Declared Dividend • Jun 19
Dividend reduced to NT$0.20 Dividend of NT$0.20 is 20% lower than last year. Ex-date: 23rd July 2026 Payment date: 21st August 2026 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. However, the dividend is well covered by cash flows (34% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Reported Earnings • May 19
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: NT$0.20 loss per share (improved from NT$0.40 loss in 1Q 2025). Revenue: NT$1.30b (down 15% from 1Q 2025). Net loss: NT$120.2m (loss narrowed 49% from 1Q 2025). Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to stay flat during the next 2 years compared to a 8.8% 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 84 percentage points per year, which is a significant difference in performance. New Risk • Mar 23
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 8.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 61% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.4% average weekly change). New Risk • Mar 17
New major risk - Revenue and earnings growth Earnings have declined by 61% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 17
Full year 2025 earnings released: NT$1.76 loss per share (vs NT$1.26 loss in FY 2024) Full year 2025 results: NT$1.76 loss per share (further deteriorated from NT$1.26 loss in FY 2024). Revenue: NT$5.74b (down 4.8% from FY 2024). Net loss: NT$1.04b (loss widened 39% from FY 2024). Revenue is expected to decline by 2.6% p.a. on average during the next 2 years, while revenues in the Chemicals industry in Taiwan are expected to grow by 8.3%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. Announcement • Mar 11
Asia Polymer Corporation, Annual General Meeting, May 28, 2026 Asia Polymer Corporation, Annual General Meeting, May 28, 2026, at 09:00 Taipei Standard Time. Location: no,33, szu wei 3rd rd., lingya district, kaohsiung city Taiwan New Risk • Dec 15
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 6.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 17
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: NT$0.26 loss per share (improved from NT$0.36 loss in 3Q 2024). Revenue: NT$1.47b (up 3.1% from 3Q 2024). Net loss: NT$152.8m (loss narrowed 29% from 3Q 2024). Revenue exceeded analyst estimates by 8.3%. Earnings per share (EPS) also surpassed analyst estimates by 28%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: NT$0.50 loss per share (further deteriorated from NT$0.12 loss in 2Q 2024). Revenue: NT$1.34b (down 10% from 2Q 2024). Net loss: NT$296.2m (loss widened 312% from 2Q 2024). Revenue missed analyst estimates by 16%. Earnings per share (EPS) also missed analyst estimates by 117%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Jul 17
Upcoming dividend of NT$0.25 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: 3.8%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.1%). Declared Dividend • Jun 04
Dividend reduced to NT$0.25 Dividend of NT$0.25 is 44% lower than last year. Ex-date: 24th July 2025 Payment date: 21st August 2025 Dividend yield will be 2.1%, 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 increased over the past 10 years. However, payments have been volatile during that time. Announcement • May 29
Asia Polymer Corporation Approves Cash Dividend for 2024 Asia Polymer Corporation at the AGM held on May 28, 2025 ratified 2024 earnings distribution. Cash dividend of TWD 0.25 per share, total TWD 148,435,979. Reported Earnings • May 10
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: NT$0.40 loss per share (further deteriorated from NT$0.32 loss in 1Q 2024). Revenue: NT$1.53b (down 1.7% from 1Q 2024). Net loss: NT$237.0m (loss widened 26% from 1Q 2024). Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) missed analyst estimates by 29%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Announcement • Apr 27
Asia Polymer Corporation to Report Q1, 2025 Results on May 05, 2025 Asia Polymer Corporation announced that they will report Q1, 2025 results on May 05, 2025 Reported Earnings • Mar 14
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: NT$1.26 loss per share (down from NT$0.20 profit in FY 2023). Revenue: NT$6.03b (down 10% from FY 2023). Net loss: NT$750.5m (down NT$866.8m from profit in FY 2023). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 26%. 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 • Feb 26
Asia Polymer Corporation to Report Fiscal Year 2024 Results on Mar 05, 2025 Asia Polymer Corporation announced that they will report fiscal year 2024 results on Mar 05, 2025 New Risk • Jan 30
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 6.1% 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. Paying a dividend despite being loss-making. Cash payout ratio: 152% Minor Risk Share price has been volatile over the past 3 months (6.1% average weekly change). Major Estimate Revision • Nov 29
Consensus EPS estimates fall from profit to NT$1.00 loss The consensus outlook for fiscal year 2024 has been updated. Forecast loss of -NT$1.00 per share in 2024, versus previous forecasts of NT$0.98 per share. Revenue forecast unchanged from NT$5.96b at last update. Chemicals industry in Taiwan expected to see average net income growth of 15% next year. Consensus price target of NT$21.70 unchanged from last update. Share price fell 5.8% to NT$16.10 over the past week. Reported Earnings • Nov 17
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: NT$0.36 loss per share (down from NT$0.28 profit in 3Q 2023). Revenue: NT$1.42b (down 22% from 3Q 2023). Net loss: NT$214.7m (down 231% from profit in 3Q 2023). Revenue missed analyst estimates by 16%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 8.0% p.a. on average during the next 2 years, compared to a 5.0% 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 69 percentage points per year, which is a significant difference in performance. Announcement • Oct 30
Asia Polymer Corporation to Report Q3, 2024 Results on Nov 06, 2024 Asia Polymer Corporation announced that they will report Q3, 2024 results on Nov 06, 2024 Major Estimate Revision • Oct 24
Consensus EPS estimates increase from loss to NT$0.98 profit The consensus outlook for fiscal year 2024 has been updated. Forecast profits in 2024 with EPS up from -NT$0.29 to NT$0.98 per share. Revenue forecast unchanged from last update at NT$6.69b. Chemicals industry in Taiwan expected to see average net income growth of 28% next year. Consensus price target of NT$21.70 unchanged from last update. Share price fell 2.4% to NT$16.50 over the past week. Reported Earnings • Aug 14
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: NT$0.12 loss per share (down from NT$0.22 profit in 2Q 2023). Revenue: NT$1.49b (down 9.9% from 2Q 2023). Net loss: NT$71.9m (down 156% from profit in 2Q 2023). Revenue missed analyst estimates by 10%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 4.0% 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 54 percentage points per year, which is a significant difference in performance. Announcement • Jul 27
Asia Polymer Corporation to Report Q2, 2024 Results on Aug 05, 2024 Asia Polymer Corporation announced that they will report Q2, 2024 results on Aug 05, 2024 Upcoming Dividend • Jul 18
Upcoming dividend of NT$0.45 per share Eligible shareholders must have bought the stock before 25 July 2024. Payment date: 23 August 2024. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (4.2%). In line with average of industry peers (2.2%). Declared Dividend • Jun 08
Dividend reduced to NT$0.45 Dividend of NT$0.45 is 63% lower than last year. Ex-date: 25th July 2024 Payment date: 23rd August 2024 Dividend yield will be 2.5%, 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. However, the dividend is well covered by cash flows (44% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Announcement • May 31
Asia Polymer Corporation Approves 2023 Cash Dividends Asia Polymer Corporation at its AGM held on May 30, 2024 approved 2023 cash dividends of TWD 0.45 per share or TWD 267,184,763. Reported Earnings • May 12
First quarter 2024 earnings released: NT$0.32 loss per share (vs NT$0.042 loss in 1Q 2023) First quarter 2024 results: NT$0.32 loss per share (further deteriorated from NT$0.042 loss in 1Q 2023). Revenue: NT$1.56b (flat on 1Q 2023). Net loss: NT$187.7m (loss widened NT$162.6m from 1Q 2023). Revenue is forecast to grow 2.1% p.a. on average during the next 2 years, compared to a 6.1% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • May 01
Asia Polymer Corporation to Report Q1, 2024 Results on May 07, 2024 Asia Polymer Corporation announced that they will report Q1, 2024 results on May 07, 2024 Price Target Changed • Mar 26
Price target decreased by 18% to NT$21.70 Down from NT$26.50, the current price target is provided by 1 analyst. New target price is 12% above last closing price of NT$19.30. Stock is down 33% over the past year. The company is forecast to post earnings per share of NT$1.50 for next year compared to NT$0.20 last year. Major Estimate Revision • Mar 21
Consensus EPS estimates increase by 53% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from NT$0.98 to NT$1.50. Revenue forecast unchanged at NT$6.71b. Net income forecast to grow 400% next year vs 23% growth forecast for Chemicals industry in Taiwan. Consensus price target of NT$25.00 unchanged from last update. Share price fell 2.5% to NT$19.65 over the past week. New Risk • Mar 15
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 125% Cash payout ratio: 158% Dividend yield: 6.0% 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 Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 125% Cash payout ratio: 158% Minor Risk Profit margins are more than 30% lower than last year (1.7% net profit margin). Reported Earnings • Mar 15
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: NT$0.20 (down from NT$2.44 in FY 2022). Revenue: NT$6.72b (down 32% from FY 2022). Net income: NT$116.3m (down 92% from FY 2022). Profit margin: 1.7% (down from 15% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 72%. Revenue is forecast to grow 2.1% 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, earnings per share has fallen by 32% 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 08
Asia Polymer Corporation Proposes Dividend Distribution for the Year Ended December 31, 2023 Asia Polymer Corporation proposed dividend distribution of TWD 0.45 per share for the year ended December 31, 2023. Date of the board of directors resolution: March 7, 2024. Total amount of cash distributed to shareholders TWD 267,184,763. Per value of common stock TWD 10. Major Estimate Revision • Nov 18
Consensus EPS estimates fall by 41% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from NT$1.07 to NT$0.63 per share. Revenue forecast steady at NT$6.70b. Net income forecast to grow 13% next year vs 35% growth forecast for Chemicals industry in Taiwan. Consensus price target down from NT$30.08 to NT$27.33. Share price was steady at NT$23.60 over the past week. Price Target Changed • Nov 17
Price target decreased by 13% to NT$27.33 Down from NT$31.45, the current price target is an average from 2 analysts. New target price is 16% above last closing price of NT$23.60. Stock is down 11% over the past year. The company is forecast to post earnings per share of NT$0.63 for next year compared to NT$2.44 last year. Reported Earnings • Aug 11
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: NT$0.22 (down from NT$0.78 in 2Q 2022). Revenue: NT$1.66b (down 29% from 2Q 2022). Net income: NT$128.3m (down 72% from 2Q 2022). Profit margin: 7.7% (down from 20% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.0%. Earnings per share (EPS) exceeded analyst estimates by 16%. Revenue is expected to decline by 6.2% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Taiwan are expected to grow by 5.1%. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 03
Asia Polymer Corporation Announces Internal Audit Officer Changes Asia Polymer Corporation announced the change in internal audit officer. Name, title, and resume of the previous position holder: Jia-Hui Lin, internal audit officer of APC. Name, title, and resume of the new position holder: Chia-Fang Chuang, internal audit specialist of APC. Reason for the change: Position adjustment. Effective date: August 2, 2023. Upcoming Dividend • Jul 20
Upcoming dividend of NT$1.20 per share at 4.5% yield Eligible shareholders must have bought the stock before 27 July 2023. Payment date: 25 August 2023. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.7%). Announcement • May 31
Asia Polymer Corporation Approves Cash Dividends for 2022 Asia Polymer Corporation approved cash dividends of TWD 1.2 per share for 2022,Total TWD 712,492,702, at its AGM held on May 30, 2023. Reported Earnings • Mar 15
Full year 2022 earnings released: EPS: NT$2.44 (vs NT$5.22 in FY 2021) Full year 2022 results: EPS: NT$2.44 (down from NT$5.22 in FY 2021). Revenue: NT$9.82b (up 2.6% from FY 2021). Net income: NT$1.45b (down 53% from FY 2021). Profit margin: 15% (down from 32% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 34% per year whereas the company’s share price has increased by 33% per 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 an independent director. The company's board is composed of: 1 new director. 7 experienced directors. 1 highly experienced director. 4 independent directors (5 non-independent directors). Independent Director Chien-Ping Chen was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$23.55, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 12x in the Chemicals industry in Taiwan. Total returns to shareholders of 97% over the past three years. Reported Earnings • Aug 14
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: NT$0.78 (down from NT$1.55 in 2Q 2021). Revenue: NT$2.35b (flat on 2Q 2021). Net income: NT$462.2m (down 50% from 2Q 2021). Profit margin: 20% (down from 40% in 2Q 2021). Revenue exceeded analyst estimates by 4.5%. Earnings per share (EPS) missed analyst estimates by 34%. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jul 28
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 29%. The fair value is estimated to be NT$33.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 66%. Upcoming Dividend • Jul 21
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 31 August 2022. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 10%. Within top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (8.2%). Price Target Changed • Jul 19
Price target decreased to NT$40.00 Down from NT$52.50, the current price target is provided by 1 analyst. New target price is 39% above last closing price of NT$28.75. Stock is down 21% over the past year. The company is forecast to post earnings per share of NT$3.02 for next year compared to NT$5.22 last year. Board Change • Jul 19
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 an independent director. The company's board is composed of: 1 new director. 7 experienced directors. 1 highly experienced director. 4 independent directors (5 non-independent directors). Independent Director Chien-Ping Chen was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Jun 03
Asia Polymer Corporation Announces the Members of the 5th -Term Remuneration Committee Asia Polymer Corporation announced the members of the 5th term remuneration committee. Name of the functional committees: Remuneration Committee. Name of the previous position holder: Chen, Da-Xiong, Shen, Shang-Hong Zheng, Dun-Qian. Resume of the previous position holder: Chen, Da-Xiong: Honorary Chairman of Pershing Technology Services Corp., Shen, Shang-Hong: Chairman of Ta Ya Electric Wire & Cable Co. Ltd., Zheng, Dun-Qian: Chairman of TGVest Capital Inc. Name of the new position holder: Chen, Da-Xiong, Shen, Shang-Hong and Zheng, Dun-Qian. Resume of the new position holder: Chen, Da-Xiong, Honorary Chairman of Pershing Technology Services Corp., Shen, Shang-Hong, Chairman of Ta Ya Electric Wire & Cable Co. Ltd. and Zheng, Dun-Qian, Chairman of TGVest Capital Inc. Reason for the change: Newly appointed by Board of Directors. Effective date of the new member: June 2, 2022. Announcement • Apr 20
Asia Polymer Corporation Receives Approval to Resume Work at No.2 Process in the Mill Asia Polymer Corporation announced that the No.2 process in the mill was approved to resume work. The No. 2 process in the mill was approved by the Kaohsiung labor standards inspection office to resume work on April 19, 2022 and restored to full production from now on. Announcement • Apr 03
Asia Polymer Corporation Announces No.2 Process to Suspended for Improvement Asia Polymer Corporation announced that operation Pressure of the reactor was too high on the NO.2 process in the mill, causing the safety rupture of the reactor to burst and produce thick smoke. After the inspection of factory by Kaohsiung Labor Inspection Division for this event, it was determined that there is a risk of occupational accidents. The Kaohsiung Labor Inspectorate demanded the suspension of work and improvement for the NO.2 process in accordance with the Article 36 of the Occupational Safety and Health Law. After confirming that the cause of the suspension of work is eliminated, submit the resumption plan to the labor inspection office to resume work after review and approval. The factory still has inventory temporarily, and other production lines will be deployed to respond. Reported Earnings • Mar 17
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: NT$5.22 (up from NT$1.86 in FY 2020). Revenue: NT$9.57b (up 68% from FY 2020). Net income: NT$3.10b (up 181% from FY 2020). Profit margin: 32% (up from 19% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.2%. Over the next year, revenue is expected to shrink by 8.5% compared to a 2.2% decline forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Price Target Changed • Dec 10
Price target decreased to NT$52.50 Down from NT$56.75, the current price target is provided by 1 analyst. New target price is 42% above last closing price of NT$36.95. Stock is up 95% over the past year. The company is forecast to post earnings per share of NT$4.81 for next year compared to NT$1.86 last year. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS NT$1.15 (vs NT$0.32 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$2.46b (up 88% from 3Q 2020). Net income: NT$680.9m (up 255% from 3Q 2020). Profit margin: 28% (up from 15% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$41.55, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Chemicals industry in Taiwan. Total returns to shareholders of 240% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$21.31 per share. Price Target Changed • Oct 05
Price target increased to NT$53.95 Up from NT$45.05, the current price target is an average from 2 analysts. New target price is 15% above last closing price of NT$47.05. Stock is up 166% over the past year. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improved over the past week After last week's 19% share price gain to NT$42.65, the stock trades at a trailing P/E ratio of 11.4x. Average forward P/E is 13x in the Chemicals industry in Taiwan. Total returns to shareholders of 202% over the past three years. Upcoming Dividend • Aug 26
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 02 September 2021. Payment date: 07 October 2021. Trailing yield: 3.3%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (2.9%). Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$1.59 (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$2.34b (up 72% from 2Q 2020). Net income: NT$922.9m (up 317% from 2Q 2020). Profit margin: 40% (up from 16% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jul 09
Price target increased to NT$45.00 Up from NT$35.00, the current price target is provided by 1 analyst. New target price is 19% above last closing price of NT$37.70. Stock is up 105% over the past year. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improved over the past week After last week's 16% share price gain to NT$38.50, the stock trades at a trailing P/E ratio of 14.8x. Average forward P/E is 14x in the Chemicals industry in Taiwan. Total returns to shareholders of 163% over the past three years. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improved over the past week After last week's 16% share price gain to NT$33.80, the stock trades at a trailing P/E ratio of 13x. Average forward P/E is 14x in the Chemicals industry in Taiwan. Total returns to shareholders of 126% over the past three years. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.95 (vs NT$0.25 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$1.85b (up 41% from 1Q 2020). Net income: NT$555.1m (up 279% from 1Q 2020). Profit margin: 30% (up from 11% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 02
Investor sentiment improved over the past week After last week's 18% share price gain to NT$35.00, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 15x in the Chemicals industry in Taiwan. Total returns to shareholders of 134% over the past three years. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improved over the past week After last week's 23% share price gain to NT$31.75, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 15x in the Chemicals industry in Taiwan. Total returns to shareholders of 113% over the past three years. Reported Earnings • Mar 18
Full year 2020 earnings released: EPS NT$1.90 (vs NT$1.41 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$5.70b (down 16% from FY 2019). Net income: NT$1.10b (up 34% from FY 2019). Profit margin: 19% (up from 12% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Mar 06
Asia Polymer Corporation, Annual General Meeting, Jun 11, 2021 Asia Polymer Corporation, Annual General Meeting, Jun 11, 2021, at 09:00 Taipei Standard Time. Location: 5F., No.2, Yuanshan Rd., Niaosong Dist., Kaohsiung City, Taiwan (R.O.C.) The Kaohsiung Grand Hotel,Po Shou Hall Kaohsiung City Taiwan Agenda: To report 2020 Operating results; to report Audit Committee's Review Reports of 2020 Financial Statement; to report 2020 remuneration of directors and employees; 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; to approve the permission of directors for competitive actions. Is New 90 Day High Low • Feb 23
New 90-day high: NT$22.30 The company is up 15% from its price of NT$19.45 on 25 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Chemicals industry, which is up 8.0% over the same period. Major Estimate Revision • Feb 02
Analysts update estimates The 2020 consensus earning per share (EPS) estimate increased from NT$0.96 to NT$1.55. No change was made to the revenue estimate which at the last update was NT$5.82b. Net income is expected to grow by 51% next year compared to 60% growth forecast for the Chemicals industry in Taiwan. The consensus price target of NT$24.90 was unchanged from the last update. Share price is up 6.6% to NT$20.10 over the past week. Is New 90 Day High Low • Dec 22
New 90-day high: NT$21.00 The company is up 14% from its price of NT$18.35 on 23 September 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 13% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.33 The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2020 results: Revenue: NT$1.31b (down 20% from 3Q 2019). Net income: NT$192.0m (down 6.7% from 3Q 2019). Profit margin: 15% (up from 13% in 3Q 2019). The increase in margin was driven by lower expenses. 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 5% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Nov 14
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 6.8%. Earnings per share (EPS) exceeded analyst estimates by 1.9%.