Upcoming Dividend • Jun 25
Upcoming dividend of NT$10.00 per share Eligible shareholders must have bought the stock before 02 July 2026. Payment date: 30 July 2026. The company is paying out more than 100% of its profits and is paying out 98% of its cash flow. Trailing yield: 9.1%. Within top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (5.4%). Declared Dividend • Jun 01
Dividend of NT$10.00 announced Dividend of NT$10.00 is the same as last year. Ex-date: 2nd July 2026 Payment date: 30th July 2026 Dividend yield will be 9.4%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (127% earnings payout ratio) nor is it adequately covered by cash flows (98% cash payout ratio). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 41% to bring the payout ratio under control. However, EPS has declined by 12% over the last 5 years so the company would need to reverse this trend. Reported Earnings • May 19
First quarter 2026 earnings: EPS exceeds analyst expectations First quarter 2026 results: EPS: NT$1.41 (up from NT$0.68 in 1Q 2025). Revenue: NT$918.1m (up 15% from 1Q 2025). Net income: NT$116.3m (up 108% from 1Q 2025). Profit margin: 13% (up from 7.0% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 13%. Over the last 3 years on average, earnings per share has fallen by 23% per year whereas the company’s share price has fallen by 22% per year. Reported Earnings • Mar 12
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: NT$7.13 (up from NT$5.81 in FY 2024). Revenue: NT$3.88b (down 4.6% from FY 2024). Net income: NT$588.0m (up 24% from FY 2024). Profit margin: 15% (up from 12% in FY 2024). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.8%. Over the last 3 years on average, earnings per share has fallen by 22% per year whereas the company’s share price has fallen by 20% per year. New Risk • Mar 12
New major risk - Revenue and earnings growth Earnings have declined by 19% 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: 166% Cash payout ratio: 120% Earnings have declined by 19% per year over the past 5 years. Announcement • Mar 03
Chlitina Holding Limited, Annual General Meeting, May 29, 2026 Chlitina Holding Limited, Annual General Meeting, May 29, 2026. Location: 2 floor no,1 aly.38 ln.358, jui kuang rd., neihu district, taipei city Taiwan Major Estimate Revision • Dec 23
Consensus EPS estimates increase by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from NT$3.76b to NT$3.85b. EPS estimate increased from NT$6.01 to NT$7.19 per share. Net income forecast to grow 39% next year vs 27% growth forecast for Personal Products industry in Taiwan. Consensus price target of NT$103 unchanged from last update. Share price was steady at NT$99.30 over the past week. New Risk • Nov 26
New major risk - Revenue and earnings growth Earnings have declined by 17% 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: 166% Cash payout ratio: 120% Earnings have declined by 17% per year over the past 5 years. Reported Earnings • Nov 11
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: NT$2.00 (up from NT$1.53 in 3Q 2024). Revenue: NT$1.03b (flat on 3Q 2024). Net income: NT$165.0m (up 31% from 3Q 2024). Profit margin: 16% (up from 12% in 3Q 2024). Revenue exceeded analyst estimates by 4.3%. Earnings per share (EPS) also surpassed analyst estimates by 69%. Revenue is forecast to grow 7.7% p.a. on average during the next 2 years, compared to a 9.5% growth forecast for the Personal Products industry in Asia. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. New Risk • Nov 11
New major risk - Revenue and earnings growth Earnings have declined by 17% 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: 181% Cash payout ratio: 194% Earnings have declined by 17% per year over the past 5 years. Buy Or Sell Opportunity • Nov 11
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at NT$101. The fair value is estimated to be NT$127, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.0% over the last 3 years. Earnings per share has declined by 20%. Reported Earnings • Aug 23
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: NT$2.62. Revenue: NT$952.8m (down 6.4% from 2Q 2024). Net income: NT$216.3m (flat on 2Q 2024). Profit margin: 23% (up from 21% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) exceeded analyst estimates by 28%. Price Target Changed • Aug 05
Price target decreased by 9.6% to NT$103 Down from NT$114, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of NT$103. Stock is down 27% over the past year. The company is forecast to post earnings per share of NT$7.48 for next year compared to NT$5.81 last year. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$102, the stock trades at a trailing P/E ratio of 18.4x. Average forward P/E is 22x in the Personal Products industry in Taiwan. Total loss to shareholders of 29% over the past three years. Upcoming Dividend • Jun 26
Upcoming dividend of NT$10.00 per share Eligible shareholders must have bought the stock before 03 July 2025. Payment date: 31 July 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 8.5%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (5.2%). Reported Earnings • May 10
First quarter 2025 earnings: EPS misses analyst expectations First quarter 2025 results: EPS: NT$0.68 (down from NT$0.91 in 1Q 2024). Revenue: NT$797.8m (down 20% from 1Q 2024). Net income: NT$55.9m (down 23% from 1Q 2024). Profit margin: 7.0% (down from 7.2% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 20%. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Announcement • May 01
Chlitina Holding Limited to Report Q1, 2025 Results on May 08, 2025 Chlitina Holding Limited announced that they will report Q1, 2025 results on May 08, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$99.40, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 17x in the Personal Products industry in Asia. Total loss to shareholders of 40% over the past three years. Reported Earnings • Mar 05
Full year 2024 earnings released: EPS: NT$1.30 (vs NT$13.03 in FY 2023) Full year 2024 results: EPS: NT$1.30 (down from NT$13.03 in FY 2023). Revenue: NT$912.7m (down 80% from FY 2023). Net income: NT$106.1m (down 90% from FY 2023). Profit margin: 12% (down from 23% 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 29% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Announcement • Mar 03
Chlitina Holding Limited, Annual General Meeting, May 26, 2025 Chlitina Holding Limited, Annual General Meeting, May 26, 2025. Location: 2 floor no,123, sung jen rd., sinyi district, taipei city Taiwan Announcement • Feb 20
Chlitina Holding Limited to Report Fiscal Year 2024 Results on Feb 27, 2025 Chlitina Holding Limited announced that they will report fiscal year 2024 results on Feb 27, 2025 Reported Earnings • Nov 10
Third quarter 2024 earnings: EPS exceeds analyst expectations Third quarter 2024 results: EPS: NT$1.52 (down from NT$2.25 in 3Q 2023). Revenue: NT$1.02b (down 17% from 3Q 2023). Net income: NT$125.8m (down 30% from 3Q 2023). Profit margin: 12% (down from 14% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.1%. Revenue is forecast to grow 8.1% p.a. on average during the next 2 years, compared to a 9.1% growth forecast for the Personal Products industry in Asia. Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 18% per year. Price Target Changed • Oct 31
Price target decreased by 24% to NT$162 Down from NT$213, the current price target is provided by 1 analyst. New target price is 15% above last closing price of NT$141. Stock is down 29% over the past year. The company is forecast to post earnings per share of NT$8.56 for next year compared to NT$13.03 last year. Major Estimate Revision • Oct 31
Consensus EPS estimates fall by 23% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$4.64b to NT$4.21b. EPS estimate also fell from NT$11.14 per share to NT$8.56 per share. Net income forecast to grow 3.4% next year vs 24% growth forecast for Personal Products industry in Taiwan. Consensus price target down from NT$213 to NT$162. Share price fell 3.8% to NT$141 over the past week. Major Estimate Revision • Oct 11
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$4.39b to NT$4.22b. EPS estimate also fell from NT$9.65 per share to NT$8.09 per share. Net income forecast to shrink 0.4% next year vs 21% growth forecast for Personal Products industry in Taiwan . Consensus price target of NT$213 unchanged from last update. Share price fell 4.1% to NT$142 over the past week. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$154, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 20x in the Personal Products industry in Asia. Total loss to shareholders of 6.2% over the past three years. Buy Or Sell Opportunity • Sep 23
Now 22% overvalued Over the last 90 days, the stock has fallen 16% to NT$132. The fair value is estimated to be NT$109, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.8% over the last 3 years. Earnings per share has declined by 20%. Revenue is forecast to decline by 2.3% in a year. Earnings are forecast to decline by 0.4% in the next year. Major Estimate Revision • Sep 11
Consensus EPS estimates fall by 33% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$4.79b to NT$4.39b. EPS estimate also fell from NT$14.31 per share to NT$9.65 per share. Net income forecast to shrink 0.4% next year vs 22% growth forecast for Personal Products industry in Taiwan . Consensus price target of NT$213 unchanged from last update. Share price fell 4.9% to NT$125 over the past week. New Risk • Sep 04
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.8% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 105% Dividend per share is over 7x cash flows per share. Earnings have declined by 10% per year over the past 5 years. High level of non-cash earnings (53% accrual ratio). Minor Risk Shareholders have been diluted in the past year (3.8% increase in shares outstanding). Reported Earnings • Aug 24
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: NT$2.68 (up from NT$1.99 in 2Q 2023). Revenue: NT$1.02b (down 9.8% from 2Q 2023). Net income: NT$216.1m (up 37% from 2Q 2023). Profit margin: 21% (up from 14% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 16%. Earnings per share (EPS) also missed analyst estimates by 23%. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • Aug 15
Chlitina Holding Limited to Report Q2, 2024 Results on Aug 22, 2024 Chlitina Holding Limited announced that they will report Q2, 2024 results on Aug 22, 2024 Upcoming Dividend • Aug 08
Upcoming dividend of NT$10.12 per share Eligible shareholders must have bought the stock before 15 August 2024. Payment date: 10 September 2024. The company is paying out more than 100% of its profits and is paying out 79% of its cash flow. Trailing yield: 7.3%. Within top quartile of Taiwanese dividend payers (4.5%). Higher than average of industry peers (4.5%). Announcement • Jun 26
Chlitina Holding Limited Announces Board Changes Chlitina Holding Limited at its AGM held on June 25, 2024, approved board changes. Title and name of the previous position holder: Independent Director: Kao, Peng-Wen; Independent Director: Yu, Hung-Ding. Resume of the previous position holder: Independent director: Kao, Peng-Wen/Independent director of Chlitina Holding Limited. Independent director: Yu, Hung-Ding/Independent director of Chlitina Holding Limited. Title and name of the new position holder: Independent director: Huang Lei-Kang. Independent director: Li Jin-Wei. Resume of the new position holder: Independent Director: Huang Lei-Kang/Independent director/President of Cook University International Campus, New York, USA. Independent Director: Li Jin-Wei/Independent director/Founder and CEO of Jinqu Co. Ltd. Reason for the change: General election after term expiration. Effective date of the new appointment: June 25, 2024. Board Change • May 31
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 Wen-Kuan Hsu 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. Announcement • May 18
Chlitina Holding Limited announced that it has received TWD 468 million in funding On May 16, 2024, Chlitina Holding Limited closed the transaction. The company has issued 3,000,000 common shares at a price of TWD 156 per share for the gross proceeds of TWD 468,000,000. Announcement • May 15
Chlitina Holding Limited announced a financing transaction Chlitina Holding Limited announced a private placement to issue common shares on May 13, 2024. The transaction has been approved by shareholders of the company. The transaction is expected to close from May 14, 2024 to June 14, 2024. Reported Earnings • May 07
First quarter 2024 earnings: EPS misses analyst expectations First quarter 2024 results: EPS: NT$0.91 (down from NT$5.03 in 1Q 2023). Revenue: NT$998.3m (up 5.5% from 1Q 2023). Net income: NT$72.3m (down 82% from 1Q 2023). Profit margin: 7.2% (down from 42% 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 79%. Revenue is forecast to grow 7.4% p.a. on average during the next 2 years, compared to a 9.1% growth forecast for the Personal Products industry in Asia. Over the last 3 years on average, earnings per share has fallen by 18% 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. Buy Or Sell Opportunity • May 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.1% to NT$177. The fair value is estimated to be NT$222, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.2% over the last 3 years. Earnings per share has declined by 12%. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to grow by 18% in the next 2 years. Announcement • Apr 28
Chlitina Holding Limited to Report Q1, 2024 Results on May 05, 2024 Chlitina Holding Limited announced that they will report Q1, 2024 results on May 05, 2024 Major Estimate Revision • Apr 11
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$5.10b to NT$4.79b. EPS estimate also fell from NT$16.60 per share to NT$14.80 per share. Net income forecast to grow 14% next year vs 26% growth forecast for Personal Products industry in Taiwan. Consensus price target of NT$217 unchanged from last update. Share price fell 2.7% to NT$197 over the past week. Reported Earnings • Mar 06
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: NT$13.03 (up from NT$8.68 in FY 2022). Revenue: NT$4.53b (up 11% from FY 2022). Net income: NT$1.03b (up 50% from FY 2022). Profit margin: 23% (up from 17% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.3%. Revenue is forecast to grow 7.7% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Personal Products industry in Asia. Over the last 3 years on average, earnings per share has fallen by 12% 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. Announcement • Mar 03
Chlitina Holding Limited, Annual General Meeting, Jun 25, 2024 Chlitina Holding Limited, Annual General Meeting, Jun 25, 2024. Location: 203 Meeting Room, 2F., No.123 Songren Road, Xinyi District Taipei City Taiwan Agenda: To consider 2023 annual business report case; to consider 2023 Audit Committee Audit Report Case; to consider report on the remuneration distribution of employees and directors in 2023; to consider related party transaction report case in 2023; to consider report on amendments to the management methods for the operation of board meetings; and to consider other related matters (If any). Price Target Changed • Nov 30
Price target increased by 9.2% to NT$225 Up from NT$206, the current price target is provided by 1 analyst. New target price is 15% above last closing price of NT$195. Stock is up 11% over the past year. The company is forecast to post earnings per share of NT$12.37 for next year compared to NT$8.68 last year. Price Target Changed • Nov 22
Price target decreased by 12% to NT$206 Down from NT$235, the current price target is an average from 2 analysts. New target price is 5.9% above last closing price of NT$195. Stock is up 16% over the past year. The company is forecast to post earnings per share of NT$13.20 for next year compared to NT$8.68 last year. New Risk • Aug 25
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 43% 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 Risk High level of non-cash earnings (43% accrual ratio). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • Jun 24
Upcoming dividend of NT$7.00 per share at 3.4% yield Eligible shareholders must have bought the stock before 30 June 2023. Payment date: 31 July 2023. Payout ratio is a comfortable 71% but the company is paying out more than the cash it is generating. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (2.8%). New Risk • Jun 11
New major risk - Revenue and earnings growth Earnings have declined by 2.7% 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 Earnings have declined by 2.7% per year over the past 5 years. High level of non-cash earnings (21% accrual ratio). Minor Risk Dividend is not well covered by cash flows (96% cash payout ratio). Price Target Changed • Jun 09
Price target decreased by 7.5% to NT$217 Down from NT$235, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of NT$213. Stock is up 12% over the past year. The company is forecast to post earnings per share of NT$15.54 for next year compared to NT$8.68 last year. Announcement • Jun 07
Chlitina Holding Limited Approves Cash Dividend Chlitina Holding Limited announced that at the Annual General Shareholders' Meeting held on June 6, 2023 approved cash dividend of TWD 7 per share. Announcement • May 13
Chlitina Holding Limited Appoints Anita Hu as Corporate Governance Officer Chlitina Holding Limited announced that the company has set up corporate governance officer. Name, title, and resume of the new position holder: Anita Hu, Financial & IR Director. Effective date: May 11, 2023. Price Target Changed • Apr 21
Price target increased by 8.8% to NT$235 Up from NT$216, the current price target is an average from 3 analysts. New target price is 7.0% above last closing price of NT$220. Stock is up 13% over the past year. The company is forecast to post earnings per share of NT$15.29 for next year compared to NT$8.68 last year. Reported Earnings • Mar 15
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: NT$8.68 (down from NT$17.05 in FY 2021). Revenue: NT$4.07b (down 23% from FY 2021). Net income: NT$689.8m (down 49% from FY 2021). Profit margin: 17% (down from 26% in FY 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 4.9%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Personal Products industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improved over the past week After last week's 18% share price gain to NT$202, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 22x in the Personal Products industry in Asia. Total returns to shareholders of 2.2% over the past three years. Major Estimate Revision • Nov 18
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$4.56b to NT$4.39b. EPS estimate also fell from NT$11.94 per share to NT$10.49 per share. Net income forecast to grow 43% next year vs 22% growth forecast for Personal Products industry in Taiwan. Consensus price target broadly unchanged at NT$220. Share price rose 7.4% to NT$167 over the past week. Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: NT$1.84 (down from NT$4.74 in 3Q 2021). Revenue: NT$1.22b (down 13% from 3Q 2021). Net income: NT$146.0m (down 61% from 3Q 2021). Profit margin: 12% (down from 27% in 3Q 2021). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 39%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Personal Products industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Hung-Ding Yu was the last independent director to join the board, commencing their role in 2012. 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 12
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: NT$1.84 (down from NT$4.74 in 3Q 2021). Revenue: NT$1.22b (down 13% from 3Q 2021). Net income: NT$146.0m (down 61% from 3Q 2021). Profit margin: 12% (down from 27% in 3Q 2021). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 39%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Personal Products industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 29
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: NT$0.46 (down from NT$4.13 in 2Q 2021). Revenue: NT$764.2m (down 40% from 2Q 2021). Net income: NT$36.5m (down 89% from 2Q 2021). Profit margin: 4.8% (down from 26% in 2Q 2021). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 8.4%. Earnings per share (EPS) missed analyst estimates by 65%. Over the next year, revenue is forecast to grow 2.7%, compared to a 11% growth forecast for the Personal Products industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 8% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Jul 20
Upcoming dividend of NT$12.00 per share Eligible shareholders must have bought the stock before 27 July 2022. Payment date: 25 August 2022. Payout ratio is a comfortable 71% and this is well supported by cash flows. Trailing yield: 6.2%. Lower than top quartile of Taiwanese dividend payers (6.8%). Higher than average of industry peers (4.1%). Announcement • Jun 10
Chlitina Holding Limited Approves Cash Dividend for 2021 Chlitina Holding Limited approved total amount of cash distributed to shareholders is TWD 953,908,200 or cash dividend of TWD 12 per share for 2021, at its shareholders meeting held on June 8, 2022. Major Estimate Revision • May 28
Consensus revenue estimates fall by 12% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from NT$5.16b to NT$4.54b. EPS estimate fell from NT$16.44 to NT$13.97 per share. Net income forecast to shrink 13% next year vs 17% growth forecast for Personal Products industry in Taiwan . Consensus price target down from NT$232 to NT$220. Share price was steady at NT$186 over the past week. Reported Earnings • May 13
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: NT$3.81 (down from NT$3.91 in 1Q 2021). Revenue: NT$1.03b (down 6.8% from 1Q 2021). Net income: NT$303.0m (down 2.4% from 1Q 2021). Profit margin: 29% (up from 28% in 1Q 2021). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 13%. Over the next year, revenue is forecast to grow 1.1%, compared to a 11% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Price Target Changed • Apr 27
Price target decreased to NT$232 Down from NT$269, the current price target is an average from 3 analysts. New target price is 28% above last closing price of NT$181. Stock is down 15% over the past year. The company is forecast to post earnings per share of NT$16.44 for next year compared to NT$17.05 last year. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Hung-Ding Yu was the last independent director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Price Target Changed • Apr 19
Price target decreased to NT$232 Down from NT$269, the current price target is an average from 3 analysts. New target price is 17% above last closing price of NT$198. Stock is down 9.8% over the past year. The company is forecast to post earnings per share of NT$16.44 for next year compared to NT$17.05 last year. Reported Earnings • Mar 13
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: NT$17.05 (up from NT$12.09 in FY 2020). Revenue: NT$5.27b (up 30% from FY 2020). Net income: NT$1.36b (up 41% from FY 2020). Profit margin: 26% (up from 24% in FY 2020). 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 4.9%. Over the next year, revenue is forecast to grow 12%, compared to a 12% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 9% per year, which means it is performing significantly worse than earnings. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$4.74 (vs NT$3.69 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: NT$1.39b (up 35% from 3Q 2020). Net income: NT$376.9m (up 29% from 3Q 2020). Profit margin: 27% (down from 28% in 3Q 2020). The decrease in margin was driven by higher expenses. 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 4% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment improved over the past week After last week's 15% share price gain to NT$224, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 22x in the Personal Products industry in Asia. Total returns to shareholders of 24% over the past three years. Reported Earnings • Aug 29
Second quarter 2021 earnings released: EPS NT$4.13 (vs NT$3.13 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: NT$1.27b (up 38% from 2Q 2020). Net income: NT$327.9m (up 32% from 2Q 2020). Profit margin: 26% (down from 27% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 22
Upcoming dividend of NT$8.50 per share Eligible shareholders must have bought the stock before 29 July 2021. Payment date: 27 August 2021. Trailing yield: 3.9%. Lower than top quartile of Taiwanese dividend payers (4.9%). In line with average of industry peers (3.6%). Executive Departure • Jul 13
Director Yi Chu has left the company On the 6th of July, Yi Chu's tenure as Director ended after 8.9 years in the role. We don't have any record of a personal shareholding under Yi's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 3.92 years. Executive Departure • Jul 13
Director Yu-Ling Tsai has left the company On the 6th of July, Yu-Ling Tsai's tenure as Director ended after 8.9 years in the role. We don't have any record of a personal shareholding under Yu-Ling's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 3.92 years. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$3.91 (vs NT$1.21 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$1.11b (up 69% from 1Q 2020). Net income: NT$310.6m (up 222% from 1Q 2020). Profit margin: 28% (up from 15% 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 3% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 13
Full year 2020 earnings released: EPS NT$12.09 (vs NT$18.02 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$4.06b (down 21% from FY 2019). Net income: NT$959.6m (down 33% from FY 2019). Profit margin: 24% (down from 28% in FY 2019). 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 whereas the company’s share price has increased by 11% per year. Analyst Estimate Surprise Post Earnings • Mar 13
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 0.3%. Earnings per share (EPS) missed analyst estimates by 4.3%. Over the next year, revenue is forecast to grow 23%, compared to a 12% growth forecast for the Personal Products industry in Taiwan. Announcement • Mar 12
Chlitina Holding Limited, Annual General Meeting, Jun 08, 2021 Chlitina Holding Limited, Annual General Meeting, Jun 08, 2021. Location: 203 Meeting Room), 2F., No.123, Songren Road, Xinyi District Taipei City Taiwan Agenda: To consider 2020 business report; to consider Audit Committee’s Review Report on 2020 Financial Statements; to report on directors and employees 2020 bonus distribution; to report on transactions with related parties transactions in 2020; to report on implementation of Company’s share repurchase program; to report on business performance and consolidated financial statements for 2020; to propose distribution of earnings for 2020; and to consider other Proposals. Is New 90 Day High Low • Feb 01
New 90-day high: NT$215 The company is up 23% from its price of NT$175 on 03 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Personal Products industry, which is down 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$716 per share. Analyst Estimate Surprise Post Earnings • Nov 13
Revenue beats expectations Revenue exceeded analyst estimates by 11%. Over the next year, revenue is expected to shrink by 1.9% compared to a 6.3% growth forecast for the Personal Products industry in Taiwan. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS NT$3.69 The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2020 results: Revenue: NT$1.03b (down 19% from 3Q 2019). Net income: NT$292.6m (down 15% from 3Q 2019). Profit margin: 28% (up from 27% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 18% per year and the company’s share price has also increased by 18% per year. Is New 90 Day High Low • Oct 29
New 90-day low: NT$175 The company is down 16% from its price of NT$208 on 31 July 2020. The Taiwanese market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Personal Products industry, which is down 6.0% over the same period. Is New 90 Day High Low • Oct 12
New 90-day low: NT$177 The company is down 13% from its price of NT$204 on 14 July 2020. The Taiwanese market is up 4.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Personal Products industry, which is down 20% over the same period. Announcement • Sep 29
Chlitina Holding Limited announced a financing transaction Chlitina Holding Limited (TSEC:4137) announced a private placement of 2,400,000 common shares and 2nd unsecured convertible corporate bonds for gross proceeds of TWD 1,000,000,000 on September 28, 2020. The transaction will involve participation from existing shareholders for the shares, based on the respective shareholding ratio. The face value of the shares is TWD 10 per share and the bonds is TWD 100,000. The issue price of the shares will be from TWD 160-180 per share and the bonds will be between 100-100.5% of the face value. Upon receiving approval from the competent authority, the Chairman shall be authorized to decide the actual issue price of the shares. After the capital increase proposal application is effective, Chairman of the board is authorized to decide the base date for subscription, the base date of capital increase and payment issues. The bonds will have a maturity period of three years and will not bear any coupon rate. The transaction has been approved by the board of directors of the company. Is New 90 Day High Low • Sep 24
New 90-day low: NT$184 The company is down 14% from its price of NT$214 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 Personal Products industry, which is up 2.0% over the same period. 
