Reported Earnings • Aug 08
Second quarter 2026 earnings released: EPS: NT$0.24 (vs NT$0.44 in 2Q 2025) Second quarter 2026 results: EPS: NT$0.24 (down from NT$0.44 in 2Q 2025). Revenue: NT$3.00b (flat on 2Q 2025). Net income: NT$234.1m (down 45% from 2Q 2025). Profit margin: 7.8% (down from 14% in 2Q 2025). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Declared Dividend • Aug 07
Dividend of NT$2.00 announced Dividend of NT$2.00 is the same as last year. Ex-date: 25th August 2026 Payment date: 18th September 2026 Dividend yield will be 4.4%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is not covered by earnings (193% earnings payout ratio) nor is it covered by cash flows (103% cash payout ratio). 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 114% to bring the payout ratio under control. However, EPS has declined by 13% over the last 5 years so the company would need to reverse this trend. Reported Earnings • May 09
First quarter 2026 earnings released: EPS: NT$0.19 (vs NT$0.10 in 1Q 2025) First quarter 2026 results: EPS: NT$0.19 (up from NT$0.10 in 1Q 2025). Revenue: NT$3.75b (up 13% from 1Q 2025). Net income: NT$184.6m (up 82% from 1Q 2025). Profit margin: 4.9% (up from 3.0% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: NT$0.95 (vs NT$2.01 in FY 2024) Full year 2025 results: EPS: NT$0.95 (down from NT$2.01 in FY 2024). Revenue: NT$12.1b (up 1.8% from FY 2024). Net income: NT$932.2m (down 53% from FY 2024). Profit margin: 7.7% (down from 17% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Mar 05
Taiwan Fertilizer Co., Ltd., Annual General Meeting, May 27, 2026 Taiwan Fertilizer Co., Ltd., Annual General Meeting, May 27, 2026. Location: 4 floor no,1, ching mao 2nd rd., nangang district, taipei city Taiwan Announcement • Jan 16
Taiwan Fertilizer Co., Ltd. Appoints Lin, Chia Rong as Representative of the Institutional Director, Effective January 15, 2026 Taiwan Fertilizer Co., Ltd. announced a change in the representative of the company's institutional director. The new position holder is Mr. Lin, Chia Rong, who is the representative of the Ministry of Agriculture and serves as the Chief Secretary of the Ministry of Agriculture. The change is categorized as a new appointment. The representative of the corporate director is replaced by the Ministry of Agriculture. The original term is from June 26, 2024 to June 25, 2027. The effective date of the new appointment is January 15, 2026. Announcement • Jan 02
Taiwan Fertilizer Co., Ltd. Announces CEO Changes Taiwan Fertilizer Co., Ltd. announced the appointment of Chen Yu-Hsin as President, effective January 1, 2026. The board of directors resolved the appointment on December 30, 2025. The previous President was Chang Chang-Lang, who served as TFC Chairman and President and holds an M.S. from the National Taiwan University Graduate Institute of Building and Planning. The new President, Chen Yu-Hsin, was a Senior Specialist at the Ministry of Agriculture and holds an M.A. from the National Chung Cheng University Graduate Institute of Political Science. Reported Earnings • Nov 09
Third quarter 2025 earnings released: EPS: NT$0.57 (vs NT$0.75 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.57 (down from NT$0.75 in 3Q 2024). Revenue: NT$3.02b (up 2.2% from 3Q 2024). Net income: NT$561.7m (down 24% from 3Q 2024). Profit margin: 19% (down from 25% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 25% 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. Upcoming Dividend • Aug 28
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 02 September 2025. Payment date: 26 September 2025. The company is paying out more than 100% of its profits and is paying out 93% of its cash flow. Trailing yield: 3.7%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.6%). Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$0.44 (vs NT$0.46 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.44 (down from NT$0.46 in 2Q 2024). Revenue: NT$3.01b (up 3.2% from 2Q 2024). Net income: NT$428.9m (down 4.8% from 2Q 2024). Profit margin: 14% (down from 15% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Declared Dividend • Aug 14
Dividend reduced to NT$2.00 Dividend of NT$2.00 is 23% lower than last year. Ex-date: 2nd September 2025 Payment date: 26th September 2025 Dividend yield will be 3.8%, which is about the same as the industry average. Sustainability & Growth Dividend is not covered by earnings (112% earnings payout ratio) nor is it covered by cash flows (107% cash payout ratio). 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 25% to bring the payout ratio under control. However, EPS has declined by 8.4% over the last 5 years so the company would need to reverse this trend. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$0.10 (vs NT$0.33 in 1Q 2024) First quarter 2025 results: EPS: NT$0.10 (down from NT$0.33 in 1Q 2024). Revenue: NT$3.33b (up 1.1% from 1Q 2024). Net income: NT$101.4m (down 69% from 1Q 2024). Profit margin: 3.0% (down from 9.8% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. New Risk • May 14
New major risk - Revenue and earnings growth Earnings have declined by 0.4% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 113% Cash payout ratio: 113% Earnings have declined by 0.4% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (15% net profit margin). Buy Or Sell Opportunity • May 05
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 15% to NT$58.50. The fair value is estimated to be NT$47.92, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.0% over the last 3 years. Earnings per share has declined by 9.1%. Announcement • May 01
Taiwan Fertilizer Co., Ltd. to Report Q1, 2025 Results on May 07, 2025 Taiwan Fertilizer Co., Ltd. announced that they will report Q1, 2025 results on May 07, 2025 Reported Earnings • Mar 14
Full year 2024 earnings released: EPS: NT$2.01 (vs NT$4.00 in FY 2023) Full year 2024 results: EPS: NT$2.01 (down from NT$4.00 in FY 2023). Revenue: NT$11.9b (down 21% from FY 2023). Net income: NT$1.97b (down 50% from FY 2023). Profit margin: 17% (down from 26% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year and the company’s share price has also fallen by 9% per year. Announcement • Mar 07
Taiwan Fertilizer Co., Ltd., Annual General Meeting, Jun 10, 2025 Taiwan Fertilizer Co., Ltd., Annual General Meeting, Jun 10, 2025. Location: 1 floor no,170, ching mao 1st rd., nangang district, taipei city Taiwan Announcement • Feb 27
Taiwan Fertilizer Co., Ltd. to Report Fiscal Year 2024 Results on Mar 06, 2025 Taiwan Fertilizer Co., Ltd. announced that they will report fiscal year 2024 results at 9:00 AM, Taipei Standard Time on Mar 06, 2025 Buy Or Sell Opportunity • Feb 13
Now 23% overvalued Over the last 90 days, the stock has fallen 4.5% to NT$52.50. The fair value is estimated to be NT$42.78, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 2.5%. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: NT$0.75 (vs NT$0.62 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.75 (up from NT$0.62 in 3Q 2023). Revenue: NT$2.96b (up 1.3% from 3Q 2023). Net income: NT$737.9m (up 22% from 3Q 2023). Profit margin: 25% (up from 21% in 3Q 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 7% per year. Buy Or Sell Opportunity • Aug 30
Now 21% overvalued Over the last 90 days, the stock has fallen 6.0% to NT$60.00. The fair value is estimated to be NT$49.45, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.8% over the last 3 years. Earnings per share has grown by 6.7%. Upcoming Dividend • Aug 23
Upcoming dividend of NT$2.60 per share Eligible shareholders must have bought the stock before 27 August 2024. Payment date: 16 September 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.1%. Lower than top quartile of Taiwanese dividend payers (4.3%). Higher than average of industry peers (2.3%). New Risk • Aug 14
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 14% Last year net profit margin: 25% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (160% payout ratio). Profit margins are more than 30% lower than last year (14% net profit margin). Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: NT$0.46 (vs NT$2.65 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.46 (down from NT$2.65 in 2Q 2023). Revenue: NT$2.92b (down 52% from 2Q 2023). Net income: NT$450.7m (down 83% from 2Q 2023). Profit margin: 15% (down from 43% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 3% per year. Declared Dividend • Aug 09
Dividend increased to NT$2.60 Dividend of NT$2.60 is 4.0% higher than last year. Ex-date: 27th August 2024 Payment date: 16th September 2024 Dividend yield will be 4.2%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (68% earnings payout ratio) and cash flows (42% cash payout ratio). The dividend has increased by an average of 2.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 9.2% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jul 31
Taiwan Fertilizer Co., Ltd. to Report Q2, 2024 Results on Aug 07, 2024 Taiwan Fertilizer Co., Ltd. announced that they will report Q2, 2024 results on Aug 07, 2024 Announcement • Jun 27
Taiwan Fertilizer Co., Ltd. Announces Board Elections Taiwan Fertilizer Co., Ltd. announced that at its shareholders meeting held on June 26, 2024, shareholders approved the elections for board of directors and supervisors: Election of the company’s 36th Board of Directors (including independent directors). Six seats of directors: Representative of Ministry of Agriculture: Liu, Chih-Cheng, Representative of Ministry of Agriculture: Tseng, Hsiang-Hua, Representative of Ministry of Agriculture: Huang, Bing-Chuan, Tsao, Chi-Hung. Announcement • May 18
Taiwan Fertilizer Co., Ltd. Announces the Resignation of Hu, Jong-I as Juristic-Person Directors, Effective from May 20, 2024 Taiwan Fertilizer Co., Ltd. announced the resignation of Hu, Jong-I, Director General, Agriculture and Food Agency, Ministry of Agriculture, as juristic-person directors, effective from May 20, 2024. Reason for the change is Resignation due to personal career planning, the Ministry of Agriculture sent a letter for dismissal. Reported Earnings • May 11
First quarter 2024 earnings released: EPS: NT$0.33 (vs NT$0.52 in 1Q 2023) First quarter 2024 results: EPS: NT$0.33 (down from NT$0.52 in 1Q 2023). Revenue: NT$3.30b (down 4.0% from 1Q 2023). Net income: NT$324.7m (down 36% from 1Q 2023). Profit margin: 9.8% (down from 15% in 1Q 2023). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • May 03
Taiwan Fertilizer Co., Ltd. Announces Change of Financial Officer Taiwan Fertilizer Co., Ltd. announced the change of financial officer. Name, title, and resume of the previous position holder: CHUNG JUN MING, Assistant Vice President, EMBA, National Taiwan University. Name, title, and resume of the new position holder: LIU SHENG HUNG, Assistant Vice President, Special Assistant of Chairman Office, B.B.A., National Chung Hsing University. Reason for the change: position adjustment. Effective date: May 2, 2024. Announcement • Apr 26
Taiwan Fertilizer Co., Ltd. to Report Q1, 2024 Results on May 02, 2024 Taiwan Fertilizer Co., Ltd. announced that they will report Q1, 2024 results on May 02, 2024 Reported Earnings • Mar 16
Full year 2023 earnings released: EPS: NT$4.00 (vs NT$2.72 in FY 2022) Full year 2023 results: EPS: NT$4.00 (up from NT$2.72 in FY 2022). Revenue: NT$15.0b (flat on FY 2022). Net income: NT$3.92b (up 47% from FY 2022). Profit margin: 26% (up from 18% in FY 2022). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Feb 06
Taiwan Fertilizer Co., Ltd., Annual General Meeting, Jun 26, 2024 Taiwan Fertilizer Co., Ltd., Annual General Meeting, Jun 26, 2024. Announcement • Oct 13
Taiwan Fertilizer Co., Ltd. Announces Taiwan's High Court Ruled to Scrap the 112-Year Quanshengzi Ruling No. 2 Taiwan Fertilizer Co., Ltd. announced that Taiwan's High Court ruled to scrap the 112-year Quanshengzi Ruling No. 2. Parties to the legal matter: Appellant Dongzheng Investment Consulting Co., Ltd. Date of occurrence of the event: October 12, 2023. The petitioner, Dongzheng Investment Consulting Co., Ltd., filed for cancellation of the leave of absence incident with its counterparty, Taiwan Fertilizer Co., Ltd. The petitioner filed a protest against the ruling issued by the Taiwan Taipei District Court on April 6, 2012, Quan Sheng Zi No. 2, 112. The Taipei District Court of Taiwan allowed company to provide guarantee and revoke the 112-year Quan Sheng Zi Civil Ruling No. 2 regarding the false disposition of 799 parking spaces., was abandoned by the High Court's Civil Ruling No. 1013 of 2012. Announcement • Oct 07
Taiwan Fertilizer Co., Ltd. Announces Change in Representative of its Institutional Director Taiwan Fertilizer Co., Ltd. announced the change in representative of the Company’s institutional director. Name of the previous position holder: Representative of Ministry of Agriculture: Wu, Hsi-Ta. Resume of the previous position holder: Manager of Administration Division in Miaoli Factory, TFC. Name of the new position holder: Representative of Ministry of Agriculture: JHANG, JIA-FONG. Resume of the new position holder: Department and Graduate School of Safety Health and Environmental Engineering, National Yunlin University of Science and Technology Engineer, Occupational Safety and Health Division, Taichung Factory, TFC. Effective date of the new appointment is October 6, 2023. Upcoming Dividend • Aug 18
Upcoming dividend of NT$2.50 per share at 4.0% yield Eligible shareholders must have bought the stock before 25 August 2023. Payment date: 15 September 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.0%. Lower than top quartile of Taiwanese dividend payers (5.6%). In line with average of industry peers (3.9%). Announcement • Aug 09
Taiwan Fertilizer Co., Ltd. Declares Cash Dividend, Payable on September 15, 2023 Taiwan Fertilizer Co., Ltd. Announced board of directors declared cash dividends of TWD 2.5 per share and totaling TWD 2,450,000,000. Ex-rights (ex-dividend) record date: September 2, 2023. Payment date of cash dividend distribution: September 15, 2023. Ex-rights (ex-dividend) trading date: August 25, 2023. Announcement • Jul 12
Taiwan Fertilizer Co., Ltd. Announces Resignation of Huang, Yao Hsing as President Taiwan Fertilizer Co., Ltd. announced resignation of HUANG, YAO HSING as president. Date of the board of directors resolution or date of occurrence of the change: July 11, 2023. Announcement • Jun 29
Taiwan Fertilizer Co., Ltd. Announces Board Changes Taiwan Fertilizer Co., Ltd. appointed Su, Yu-Chang as independent director of the company. Resume of the new position holder: Chief of Secretariat, Chief of Land Administration Department and Chief of Land Administration Office, Yilan County Government. Effective date of appointment is June 28, 2023. The company received the independent director Su Yu-Chang’s resignation statement after the shareholders meeting. Announcement • Jun 01
Taiwan Fertilizer Co., Ltd. Announces Executive Changes Taiwan Fertilizer Co., Ltd. announced change of Chairperson. Name of the previous position holder: Council of Agriculture, Executive Yuan Representative: Huang,Yao-Hsing; Resume of the previous position holder: The Chairman and General Manager of TFC; Name of the new position holder: Council of Agriculture, Executive Yuan Representative GLee,Suen-Zone; Resume of the new position holder: The president, Chia Nan University of Pharmacy Science. Effective date of the new appointment is May 30, 2023. Major Estimate Revision • Nov 24
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from NT$15.1b to NT$15.3b. EPS estimate fell from NT$3.13 to NT$2.60 per share. Net income forecast to shrink 11% next year vs 6.4% decline forecast for Chemicals industry in Taiwan. Consensus price target down from NT$81.00 to NT$79.00. Share price was steady at NT$56.00 over the past week. Board Change • Nov 16
Less than half of directors are independent There are 9 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 9 new directors. No experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Chairman, President & GM Yao-Hsing Huang is the most experienced director on the board, commencing their role in 2020. Independent Director Su-Ming Lin was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 13
Third quarter 2022 earnings: EPS misses analyst expectations Third quarter 2022 results: EPS: NT$0.64 (down from NT$0.80 in 3Q 2021). Revenue: NT$3.71b (up 21% from 3Q 2021). Net income: NT$628.5m (down 20% from 3Q 2021). Profit margin: 17% (down from 26% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 20%. Revenue is forecast to decline by 8.5% 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 10% per year whereas the company’s share price has increased by 5% per year. Buying Opportunity • Oct 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be NT$66.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last 3 years. Earnings per share has grown by 10%. Revenue is forecast to decline by 6.9% in a year. Earnings is forecast to decline by 0.6% in the next year. Buying Opportunity • Sep 23
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be NT$73.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last 3 years. Earnings per share has grown by 10%. Revenue is forecast to decline by 6.9% in a year. Earnings is forecast to decline by 0.6% in the next year. Upcoming Dividend • Aug 19
Upcoming dividend of NT$2.80 per share Eligible shareholders must have bought the stock before 26 August 2022. Payment date: 16 September 2022. Payout ratio is on the higher end at 89%, however this is supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of Taiwanese dividend payers (6.5%). Lower than average of industry peers (7.7%). Reported Earnings • Aug 15
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: NT$0.79 (up from NT$0.78 in 2Q 2021). Revenue: NT$3.75b (up 44% from 2Q 2021). Net income: NT$769.1m (up 1.2% from 2Q 2021). Profit margin: 21% (down from 29% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.3%. Earnings per share (EPS) missed analyst estimates by 8.1%. Over the next year, revenue is expected to shrink by 6.8% compared to a 1.8% decline forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 12% per year. Major Estimate Revision • May 24
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from NT$13.1b to NT$14.7b. EPS estimate fell from NT$3.72 to NT$3.43. Net income forecast to grow 11% next year vs 9.0% decline forecast for Chemicals industry in Taiwan. Consensus price target of NT$83.00 unchanged from last update. Share price was steady at NT$68.70 over the past week. Reported Earnings • May 16
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: NT$0.79 (up from NT$0.76 in 1Q 2021). Revenue: NT$4.08b (up 39% from 1Q 2021). Net income: NT$778.9m (up 4.1% from 1Q 2021). Profit margin: 19% (down from 25% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 29%. Earnings per share (EPS) missed analyst estimates by 4.8%. Over the next year, revenue is expected to shrink by 11% compared to a 2.8% decline forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 12% per year. Announcement • May 13
Taiwan Fertilizer Co., Ltd. Receives Civil Complaint from Dongzheng Investment Consulting Co., Ltd Taiwan Fertilizer Co., Ltd. received a civil complaint from Dongzheng Investment Consulting Co., Ltd. with case number 111 Chongwu Zi No.410 in Taiwan Taipei District Court. The plaintiff (Dongzheng Investment Consulting Co., Ltd.) requested the defendant (Taiwan Fertilizer Co., Ltd.). On the land of Section 12, there are a total of 799 underground plots as recorded in the Use License No. 0122 of the Urban Development Bureau of the Taipei City Government The parking space was delivered to the plaintiff to use the proceeds to file a first-instance civil lawsuit. The company has appointed a lawyer to safeguard the legitimate rights and interests of the company. The subject matter of this lawsuit is currently subject to false sanctions, and the actual damage will vary depending on the trial period and the outcome of the lawsuit. Currently, there is no significant impact on the company's finance or business. 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 Chao-Chin Hsiao was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 15
The Supreme Court Rules to Dismiss the Taiwan Fertilizer Co., Ltd.'s Re-appeal Taiwan Fertilizer Co., Ltd. announced that The Supreme Court ruled to dismiss the company's re-appeal. In the case of false punishment between the counterparty Dongzheng Investment Consulting Co.,Ltd. and the company, the company is prohibited from being located on the land of No. 12, Economic and Trade Section, Nangang District, Taipei City, such as the Taipei City Government Urban Development Bureau 106 Year Jianzi No. 56 Building License There are 6 floors and 50 parking spaces on the ground in Building B of the building shown, which can be used by oneself or handed over to others, or for renting or lending. The company's protest against the Taipei District Court's 110-year-long-year-round-word No. 162 false sanction ruling on the basis of the Shiyuan Qing 110 Si Zhi Quan-Zhuang Zi No. 231 execution order was approved by the Taiwan High Court's 110-year-year-year-old No. 1232 Civil The ruling was rejected, the company appointed a lawyer to file a re-appeal, and the appeal was rejected by the Supreme Court's 111 Year Taikang Zi No. 126 civil ruling. The actual damages incurred by the Company due to the imposition of disposition restrictions will vary depending on the trial period and the outcome of the lawsuit. Currently, there is no significant impact on the Company's finances or business. Reported Earnings • Mar 28
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: NT$3.10 (up from NT$2.50 in FY 2020). Revenue: NT$13.7b (up 34% from FY 2020). Net income: NT$3.03b (up 24% from FY 2020). Profit margin: 22% (down from 24% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.5%. Over the next year, revenue is expected to shrink by 4.3% 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 6% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Jan 25
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from NT$11.5b to NT$13.7b. EPS estimate fell from NT$3.38 to NT$3.34. Net income forecast to grow 34% next year vs 5.0% decline forecast for Chemicals industry in Taiwan. Consensus price target up from NT$81.00 to NT$83.00. Share price fell 5.8% to NT$65.00 over the past week. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.80 (vs NT$0.52 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$3.07b (up 20% from 3Q 2020). Net income: NT$785.1m (up 55% from 3Q 2020). Profit margin: 26% (up from 20% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Sep 28
Price target increased to NT$81.00 Up from NT$72.00, the current price target is provided by 1 analyst. New target price is 28% above last closing price of NT$63.10. Stock is up 26% over the past year. Upcoming Dividend • Aug 23
Upcoming dividend of NT$2.30 per share Eligible shareholders must have bought the stock before 30 August 2021. Payment date: 17 September 2021. Trailing yield: 4.0%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.0%). Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$0.78 (vs NT$0.41 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$2.61b (up 7.8% from 2Q 2020). Net income: NT$760.3m (up 91% from 2Q 2020). Profit margin: 29% (up from 16% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 11% per year. Major Estimate Revision • Jul 22
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from NT$12.2b to NT$11.6b. EPS estimate rose from NT$2.19 to NT$2.67. Net income forecast to grow 31% next year vs 13% growth forecast for Chemicals industry in Taiwan. Consensus price target up from NT$72.00 to NT$76.50. Share price was steady at NT$60.00 over the past week. Price Target Changed • Jul 21
Price target increased to NT$76.50 Up from NT$70.00, the current price target is provided by 1 analyst. New target price is 27% above last closing price of NT$60.00. Stock is up 5.1% over the past year. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.76 (vs NT$1.21 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$2.95b (down 2.6% from 1Q 2020). Net income: NT$748.3m (down 37% from 1Q 2020). Profit margin: 25% (down from 39% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 11% per year. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$2.50 (vs NT$2.11 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$10.2b (down 21% from FY 2019). Net income: NT$2.45b (up 19% from FY 2019). Profit margin: 24% (up from 16% 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 16% per year whereas the company’s share price has increased by 13% per year. Announcement • Mar 09
Taiwan Fertilizer Co., Ltd., Annual General Meeting, Jun 29, 2021 Taiwan Fertilizer Co., Ltd., Annual General Meeting, Jun 29, 2021. Is New 90 Day High Low • Jan 28
New 90-day low: NT$50.30 The company is down 2.0% from its price of NT$51.20 on 30 October 2020. The Taiwanese market is up 23% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 12% over the same period. Is New 90 Day High Low • Dec 30
New 90-day high: NT$54.90 The company is up 8.0% from its price of NT$50.70 on 30 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 18% over the same period. Is New 90 Day High Low • Nov 30
New 90-day high: NT$54.10 The company is up 1.0% from its price of NT$53.40 on 01 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 10.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.52 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$2.57b (down 15% from 3Q 2019). Net income: NT$506.3m (up 8.5% from 3Q 2019). Profit margin: 20% (up from 15% 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 24% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Price Target Changed • Oct 16
Price target raised to NT$70.00 Up from NT$58.50, the current price target is provided by 1 analyst. The new target price is 39% above the current share price of NT$50.20. As of last close, the stock is up 2.2% over the past year. Is New 90 Day High Low • Sep 24
New 90-day low: NT$49.20 The company is down 2.0% from its price of NT$50.10 on 24 June 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Chemicals industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$45.05 per share.