Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$101, the stock trades at a trailing P/E ratio of 25.7x. Average trailing P/E is 30x in the Chemicals industry in Taiwan. Total returns to shareholders of 12% over the past three years. Reported Earnings • May 12
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$0.75 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00 (up from NT$0.75 in 1Q 2025). Revenue: NT$761.3m (up 59% from 1Q 2025). Net income: NT$125.5m (up 124% from 1Q 2025). Profit margin: 17% (up from 12% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$85.60, the stock trades at a trailing P/E ratio of 28.4x. Average trailing P/E is 29x in the Chemicals industry in Taiwan. Total loss to shareholders of 12% over the past three years. Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$3.01 (vs NT$3.36 in FY 2024) Full year 2025 results: EPS: NT$3.01 (down from NT$3.36 in FY 2024). Revenue: NT$2.53b (up 19% from FY 2024). Net income: NT$225.7m (down 10% from FY 2024). Profit margin: 8.9% (down from 12% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Mar 12
Mechema Chemicals International Corp., Annual General Meeting, Jun 12, 2026 Mechema Chemicals International Corp., Annual General Meeting, Jun 12, 2026. Location: no,1, ta t`ung 1st rd., guanyin district, taoyuan city Taiwan Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$0.55 (vs NT$0.41 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.55 (up from NT$0.41 in 3Q 2024). Revenue: NT$548.1m (up 14% from 3Q 2024). Net income: NT$41.5m (up 35% from 3Q 2024). Profit margin: 7.6% (up from 6.4% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$71.80, the stock trades at a trailing P/E ratio of 26.8x. Average trailing P/E is 26x in the Chemicals industry in Taiwan. Total loss to shareholders of 35% over the past three years. Reported Earnings • Aug 13
Second quarter 2025 earnings released: EPS: NT$0.80 (vs NT$1.45 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.80 (down from NT$1.45 in 2Q 2024). Revenue: NT$985.8m (up 72% from 2Q 2024). Net income: NT$60.1m (down 45% from 2Q 2024). Profit margin: 6.1% (down from 19% in 2Q 2024). The decrease in margin was driven by higher expenses. 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 13% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$86.50, the stock trades at a trailing P/E ratio of 26x. Average trailing P/E is 19x in the Chemicals industry in Taiwan. Total loss to shareholders of 22% over the past three years. Declared Dividend • Jun 28
Dividend of NT$2.36 announced Shareholders will receive a dividend of NT$2.36. Ex-date: 16th July 2025 Payment date: 8th August 2025 Dividend yield will be 3.4%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (38% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 3.3% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$69.20, the stock trades at a trailing P/E ratio of 20.8x. Average trailing P/E is 19x in the Chemicals industry in Taiwan. Total loss to shareholders of 36% over the past three years. New Risk • May 20
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 8.7% 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 Risks Earnings have declined by 5.7% per year over the past 5 years. High level of non-cash earnings (25% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (8.7% average weekly change). Reported Earnings • May 19
First quarter 2025 earnings released: EPS: NT$0.75 (vs NT$0.79 in 1Q 2024) First quarter 2025 results: EPS: NT$0.75 (down from NT$0.79 in 1Q 2024). Revenue: NT$478.6m (down 14% from 1Q 2024). Net income: NT$56.1m (down 4.7% from 1Q 2024). Profit margin: 12% (up from 11% in 1Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to NT$64.70, the stock trades at a trailing P/E ratio of 19.3x. Average trailing P/E is 19x in the Chemicals industry in Taiwan. Total loss to shareholders of 48% over the past three years. Announcement • May 03
Mechema Chemicals International Corp. to Report Q1, 2025 Results on May 12, 2025 Mechema Chemicals International Corp. 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$49.15, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 18x in the Chemicals industry in Taiwan. Total loss to shareholders of 63% over the past three years. Buy Or Sell Opportunity • Apr 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to NT$54.60. The fair value is estimated to be NT$68.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 34% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Mar 18
Full year 2024 earnings released: EPS: NT$3.36 (vs NT$0.33 loss in FY 2023) Full year 2024 results: EPS: NT$3.36 (up from NT$0.33 loss in FY 2023). Revenue: NT$2.12b (down 8.4% from FY 2023). Net income: NT$251.9m (up NT$276.5m from FY 2023). Profit margin: 12% (up from net loss in FY 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Announcement • Mar 13
Mechema Chemicals International Corp., Annual General Meeting, Jun 26, 2025 Mechema Chemicals International Corp., Annual General Meeting, Jun 26, 2025. Location: 1 floor no,1, ta t`ung 1st rd., guanyin district, taoyuan city Taiwan Announcement • Mar 05
Mechema Chemicals International Corp. to Report Q4, 2024 Results on Mar 12, 2025 Mechema Chemicals International Corp. announced that they will report Q4, 2024 results on Mar 12, 2025 Announcement • Nov 02
Mechema Chemicals International Corp. to Report Q3, 2024 Results on Nov 08, 2024 Mechema Chemicals International Corp. announced that they will report Q3, 2024 results on Nov 08, 2024 Buy Or Sell Opportunity • Sep 10
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.9% to NT$70.00. The fair value is estimated to be NT$88.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$1.45 (vs NT$0.34 loss in 2Q 2023) Second quarter 2024 results: EPS: NT$1.45 (up from NT$0.34 loss in 2Q 2023). Revenue: NT$571.8m (down 11% from 2Q 2023). Net income: NT$108.8m (up NT$134.5m from 2Q 2023). Profit margin: 19% (up from net loss in 2Q 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Aug 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.5% to NT$69.50. The fair value is estimated to be NT$87.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 42%. Announcement • Jul 31
Mechema Chemicals International Corp. to Report Q2, 2024 Results on Aug 07, 2024 Mechema Chemicals International Corp. announced that they will report Q2, 2024 results on Aug 07, 2024 Declared Dividend • Jun 30
Dividend reduced to NT$1.10 Dividend of NT$1.10 is 76% lower than last year. Ex-date: 10th July 2024 Payment date: 1st August 2024 Dividend yield will be 1.4%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. The dividend is also not adequately covered by cash flows (94% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: NT$0.79 (vs NT$0.84 loss in 1Q 2023) First quarter 2024 results: EPS: NT$0.79 (up from NT$0.84 loss in 1Q 2023). Revenue: NT$554.8m (down 13% from 1Q 2023). Net income: NT$58.9m (up NT$122.0m from 1Q 2023). Profit margin: 11% (up from net loss in 1Q 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Apr 28
Mechema Chemicals International Corp. to Report Q1, 2024 Results on May 03, 2024 Mechema Chemicals International Corp. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 03, 2024 Reported Earnings • Mar 19
Full year 2023 earnings released: NT$0.33 loss per share (vs NT$5.09 profit in FY 2022) Full year 2023 results: NT$0.33 loss per share (down from NT$5.09 profit in FY 2022). Revenue: NT$2.32b (down 56% from FY 2022). Net loss: NT$24.5m (down 106% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: NT$0.64 (vs NT$1.22 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.64 (down from NT$1.22 in 3Q 2022). Revenue: NT$549.9m (down 61% from 3Q 2022). Net income: NT$47.9m (down 48% from 3Q 2022). Profit margin: 8.7% (up from 6.4% in 3Q 2022). The increase in margin was driven by lower expenses. 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. Reported Earnings • Aug 11
Second quarter 2023 earnings released: NT$0.34 loss per share (vs NT$2.04 profit in 2Q 2022) Second quarter 2023 results: NT$0.34 loss per share (down from NT$2.04 profit in 2Q 2022). Revenue: NT$642.3m (down 59% from 2Q 2022). Net loss: NT$25.7m (down 117% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 10
Upcoming dividend of NT$4.60 per share at 4.6% yield Eligible shareholders must have bought the stock before 17 July 2023. Payment date: 10 August 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.6%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.8%). Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$1.22 (vs NT$1.58 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.22 (down from NT$1.58 in 3Q 2021). Revenue: NT$1.43b (up 4.3% from 3Q 2021). Net income: NT$91.7m (down 22% from 3Q 2021). Profit margin: 6.4% (down from 8.7% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$1.22 (vs NT$1.58 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.22 (down from NT$1.58 in 3Q 2021). Revenue: NT$1.43b (up 4.3% from 3Q 2021). Net income: NT$91.7m (down 22% from 3Q 2021). Profit margin: 6.4% (down from 8.7% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 20% share price decline to NT$94.50, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 12x in the Chemicals industry in Taiwan. Total returns to shareholders of 48% over the past three years. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: NT$2.04 (vs NT$1.18 in 2Q 2021) Second quarter 2022 results: EPS: NT$2.04 (up from NT$1.18 in 2Q 2021). Revenue: NT$1.56b (up 92% from 2Q 2021). Net income: NT$153.3m (up 74% from 2Q 2021). Profit margin: 9.8% (down from 11% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 04
Upcoming dividend of NT$3.80 per share Eligible shareholders must have bought the stock before 11 July 2022. Payment date: 02 August 2022. Payout ratio is a comfortable 60% but the company is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Taiwanese dividend payers (6.7%). Lower than average of industry peers (7.1%). Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$128, the stock trades at a trailing P/E ratio of 20.2x. Average trailing P/E is 15x in the Chemicals industry in Taiwan. Total returns to shareholders of 107% over the past three years. Reported Earnings • May 14
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: NT$2.24 (up from NT$0.70 in 1Q 2021). Revenue: NT$1.28b (up 98% from 1Q 2021). Net income: NT$168.3m (up 219% from 1Q 2021). Profit margin: 13% (up from 8.1% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 7.0%. Earnings per share (EPS) exceeded analyst estimates by 11%. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 26% per year. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS NT$1.58 (vs NT$0.57 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$1.37b (up 150% from 3Q 2020). Net income: NT$118.2m (up 178% from 3Q 2020). Profit margin: 8.7% (up from 7.8% in 3Q 2020). The increase in margin was driven by higher revenue. 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 39% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improved over the past week After last week's 15% share price gain to NT$149, the stock trades at a trailing P/E ratio of 55.3x. Average trailing P/E is 17x in the Chemicals industry in Taiwan. Total returns to shareholders of 162% over the past three years. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS NT$1.18 (vs NT$0.38 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$813.2m (up 23% from 2Q 2020). Net income: NT$88.2m (up 207% from 2Q 2020). Profit margin: 11% (up from 4.4% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 17% 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. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment improved over the past week After last week's 18% share price gain to NT$95.90, the stock trades at a trailing P/E ratio of 50.4x. Average trailing P/E is 16x in the Chemicals industry in Taiwan. Total returns to shareholders of 16% over the past three years. Upcoming Dividend • Jul 16
Upcoming dividend of NT$1.39 per share Eligible shareholders must have bought the stock before 23 July 2021. Payment date: 17 August 2021. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (2.8%). Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improved over the past week After last week's 15% share price gain to NT$89.40, the stock trades at a trailing P/E ratio of 47x. Average trailing P/E is 16x in the Chemicals industry in Taiwan. Total returns to shareholders of 5.5% over the past three years. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improved over the past week After last week's 16% share price gain to NT$72.60, the stock trades at a trailing P/E ratio of 38.2x. Average trailing P/E is 16x in the Chemicals industry in Taiwan. Total loss to shareholders of 19% over the past three years. Reported Earnings • May 14
First quarter 2021 earnings released: EPS NT$0.70 (vs NT$0.44 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$648.1m (up 4.3% from 1Q 2020). Net income: NT$52.7m (up 58% from 1Q 2020). Profit margin: 8.1% (up from 5.4% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year whereas the company’s share price has fallen by 16% per year. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improved over the past week After last week's 23% share price gain to NT$77.00, the stock trades at a trailing P/E ratio of 46.8x. Average trailing P/E is 21x in the Chemicals industry in Taiwan. Total loss to shareholders of 20% over the past three years. Reported Earnings • Mar 25
Full year 2020 earnings released: EPS NT$1.64 (vs NT$2.92 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$2.23b (down 33% from FY 2019). Net income: NT$123.3m (down 44% from FY 2019). Profit margin: 5.5% (down from 6.6% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 16% per year. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 22% share price gain to NT$72.30, the stock is trading at a trailing P/E ratio of 34.9x, up from the previous P/E ratio of 28.7x. This compares to an average P/E of 20x in the Chemicals industry in Taiwan. Total return to shareholders over the past three years is a loss of 27%. Is New 90 Day High Low • Dec 25
New 90-day high: NT$67.80 The company is up 15% from its price of NT$59.10 on 25 September 2020. The Taiwanese market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 17% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.57 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$546.7m (down 37% from 3Q 2019). Net income: NT$42.5m (down 40% from 3Q 2019). Profit margin: 7.8% (down from 8.1% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Oct 29
New 90-day low: NT$55.90 The company is down 14% from its price of NT$65.30 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 Chemicals industry, which is up 4.0% over the same period. Is New 90 Day High Low • Oct 12
New 90-day low: NT$58.50 The company is down 11% from its price of NT$65.50 on 14 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 Chemicals industry, which is down 1.0% over the same period. 
