New Risk • 23h
New major risk - Revenue and earnings growth Earnings have declined by 76% 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 76% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). Declared Dividend • Jun 19
Dividend reduced to NT$0.15 Dividend of NT$0.15 is 25% lower than last year. Ex-date: 23rd July 2026 Payment date: 21st August 2026 Dividend yield will be 1.0%, 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 covered by cash flows (87% cash payout ratio). The dividend has decreased over the past 76 years, indicating a lack of growth and stability in payments. Major Estimate Revision • May 28
Consensus EPS estimates fall by 28% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from NT$14.5b to NT$14.3b. Losses expected to increase from NT$0.86 per share to NT$1.10. Chemicals industry in Taiwan expected to see average net income growth of 72% next year. Consensus price target of NT$11.20 unchanged from last update. Share price rose 3.8% to NT$16.25 over the past week. Reported Earnings • May 19
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: NT$0.53 loss per share (further deteriorated from NT$0.14 loss in 1Q 2025). Revenue: NT$3.33b (down 21% from 1Q 2025). Net loss: NT$212.2m (loss widened 292% from 1Q 2025). Revenue missed analyst estimates by 4.2%. Earnings per share (EPS) were also behind analyst expectations. Revenue is expected to decline by 2.1% p.a. on average during the next 2 years, while revenues in the Chemicals industry in Taiwan are expected to grow by 8.8%. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Mar 31
Now 23% undervalued Over the last 90 days, the stock has risen 107% to NT$23.05. The fair value is estimated to be NT$30.09, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.2% over the last 3 years. Meanwhile, the company became loss making. Announcement • Mar 12
Taita Chemical Company, Limited, Annual General Meeting, May 28, 2026 Taita Chemical Company, Limited, Annual General Meeting, May 28, 2026, at 13:00 Taipei Standard Time. Location: no,33, szu wei 3rd rd., lingya district, kaohsiung city Taiwan 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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 12
Third quarter 2025 earnings released: NT$0.18 loss per share (vs NT$0.25 loss in 3Q 2024) Third quarter 2025 results: NT$0.18 loss per share (improved from NT$0.25 loss in 3Q 2024). Revenue: NT$3.39b (down 35% from 3Q 2024). Net loss: NT$73.4m (loss narrowed 26% from 3Q 2024). Revenue is forecast to grow 6.0% p.a. on average during the next 2 years, compared to a 5.6% 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. New Risk • Nov 12
New major risk - Revenue and earnings growth Earnings have declined by 69% 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. Major Estimate Revision • Aug 28
Consensus revenue estimates fall by 14% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$17.6b to NT$15.2b. Forecast losses increased from -NT$0.665 to -NT$0.99 per share. Chemicals industry in Taiwan expected to see average net income growth of 28% next year. Consensus price target of NT$14.50 unchanged from last update. Share price fell 4.9% to NT$11.75 over the past week. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: NT$0.61 loss per share (further deteriorated from NT$0.099 loss in 2Q 2024). Revenue: NT$3.85b (down 22% from 2Q 2024). Net loss: NT$243.3m (loss widened NT$203.9m from 2Q 2024). Revenue missed analyst estimates by 14%. Earnings per share (EPS) also missed analyst estimates. Revenue is expected to decline by 3.7% p.a. on average during the next 2 years, while revenues in the Chemicals industry in Taiwan are expected to grow by 4.2%. 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. New Risk • Aug 14
New major risk - Revenue and earnings growth Earnings have declined by 60% 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. Upcoming Dividend • Jul 17
Upcoming dividend of NT$0.20 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: 2.8%. Lower than top quartile of Taiwanese dividend payers (5.3%). In line with average of industry peers (3.1%). Declared Dividend • Jun 11
Dividend reduced to NT$0.20 Dividend of NT$0.20 is 33% lower than last year. Ex-date: 24th July 2025 Payment date: 21st August 2025 Dividend yield will be 1.9%, 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 by an average of 3.3% per year over the past 6 years. However, payments have been volatile during that time. Announcement • May 29
Taita Chemical Company, Limited Ratifies Cash Dividend for 2024 Taita Chemical Company, Limited at its 2025 Annual General Shareholders' Meeting held on May 28, 2025, ratified 2024 earnings distribution. Cash dividends of TWD 0.2 per share, Total TWD 79,517,370. Reported Earnings • May 10
First quarter 2025 earnings: EPS misses analyst expectations First quarter 2025 results: NT$0.14 loss per share (improved from NT$0.26 loss in 1Q 2024). Revenue: NT$4.23b (up 12% from 1Q 2024). Net loss: NT$54.1m (loss narrowed 47% from 1Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 65%. Revenue is expected to decline by 6.9% p.a. on average during the next 2 years, while revenues in the Chemicals industry in Taiwan are expected to grow by 4.2%. 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. Announcement • Apr 27
Taita Chemical Company, Limited to Report Q1, 2025 Results on May 05, 2025 Taita Chemical Company, Limited announced that they will report Q1, 2025 results on May 05, 2025 Announcement • Apr 01
Taita Chemical Company, Limited Announces Resignation of Liang-Wei Hsu as Chief Internal Auditor, Effective April 1, 2025 On March 31, 2025, Taita Chemical Company, Limited announced resignation of Liang-Wei Hsu as chief internal auditor. Reason for the change: resignation. Effective date: April 1, 2025. Reported Earnings • Mar 19
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: NT$0.56 loss per share (improved from NT$0.69 loss in FY 2023). Revenue: NT$18.6b (up 23% from FY 2023). Net loss: NT$223.0m (loss narrowed 19% from FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 12%. 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. Announcement • Feb 26
Taita Chemical Company, Limited to Report Fiscal Year 2024 Results on Mar 05, 2025 Taita Chemical Company, Limited announced that they will report fiscal year 2024 results on Mar 05, 2025 Reported Earnings • Nov 15
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: NT$0.25 loss per share (further deteriorated from NT$0.18 loss in 3Q 2023). Revenue: NT$5.19b (up 30% from 3Q 2023). Net loss: NT$99.0m (loss widened 37% from 3Q 2023). Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) missed analyst estimates by 79%. Revenue is forecast to grow 2.6% 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 99 percentage points per year, which is a significant difference in performance. Announcement • Oct 30
Taita Chemical Company, Limited to Report Q3, 2024 Results on Nov 06, 2024 Taita Chemical Company, Limited announced that they will report Q3, 2024 results on Nov 06, 2024 New Risk • Sep 18
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 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 13
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: NT$0.10 loss per share (further deteriorated from NT$0.041 loss in 2Q 2023). Revenue: NT$4.94b (up 38% from 2Q 2023). Net loss: NT$39.4m (loss widened 140% from 2Q 2023). Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) also surpassed analyst estimates by 17%. Revenue is forecast to grow 6.0% 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 91 percentage points per year, which is a significant difference in performance. Announcement • Jul 31
Taita Chemical Company, Limited to Report Q2, 2024 Results on Aug 06, 2024 Taita Chemical Company, Limited announced that they will report Q2, 2024 results on Aug 06, 2024 Upcoming Dividend • Jul 18
Upcoming dividend of NT$0.30 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 is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (2.2%). Announcement • Jun 08
Taita Chemical Company, Limited Announces Cash Dividend for the Year 2023, Payable on August 23, 2024 Taita Chemical Company, Limited announced cash dividend of TWD 0.3 per share, Total TWD 119,276,054 for the year 2023. Ex-rights (ex-dividend) trading date is July 25, 2024; Ex-rights (ex-dividend) record date is August 2, 2024; Payment date of common stock cash dividend distribution is August 23, 2024. Declared Dividend • Jun 07
Dividend reduced to NT$0.30 Dividend of NT$0.30 is 40% lower than last year. Ex-date: 25th July 2024 Payment date: 23rd August 2024 Dividend yield will be 1.9%, 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 by an average of 13% per year over the past 5 years. However, payments have been volatile during that time. Reported Earnings • May 15
First quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2024 results: NT$0.26 loss per share (further deteriorated from NT$0.18 loss in 1Q 2023). Revenue: NT$3.79b (up 6.0% from 1Q 2023). Net loss: NT$101.6m (loss widened 42% from 1Q 2023). Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) missed analyst estimates by 136%. Revenue is forecast to grow 9.7% p.a. on average during the next 2 years, compared to a 6.7% 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 78 percentage points per year, which is a significant difference in performance. Announcement • May 01
Taita Chemical Company, Limited to Report Q1, 2024 Results on May 07, 2024 Taita Chemical Company, Limited announced that they will report Q1, 2024 results on May 07, 2024 Reported Earnings • Mar 19
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: NT$0.69 loss per share (down from NT$1.04 profit in FY 2022). Revenue: NT$15.2b (down 16% from FY 2022). Net loss: NT$273.5m (down 166% from profit in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.8%. Revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 8.5% 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 59 percentage points per year, which is a significant difference in performance. Announcement • Dec 01
Taita Chemical Company, Limited Announces the Change of Accounting Officer Taita Chemical Company, Limited announced the change of Accounting Officer. Name, title, and resume of the previous position holder: Hsiao,Sheng-Yin, accounting manager. Reason for the change: resignation. Effective date: December 1, 2023. Major Estimate Revision • Nov 25
Consensus EPS estimates have been downgraded. The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$17.0b to NT$15.3b. Now expected to report a loss of NT$0.64 per share instead of NT$0.365 per share profit previously forecast. Chemicals industry in Taiwan expected to see average net income growth of 35% next year. Consensus price target down from NT$19.50 to NT$18.50. Share price was steady at NT$17.20 over the past week. Announcement • Nov 05
TTCTJ Announces Change of its President Taita Chemical Company, Limited announced that its subsidiary company, TTCTJ has appointed Huang,Chun-Hao as President. Name of the previous position holder: Yan,Tai-Ming. Resume of the previous position holder: TAITA CHEMICAL COMPANY, LIMITED,Executive Deputy General Manager. Resume of the new position holder: TAITA CHEMICAL COMPANY, LIMITED,Vice President. Reason for the change: retirement. Effective date of the new appointment: November 3, 2023. Reported Earnings • Aug 12
Second quarter 2023 earnings: EPS in line with expectations, revenues disappoint Second quarter 2023 results: NT$0.04 loss per share (down from NT$0.40 profit in 2Q 2022). Revenue: NT$3.59b (down 28% from 2Q 2022). Net loss: NT$16.5m (down 110% from profit in 2Q 2022). Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 6.7% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Aug 02
Taita Chemical Company, Limited Announces Executive Changes, Effective on September 01, 2023 Taita Chemical Company, Limited announced change to the principal accounting officer of the company. Name, title, and resume of the previous position holder: Lin,Chin-Tsai,accounting manager. Name, title, and resume of the new position holder: Hsiao,Sheng-Yin,accounting manager. The effective date is September 01, 2023. Upcoming Dividend • Jul 20
Upcoming dividend of NT$0.50 per share at 2.5% yield Eligible shareholders must have bought the stock before 27 July 2023. Payment date: 25 August 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 2.5%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.7%). Announcement • Jun 22
Taita Chemical Company, Limited Announces Demise of James Yuan, Independent Director of the Company Taita Chemical Company, Limited announced demise of Mr. James Yuan, Independent Director, member of Audit Committee, member of Remuneration Committee of TAITA CHEMICAL COMPANY, LIMITED. Announcement • May 31
Taita Chemical Company, Limited Approves Dividend for the Year 2022 Taita Chemical Company, Limited approved dividend distribution of TWD 0.5 per share for the year 2022. Total amount of cash distributed to shareholders TWD 198,793,424 at its AGM held on May 30, 2023. Major Estimate Revision • Apr 14
Consensus EPS estimates fall from profit to NT$0.28 loss The consensus outlook for fiscal year 2023 has been updated. Forecast loss of -NT$0.28 per share in 2023, versus previous forecasts of NT$0.315 per share. Revenue forecast unchanged from NT$17.8b at last update. Chemicals industry in Taiwan expected to see average net income growth of 0.1% next year. Consensus price target of NT$19.00 unchanged from last update. Share price was steady at NT$21.45 over the past week. Reported Earnings • Mar 16
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: NT$1.04 (down from NT$4.65 in FY 2021). Revenue: NT$18.1b (down 13% from FY 2021). Net income: NT$412.1m (down 78% from FY 2021). Profit margin: 2.3% (down from 8.9% in FY 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.7%. Earnings per share (EPS) also missed analyst estimates by 10%. Revenue is forecast to grow 8.9% 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 11% per year but the company’s share price has increased by 54% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Mar 15
Consensus EPS estimates fall by 28% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$18.1b to NT$17.8b. EPS estimate also fell from NT$0.44 per share to NT$0.315 per share. Net income forecast to shrink 100% next year vs 5.5% decline forecast for Chemicals industry in Taiwan. Consensus price target up from NT$17.00 to NT$19.00. Share price fell 5.0% to NT$21.75 over the past week. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.09 (vs NT$0.93 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.09 (down from NT$0.93 in 3Q 2021). Revenue: NT$4.69b (down 13% from 3Q 2021). Net income: NT$36.2m (down 90% from 3Q 2021). Profit margin: 0.8% (down from 6.9% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to decline by 5.7% p.a. on average during the next 2 years, while revenues in the Chemicals industry in Taiwan are expected to remain flat. 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 30% per year. Board Change • Nov 16
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 Kuo-Hsiang Li was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.09 (vs NT$0.93 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.09 (down from NT$0.93 in 3Q 2021). Revenue: NT$4.69b (down 13% from 3Q 2021). Net income: NT$36.2m (down 90% from 3Q 2021). Profit margin: 0.8% (down from 6.9% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to decline by 5.7% p.a. on average during the next 2 years, while revenues in the Chemicals industry in Taiwan are expected to remain flat. 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 30% per year. Reported Earnings • Aug 14
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: NT$0.42 (down from NT$1.36 in 2Q 2021). Revenue: NT$5.02b (down 9.9% from 2Q 2021). Net income: NT$159.5m (down 71% from 2Q 2021). Profit margin: 3.2% (down from 9.7% in 2Q 2021). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) missed analyst estimates by 5.3%. Over the next year, revenue is expected to shrink by 9.0% compared to a 2.5% decline forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 04
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from NT$19.7b to NT$19.2b. EPS estimate rose from NT$1.73 to NT$2.21. Net income forecast to shrink 56% next year vs 13% decline forecast for Chemicals industry in Taiwan. Consensus price target down from NT$24.76 to NT$19.00. Share price fell 9.5% to NT$21.85 over the past week. Upcoming Dividend • Jul 21
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 31 August 2022. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 6.5%. Lower than top quartile of Taiwanese dividend payers (6.7%). Lower than average of industry peers (8.2%). Major Estimate Revision • May 21
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from NT$2.53 to NT$1.82. Revenue forecast unchanged from NT$19.7b at last update. Net income forecast to shrink 65% next year vs 9.0% decline forecast for Chemicals industry in Taiwan. Consensus price target of NT$26.00 unchanged from last update. Share price rose 5.1% to NT$28.65 over the past week. Reported Earnings • May 17
First quarter 2022 earnings: Revenues and EPS in line with analyst expectations First quarter 2022 results: EPS: NT$0.68 (down from NT$1.29 in 1Q 2021). Revenue: NT$4.54b (flat on 1Q 2021). Net income: NT$258.9m (down 47% from 1Q 2021). Profit margin: 5.7% (down from 11% in 1Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is expected to shrink by 5.2% compared to a 3.2% decline forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 44% 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 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Kuo-Shiang Lee was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 17
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$4.89 (down from NT$5.07 in FY 2020). Revenue: NT$20.8b (up 34% from FY 2020). Net income: NT$1.85b (down 3.6% from FY 2020). Profit margin: 8.9% (down from 12% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 1.4% 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 81% per year but the company’s share price has only increased by 55% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.97 (vs NT$1.74 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$5.36b (up 29% from 3Q 2020). Net income: NT$368.9m (down 44% from 3Q 2020). Profit margin: 6.9% (down from 16% 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 82% per year but the company’s share price has only increased by 56% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$36.50, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Chemicals industry in Taiwan. Total returns to shareholders of 203% over the past three years. Upcoming Dividend • Aug 26
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 02 September 2021. Payment date: 07 October 2021. Trailing yield: 4.5%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (2.9%). Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$1.57 (vs NT$0.95 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: NT$5.57b (up 56% from 2Q 2020). Net income: NT$542.1m (up 66% from 2Q 2020). Profit margin: 9.7% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Announcement • Aug 10
An unknown buyer acquired 2.5% stake in Taita Chemical Company, Limited (TWSE:1309) from Taiwan Union International Investment Corp. for approximately TWD 310 million. An unknown buyer acquired 2.5% stake in Taita Chemical Company, Limited (TWSE:1309) from Taiwan Union International Investment Corp. for approximately TWD 310 million on August 9, 2021. Under the terms, offer price is TWD 35.46 per share.
An unknown buyer completed the acquisition of stake 2.5% in Taita Chemical Company, Limited (TWSE:1309) from Taiwan Union International Investment Corp. on August 9, 2021. Executive Departure • Aug 03
Director Han-Tai Liu has left the company On the 26th of July, Han-Tai Liu's tenure as Director ended after 8.4 years in the role. We don't have any record of a personal shareholding under Han-Tai's name. Han-Tai is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 11.92 years. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$1.42 (vs NT$0.42 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$4.54b (up 53% from 1Q 2020). Net income: NT$488.7m (up 238% from 1Q 2020). Profit margin: 11% (up from 4.9% 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 58% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 25
Full year 2020 earnings released: EPS NT$5.58 (vs NT$1.16 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$15.5b (down 12% from FY 2019). Net income: NT$1.92b (up 382% from FY 2019). Profit margin: 12% (up from 2.3% 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 37% per year but the company’s share price has increased by 57% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improved over the past week After last week's 18% share price gain to NT$40.05, the stock is trading at a trailing P/E ratio of 11.4x, up from the previous P/E ratio of 9.7x. 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 257%. Is New 90 Day High Low • Mar 08
New 90-day high: NT$39.15 The company is up 20% from its price of NT$32.55 on 08 December 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 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$35.05 per share. Announcement • Mar 06
Taita Chemical Company, Ltd., Annual General Meeting, May 31, 2021 Taita Chemical Company, Ltd., Annual General Meeting, May 31, 2021, at 09:00 Taipei Standard Time. Location: 5F., No.2, Yuanshan Rd., Niaosong Dist. 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 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 elect 9 Directors of the company. Is New 90 Day High Low • Jan 20
New 90-day low: NT$29.50 The company is down 3.0% from its price of NT$30.45 on 22 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$34.81 per share. Major Estimate Revision • Jan 07
Analysts update estimates The 2020 consensus earning per share (EPS) estimate increased from NT$4.75 to NT$5.68. Revenue estimate for the same period was approximately flat at NT$15.4b. Net income is expected to grow by 18% next year compared to 48% growth forecast for the Chemicals industry in Taiwan. The consensus price target of NT$39.33 was unchanged from the last update. Share price is down by 9.4% to NT$35.30 over the past week. Is New 90 Day High Low • Dec 24
New 90-day high: NT$35.15 The company is up 33% from its price of NT$26.40 on 25 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$28.36 per share. Announcement • Nov 19
Taita Chemical Company, Ltd. Appoints Wu, Pei-Chi as Director Taita Chemical Company, Ltd. appointed Wu, Pei-Chi as Director, with effect from November 18, 2020. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$1.91 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$4.14b (down 5.5% from 3Q 2019). Net income: NT$658.2m (up NT$648.4m from 3Q 2019). Profit margin: 16% (up from 0.2% 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 9% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Analyst Estimate Surprise Post Earnings • Nov 14
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) exceeded analyst estimates by 1.2%. Over the next year, revenue is forecast to stay flat compared to a 12% growth forecast for the Chemicals industry in Taiwan. Major Estimate Revision • Nov 05
Analysts update estimates The 2020 consensus earning per share (EPS) estimate was lowered from NT$4.59 to NT$3.71. Revenue estimate was approximately flat at NT$15.0b. Net income is expected to grow by 103% next year compared to 47% growth forecast for the Chemicals industry in Taiwan. The consensus price target of NT$31.50 was unchanged from the last update. Share price is down by 6.2% to NT$31.75 over the past week. Is New 90 Day High Low • Oct 27
New 90-day high: NT$34.65 The company is up 124% from its price of NT$15.50 on 29 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$64.64 per share. Valuation Update With 7 Day Price Move • Oct 14
Market bids up stock over the past week After last week's 16% share price gain to NT$31.95, the stock is trading at a trailing P/E ratio of 19.5x, up from the previous P/E ratio of 16.9x. 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 221%.