Major Estimate Revision • May 21
Consensus revenue estimates increase by 13% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from NT$10.4b to NT$11.8b. Forecast losses expected to reduce from -NT$0.78 to -NT$0.41 per share. Chemicals industry in Taiwan expected to see average net income growth of 72% next year. Consensus price target down from NT$15.50 to NT$11.00. Share price was steady at NT$12.55 over the past week. Price Target Changed • May 21
Price target decreased by 29% to NT$11.00 Down from NT$15.50, the current price target is provided by 1 analyst. New target price is 12% below last closing price of NT$12.55. Stock is up 13% over the past year. The company is forecast to post a net loss per share of NT$0.41 next year compared to a net loss per share of NT$1.58 last year. Reported Earnings • May 11
First quarter 2026 earnings released: NT$0.21 loss per share (vs NT$0.46 loss in 1Q 2025) First quarter 2026 results: NT$0.21 loss per share (improved from NT$0.46 loss in 1Q 2025). Revenue: NT$2.67b (up 8.6% from 1Q 2025). Net loss: NT$120.4m (loss narrowed 55% from 1Q 2025). Revenue is forecast to grow 1.8% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 59% 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. Announcement • Apr 26
China General Plastics Corporation to Report Q1, 2026 Results on May 04, 2026 China General Plastics Corporation announced that they will report Q1, 2026 results on May 04, 2026 Reported Earnings • Mar 12
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: NT$1.58 loss per share (further deteriorated from NT$1.22 loss in FY 2024). Revenue: NT$9.22b (down 17% from FY 2024). Net loss: NT$919.0m (loss widened 29% from FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.2%. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. New Risk • Mar 12
New major risk - Revenue and earnings growth Earnings have declined by 72% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 72% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.8% average weekly change). New Risk • Mar 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 7.7% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Share price has been volatile over the past 3 months (7.7% average weekly change). Announcement • Mar 05
China General Plastics Corporation, Annual General Meeting, May 26, 2026 China General Plastics Corporation, Annual General Meeting, May 26, 2026, at 09:00 Taipei Standard Time. Location: no,106, kung yuan rd., jhunan township, miaoli county Taiwan Major Estimate Revision • Nov 29
Consensus EPS estimates fall by 25% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$10.3b to NT$9.41b. Losses expected to increase from NT$1.37 per share to NT$1.70. Chemicals industry in Taiwan expected to see average net income growth of 41% next year. Consensus price target of NT$16.75 unchanged from last update. Share price rose 6.2% to NT$11.15 over the past week. New Risk • Nov 19
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 14
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: NT$0.18 loss per share (improved from NT$0.71 loss in 3Q 2024). Revenue: NT$2.27b (down 12% from 3Q 2024). Net loss: NT$103.3m (loss narrowed 75% from 3Q 2024). Revenue missed analyst estimates by 7.9%. Earnings per share (EPS) also missed analyst estimates by 24%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. Announcement • Oct 29
China General Plastics Corporation to Report Q3, 2025 Results on Nov 04, 2025 China General Plastics Corporation announced that they will report Q3, 2025 results on Nov 04, 2025 Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS misses analyst expectations Second quarter 2025 results: NT$0.70 loss per share (down from NT$0.16 profit in 2Q 2024). Revenue: NT$2.66b (down 14% from 2Q 2024). Net loss: NT$405.5m (down NT$499.9m from profit in 2Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 106%. Revenue is forecast to grow 6.0% p.a. on average during the next 2 years, compared to a 4.2% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Price Target Changed • Aug 02
Price target decreased by 12% to NT$16.75 Down from NT$19.00, the current price target is an average from 2 analysts. New target price is 46% above last closing price of NT$11.45. Stock is down 36% over the past year. The company is forecast to post a net loss per share of NT$0.83 next year compared to a net loss per share of NT$1.22 last year. Upcoming Dividend • Jul 17
Upcoming dividend of NT$0.15 per share Eligible shareholders must have bought the stock before 24 July 2025. Payment date: 21 August 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Taiwanese dividend payers (5.3%). In line with average of industry peers (3.1%). New Risk • Jun 30
New major risk - Revenue and earnings growth Earnings have declined by 49% 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 Risks Debt is not well covered by operating cash flow (7.5% operating cash flow to total debt). Earnings have declined by 49% per year over the past 5 years. Board Change • Jun 19
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Chen-Ming Chang was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Declared Dividend • Jun 04
Dividend reduced to NT$0.15 Dividend of NT$0.15 is 57% lower than last year. Ex-date: 24th July 2025 Payment date: 21st August 2025 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 and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Announcement • May 28
China General Plastics Corporation Approves Cash Dividend for the Year 2024 China General Plastics Corporation announced that at its AGM held on May 27, 2025, the shareholders approved 2024 earnings distribution: cash dividend of TWD 0.15 per share, total TWD 87,157,574. New Risk • May 15
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 7.3% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. This is currently the only risk that has been identified for the company. Reported Earnings • May 09
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: NT$0.46 loss per share (further deteriorated from NT$0.054 loss in 1Q 2024). Revenue: NT$2.46b (down 15% from 1Q 2024). Net loss: NT$268.5m (loss widened NT$236.8m from 1Q 2024). Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) also missed analyst estimates by 31%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 4.2% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Announcement • Apr 25
China General Plastics Corporation to Report Q1, 2025 Results on May 02, 2025 China General Plastics Corporation announced that they will report Q1, 2025 results on May 02, 2025 Reported Earnings • Mar 15
Full year 2024 earnings released: NT$1.22 loss per share (vs NT$0.59 profit in FY 2023) Full year 2024 results: NT$1.22 loss per share (down from NT$0.59 profit in FY 2023). Revenue: NT$11.1b (down 19% from FY 2023). Net loss: NT$710.0m (down 308% from profit in FY 2023). Revenue is forecast to grow 5.3% p.a. on average during the next 2 years, compared to a 4.9% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Announcement • Mar 05
China General Plastics Corporation, Annual General Meeting, May 27, 2025 China General Plastics Corporation, Annual General Meeting, May 27, 2025, at 09:00 Taipei Standard Time. Location: no,106, kung yuan rd., jhunan township, miaoli county Taiwan Announcement • Feb 25
China General Plastics Corporation to Report Fiscal Year 2024 Results on Mar 04, 2025 China General Plastics Corporation announced that they will report fiscal year 2024 results on Mar 04, 2025 Price Target Changed • Nov 29
Price target decreased by 15% to NT$17.00 Down from NT$19.93, the current price target is an average from 3 analysts. New target price is 25% above last closing price of NT$13.55. Stock is down 42% over the past year. The company is forecast to post a net loss per share of NT$0.75 compared to earnings per share of NT$0.59 last year. Reported Earnings • Nov 17
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: NT$0.71 loss per share (down from NT$0.25 profit in 3Q 2023). Revenue: NT$2.56b (down 24% from 3Q 2023). Net loss: NT$411.5m (down 379% from profit in 3Q 2023). Revenue missed analyst estimates by 11%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to stay flat during the next 2 years compared to a 4.8% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Announcement • Oct 26
China General Plastics Corporation to Report Q3, 2024 Results on Nov 04, 2024 China General Plastics Corporation announced that they will report Q3, 2024 results on Nov 04, 2024 Major Estimate Revision • Oct 22
Consensus EPS estimates increase by 52%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from NT$12.0b to NT$11.6b. EPS estimate rose from NT$0.20 to NT$0.305. Net income forecast to grow 95% next year vs 28% growth forecast for Chemicals industry in Taiwan. Consensus price target down from NT$19.93 to NT$19.25. Share price was steady at NT$15.90 over the past week. Board Change • Sep 20
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Chen-Ming Chang was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Aug 21
Consensus EPS estimates fall by 85% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$13.1b to NT$12.2b. EPS estimate also fell from NT$0.72 per share to NT$0.11 per share. Net income forecast to grow 62% next year vs 39% growth forecast for Chemicals industry in Taiwan. Consensus price target of NT$19.93 unchanged from last update. Share price fell 3.2% to NT$16.75 over the past week. Reported Earnings • Aug 13
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: NT$0.16 (up from NT$0.001 in 2Q 2023). Revenue: NT$3.08b (down 7.9% from 2Q 2023). Net income: NT$94.4m (up NT$93.7m from 2Q 2023). Profit margin: 3.1% (up from 0% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 4.9% p.a. on average during the next 2 years, compared to a 4.8% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Announcement • Jul 25
China General Plastics Corporation to Report Q2, 2024 Results on Aug 01, 2024 China General Plastics Corporation announced that they will report Q2, 2024 results on Aug 01, 2024 Upcoming Dividend • Jul 18
Upcoming dividend of NT$0.35 per share Eligible shareholders must have bought the stock before 25 July 2024. Payment date: 23 August 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.8%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (2.2%). Major Estimate Revision • Jul 16
Consensus EPS estimates increase by 24% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from NT$12.8b to NT$13.1b. EPS estimate increased from NT$0.515 to NT$0.637 per share. Net income forecast to grow 34% next year vs 25% growth forecast for Chemicals industry in Taiwan. Consensus price target up from NT$19.75 to NT$20.18. Share price rose 9.2% to NT$18.35 over the past week. Declared Dividend • Jun 08
Dividend increased to NT$0.35 Dividend of NT$0.35 is 17% higher than last year. Ex-date: 25th July 2024 Payment date: 23rd August 2024 Dividend yield will be 2.0%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is not covered by earnings (261% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 190% to bring the payout ratio under control. EPS is expected to grow by 58% over the next year, which means the dividend may need to be reduced to reach a sustainable payout ratio. Major Estimate Revision • May 16
Consensus EPS estimates increase by 34% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from NT$13.3b to NT$13.4b. EPS estimate increased from NT$0.457 to NT$0.614 per share. Net income forecast to grow 432% next year vs 38% growth forecast for Chemicals industry in Taiwan. Consensus price target of NT$21.25 unchanged from last update. Share price was steady at NT$18.15 over the past week. Reported Earnings • May 10
First quarter 2024 earnings released: NT$0.05 loss per share (vs NT$0.40 profit in 1Q 2023) First quarter 2024 results: NT$0.05 loss per share (down from NT$0.40 profit in 1Q 2023). Revenue: NT$2.90b (down 23% from 1Q 2023). Net loss: NT$31.7m (down 114% from profit in 1Q 2023). Revenue is forecast to grow 5.2% p.a. on average during the next 2 years, compared to a 6.0% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Board Change • May 07
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Lian-Xian Li was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 03
China General Plastics Corporation Announces the Change of Accounting Officer, Effective July 1, 2024 China General Plastics Corporation announced the change of accounting officer. Name, title, and resume of the previous position holder: Kuo, Chien-Chou, Accounting manager. Name, title, and resume of the new position holder: Li, Chun-Feng,Accounting manager. Effective date: July 1, 2024. Announcement • Apr 26
China General Plastics Corporation to Report Q1, 2024 Results on May 02, 2024 China General Plastics Corporation announced that they will report Q1, 2024 results on May 02, 2024 Major Estimate Revision • Mar 20
Consensus EPS estimates fall by 69% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$14.4b to NT$13.3b. EPS estimate also fell from NT$1.45 per share to NT$0.457 per share. Net income forecast to shrink 22% next year vs 23% growth forecast for Chemicals industry in Taiwan . Consensus price target down from NT$25.90 to NT$21.25. Share price fell 4.7% to NT$18.15 over the past week. Reported Earnings • Mar 14
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: NT$0.59 (up from NT$0.64 loss in FY 2022). Revenue: NT$13.7b (down 22% from FY 2022). Net income: NT$341.9m (up NT$712.2m from FY 2022). Profit margin: 2.5% (up from net loss in FY 2022). The move to profitability was driven by lower expenses. Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) also missed analyst estimates by 33%. Revenue is forecast to grow 4.5% p.a. on average during the next 2 years, compared to a 8.4% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Price Target Changed • Nov 15
Price target decreased by 8.4% to NT$27.24 Down from NT$29.74, the current price target is an average from 5 analysts. New target price is 19% above last closing price of NT$22.90. Stock is up 13% over the past year. The company is forecast to post earnings per share of NT$1.12 next year compared to a net loss per share of NT$0.64 last year. Announcement • Nov 03
China General Plastics Corporation Announces the Appointment of Hsu, Chen-Yi as Member of Remuneration Committee China General Plastics Corporation announced the appointment of Hsu, Chen-Yi as member of Remuneration Committee. Resume of the new position holder: Independent Director/Audit Committee of the company. Reason for the change: Supplementary appointment of remuneration committee member. Effective date of the new member: November 2, 2023. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: NT$0.001 (vs NT$0.15 loss in 2Q 2022) Second quarter 2023 results: EPS: NT$0.001 (up from NT$0.15 loss in 2Q 2022). Revenue: NT$3.34b (down 31% from 2Q 2022). Net income: NT$691.0k (up NT$88.5m from 2Q 2022). Profit margin: 0% (up from net loss in 2Q 2022). The move to profitability was driven by lower expenses. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 20
Upcoming dividend of NT$0.30 per share at 1.3% yield Eligible shareholders must have bought the stock before 27 July 2023. Payment date: 25 August 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.7%). Announcement • May 27
China General Plastics Corporation Approves Cash Dividend for 2022 China General Plastics Corporation at the Annual General Shareholders' Meeting held on May 26, 2023 approved cash dividend of TWD 0.3 per share, total TWD 174,315,148 for 2022. Reported Earnings • Mar 16
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: NT$0.64 loss per share (down from NT$4.25 profit in FY 2021). Revenue: NT$17.6b (down 13% from FY 2021). Net loss: NT$370.2m (down 115% from profit in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 14%. Revenue is forecast to grow 2.6% p.a. on average during the next 2 years, compared to a 1.9% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improved over the past week After last week's 19% share price gain to NT$25.85, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 14x in the Chemicals industry in Taiwan. Total returns to shareholders of 58% over the past three years. Price Target Changed • Nov 16
Price target decreased to NT$24.00 Down from NT$27.75, the current price target is an average from 3 analysts. New target price is 18% above last closing price of NT$20.30. Stock is down 42% over the past year. The company is forecast to post earnings per share of NT$1.05 for next year compared to NT$4.25 last year. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 7 experienced directors. 4 highly experienced directors. 4 independent directors (6 non-independent directors). Independent Director Zu-De Li was the last independent director to join the board, commencing their role in 2016. 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 06
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: NT$1.17 loss per share (down from NT$0.85 profit in 3Q 2021). Revenue: NT$3.98b (down 28% from 3Q 2021). Net loss: NT$680.9m (down 238% from profit in 3Q 2021). Revenue missed analyst estimates by 10%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Sep 24
China General Plastics Corporation Announces Replacement of Mr. Wang, Ke-Shun with Mr. Wu, Pei-Ji as Juristic-Person Director China General Plastics Corporation announced replacement of Mr. Wang, Ke-Shun with Mr. Wu, Pei-Ji, Director, Asia Polymer Corporation as juristic-person director, with effect from September 23, 2022. Major Estimate Revision • Aug 23
Consensus EPS estimates fall by 60% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$20.5b to NT$19.4b. EPS estimate also fell from NT$2.24 per share to NT$0.89 per share. Net income forecast to shrink 43% next year vs 6.6% growth forecast for Chemicals industry in Taiwan . Consensus price target down from NT$32.50 to NT$27.75. Share price was steady at NT$23.80 over the past week. Price Target Changed • Aug 22
Price target decreased to NT$29.50 Down from NT$33.00, the current price target is an average from 4 analysts. New target price is 22% above last closing price of NT$24.25. Stock is down 33% over the past year. The company is forecast to post earnings per share of NT$3.18 for next year compared to NT$4.25 last year. Reported Earnings • Aug 05
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: NT$0.15 loss per share (down from NT$0.94 profit in 2Q 2021). Revenue: NT$4.84b (up 5.8% from 2Q 2021). Net loss: NT$87.8m (down 116% from profit in 2Q 2021). Revenue missed analyst estimates by 5.1%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is forecast to decline by 1.9% while the industry in Taiwan is not expected to grow. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 21
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 31 August 2022. Payout ratio is a comfortable 69% and the cash payout ratio is 96%. Trailing yield: 8.8%. Within top quartile of Taiwanese dividend payers (6.7%). In line with average of industry peers (8.2%). Announcement • Jun 03
China General Plastics Corporation Announces Members Change of Remuneration Committee China General Plastics Corporation announced change in members of audit committee from Zheng, Ying-Bin (Independent Director): Chairman of Longchen Paper & Packaging Co. Ltd. Li, Zu-De (Independent Director): Director of Taipei Medical University Li, Liang-Xian (Independent Director): General Manager of Chemicals and Special Chemicals Department in Greater China of Dow Chemical(U.S.A.) to Zheng, Ying-Bin (Independent Director) Li, Zu-De (Independent Director) Li, Liang-Xian (Independent Director). Effective date of the new members is June 2, 2022. Resume of the previous position holder: Zheng, Ying-Bin (Independent Director): Chairman of Longchen Paper & Packaging Co. Ltd. Li, Zu-De (Independent Director): Director of Taipei Medical University, Li, Liang-Xian (Independent Director): General Manager of Chemicals and Special Chemicals Department in Greater China of Dow Chemical(U.S.A.). Resume of the new position holder: Zheng, Ying-Bin (Independent Director): Chairman of Longchen Paper & Packaging Co. Ltd. Li, Zu-De (Independent Director): Director of Taipei Medical University. Li, Liang-Xian (Independent Director): General Manager of Chemicals and Special Chemicals and Department in Greater China of Dow Chemical(U.S.A.). Reported Earnings • May 11
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: NT$0.78 (down from NT$1.42 in 1Q 2021). Revenue: NT$5.31b (up 6.6% from 1Q 2021). Net income: NT$450.8m (down 46% from 1Q 2021). Profit margin: 8.5% (down from 17% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.8%. Earnings per share (EPS) also surpassed analyst estimates by 23%. Over the next year,revenue is forecast to stay flat, in line with the revenue forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 55% 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 • Apr 27
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. 6 non-independent directors. Independent Director Zu-De Li was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Mar 24
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from NT$21.1b to NT$20.5b. EPS estimate rose from NT$2.98 to NT$3.43. Net income forecast to shrink 19% next year vs 12% decline forecast for Chemicals industry in Taiwan. Consensus price target broadly unchanged at NT$37.00. Share price rose 4.2% to NT$35.90 over the past week. Reported Earnings • Mar 12
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: NT$4.25 (up from NT$2.81 in FY 2020). Revenue: NT$20.2b (up 47% from FY 2020). Net income: NT$2.47b (up 52% from FY 2020). Profit margin: 12% (in line with FY 2020). Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 7.4%. Over the next year, revenue is forecast to grow 4.5% while the industry in Taiwan is not expected to grow. 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 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 09
Third quarter 2021 earnings released: EPS NT$0.85 (vs NT$0.61 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$5.55b (up 70% from 3Q 2020). Net income: NT$494.7m (up 39% from 3Q 2020). Profit margin: 8.9% (down from 11% 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 41% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Price Target Changed • Sep 29
Price target increased to NT$39.34 Up from NT$36.19, the current price target is an average from 4 analysts. New target price is 15% below last closing price of NT$46.15. Stock is up 149% over the past year. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improved over the past week After last week's 19% share price gain to NT$43.10, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 13x in the Chemicals industry in Taiwan. Total returns to shareholders of 123% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$54.23 per share. Upcoming Dividend • Aug 26
Upcoming dividend of NT$1.80 per share Eligible shareholders must have bought the stock before 02 September 2021. Payment date: 07 October 2021. Trailing yield: 4.6%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (2.9%). Reported Earnings • Aug 06
Second quarter 2021 earnings released: EPS NT$0.94 (vs NT$0.10 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$4.58b (up 100% from 2Q 2020). Net income: NT$546.7m (up NT$602.6m from 2Q 2020). Profit margin: 12% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% 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 • May 12
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$32.20, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Chemicals industry in Taiwan. Total returns to shareholders of 32% over the past three years. Reported Earnings • May 07
First quarter 2021 earnings released: EPS NT$1.49 (vs NT$0.56 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$4.98b (up 39% from 1Q 2020). Net income: NT$826.7m (up 166% from 1Q 2020). Profit margin: 17% (up from 8.6% in 1Q 2020). The increase in margin was driven by higher revenue. 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 19
Investor sentiment improved over the past week After last week's 17% share price gain to NT$45.40, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 14x in the Chemicals industry in Taiwan. Total returns to shareholders of 80% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$87.75 per share. Price Target Changed • Mar 09
Price target raised to NT$29.72 Up from NT$27.52, the current price target is an average from 2 analysts. The new target price is 9.3% below the current share price of NT$32.75. As of last close, the stock is up 82% over the past year. Announcement • Mar 06
China General Plastics Corporation, Annual General Meeting, May 28, 2021 China General Plastics Corporation, Annual General Meeting, May 28, 2021, at 09:00 Taipei Standard Time. Location: No.106, Gongyuan Rd, Zhunnan Town Miaoli County(Aesthetics Hotel) Taipei Taiwan Agenda: To report 2020 Operating results ; to report Audit Committee's Review Reports of 2020 Financial Statement ; to report 2020 remuneration of employees and directors; to ratify 2020 Business Report and Financial Statements; to ratify 2020 Earnings Distribution ; to approve the capitalization on part of dividends; to approve the amendment to the Parliamentary Rules for Shareholders' Meetings; and to approve the permission of Directors for competitive actions. Reported Earnings • Mar 06
Full year 2020 earnings released: EPS NT$2.94 (vs NT$1.15 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$13.7b (down 9.2% from FY 2019). Net income: NT$1.63b (up 155% from FY 2019). Profit margin: 12% (up from 4.2% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Mar 06
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) also surpassed analyst estimates by 33%. Over the next year, revenue is forecast to grow 18%, compared to a 14% growth forecast for the Chemicals industry in Taiwan. Is New 90 Day High Low • Feb 23
New 90-day high: NT$29.85 The company is up 30% from its price of NT$23.00 on 25 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$119 per share. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improved over the past week After last week's 26% share price gain to NT$29.85, the stock is trading at a trailing P/E ratio of 19.4x, up from the previous P/E ratio of 15.5x. This compares to an average P/E of 20x in the Chemicals industry in Taiwan. Total returns to shareholders over the past three years are 16%. Is New 90 Day High Low • Dec 31
New 90-day high: NT$25.45 The company is up 31% from its price of NT$19.45 on 30 September 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$46.73 per share. Major Estimate Revision • Dec 25
Analysts update estimates The 2020 consensus earning per share (EPS) estimate increased from NT$1.65 to NT$2.01. No change was made to the revenue estimate which at the last update was NT$13.0b. Net income is expected to grow by 39% next year compared to 48% growth forecast for the Chemicals industry in Taiwan. The consensus price target of NT$25.32 was unchanged from the last update. Share price is up 7.0% to NT$24.50 over the past week. Is New 90 Day High Low • Dec 14
New 90-day high: NT$25.00 The company is up 14% from its price of NT$22.00 on 15 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$46.76 per share.