Reported Earnings • May 18
First quarter 2026 earnings released: NT$0.13 loss per share (vs NT$0.14 loss in 1Q 2025) First quarter 2026 results: NT$0.13 loss per share (improved from NT$0.14 loss in 1Q 2025). Net loss: NT$12.4m (loss narrowed 3.4% from 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 25% 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. Reported Earnings • Mar 17
Full year 2025 earnings released: NT$1.08 loss per share (vs NT$0.89 profit in FY 2024) Full year 2025 results: NT$1.08 loss per share (down from NT$0.89 profit in FY 2024). Revenue: NT$111.7m (down 52% from FY 2024). Net loss: NT$100.5m (down 222% from profit in FY 2024). Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 3% per year. Announcement • Mar 11
Taiwan Wax Company,Ltd., Annual General Meeting, May 25, 2026 Taiwan Wax Company,Ltd., Annual General Meeting, May 25, 2026, at 09:00 Taipei Standard Time. Location: no,68, chung cheng rd., fu yueh ts`un, minsyong township, chiayi county Taiwan Announcement • Jan 09
Taiwan Wax Company,Ltd. Announces Board Changes, Effective January 9, 2026 Taiwan Wax Company,Ltd. announced that the Chairman of the Board, Mr. Sen-Xiang Chiu, has tendered his resignation from the position of Chairman on January 8, 2026. The resignation will take effect on January 9, 2026. The new Chairman is Ting-rui Chen, who is the legal representative of Taiwan Wax Products Co. Ltd. The previous Chairman, Sen-Xiang Chiu, was the legal representative and concurrently the CEO of Taiwan Wax Co. Ltd. The change was approved by the board of directors on January 8, 2026, and the effective date of the new appointment is January 9, 2026. Announcement • Jan 02
Taiwan Wax Company, Ltd. Announces Change in Board of Directors, Effective December 31, 2025 Taiwan Wax Company,Ltd. announced a change in its board of directors, with one-third of the board changing due to the resignation of the previous institutional directors. The previous position holders were Po-Yao Tseng, the Chief Financial Officer and spokesperson of the company, and Wan-Chuan Liao, both representing Yuan Jin Co. Ltd. The new position holders are Chen Tingrui, Chairman of New Golden Dragon Wealth Co. Ltd.; Guo Yanling, Supervisor at New Golden Dragon Wealth Co. Ltd.; and Kathyrina Palma, CEO of ANOR Technologies Pte. Ltd. The reason for the change is the appointment of new corporate directors' representatives. The effective date of the new appointments is December 31, 2025. New Risk • Nov 18
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: NT$135m (US$4.3m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 24% per year over the past 5 years. Minor Risks Revenue is less than US$5m (NT$135m revenue, or US$4.3m). Market cap is less than US$100m (NT$1.27b market cap, or US$40.8m). Reported Earnings • Nov 18
Third quarter 2025 earnings released: NT$0.15 loss per share (vs NT$0.31 loss in 3Q 2024) Third quarter 2025 results: NT$0.15 loss per share (improved from NT$0.31 loss in 3Q 2024). Revenue: NT$19.8m (down 61% from 3Q 2024). Net loss: NT$14.0m (loss narrowed 51% from 3Q 2024). 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. Reported Earnings • Aug 18
Second quarter 2025 earnings released: NT$0.58 loss per share (vs NT$0.34 profit in 2Q 2024) Second quarter 2025 results: NT$0.58 loss per share (down from NT$0.34 profit in 2Q 2024). Revenue: NT$29.1m (down 62% from 2Q 2024). Net loss: NT$54.2m (down 270% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 56% 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 • Jun 04
Taiwan Wax Company,Ltd. Announces Board Appointments Taiwan Wax Company,Ltd. at its AGM, held on June 3, 2025, elected 9 Directors (including 3 Independent Directors); Director: Jia-Yo Lin, Director: Jia-An Lin, Director: Po-Yao Tseng (representative to Yuan Jin C o.,Ltd.), Director: Yang-Zheng Lu(representative to Yuan Jin C o.,Ltd.), Director: Sen-Xiang Chiu(representative to Yuan Jin C o.,Ltd.), Director:Wan-Chuan Liao(representative to Yuan Jin C o.,Ltd.), Independent Director: Zhao-Wei Pan, Independent Director: Yu-Fan Ku and Independent Director: Yi-Chiao Yang. Reported Earnings • May 18
First quarter 2025 earnings released: NT$0.14 loss per share (vs NT$1.19 profit in 1Q 2024) First quarter 2025 results: NT$0.14 loss per share (down from NT$1.19 profit in 1Q 2024). Revenue: NT$40.8m (down 30% from 1Q 2024). Net loss: NT$12.8m (down 112% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 61% 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 • Apr 22
Taiwan Wax Company,Ltd. announced a financing transaction Taiwan Wax Company,Ltd announced a private placement to issue not more than 20,000,000 ordinary share with a par value of TWD 10 per share on April 21, 2025. The transaction may happen in tranches within one year from the date of the shareholders' meeting's resolution on the private placement, depending on the actual fund-raising situation. The issuance price of the private placement of ordinary shares shall not be less than 8 of the reference price as the basis for setting the private placement price. If all 20,000,000 ordinary shares are issued in this private placement,the increase in share capital after the private placement of ordinary shares will account for 17.61% of the share capital after the private placement. Hold period for securities offered is three years from date of closing. Securities offered are subject to shareholders approval and are approved by the board of directors. Announcement • Apr 12
Taiwan Wax Company,Ltd. to Report Q1, 2025 Results on Apr 21, 2025 Taiwan Wax Company,Ltd. announced that they will report Q1, 2025 results on Apr 21, 2025 Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$0.89 (vs NT$0.41 in FY 2023) Full year 2024 results: EPS: NT$0.89 (up from NT$0.41 in FY 2023). Revenue: NT$231.2m (down 41% from FY 2023). Net income: NT$82.7m (up 116% from FY 2023). Profit margin: 36% (up from 9.8% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. New Risk • Dec 09
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 97% 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: Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.60b market cap, or US$49.3m). Reported Earnings • Nov 18
Third quarter 2024 earnings released: NT$0.31 loss per share (vs NT$0.85 profit in 3Q 2023) Third quarter 2024 results: NT$0.31 loss per share (down from NT$0.85 profit in 3Q 2023). Revenue: NT$50.9m (down 17% from 3Q 2023). Net loss: NT$28.4m (down 136% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Nov 05
Taiwan Wax Company,Ltd. to Report Q3, 2024 Results on Nov 12, 2024 Taiwan Wax Company,Ltd. announced that they will report Q3, 2024 results on Nov 12, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.34 (vs NT$0.20 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.34 (up from NT$0.20 in 2Q 2023). Revenue: NT$76.3m (down 40% from 2Q 2023). Net income: NT$31.8m (up 74% from 2Q 2023). Profit margin: 42% (up from 14% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Jul 30
Taiwan Wax Company,Ltd. to Report Q2, 2024 Results on Aug 07, 2024 Taiwan Wax Company,Ltd. announced that they will report Q2, 2024 results on Aug 07, 2024 Announcement • Jun 20
Taiwan Wax Company,Ltd. announced a financing transaction Taiwan Wax Company,Ltd. announced a private placement of common shares on June 18, 2024. The transaction has been approved by the shareholders of the company. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$1.19 (vs NT$0.27 in 1Q 2023) First quarter 2024 results: EPS: NT$1.19 (up from NT$0.27 in 1Q 2023). Revenue: NT$58.6m (down 44% from 1Q 2023). Net income: NT$110.0m (up 334% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • May 01
Taiwan Wax Company,Ltd. to Report Q1, 2024 Results on May 09, 2024 Taiwan Wax Company,Ltd. announced that they will report Q1, 2024 results at 12:00 PM, Taipei Standard Time on May 09, 2024 Reported Earnings • Apr 02
Full year 2023 earnings released: EPS: NT$0.41 (vs NT$1.34 loss in FY 2022) Full year 2023 results: EPS: NT$0.41 (up from NT$1.34 loss in FY 2022). Revenue: NT$392.0m (down 19% from FY 2022). Net income: NT$38.3m (up NT$161.9m from FY 2022). Profit margin: 9.8% (up from net loss in FY 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Mar 21
Taiwan Wax Company,Ltd., Annual General Meeting, Jun 18, 2024 Taiwan Wax Company,Ltd., Annual General Meeting, Jun 18, 2024. Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: NT$0.20 (vs NT$0.38 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.20 (down from NT$0.38 in 2Q 2022). Revenue: NT$126.1m (flat on 2Q 2022). Net income: NT$18.3m (down 48% from 2Q 2022). Profit margin: 14% (down from 28% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. New Risk • Jun 15
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 6.0% 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 (6.0% average weekly change). Market cap is less than US$100m (NT$1.74b market cap, or US$56.5m). Reported Earnings • Nov 20
Third quarter 2022 earnings released: NT$0.22 loss per share (vs NT$0.19 profit in 3Q 2021) Third quarter 2022 results: NT$0.22 loss per share (down from NT$0.19 profit in 3Q 2021). Revenue: NT$157.8m (up 15% from 3Q 2021). Net loss: NT$17.6m (down 216% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 17
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$14.10, the stock trades at a trailing P/E ratio of 3.2x. Average trailing P/E is 12x in the Chemicals industry in Taiwan. Total loss to shareholders of 18% over the past three years. Upcoming Dividend • Oct 06
Upcoming dividend of NT$0.20 per share Eligible shareholders must have bought the stock before 13 October 2022. Payment date: 18 November 2022. Trailing yield: 1.0%. Lower than top quartile of Taiwanese dividend payers (6.9%). Lower than average of industry peers (8.1%). Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: NT$0.44 (vs NT$0.11 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.44 (up from NT$0.11 in 2Q 2021). Revenue: NT$126.8m (down 25% from 2Q 2021). Net income: NT$35.1m (up 344% from 2Q 2021). Profit margin: 28% (up from 4.7% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.14 (vs NT$0.034 in 1Q 2021) First quarter 2022 results: EPS: NT$0.14 (up from NT$0.034 in 1Q 2021). Revenue: NT$140.6m (up 35% from 1Q 2021). Net income: NT$10.9m (up 354% from 1Q 2021). Profit margin: 7.8% (up from 2.3% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Apr 03
Full year 2021 earnings released: EPS: NT$5.16 (vs NT$0.093 loss in FY 2020) Full year 2021 results: EPS: NT$5.16 (up from NT$0.093 loss in FY 2020). Revenue: NT$500.5m (up 50% from FY 2020). Net income: NT$373.0m (up NT$379.5m from FY 2020). Profit margin: 75% (up from net loss in FY 2020). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Mar 23
Taiwan Wax Company,Ltd., Annual General Meeting, Jun 21, 2022 Taiwan Wax Company,Ltd., Annual General Meeting, Jun 21, 2022. Reported Earnings • Nov 18
Third quarter 2021 earnings released: EPS NT$0.22 (vs NT$0.22 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$137.5m (up 70% from 3Q 2020). Net income: NT$15.2m (up NT$30.8m from 3Q 2020). Profit margin: 11% (up from net loss in 3Q 2020). 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 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.11 (vs NT$0.20 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and revenues, although profit margins were improved. Second quarter 2021 results: Revenue: NT$168.2m (down 224% from 2Q 2020). Net income: NT$7.91m (down 43% from 2Q 2020). Profit margin: 4.7% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • May 17
First quarter 2021 earnings released: EPS NT$0.03 (vs NT$0.017 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: NT$104.0m (down 69% from 1Q 2020). Net income: NT$2.41m (up 103% from 1Q 2020). Profit margin: 2.3% (up from 0.4% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 31
Full year 2020 earnings released: NT$0.09 loss per share (vs NT$0.88 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: NT$333.6m (down 71% from FY 2019). Net loss: NT$6.58m (down 112% from profit in FY 2019). 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 3% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 06
New 90-day low: NT$18.65 The company is down 9.0% from its price of NT$20.50 on 04 December 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 9.0% over the same period. Is New 90 Day High Low • Jan 29
New 90-day low: NT$18.80 The company is down 12% from its price of NT$21.40 on 30 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 10.0% over the same period. Is New 90 Day High Low • Jan 11
New 90-day low: NT$19.15 The company is down 11% from its price of NT$21.40 on 14 October 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 18% over the same period. Is New 90 Day High Low • Dec 18
New 90-day low: NT$19.90 The company is down 9.0% from its price of NT$21.90 on 18 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 9.0% over the same period. Is New 90 Day High Low • Nov 19
New 90-day low: NT$20.60 The company is down 2.0% from its price of NT$21.10 on 21 August 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 11% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: NT$0.22 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: NT$80.8m (down 53% from 3Q 2019). Net loss: NT$15.7m (down 332% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. 
