New Risk • May 21
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 12% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 2.9% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (3.5% net profit margin). Market cap is less than US$100m (NT$2.05b market cap, or US$64.8m). Reported Earnings • May 12
First quarter 2026 earnings released: EPS: NT$0.31 (vs NT$0.098 in 1Q 2025) First quarter 2026 results: EPS: NT$0.31 (up from NT$0.098 in 1Q 2025). Revenue: NT$123.6m (up 5.6% from 1Q 2025). Net income: NT$10.7m (up 213% from 1Q 2025). Profit margin: 8.6% (up from 2.9% in 1Q 2025). 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 29% per year, which means it is well ahead of earnings. New Risk • Apr 02
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 8.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 209% Dividend per share is over 5x cash flows per share. Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Profit margins are more than 30% lower than last year (2.1% net profit margin). Market cap is less than US$100m (NT$1.42b market cap, or US$44.3m). Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: NT$0.29 (vs NT$1.88 in FY 2024) Full year 2025 results: EPS: NT$0.29 (down from NT$1.88 in FY 2024). Revenue: NT$484.9m (down 18% from FY 2024). Net income: NT$10.1m (down 85% from FY 2024). Profit margin: 2.1% (down from 11% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 27% 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 10
Jetbest Corporation, Annual General Meeting, Jun 22, 2026 Jetbest Corporation, Annual General Meeting, Jun 22, 2026. Location: no,173-2, ta hu rd., hsinchu city Taiwan Reported Earnings • Nov 09
Third quarter 2025 earnings released: EPS: NT$0.09 (vs NT$0.25 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.09 (down from NT$0.25 in 3Q 2024). Revenue: NT$117.0m (down 14% from 3Q 2024). Net income: NT$2.77m (down 69% from 3Q 2024). Profit margin: 2.4% (down from 6.5% in 3Q 2024). 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 but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Oct 29
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$26.50, the stock trades at a trailing P/E ratio of 37x. Average trailing P/E is 24x in the Chemicals industry in Taiwan. Total returns to shareholders of 27% over the past three years. Upcoming Dividend • Aug 19
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 26 August 2025. Payment date: 30 September 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 4.6%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.6%). Reported Earnings • Aug 14
Second quarter 2025 earnings released: NT$0.20 loss per share (vs NT$0.49 profit in 2Q 2024) Second quarter 2025 results: NT$0.20 loss per share (down from NT$0.49 profit in 2Q 2024). Revenue: NT$122.9m (down 20% from 2Q 2024). Net loss: NT$6.61m (down 141% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has remained flat. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$0.10 (vs NT$0.64 in 1Q 2024) First quarter 2025 results: EPS: NT$0.10 (down from NT$0.64 in 1Q 2024). Revenue: NT$117.1m (down 24% from 1Q 2024). Net income: NT$3.41m (down 84% from 1Q 2024). Profit margin: 2.9% (down from 14% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. 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$29.05, 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 returns to shareholders of 30% over the past three years. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$1.99 (vs NT$2.02 in FY 2023) Full year 2024 results: EPS: NT$1.99 (down from NT$2.02 in FY 2023). Revenue: NT$590.1m (down 9.0% from FY 2023). Net income: NT$65.3m (down 1.4% from FY 2023). Profit margin: 11% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Mar 03
Jetbest Corporation, Annual General Meeting, Jun 18, 2025 Jetbest Corporation, Annual General Meeting, Jun 18, 2025. Location: no,173-2, ta hu rd., hsinchu city Taiwan Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.27 (vs NT$0.45 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.27 (down from NT$0.45 in 3Q 2023). Revenue: NT$135.7m (down 14% from 3Q 2023). Net income: NT$8.83m (down 41% from 3Q 2023). Profit margin: 6.5% (down from 9.4% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$51.70, the stock trades at a trailing P/E ratio of 23.5x. Average trailing P/E is 22x in the Chemicals industry in Taiwan. Total returns to shareholders of 141% over the past three years. Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$44.00, the stock trades at a trailing P/E ratio of 20x. Average trailing P/E is 22x in the Chemicals industry in Taiwan. Total returns to shareholders of 106% over the past three years. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.49 (vs NT$0.41 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.49 (up from NT$0.41 in 2Q 2023). Revenue: NT$152.9m (up 7.0% from 2Q 2023). Net income: NT$16.0m (up 20% from 2Q 2023). Profit margin: 11% (up from 9.3% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 09
Upcoming dividend of NT$1.80 per share Eligible shareholders must have bought the stock before 16 July 2024. Payment date: 07 August 2024. Payout ratio is on the higher end at 85%, however this is supported by cash flows. Trailing yield: 4.5%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.2%). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.64 (vs NT$0.54 in 1Q 2023) First quarter 2024 results: EPS: NT$0.64 (up from NT$0.54 in 1Q 2023). Revenue: NT$154.9m (down 9.2% from 1Q 2023). Net income: NT$21.1m (up 19% from 1Q 2023). Profit margin: 14% (up from 10% 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 27% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 25
Full year 2023 earnings released: EPS: NT$2.02 (vs NT$1.68 in FY 2022) Full year 2023 results: EPS: NT$2.02 (up from NT$1.68 in FY 2022). Revenue: NT$648.6m (down 11% from FY 2022). Net income: NT$66.2m (up 20% from FY 2022). Profit margin: 10% (up from 7.6% 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 28% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Mar 22
Jetbest Corporation, Annual General Meeting, Jun 19, 2024 Jetbest Corporation, Annual General Meeting, Jun 19, 2024. Buying Opportunity • Oct 13
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be NT$46.59, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Earnings per share has grown by 34%. Buying Opportunity • Sep 27
Now 20% undervalued Over the last 90 days, the stock is up 2.6%. The fair value is estimated to be NT$46.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Earnings per share has grown by 34%. Buying Opportunity • Jul 10
Now 22% undervalued Over the last 90 days, the stock is up 35%. The fair value is estimated to be NT$48.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.9% over the last 3 years. Earnings per share has grown by 24%. Upcoming Dividend • Jul 07
Upcoming dividend of NT$1.40 per share at 3.6% yield Eligible shareholders must have bought the stock before 14 July 2023. Payment date: 08 August 2023. Payout ratio is on the higher end at 81%, however this is supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of Taiwanese dividend payers (5.4%). In line with average of industry peers (3.8%). New Risk • Jun 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 7.7% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.7% average weekly change). Earnings have declined by 15% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$1.23b market cap, or US$39.6m). Buying Opportunity • Jun 20
Now 23% undervalued Over the last 90 days, the stock is up 36%. The fair value is estimated to be NT$48.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.9% over the last 3 years. Earnings per share has grown by 24%. Valuation Update With 7 Day Price Move • May 15
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$32.45, the stock trades at a trailing P/E ratio of 19.3x. Average trailing P/E is 17x in the Chemicals industry in Taiwan. Total returns to shareholders of 42% over the past three years. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$33.00, the stock trades at a trailing P/E ratio of 19.7x. Average trailing P/E is 17x in the Chemicals industry in Taiwan. Total returns to shareholders of 48% over the past three years. Reported Earnings • Mar 28
Full year 2022 earnings released: EPS: NT$1.68 (vs NT$0.90 in FY 2021) Full year 2022 results: EPS: NT$1.68 (up from NT$0.90 in FY 2021). Revenue: NT$724.5m (up 15% from FY 2021). Net income: NT$55.1m (up 86% from FY 2021). Profit margin: 7.6% (up from 4.7% 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 17% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Director Changbin Wang was the last director to join the board, commencing their role in 2019. 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 13
Third quarter 2022 earnings released: EPS: NT$0.61 (vs NT$0.35 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.61 (up from NT$0.35 in 3Q 2021). Revenue: NT$200.5m (up 29% from 3Q 2021). Net income: NT$20.1m (up 73% from 3Q 2021). Profit margin: 10.0% (up from 7.5% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.23 (vs NT$0.17 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.23 (up from NT$0.17 in 2Q 2021). Revenue: NT$153.2m (flat on 2Q 2021). Net income: NT$7.60m (up 38% from 2Q 2021). Profit margin: 5.0% (up from 3.6% in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 6% per year. Upcoming Dividend • Jul 01
Upcoming dividend of NT$0.80 per share Eligible shareholders must have bought the stock before 08 July 2022. Payment date: 02 August 2022. Payout ratio is a comfortable 66% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of Taiwanese dividend payers (6.5%). Lower than average of industry peers (7.1%). Reported Earnings • May 17
First quarter 2022 earnings released: EPS: NT$0.49 (vs NT$0.17 in 1Q 2021) First quarter 2022 results: EPS: NT$0.49 (up from NT$0.17 in 1Q 2021). Revenue: NT$184.0m (up 30% from 1Q 2021). Net income: NT$16.0m (up 188% from 1Q 2021). Profit margin: 8.7% (up from 3.9% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 8% per year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Director Changbin Wang was the last director to join the board, commencing their role in 2019. 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 • Mar 30
Full year 2021 earnings released: EPS: NT$0.90 (vs NT$0.91 in FY 2020) Full year 2021 results: EPS: NT$0.90 (down from NT$0.91 in FY 2020). Revenue: NT$630.2m (up 7.8% from FY 2020). Net income: NT$29.7m (down 1.0% from FY 2020). Profit margin: 4.7% (down from 5.1% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 24% 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. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS NT$0.35 (vs NT$0.26 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$155.8m (up 4.0% from 3Q 2020). Net income: NT$11.6m (up 38% from 3Q 2020). Profit margin: 7.5% (up from 5.6% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.17 (vs NT$0.26 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$152.4m (up 115% from 2Q 2020). Net income: NT$5.50m (up NT$13.9m from 2Q 2020). Profit margin: 3.6% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 08
Upcoming dividend of NT$0.60 per share Eligible shareholders must have bought the stock before 15 July 2021. Payment date: 06 August 2021. Trailing yield: 2.4%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (2.8%). Reported Earnings • May 17
First quarter 2021 earnings released: EPS NT$0.17 (vs NT$0.32 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$141.6m (down 14% from 1Q 2020). Net income: NT$5.56m (down 46% from 1Q 2020). Profit margin: 3.9% (down from 6.3% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 52% 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. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS NT$0.91 (vs NT$1.18 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$584.8m (down 17% from FY 2019). Net income: NT$30.0m (down 23% from FY 2019). Profit margin: 5.1% (down from 5.5% 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 50% 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. Is New 90 Day High Low • Feb 06
New 90-day low: NT$26.40 The company is down 9.0% from its price of NT$29.15 on 06 November 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 8.0% over the same period. Is New 90 Day High Low • Jan 20
New 90-day low: NT$26.85 The company is down 8.0% from its price of NT$29.25 on 23 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 15% over the same period. Is New 90 Day High Low • Dec 30
New 90-day low: NT$27.10 The company is down 3.0% from its price of NT$27.85 on 30 September 2020. The Taiwanese market is up 15% 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 04
New 90-day low: NT$27.50 The company is down 14% from its price of NT$31.90 on 04 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 11% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.26 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$149.8m (down 20% from 3Q 2019). Net income: NT$8.40m (down 49% from 3Q 2019). Profit margin: 5.6% (down from 8.8% 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 46% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings.