates fall to NT$10.01 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from NT$8.42b to NT$8.30b. EPS estimate also fell from NT$11.17 to NT$10.01. Net income forecast to grow 23% next year vs 17% growth forecast for Leisure industry in Taiwan. Consensus price target broadly unchanged at NT$185. Share price was steady at NT$140 over the past week. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$1.99 (vs NT$2.35 in 2Q 2020) The company reported a poor second quarter result with weaker earnings and profit margins, although revenues were flat. Second quarter 2021 results: Revenue: NT$1.82b (flat on 2Q 2020). Net income: NT$181.1m (down 15% from 2Q 2020). Profit margin: 9.9% (down from 12% in 2Q 2020). 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 17% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 06
Upcoming dividend of NT$5.00 per share Eligible shareholders must have bought the stock before 13 August 2021. Payment date: 09 September 2021. Trailing yield: 3.3%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (2.6%). Price Target Changed • Jul 16
Price target decreased to NT$188 Down from NT$217, the current price target is provided by 1 analyst. New target price is 28% above last closing price of NT$147. Stock is down 8.1% over the past year. Executive Departure • May 27
Chief Operating Officer of Business Group has left the company On the 17th of May, G. James Hsu's tenure as Chief Operating Officer of Business Group ended after 1.4 years in the role. We don't have any record of a personal shareholding under G. James' name. G. James is the only executive to leave the company over the last 12 months. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$2.51 (vs NT$0.72 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$2.01b (up 47% from 1Q 2020). Net income: NT$227.7m (up 247% from 1Q 2020). Profit margin: 11% (up from 4.8% in 1Q 2020). The increase in margin was driven by higher revenue. 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 25% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$7.48 (vs NT$9.53 in FY 2019) The company reported a poor full year result with weaker earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: NT$7.23b (flat on FY 2019). Net income: NT$679.0m (down 22% from FY 2019). Profit margin: 9.4% (down from 12% in FY 2019). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 10
Topkey Corporation, Annual General Meeting, May 26, 2021 Topkey Corporation, Annual General Meeting, May 26, 2021. Location: Topkey Meeting Room #B1 No.17,20th Rd.,Industrial Park Taichung Taiwan Agenda: To consider the 2020 business report; to consider the 2020 audit committee review report; to consider the 2020 remuneration of employees and directors; to consider the amendments to the “Procedures for Ethical Management and Guidelines for Conduct"; to consider the amendments to the ”Codes of Ethical Conduct”; to consider the amendments to the ”Management of Operation of Board Meeting”; to consider the 2020 business report and financial statements; to consider the 2020 retained earnings distribution; to discuss and approve the amendments to “Procedures for Election of Directors” of the company; to o discuss and approve the amendments to “Rules of Procedure for Shareholders Meetings ” of the company; and to consider the other matters. Is New 90 Day High Low • Mar 04
New 90-day high: NT$169 The company is up 3.0% from its price of NT$164 on 04 December 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Leisure industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$137 per share. Is New 90 Day High Low • Jan 26
New 90-day low: NT$146 The company is down 6.0% from its price of NT$154 on 28 October 2020. The Taiwanese market is up 23% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Leisure industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$139 per share. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$2.39 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: NT$2.04b (up 2.6% from 3Q 2019). Net income: NT$217.1m (down 14% from 3Q 2019). Profit margin: 11% (down from 13% 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 9% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Oct 15
Price target raised to NT$184 Up from NT$165, the current price target is an average from 2 analysts. The new target price is 18% above the current share price of NT$155. As of last close, the stock is up 12% over the past year.