Declared Dividend • Jun 08
Dividend of NT$3.00 announced Shareholders will receive a dividend of NT$3.00. Ex-date: 4th August 2026 Payment date: 31st August 2026 Dividend yield will be 6.7%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (87% 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 4.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 23% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • May 20
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: 6.6% Last year net profit margin: 9.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (6.6% net profit margin). Reported Earnings • May 20
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: NT$0.87 (down from NT$1.54 in 1Q 2025). Revenue: NT$4.04b (down 5.0% from 1Q 2025). Net income: NT$260.1m (down 43% from 1Q 2025). Profit margin: 6.4% (down from 11% in 1Q 2025). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 17%. Revenue is forecast to grow 7.1% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 20
Price target decreased by 9.0% to NT$58.43 Down from NT$64.23, the current price target is an average from 3 analysts. New target price is 29% above last closing price of NT$45.35. Stock is down 13% over the past year. The company is forecast to post earnings per share of NT$4.19 for next year compared to NT$4.10 last year. Major Estimate Revision • Apr 07
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from NT$17.2b to NT$16.5b. EPS estimate also fell from NT$4.98 per share to NT$4.19 per share. Net income forecast to grow 2.4% next year vs 14% growth forecast for Luxury industry in Taiwan. Consensus price target down from NT$64.23 to NT$61.77. Share price was steady at NT$45.50 over the past week. Reported Earnings • Mar 19
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: NT$4.10 (down from NT$4.75 in FY 2024). Revenue: NT$15.8b (up 2.0% from FY 2024). Net income: NT$1.22b (down 14% from FY 2024). Profit margin: 7.7% (down from 9.2% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 5.4% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Mar 10
Now 20% overvalued Over the last 90 days, the stock has fallen 6.4% to NT$49.35. The fair value is estimated to be NT$40.98, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue is forecast to grow by 8.7% in 2 years. Earnings are forecast to grow by 27% in the next 2 years. Announcement • Jan 08
Taiwan Paiho Limited, Annual General Meeting, Jun 09, 2026 Taiwan Paiho Limited, Annual General Meeting, Jun 09, 2026. Location: no,575, huo kang rd., hemei township, changhua county Taiwan Reported Earnings • Nov 15
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: EPS: NT$1.16 (down from NT$1.53 in 3Q 2024). Revenue: NT$4.17b (down 3.5% from 3Q 2024). Net income: NT$344.7m (down 24% from 3Q 2024). Profit margin: 8.3% (down from 11% 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 16%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 1% per year. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS exceeds analyst expectations Second quarter 2025 results: EPS: NT$0.67 (down from NT$1.17 in 2Q 2024). Revenue: NT$3.59b (down 3.5% from 2Q 2024). Net income: NT$200.8m (down 43% from 2Q 2024). Profit margin: 5.6% (down from 9.4% in 2Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.1%. Revenue is forecast to grow 4.5% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 5% per year. Upcoming Dividend • Jul 28
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 04 August 2025. Payment date: 29 August 2025. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 5.6%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (4.6%). Price Target Changed • Jul 16
Price target decreased by 12% to NT$72.58 Down from NT$82.33, the current price target is an average from 4 analysts. New target price is 36% above last closing price of NT$53.50. Stock is down 19% over the past year. The company is forecast to post earnings per share of NT$4.46 for next year compared to NT$4.75 last year. Declared Dividend • Jun 19
Dividend increased to NT$3.00 Dividend of NT$3.00 is 200% higher than last year. Ex-date: 4th August 2025 Payment date: 29th August 2025 Dividend yield will be 5.6%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 4.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 3.9% over the next year, which should provide support to the dividend and adequate earnings cover. Price Target Changed • May 27
Price target decreased by 8.3% to NT$77.00 Down from NT$84.00, the current price target is an average from 3 analysts. New target price is 35% above last closing price of NT$57.10. Stock is down 11% over the past year. The company is forecast to post earnings per share of NT$6.53 for next year compared to NT$4.75 last year. Reported Earnings • May 15
First quarter 2025 earnings: Revenues and EPS in line with analyst expectations First quarter 2025 results: EPS: NT$1.54 (up from NT$1.12 in 1Q 2024). Revenue: NT$4.25b (up 20% from 1Q 2024). Net income: NT$457.4m (up 38% from 1Q 2024). Profit margin: 11% (up from 9.4% in 1Q 2024). 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 6.2% p.a. on average during the next 2 years, compared to a 8.5% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. New Risk • Apr 25
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: 5.2% 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 High level of debt (47% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$53.70, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Luxury industry in Taiwan. Total loss to shareholders of 17% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$90.77 per share. Reported Earnings • Mar 20
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: NT$4.75 (up from NT$1.95 in FY 2023). Revenue: NT$15.5b (up 24% from FY 2023). Net income: NT$1.42b (up 144% from FY 2023). Profit margin: 9.2% (up from 4.7% in FY 2023). 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 8.4% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 27% 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. Announcement • Mar 04
Taiwan Paiho Limited to Report Fiscal Year 2024 Results on Mar 11, 2025 Taiwan Paiho Limited announced that they will report fiscal year 2024 results on Mar 11, 2025 Reported Earnings • Nov 12
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: NT$1.53 (up from NT$0.85 in 3Q 2023). Revenue: NT$4.32b (up 21% from 3Q 2023). Net income: NT$456.2m (up 79% from 3Q 2023). Profit margin: 11% (up from 7.1% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.0%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Luxury industry in Taiwan. 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 3% per year, which means it has not declined as severely as earnings. Price Target Changed • Oct 07
Price target increased by 7.3% to NT$84.00 Up from NT$78.27, the current price target is an average from 3 analysts. New target price is 8.8% above last closing price of NT$77.20. Stock is up 39% over the past year. The company is forecast to post earnings per share of NT$4.73 for next year compared to NT$1.95 last year. Price Target Changed • Aug 31
Price target increased by 16% to NT$78.27 Up from NT$67.75, the current price target is an average from 3 analysts. New target price is 27% above last closing price of NT$61.50. Stock is up 23% over the past year. The company is forecast to post earnings per share of NT$4.78 for next year compared to NT$1.95 last year. Reported Earnings • Aug 12
Second quarter 2024 earnings released: EPS: NT$1.17 (vs NT$0.24 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.17 (up from NT$0.24 in 2Q 2023). Revenue: NT$3.72b (up 37% from 2Q 2023). Net income: NT$349.0m (up 385% from 2Q 2023). Profit margin: 9.4% (up from 2.7% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Announcement • Aug 02
Taiwan Paiho Limited to Report Q2, 2024 Results on Aug 08, 2024 Taiwan Paiho Limited announced that they will report Q2, 2024 results on Aug 08, 2024 Upcoming Dividend • Jul 26
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 02 August 2024. Payment date: 30 August 2024. Payout ratio is a comfortable 38% but the company is paying out more than the cash it is generating. Trailing yield: 1.5%. Lower than top quartile of Taiwanese dividend payers (4.3%). Lower than average of industry peers (3.1%). Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$69.30, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 17x in the Luxury industry in Taiwan. Total loss to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$29.94 per share. Price Target Changed • Jul 17
Price target increased by 7.9% to NT$71.20 Up from NT$66.00, the current price target is an average from 4 analysts. New target price is 8.0% above last closing price of NT$65.90. Stock is up 20% over the past year. The company is forecast to post earnings per share of NT$4.78 for next year compared to NT$1.95 last year. Declared Dividend • Jun 27
Dividend reduced to NT$1.00 Dividend of NT$1.00 is 60% lower than last year. Ex-date: 2nd August 2024 Payment date: 30th August 2024 Dividend yield will be 1.6%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (38% earnings payout ratio) but not covered by cash flows (109% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 21% over the next year, which should provide support to the dividend and adequate earnings cover. Board Change • Jun 21
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 Yin-Chieh Hsu was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jun 21
Taiwan Paiho Limited Approves Cash Dividend for the Year 2023 Taiwan Paiho Limited approved cash dividend of TWD 1 per share for the year 2023 at its Annual General Shareholders’ Meeting held on June 19, 2024. Reported Earnings • May 11
First quarter 2024 earnings: EPS exceeds analyst expectations First quarter 2024 results: EPS: NT$1.12 (up from NT$0.45 in 1Q 2023). Revenue: NT$3.56b (up 18% from 1Q 2023). Net income: NT$332.6m (up 146% from 1Q 2023). Profit margin: 9.4% (up from 4.5% in 1Q 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 3.7%. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Apr 17
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from NT$3.83 to NT$4.24. Revenue forecast steady at NT$14.6b. Net income forecast to grow 117% next year vs 23% growth forecast for Luxury industry in Taiwan. Consensus price target up from NT$62.50 to NT$66.00. Share price rose 3.7% to NT$61.20 over the past week. Reported Earnings • Mar 15
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: NT$1.95 (down from NT$5.10 in FY 2022). Revenue: NT$12.4b (down 24% from FY 2022). Net income: NT$581.2m (down 62% from FY 2022). Profit margin: 4.7% (down from 9.3% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.5%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 9.7% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Jan 18
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$13.1b to NT$12.8b. EPS estimate also fell from NT$2.40 per share to NT$1.98 per share. Net income forecast to grow 66% next year vs 18% growth forecast for Luxury industry in Taiwan. Consensus price target down from NT$65.50 to NT$63.00. Share price fell 8.5% to NT$52.80 over the past week. Price Target Changed • Jan 17
Price target decreased by 8.7% to NT$63.00 Down from NT$69.00, the current price target is an average from 4 analysts. New target price is 19% above last closing price of NT$52.80. Stock is down 8.2% over the past year. The company is forecast to post earnings per share of NT$1.98 for next year compared to NT$5.10 last year. Announcement • Dec 29
Taiwan Paiho Limited Announces the Resignation of Cheng-Tsung Cheng as Director Taiwan Paiho Limited announced the resignation of Cheng-Tsung Cheng as director o the company, December 28, 2023. Reported Earnings • Nov 15
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: NT$0.86 (down from NT$1.34 in 3Q 2022). Revenue: NT$3.58b (down 11% from 3Q 2022). Net income: NT$254.9m (down 36% from 3Q 2022). Profit margin: 7.1% (down from 10.0% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) also surpassed analyst estimates by 7.1%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Price Target Changed • Sep 20
Price target decreased by 8.2% to NT$63.33 Down from NT$69.00, the current price target is an average from 3 analysts. New target price is 16% above last closing price of NT$54.60. Stock is down 15% over the past year. The company is forecast to post earnings per share of NT$2.40 for next year compared to NT$5.10 last year. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$56.90, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 15x in the Luxury industry in Taiwan. Total loss to shareholders of 4.6% over the past three years. New Risk • Aug 13
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.9x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 105% Paying a dividend despite having no free cash flows. Minor Risk Profit margins are more than 30% lower than last year (5.6% net profit margin). Reported Earnings • Aug 12
Second quarter 2023 earnings: EPS misses analyst expectations Second quarter 2023 results: EPS: NT$0.24 (down from NT$1.88 in 2Q 2022). Revenue: NT$2.71b (down 46% from 2Q 2022). Net income: NT$72.0m (down 87% from 2Q 2022). Profit margin: 2.7% (down from 11% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.7%. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 7.9% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 12% per year. Upcoming Dividend • Jul 27
Upcoming dividend of NT$2.50 per share at 4.3% yield Eligible shareholders must have bought the stock before 03 August 2023. Payment date: 30 August 2023. Payout ratio is a comfortable 63% but the company is not cash flow positive. Trailing yield: 4.3%. Lower than top quartile of Taiwanese dividend payers (5.5%). In line with average of industry peers (4.3%). Major Estimate Revision • Jul 15
Consensus revenue estimates fall by 17% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$16.4b to NT$13.6b. EPS estimate fell from NT$4.05 to NT$2.39 per share. Net income forecast to shrink 16% next year vs 24% growth forecast for Luxury industry in Taiwan . Consensus price target down from NT$73.00 to NT$69.00. Share price was steady at NT$54.50 over the past week. Reported Earnings • May 18
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: NT$0.45 (down from NT$1.56 in 1Q 2022). Revenue: NT$3.00b (down 30% from 1Q 2022). Net income: NT$135.3m (down 71% from 1Q 2022). Profit margin: 4.5% (down from 11% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Luxury industry in Asia. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Major Estimate Revision • Apr 19
Consensus EPS estimates fall by 26% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$16.8b to NT$15.8b. EPS estimate also fell from NT$5.46 per share to NT$4.05 per share. Net income forecast to shrink 21% next year vs 17% decline forecast for Luxury industry in Taiwan. Consensus price target of NT$73.00 unchanged from last update. Share price fell 2.0% to NT$58.10 over the past week. Reported Earnings • Mar 29
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: NT$5.10 (down from NT$6.91 in FY 2021). Revenue: NT$16.3b (down 11% from FY 2021). Net income: NT$1.52b (down 26% from FY 2021). Profit margin: 9.3% (down from 11% in FY 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) also missed analyst estimates by 9.9%. Revenue is forecast to grow 5.6% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Luxury industry in Asia. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 3% per year. 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. 8 experienced directors. 3 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Jui-Lin Lo 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. Reported Earnings • Nov 13
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: NT$1.34 (up from NT$1.17 in 3Q 2021). Revenue: NT$4.01b (up 15% from 3Q 2021). Net income: NT$400.4m (up 15% from 3Q 2021). Profit margin: 10.0% (in line with 3Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.2%. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Price Target Changed • Oct 18
Price target decreased to NT$67.00 Down from NT$77.14, the current price target is an average from 7 analysts. New target price is 30% above last closing price of NT$51.70. Stock is down 35% over the past year. The company is forecast to post earnings per share of NT$6.20 for next year compared to NT$6.91 last year. Reported Earnings • Aug 13
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: NT$1.88 (down from NT$2.30 in 2Q 2021). Revenue: NT$5.04b (down 16% from 2Q 2021). Net income: NT$558.8m (down 19% from 2Q 2021). Profit margin: 11% (in line with 2Q 2021). Revenue missed analyst estimates by 7.0%. Earnings per share (EPS) also missed analyst estimates by 4.1%. Over the next year, revenue is forecast to grow 2.2%, compared to a 18% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 27
Upcoming dividend of NT$3.50 per share Eligible shareholders must have bought the stock before 03 August 2022. Payment date: 30 August 2022. Payout ratio is a comfortable 54% and the cash payout ratio is 84%. Trailing yield: 5.7%. Lower than top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (4.0%). Price Target Changed • Jul 14
Price target decreased to NT$91.43 Down from NT$101, the current price target is an average from 5 analysts. New target price is 57% above last closing price of NT$58.20. Stock is down 40% over the past year. The company is forecast to post earnings per share of NT$6.84 for next year compared to NT$6.91 last year. Announcement • Jun 25
Taiwan Paiho Limited Announces Cash Dividend for the Year 2021 Taiwan Paiho Limited announced cash dividend of TWD 3.5 per share for the year 2021, at the AGM held on June 24, 2022. Reported Earnings • May 10
First quarter 2022 earnings: Revenues and EPS in line with analyst expectations First quarter 2022 results: EPS: NT$1.56 (down from NT$1.95 in 1Q 2021). Revenue: NT$4.26b (down 8.7% from 1Q 2021). Net income: NT$463.9m (down 20% from 1Q 2021). Profit margin: 11% (down from 13% in 1Q 2021). 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. Over the next year, revenue is forecast to stay flat compared to a 16% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 27
Price target decreased to NT$103 Down from NT$113, the current price target is an average from 7 analysts. New target price is 55% above last closing price of NT$66.20. Stock is down 32% over the past year. The company is forecast to post earnings per share of NT$7.05 for next year compared to NT$6.91 last 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. 8 experienced directors. 3 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Jui-Lin Lo 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. Price Target Changed • Apr 17
Price target decreased to NT$103 Down from NT$113, the current price target is an average from 7 analysts. New target price is 45% above last closing price of NT$71.00. Stock is down 25% over the past year. The company is forecast to post earnings per share of NT$7.04 for next year compared to NT$6.91 last year. Announcement • Apr 02
Taiwan Paiho Limited, Annual General Meeting, Jun 24, 2022 Taiwan Paiho Limited, Annual General Meeting, Jun 24, 2022. Reported Earnings • Mar 29
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: NT$6.91 (up from NT$5.21 in FY 2020). Revenue: NT$18.3b (up 25% from FY 2020). Net income: NT$2.06b (up 33% from FY 2020). Profit margin: 11% (in line with FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.7%. Over the next year, revenue is expected to shrink by 3.8% compared to a 17% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$1.17 (vs NT$1.22 in 3Q 2020) The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: NT$3.48m (down 100% from 3Q 2020). Net income: NT$348.7k (down 100% from 3Q 2020). Profit margin: 10.0% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$2.30 (vs NT$0.82 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$6.01b (up 101% from 2Q 2020). Net income: NT$686.5m (up 181% from 2Q 2020). Profit margin: 11% (up from 8.2% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 27
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 03 August 2021. Payment date: 30 August 2021. Trailing yield: 3.3%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (2.4%). Reported Earnings • May 14
First quarter 2021 earnings released: EPS NT$1.95 (vs NT$1.79 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: NT$4.67b (up 1.6% from 1Q 2020). Net income: NT$582.1m (up 9.0% from 1Q 2020). Profit margin: 13% (in line with 1Q 2020). 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. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improved over the past week After last week's 16% share price gain to NT$96.60, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Luxury industry in Taiwan. Total returns to shareholders of 51% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$120 per share. Major Estimate Revision • Apr 16
Consensus EPS estimates increase to NT$6.98 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from NT$17.1b to NT$18.0b. EPS estimate increased from NT$6.22 to NT$6.98 per share. Net income forecast to grow 30% next year vs 27% growth forecast for Luxury industry in Taiwan. Consensus price target up from NT$91.48 to NT$101. Share price rose 16% to NT$96.60 over the past week. Reported Earnings • Mar 28
Full year 2020 earnings released: EPS NT$5.21 (vs NT$5.11 in FY 2019) The company reported a mediocre full year result with weaker revenues, although profit margins were flat and earnings improved. Full year 2020 results: Revenue: NT$14.6b (down 4.3% from FY 2019). Net income: NT$1.55b (up 1.9% from FY 2019). Profit margin: 11% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 1% per year. Is New 90 Day High Low • Feb 04
New 90-day high: NT$82.00 The company is up 16% from its price of NT$70.90 on 06 November 2020. The Taiwanese market is up 21% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Luxury industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$101 per share. Major Estimate Revision • Jan 20
Analysts increase EPS estimates to NT$6.12 The 2021 consensus revenue estimate increased from NT$15.4b to NT$16.8b. The earnings per share estimate also received an upgrade from NT$5.53 to NT$6.12 for the same period. Net income is expected to grow by 16% next year compared to 18% growth forecast for the Luxury industry in Taiwan. The consensus price target increased from NT$84.78 to NT$92.60. Share price is up 4.7% to NT$79.90 over the past week. Price Target Changed • Jan 19
Price target raised to NT$91.18 Up from NT$84.78, the current price target is an average from 10 analysts. The new target price is 14% above the current share price of NT$80.30. As of last close, the stock is down 7.7% over the past year. Is New 90 Day High Low • Jan 14
New 90-day high: NT$80.30 The company is up 11% from its price of NT$72.20 on 16 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. However, it outperformed 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$56.99 per share. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$1.22 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$3.40b (down 8.5% from 3Q 2019). Net income: NT$364.4m (up 3.9% from 3Q 2019). Profit margin: 11% (up from 9.4% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Analyst Estimate Surprise Post Earnings • Nov 14
Revenue behind estimates Revenue missed analyst estimates by 0.3%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 3.6%, compared to a 3.0% growth forecast for the Luxury industry in Taiwan.