Buy Or Sell Opportunity • Apr 29
Now 21% overvalued Over the last 90 days, the stock has fallen 14% to NT$25.95. The fair value is estimated to be NT$21.52, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Earnings per share has grown by 90%. Announcement • Mar 13
Mao Bao Inc., Annual General Meeting, Jun 11, 2026 Mao Bao Inc., Annual General Meeting, Jun 11, 2026. Location: 1 floor no,77, hsien cheng 8th st., jhubei city, hsinchu county Taiwan Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$28.20, the stock trades at a trailing P/E ratio of 77.7x. Average trailing P/E is 18x in the Household Products industry in Asia. Total loss to shareholders of 3.6% over the past three years. New Risk • Jan 16
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 138% Dividend yield: 1.8% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 39% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (138% payout ratio). Market cap is less than US$100m (NT$1.19b market cap, or US$37.6m). Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$0.30 (vs NT$0.08 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.30 (up from NT$0.08 in 3Q 2024). Revenue: NT$169.7m (up 18% from 3Q 2024). Net income: NT$12.7m (up 273% from 3Q 2024). Profit margin: 7.5% (up from 2.4% 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 45% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 22
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 29 August 2025. Payment date: 30 September 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.7%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (2.7%). Reported Earnings • Aug 15
Second quarter 2025 earnings released: NT$0.07 loss per share (vs NT$0.12 profit in 2Q 2024) Second quarter 2025 results: NT$0.07 loss per share (down from NT$0.12 profit in 2Q 2024). Revenue: NT$177.2m (up 16% from 2Q 2024). Net loss: NT$3.08m (down 161% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. New Risk • Jul 16
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 46% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Market cap is less than US$100m (NT$1.15b market cap, or US$39.2m). Announcement • May 01
Mao Bao Inc. to Report Q1, 2025 Results on May 12, 2025 Mao Bao Inc. announced that they will report Q1, 2025 results on May 12, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$21.25, the stock trades at a trailing P/E ratio of 71.5x. Average trailing P/E is 14x in the Household Products industry in Taiwan. Total loss to shareholders of 53% over the past three years. Reported Earnings • Mar 22
Full year 2024 earnings released: EPS: NT$0.30 (vs NT$0.14 loss in FY 2023) Full year 2024 results: EPS: NT$0.30 (up from NT$0.14 loss in FY 2023). Revenue: NT$593.2m (up 7.0% from FY 2023). Net income: NT$12.6m (up NT$18.7m from FY 2023). Profit margin: 2.1% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • Mar 13
Mao Bao Inc., Annual General Meeting, Jun 12, 2025 Mao Bao Inc., Annual General Meeting, Jun 12, 2025. Location: 1 floor no,77, hsien cheng 8th st., jhubei city, hsinchu county Taiwan New Risk • Jan 14
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 6.3% 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 46% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (NT$1.26b market cap, or US$38.3m). Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.08 (vs NT$0.007 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.08 (up from NT$0.007 in 3Q 2023). Revenue: NT$143.7m (up 12% from 3Q 2023). Net income: NT$3.41m (up NT$3.12m from 3Q 2023). Profit margin: 2.4% (up from 0.2% in 3Q 2023). The increase in margin was driven by higher revenue. 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. Announcement • Nov 05
Mao Bao Inc. to Report Q3, 2024 Results on Nov 12, 2024 Mao Bao Inc. announced that they will report Q3, 2024 results on Nov 12, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.12 (vs NT$0.02 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.12 (up from NT$0.02 in 2Q 2023). Revenue: NT$152.4m (flat on 2Q 2023). Net income: NT$5.09m (up 497% from 2Q 2023). Profit margin: 3.3% (up from 0.6% in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance. Announcement • Aug 03
Mao Bao Inc. to Report Q2, 2024 Results on Aug 12, 2024 Mao Bao Inc. announced that they will report Q2, 2024 results on Aug 12, 2024 Reported Earnings • May 12
First quarter 2024 earnings released: EPS: NT$0.11 (vs NT$0.051 loss in 1Q 2023) First quarter 2024 results: EPS: NT$0.11 (up from NT$0.051 loss in 1Q 2023). Revenue: NT$149.5m (up 11% from 1Q 2023). Net income: NT$4.59m (up NT$6.77m from 1Q 2023). Profit margin: 3.1% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Announcement • May 03
Mao Bao Inc. to Report Q1, 2024 Results on May 09, 2024 Mao Bao Inc. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 09, 2024 Reported Earnings • Mar 26
Full year 2023 earnings released: NT$0.14 loss per share (vs NT$0.12 profit in FY 2022) Full year 2023 results: NT$0.14 loss per share (down from NT$0.12 profit in FY 2022). Revenue: NT$554.3m (down 5.6% from FY 2022). Net loss: NT$6.06m (down 217% from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Announcement • Mar 13
Mao Bao Inc., Annual General Meeting, Jun 13, 2024 Mao Bao Inc., Annual General Meeting, Jun 13, 2024. New Risk • Aug 14
New major risk - Revenue and earnings growth Earnings have declined by 7.9% 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 7.9% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$1.11b market cap, or US$34.8m). Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: NT$0.02 (vs NT$0.15 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.02 (down from NT$0.15 in 2Q 2022). Revenue: NT$153.4m (down 3.1% from 2Q 2022). Net income: NT$853.0k (down 87% from 2Q 2022). Profit margin: 0.6% (down from 4.0% in 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: NT$0.12 (vs NT$0.46 in FY 2021) Full year 2022 results: EPS: NT$0.12 (down from NT$0.46 in FY 2021). Revenue: NT$587.1m (down 5.2% from FY 2021). Net income: NT$5.17m (down 73% from FY 2021). Profit margin: 0.9% (down from 3.1% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.05 (vs NT$0.015 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$0.05 (up from NT$0.015 loss in 3Q 2021). Revenue: NT$141.2m (up 1.9% from 3Q 2021). Net income: NT$2.29m (up NT$2.91m from 3Q 2021). Profit margin: 1.6% (up from net loss in 3Q 2021). 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 40% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 30
Upcoming dividend of NT$0.35 per share Eligible shareholders must have bought the stock before 06 September 2022. Payment date: 30 September 2022. The company is paying out more than 100% of its profits and is paying out 91% of its cash flow. Trailing yield: 1.0%. Lower than top quartile of Taiwanese dividend payers (6.5%). Lower than average of industry peers (5.5%). Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: NT$0.15 (vs NT$0.24 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.15 (down from NT$0.24 in 2Q 2021). Revenue: NT$158.3m (down 2.6% from 2Q 2021). Net income: NT$6.32m (down 38% from 2Q 2021). Profit margin: 4.0% (down from 6.3% in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 49% per year, which means it is well ahead of earnings. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.03 (vs NT$0.15 in 1Q 2021) First quarter 2022 results: EPS: NT$0.03 (down from NT$0.15 in 1Q 2021). Revenue: NT$147.7m (down 6.6% from 1Q 2021). Net income: NT$1.38m (down 79% from 1Q 2021). Profit margin: 0.9% (down from 4.1% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 31
Full year 2021 earnings released: EPS: NT$0.46 (vs NT$0.91 in FY 2020) Full year 2021 results: EPS: NT$0.46 (down from NT$0.91 in FY 2020). Revenue: NT$619.4m (flat on FY 2020). Net income: NT$19.4m (down 50% from FY 2020). Profit margin: 3.1% (down from 6.2% in FY 2020). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 64% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improved over the past week After last week's 16% share price gain to NT$37.10, the stock trades at a trailing P/E ratio of 52.8x. Average trailing P/E is 17x in the Household Products industry in Asia. Total returns to shareholders of 265% over the past three years. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 22% share price gain to NT$39.45, the stock trades at a trailing P/E ratio of 56.2x. Average trailing P/E is 18x in the Household Products industry in Asia. Total returns to shareholders of 252% over the past three years. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improved over the past week After last week's 22% share price gain to NT$32.50, the stock trades at a trailing P/E ratio of 46.3x. Average trailing P/E is 17x in the Household Products industry in Asia. Total returns to shareholders of 234% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: NT$0.01 loss per share (vs NT$0.013 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$138.5m (down 7.5% from 3Q 2020). Net loss: NT$621.0k (down 212% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 41% per year whereas the company’s share price has increased by 39% per year. Upcoming Dividend • Sep 09
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 16 September 2021. Payment date: 15 October 2021. Trailing yield: 1.5%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (6.5%). Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improved over the past week After last week's 20% share price gain to NT$30.40, the stock trades at a trailing P/E ratio of 41.6x. Average trailing P/E is 12x in the Household Products industry in Taiwan. Total returns to shareholders of 168% over the past three years. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$0.24 (vs NT$0.26 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$162.6m (down 1.6% from 2Q 2020). Net income: NT$10.2m (down 7.6% from 2Q 2020). Profit margin: 6.3% (down from 6.7% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improved over the past week After last week's 21% share price gain to NT$43.75, the stock trades at a trailing P/E ratio of 58.6x. Average trailing P/E is 12x in the Household Products industry in Taiwan. Total returns to shareholders of 271% over the past three years. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.15 (vs NT$0.31 in 1Q 2020) The company reported a poor first quarter result with weaker earnings and profit margins, although revenues were flat. First quarter 2021 results: Revenue: NT$158.1m (flat on 1Q 2020). Net income: NT$6.55m (down 51% from 1Q 2020). Profit margin: 4.1% (down from 8.4% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 53% per year whereas the company’s share price has increased by 52% per year. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improved over the past week After last week's 36% share price gain to NT$37.50, the stock trades at a trailing P/E ratio of 41.2x. Average trailing P/E is 16x in the Household Products industry in Asia. Total returns to shareholders of 215% over the past three years. Reported Earnings • Mar 26
Full year 2020 earnings released: EPS NT$0.91 (vs NT$0.59 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$620.7m (up 4.1% from FY 2019). Net income: NT$38.6m (up 55% from FY 2019). Profit margin: 6.2% (up from 4.2% in FY 2019). The increase in margin was driven by higher 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 27% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improved over the past week After last week's 24% share price gain to NT$29.25, the stock is trading at a trailing P/E ratio of 35.7x, up from the previous P/E ratio of 28.9x. This compares to an average P/E of 19x in the Household Products industry in Asia. Total returns to shareholders over the past three years are 132%. Is New 90 Day High Low • Jan 19
New 90-day high: NT$26.60 The company is up 31% from its price of NT$20.35 on 21 October 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Household Products industry, which is down 14% over the same period. Valuation Update With 7 Day Price Move • Dec 24
Investor sentiment improved over the past week After last week's 25% share price gain to NT$25.30, the stock is trading at a trailing P/E ratio of 30.9x, up from the previous P/E ratio of 24.8x. This compares to an average P/E of 18x in the Household Products industry in Asia. Total returns to shareholders over the past three years are 104%. Is New 90 Day High Low • Dec 24
New 90-day high: NT$25.30 The company is up 15% from its price of NT$22.05 on 24 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Household Products industry, which is down 9.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.01 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: NT$149.8m (up 2.9% from 3Q 2019). Net income: NT$553.0k (down 93% from 3Q 2019). Profit margin: 0.4% (down from 5.6% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 75% 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 • Nov 02
Market bids up stock over the past week After last week's 19% share price gain to NT$24.30, the stock is trading at a trailing P/E ratio of 24.4x, up from the previous P/E ratio of 20.4x. This compares to an average P/E of 20x in the Household Products industry in Asia. Total returns to shareholders over the past three years are 94%. Is New 90 Day High Low • Oct 19
New 90-day low: NT$20.20 The company is down 22% from its price of NT$25.75 on 21 July 2020. The Taiwanese market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Household Products industry, which is down 3.0% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: NT$22.05 The company is down 18% from its price of NT$27.00 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 Household Products industry, which is down 3.0% over the same period.