Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$21.00, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 22x in the Metals and Mining industry in Taiwan. Total loss to shareholders of 38% over the past three years. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$19.50, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 21x in the Metals and Mining industry in Taiwan. Total loss to shareholders of 44% over the past three years. New Risk • Mar 25
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 9.0% 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: Major Risks Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Earnings have declined by 57% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (9.0% average weekly change). Market cap is less than US$100m (NT$756.6m market cap, or US$23.7m). Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$19.10, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 19x in the Metals and Mining industry in Taiwan. Total loss to shareholders of 44% over the past three years. New Risk • Mar 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Earnings have declined by 57% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Market cap is less than US$100m (NT$601.3m market cap, or US$19.2m). Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$15.05, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 19x in the Metals and Mining industry in Taiwan. Total loss to shareholders of 57% over the past three years. Announcement • Feb 05
Lian Hong Art. Co., Ltd., Annual General Meeting, Jun 09, 2026 Lian Hong Art. Co., Ltd., Annual General Meeting, Jun 09, 2026, at 09:00 Taipei Standard Time. Location: 13 floor no,36, hsin pei ta tao, taishan district, new taipei city Taiwan Valuation Update With 7 Day Price Move • Sep 17
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$24.40, the stock trades at a trailing P/E ratio of 18.5x. Average trailing P/E is 19x in the Metals and Mining industry in Taiwan. Total loss to shareholders of 37% over the past three years. New Risk • Sep 10
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 6.7% 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 Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Earnings have declined by 57% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (NT$1.15b market cap, or US$38.1m). Reported Earnings • Apr 28
Full year 2024 earnings released: EPS: NT$0.77 (vs NT$1.64 loss in FY 2023) Full year 2024 results: EPS: NT$0.77 (up from NT$1.64 loss in FY 2023). Revenue: NT$2.52b (up 16% from FY 2023). Net income: NT$29.4m (up NT$90.9m from FY 2023). Profit margin: 1.2% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. New Risk • Apr 07
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 6.7% 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 Debt is not well covered by operating cash flow (4.5% operating cash flow to total debt). Earnings have declined by 47% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (NT$790.8m market cap, or US$23.9m). Announcement • Mar 28
Lian Hong Art. Co., Ltd., Annual General Meeting, Jun 19, 2025 Lian Hong Art. Co., Ltd., Annual General Meeting, Jun 19, 2025. Location: 13 floor no,36, hsin pei ta tao, taishan district, new taipei city Taiwan New Risk • Mar 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (4.5% operating cash flow to total debt). Earnings have declined by 47% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (NT$995.6m market cap, or US$30.2m). New Risk • Sep 08
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.3% 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 Debt is not well covered by operating cash flow (4.5% operating cash flow to total debt). Earnings have declined by 47% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Shareholders have been diluted in the past year (3.3% increase in shares outstanding). Market cap is less than US$100m (NT$853.4m market cap, or US$26.6m). New Risk • Jun 12
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 7.6% 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 Debt is not well covered by operating cash flow (3.0% operating cash flow to total debt). Earnings have declined by 29% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Market cap is less than US$100m (NT$849.6m market cap, or US$26.2m). New Risk • Apr 20
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.9% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (3.0% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 29% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$974.7m market cap, or US$29.9m). Reported Earnings • Apr 17
Full year 2023 earnings released: NT$1.64 loss per share (vs NT$1.70 profit in FY 2022) Full year 2023 results: NT$1.64 loss per share (down from NT$1.70 profit in FY 2022). Revenue: NT$2.17b (down 9.9% from FY 2022). Net loss: NT$61.5m (down 197% from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Announcement • Mar 29
Lian Hong Art. Co., Ltd., Annual General Meeting, Jun 18, 2024 Lian Hong Art. Co., Ltd., Annual General Meeting, Jun 18, 2024. New Risk • Feb 29
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 18% per year over the past 5 years. Minor Risks High level of debt (47% net debt to equity). Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Market cap is less than US$100m (NT$1.07b market cap, or US$33.7m). New Risk • Oct 21
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 5.7% 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 Risk Earnings have declined by 18% per year over the past 5 years. Minor Risks High level of debt (47% net debt to equity). Share price has been volatile over the past 3 months (5.7% average weekly change). Market cap is less than US$100m (NT$1.18b market cap, or US$36.6m). New Risk • Sep 12
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.1% 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 Risk Earnings have declined by 18% per year over the past 5 years. Minor Risks High level of debt (47% net debt to equity). Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Market cap is less than US$100m (NT$1.07b market cap, or US$33.3m). New Risk • Aug 27
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 47% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 18% per year over the past 5 years. Minor Risks High level of debt (47% net debt to equity). Market cap is less than US$100m (NT$1.07b market cap, or US$33.6m). Upcoming Dividend • Aug 21
Upcoming dividend of NT$0.50 per share at 1.6% yield Eligible shareholders must have bought the stock before 28 August 2023. Payment date: 12 September 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (5.6%). Lower than average of industry peers (4.0%). New Risk • Aug 13
New major risk - Revenue and earnings growth Earnings have declined by 18% 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 Risk Earnings have declined by 18% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$1.05b market cap, or US$33.0m). Valuation Update With 7 Day Price Move • Aug 10
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 16.7x. Average trailing P/E is 18x in the Metals and Mining industry in Taiwan. Total loss to shareholders of 41% over the past three years. Reported Earnings • Apr 23
Full year 2022 earnings released: EPS: NT$1.75 (vs NT$0.79 in FY 2021) Full year 2022 results: EPS: NT$1.75 (up from NT$0.79 in FY 2021). Revenue: NT$2.40b (down 27% from FY 2021). Net income: NT$63.3m (up 126% from FY 2021). Profit margin: 2.6% (up from 0.9% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 15
Upcoming dividend of NT$0.79 per share Eligible shareholders must have bought the stock before 22 August 2022. Payment date: 06 September 2022. Payout ratio is on the higher end at 97%, and the cash payout ratio is above 100%. Trailing yield: 1.8%. Lower than top quartile of Taiwanese dividend payers (6.5%). Lower than average of industry peers (8.8%). Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improved over the past week After last week's 19% share price gain to NT$55.00, the stock trades at a trailing P/E ratio of 67.9x. Average trailing P/E is 10x in the Metals and Mining industry in Taiwan. Total loss to shareholders of 40% over the past year. Reported Earnings • May 02
Full year 2021 earnings released: EPS: NT$0.82 (vs NT$8.12 in FY 2020) Full year 2021 results: EPS: NT$0.82 (down from NT$8.12 in FY 2020). Revenue: NT$3.28b (flat on FY 2020). Net income: NT$28.0m (down 89% from FY 2020). Profit margin: 0.9% (down from 7.6% in FY 2020). Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improved over the past week After last week's 20% share price gain to NT$50.40, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 11x in the Metals and Mining industry in Taiwan. Total loss to shareholders of 55% over the past year. Announcement • Mar 23
Lian Hong Art. Co., Ltd., Annual General Meeting, Jun 09, 2022 Lian Hong Art. Co., Ltd., Annual General Meeting, Jun 09, 2022. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$39.30, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 13x in the Metals and Mining industry in Taiwan. Total loss to shareholders of 50% over the past year. Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment improved over the past week After last week's 29% share price gain to NT$65.10, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 13x in the Metals and Mining industry in Taiwan. Total loss to shareholders of 23% over the past year. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$60.80, the stock trades at a trailing P/E ratio of 8x. Average trailing P/E is 17x in the Metals and Mining industry in Taiwan. Total loss to shareholders of 2.4% over the past year. Reported Earnings • Aug 18
First half 2021 earnings released: EPS NT$2.85 (vs NT$3.27 in 1H 2020) The company reported a solid first half result with improved earnings and revenues, although profit margins were weaker. First half 2021 results: Revenue: NT$1.74b (up 35% from 1H 2020). Net income: NT$97.3m (up 1.7% from 1H 2020). Profit margin: 5.6% (down from 7.4% in 1H 2020). The decrease in margin was driven by higher expenses. Upcoming Dividend • Jul 15
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 22 July 2021. Payment date: 27 August 2021. Trailing yield: 4.2%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (1.5%). Valuation Update With 7 Day Price Move • May 31
Investor sentiment improved over the past week After last week's 16% share price gain to NT$99.90, the stock trades at a trailing P/E ratio of 12.3x. Average trailing P/E is 21x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 198% over the past year. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$87.20, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 23x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 189% over the past year. Reported Earnings • Apr 25
Full year 2020 earnings released: EPS NT$8.12 (vs NT$2.71 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$3.31b (up 50% from FY 2019). Net income: NT$250.5m (up 223% from FY 2019). Profit margin: 7.6% (up from 3.5% in FY 2019). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improved over the past week After last week's 31% share price gain to NT$121, the stock trades at a trailing P/E ratio of 24.5x. Average trailing P/E is 28x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 353% over the past year. Announcement • Mar 12
Lian Hong Art. Co., Ltd., Annual General Meeting, May 28, 2021 Lian Hong Art. Co., Ltd., Annual General Meeting, May 28, 2021. Is New 90 Day High Low • Nov 05
New 90-day high: NT$90.50 The company is up 72% from its price of NT$52.60 on 07 August 2020. The Taiwanese market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 8.0% over the same period. Is New 90 Day High Low • Oct 16
New 90-day high: NT$75.50 The company is up 61% from its price of NT$47.00 on 17 July 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 5.0% over the same period. Is New 90 Day High Low • Sep 18
New 90-day high: NT$70.60 The company is up 62% from its price of NT$43.70 on 19 June 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 7.0% over the same period. 