Board Change • Jul 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Independent Director Chih-Lung Lin was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$21.60, the stock trades at a trailing P/E ratio of 20.6x. Average trailing P/E is 11x in the Capital Markets industry in Taiwan. Total returns to shareholders of 24% over the past three years. Board Change • Jun 07
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. 4 experienced directors. 3 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Chih-Lung Lin was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. New Risk • May 16
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 32% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 34% per year over the past 5 years. High level of non-cash earnings (32% accrual ratio). Reported Earnings • May 16
First quarter 2026 earnings released: EPS: NT$0.49 (vs NT$0.17 loss in 1Q 2025) First quarter 2026 results: EPS: NT$0.49 (up from NT$0.17 loss in 1Q 2025). Net income: NT$124.5m (up NT$166.2m from 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$23.45, the stock trades at a trailing P/E ratio of 59.8x. Average trailing P/E is 13x in the Capital Markets industry in Taiwan. Total returns to shareholders of 38% over the past three years. Declared Dividend • Mar 14
Dividend reduced to NT$0.27 Dividend of NT$0.27 is 46% lower than last year. Ex-date: 26th March 2026 Payment date: 21st April 2026 Dividend yield will be 1.4%, which is lower than the industry average of 3.7%. Sustainability & Growth Dividend is not covered by earnings (226% earnings payout ratio). However, it is well covered by cash flows (28% cash payout ratio). The dividend has increased by an average of 1.9% 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 151% to bring the payout ratio under control. However, EPS has declined by 18% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$0.39 (vs NT$0.72 in FY 2024) Full year 2025 results: EPS: NT$0.39 (down from NT$0.72 in FY 2024). Revenue: NT$229.1m (down 33% from FY 2024). Net income: NT$98.9m (down 46% from FY 2024). Profit margin: 43% (down from 53% in FY 2024). The decrease in margin was driven by lower revenue. 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 13
Tachan Securities Co., Ltd. announces Annual dividend, payable on April 21, 2026 Tachan Securities Co., Ltd. announced Annual dividend of TWD 0.2727 per share payable on April 21, 2026, ex-date on March 26, 2026 and record date on March 27, 2026. Announcement • Mar 12
Tachan Securities Co., Ltd., Annual General Meeting, May 26, 2026 Tachan Securities Co., Ltd., Annual General Meeting, May 26, 2026, at 10:00 Taipei Standard Time. Location: 13 floor no,17, sec.1 ch`eng to rd., taipei city Taiwan Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: NT$0.39 (vs NT$0.033 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.39 (up from NT$0.033 in 3Q 2024). Revenue: NT$145.6m (up 175% from 3Q 2024). Net income: NT$99.3m (up NT$91.1m from 3Q 2024). Profit margin: 68% (up from 16% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: NT$0.10 (vs NT$0.49 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.10 (down from NT$0.49 in 2Q 2024). Net income: NT$24.8m (down 80% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. New Risk • Aug 16
New major risk - Revenue and earnings growth Earnings have declined by 22% 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 22% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Revenue is less than US$5m (NT$74m revenue, or US$2.5m). Reported Earnings • May 14
First quarter 2025 earnings released: NT$0.10 loss per share (vs NT$0.30 profit in 1Q 2024) First quarter 2025 results: NT$0.10 loss per share (down from NT$0.30 profit in 1Q 2024). Net loss: NT$41.7m (down 154% from profit in 1Q 2024). 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 • Apr 29
Tachan Securities Co., Ltd. to Report Q1, 2025 Results on May 09, 2025 Tachan Securities Co., Ltd. announced that they will report Q1, 2025 results on May 09, 2025 Upcoming Dividend • Mar 20
Upcoming dividend of NT$0.51 per share Eligible shareholders must have bought the stock before 27 March 2025. Payment date: 21 April 2025. Payout ratio is on the higher end at 98%, and the cash payout ratio is above 100%. Trailing yield: 4.8%. Within top quartile of Taiwanese dividend payers (4.6%). In line with average of industry peers (4.4%). Reported Earnings • Mar 18
Full year 2024 earnings released: EPS: NT$0.72 (vs NT$1.29 in FY 2023) Full year 2024 results: EPS: NT$0.72 (down from NT$1.29 in FY 2023). Revenue: NT$357.3m (down 30% from FY 2023). Net income: NT$182.4m (down 44% from FY 2023). Profit margin: 51% (down from 64% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Mar 12
Tachan Securities Co., Ltd., Annual General Meeting, May 27, 2025 Tachan Securities Co., Ltd., Annual General Meeting, May 27, 2025, at 10:00 Taipei Standard Time. Location: 13 floor no,17, sec.1 ch`eng to rd., taipei city Taiwan Announcement • Mar 11
Tachan Securities Co., Ltd. Announces Cash Dividend, Payable on April 21, 2025 The board of directors of TaChan Securities Co.,Ltd. announced cash dividends of TWD 0.50894428 per share. Total amount of cash dividends to shareholders is TWD 128,433,695. Ex-rights (Ex-dividend) date is March 27, 2025. Ex-rights (Ex-dividend) record date is April 2, 2025. Payment date of cash dividend distribution is April 21, 2025. Announcement • Feb 25
Tachan Securities Co., Ltd. to Report Q4, 2024 Results on Mar 07, 2025 Tachan Securities Co., Ltd. announced that they will report Q4, 2024 results on Mar 07, 2025 Board Change • Feb 03
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Chih-Lung Lin was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$0.03 (vs NT$0.43 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.03 (down from NT$0.43 in 3Q 2023). Revenue: NT$65.2m (down 56% from 3Q 2023). Net income: NT$8.23m (down 92% from 3Q 2023). Profit margin: 13% (down from 72% in 3Q 2023). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 31% 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. Announcement • Oct 29
Tachan Securities Co., Ltd. to Report Q3, 2024 Results on Nov 07, 2024 Tachan Securities Co., Ltd. announced that they will report Q3, 2024 results on Nov 07, 2024 Reported Earnings • Aug 30
Second quarter 2024 earnings released: EPS: NT$0.49 (vs NT$0.41 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.49 (up from NT$0.41 in 2Q 2023). Revenue: NT$185.4m (up 17% from 2Q 2023). Net income: NT$122.7m (up 18% from 2Q 2023). Profit margin: 66% (in line with 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • Aug 14
TaChan Securities Co.,Ltd. to Report Q2, 2024 Final Results on Aug 23, 2024 TaChan Securities Co.,Ltd. announced that they will report Q2, 2024 final results on Aug 23, 2024 Announcement • Jul 27
TaChan Securities Co.,Ltd. to Report Q2, 2024 Results on Jul 31, 2024 TaChan Securities Co.,Ltd. announced that they will report Q2, 2024 results on Jul 31, 2024 Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.31 (vs NT$0.36 in 1Q 2023) First quarter 2024 results: EPS: NT$0.31 (down from NT$0.36 in 1Q 2023). Revenue: NT$113.5m (down 19% from 1Q 2023). Net income: NT$77.0m (down 15% from 1Q 2023). Profit margin: 68% (up from 65% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 51% 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. Upcoming Dividend • Apr 11
Upcoming dividend of NT$0.90 per share Eligible shareholders must have bought the stock before 18 April 2024. Payment date: 10 May 2024. Trailing yield: 4.5%. Within top quartile of Taiwanese dividend payers (4.5%). In line with average of industry peers (4.3%). Buy Or Sell Opportunity • Mar 21
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 4.5% to NT$19.60. The fair value is estimated to be NT$16.26, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 39% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Mar 17
Full year 2023 earnings released: EPS: NT$1.29 (vs NT$1.07 loss in FY 2022) Full year 2023 results: EPS: NT$1.29 (up from NT$1.07 loss in FY 2022). Net income: NT$326.0m (up NT$595.8m from FY 2022). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Mar 09
TaChan Securities Co.,Ltd., Annual General Meeting, Jun 18, 2024 TaChan Securities Co.,Ltd., Annual General Meeting, Jun 18, 2024. Location: 13F., No. 17, Sec. 1, Chengde Rd., Datong Dist., Taipei City Taiwan Agenda: To consider 2023 Business Report; to consider Audit Committee's Review Report on the 2023 Financial Statements; to consider Report on the net income distribution for fiscal year 2023; to consider Report on the status of remuneration distribution to employees and directors; to consider Amendment to the Rules of Procedure for the Board of Directors Meetings; and to consider Report on Policy, System, Standards, and Structure of Director Remuneration, and Director Compensation for the Year 2023. Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: NT$0.41 (vs NT$0.45 loss in 2Q 2022) Second quarter 2023 results: EPS: NT$0.41 (up from NT$0.45 loss in 2Q 2022). Net income: NT$104.1m (up NT$218.1m from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Aug 09
TaChan Securities Co.,Ltd. Announces Change of the Members of Compensation Committee TaChan Securities Co.,Ltd. Announcement on change of the members of Compensation Committee. Name of the previous position holder: independent director: WU-CHANG WANG independent director: JUI-TE YU independent director: CHIEN-CHEN HUANG. Resume of the previous position holder: WU-CHANG WANG, Certified Public Accountant at Crowe Horwath United Accounting Firm JUI-TE YU, Independent Director of the Company CHIEN-CHEN HUAN, Partner at AY Commercial Law Firm. Name of the new position holder: independent director: CHIH-LUNG LIN, independent director: JUI-TE YU, independent director: PAI-LING KE. Resume of the new position holder: CHIH-LUNG LIN-Accountant of Crowe Horwath United Certified Public Accountants, JUI-TE YU- Independent Director of the Company, PAI-LING KE-Lawyer of Mingli Law Firm. Effective date of the new member: August 8, 2023. Reported Earnings • Nov 16
Third quarter 2022 earnings released: NT$0.11 loss per share (vs NT$0.62 profit in 3Q 2021) Third quarter 2022 results: NT$0.11 loss per share (down from NT$0.62 profit in 3Q 2021). Net loss: NT$26.8m (down 117% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Wu Chang Wang was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Nov 13
Third quarter 2022 earnings released: NT$0.11 loss per share (vs NT$0.62 profit in 3Q 2021) Third quarter 2022 results: NT$0.11 loss per share (down from NT$0.62 profit in 3Q 2021). Net loss: NT$26.8m (down 117% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Sep 14
TaChan Securities Co.,Ltd. Announces Resignation of Wang,Teng-Li Member of Risk Management Committee TaChan Securities Co.,Ltd. announced the resignation of Wang,Teng-Li as member of Risk Management Committee. Announcement • Sep 13
TaChan Securities Co.,Ltd. Announces Change of President TaChan Securities Co.,Ltd. announced change of the president. Name of the previous position holder: Wang,Teng-Li. Resume of the previous position holder: President of Tachan Securities Co.,LTD. Name of the new position holder: Lee,chun-lung. Resume of the new position holder: Vice President of Tachan Securities Co.,LTD. Reason for the change: New president was appointed by the Board of Directors on September 12, 2022. Effective date of the new appointment: September 12, 2022. Announcement • Sep 01
Tachan Securities Co.,Ltd. Announces Resignation of Wang, Teng-Li as President TaChan Securities Co.,Ltd. announced the change in the Company president. Name of the previous position holder is Wang, Teng-Li. Resume of the previous position holder is President of Tachan Securities. Reported Earnings • Aug 19
Second quarter 2022 earnings released: NT$0.45 loss per share (vs NT$0.48 profit in 2Q 2021) Second quarter 2022 results: NT$0.45 loss per share (down from NT$0.48 profit in 2Q 2021). Net loss: NT$114.0m (down 193% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2022 earnings released: NT$0.56 loss per share (vs NT$1.17 profit in 1Q 2021) First quarter 2022 results: NT$0.56 loss per share (down from NT$1.17 profit in 1Q 2021). Revenue: -NT$109.4m (down 128% from 1Q 2021). Net loss: NT$141.1m (down 148% from profit in 1Q 2021). 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 15% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Wu Chang Wang was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$20.25, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 8x in the Capital Markets industry in Taiwan. Total returns to shareholders of 84% over the past three years. Upcoming Dividend • Apr 07
Upcoming dividend of NT$2.38 per share Eligible shareholders must have bought the stock before 14 April 2022. Payment date: 10 May 2022. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (5.6%). Lower than average of industry peers (4.9%). Reported Earnings • Mar 30
Full year 2021 earnings released: EPS: NT$3.40 (vs NT$1.03 in FY 2020) Full year 2021 results: EPS: NT$3.40 (up from NT$1.03 in FY 2020). Revenue: NT$1.25b (up 181% from FY 2020). Net income: NT$857.5m (up 230% from FY 2020). Profit margin: 68% (up from 58% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS NT$0.62 (vs NT$0.32 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: NT$234.9m (up 96% from 3Q 2020). Net income: NT$156.8m (up 94% from 3Q 2020). Profit margin: 67% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$0.48 (vs NT$0.59 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$233.1m (up 22% from 2Q 2020). Net income: NT$122.3m (down 19% from 2Q 2020). Profit margin: 52% (down from 78% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 20
Upcoming dividend of NT$0.72 per share Eligible shareholders must have bought the stock before 27 July 2021. Payment date: 16 August 2021. Trailing yield: 3.3%. Lower than top quartile of Taiwanese dividend payers (4.9%). Lower than average of industry peers (4.5%). Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorated over the past week After last week's 21% share price decline to NT$21.00, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 9x in the Capital Markets industry in Taiwan. Total returns to shareholders of 61% over the past three years. Reported Earnings • May 09
First quarter 2021 earnings released: EPS NT$1.17 (vs NT$0.49 loss in 1Q 2020) The company reported a soft first quarter result with weaker revenues and profit margins, although earnings were improved. First quarter 2021 results: Revenue: NT$382.8m (down 536% from 1Q 2020). Net income: NT$295.3m (up NT$420.3m from 1Q 2020). Profit margin: 77% (down from 142% in 1Q 2020). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improved over the past week After last week's 17% share price gain to NT$24.35, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 14x in the Capital Markets industry in Taiwan. Total returns to shareholders of 88% over the past three years. Reported Earnings • Mar 25
Full year 2020 earnings released: EPS NT$1.03 (vs NT$0.46 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$441.6m (up 81% from FY 2019). Net income: NT$260.2m (up 125% from FY 2019). Profit margin: 59% (up from 48% in FY 2019). The increase in margin was driven by higher revenue. 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 11% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improved over the past week After last week's 18% share price gain to NT$19.15, the stock is trading at a trailing P/E ratio of 27.6x, up from the previous P/E ratio of 23.4x. This compares to an average P/E of 14x in the Capital Markets industry in Taiwan. Total returns to shareholders over the past three years are 40%. Is New 90 Day High Low • Dec 30
New 90-day high: NT$16.40 The company is up 21% from its price of NT$13.50 on 30 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 13% over the same period. Is New 90 Day High Low • Dec 05
New 90-day high: NT$14.60 The company is up 3.0% from its price of NT$14.20 on 04 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Capital Markets industry, which is up 2.0% over the same period. Reported Earnings • Nov 09
Third quarter 2020 earnings released: EPS NT$0.32 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: NT$124.1m (up 73% from 3Q 2019). Net income: NT$80.9m (up 59% from 3Q 2019). Profit margin: 65% (down from 71% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. 
