Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$38.55, the stock trades at a trailing P/E ratio of 53.4x. Average trailing P/E is 19x in the Luxury industry in Taiwan. Total loss to shareholders of 42% over the past three years. Reported Earnings • May 19
First quarter 2026 earnings released: EPS: NT$0.11 (vs NT$0.36 in 1Q 2025) First quarter 2026 results: EPS: NT$0.11 (down from NT$0.36 in 1Q 2025). Revenue: NT$430.3m (down 10% from 1Q 2025). Net income: NT$3.83m (down 71% from 1Q 2025). Profit margin: 0.9% (down from 2.7% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: NT$0.98 (vs NT$1.64 in FY 2024) Full year 2025 results: EPS: NT$0.98 (down from NT$1.64 in FY 2024). Revenue: NT$1.68b (down 7.0% from FY 2024). Net income: NT$35.0m (down 40% from FY 2024). Profit margin: 2.1% (down from 3.2% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Announcement • Mar 06
Tainan Enterprise (Cayman) Co., Limited, Annual General Meeting, Jun 10, 2026 Tainan Enterprise (Cayman) Co., Limited, Annual General Meeting, Jun 10, 2026. Location: 1 floor no,297, sec.2 tung men rd., east district, tainan city Taiwan 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 6.4% 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 Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Profit margins are more than 30% lower than last year (2.5% net profit margin). Market cap is less than US$100m (NT$1.86b market cap, or US$59.3m). New Risk • Nov 12
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.5% Last year net profit margin: 4.0% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (3.0x net interest cover). Minor Risks Profit margins are more than 30% lower than last year (2.5% net profit margin). Market cap is less than US$100m (NT$1.82b market cap, or US$58.6m). Reported Earnings • Nov 12
Third quarter 2025 earnings released: NT$0.16 loss per share (vs NT$0.38 profit in 3Q 2024) Third quarter 2025 results: NT$0.16 loss per share (down from NT$0.38 profit in 3Q 2024). Revenue: NT$358.3m (down 14% from 3Q 2024). Net loss: NT$5.83m (down 143% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 04
Upcoming dividend of NT$0.80 per share Eligible shareholders must have bought the stock before 11 September 2025. Payment date: 17 October 2025. Payout ratio is a comfortable 46% and the cash payout ratio is 79%. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (4.7%). Reported Earnings • Aug 22
Second quarter 2025 earnings released: EPS: NT$0.59 (vs NT$0.21 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.59 (up from NT$0.21 in 2Q 2024). Revenue: NT$359.9m (down 14% from 2Q 2024). Net income: NT$20.7m (up 186% from 2Q 2024). Profit margin: 5.7% (up from 1.7% in 2Q 2024). The increase in margin was driven by lower expenses. 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 19% per year, which means it is well ahead of earnings. Declared Dividend • Aug 17
Dividend of NT$0.80 announced Shareholders will receive a dividend of NT$0.80. Ex-date: 11th September 2025 Payment date: 17th October 2025 Dividend yield will be 1.7%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by both earnings (59% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 47% per year over the past 4 years. However, payments have been volatile during that time. Earnings per share has grown by 14% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jun 14
Tainan Enterprise (Cayman) Co., Limited Announces to Appoint Members of the 6Thremuneration Committee, Effective Date of June 11, 2025 Tainan Enterprise (Cayman) Co., Limited announced the resolution of the board of directors of the company to appoint members of the 6th remuneration committee. Name of the previous position holder: Lin Chi-Yuan, Hsu Shih-Hsuan and Ho Yao-Hong. Resume of the previous position holder: Lin Chi-Yuan-Tainan Enterprise (Cayman) Co., Ltd-Independent Director; Hsu Shih-Hsuan-Tainan Enterprise (Cayman) Co., Ltd-Independent Director; Ho Yao-Hong-Tainan Enterprise (Cayman) Co., Ltd-Independent Director. Name of the new position holder: Wang Ming-Long, Ho Yao-Hong and Chen Hui-Chu. Resume of the new position holder: Wang Ming-Long-Tainan Enterprise (Cayman) Co., Ltd-Independent Director; Ho Yao-Hong-Tainan Enterprise (Cayman) Co., Ltd-Independent Director; Chen Hui-Chu-Tainan Enterprise (Cayman) Co., Ltd-Independent Director. Effective date of the new member of June 11, 2025. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.37 (vs NT$0.69 in 1Q 2024) First quarter 2025 results: EPS: NT$0.37 (down from NT$0.69 in 1Q 2024). Revenue: NT$478.7m (down 3.8% from 1Q 2024). Net income: NT$13.1m (down 46% from 1Q 2024). Profit margin: 2.7% (down from 4.9% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Announcement • Apr 29
Tainan Enterprise (Cayman) Co., Limited to Report Q1, 2025 Results on May 06, 2025 Tainan Enterprise (Cayman) Co., Limited announced that they will report Q1, 2025 results on May 06, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$44.90, the stock trades at a trailing P/E ratio of 26.8x. Average trailing P/E is 16x in the Luxury industry in Taiwan. Total returns to shareholders of 45% over the past three years. Reported Earnings • Mar 14
Full year 2024 earnings released: EPS: NT$1.67 (vs NT$3.06 in FY 2023) Full year 2024 results: EPS: NT$1.67 (down from NT$3.06 in FY 2023). Revenue: NT$1.81b (down 15% from FY 2023). Net income: NT$58.7m (down 45% from FY 2023). Profit margin: 3.2% (down from 5.0% 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 13% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Board Change • Mar 11
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Independent Director Ho Hong was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 05
Tainan Enterprise (Cayman) Co., Limited, Annual General Meeting, Jun 11, 2025 Tainan Enterprise (Cayman) Co., Limited, Annual General Meeting, Jun 11, 2025. Location: 1 floor no,297, sec.2 tung men rd., east district, tainan city Taiwan Announcement • Feb 25
Tainan Enterprise (Cayman) Co., Limited to Report Fiscal Year 2024 Results on Mar 04, 2025 Tainan Enterprise (Cayman) Co., Limited announced that they will report fiscal year 2024 results on Mar 04, 2025 Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: NT$0.39 (vs NT$0.22 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.39 (up from NT$0.22 in 3Q 2023). Revenue: NT$418.6m (down 19% from 3Q 2023). Net income: NT$13.7m (up 77% from 3Q 2023). Profit margin: 3.3% (up from 1.5% in 3Q 2023). The increase in margin was driven by lower 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 18% per year, which means it is well ahead of earnings. Announcement • Oct 29
Tainan Enterprise (Cayman) Co., Limited to Report Q3, 2024 Results on Nov 05, 2024 Tainan Enterprise (Cayman) Co., Limited announced that they will report Q3, 2024 results on Nov 05, 2024 Reported Earnings • Aug 24
Second quarter 2024 earnings released: EPS: NT$0.22 (vs NT$0.52 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.22 (down from NT$0.52 in 2Q 2023). Revenue: NT$417.7m (down 13% from 2Q 2023). Net income: NT$7.23m (down 58% from 2Q 2023). Profit margin: 1.7% (down from 3.6% 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 6% per year but the company’s share price has increased by 32% per year, which means it is well ahead of earnings. Declared Dividend • Aug 19
Dividend of NT$1.50 announced Shareholders will receive a dividend of NT$1.50. Ex-date: 5th September 2024 Payment date: 8th October 2024 Dividend yield will be 2.4%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (63% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 103% per year over the past 3 years and payments have been stable during that time. Earnings per share has grown by 37% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Aug 17
Tainan Enterprise (Cayman) Co., Limited Approves Cash Dividend for 2023, Payable on October 8, 2024 Tainan Enterprise (Cayman) Co., Limited approved cash dividend of TWD 1.5 per share for 2023. Payment date of common stock cash dividend distribution on October 8, 2024. Ex-rights (ex-dividend) record date of September 13, 2024. Announcement • Aug 09
Tainan Enterprise (Cayman) Co., Limited to Report Q2, 2024 Results on Aug 16, 2024 Tainan Enterprise (Cayman) Co., Limited announced that they will report Q2, 2024 results on Aug 16, 2024 Announcement • Jun 14
Tainan Enterprise (Cayman) Co., Limited Approves Cash Dividend for 2023 Tainan Enterprise (Cayman) Co., Limited approved cash dividend of TWD 1.5 per share for 2023. Reported Earnings • May 13
First quarter 2024 earnings released: EPS: NT$0.73 (vs NT$1.55 in 1Q 2023) First quarter 2024 results: EPS: NT$0.73 (down from NT$1.55 in 1Q 2023). Revenue: NT$497.4m (down 14% from 1Q 2023). Net income: NT$24.4m (down 53% from 1Q 2023). Profit margin: 4.9% (down from 8.9% in 1Q 2023). The decrease in margin was driven by lower revenue. 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 20% per year, which means it is well ahead of earnings. Announcement • May 02
Tainan Enterprise (Cayman) Co., Limited to Report Q1, 2024 Results on May 07, 2024 Tainan Enterprise (Cayman) Co., Limited announced that they will report Q1, 2024 results on May 07, 2024 Buy Or Sell Opportunity • Apr 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.5% to NT$60.80. The fair value is estimated to be NT$76.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 3.3%. Reported Earnings • Mar 13
Full year 2023 earnings released: EPS: NT$3.21 (vs NT$2.92 in FY 2022) Full year 2023 results: EPS: NT$3.21 (up from NT$2.92 in FY 2022). Revenue: NT$2.14b (up 10% from FY 2022). Net income: NT$107.1m (up 9.8% from FY 2022). Profit margin: 5.0% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 06
Tainan Enterprise (Cayman) Co., Limited, Annual General Meeting, Jun 12, 2024 Tainan Enterprise (Cayman) Co., Limited, Annual General Meeting, Jun 12, 2024. Location: 1F., No. 297, Sec. 2, Dongmen Rd., East District Tainan City Taiwan Agenda: To consider and approve the business report 2023; to consider and approve the 2023 employee and director remuneration report; to consider and approve the amendment of certain clauses of the rules of the procedure for directors meeting; and to consider and approve any other matters. Buy Or Sell Opportunity • Feb 01
Now 25% overvalued Over the last 90 days, the stock has fallen 19% to NT$62.50. The fair value is estimated to be NT$50.13, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Dec 23
Tainan Enterprise (Cayman) Co., Limited Announces Appointment of Chen Hang as CEO, Effective January 1, 2024 Tainan Enterprise (Cayman) Co., Limited announced appointment of Chen Hang-BRS Nike Taiwan Inc.-Director of Sales, as CEO. Effective date January 1, 2024. New Risk • Dec 06
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: 2.0% 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: Minor Risks High level of debt (44% net debt to equity). 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$2.55b market cap, or US$80.8m). New Risk • Nov 24
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 44% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (44% net debt to equity). Share price has been volatile over the past 3 months (5.7% average weekly change). Market cap is less than US$100m (NT$2.68b market cap, or US$84.6m). Reported Earnings • Nov 12
Third quarter 2023 earnings released: EPS: NT$0.23 (vs NT$0.73 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.23 (down from NT$0.73 in 3Q 2022). Revenue: NT$516.3m (up 2.2% from 3Q 2022). Net income: NT$7.73m (down 68% from 3Q 2022). Profit margin: 1.5% (down from 4.8% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Aug 31
Upcoming dividend of NT$1.50 per share at 2.0% yield Eligible shareholders must have bought the stock before 07 September 2023. Payment date: 05 October 2023. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Taiwanese dividend payers (5.6%). Lower than average of industry peers (4.5%). Reported Earnings • Aug 27
Second quarter 2023 earnings released: EPS: NT$0.54 (vs NT$0.085 loss in 2Q 2022) Second quarter 2023 results: EPS: NT$0.54 (up from NT$0.085 loss in 2Q 2022). Revenue: NT$480.5m (up 49% from 2Q 2022). Net income: NT$17.4m (up NT$20.1m from 2Q 2022). Profit margin: 3.6% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 23
Tainan Enterprise (Cayman) Co., Limited Approves Cash Dividend, Payable on October 5, 2023 Tainan Enterprise (Cayman) Co., Limited at its board of directors or shareholders meeting held on August 22, 2023 approved cash dividend of TWD 1.5 per share. Ex-rights (ex-dividend) record date is September 15, 2023. Payment date of cash dividend distribution is October 5, 2023. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$64.30, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 21x in the Luxury industry in Taiwan. Total returns to shareholders of 251% over the past three years. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$55.30, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 20x in the Luxury industry in Taiwan. Total returns to shareholders of 215% over the past three years. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$72.70, the stock trades at a trailing P/E ratio of 20.9x. Average trailing P/E is 21x in the Luxury industry in Taiwan. Total returns to shareholders of 309% over the past three years. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$75.90, the stock trades at a trailing P/E ratio of 21.8x. Average trailing P/E is 22x in the Luxury industry in Taiwan. Total returns to shareholders of 328% over the past three years. Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$74.40, the stock trades at a trailing P/E ratio of 21.3x. Average trailing P/E is 20x in the Luxury industry in Taiwan. Total returns to shareholders of 399% over the past three years. Valuation Update With 7 Day Price Move • May 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$42.40, the stock trades at a trailing P/E ratio of 14.1x. Average trailing P/E is 16x in the Luxury industry in Taiwan. Total returns to shareholders of 196% over the past three years. Reported Earnings • Mar 24
Full year 2022 earnings released: EPS: NT$3.01 (vs NT$3.23 in FY 2021) Full year 2022 results: EPS: NT$3.01 (down from NT$3.23 in FY 2021). Revenue: NT$1.94b (up 27% from FY 2021). Net income: NT$97.6m (down 6.8% from FY 2021). Profit margin: 5.0% (down from 6.9% in FY 2021). The decrease in margin was driven by higher expenses. 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 31% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 2 highly experienced directors. No independent directors (3 non-independent directors). Representative Director Fang-Qiong Wang was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Aug 29
Second quarter 2022 earnings released: NT$0.08 loss per share (vs NT$0.011 profit in 2Q 2021) Second quarter 2022 results: NT$0.08 loss per share (down from NT$0.011 profit in 2Q 2021). Revenue: NT$321.5m (up 29% from 2Q 2021). Net loss: NT$2.75m (down NT$3.11m from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 22
Upcoming dividend of NT$1.70 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 26 July 2022. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 5.3%. Lower than top quartile of Taiwanese dividend payers (6.2%). Higher than average of industry peers (3.6%). Announcement • Jun 15
Tainan Enterprise (Cayman) Co., Limited Approves Cash Dividend for the Year 2021 Tainan Enterprise (Cayman) Co., Limited approved a cash dividend of TWD 1.7 per share for the year 2021. Reported Earnings • May 13
First quarter 2022 earnings released First quarter 2022 results: Revenue: NT$459.8m (flat on 1Q 2021). Net income: NT$36.4m (down 2.9% from 1Q 2021). Profit margin: 7.9% (down from 8.2% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent There are 6 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: 6 new directors. 1 experienced director. No highly experienced directors. 3 independent directors (4 non-independent directors). Representative Director Tao-Chang Wu is the most experienced director on the board, commencing their role in 2016. Independent Director Min Li Chen 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. Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS NT$0.79 (vs NT$1.09 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$308.5m (down 15% from 3Q 2020). Net income: NT$25.7m (down 27% from 3Q 2020). Profit margin: 8.3% (down from 9.7% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 16
Upcoming dividend of NT$0.20 per share Eligible shareholders must have bought the stock before 23 September 2021. Payment date: 22 October 2021. Trailing yield: 0.6%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (2.4%). Reported Earnings • Aug 30
Second quarter 2021 earnings released: EPS NT$0.01 (vs NT$0.80 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$249.0m (down 26% from 2Q 2020). Net income: NT$354.0k (down 99% from 2Q 2020). Profit margin: 0.1% (down from 7.1% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 14
First quarter 2021 earnings released: EPS NT$1.25 (vs NT$1.09 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: NT$457.6m (down 1.5% from 1Q 2020). Net income: NT$37.4m (up NT$70.0m from 1Q 2020). Profit margin: 8.2% (up from net loss in 1Q 2020). The move to profitability 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 increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 26
Full year 2020 earnings released: EPS NT$2.35 (vs NT$0.82 loss in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$1.78b (down 6.7% from FY 2019). Net income: NT$70.6m (up NT$95.2m from FY 2019). Profit margin: 4.0% (up from net loss in FY 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 35% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Dec 08
New 90-day high: NT$50.60 The company is up 39% from its price of NT$36.50 on 09 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 4.0% over the same period. Is New 90 Day High Low • Nov 11
New 90-day high: NT$36.95 The company is up 70% from its price of NT$21.70 on 13 August 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 4.0% over the same period. Reported Earnings • Nov 10
Third quarter 2020 earnings released: EPS NT$1.17 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$364.2m (down 13% from 3Q 2019). Net income: NT$35.2m (up NT$40.8m from 3Q 2019). Profit margin: 9.7% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Oct 07
New 90-day high: NT$36.60 The company is up 83% from its price of NT$19.95 on 09 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 2.0% over the same period. 
