Reported Earnings • May 18
First quarter 2026 earnings released: EPS: NT$0.10 (vs NT$0.59 in 1Q 2025) First quarter 2026 results: EPS: NT$0.10 (down from NT$0.59 in 1Q 2025). Revenue: NT$1.59b (down 4.7% from 1Q 2025). Net income: NT$7.37m (down 83% from 1Q 2025). Profit margin: 0.5% (down from 2.6% in 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 11
Full year 2025 earnings released: NT$1.09 loss per share (vs NT$1.39 profit in FY 2024) Full year 2025 results: NT$1.09 loss per share (down from NT$1.39 profit in FY 2024). Revenue: NT$6.61b (down 1.5% from FY 2024). Net loss: NT$79.4m (down 179% from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. Announcement • Mar 10
Nan Liu Enterprise Co., Ltd., Annual General Meeting, May 29, 2026 Nan Liu Enterprise Co., Ltd., Annual General Meeting, May 29, 2026. Location: 3 floor no,699, szu lin rd., yanchao district, kaohsiung city Taiwan Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: NT$0.49 (vs NT$0.63 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.49 (up from NT$0.63 loss in 3Q 2024). Revenue: NT$1.61b (down 4.5% from 3Q 2024). Net income: NT$35.4m (up NT$81.3m from 3Q 2024). Profit margin: 2.2% (up from net loss in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. New Risk • Nov 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.07b (US$99.2m) 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 Interest payments are not well covered by earnings (3.0x net interest cover). Earnings have declined by 67% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Market cap is less than US$100m (NT$3.07b market cap, or US$99.2m). Buy Or Sell Opportunity • Oct 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 22% to NT$47.15. The fair value is estimated to be NT$59.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.5% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Sep 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 22% to NT$47.30. The fair value is estimated to be NT$59.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.5% over the last 3 years. Meanwhile, the company became loss making. Upcoming Dividend • Sep 04
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 11 September 2025. Payment date: 14 October 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 2.0%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (4.7%). New Risk • Aug 19
New minor risk - Dividend sustainability The dividend is not well covered by earnings. The company is paying a dividend despite being loss-making. Dividend yield: 1.9% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (3.0x net interest cover). Earnings have declined by 67% per year over the past 5 years. Minor Risk Paying a dividend despite being loss-making. Reported Earnings • Aug 16
Second quarter 2025 earnings released: NT$3.23 loss per share (vs NT$0.091 loss in 2Q 2024) Second quarter 2025 results: NT$3.23 loss per share (further deteriorated from NT$0.091 loss in 2Q 2024). Revenue: NT$1.62b (down 4.9% from 2Q 2024). Net loss: NT$234.5m (loss widened NT$227.9m from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Declared Dividend • Aug 13
Dividend reduced to NT$1.00 Dividend of NT$1.00 is 9.1% lower than last year. Ex-date: 11th September 2025 Payment date: 14th October 2025 Dividend yield will be 1.8%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is not adequately covered by earnings (100% earnings payout ratio). However, it is well covered by cash flows (20% 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 11% to bring the payout ratio under control. However, EPS has declined by 33% over the last 5 years so the company would need to reverse this trend. Board Change • Jun 18
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 Chi-Shan Hung was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 08
First quarter 2025 earnings released: EPS: NT$0.59 (vs NT$0.98 in 1Q 2024) First quarter 2025 results: EPS: NT$0.59 (down from NT$0.98 in 1Q 2024). Revenue: NT$1.67b (up 17% from 1Q 2024). Net income: NT$42.9m (down 40% from 1Q 2024). Profit margin: 2.6% (down from 5.0% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • Apr 27
Nan Liu Enterprise Co., Ltd. to Report Q1, 2025 Results on May 05, 2025 Nan Liu Enterprise Co., Ltd. announced that they will report Q1, 2025 results on May 05, 2025 Announcement • Apr 15
Nan Liu Enterprise Co., Ltd. Announced Cash Dividend for the Year Ended December 31, 2024 Nan Liu Enterprise Co., Ltd. announced that earnings in cash dividends to shareholders (NT$ per share): TWD 1.0 per share for the year ended December 31, 2024. New Risk • Apr 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.15b (US$95.8m) 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 Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Earnings have declined by 53% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$3.15b market cap, or US$95.8m). 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$48.25, the stock trades at a trailing P/E ratio of 34.7x. Average forward P/E is 13x in the Luxury industry in Taiwan. Total loss to shareholders of 46% over the past three years. Buy Or Sell Opportunity • Mar 18
Now 21% overvalued Over the last 90 days, the stock has fallen 3.5% to NT$63.50. The fair value is estimated to be NT$52.34, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 21%. Announcement • Mar 12
Nan Liu Enterprise Co., Ltd., Annual General Meeting, May 26, 2025 Nan Liu Enterprise Co., Ltd., Annual General Meeting, May 26, 2025, at 10:00 Taipei Standard Time. Location: 3 floor no,699, szu lin rd., yanchao district, kaohsiung city Taiwan Reported Earnings • Mar 12
Full year 2024 earnings released: EPS: NT$1.39 (vs NT$1.65 in FY 2023) Full year 2024 results: EPS: NT$1.39 (down from NT$1.65 in FY 2023). Revenue: NT$6.72b (up 8.7% from FY 2023). Net income: NT$101.0m (down 16% from FY 2023). Profit margin: 1.5% (down from 1.9% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Feb 28
Nan Liu Enterprise Co., Ltd. to Report Fiscal Year 2024 Results on Mar 10, 2025 Nan Liu Enterprise Co., Ltd. announced that they will report fiscal year 2024 results on Mar 10, 2025 New Risk • Feb 27
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Dividend per share is over 5x earnings per share. Dividend yield: 1.7% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (8.0% operating cash flow to total debt). Earnings have declined by 48% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (dividend per share is over 5x earnings per share). Profit margins are more than 30% lower than last year (0.2% net profit margin). 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: 0.2% Last year net profit margin: 1.6% 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 Risks Debt is not well covered by operating cash flow (8.0% operating cash flow to total debt). Earnings have declined by 48% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (0.2% net profit margin). Reported Earnings • Nov 12
Third quarter 2024 earnings released: NT$0.63 loss per share (vs NT$0.43 profit in 3Q 2023) Third quarter 2024 results: NT$0.63 loss per share (down from NT$0.43 profit in 3Q 2023). Revenue: NT$1.69b (up 15% from 3Q 2023). Net loss: NT$45.9m (down 248% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Announcement • Nov 01
Nan Liu Enterprise Co., Ltd. to Report Q3, 2024 Results on Nov 08, 2024 Nan Liu Enterprise Co., Ltd. announced that they will report Q3, 2024 results on Nov 08, 2024 Upcoming Dividend • Sep 05
Upcoming dividend of NT$1.10 per share Eligible shareholders must have bought the stock before 12 September 2024. Payment date: 14 October 2024. Payout ratio is on the higher end at 87%, however this is supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (4.4%). Lower than average of industry peers (3.2%). Reported Earnings • Aug 17
Second quarter 2024 earnings released: NT$0.09 loss per share (vs NT$1.13 profit in 2Q 2023) Second quarter 2024 results: NT$0.09 loss per share (down from NT$1.13 profit in 2Q 2023). Revenue: NT$1.71b (up 4.4% from 2Q 2023). Net loss: NT$6.63m (down 108% from profit in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Declared Dividend • Aug 14
Dividend increased to NT$1.10 Dividend of NT$1.10 is 10% higher than last year. Ex-date: 12th September 2024 Payment date: 14th October 2024 Dividend yield will be 1.6%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is well covered by both earnings (44% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 51% to shift the payout ratio to a potentially unsustainable range, which is more than the 22% EPS decline seen over the last 5 years. Announcement • Aug 03
Nan Liu Enterprise Co., Ltd. to Report Q2, 2024 Results on Aug 12, 2024 Nan Liu Enterprise Co., Ltd. announced that they will report Q2, 2024 results on Aug 12, 2024 New Risk • Jun 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 30% 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 Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Earnings have declined by 37% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Announcement • Jun 01
Nan Liu Enterprise Co., Ltd. Appoints Hung,Chi-Shan as Independent Director Nan Liu Enterprise Co., Ltd. announced appointment of Hung,Chi-Shan as Independent director. Resume of the new position holder: HUNG,CHI-SHAN/Consultant of Kaohsiung Institute of Certified Public Accountants. Effective date of the new appointment is May 31, 2024. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: NT$0.98 (vs NT$0.14 in 1Q 2023) First quarter 2024 results: EPS: NT$0.98 (up from NT$0.14 in 1Q 2023). Revenue: NT$1.43b (flat on 1Q 2023). Net income: NT$71.1m (up NT$60.8m from 1Q 2023). Profit margin: 5.0% (up from 0.7% in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Announcement • May 03
Nan Liu Enterprise Co., Ltd. to Report Q1, 2024 Results on May 09, 2024 Nan Liu Enterprise Co., Ltd. announced that they will report Q1, 2024 results on May 09, 2024 Reported Earnings • Mar 17
Full year 2023 earnings released: EPS: NT$1.65 (vs NT$0.80 in FY 2022) Full year 2023 results: EPS: NT$1.65 (up from NT$0.80 in FY 2022). Revenue: NT$6.18b (up 3.2% from FY 2022). Net income: NT$119.9m (up 108% from FY 2022). Profit margin: 1.9% (up from 1.0% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Announcement • Mar 15
Nan Liu Enterprise Co., Ltd., Annual General Meeting, May 31, 2024 Nan Liu Enterprise Co., Ltd., Annual General Meeting, May 31, 2024. Location: Headquarters conference room 3F No. 699, Silin Rd., Yanchao Dist., Kaohsiung City Kaohsiung City Taiwan Agenda: To consider 2023 business report; to consider audit committee's review of the 2023 financial statements; to consider distribution of the 2023 compensation of employees and directors; to consider the company's 2023 business report and financial statements; to consider the company's 2023 earnings distribution; to consider by-election of independent director; to consider release the prohibition on director from participation in competitive business; and to consider other issues. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$85.90, the stock trades at a trailing P/E ratio of 64.7x. Average trailing P/E is 24x in the Luxury industry in Taiwan. Total loss to shareholders of 50% over the past three years. Reported Earnings • Nov 08
Third quarter 2023 earnings released: EPS: NT$0.43 (vs NT$0.49 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.43 (down from NT$0.49 in 3Q 2022). Revenue: NT$1.47b (down 3.2% from 3Q 2022). Net income: NT$31.0m (down 13% from 3Q 2022). Profit margin: 2.1% (down from 2.4% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Sep 05
Upcoming dividend of NT$1.00 per share at 1.3% yield Eligible shareholders must have bought the stock before 12 September 2023. Payment date: 13 October 2023. Payout ratio is a comfortable 72% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (4.4%). Board Change • Aug 11
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. GM & Chairman Shih-Chung Huang was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: NT$1.13 (vs NT$0.51 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.13 (up from NT$0.51 in 2Q 2022). Revenue: NT$1.64b (up 6.6% from 2Q 2022). Net income: NT$81.8m (up 121% from 2Q 2022). Profit margin: 5.0% (up from 2.4% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 17
Full year 2022 earnings released: EPS: NT$0.80 (vs NT$1.62 in FY 2021) Full year 2022 results: EPS: NT$0.80 (down from NT$1.62 in FY 2021). Revenue: NT$5.99b (down 12% from FY 2021). Net income: NT$57.7m (down 51% from FY 2021). Profit margin: 1.0% (down from 1.7% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Announcement • Jan 01
Nan Liu Enterprise Co., Ltd. Announces the Resignation of Chih Hung,Wang¡ as Director Nan Liu Enterprise Co., Ltd. announced the resignation of Chih Hung,Wang¡ as director. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 3 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Tung-Rong Huang was the last independent 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: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 10
Third quarter 2022 earnings released: EPS: NT$0.49 (vs NT$0.27 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.49 (up from NT$0.27 in 3Q 2021). Revenue: NT$1.52b (up 5.6% from 3Q 2021). Net income: NT$35.8m (up 86% from 3Q 2021). Profit margin: 2.4% (up from 1.3% in 3Q 2021). The increase in margin was driven by higher revenue. 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 19% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 06
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 13 September 2022. Payment date: 13 October 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (6.5%). Lower than average of industry peers (3.9%). Announcement • Sep 01
Nan Liu Enterprise Co., Ltd. Announces Change of General Manager Nan Liu Enterprise Co., Ltd. announced change of general manager. Name, title, and resume of the previous position holder: Chia Nan Wang, General manager. Name, title, and resume of the new position holder: Chin San Huang, Chairman and General manager. Type of the change: resignation. Reason for the change: personal career planning. Effective date is August 31, 2022. Reported Earnings • Aug 13
Second quarter 2022 earnings released: EPS: NT$0.51 (vs NT$0.36 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.51 (up from NT$0.36 in 2Q 2021). Revenue: NT$1.53b (down 12% from 2Q 2021). Net income: NT$37.0m (up 40% from 2Q 2021). Profit margin: 2.4% (up from 1.5% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 17% per year. Announcement • Aug 11
Nan Liu Enterprise Co., Ltd. Appoints Lin,Shu-Feng as Chief Internal Auditor Nan Liu Enterprise Co., Ltd. appointed Lin,Shu-Feng as chief internal auditor. Effective date: August 9, 2022. On June 30,2022,the Company issued a major message announcing the change of chief internal auditor. This case was ratified by the Board of Directors and the Audit Committee on August 9, 2022. Announcement • Jul 31
Nan Liu Enterprise Co., Ltd. Announces Management Changes, Effective August 1, 2022 Nan Liu Enterprise Co., Ltd. announced Chang Cheng Hsu, accounting manager as financial officer and corporate governance officer in replace of I Hui Chou, financial manager, effective August 1, 2022. Reported Earnings • May 15
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: NT$0.16 (down from NT$1.56 in 1Q 2021). Revenue: NT$1.29b (down 28% from 1Q 2021). Net income: NT$11.8m (down 90% from 1Q 2021). Profit margin: 0.9% (down from 6.3% in 1Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 19%. Earnings per share (EPS) also missed analyst estimates by 88%. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 4 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Tung-Rong Huang was the last independent 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: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 20
Nan Liu Enterprise Co., Ltd. Announces Corporate Governance Officer Changes Nan Liu Enterprise Co., Ltd. announced corporate governance officer change. Name, title, and resume of the previous position holder: Chun Chin Chuang, manager. Name, title, and resume of the new position holder: I Hui Chou, manager. Reason for the change: position adjustment. Effective date is April 19, 2022. Reported Earnings • Mar 18
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: NT$1.62 (down from NT$20.02 in FY 2020). Revenue: NT$6.78b (down 28% from FY 2020). Net income: NT$117.3m (down 92% from FY 2020). Profit margin: 1.7% (down from 16% in FY 2020). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 19%. Earnings per share (EPS) also missed analyst estimates by 88%. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS NT$0.27 (vs NT$6.58 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$1.44b (down 48% from 3Q 2020). Net income: NT$19.3m (down 96% from 3Q 2020). Profit margin: 1.3% (down from 17% 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 27% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improved over the past week After last week's 15% share price gain to NT$136, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 15x in the Luxury industry in Taiwan. Total loss to shareholders of 14% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$90.06 per share. Upcoming Dividend • Sep 09
Upcoming dividend of NT$12.00 per share Eligible shareholders must have bought the stock before 16 September 2021. Payment date: 13 October 2021. Trailing yield: 9.2%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.5%). Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS NT$0.36 (vs NT$5.62 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$1.75b (down 32% from 2Q 2020). Net income: NT$26.5m (down 94% from 2Q 2020). Profit margin: 1.5% (down from 16% 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 35% 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 • May 17
Investor sentiment improved over the past week After last week's 23% share price gain to NT$202, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 20x in the Luxury industry in Taiwan. Total returns to shareholders of 36% over the past three years. Reported Earnings • May 11
First quarter 2021 earnings released: EPS NT$1.56 (vs NT$1.96 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: NT$1.81b (up 16% from 1Q 2020). Net income: NT$113.4m (down 21% from 1Q 2020). Profit margin: 6.3% (down from 9.1% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 11
Full year 2020 earnings released: EPS NT$20.02 (vs NT$7.25 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$9.37b (up 43% from FY 2019). Net income: NT$1.45b (up 176% from FY 2019). Profit margin: 16% (up from 8.0% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Mar 11
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) exceeded analyst estimates by 1.3%. Over the next year, revenue is expected to shrink by 3.1% compared to a 10% growth forecast for the Luxury industry in Taiwan. Announcement • Mar 11
Nan Liu Enterprise Co., Ltd., Annual General Meeting, May 28, 2021 Nan Liu Enterprise Co., Ltd., Annual General Meeting, May 28, 2021. Location: No. 699, Silin Rd., Yanchao Dist. Headquarters conference room 3F Kaohsiung City Taiwan Agenda: To consider 2020 Business Report; to consider audit committee's review of the 2020 Financial Statements; to consider distribution of the 2020 compensation of employees and directors; to consider amendments to parts of guidelines for the adoption of codes of ethical conduct; and to consider other matters. Is New 90 Day High Low • Feb 17
New 90-day low: NT$168 The company is down 17% from its price of NT$203 on 19 November 2020. The Taiwanese market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$136 per share. Is New 90 Day High Low • Jan 08
New 90-day low: NT$177 The company is down 29% from its price of NT$248 on 08 October 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury 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$871 per share. Is New 90 Day High Low • Dec 15
New 90-day low: NT$180 The company is down 27% from its price of NT$247 on 16 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$874 per share. Is New 90 Day High Low • Nov 20
New 90-day low: NT$200 The company is down 28% from its price of NT$277 on 21 August 2020. The Taiwanese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$764 per share. Price Target Changed • Nov 14
Price target lowered to NT$261 Down from NT$331, the current price target is an average from 2 analysts. The new target price is 29% above the current share price of NT$202. As of last close, the stock is up 55% over the past year. Reported Earnings • Nov 10
Third quarter 2020 earnings released: EPS NT$6.57 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$2.77b (up 75% from 3Q 2019). Net income: NT$477.3m (up 196% from 3Q 2019). Profit margin: 17% (up from 10% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Nov 10
Revenue misses expectations Revenue missed analyst estimates by 1.0%. Over the next year, revenue is forecast to grow 11%, compared to a 3.2% growth forecast for the Luxury industry in Taiwan. Is New 90 Day High Low • Nov 02
New 90-day low: NT$228 The company is down 19% from its price of NT$282 on 04 August 2020. The Taiwanese market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury 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$171 per share. Is New 90 Day High Low • Sep 24
New 90-day low: NT$242 The company is down 6.0% from its price of NT$258 on 24 June 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$178 per share.