Upcoming Dividend • 8h
Upcoming dividend of NT$9.00 per share Eligible shareholders must have bought the stock before 30 July 2026. Payment date: 02 September 2026. Payout ratio is on the higher end at 82%, however this is supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Taiwanese dividend payers (5.0%). In line with average of industry peers (3.7%). Buy Or Sell Opportunity • Jun 05
Now 23% undervalued Over the last 90 days, the stock has risen 6.6% to NT$233. The fair value is estimated to be NT$301, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.6% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 20% in the next 2 years. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$239, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 15x in the Consumer Retailing industry in Asia. Total loss to shareholders of 7.3% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$289 per share. Declared Dividend • May 22
Dividend of NT$9.00 announced Dividend of NT$9.00 is the same as last year. Ex-date: 30th July 2026 Payment date: 2nd September 2026 Dividend yield will be 4.1%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by both earnings (82% earnings payout ratio) and cash flows (38% cash payout ratio). The dividend has increased by an average of 2.3% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • May 18
Now 21% undervalued Over the last 90 days, the stock has risen 1.1% to NT$226. The fair value is estimated to be NT$284, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.6% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 20% in the next 2 years. Reported Earnings • May 01
First quarter 2026 earnings released: EPS: NT$2.00 (vs NT$2.79 in 1Q 2025) First quarter 2026 results: EPS: NT$2.00. Revenue: NT$88.5b (up 4.6% from 1Q 2025). Net income: NT$3.09b (up 6.7% from 1Q 2025). Profit margin: 3.5% (up from 3.4% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Consumer Retailing industry in Asia. Announcement • Feb 26
President Chain Store Corporation, Annual General Meeting, May 20, 2026 President Chain Store Corporation, Annual General Meeting, May 20, 2026. Location: 1 floor no,301, chung cheng rd., yen hsing li, yongkang district, tainan city Taiwan Reported Earnings • Feb 26
Full year 2025 earnings released: EPS: NT$10.78 (vs NT$11.10 in FY 2024) Full year 2025 results: EPS: NT$10.78 (down from NT$11.10 in FY 2024). Revenue: NT$350.7b (up 3.8% from FY 2024). Net income: NT$11.2b (down 2.8% from FY 2024). Profit margin: 3.2% (down from 3.4% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.6% p.a. on average during the next 2 years, compared to a 8.8% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 6% per year. Reported Earnings • Oct 30
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: NT$2.85 (down from NT$2.87 in 3Q 2024). Revenue: NT$88.9b (up 1.2% from 3Q 2024). Net income: NT$2.96b (flat on 3Q 2024). Profit margin: 3.3% (down from 3.4% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) also missed analyst estimates by 5.3%. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 3% per year. Reported Earnings • Aug 01
Second quarter 2025 earnings: EPS misses analyst expectations Second quarter 2025 results: EPS: NT$2.92 (down from NT$3.23 in 2Q 2024). Revenue: NT$87.4b (up 5.5% from 2Q 2024). Net income: NT$3.04b (down 9.3% from 2Q 2024). Profit margin: 3.5% (down from 4.1% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.4%. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 24
Upcoming dividend of NT$9.00 per share Eligible shareholders must have bought the stock before 31 July 2025. Payment date: 03 September 2025. Payout ratio is on the higher end at 81%, however this is supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (5.3%). In line with average of industry peers (3.6%). Buy Or Sell Opportunity • Jul 01
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 2.2% to NT$260. The fair value is estimated to be NT$214, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.2% over the last 3 years. Earnings per share has grown by 10%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 17% in the next 2 years. Declared Dividend • May 24
Dividend of NT$9.00 announced Dividend of NT$9.00 is the same as last year. Ex-date: 31st July 2025 Payment date: 3rd September 2025 Dividend yield will be 3.4%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by both earnings (81% earnings payout ratio) and cash flows (52% cash payout ratio). The dividend has increased by an average of 2.5% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 25% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 23
President Chain Store Corporation Approves Cash Dividend for 2024, Payable on September 3, 2025 President Chain Store Corporation at its shareholders meeting held on May 22, 2025 approved TWD 9.0 per share; 100% cash dividend for 2024. Ex-rights (ex-dividend) trading date: July 31, 2025. Ex-rights (ex-dividend) record date: August 6, 2025. Payment date of common stock cash dividend distribution: September 3, 2025. Reported Earnings • May 01
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: NT$2.79 (down from NT$2.83 in 1Q 2024). Revenue: NT$84.6b (up 4.4% from 1Q 2024). Net income: NT$2.90b (down 1.7% from 1Q 2024). Profit margin: 3.4% (down from 3.6% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) also missed analyst estimates by 4.2%. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Consumer Retailing industry in Asia. 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 2% per year, which means it is significantly lagging earnings. Announcement • Apr 23
President Chain Store Corporation to Report Q1, 2025 Results on Apr 30, 2025 President Chain Store Corporation announced that they will report Q1, 2025 results on Apr 30, 2025 Buy Or Sell Opportunity • Apr 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.9% to NT$236. The fair value is estimated to be NT$301, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.7% over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 6.1% per annum. Earnings are also forecast to grow by 6.6% per annum over the same time period. Reported Earnings • Feb 28
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: NT$11.10 (down from NT$12.18 in FY 2023). Revenue: NT$337.9b (up 6.6% from FY 2023). Net income: NT$11.5b (down 8.9% from FY 2023). Profit margin: 3.4% (down from 4.0% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.1%. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Feb 27
President Chain Store Corporation, Annual General Meeting, May 22, 2025 President Chain Store Corporation, Annual General Meeting, May 22, 2025. Location: 1 floor no,301, chung cheng rd., yen hsing li, yongkang district, tainan city Taiwan Announcement • Feb 19
President Chain Store Corporation to Report Q4, 2024 Results on Feb 26, 2025 President Chain Store Corporation announced that they will report Q4, 2024 results on Feb 26, 2025 Reported Earnings • Nov 02
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: NT$2.87 (down from NT$2.92 in 3Q 2023). Revenue: NT$87.9b (up 6.5% from 3Q 2023). Net income: NT$2.99b (down 1.7% from 3Q 2023). Profit margin: 3.4% (down from 3.7% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) missed analyst estimates by 6.4%. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. New Risk • Nov 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Oct 24
President Chain Store Corporation to Report Q3, 2024 Results on Oct 31, 2024 President Chain Store Corporation announced that they will report Q3, 2024 results on Oct 31, 2024 New Risk • Sep 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.1% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Aug 05
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 04
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: NT$3.23 (up from NT$2.46 in 2Q 2023). Revenue: NT$82.8b (up 6.8% from 2Q 2023). Net income: NT$3.36b (up 31% from 2Q 2023). Profit margin: 4.1% (up from 3.3% in 2Q 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 8.0%. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 25
Upcoming dividend of NT$9.00 per share Eligible shareholders must have bought the stock before 01 August 2024. Payment date: 04 September 2024. Payout ratio is a comfortable 73% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Taiwanese dividend payers (4.3%). In line with average of industry peers (3.0%). Declared Dividend • Jun 14
Dividend of NT$9.00 announced Dividend of NT$9.00 is the same as last year. Ex-date: 1st August 2024 Payment date: 4th September 2024 Dividend yield will be 3.3%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (73% earnings payout ratio) and cash flows (26% 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 6.1% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 02
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: NT$2.83 (up from NT$2.71 in 1Q 2023). Revenue: NT$81.1b (up 7.4% from 1Q 2023). Net income: NT$2.94b (up 4.4% from 1Q 2023). Profit margin: 3.6% (down from 3.7% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 5.6%. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Apr 12
President Chain Store Corporation to Report Q1, 2024 Results on Apr 30, 2024 President Chain Store Corporation announced that they will report Q1, 2024 results on Apr 30, 2024 Reported Earnings • Mar 01
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: NT$10.21 (up from NT$8.93 in FY 2022). Revenue: NT$317.0b (up 9.2% from FY 2022). Net income: NT$10.6b (up 14% from FY 2022). Profit margin: 3.3% (up from 3.2% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.8%. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Consumer Retailing 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 remained flat. New Risk • Nov 03
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 133% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (133% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Aug 24
President Chain Store Corporation, Annual General Meeting, Aug 23, 2023 President Chain Store Corporation, Annual General Meeting, Aug 23, 2023. Agenda: To adoption of the proposal for 2022 profit distribution; to amend the corporate charter; to ratification of 2022 financial statements; to elections for board of directors and supervisors; to adoption the re-appointment of zhen hui certified public accountants as the auditors of the company and authorize the board of directors to determine the remuneration the tenure will be until next annual general shareholders' meeting. Reported Earnings • Aug 04
Second quarter 2023 earnings: EPS misses analyst expectations Second quarter 2023 results: EPS: NT$2.46 (up from NT$2.36 in 2Q 2022). Revenue: NT$77.6b (up 9.1% from 2Q 2022). Net income: NT$2.55b (up 4.2% from 2Q 2022). Profit margin: 3.3% (down from 3.4% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 9.9%. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has remained flat. Upcoming Dividend • Jul 27
Upcoming dividend of NT$9.00 per share at 3.2% yield Eligible shareholders must have bought the stock before 03 August 2023. Payment date: 06 September 2023. Payout ratio is on the higher end at 94%, however this is supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Taiwanese dividend payers (5.5%). In line with average of industry peers (3.1%). Reported Earnings • Jun 04
First quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2023 results: EPS: NT$2.71 (up from NT$2.09 in 1Q 2022). Revenue: NT$75.5b (up 12% from 1Q 2022). Net income: NT$2.82b (up 30% from 1Q 2022). Profit margin: 3.7% (up from 3.2% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) missed analyst estimates by 4.1%. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 2% per year. Announcement • May 31
President Chain Store Corporation Approves Cash Dividend for the Year 2022 President Chain Store Corporation announced at annual general shareholders meeting held on May 30, 2023, the shareholders approved cash dividend of TWD 9.0 per share for the year 2022. Reported Earnings • May 05
First quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2023 results: EPS: NT$2.71 (up from NT$2.09 in 1Q 2022). Revenue: NT$75.5b (up 12% from 1Q 2022). Net income: NT$2.82b (up 30% from 1Q 2022). Profit margin: 3.7% (up from 3.2% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) missed analyst estimates by 4.1%. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 2% per year. Major Estimate Revision • Mar 03
Consensus EPS estimates fall by 17%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from NT$302.0b to NT$308.5b. EPS estimate fell from NT$11.28 to NT$9.33 per share. Net income forecast to grow 4.7% next year vs 16% growth forecast for Consumer Retailing industry in Taiwan. Consensus price target of NT$293 unchanged from last update. Share price was steady at NT$268 over the past week. Reported Earnings • Feb 25
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: NT$8.93 (up from NT$8.52 in FY 2021). Revenue: NT$290.4b (up 11% from FY 2021). Net income: NT$9.28b (up 4.7% from FY 2021). Profit margin: 3.2% (down from 3.4% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.7%. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Consumer Retailing industry in Asia. 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 3% per year. Reported Earnings • Nov 06
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: NT$2.58 (up from NT$1.98 in 3Q 2021). Revenue: NT$75.8b (up 16% from 3Q 2021). Net income: NT$2.69b (up 31% from 3Q 2021). Profit margin: 3.5% (up from 3.2% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) missed analyst estimates by 5.5%. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Consumer Retailing industry in Asia. 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. Buying Opportunity • Nov 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 5.2%. The fair value is estimated to be NT$333, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 7.2%. For the next 3 years, revenue is forecast to grow by 4.5% per annum. Earnings is also forecast to grow by 9.2% per annum over the same time period. Upcoming Dividend • Jul 27
Upcoming dividend of NT$9.00 per share Eligible shareholders must have bought the stock before 03 August 2022. Payment date: 06 September 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 2.5%. Lower than top quartile of Taiwanese dividend payers (6.7%). In line with average of industry peers (2.4%). Announcement • May 27
President Chain Store Corporation Approves Adoption of the Proposal for Distribution of 2021 President Chain Store Corporation approved adoption of the Proposal for Distribution of 2021 Legal Reserve. As TWD 1.79 per share; 100% in cash, at its AGM, held on May 26, 2022. Reported Earnings • May 08
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: NT$2.09 (down from NT$2.61 in 1Q 2021). Revenue: NT$67.7b (up 4.0% from 1Q 2021). Net income: NT$2.17b (down 20% from 1Q 2021). Profit margin: 3.2% (down from 4.2% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) also missed analyst estimates by 19%. Over the next year, revenue is forecast to grow 7.1%, compared to a 25% growth forecast for the 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. Reported Earnings • Feb 27
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: NT$8.52 (down from NT$9.85 in FY 2020). Revenue: NT$262.7b (up 1.6% from FY 2020). Net income: NT$8.86b (down 13% from FY 2020). Profit margin: 3.4% (down from 4.0% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.9%. Over the next year, revenue is forecast to grow 6.1%, compared to a 22% growth forecast for the retail industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 6% per year. Announcement • Feb 26
President Chain Store Corporation, Annual General Meeting, May 26, 2022 President Chain Store Corporation, Annual General Meeting, May 26, 2022. Location: No.301, Zhongzheng Rd., Yongkang Dist Tainan Taiwan Agenda: To consider business report for 2021; to consider Audit Committee's review report for 2021; to consider status of Investment in Mainland China; to consider compensation for employees and directors in 2021; to consider ratification of 2021 Business Report and Financial Statements; and to consider other matters. Reported Earnings • Nov 03
Third quarter 2021 earnings released: EPS NT$1.98 (vs NT$2.76 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$65.4b (down 3.5% from 3Q 2020). Net income: NT$2.06b (down 28% from 3Q 2020). Profit margin: 3.2% (down from 4.2% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 25% 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. Upcoming Dividend • Aug 31
Upcoming dividend of NT$9.00 per share Eligible shareholders must have bought the stock before 07 September 2021. Payment date: 13 October 2021. Trailing yield: 3.2%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (2.9%). Reported Earnings • Aug 04
Second quarter 2021 earnings released: EPS NT$1.70 (vs NT$2.44 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$63.6b (up 3.4% from 2Q 2020). Net income: NT$1.77b (down 30% from 2Q 2020). Profit margin: 2.8% (down from 4.1% in 2Q 2020). The decrease in margin was driven by higher expenses. 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 3% per year, which means it has not declined as severely as earnings. Reported Earnings • May 05
First quarter 2021 earnings released: EPS NT$2.61 (vs NT$2.46 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$65.1b (up 3.2% from 1Q 2020). Net income: NT$2.71b (up 6.1% from 1Q 2020). Profit margin: 4.2% (up from 4.1% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 45% 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. Is New 90 Day High Low • Mar 01
New 90-day low: NT$262 The company is down 2.0% from its price of NT$268 on 01 December 2020. The Taiwanese market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Retailing 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$432 per share. Analyst Estimate Surprise Post Earnings • Feb 28
Revenue beats expectations Revenue exceeded analyst estimates by 0.04%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 5.8%, compared to a 13% growth forecast for the Consumer Retailing industry in Taiwan. Announcement • Feb 27
President Chain Store Corporation, Annual General Meeting, Jun 16, 2021 President Chain Store Corporation, Annual General Meeting, Jun 16, 2021. Location: No.301, Zhongzheng Rd., Yongkang Dist., (1F of Training Center of Uni-President Enterprises Corp.) Tainan City Taiwan Agenda: To consider business report for 2020; to consider Audit Committee's review report for 2020; to consider status of Investment in Mainland China; to consider compensation for employees and directors in 2020; to consider ratification of 2020 Business Report and Financial Statements; and to consider other matters. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS NT$9.85 (vs NT$10.14 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: NT$258.5b (up 1.0% from FY 2019). Net income: NT$10.2b (down 2.9% from FY 2019). Profit margin: 4.0% (down from 4.1% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 49% 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. Reported Earnings • Oct 31
Third quarter earnings released Over the last 12 months the company has reported total profits of NT$10.2b, down 2.8% from the prior year. Total revenue was NT$257.3b over the last 12 months, up 1.7% from the prior year. Analyst Estimate Surprise Post Earnings • Oct 31
Third-quarter earnings released: Revenue and earnings beat expectations Third-quarter revenue exceeded analyst estimates by 1.0% at NT$67.8b. Earnings per share (EPS) also surpassed analyst estimates by 7.2% at NT$2.76. Revenue is forecast to grow 5.4% over the next year, compared to a 9.1% growth forecast for the Consumer Retailing industry in Taiwan. Is New 90 Day High Low • Sep 24
New 90-day low: NT$262 The company is down 13% from its price of NT$300 on 24 June 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Retailing industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$276 per share. 
