Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$244, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Leisure industry in Taiwan. Total returns to shareholders of 47% over the past three years. Upcoming Dividend • Jun 17
Upcoming dividend of NT$16.00 per share Eligible shareholders must have bought the stock before 24 June 2026. Payment date: 17 July 2026. Payout ratio is on the higher end at 78%, however this is supported by cash flows. Trailing yield: 5.3%. Within top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (4.3%). Declared Dividend • May 30
Dividend reduced to NT$16.00 Dividend of NT$16.00 is 19% lower than last year. Ex-date: 24th June 2026 Payment date: 17th July 2026 Dividend yield will be 6.1%, which is higher than the industry average of 5.0%. Sustainability & Growth Dividend is covered by both earnings (78% earnings payout ratio) and cash flows (57% cash payout ratio). The dividend has increased by an average of 7.5% per year over the past 8 years. However, payments have been volatile during that time. Earnings per share has grown by 13% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 12
First quarter 2026 earnings: EPS misses analyst expectations First quarter 2026 results: EPS: NT$6.96 (down from NT$8.83 in 1Q 2025). Revenue: NT$8.47b (flat on 1Q 2025). Net income: NT$970.4m (down 20% from 1Q 2025). Profit margin: 12% (down from 14% in 1Q 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.7%. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • Mar 13
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: NT$22.45 (down from NT$28.17 in FY 2024). Revenue: NT$29.8b (up 5.0% from FY 2024). Net income: NT$3.12b (down 18% from FY 2024). Profit margin: 11% (down from 13% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.4%. 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 6% per year, which means it is well ahead of earnings. Announcement • Mar 11
FuSheng Precision Co., Ltd., Annual General Meeting, May 27, 2026 FuSheng Precision Co., Ltd., Annual General Meeting, May 27, 2026, at 09:00 Taipei Standard Time. Location: no,398, t`ao ying rd., taoyuan district, taoyuan city Taiwan Reported Earnings • Nov 18
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: EPS: NT$3.49 (down from NT$6.09 in 3Q 2024). Revenue: NT$5.89b (down 16% from 3Q 2024). Net income: NT$485.8m (down 41% from 3Q 2024). Profit margin: 8.2% (down from 12% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 10%. Revenue is forecast to grow 3.2% p.a. on average during the next 2 years, compared to a 6.8% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Oct 27
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to NT$245. The fair value is estimated to be NT$312, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.7% over the last 3 years. Earnings per share has declined by 7.3%. Revenue is forecast to decline by 2.6% in a year. Earnings are forecast to decline by 8.2% in the next year. Price Target Changed • Aug 22
Price target decreased by 14% to NT$320 Down from NT$372, the current price target is an average from 2 analysts. New target price is 22% above last closing price of NT$262. Stock is down 7.4% over the past year. The company is forecast to post earnings per share of NT$22.86 for next year compared to NT$28.17 last year. Major Estimate Revision • Aug 22
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$30.1b to NT$29.8b. EPS estimate also fell from NT$26.68 per share to NT$22.86 per share. Net income forecast to shrink 8.2% next year vs 3.1% growth forecast for Leisure industry in Taiwan . Consensus price target down from NT$372 to NT$320. Share price fell 3.1% to NT$262 over the past week. New Risk • Aug 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.7% 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 0.7% 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 15
Second quarter 2025 earnings: EPS misses analyst expectations Second quarter 2025 results: EPS: NT$2.27 (down from NT$5.57 in 2Q 2024). Revenue: NT$6.57b (up 7.0% from 2Q 2024). Net income: NT$316.2m (down 57% from 2Q 2024). Profit margin: 4.8% (down from 12% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 45%. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Declared Dividend • Jun 22
Dividend of NT$19.65 announced Shareholders will receive a dividend of NT$19.65. Ex-date: 7th July 2025 Payment date: 31st July 2025 Dividend yield will be 6.7%, which is higher than the industry average of 5.0%. Sustainability & Growth Dividend is covered by earnings (66% earnings payout ratio) but not covered by cash flows (129% cash payout ratio). The dividend has increased by an average of 12% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 2.0% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 20
FuSheng Precision Co., Ltd. Announces Adjustment to the Cash Dividend, Payable on July 31, 2025 FuSheng Precision Co., Ltd. announced on common stock cash dividend. The adjusted type and monetary amount of Cash dividend from earnings is TWD 2,738,837,199 or TWD 19.64916189 for each common share. The original type and monetary amount of Cash dividend from earnings was TWD 2,738,837,199 or TWD 19.7 for each common share. The ex-dividend date is July 7, 2025; the record date is July 13, 2025; and the payment date is July 31, 2025. New Risk • May 12
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.6% 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 1.6% 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. Announcement • May 01
FuSheng Precision Co., Ltd. to Report Q1, 2025 Results on May 08, 2025 FuSheng Precision Co., Ltd. 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 20% After last week's 20% share price decline to NT$291, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 14x in the Leisure industry in Taiwan. Total returns to shareholders of 73% over the past three years. Announcement • Apr 01
FuSheng Precision Co., Ltd. (TWSE:6670) completed the acquisition of 51% stake in Proxene Tools Co., Ltd. (TPEX:6904). FuSheng Precision Co., Ltd. (TWSE:6670) proposed to acquire 51% stake in Proxene Tools Co., Ltd. (TPEX:6904) for TWD 1.5 billion on March 11, 2025. A cash consideration of TWD 1.48 billion valued at TWD 157 per share will be paid by FuSheng Precision Co., Ltd. As part of consideration, TWD 1.48 billion is paid towards common equity of Proxene Tools Co., Ltd. The transaction is subject to approval of offer by acquirer board and minimum tender. The deal has been approved by the board.
As of March 14, 2025, all conditions of the tender offer of common shares of Proxene Tools Co., Ltd. have been satisfied, and the minimum quantity has been reached.
FuSheng Precision Co., Ltd. (TWSE:6670) completed the acquisition of 51% stake in Proxene Tools Co., Ltd. (TPEX:6904) on March 31, 2025. Announcement • Mar 13
FuSheng Precision Co., Ltd. (TWSE:6670) proposed to acquire 51% stake in Proxene Tools Co., Ltd. (TPEX:6904) for TWD 1.5 billion. FuSheng Precision Co., Ltd. (TWSE:6670) proposed to acquire 51% stake in Proxene Tools Co., Ltd. (TPEX:6904) for TWD 1.5 billion on March 11, 2025. A cash consideration of TWD 1.48 billion valued at TWD 157 per share will be paid by FuSheng Precision Co., Ltd. As part of consideration, TWD 1.48 billion is paid towards common equity of Proxene Tools Co., Ltd. The transaction is subject to approval of offer by acquirer board and minimum tender. The deal has been approved by the board. Announcement • Feb 15
FuSheng Precision Co., Ltd. Announces Retirement of Tsai, Hsienyi as Chief Information Security Officer, Effective February 15, 2025 FuSheng Precision Co., Ltd. announced change of chief information security officer. Name, title, and resume of the previous position holder: Tsai, Hsienyi/Senior Manager of Information & System Center. Type of the change: Retirement. Effective date is February 15, 2025. New Risk • Jan 04
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.1% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. 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. Shareholders have been diluted in the past year (3.1% increase in shares outstanding). Reported Earnings • Nov 17
Third quarter 2024 earnings: EPS exceeds analyst expectations Third quarter 2024 results: EPS: NT$6.09 (up from NT$3.55 in 3Q 2023). Revenue: NT$7.02b (up 34% from 3Q 2023). Net income: NT$827.1m (up 76% from 3Q 2023). Profit margin: 12% (up from 9.0% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.9%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Announcement • Nov 05
FuSheng Precision Co., Ltd. to Report Q3, 2024 Results on Nov 12, 2024 FuSheng Precision Co., Ltd. announced that they will report Q3, 2024 results on Nov 12, 2024 New Risk • Aug 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.5% 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 5.5% 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. Announcement • Aug 06
FuSheng Precision Co., Ltd. to Report Q2, 2024 Results on Aug 13, 2024 FuSheng Precision Co., Ltd. announced that they will report Q2, 2024 results on Aug 13, 2024 Buy Or Sell Opportunity • Aug 05
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.8% to NT$260. The fair value is estimated to be NT$346, 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 15%. Revenue is forecast to grow by 17% in a year. Earnings are forecast to grow by 30% in the next year. Upcoming Dividend • Jul 09
Upcoming dividend of NT$12.31 per share Eligible shareholders must have bought the stock before 16 July 2024. Payment date: 02 August 2024. Payout ratio is a comfortable 63% and the cash payout ratio is 76%. Trailing yield: 4.2%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.8%). Declared Dividend • Jun 20
Dividend reduced to NT$12.50 Dividend of NT$12.50 is 43% lower than last year. Ex-date: 16th July 2024 Payment date: 2nd August 2024 Dividend yield will be 4.3%, which is lower than the industry average of 5.0%. Sustainability & Growth Dividend is covered by both earnings (63% earnings payout ratio) and cash flows (43% cash payout ratio). The dividend has increased by an average of 5.6% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Announcement • Jun 19
FuSheng Precision Co., Ltd. Announces Cash Dividend, Payable on August 2, 2024 FuSheng Precision Co., Ltd. announced cash dividend from earnings of TWD 1,659,703,138 (TWD 12.5 for each common share). Ex-rights (ex-dividend) trading date: July 16, 2024. Ex-rights (ex-dividend) record date: July 22, 2024. Payment date of common stock cash dividend distribution: August 2, 2024. Date of the resolution by the board of directors or shareholders meeting or decision by the Company: June 18, 2024. Reported Earnings • May 09
First quarter 2024 earnings released: EPS: NT$7.01 (vs NT$5.42 in 1Q 2023) First quarter 2024 results: EPS: NT$7.01 (up from NT$5.42 in 1Q 2023). Revenue: NT$6.37b (down 10% from 1Q 2023). Net income: NT$930.2m (up 31% from 1Q 2023). Profit margin: 15% (up from 10.0% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.9% p.a. on average during the next 2 years, compared to a 6.7% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 14% per year. Announcement • May 01
FuSheng Precision Co., Ltd. to Report Q1, 2024 Results on May 07, 2024 FuSheng Precision Co., Ltd. announced that they will report Q1, 2024 results on May 07, 2024 Price Target Changed • Apr 27
Price target increased by 9.1% to NT$271 Up from NT$248, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of NT$265. Stock is up 23% over the past year. The company is forecast to post earnings per share of NT$27.35 for next year compared to NT$18.18 last year. Major Estimate Revision • Mar 20
Consensus EPS estimates increase by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from NT$26.3b to NT$27.8b. EPS estimate increased from NT$20.92 to NT$24.53 per share. Net income forecast to grow 35% next year vs 35% growth forecast for Leisure industry in Taiwan. Consensus price target broadly unchanged at NT$236. Share price rose 2.6% to NT$236 over the past week. Announcement • Mar 14
FuSheng Precision Co., Ltd., Annual General Meeting, Jun 18, 2024 FuSheng Precision Co., Ltd., Annual General Meeting, Jun 18, 2024. Location: NO.398,Taoying Rd., Taoyuan Dist., Taoyuan City (Chuto Hotel, RuYi Meeting Room) Taoyuan City Taiwan Agenda: To discuss The Company's 2023 Business Report; to discuss Audit Committee Review Report in 2023; to discuss Distribution of employees' and directors' compensation in 2023; to discuss Endorsement/Guarantee provided to others for the year ended December 31, 2023; to discuss Compensation paid to directors and independent directors in 2023; and to discuss other matters. Reported Earnings • Mar 14
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: NT$18.18 (down from NT$36.64 in FY 2022). Revenue: NT$24.4b (down 28% from FY 2022). Net income: NT$2.40b (down 50% from FY 2022). Profit margin: 9.9% (down from 14% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 5.8% p.a. on average during the next 2 years, compared to a 3.6% 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 fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Dec 23
Fusheng Precision Co., Ltd. Announces the Appointment of Tsai, Hsienyi as Chief Information Security Officer FuSheng Precision Co., Ltd. announced the appointment of Tsai, Hsienyi, Senior Manager of Information & System Center as Chief Information Security Officer. Reason for the change: New replacement. Effective date: December 22, 2023. New Risk • Nov 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.8% 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 3.8% per year for the foreseeable future. Minor Risk Dividend is not well covered by earnings (103% payout ratio). Announcement • Nov 02
FuSheng Precision Co., Ltd. Announces Change of Corporate Governance Officer FuSheng Precision Co., Ltd. announced the change of Corporate Governance Officer. Name, title, and resume of the previous position holder: CHEN, PIN-YEN/special assistant of finance center. Name, title, and resume of the new position holder: CHEN, CHIA-CHING/manager of finance center. Reason for the change: personal career plan. Effective date: November 1, 2023. The position is temporarily performed by CHEN, CHIA-CHING, and it will be reported to the latest board of directors for ratification. Major Estimate Revision • Aug 17
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$26.2b to NT$24.7b. EPS estimate also fell from NT$20.28 per share to NT$17.97 per share. Net income forecast to shrink 32% next year vs 13% growth forecast for Leisure industry in Taiwan . Consensus price target of NT$220 unchanged from last update. Share price was steady at NT$195 over the past week. Reported Earnings • Aug 09
Second quarter 2023 earnings: EPS exceeds analyst expectations Second quarter 2023 results: EPS: NT$3.94 (down from NT$10.29 in 2Q 2022). Revenue: NT$5.06b (down 40% from 2Q 2022). Net income: NT$522.9m (down 61% from 2Q 2022). Profit margin: 10% (down from 16% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 26%. Revenue is expected to decline by 7.7% p.a. on average during the next 2 years, while revenues in the Leisure industry in Taiwan are expected to grow by 3.8%. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 14
Upcoming dividend of NT$22.00 per share at 10.0% yield Eligible shareholders must have bought the stock before 21 July 2023. Payment date: 18 August 2023. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 10.0%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (4.2%). Major Estimate Revision • Jul 11
Consensus revenue estimates fall by 15% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$28.8b to NT$24.4b. EPS estimate fell from NT$24.84 to NT$17.36 per share. Net income forecast to shrink 47% next year vs 20% decline forecast for Leisure industry in Taiwan. Consensus price target of NT$210 unchanged from last update. Share price fell 2.2% to NT$224 over the past week. Price Target Changed • Mar 30
Price target decreased by 12% to NT$210 Down from NT$240, the current price target is an average from 2 analysts. New target price is 8.7% below last closing price of NT$230. Stock is up 13% over the past year. The company is forecast to post earnings per share of NT$22.63 for next year compared to NT$36.64 last year. Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: NT$36.64 (vs NT$18.03 in FY 2021) Full year 2022 results: EPS: NT$36.64 (up from NT$18.03 in FY 2021). Revenue: NT$33.7b (up 45% from FY 2021). Net income: NT$4.80b (up 103% from FY 2021). Profit margin: 14% (up from 10% in FY 2021). The increase in margin was driven by higher revenue. Revenue is expected to decline by 16% p.a. on average during the next 2 years, while revenues in the Leisure industry in Taiwan are expected to grow by 2.1%. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Mar 14
Now 21% undervalued Over the last 90 days, the stock is up 3.8%. The fair value is estimated to be NT$291, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 25%. Revenue is forecast to decline by 15% in 2 years. Earnings is forecast to decline by 32% in the next 2 years. Major Estimate Revision • Nov 27
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from NT$31.9b to NT$31.4b. EPS estimate rose from NT$31.24 to NT$36.30. Net income forecast to shrink 20% next year vs 16% decline forecast for Leisure industry in Taiwan. Consensus price target of NT$229 unchanged from last update. Share price was steady at NT$206 over the past week. Board Change • Nov 16
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 not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 2 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Victor Liu was the last independent director to join the board, commencing their role in 2018. 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 11
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: NT$10.34 (up from NT$3.34 in 3Q 2021). Revenue: NT$8.04b (up 57% from 3Q 2021). Net income: NT$1.35b (up 210% from 3Q 2021). Profit margin: 17% (up from 8.6% 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 13%. Revenue is expected to decline by 9.5% p.a. on average during the next 3 years, while revenues in the Leisure industry in Taiwan are expected to grow by 3.8%. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Oct 21
Consensus EPS estimates increase by 15% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from NT$30.7b to NT$31.9b. EPS estimate increased from NT$27.12 to NT$31.24 per share. Net income forecast to grow 5.3% next year vs 1.3% growth forecast for Leisure industry in Taiwan. Consensus price target of NT$230 unchanged from last update. Share price was steady at NT$180 over the past week. Reported Earnings • Aug 10
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: NT$10.29 (up from NT$4.35 in 2Q 2021). Revenue: NT$8.37b (up 39% from 2Q 2021). Net income: NT$1.35b (up 136% from 2Q 2021). Profit margin: 16% (up from 9.5% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.5%. Earnings per share (EPS) also surpassed analyst estimates by 18%. Over the next year, revenue is forecast to grow 6.6%, compared to a 10% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 13
Upcoming dividend of NT$12.00 per share Eligible shareholders must have bought the stock before 20 July 2022. Payment date: 16 August 2022. Payout ratio is a comfortable 61% but the company is paying out more than the cash it is generating. Trailing yield: 6.2%. Lower than top quartile of Taiwanese dividend payers (6.9%). Higher than average of industry peers (4.5%). Major Estimate Revision • Jul 02
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from NT$30.9b to NT$31.5b. EPS estimate increased from NT$26.54 to NT$29.50 per share. Net income forecast to grow 41% next year vs 22% growth forecast for Leisure industry in Taiwan. Consensus price target of NT$240 unchanged from last update. Share price fell 5.3% to NT$187 over the past week. Announcement • Jun 23
Fusheng Precision Co., Ltd. Announces Cash Dividend, Payable on August 16, 2022 FuSheng Precision Co., Ltd. announced cash dividend from earnings of TWD 1,572,360,000 (TWD 12 for each common share). Ex-rights (ex-dividend) trading date is July 20, 2022. Ex-rights (ex-dividend) record date is July 26, 2022. Cash Dividend Payment Date is August 16, 2022. Reported Earnings • May 14
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: NT$7.59 (up from NT$5.84 in 1Q 2021). Revenue: NT$8.09b (up 39% from 1Q 2021). Net income: NT$994.2m (up 30% from 1Q 2021). Profit margin: 12% (in line with 1Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.6%. Over the next year, revenue is forecast to grow 16%, compared to a 13% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 8% per year. 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 not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 2 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Victor Liu was the last independent director to join the board, commencing their role in 2018. 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 07
FuSheng Precision Co., Ltd., Annual General Meeting, Jun 21, 2022 FuSheng Precision Co., Ltd., Annual General Meeting, Jun 21, 2022. Announcement • Dec 24
FuSheng Precision Co., Ltd. announced that it expects to receive TWD 15 billion in funding FuSheng Precision Co., Ltd. announced a private placement of zero coupon unsecured convertible corporate bonds for maximum gross proceeds of TWD 1,500,000,000 on December 22, 2021. The corporate bonds will have the maturity of three years. The corporate bonds will have a face value of TWD 100,000 and will be issued at 101% to 103% of par value. The corporate bonds are convertible into common shares of the company. The transaction has been approved by the board of directors of the company. Price Target Changed • Dec 23
Price target decreased to NT$234 Down from NT$254, the current price target is an average from 2 analysts. New target price is 21% above last closing price of NT$194. Stock is up 12% over the past year. The company is forecast to post earnings per share of NT$18.41 for next year compared to NT$8.62 last year. Board Change • Dec 17
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 not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 2 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Victor Liu was the last independent director to join the board, commencing their role in 2018. 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 • Aug 13
Second quarter 2021 earnings released: EPS NT$4.35 (vs NT$0.61 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$6.00b (up 134% from 2Q 2020). Net income: NT$570.3m (up NT$490.8m from 2Q 2020). Profit margin: 9.5% (up from 3.1% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 05
Upcoming dividend of NT$6.60 per share Eligible shareholders must have bought the stock before 12 August 2021. Payment date: 31 August 2021. Trailing yield: 3.1%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (2.6%). Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$5.84 (vs NT$3.28 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$5.80b (up 60% from 1Q 2020). Net income: NT$764.7m (up 78% from 1Q 2020). Profit margin: 13% (up from 12% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Major Estimate Revision • Apr 15
Consensus EPS estimates increase to NT$26.18 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from NT$22.8b to NT$25.0b. EPS estimate increased from NT$21.87 to NT$26.18 per share. Net income forecast to grow 204% next year vs 65% growth forecast for Leisure industry in Taiwan. Consensus price target up from NT$263 to NT$275. Share price fell 12% to NT$222 over the past week. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$8.62 (vs NT$16.61 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$14.2b (down 17% from FY 2019). Net income: NT$1.13b (down 48% from FY 2019). Profit margin: 7.9% (down from 13% in FY 2019). The decrease in margin was driven by lower revenue. 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 15% per year, which means it is well ahead of earnings. Major Estimate Revision • Mar 09
Analysts update estimates The 2020 consensus earning per share (EPS) estimate was lowered from NT$10.31 to NT$9.10. Revenue estimate was approximately flat at NT$14.2b. Net income is expected to grow by 56% next year compared to 27% growth forecast for the Leisure industry in Taiwan. The consensus price target increased from NT$207 to NT$263. Share price is up 17% to NT$234 over the past week. Price Target Changed • Mar 08
Price target raised to NT$242 Up from NT$215, the current price target is an average from 2 analysts. The new target price is close to the current share price of NT$235. As of last close, the stock is up 31% over the past year. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improved over the past week After last week's 16% share price gain to NT$235, the stock is trading at a trailing P/E ratio of 22.4x, up from the previous P/E ratio of 19.2x. This compares to an average P/E of 22x in the Leisure industry in Taiwan. Total returns to shareholders over the past three years are 82%. Is New 90 Day High Low • Feb 26
New 90-day high: NT$202 The company is up 16% from its price of NT$174 on 27 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Leisure 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$243 per share. Is New 90 Day High Low • Feb 05
New 90-day high: NT$191 The company is up 4.0% from its price of NT$184 on 06 November 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Leisure industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$243 per share. Is New 90 Day High Low • Jan 12
New 90-day low: NT$167 The company is down 1.0% from its price of NT$169 on 14 October 2020. The Taiwanese market is up 19% 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$247 per share. Price Target Changed • Nov 26
Price target raised to NT$215 Up from NT$195, the current price target is an average from 2 analysts. The new target price is 23% above the current share price of NT$175. As of last close, the stock is down 2.2% over the past year. Analyst Estimate Surprise Post Earnings • Nov 15
Revenue and earnings miss expectations Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 70%. Over the next year, revenue is forecast to grow 17%, compared to a 10% growth forecast for the Leisure industry in Taiwan. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$1.01 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$3.09b (down 28% from 3Q 2019). Net income: NT$132.8m (down 79% from 3Q 2019). Profit margin: 4.3% (down from 15% in 3Q 2019). The decrease in margin was driven by lower revenue.