Reported Earnings • May 19
First quarter 2026 earnings released: NT$0.10 loss per share (vs NT$0.15 loss in 1Q 2025) First quarter 2026 results: NT$0.10 loss per share (improved from NT$0.15 loss in 1Q 2025). Revenue: NT$169.4m (up 8.0% from 1Q 2025). Net loss: NT$7.72m (loss narrowed 14% from 1Q 2025). 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 27% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 26
Full year 2025 earnings released: NT$1.83 loss per share (vs NT$1.78 loss in FY 2024) Full year 2025 results: NT$1.83 loss per share (further deteriorated from NT$1.78 loss in FY 2024). Revenue: NT$524.2m (up 36% from FY 2024). Net loss: NT$131.4m (loss widened 34% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. Announcement • Mar 11
HOYA Resort Hotel Group, Annual General Meeting, Jun 15, 2026 HOYA Resort Hotel Group, Annual General Meeting, Jun 15, 2026, at 10:00 Taipei Standard Time. Location: no,16, lung ch`uan rd., wen ch`uan ts`u, beinan township, taitung county Taiwan Reported Earnings • Nov 18
Third quarter 2025 earnings released: NT$0.80 loss per share (vs NT$0.91 loss in 3Q 2024) Third quarter 2025 results: NT$0.80 loss per share. Revenue: NT$101.0m (up 27% from 3Q 2024). Net loss: NT$63.6m (loss widened 16% from 3Q 2024). New Risk • Sep 19
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 33% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 44% per year over the past 5 years. Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Minor Risk Market cap is less than US$100m (NT$1.24b market cap, or US$41.2m). Reported Earnings • Aug 15
Second quarter 2025 earnings released: NT$0.63 loss per share (vs NT$1.04 loss in 2Q 2024) Second quarter 2025 results: NT$0.63 loss per share (improved from NT$1.04 loss in 2Q 2024). Revenue: NT$109.0m (up 49% from 2Q 2024). Net loss: NT$42.9m (loss narrowed 19% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Reported Earnings • May 15
First quarter 2025 earnings released: NT$0.15 loss per share (vs NT$0.13 loss in 1Q 2024) First quarter 2025 results: NT$0.15 loss per share (further deteriorated from NT$0.13 loss in 1Q 2024). Revenue: NT$156.8m (up 74% from 1Q 2024). Net loss: NT$8.93m (loss widened 34% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 28
Full year 2024 earnings released: NT$1.77 loss per share (vs NT$0.40 loss in FY 2023) Full year 2024 results: NT$1.77 loss per share (further deteriorated from NT$0.40 loss in FY 2023). Revenue: NT$385.2m (down 27% from FY 2023). Net loss: NT$98.1m (loss widened 393% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Announcement • Mar 25
HOYA Resort Hotel Group, Annual General Meeting, Jun 10, 2025 HOYA Resort Hotel Group, Annual General Meeting, Jun 10, 2025, at 10:00 Taipei Standard Time. Location: no,16, lung ch`uan rd., wen ch`uan ts`u, beinan township, taitung county Taiwan New Risk • Jan 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 26% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (NT$1.25b market cap, or US$38.1m). Reported Earnings • Nov 19
Third quarter 2024 earnings released: NT$0.91 loss per share (vs NT$0.50 loss in 3Q 2023) Third quarter 2024 results: NT$0.91 loss per share (further deteriorated from NT$0.50 loss in 3Q 2023). Revenue: NT$79.8m (down 29% from 3Q 2023). Net loss: NT$54.8m (loss widened 121% from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. New Risk • Sep 03
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 8.2% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (NT$1.17b market cap, or US$36.4m). Reported Earnings • Aug 18
Second quarter 2024 earnings released: NT$1.04 loss per share (vs NT$0.24 loss in 2Q 2023) Second quarter 2024 results: NT$1.04 loss per share (further deteriorated from NT$0.24 loss in 2Q 2023). Revenue: NT$73.0m (down 45% from 2Q 2023). Net loss: NT$52.9m (loss widened 343% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • May 19
First quarter 2024 earnings released: NT$0.13 loss per share (vs NT$0.77 profit in 1Q 2023) First quarter 2024 results: NT$0.13 loss per share (down from NT$0.77 profit in 1Q 2023). Revenue: NT$90.0m (down 50% from 1Q 2023). Net loss: NT$6.66m (down 117% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. New Risk • Apr 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (NT$1.43b market cap, or US$44.0m). Reported Earnings • Apr 03
Full year 2023 earnings released: NT$0.40 loss per share (vs NT$0.24 profit in FY 2022) Full year 2023 results: NT$0.40 loss per share (down from NT$0.24 profit in FY 2022). Revenue: NT$529.1m (down 11% from FY 2022). Net loss: NT$19.9m (down 268% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Announcement • Feb 07
HOYA Resort Hotel Group, Annual General Meeting, May 24, 2024 HOYA Resort Hotel Group, Annual General Meeting, May 24, 2024. Reported Earnings • Nov 13
Third quarter 2023 earnings released: NT$0.50 loss per share (vs NT$0.42 profit in 3Q 2022) Third quarter 2023 results: NT$0.50 loss per share (down from NT$0.42 profit in 3Q 2022). Revenue: NT$112.8m (down 37% from 3Q 2022). Net loss: NT$24.8m (down 219% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Nov 08
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be NT$35.68, 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. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$28.05, the stock trades at a trailing P/E ratio of 27.5x. Average trailing P/E is 22x in the Hospitality industry in Taiwan. Total returns to shareholders of 126% over the past three years. Buying Opportunity • Sep 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 33%. The fair value is estimated to be NT$35.78, 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. Meanwhile, the company has become profitable. New Risk • Sep 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 53% 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 Share price has been highly volatile over the past 3 months (9.4% average weekly change). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.49b market cap, or US$46.8m). Reported Earnings • Aug 12
Second quarter 2023 earnings released: NT$0.24 loss per share (vs NT$0.74 loss in 2Q 2022) Second quarter 2023 results: NT$0.24 loss per share (improved from NT$0.74 loss in 2Q 2022). Revenue: NT$132.2m (up 70% from 2Q 2022). Net loss: NT$11.9m (loss narrowed 67% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 38% per year and the company’s share price has also increased by 38% per year. New Risk • Jul 20
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 176% 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 Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.97b market cap, or US$63.6m). Reported Earnings • Mar 31
Full year 2022 earnings released: EPS: NT$0.24 (vs NT$0.69 loss in FY 2021) Full year 2022 results: EPS: NT$0.24 (up from NT$0.69 loss in FY 2021). Revenue: NT$592.0m (up 20% from FY 2021). Net income: NT$11.8m (up NT$45.9m from FY 2021). Profit margin: 2.0% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Mar 16
Now 21% undervalued Over the last 90 days, the stock is up 5.5%. The fair value is estimated to be NT$28.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 9.3% over the last 3 years. Meanwhile, the company has become profitable. Buying Opportunity • Feb 03
Now 20% undervalued Over the last 90 days, the stock is up 13%. The fair value is estimated to be NT$28.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 9.3% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Jan 18
HOYA Resort Hotel Group, Annual General Meeting, May 29, 2023 HOYA Resort Hotel Group, Annual General Meeting, May 29, 2023. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: NT$0.43 (vs NT$1.04 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$0.43 (up from NT$1.04 loss in 3Q 2021). Revenue: NT$178.0m (up 198% from 3Q 2021). Net income: NT$20.9m (up NT$71.6m from 3Q 2021). Profit margin: 12% (up from net loss in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 13% per year. Reported Earnings • Aug 11
Second quarter 2022 earnings released: NT$0.74 loss per share (vs NT$0.70 loss in 2Q 2021) Second quarter 2022 results: NT$0.74 loss per share (down from NT$0.70 loss in 2Q 2021). Revenue: NT$77.8m (up 3.6% from 2Q 2021). Net loss: NT$36.3m (loss widened 5.4% from 2Q 2021). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Reported Earnings • May 11
First quarter 2022 earnings released: EPS: NT$0.48 (vs NT$0.46 in 1Q 2021) First quarter 2022 results: EPS: NT$0.48 (up from NT$0.46 in 1Q 2021). Revenue: NT$175.1m (down 5.5% from 1Q 2021). Net income: NT$23.8m (up 4.9% from 1Q 2021). Profit margin: 14% (up from 12% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Jan 30
HOYA Resort Hotel Group, Annual General Meeting, May 23, 2022 HOYA Resort Hotel Group, Annual General Meeting, May 23, 2022. Upcoming Dividend • Nov 18
Upcoming dividend of NT$0.20 per share Eligible shareholders must have bought the stock before 25 November 2021. Payment date: 22 December 2021. Trailing yield: 1.3%. Lower than top quartile of Taiwanese dividend payers (5.1%). Lower than average of industry peers (3.3%). Reported Earnings • Aug 09
Second quarter 2021 earnings released: NT$0.70 loss per share (vs NT$0.93 loss in 2Q 2020) The company reported a decent second quarter result with reduced losses and improved control over expenses, although revenues were weaker. Second quarter 2021 results: Revenue: NT$75.1m (down 9.5% from 2Q 2020). Net loss: NT$34.4m (loss narrowed 25% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improved over the past week After last week's 15% share price gain to NT$19.85, the stock trades at a trailing P/E ratio of 22.5x. Average trailing P/E is 25x in the Hospitality industry in Taiwan. Total returns to shareholders of 43% over the past three years. Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$13.50, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 20x in the Hospitality industry in Taiwan. Negligible returns to shareholders over past three years. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.46 (vs NT$0.24 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$185.4m (up 23% from 1Q 2020). Net income: NT$22.7m (up NT$34.5m from 1Q 2020). Profit margin: 12% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$0.18 (vs NT$0.13 loss 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$634.2m (down 8.1% from FY 2019). Net income: NT$8.74m (up NT$15.3m from FY 2019). Profit margin: 1.4% (up from net loss in FY 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Is New 90 Day High Low • Mar 11
New 90-day high: NT$14.80 The company is up 6.0% from its price of NT$14.00 on 11 December 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Hospitality industry, which is up 5.0% over the same period. Announcement • Feb 03
Hoya Resort Hotel Group, Annual General Meeting, May 27, 2021 Hoya Resort Hotel Group, Annual General Meeting, May 27, 2021. Is New 90 Day High Low • Nov 28
New 90-day high: NT$14.10 The company is up 4.0% from its price of NT$13.60 on 28 August 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 12% over the same period. Reported Earnings • Nov 10
Third quarter 2020 earnings released: EPS NT$0.81 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$203.8m (up 33% from 3Q 2019). Net income: NT$39.8m (up NT$49.2m from 3Q 2019). Profit margin: 20% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings.