Reported Earnings • Aug 07
Second quarter 2026 earnings released: EPS: NT$0.46 (vs NT$0.23 loss in 2Q 2025) Second quarter 2026 results: EPS: NT$0.46 (up from NT$0.23 loss in 2Q 2025). Revenue: NT$856.8m (flat on 2Q 2025). Net income: NT$17.0m (up NT$25.6m from 2Q 2025). Profit margin: 2.0% (up from net loss in 2Q 2025). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 34% per year, which means it has not declined as severely as earnings. Declared Dividend • Jun 17
Dividend reduced to NT$4.00 Dividend of NT$4.00 is 22% lower than last year. Ex-date: 2nd July 2026 Payment date: 31st July 2026 Dividend yield will be 6.1%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not covered by earnings (154% earnings payout ratio). However, it is well covered by cash flows (46% cash payout ratio). The dividend has decreased over the past 46 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 71% to bring the payout ratio under control. However, EPS has declined by 23% over the last 5 years so the company would need to reverse this trend. Reported Earnings • May 06
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$1.32 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00. Revenue: NT$848.5m (down 2.5% from 1Q 2025). Net income: NT$58.8m (up 19% from 1Q 2025). Profit margin: 6.9% (up from 5.7% in 1Q 2025). The increase in margin was driven by lower expenses. Reported Earnings • Mar 05
Full year 2025 earnings released: EPS: NT$2.35 (vs NT$3.00 in FY 2024) Full year 2025 results: EPS: NT$2.35 (down from NT$3.00 in FY 2024). Revenue: NT$3.45b (up 1.4% from FY 2024). Net income: NT$87.8m (down 21% from FY 2024). Profit margin: 2.5% (down from 3.3% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 32% per year, which means it has not declined as severely as earnings. Announcement • Mar 05
Norbel Baby Co., Ltd, Annual General Meeting, May 26, 2026 Norbel Baby Co., Ltd, Annual General Meeting, May 26, 2026, at 10:00 Taipei Standard Time. Location: no,400 hsin hsing ln., renwu district, kaohsiung city Taiwan Board Change • Feb 25
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. 6 experienced directors. 3 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Pao-Cheh Huang was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Buy Or Sell Opportunity • Jan 20
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to NT$66.50. The fair value is estimated to be NT$86.02, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.0% over the last 3 years. Earnings per share has declined by 58%. Reported Earnings • Nov 04
Third quarter 2025 earnings released: EPS: NT$0.35 (vs NT$0.68 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.35 (down from NT$0.68 in 3Q 2024). Revenue: NT$849.3m (flat on 3Q 2024). Net income: NT$13.1m (down 49% from 3Q 2024). Profit margin: 1.5% (down from 3.0% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. New Risk • Oct 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$2.88b (US$94.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 19% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (194% payout ratio). Market cap is less than US$100m (NT$2.88b market cap, or US$94.2m). Buy Or Sell Opportunity • Sep 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.8% to NT$93.00. The fair value is estimated to be NT$118, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.6% over the last 3 years. Earnings per share has declined by 53%. Reported Earnings • Aug 13
Second quarter 2025 earnings released: NT$0.23 loss per share (vs NT$0.72 profit in 2Q 2024) Second quarter 2025 results: NT$0.23 loss per share (down from NT$0.72 profit in 2Q 2024). Revenue: NT$862.1m (flat on 2Q 2024). Net loss: NT$8.56m (down 131% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Declared Dividend • Jun 22
Dividend reduced to NT$5.10 Dividend of NT$5.10 is 16% lower than last year. Ex-date: 3rd July 2025 Payment date: 31st July 2025 Dividend yield will be 5.0%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not covered by earnings (142% earnings payout ratio). However, it is covered by cash flows (87% cash payout ratio). The dividend has decreased over the past 36 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 58% to bring the payout ratio under control. However, EPS has declined by 17% over the last 5 years so the company would need to reverse this trend. New Risk • May 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 17% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (142% payout ratio). Large one-off items impacting financial results. Reported Earnings • May 06
First quarter 2025 earnings released: EPS: NT$1.32 (vs NT$0.74 in 1Q 2024) First quarter 2025 results: EPS: NT$1.32 (up from NT$0.74 in 1Q 2024). Revenue: NT$870.7m (up 3.3% from 1Q 2024). Net income: NT$49.3m (up 86% from 1Q 2024). Profit margin: 5.7% (up from 3.2% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. New Risk • Mar 13
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 183% Cash payout ratio: 107% Dividend yield: 4.5% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 183% Cash payout ratio: 107% Earnings have declined by 12% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (3.3% net profit margin). Announcement • Mar 07
Norbel Baby Co., Ltd, Annual General Meeting, May 27, 2025 Norbel Baby Co., Ltd, Annual General Meeting, May 27, 2025, at 10:00 Taipei Standard Time. Location: no,400 hsin hsing ln., renwu district, kaohsiung city Taiwan Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$0.68 (vs NT$1.05 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.68 (down from NT$1.05 in 3Q 2023). Revenue: NT$845.9m (down 4.2% from 3Q 2023). Net income: NT$25.6m (down 31% from 3Q 2023). Profit margin: 3.0% (down from 4.2% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 28% 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. Announcement • Nov 14
Qisda Corporation (TWSE:2352) completed the acquisition of an additional 13.95% stake in Norbel Baby Co., Ltd (TPEX:6844). Qisda Corporation (TWSE:2352) proposed to acquire an additional 13.95% stake in Norbel Baby Co., Ltd (TPEX:6844) for approximately TWD 910 million on September 23, 2024. A cash consideration of TWD 913.5 million valued at TWD 175 per share will be paid by Qisda Corporation. As part of consideration, TWD 913.5 million is paid towards common equity of Norbel Baby Co., Ltd. The transaction will be financed through equity investment of TWD 913.5 million. The transaction is subject to approval by regulatory board / committee and subject to antitrust regulations.
Lai Ming-Yang of WeTec International CPAs acted as accountant to Qisda Corporation.
Qisda Corporation (TWSE:2352) completed the acquisition of an additional 13.95% stake in Norbel Baby Co., Ltd (TPEX:6844) on November 13, 2024. The Period of the public tender offer was open from September 25, 2024 and closed on November 13, 2024. The conditions of this Tender Offer have been satisfied. The minimum number of shares to be acquired by the Tender Offeror in this Tender Offer is 1,872,000 ordinary shares of NORBEL. The total number of shares tendered for sale has reached the aforementioned minimum number. Further, according to the letter issued by the Fair Trade Commission dated November 11, 2024, FTC has resolved not to prohibit the combination of the Tender Offeror and NORBEL. Thus, all the conditions of this Tender Offer have been satisfied. Buy Or Sell Opportunity • Aug 21
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to NT$143. The fair value is estimated to be NT$180, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.6% over the last 3 years. Earnings per share has declined by 19%. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: NT$0.73 (vs NT$1.68 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.73 (down from NT$1.68 in 2Q 2023). Revenue: NT$855.3m (down 6.5% from 2Q 2023). Net income: NT$27.4m (down 52% from 2Q 2023). Profit margin: 3.2% (down from 6.2% in 2Q 2023). The decrease in margin was driven by lower revenue. Upcoming Dividend • Jun 27
Upcoming dividend of NT$6.10 per share Eligible shareholders must have bought the stock before 04 July 2024. Payment date: 31 July 2024. The company is paying out more than 100% of its profits and is paying out 78% of its cash flow. Trailing yield: 3.8%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (3.1%). New Risk • Jun 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.5% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (97% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.6% net profit margin). Shareholders have been diluted in the past year (8.5% increase in shares outstanding). Reported Earnings • May 12
First quarter 2024 earnings released: EPS: NT$0.74 (vs NT$2.40 in 1Q 2023) First quarter 2024 results: EPS: NT$0.74 (down from NT$2.40 in 1Q 2023). Revenue: NT$843.1m (down 11% from 1Q 2023). Net income: NT$26.6m (down 63% from 1Q 2023). Profit margin: 3.2% (down from 7.6% in 1Q 2023). The decrease in margin was driven by lower revenue. Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: NT$6.21 (vs NT$12.08 in FY 2022) Full year 2023 results: EPS: NT$6.21 (down from NT$12.08 in FY 2022). Revenue: NT$3.60b (down 14% from FY 2022). Net income: NT$208.0m (down 43% from FY 2022). Profit margin: 5.8% (down from 8.6% in FY 2022). The decrease in margin was driven by lower revenue. Announcement • Mar 17
Norbel Baby Co., Ltd, Annual General Meeting, Jun 18, 2024 Norbel Baby Co., Ltd, Annual General Meeting, Jun 18, 2024. Buy Or Sell Opportunity • Feb 02
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to NT$229. The fair value is estimated to be NT$189, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$1.05 (vs NT$2.54 in 3Q 2022) Third quarter 2023 results: EPS: NT$1.05 (down from NT$2.54 in 3Q 2022). Revenue: NT$883.3m (down 11% from 3Q 2022). Net income: NT$36.9m (down 52% from 3Q 2022). Profit margin: 4.2% (down from 7.7% in 3Q 2022). The decrease in margin was driven by lower revenue. New Risk • Aug 14
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 128% Cash payout ratio: 112% Dividend yield: 5.8% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 128% Cash payout ratio: 112% Minor Risk Shareholders have been diluted in the past year (17% increase in shares outstanding). Reported Earnings • Jul 28
First quarter 2023 earnings released: EPS: NT$2.40 (vs NT$2.37 in 1Q 2022) First quarter 2023 results: EPS: NT$2.40 (up from NT$2.37 in 1Q 2022). Revenue: NT$943.9m (down 2.7% from 1Q 2022). Net income: NT$72.2m (up 1.5% from 1Q 2022). Profit margin: 7.6% (up from 7.3% in 1Q 2022). The increase in margin was driven by lower expenses. Upcoming Dividend • Jun 29
Upcoming dividend of NT$10.00 per share at 5.4% yield Eligible shareholders must have bought the stock before 06 July 2023. Payment date: 31 July 2023. Payout ratio is on the higher end at 97%, however this is supported by cash flows. Trailing yield: 5.4%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.0%). Reported Earnings • Apr 26
Full year 2022 earnings released: EPS: NT$12.08 (vs NT$8.80 in FY 2021) Full year 2022 results: EPS: NT$12.08 (up from NT$8.80 in FY 2021). Revenue: NT$4.20b (up 10% from FY 2021). Net income: NT$362.9m (up 37% from FY 2021). Profit margin: 8.6% (up from 6.9% in FY 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$198, the stock trades at a trailing P/E ratio of 17.1x. Average trailing P/E is 30x in the Consumer Retailing industry in Taiwan. Total returns to shareholders of 35% over the past year. Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improved over the past week After last week's 15% share price gain to NT$180, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 28x in the Consumer Retailing industry in Taiwan. Reported Earnings • Aug 15
First half 2022 earnings released: EPS: NT$6.99 (vs NT$4.26 in 1H 2021) First half 2022 results: EPS: NT$6.99 (up from NT$4.26 in 1H 2021). Revenue: NT$2.23b (up 17% from 1H 2021). Net income: NT$210.0m (up 64% from 1H 2021). Profit margin: 9.4% (up from 6.7% in 1H 2021). The increase in margin was driven by higher revenue. Reported Earnings • Apr 18
Full year 2021 earnings released: EPS: NT$8.79 (vs NT$10.05 in FY 2020) Full year 2021 results: EPS: NT$8.79 (down from NT$10.05 in FY 2020). Revenue: NT$3.81b (down 1.9% from FY 2020). Net income: NT$264.2m (down 1.9% from FY 2020). Profit margin: 6.9% (in line with FY 2020). Announcement • Apr 04
Norbel Baby Co., Ltd, Annual General Meeting, Jun 24, 2022 Norbel Baby Co., Ltd, Annual General Meeting, Jun 24, 2022. 
