New Risk • Jun 24
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 46% 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: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 98% Cash payout ratio: 170% Minor Risk High level of debt (46% net debt to equity). Reported Earnings • May 17
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$2.33 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00 (down from NT$2.33 in 1Q 2025). Revenue: NT$1.65b (up 3.5% from 1Q 2025). Net income: NT$69.8m (down 30% from 1Q 2025). Profit margin: 4.2% (down from 6.3% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year and the company’s share price has also fallen by 6% per year. New Risk • Apr 11
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 42% 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 (42% net debt to equity). Dividend is not well covered by cash flows (93% cash payout ratio). Reported Earnings • Mar 28
Full year 2025 earnings released: EPS: NT$6.76 (vs NT$8.19 in FY 2024) Full year 2025 results: EPS: NT$6.76 (down from NT$8.19 in FY 2024). Revenue: NT$6.10b (flat on FY 2024). Net income: NT$289.3m (down 18% from FY 2024). Profit margin: 4.7% (down from 5.8% in FY 2024). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Mar 16
TTFB Company Limited, Annual General Meeting, Jun 22, 2026 TTFB Company Limited, Annual General Meeting, Jun 22, 2026. Location: 3 floor no,631, chung cheng rd., jhonghe district, new taipei city Taiwan Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: NT$2.45 (vs NT$2.62 in 3Q 2024) Third quarter 2025 results: EPS: NT$2.45 (down from NT$2.62 in 3Q 2024). Revenue: NT$1.56b (down 2.4% from 3Q 2024). Net income: NT$104.6m (down 7.4% from 3Q 2024). Profit margin: 6.7% (down from 7.0% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$1.91 (vs NT$2.16 in 2Q 2024) Second quarter 2025 results: EPS: NT$1.91 (down from NT$2.16 in 2Q 2024). Revenue: NT$1.45b (down 3.5% from 2Q 2024). Net income: NT$74.5m (down 20% from 2Q 2024). Profit margin: 5.1% (down from 6.2% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jul 14
Dividend of NT$8.08 announced Shareholders will receive a dividend of NT$8.08. Ex-date: 29th July 2025 Payment date: 18th August 2025 Dividend yield will be 3.9%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is not adequately covered by earnings (97% earnings payout ratio) nor is it covered by cash flows (148% 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. The company's earnings per share (EPS) would need to grow by 7.7% to bring the payout ratio under control, which is more than the 5.2% EPS growth achieved over the last 5 years. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: NT$2.56 (vs NT$2.30 in 1Q 2024) First quarter 2025 results: EPS: NT$2.56 (up from NT$2.30 in 1Q 2024). Revenue: NT$1.60b (up 3.9% from 1Q 2024). Net income: NT$100.3m (up 12% from 1Q 2024). Profit margin: 6.3% (up from 5.8% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • Apr 01
TTFB Company Limited, Annual General Meeting, Jun 19, 2025 TTFB Company Limited, Annual General Meeting, Jun 19, 2025, at 09:00 Taipei Standard Time. Location: 3 floor no,631, chung cheng rd., jhonghe district, new taipei city Taiwan Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$9.01 (vs NT$11.25 in FY 2023) Full year 2024 results: EPS: NT$9.01 (down from NT$11.25 in FY 2023). Revenue: NT$6.08b (up 6.2% from FY 2023). Net income: NT$352.6m (down 20% from FY 2023). Profit margin: 5.8% (down from 7.7% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$2.89 (vs NT$3.02 in 3Q 2023) Third quarter 2024 results: EPS: NT$2.89 (down from NT$3.02 in 3Q 2023). Revenue: NT$1.60b (up 6.5% from 3Q 2023). Net income: NT$112.9m (down 4.4% from 3Q 2023). Profit margin: 7.0% (down from 7.8% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: NT$2.38 (vs NT$3.22 in 2Q 2023) Second quarter 2024 results: EPS: NT$2.38 (down from NT$3.22 in 2Q 2023). Revenue: NT$1.51b (up 9.0% from 2Q 2023). Net income: NT$93.0m (down 26% from 2Q 2023). Profit margin: 6.2% (down from 9.1% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Aug 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.3% to NT$208. The fair value is estimated to be NT$261, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.9% over the last 3 years. Earnings per share has grown by 12%. Upcoming Dividend • Jul 09
Upcoming dividend of NT$10.00 per share Eligible shareholders must have bought the stock before 16 July 2024. Payment date: 21 August 2024. Payout ratio and cash payout ratio are on the higher end at 94% and 76% respectively. Trailing yield: 4.1%. Lower than top quartile of Taiwanese dividend payers (4.2%). In line with average of industry peers (4.0%). New Risk • May 21
New major risk - Revenue and earnings growth Earnings have declined by 3.8% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 97% Cash payout ratio: 229% Earnings have declined by 3.8% per year over the past 5 years. Reported Earnings • May 18
First quarter 2024 earnings: EPS misses analyst expectations First quarter 2024 results: EPS: NT$2.52 (down from NT$4.21 in 1Q 2023). Revenue: NT$1.54b (up 5.3% from 1Q 2023). Net income: NT$89.8m (down 40% from 1Q 2023). Profit margin: 5.8% (down from 10% in 1Q 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 34%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 7.6% growth forecast for the Hospitality 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 increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 19
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: NT$12.37 (up from NT$3.15 in FY 2022). Revenue: NT$5.72b (up 26% from FY 2022). Net income: NT$440.1m (up 297% from FY 2022). Profit margin: 7.7% (up from 2.4% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 22%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 8.7% growth forecast for the Hospitality industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Mar 19
New major risk - Revenue and earnings growth Earnings have declined by 11% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 have declined by 11% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (2.4% increase in shares outstanding). Announcement • Mar 14
TTFB Company Limited, Annual General Meeting, Jun 18, 2024 TTFB Company Limited, Annual General Meeting, Jun 18, 2024. Price Target Changed • Nov 17
Price target decreased by 17% to NT$308 Down from NT$369, the current price target is an average from 3 analysts. New target price is 32% above last closing price of NT$234. Stock is up 34% over the past year. The company is forecast to post earnings per share of NT$15.89 for next year compared to NT$3.15 last year. Major Estimate Revision • Sep 23
Consensus EPS estimates increase by 14% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from NT$13.95 to NT$15.89. Revenue forecast steady at NT$5.90b. Net income forecast to grow 33% next year vs 37% growth forecast for Hospitality industry in Taiwan. Consensus price target broadly unchanged at NT$368. Share price fell 7.1% to NT$254 over the past week. Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: NT$4.07 (vs NT$2.73 loss in 2Q 2022) Second quarter 2023 results: EPS: NT$4.07 (up from NT$2.73 loss in 2Q 2022). Revenue: NT$1.38b (up 62% from 2Q 2022). Net income: NT$125.9m (up NT$220.5m from 2Q 2022). Profit margin: 9.1% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Hospitality industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 07
Upcoming dividend of NT$3.50 per share at 1.1% yield Eligible shareholders must have bought the stock before 14 August 2023. Payment date: 18 September 2023. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (2.1%). Reported Earnings • May 17
First quarter 2023 earnings released: EPS: NT$4.84 (vs NT$2.20 in 1Q 2022) First quarter 2023 results: EPS: NT$4.84 (up from NT$2.20 in 1Q 2022). Revenue: NT$1.46b (up 21% from 1Q 2022). Net income: NT$149.6m (up 126% from 1Q 2022). Profit margin: 10% (up from 5.5% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$273, the stock trades at a trailing P/E ratio of 76.1x. Average forward P/E is 21x in the Hospitality industry in Taiwan. Total returns to shareholders of 80% over the past three years. Reported Earnings • Apr 06
Full year 2022 earnings released: EPS: NT$3.62 (vs NT$5.35 in FY 2021) Full year 2022 results: EPS: NT$3.62 (down from NT$5.35 in FY 2021). Revenue: NT$4.54b (up 7.3% from FY 2021). Net income: NT$110.7m (down 31% from FY 2021). Profit margin: 2.4% (down from 3.8% in FY 2021). 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 increased by 13% per year, which means it is well ahead of earnings. Board Change • Nov 16
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. 8 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . 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 released: EPS: NT$3.94 (vs NT$0.80 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$3.94 (up from NT$0.80 loss in 3Q 2021). Revenue: NT$1.25b (up 48% from 3Q 2021). Net income: NT$118.7m (up NT$142.8m from 3Q 2021). Profit margin: 9.5% (up from net loss in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 32% 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 • Aug 17
Second quarter 2022 earnings released: NT$4.13 loss per share (vs NT$0.86 loss in 2Q 2021) Second quarter 2022 results: NT$4.13 loss per share (down from NT$0.86 loss in 2Q 2021). Revenue: NT$855.3m (down 7.7% from 2Q 2021). Net loss: NT$94.6m (loss widened 381% from 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 30% 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 11
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 18 August 2022. Payment date: 16 September 2022. Payout ratio is on the higher end at 89%, and the cash payout ratio is above 100%. Trailing yield: 1.8%. Lower than top quartile of Taiwanese dividend payers (6.6%). Lower than average of industry peers (3.5%). Reported Earnings • May 22
First quarter 2022 earnings released: EPS: NT$2.89 (vs NT$5.45 in 1Q 2021) First quarter 2022 results: EPS: NT$2.89 (down from NT$5.45 in 1Q 2021). Revenue: NT$1.21b (down 4.8% from 1Q 2021). Net income: NT$66.2m (down 47% from 1Q 2021). Profit margin: 5.5% (down from 9.9% in 1Q 2021). 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 6% per year, which means it has not declined as severely as earnings. 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. 8 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . 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 • Apr 03
Full year 2021 earnings released: EPS: NT$7.04 (vs NT$15.95 in FY 2020) Full year 2021 results: EPS: NT$7.04 (down from NT$15.95 in FY 2020). Revenue: NT$4.23b (down 8.3% from FY 2020). Net income: NT$161.1m (down 56% from FY 2020). Profit margin: 3.8% (down from 8.0% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 5% per year. Reported Earnings • Nov 16
Third quarter 2021 earnings released: NT$1.06 loss per share (vs NT$7.61 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: NT$844.9m (down 34% from 3Q 2020). Net loss: NT$24.2m (down 114% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has increased by 1% per year. Upcoming Dividend • Oct 18
Upcoming dividend of NT$14.50 per share Eligible shareholders must have bought the stock before 25 October 2021. Payment date: 19 November 2021. Trailing yield: 6.0%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.2%). Reported Earnings • Aug 18
Second quarter 2021 earnings released: NT$0.86 loss per share (vs NT$2.18 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: NT$926.8m (down 10.0% from 2Q 2020). Net loss: NT$19.7m (down 139% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has remained flat. Reported Earnings • May 18
First quarter 2021 earnings released: EPS NT$5.45 (vs NT$1.25 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$1.27b (up 15% from 1Q 2020). Net income: NT$124.8m (up 331% from 1Q 2020). Profit margin: 9.9% (up from 2.6% in 1Q 2020). The increase in margin was driven by higher revenue. 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 4% per year. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS NT$15.95 (vs NT$15.51 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$4.61b (down 5.9% from FY 2019). Net income: NT$369.8m (up 2.5% from FY 2019). Profit margin: 8.0% (up from 7.4% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 25
New 90-day low: NT$220 The company is down 3.0% from its price of NT$226 on 28 October 2020. The Taiwanese market is up 23% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 1.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$7.61 The company reported a solid third quarter result with improved earnings and profit margins, although revenues were flat. Third quarter 2020 results: Revenue: NT$1.29b (flat on 3Q 2019). Net income: NT$177.0m (up 54% from 3Q 2019). Profit margin: 14% (up from 8.9% in 3Q 2019). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Nov 11
New 90-day high: NT$243 The company is up 8.0% from its price of NT$226 on 13 August 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 4.0% over the same period.