New Risk • May 13
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (25% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • May 13
First quarter 2026 earnings released: EPS: NT$3.00 (vs NT$0.63 in 1Q 2025) First quarter 2026 results: EPS: NT$3.00 (up from NT$0.63 in 1Q 2025). Revenue: NT$1.43b (up 51% from 1Q 2025). Net income: NT$357.1m (up NT$297.9m from 1Q 2025). Profit margin: 25% (up from 6.3% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 34% per year whereas the company’s share price has fallen by 32% per year. Announcement • Mar 11
Alexander Marine Co., Ltd., Annual General Meeting, Jun 08, 2026 Alexander Marine Co., Ltd., Annual General Meeting, Jun 08, 2026, at 10:30 Taipei Standard Time. Location: 1 floor no,1, chin fu rd., cianjhen district, kaohsiung city Taiwan Reported Earnings • Mar 11
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: NT$13.25 (up from NT$10.37 in FY 2024). Revenue: NT$5.23b (up 5.8% from FY 2024). Net income: NT$1.24b (up 33% from FY 2024). Profit margin: 24% (up from 19% in FY 2024). Revenue missed analyst estimates by 30%. Earnings per share (EPS) also missed analyst estimates by 44%. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: NT$5.42 (vs NT$1.63 in 3Q 2024) Third quarter 2025 results: EPS: NT$5.42 (up from NT$1.63 in 3Q 2024). Revenue: NT$1.55b (up 65% from 3Q 2024). Net income: NT$509.8m (up 240% from 3Q 2024). Profit margin: 33% (up from 16% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$225, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Leisure industry in Taiwan. Total returns to shareholders of 4.2% over the past three years. Reported Earnings • Aug 13
Second quarter 2025 earnings released: EPS: NT$4.59 (vs NT$5.93 in 2Q 2024) Second quarter 2025 results: EPS: NT$4.59 (down from NT$5.93 in 2Q 2024). Revenue: NT$1.67b (down 2.4% from 2Q 2024). Net income: NT$431.2m (down 17% from 2Q 2024). Profit margin: 26% (down from 31% in 2Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 30
Upcoming dividend of NT$5.00 per share Eligible shareholders must have bought the stock before 06 August 2025. Payment date: 29 August 2025. Payout ratio is on the higher end at 99%, however this is supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.6%). Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$183, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 13x in the Leisure industry in Taiwan. Total returns to shareholders of 12% over the past three years. New Risk • Jun 11
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 8.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (99% payout ratio). Share price has been volatile over the past 3 months (8.8% average weekly change). Profit margins are more than 30% lower than last year (11% net profit margin). Reported Earnings • May 13
First quarter 2025 earnings released: EPS: NT$0.63 (vs NT$6.08 in 1Q 2024) First quarter 2025 results: EPS: NT$0.63 (down from NT$6.08 in 1Q 2024). Revenue: NT$946.2m (down 48% from 1Q 2024). Net income: NT$59.2m (down 89% from 1Q 2024). Profit margin: 6.3% (down from 29% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 6.2% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 3% per year. Announcement • May 03
Alexander Marine Co., Ltd. to Report Q1, 2025 Results on May 12, 2025 Alexander Marine Co., Ltd. announced that they will report Q1, 2025 results on May 12, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$142, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 14x in the Leisure industry in Taiwan. Total loss to shareholders of 2.6% over the past three years. Announcement • Mar 06
Alexander Marine Co., Ltd., Annual General Meeting, Jun 11, 2025 Alexander Marine Co., Ltd., Annual General Meeting, Jun 11, 2025, at 10:30 Taipei Standard Time. Location: 1 floor no,1, chin fu rd., cianjhen district, kaohsiung city Taiwan Reported Earnings • Mar 05
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: NT$10.37 (down from NT$23.66 in FY 2023). Revenue: NT$4.94b (down 22% from FY 2023). Net income: NT$938.1m (down 55% from FY 2023). Profit margin: 19% (down from 33% in FY 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 8.4%. Earnings per share (EPS) also missed analyst estimates by 32%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 7.7% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 11% per year. New Risk • Mar 02
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 6.0% 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 High level of non-cash earnings (27% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.0% average weekly change). Buy Or Sell Opportunity • Feb 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to NT$197. The fair value is estimated to be NT$247, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 24%. Revenue is forecast to grow by 7.5% in 2 years. Earnings are forecast to grow by 6.4% in the next 2 years. Announcement • Feb 22
Alexander Marine Co., Ltd. to Report Q4, 2024 Results on Mar 03, 2025 Alexander Marine Co., Ltd. announced that they will report Q4, 2024 results on Mar 03, 2025 Buy Or Sell Opportunity • Jan 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 30% to NT$202. The fair value is estimated to be NT$253, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 24%. Revenue is forecast to grow by 7.5% in 2 years. Earnings are forecast to grow by 6.4% in the next 2 years. Major Estimate Revision • Nov 15
Consensus revenue estimates fall by 20% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$6.73b to NT$5.40b. EPS estimate fell from NT$21.18 to NT$15.13 per share. Net income forecast to shrink 0.7% next year vs 46% growth forecast for Leisure industry in Taiwan . Consensus price target down from NT$409 to NT$372. Share price fell 11% to NT$248 over the past week. Price Target Changed • Nov 13
Price target decreased by 9.0% to NT$372 Down from NT$409, the current price target is an average from 3 analysts. New target price is 47% above last closing price of NT$253. Stock is down 33% over the past year. The company is forecast to post earnings per share of NT$15.14 for next year compared to NT$23.66 last year. Reported Earnings • Nov 10
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: NT$1.63 (down from NT$4.84 in 3Q 2023). Revenue: NT$937.6m (down 43% from 3Q 2023). Net income: NT$149.8m (down 65% from 3Q 2023). Profit margin: 16% (down from 26% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 38%. Earnings per share (EPS) also missed analyst estimates by 62%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: NT$5.93 (vs NT$5.68 in 2Q 2023) Second quarter 2024 results: EPS: NT$5.93 (up from NT$5.68 in 2Q 2023). Revenue: NT$1.71b (up 18% from 2Q 2023). Net income: NT$521.4m (up 4.3% from 2Q 2023). Profit margin: 31% (down from 34% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Leisure industry in Taiwan. 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 56% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$286, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 19x in the Leisure industry in Taiwan. Total returns to shareholders of 256% over the past three years. Announcement • Aug 03
Alexander Marine Co., Ltd. to Report Q2, 2024 Results on Aug 12, 2024 Alexander Marine Co., Ltd. announced that they will report Q2, 2024 results on Aug 12, 2024 New Risk • Jul 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.8% 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: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (42% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (6.8% increase in shares outstanding). Declared Dividend • Jun 27
Dividend increased to NT$12.00 Dividend of NT$12.00 is 20% higher than last year. Ex-date: 10th July 2024 Payment date: 1st August 2024 Dividend yield will be 3.1%, which is lower than the industry average of 5.0%. Sustainability & Growth Dividend is covered by earnings (53% 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 74% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 41% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 26
Alexander Marine Co., Ltd. Announces Common Share Cash Dividend, Payable on August 1, 2024 Alexander Marine Co., Ltd. announced common share cash dividend of TWD 1,055,667,312. Ex-rights (ex-dividend) trading date: July 10, 2024. Ex-rights (ex-dividend) record date: July 16, 2024. Payment date of common stock cash dividend distribution: August 1, 2024. Date of the resolution by the board of directors or shareholders meeting or decision by the Company: June 25, 2024. New Risk • May 07
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (42% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • May 07
First quarter 2024 earnings released: EPS: NT$6.08 (vs NT$7.00 in 1Q 2023) First quarter 2024 results: EPS: NT$6.08 (down from NT$7.00 in 1Q 2023). Revenue: NT$1.82b (up 15% from 1Q 2023). Net income: NT$534.7m (down 13% from 1Q 2023). Profit margin: 29% (down from 39% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.3% 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 increased by 48% per year but the company’s share price has increased by 92% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 28
Alexander Marine Co., Ltd. to Report Q1, 2024 Results on May 06, 2024 Alexander Marine Co., Ltd. announced that they will report Q1, 2024 results on May 06, 2024 Buy Or Sell Opportunity • Apr 08
Now 20% undervalued Over the last 90 days, the stock has risen 9.3% to NT$411. The fair value is estimated to be NT$515, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 60%. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 20% in the next 2 years. New Risk • Apr 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 6.1% 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 High level of non-cash earnings (27% accrual ratio). Minor Risks Dividend is not well covered by cash flows (220% cash payout ratio). Share price has been volatile over the past 3 months (6.1% average weekly change). Reported Earnings • Mar 05
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: NT$23.66 (up from NT$19.93 in FY 2022). Revenue: NT$6.33b (up 14% from FY 2022). Net income: NT$2.08b (up 19% from FY 2022). Profit margin: 33% (up from 32% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.4%. Revenue is forecast to grow 9.0% p.a. on average during the next 2 years, compared to a 4.1% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has increased by 105% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Mar 05
Now 20% undervalued Over the last 90 days, the stock has risen 4.6% to NT$413. The fair value is estimated to be NT$517, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 60%. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 20% in the next 2 years. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$421, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 20x in the Leisure industry in Taiwan. Total returns to shareholders of 919% over the past three years. Announcement • Mar 01
Alexander Marine Co., Ltd., Annual General Meeting, Jun 11, 2024 Alexander Marine Co., Ltd., Annual General Meeting, Jun 11, 2024. Location: Alexander Marine Co., Ltd. office Building 1 Floor War Room No.1, Jin-fu Rd., Qianzhen Dist., Kaohsiung, Kaohsiung Taiwan Agenda: To consider 2023 Business Report; to consider Audit Committee's review report of 2023; to consider report on distribution of 2023 employees' compensation and directors' remuneration; to consider adoption of 2023 Business Report and Financial Statements; to consider adoption of the Proposal for Distribution of 2023 earnings; to consider amendment to the Company's Shareholders' Meeting Rules; and to consider other matters. Buying Opportunity • Nov 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be NT$469, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 78%. Revenue is forecast to grow by 38% in 2 years. Earnings is forecast to grow by 33% in the next 2 years. New Risk • Oct 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 8.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.0% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Aug 10
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: 2.2% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.1% average weekly change). Price Target Changed • Aug 10
Price target decreased by 21% to NT$454 Down from NT$572, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of NT$448. Stock is up 110% over the past year. The company is forecast to post earnings per share of NT$24.43 for next year compared to NT$19.93 last year. Reported Earnings • Aug 08
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: NT$5.68 (down from NT$6.15 in 2Q 2022). Revenue: NT$1.45b (down 10% from 2Q 2022). Net income: NT$499.7m (down 7.6% from 2Q 2022). Profit margin: 34% (in line with 2Q 2022). Revenue missed analyst estimates by 20%. Earnings per share (EPS) also missed analyst estimates by 13%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has increased by 122% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$649, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 22x in the Leisure industry in Taiwan. Total returns to shareholders of 1,657% over the past three years. Upcoming Dividend • Jul 10
Upcoming dividend of NT$10.00 per share at 1.7% yield Eligible shareholders must have bought the stock before 17 July 2023. Payment date: 04 August 2023. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (4.2%). Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$635, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 20x in the Leisure industry in Taiwan. Total returns to shareholders of 1,627% over the past three years. Announcement • May 09
Alexander Marine Co., Ltd. Appoints Yu Chou Huang as Corporate Governance Officer Alexander Marine Co., Ltd. appointed Yu Chou Huang, CFO of Alexander Marine Co., Ltd. as Corporate Governance Officer. Effective date: May 8, 2023. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$437, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 14x in the Leisure industry in Taiwan. Total returns to shareholders of 1,410% over the past three years. Reported Earnings • Mar 24
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: EPS: NT$19.93 (up from NT$9.55 in FY 2021). Revenue: NT$5.56b (up 22% from FY 2021). Net income: NT$1.75b (up 105% from FY 2021). Profit margin: 32% (up from 19% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 1.2% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has increased by 163% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$430, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 12x in the Leisure industry in Taiwan. Total returns to shareholders of 1,621% over the past three years. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$405, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 11x in the Leisure industry in Taiwan. Total returns to shareholders of 944% over the past three years. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$337, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 11x in the Leisure industry in Taiwan. Total returns to shareholders of 746% over the past three years. Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improved over the past week After last week's 25% share price gain to NT$378, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 10x in the Leisure industry in Taiwan. Total returns to shareholders of 781% over the past three years. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improved over the past week After last week's 17% share price gain to NT$335, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 9x in the Leisure industry in Taiwan. Total returns to shareholders of 677% over the past three years. Reported Earnings • Nov 18
Third quarter 2022 earnings released: EPS: NT$4.72 (vs NT$2.02 in 3Q 2021) Third quarter 2022 results: EPS: NT$4.72 (up from NT$2.02 in 3Q 2021). Revenue: NT$1.23b (up 17% from 3Q 2021). Net income: NT$415.4m (up 132% from 3Q 2021). Profit margin: 34% (up from 17% in 3Q 2021). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 87% per year whereas the company’s share price has increased by 84% per year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Sheng Hsu Chu was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$220, the stock trades at a trailing P/E ratio of 14.1x. Average trailing P/E is 10x in the Leisure industry in Taiwan. Total returns to shareholders of 409% over the past three years. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improved over the past week After last week's 17% share price gain to NT$278, the stock trades at a trailing P/E ratio of 17.8x. Average trailing P/E is 10x in the Leisure industry in Taiwan. Total returns to shareholders of 509% over the past three years. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improved over the past week After last week's 22% share price gain to NT$260, the stock trades at a trailing P/E ratio of 16.7x. Average trailing P/E is 12x in the Leisure industry in Taiwan. Total returns to shareholders of 494% over the past three years. Reported Earnings • Aug 09
Second quarter 2022 earnings released: EPS: NT$6.15 (vs NT$4.48 in 2Q 2021) Second quarter 2022 results: EPS: NT$6.15 (up from NT$4.48 in 2Q 2021). Revenue: NT$1.62b (down 4.2% from 2Q 2021). Net income: NT$540.9m (up 34% from 2Q 2021). Profit margin: 33% (up from 24% in 2Q 2021). The increase in margin was driven by lower expenses. 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 68% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 25
Upcoming dividend of NT$5.00 per share Eligible shareholders must have bought the stock before 01 August 2022. Payment date: 19 August 2022. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Taiwanese dividend payers (6.6%). Lower than average of industry peers (4.4%). Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment improved over the past week After last week's 22% share price gain to NT$208, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 13x in the Leisure industry in Taiwan. Total returns to shareholders of 333% over the past three years. Board Change • Jul 05
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Sheng Hsu Chu was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$169, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 13x in the Leisure industry in Taiwan. Total returns to shareholders of 327% over the past three years. Valuation Update With 7 Day Price Move • May 30
Investor sentiment improved over the past week After last week's 21% share price gain to NT$212, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 13x in the Leisure industry in Taiwan. Total returns to shareholders of 476% over the past three years. Reported Earnings • May 11
First quarter 2022 earnings released: EPS: NT$4.40 (vs NT$0.10 in 1Q 2021) First quarter 2022 results: EPS: NT$4.40 (up from NT$0.10 in 1Q 2021). Revenue: NT$1.31b (up 91% from 1Q 2021). Net income: NT$387.3m (up NT$378.1m from 1Q 2021). Profit margin: 30% (up from 1.4% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 63% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improved over the past week After last week's 21% share price gain to NT$186, the stock trades at a trailing P/E ratio of 19.1x. Average trailing P/E is 13x in the Leisure industry in Taiwan. Total returns to shareholders of 398% over the past three years. 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. 2 experienced directors. 5 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Ming Cheng Chang was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improved over the past week After last week's 20% share price gain to NT$172, the stock trades at a trailing P/E ratio of 17.7x. Average trailing P/E is 14x in the Leisure industry in Taiwan. Total returns to shareholders of 336% over the past three years. Reported Earnings • Mar 10
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: NT$9.55 (up from NT$1.04 in FY 2020). Revenue: NT$4.55b (up 7.8% from FY 2020). Net income: NT$854.7m (up NT$760.3m from FY 2020). Profit margin: 19% (up from 2.2% in FY 2020). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 16%. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improved over the past week After last week's 15% share price gain to NT$143, the stock trades at a trailing P/E ratio of 16.8x. Average trailing P/E is 16x in the Leisure industry in Taiwan. Total returns to shareholders of 264% over the past three years. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improved over the past week After last week's 21% share price gain to NT$110, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 15x in the Leisure industry in Taiwan. Total returns to shareholders of 220% over the past three years. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS NT$2.02 (vs NT$3.27 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$1.05b (up 22% from 3Q 2020). Net income: NT$179.4m (up NT$475.1m from 3Q 2020). Profit margin: 17% (up from net loss in 3Q 2020). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 30% per year whereas the company’s share price has increased by 35% per year. Upcoming Dividend • Oct 11
Upcoming dividend of NT$1.02 per share Eligible shareholders must have bought the stock before 18 October 2021. Payment date: 05 November 2021. Trailing yield: 1.2%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.1%). Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$81.30, the stock trades at a trailing P/E ratio of 26.1x. Average trailing P/E is 16x in the Leisure industry in Taiwan. Total returns to shareholders of 86% over the past three years. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$4.48 (vs NT$2.97 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$1.69b (up 7.7% from 2Q 2020). Net income: NT$402.7m (up 49% from 2Q 2020). Profit margin: 24% (up from 17% in 2Q 2020). 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 21% per year, which means it is well ahead of earnings. Executive Departure • Aug 03
Independent Director Neng Mou Tu has left the company On the 26th of July, Neng Mou Tu's tenure as Independent Director ended after 3.1 years in the role. We don't have any record of a personal shareholding under Neng Mou's name. A total of 2 executives have left over the last 12 months. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improved over the past week After last week's 21% share price gain to NT$86.10, the stock trades at a trailing P/E ratio of 52.6x. Average trailing P/E is 20x in the Leisure industry in Taiwan. Total returns to shareholders of 79% over the past three years. Executive Departure • Aug 03
Director Yen Sung Chen has left the company On the 26th of July, Yen Sung Chen's tenure as Director ended after 2.1 years in the role. We don't have any record of a personal shareholding under Yen Sung's name. A total of 2 executives have left over the last 12 months. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improved over the past week After last week's 18% share price gain to NT$66.30, the stock trades at a trailing P/E ratio of 40.5x. Average trailing P/E is 20x in the Leisure industry in Taiwan. Total returns to shareholders of 21% over the past three years. Valuation Update With 7 Day Price Move • May 16
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$47.70, the stock trades at a trailing P/E ratio of 29.4x. Average trailing P/E is 20x in the Leisure industry in Taiwan. Total loss to shareholders of 7.2% over the past three years. Reported Earnings • May 11
First quarter 2021 earnings released: EPS NT$0.10 (vs NT$0.49 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$683.9m (up 42% from 1Q 2020). Net income: NT$9.28m (up NT$53.4m from 1Q 2020). Profit margin: 1.4% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment improved over the past week After last week's 17% share price gain to NT$57.70, the stock trades at a trailing P/E ratio of 55.3x. Average trailing P/E is 23x in the Leisure industry in Taiwan. Total returns to shareholders of 5.1% over the past three years. Reported Earnings • Mar 24
Full year 2020 earnings released: EPS NT$1.04 (vs NT$0.50 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$4.22b (up 14% from FY 2019). Net income: NT$94.5m (up 105% from FY 2019). Profit margin: 2.2% (up from 1.2% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 01
New 90-day low: NT$40.10 The company is down 35% from its price of NT$61.70 on 03 November 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 down 1.0% over the same period. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$40.75, the stock is trading at a trailing P/E ratio of 34.8x, down from the previous P/E ratio of 41.1x. This compares to an average P/E of 23x in the Leisure industry in Taiwan. Total return to shareholders over the past three years is a loss of 38%. 
