Declared Dividend • Jun 04
Dividend of NT$0.65 announced Shareholders will receive a dividend of NT$0.65. Ex-date: 22nd June 2026 Payment date: 10th July 2026 Dividend yield will be 2.5%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (80% earnings payout ratio) and cash flows (35% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 13% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 15
First quarter 2026 earnings released: EPS: NT$0.20 (vs NT$0.17 in 1Q 2025) First quarter 2026 results: EPS: NT$0.20 (up from NT$0.17 in 1Q 2025). Revenue: NT$599.7m (down 4.2% from 1Q 2025). Net income: NT$19.7m (up 18% from 1Q 2025). Profit margin: 3.3% (up from 2.7% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Apr 28
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 68% to NT$27.45. The fair value is estimated to be NT$22.79, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.2% over the last 3 years. Earnings per share has grown by 6.9%. Buy Or Sell Opportunity • Apr 10
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 64% to NT$27.50. The fair value is estimated to be NT$22.68, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.2% over the last 3 years. Earnings per share has grown by 6.9%. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$23.00, the stock trades at a trailing P/E ratio of 29.4x. Average trailing P/E is 27x in the Chemicals industry in Taiwan. Total returns to shareholders of 66% over the past three years. New Risk • Mar 28
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 160% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.71b market cap, or US$84.5m). Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$29.00, the stock trades at a trailing P/E ratio of 37.1x. Average trailing P/E is 26x in the Chemicals industry in Taiwan. Total returns to shareholders of 113% over the past three years. Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: NT$0.78 (vs NT$0.97 in FY 2024) Full year 2025 results: EPS: NT$0.78 (down from NT$0.97 in FY 2024). Revenue: NT$2.30b (down 13% from FY 2024). Net income: NT$77.6m (down 20% from FY 2024). Profit margin: 3.4% (down from 3.6% in FY 2024). 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 but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 11
Evermore Chemical Industry Co., Ltd., Annual General Meeting, May 27, 2026 Evermore Chemical Industry Co., Ltd., Annual General Meeting, May 27, 2026, at 09:30 Taipei Standard Time. Location: no,7, kung yeh nan 2nd rd., nantou city Taiwan Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$18.85, the stock trades at a trailing P/E ratio of 41.9x. Average trailing P/E is 24x in the Chemicals industry in Taiwan. Total returns to shareholders of 39% over the past three years. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$19.25, the stock trades at a trailing P/E ratio of 42.8x. Average trailing P/E is 22x in the Chemicals industry in Taiwan. Total returns to shareholders of 40% over the past three years. New Risk • Jan 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 6.5% 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. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Minor Risks Dividend is not well covered by earnings (178% payout ratio). Share price has been volatile over the past 3 months (6.5% average weekly change). Profit margins are more than 30% lower than last year (1.9% net profit margin). Market cap is less than US$100m (NT$1.86b market cap, or US$59.0m). Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$17.65, the stock trades at a trailing P/E ratio of 39.2x. Average trailing P/E is 21x in the Chemicals industry in Taiwan. Total returns to shareholders of 31% over the past three years. Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$0.20 (vs NT$0.19 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.20 (up from NT$0.19 in 3Q 2024). Revenue: NT$559.3m (down 19% from 3Q 2024). Net income: NT$19.9m (up 2.7% from 3Q 2024). Profit margin: 3.5% (up from 2.8% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Aug 14
Second quarter 2025 earnings released: NT$0.17 loss per share (vs NT$0.22 profit in 2Q 2024) Second quarter 2025 results: NT$0.17 loss per share (down from NT$0.22 profit in 2Q 2024). Revenue: NT$557.7m (down 17% from 2Q 2024). Net loss: NT$16.4m (down 174% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 12
Upcoming dividend of NT$0.80 per share Eligible shareholders must have bought the stock before 19 June 2025. Payment date: 09 July 2025. Payout ratio and cash payout ratio are on the higher end at 96% and 77% respectively. Trailing yield: 4.7%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (3.0%). Announcement • May 30
Evermore Chemical Industry Co., Ltd. Approves 2024 Earnings Distribution Evermore Chemical Industry Co., Ltd. announced at its AGM held on May 29, 2025, shareholders approved the 2024 earning distribution of TWD 0.8 per share in cash. New Risk • May 15
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 15% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risks Dividend is not well covered by earnings (95% payout ratio). Market cap is less than US$100m (NT$1.67b market cap, or US$55.5m). Announcement • May 03
Evermore Chemical Industry Co., Ltd. to Report Q1, 2025 Results on May 12, 2025 Evermore Chemical Industry Co., Ltd. announced that they will report Q1, 2025 results on May 12, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$15.05, the stock trades at a trailing P/E ratio of 15.5x. Average trailing P/E is 18x in the Chemicals industry in Taiwan. Total loss to shareholders of 13% over the past three years. Buy Or Sell Opportunity • Apr 01
Now 21% overvalued Over the last 90 days, the stock has fallen 12% to NT$18.50. The fair value is estimated to be NT$15.31, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Earnings per share has grown by 69%. Reported Earnings • Mar 15
Full year 2024 earnings released: EPS: NT$0.97 (vs NT$0.76 in FY 2023) Full year 2024 results: EPS: NT$0.97 (up from NT$0.76 in FY 2023). Revenue: NT$2.65b (up 12% from FY 2023). Net income: NT$96.4m (up 28% from FY 2023). Profit margin: 3.6% (up from 3.2% in FY 2023). 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 4% per year, which means it is significantly lagging earnings growth. Announcement • Mar 14
Evermore Chemical Industry Co., Ltd., Annual General Meeting, May 29, 2025 Evermore Chemical Industry Co., Ltd., Annual General Meeting, May 29, 2025, at 09:30 Taipei Standard Time. Location: no,7, kung yeh nan 2nd rd., nantou city Taiwan Announcement • Mar 12
Evermore Chemical Industry Co., Ltd. Declares Cash Dividend for Year Ended December 31, 2024 Evermore Chemical Industry Co., Ltd. declared cash dividends to shareholders of TWD 0.8 per share for year ended December 31, 2024 at Par value of common stock TWD 10.00. Total amount of cash distributed to shareholders is TWD 0.8. Announcement • Mar 04
Evermore Chemical Industry Co., Ltd. to Report Fiscal Year 2024 Results on Mar 11, 2025 Evermore Chemical Industry Co., Ltd. announced that they will report fiscal year 2024 results on Mar 11, 2025 Board Change • Feb 20
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director I-Hsiu Su was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Feb 19
Evermore Chemical Industry Co., Ltd. Appoints Lee, Yu-Chi as Juristic Person Director Evermore Chemical Industry Co., Ltd. announced the change of representative of juristic person director. Name of legal person: Yue Dean Technology Co., Ltd. Name of the previous position holder: HUNG, CHI-CHIH. Resume of the previous position holder: director of EVERMORE CHEMICAL INDUSTRY CO.,LTD. Name of the new position holder: LEE, YU-CHI. Resume of the new position holder: POU CHEN CORPORATION - Global Supply Chain Management - JV Management - Deputy Director. Reason for the change: reassignment. Effective date of the new appointment: February 17, 2025 to June 26, 2027. Announcement • Jan 23
Evermore Chemical Industry Co., Ltd. Announces Demise of Hung, Chi-Chih, Director Evermore Chemical Industry Co., Ltd. announced of juristic-person director representative passed away. Name of the previous position holder: HUNG, CHI-CHIH; Resume of the previous position holder:director of EVERMORE CHEMICAL INDUSTRY CO.,LTD.; Reason for the change: passed away. Reported Earnings • Nov 19
Third quarter 2024 earnings released: EPS: NT$0.19 (vs NT$0.30 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.19 (down from NT$0.30 in 3Q 2023). Revenue: NT$686.0m (up 8.9% from 3Q 2023). Net income: NT$19.3m (down 35% from 3Q 2023). Profit margin: 2.8% (down from 4.7% in 3Q 2023). The decrease in margin was driven by higher expenses. 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 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$25.05, the stock trades at a trailing P/E ratio of 23.5x. Average trailing P/E is 21x in the Chemicals industry in Taiwan. Total returns to shareholders of 49% over the past three years. Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$28.00, the stock trades at a trailing P/E ratio of 26.3x. Average trailing P/E is 22x in the Chemicals industry in Taiwan. Total returns to shareholders of 68% over the past three years. Reported Earnings • Sep 03
Second quarter 2024 earnings released: EPS: NT$0.22 (vs NT$0.014 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.22 (up from NT$0.014 in 2Q 2023). Revenue: NT$673.2m (up 23% from 2Q 2023). Net income: NT$22.2m (up NT$20.8m from 2Q 2023). Profit margin: 3.3% (up from 0.3% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 30
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$21.75, the stock trades at a trailing P/E ratio of 25.4x. Average trailing P/E is 23x in the Chemicals industry in Taiwan. Total returns to shareholders of 27% over the past three years. Upcoming Dividend • Aug 21
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 28 August 2024. Payment date: 16 September 2024. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Taiwanese dividend payers (4.3%). Higher than average of industry peers (2.4%). Announcement • Aug 10
Evermore Chemical Industry Co., Ltd. Approves Cash Dividend, Payable on September 16, 2024 Evermore Chemical Industry Co., Ltd. at its shareholders meeting held on August 09, 2024, Type and monetary amount of common stock dividend distribution: TWD 0.5 per share in cash. Ex-rights (ex-dividend) trading date is on August 28, 2024 with Ex-rights (ex-dividend) record date is on September 03, 2024. Payment date of common stock cash dividend distribution is on September 16, 2024. Announcement • Aug 02
Evermore Chemical Industry Co., Ltd. to Report Q2, 2024 Results on Aug 09, 2024 Evermore Chemical Industry Co., Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.30 (vs NT$0.21 in 1Q 2023) First quarter 2024 results: EPS: NT$0.30 (up from NT$0.21 in 1Q 2023). Revenue: NT$622.5m (up 9.1% from 1Q 2023). Net income: NT$30.2m (up 48% from 1Q 2023). Profit margin: 4.9% (up from 3.6% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • May 03
Evermore Chemical Industry Co., Ltd. to Report Q1, 2024 Results on May 10, 2024 Evermore Chemical Industry Co., Ltd. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 10, 2024 Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: NT$0.76 (vs NT$0.35 in FY 2022) Full year 2023 results: EPS: NT$0.76 (up from NT$0.35 in FY 2022). Revenue: NT$2.37b (down 20% from FY 2022). Net income: NT$75.2m (up 114% from FY 2022). Profit margin: 3.2% (up from 1.2% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 2% per year. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: NT$0.30 (vs NT$0.036 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.30 (up from NT$0.036 in 3Q 2022). Revenue: NT$630.1m (down 11% from 3Q 2022). Net income: NT$29.7m (up NT$26.2m from 3Q 2022). Profit margin: 4.7% (up from 0.5% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Aug 19
Evermore Chemical Industry Co., Ltd. Announces Resignation of Liu Shih Wei as Research and Development Officer. Effective September 1, 2023 Evermore Chemical Industry Co., Ltd. announced resignation of Liu Shih Wei, Assistant Vice President of R&D as research and development officer. Effective date is September 1, 2023. Reported Earnings • Aug 12
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: NT$549.2m (down 33% from 2Q 2022). Net income: NT$1.40m (down 92% from 2Q 2022). Profit margin: 0.3% (down from 2.1% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Upcoming Dividend • Jul 12
Upcoming dividend of NT$0.50 per share at 3.0% yield Eligible shareholders must have bought the stock before 19 July 2023. Payment date: 08 August 2023. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.8%). Announcement • Jun 28
Evermore Chemical Industry Co., Ltd. Approves Dividend, Payable on August 8, 2023 Evermore Chemical Industry Co., Ltd. approved dividend of TWD 0.5 per share in cash at its shareholder meeting held on June 27, 2023. Ex-rights (ex-dividend) trading date is July 19, 2023. Ex-rights (ex-dividend) record date is July 25, 2023. Payment date of cash dividend distribution is August 8, 2023. New Risk • Jun 16
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.0% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.9x net interest cover). Earnings have declined by 12% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$1.67b market cap, or US$54.4m). Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$18.40, the stock trades at a trailing P/E ratio of 51.9x. Average trailing P/E is 18x in the Chemicals industry in Taiwan. Total returns to shareholders of 16% over the past three years. Reported Earnings • Mar 21
Full year 2022 earnings released: EPS: NT$0.35 (vs NT$0.10 in FY 2021) Full year 2022 results: EPS: NT$0.35 (up from NT$0.10 in FY 2021). Revenue: NT$2.96b (down 7.6% from FY 2021). Net income: NT$35.2m (up 250% from FY 2021). Profit margin: 1.2% (up from 0.3% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Chun Cheng Chen 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. Reported Earnings • May 14
First quarter 2022 earnings released: NT$0.08 loss per share (vs NT$0.022 profit in 1Q 2021) First quarter 2022 results: NT$0.08 loss per share (down from NT$0.022 profit in 1Q 2021). Revenue: NT$800.5m (up 18% from 1Q 2021). Net loss: NT$7.99m (down 474% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. 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 Chun Cheng Chen 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. Announcement • Apr 19
Evermore Chemical Industry Co., Ltd. Announces Board Changes Evermore Chemical Industry Co., Ltd. announced the change of representative of juristic person director. Name of the previous position holder: EBIHARA KENJI and ICHIKAWA TOYOAKI. Resume of the previous position holder: Managing Executive Officer, AICA Kogyo Company Limited. Executive Officer, AICA Kogyo Company Limited. Name of the new position holder: MORI YOSUKE and SAWADA KENZO. Resume of the new position holder: General Manager,Finance Department, AICA Kogyo Company Limited. General Manager,Overseas Planning Department, AICA Kogyo Company Limited. Reason for the change: Change in representative of juristic person director. Effective date of the new appointment is April 18, 2022. Reported Earnings • Nov 12
Third quarter 2021 earnings released: NT$0.03 loss per share (vs NT$0.34 profit in 3Q 2020) The company reported a soft third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: NT$777.7m (up 18% from 3Q 2020). Net loss: NT$3.03m (down 109% from profit in 3Q 2020). 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 8% per year, which means it is significantly lagging earnings growth. Executive Departure • Aug 19
Supervisor Ve-Tung Liu has left the company On the 10th of August, Ve-Tung Liu's tenure as Supervisor ended after 3.4 years in the role. We don't have any record of a personal shareholding under Ve-Tung's name. A total of 4 executives have left over the last 12 months. Executive Departure • Aug 19
Supervisor I-Hsiu Su has left the company On the 10th of August, I-Hsiu Su's tenure as Supervisor ended after 3.4 years in the role. We don't have any record of a personal shareholding under I-Hsiu's name. A total of 4 executives have left over the last 12 months. Executive Departure • Aug 19
Independent Director Chao-Hwei Chen has left the company On the 10th of August, Chao-Hwei Chen's tenure as Independent Director ended after 3.1 years in the role. We don't have any record of a personal shareholding under Chao-Hwei's name. A total of 4 executives have left over the last 12 months. Executive Departure • Aug 19
Supervisor Hui Pin Lu has left the company On the 10th of August, Hui Pin Lu's tenure as Supervisor ended after 3.4 years in the role. We don't have any record of a personal shareholding under Hui Pin's name. A total of 4 executives have left over the last 12 months. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$0.11 (vs NT$0.45 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$870.4m (up 101% from 2Q 2020). Net income: NT$11.1m (up NT$55.6m from 2Q 2020). Profit margin: 1.3% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 04
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 11 August 2021. Payment date: 31 August 2021. Trailing yield: 2.8%. Lower than top quartile of Taiwanese dividend payers (5.0%). In line with average of industry peers (2.8%). Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.02 (vs NT$0.33 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: NT$681.6m (up 28% from 1Q 2020). Net income: NT$2.14m (down 94% from 1Q 2020). Profit margin: 0.3% (down from 6.3% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improved over the past week After last week's 20% share price gain to NT$20.10, the stock trades at a trailing P/E ratio of 27x. Average trailing P/E is 20x in the Chemicals industry in Taiwan. Total returns to shareholders of 35% over the past three years. Reported Earnings • Mar 26
Full year 2020 earnings released: EPS NT$0.74 (vs NT$1.19 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$2.36b (down 26% from FY 2019). Net income: NT$74.0m (down 37% from FY 2019). Profit margin: 3.1% (down from 3.7% in FY 2019). The decrease in margin was 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 4% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 20
New 90-day low: NT$16.25 The company is down 5.0% from its price of NT$17.10 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. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.34 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$660.9m (down 19% from 3Q 2019). Net income: NT$33.8m (down 22% from 3Q 2019). Profit margin: 5.1% (down from 5.3% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Nov 11
New 90-day high: NT$17.20 The company is up 1.0% from its price of NT$16.95 on 13 August 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 6.0% over the same period. 