Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$28.10, the stock trades at a trailing P/E ratio of 30.1x. Average trailing P/E is 32x in the Chemicals industry in Taiwan. Total returns to shareholders of 159% over the past three years. New Risk • Jun 18
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 9.4% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$22.60, the stock trades at a trailing P/E ratio of 24.2x. Average trailing P/E is 31x in the Chemicals industry in Taiwan. Total returns to shareholders of 109% over the past three years. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to NT$17.90, the stock trades at a trailing P/E ratio of 19.2x. Average trailing P/E is 31x in the Chemicals industry in Taiwan. Total returns to shareholders of 67% over the past three years. Reported Earnings • May 16
First quarter 2026 earnings released: EPS: NT$0.26 (vs NT$0.22 in 1Q 2025) First quarter 2026 results: EPS: NT$0.26 (up from NT$0.22 in 1Q 2025). Revenue: NT$304.3m (down 6.9% from 1Q 2025). Net income: NT$103.8m (up 19% from 1Q 2025). Profit margin: 34% (up from 27% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has remained flat 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 • Apr 13
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$13.40, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 29x in the Chemicals industry in Taiwan. Total returns to shareholders of 25% over the past three years. Buy Or Sell Opportunity • Mar 30
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to NT$11.65. The fair value is estimated to be NT$9.50, 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, while earnings per share has been flat. Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$0.89 (vs NT$0.95 in FY 2024) Full year 2025 results: EPS: NT$0.89 (down from NT$0.95 in FY 2024). Revenue: NT$1.34b (down 6.8% from FY 2024). Net income: NT$360.3m (down 5.6% from FY 2024). Profit margin: 27% (in line with FY 2024). Over the last 3 years on average, earnings per share has fallen by 2% per year and the company’s share price has also fallen by 2% per year. Announcement • Mar 10
Pan Asia Chemical Co., Annual General Meeting, Jun 11, 2026 Pan Asia Chemical Co., Annual General Meeting, Jun 11, 2026, at 09:00 Taipei Standard Time. Location: 11 floor no,350, sung chiang rd., jhongshan district, taipei city Taiwan Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: NT$0.31 (vs NT$0.21 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.31 (up from NT$0.21 in 3Q 2024). Revenue: NT$380.3m (up 2.2% from 3Q 2024). Net income: NT$126.3m (up 49% from 3Q 2024). Profit margin: 33% (up from 23% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 14% 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. Upcoming Dividend • Aug 27
Upcoming dividend of NT$0.25 per share Eligible shareholders must have bought the stock before 02 September 2025. Payment date: 26 September 2025. Payout ratio is a comfortable 33% but the company is paying out more than the cash it is generating. Trailing yield: 2.5%. Lower than top quartile of Taiwanese dividend payers (5.3%). In line with average of industry peers (2.6%). Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$0.08 (vs NT$0.27 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.08 (down from NT$0.27 in 2Q 2024). Revenue: NT$343.4m (down 27% from 2Q 2024). Net income: NT$31.1m (down 72% from 2Q 2024). Profit margin: 9.1% (down from 24% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 2% per year. Declared Dividend • Aug 13
Dividend of NT$0.25 announced Shareholders will receive a dividend of NT$0.25. Ex-date: 2nd September 2025 Payment date: 26th September 2025 Dividend yield will be 2.5%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (26% earnings payout ratio) but not covered by cash flows (105% cash payout ratio). The dividend has increased by an average of 19% per year over the past 9 years and payments have been stable during that time. Earnings per share has grown by 5.4% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$0.22 (vs NT$0.20 in 1Q 2024) First quarter 2025 results: EPS: NT$0.22 (up from NT$0.20 in 1Q 2024). Revenue: NT$326.7m (up 47% from 1Q 2024). Net income: NT$87.6m (up 12% from 1Q 2024). Profit margin: 27% (down from 35% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 2% per year. Announcement • May 03
Pan Asia Chemical Co. to Report Q1, 2025 Results on May 12, 2025 Pan Asia Chemical Co. announced that they will report Q1, 2025 results on May 12, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to NT$9.07, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 17x in the Chemicals industry in Taiwan. Total loss to shareholders of 14% over the past three years. Reported Earnings • Mar 15
Full year 2024 earnings released: EPS: NT$0.95 (vs NT$0.86 in FY 2023) Full year 2024 results: EPS: NT$0.95 (up from NT$0.86 in FY 2023). Revenue: NT$1.44b (up 8.9% from FY 2023). Net income: NT$381.8m (up 9.9% from FY 2023). Profit margin: 27% (in line with FY 2023). Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 4% per year. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$12.15, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 22x in the Chemicals industry in Taiwan. Total returns to shareholders of 23% over the past three years. Announcement • Mar 06
Pan Asia Chemical Co., Annual General Meeting, Jun 11, 2025 Pan Asia Chemical Co., Annual General Meeting, Jun 11, 2025, at 09:00 Taipei Standard Time. Location: 11 floor no,350, sung chiang rd., jhongshan district, taipei city Taiwan New Risk • Mar 04
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Announcement • Feb 22
Pan Asia Chemical Co. to Report Q4, 2024 Results on Mar 03, 2025 Pan Asia Chemical Co. announced that they will report Q4, 2024 results on Mar 03, 2025 Reported Earnings • Nov 19
Third quarter 2024 earnings released: EPS: NT$0.21 (vs NT$0.29 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.21 (down from NT$0.29 in 3Q 2023). Revenue: NT$372.0m (flat on 3Q 2023). Net income: NT$84.6m (down 27% from 3Q 2023). Profit margin: 23% (down from 31% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.29 (vs NT$0.27 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.29 (up from NT$0.27 in 2Q 2023). Revenue: NT$468.2m (up 30% from 2Q 2023). Net income: NT$110.5m (up 7.4% from 2Q 2023). Profit margin: 24% (down from 28% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Aug 14
Dividend of NT$0.25 announced Shareholders will receive a dividend of NT$0.25. Ex-date: 28th August 2024 Payment date: 25th September 2024 Dividend yield will be 1.6%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (25% earnings payout ratio) but not covered by cash flows (207% cash payout ratio). The dividend has increased by an average of 20% per year over the past 8 years and payments have been stable during that time. Earnings per share has grown by 9.4% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Aug 03
Pan Asia Chemical Co. to Report Q2, 2024 Results on Aug 12, 2024 Pan Asia Chemical Co. announced that they will report Q2, 2024 results on Aug 12, 2024 Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.21 (vs NT$0.13 in 1Q 2023) First quarter 2024 results: EPS: NT$0.21 (up from NT$0.13 in 1Q 2023). Revenue: NT$222.6m (down 19% from 1Q 2023). Net income: NT$78.6m (up 60% from 1Q 2023). Profit margin: 35% (up from 18% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 05
Pan Asia Chemical Co. to Report Q1, 2024 Results on May 13, 2024 Pan Asia Chemical Co. announced that they will report Q1, 2024 results on May 13, 2024 New Risk • Apr 11
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 366% Dividend yield: 1.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 16
Full year 2023 earnings released: EPS: NT$0.92 (vs NT$1.06 in FY 2022) Full year 2023 results: EPS: NT$0.92 (down from NT$1.06 in FY 2022). Revenue: NT$1.32b (down 28% from FY 2022). Net income: NT$347.3m (down 14% from FY 2022). Profit margin: 26% (up from 22% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 13% per year. Announcement • Mar 05
Pan Asia Chemical Co., Annual General Meeting, Jun 12, 2024 Pan Asia Chemical Co., Annual General Meeting, Jun 12, 2024. Location: 3rd Floor, No. 350 Songjiang Road Zhongshan District, Conference Room 2 Taipei City Taiwan Agenda: To consider 2023 business report; to consider Audit Committee's review of the 2023 annual final accounting books and statements; to consider Report on 2023 employees' and directors' remuneration; to consider Report the amendment to the Company's Rules of Procedure for Board of Directors Meetings; to consider Acknowledgment of the 2023 annual final accounting books and statements ; to consider acknowledgment of the 2023 Earnings Distribution; and to consider other matters. Upcoming Dividend • Aug 23
Upcoming dividend of NT$0.15 per share at 1.1% yield Eligible shareholders must have bought the stock before 30 August 2023. Payment date: 27 September 2023. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Taiwanese dividend payers (5.6%). Lower than average of industry peers (3.9%). Announcement • Aug 13
Pan Asia Chemical Co. Announces Cash Dividends, Payable on September 27, 2023 Pan Asia Chemical Co. announced cash dividends to common shareholders TWD 52,894,238 or TWD 0.15 per share. The dividend will be payable on September 27, 2023 with Ex-rights (Ex-dividend) date of August 30, 2023and Ex-rights (Ex-dividend) record date of September 5, 2023. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: NT$0.29 (vs NT$0.36 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.29 (down from NT$0.36 in 2Q 2022). Revenue: NT$361.3m (down 35% from 2Q 2022). Net income: NT$102.9m (down 19% from 2Q 2022). Profit margin: 28% (up from 23% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 13% per year. Reported Earnings • Mar 17
Full year 2022 earnings released: EPS: NT$1.14 (vs NT$0.97 in FY 2021) Full year 2022 results: EPS: NT$1.14 (up from NT$0.97 in FY 2021). Revenue: NT$1.83b (up 5.9% from FY 2021). Net income: NT$402.1m (up 17% from FY 2021). Profit margin: 22% (up from 20% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Dec 28
Pan Asia Chemical Co. Announces the Change of the Company's Spokesperson Pan Asia Chemical Co. Announces the Change of the Company's Spokesperson. Type of personnel changed: spokesperson. Date of occurrence of the change:2022/12/26. Name, title, and resume of the previous position holder:Chen,Guo-Cing Vice President 4.Name, title, and resume of the new position holder:Wang,Chieh Yi General Manager 5.Type of change:retirement 6.Reason for the change: retirement 7.Effective date:2023/01/01. Board Change • Nov 16
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 Lung-Teng Chen 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. Upcoming Dividend • Aug 23
Upcoming dividend of NT$0.15 per share Eligible shareholders must have bought the stock before 30 August 2022. Payment date: 28 September 2022. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Taiwanese dividend payers (6.4%). Lower than average of industry peers (7.6%). Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.39 (vs NT$0.18 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.39 (up from NT$0.18 in 2Q 2021). Revenue: NT$556.5m (up 72% from 2Q 2021). Net income: NT$126.8m (up 118% from 2Q 2021). Profit margin: 23% (up from 18% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 16% per year. Announcement • Aug 13
Pan Asia Chemical Co. Announces Cash Dividend, Payable on September 28, 2022 Pan Asia Chemical Co. announced cash dividend of TWD 0.15 per share. Ex-Dividend date is August 30, 2022, Ex-right (Ex-dividend) record date is September 5, 2022. Payment date for the cash distribution is September 28, 2022. Reported Earnings • May 17
First quarter 2022 earnings released: EPS: NT$0.24 (vs NT$0.26 in 1Q 2021) First quarter 2022 results: EPS: NT$0.24 (down from NT$0.26 in 1Q 2021). Revenue: NT$427.7m (up 1.1% from 1Q 2021). Net income: NT$79.9m (down 5.7% from 1Q 2021). Profit margin: 19% (down from 20% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 15% per year. Board Change • Apr 27
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. 4 non-independent directors. Independent Director Lung-Teng Chen 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 15
Third quarter 2021 earnings released: EPS NT$0.31 (vs NT$0.29 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$539.3m (up 28% from 3Q 2020). Net income: NT$100.6m (up 6.2% from 3Q 2020). Profit margin: 19% (down from 23% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Oct 20
Upcoming dividend of NT$0.15 per share Eligible shareholders must have bought the stock before 27 October 2021. Payment date: 30 November 2021. Trailing yield: 1.1%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (2.7%). Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.19 (vs NT$0.14 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$323.7m (up 24% from 2Q 2020). Net income: NT$58.2m (up 38% from 2Q 2020). Profit margin: 18% (up from 16% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 9% per year. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.28 (vs NT$0.15 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$423.2m (up 12% from 1Q 2020). Net income: NT$84.7m (up 92% from 1Q 2020). Profit margin: 20% (up from 12% 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 11% per year whereas the company’s share price has increased by 10% per year. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$0.82 (vs NT$0.96 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: NT$1.46b (down 15% from FY 2019). Net income: NT$247.9m (down 15% from FY 2019). Profit margin: 17% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 14% per year and the company’s share price has also increased by 14% per year. Announcement • Mar 18
Pan Asia Chemical Co., Annual General Meeting, Jun 03, 2021 Pan Asia Chemical Co., Annual General Meeting, Jun 03, 2021. Is New 90 Day High Low • Dec 30
New 90-day high: NT$12.40 The company is up 16% from its price of NT$10.70 on 30 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 18% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.31 The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2020 results: Revenue: NT$420.9m (down 1.9% from 3Q 2019). Net income: NT$94.7m (down 4.0% from 3Q 2019). Profit margin: 23% (in line with 3Q 2019). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. 
