Reported Earnings • May 20
First quarter 2026 earnings: EPS exceeds analyst expectations First quarter 2026 results: EPS: NT$1.17 (up from NT$0.67 in 1Q 2025). Revenue: NT$31.2b (up 20% from 1Q 2025). Net income: NT$2.91b (up 88% from 1Q 2025). Profit margin: 9.3% (up from 5.9% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 46%. Revenue is forecast to grow 6.5% p.a. on average during the next 2 years, compared to a 4.9% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Major Estimate Revision • May 14
Consensus revenue estimates increase by 16% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from NT$110.4b to NT$127.8b. EPS estimate increased from NT$3.67 to NT$5.02 per share. Net income forecast to grow 94% next year vs 26% growth forecast for Metals and Mining industry in Taiwan. Consensus price target up from NT$44.50 to NT$45.50. Share price was steady at NT$39.85 over the past week. Announcement • Mar 12
Ta Chen Stainless Pipe Co., Ltd., Annual General Meeting, Jun 16, 2026 Ta Chen Stainless Pipe Co., Ltd., Annual General Meeting, Jun 16, 2026, at 09:00 Taipei Standard Time. Location: no,261, nan men rd., tainan city Taiwan Buy Or Sell Opportunity • Dec 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.3% to NT$35.10. The fair value is estimated to be NT$43.97, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.8% over the last 3 years. Earnings per share has declined by 44%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 38% in the next 2 years. Price Target Changed • Nov 27
Price target decreased by 18% to NT$48.25 Down from NT$58.90, the current price target is an average from 2 analysts. New target price is 26% above last closing price of NT$38.20. Stock is up 10% over the past year. The company is forecast to post earnings per share of NT$2.61 for next year compared to NT$1.53 last year. Reported Earnings • Nov 17
Third quarter 2025 earnings: EPS exceeds analyst expectations Third quarter 2025 results: EPS: NT$1.00 (up from NT$0.13 in 3Q 2024). Revenue: NT$25.9b (up 19% from 3Q 2024). Net income: NT$2.32b (up NT$2.03b from 3Q 2024). Profit margin: 9.0% (up from 1.3% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 29%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Price Target Changed • Nov 15
Price target decreased by 11% to NT$52.17 Down from NT$58.90, the current price target is an average from 3 analysts. New target price is 35% above last closing price of NT$38.60. Stock is up 19% over the past year. The company is forecast to post earnings per share of NT$2.51 for next year compared to NT$1.53 last year. Announcement • Sep 11
Ta Chen Stainless Pipe Co., Ltd. announced that it has received ¥7 million in funding from Toyota Tsusho Corporation Ta Chen Stainless Pipe Co., Ltd. announced private placement of common shares for gross proceeds of ¥7,000,000 ($46,650,000) on September 10, 2025. The transaction includes participation from Toyota Tsusho Corporation. The shares have been issued through third party allocation. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS misses analyst expectations Second quarter 2025 results: EPS: NT$0.42 (up from NT$0.40 in 2Q 2024). Revenue: NT$25.4b (up 5.3% from 2Q 2024). Net income: NT$959.5m (up 4.6% from 2Q 2024). Profit margin: 3.8% (in line with 2Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 31%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 3.5% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 04
Upcoming dividend of NT$1.10 per share Eligible shareholders must have bought the stock before 11 July 2025. Payment date: 14 August 2025. Payout ratio is a comfortable 63% but the company is paying out more than the cash it is generating. Trailing yield: 3.2%. Lower than top quartile of Taiwanese dividend payers (5.3%). In line with average of industry peers (3.2%). Announcement • Jun 12
Ta Chen Stainless Pipe Co., Ltd. Approves Cash Dividend for 2024 Ta Chen Stainless Pipe Co., Ltd. at its AGM, held on June 11, 2025, approved cash dividend of TWD 1.1 per share for 2024. Reported Earnings • May 16
First quarter 2025 earnings: EPS misses analyst expectations First quarter 2025 results: EPS: NT$0.67 (up from NT$0.47 in 1Q 2024). Revenue: NT$26.1b (up 12% from 1Q 2024). Net income: NT$1.55b (up 43% from 1Q 2024). Profit margin: 5.9% (up from 4.7% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to grow 9.3% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • May 14
Ta Chen Stainless Pipe Co., Ltd. has filed a Follow-on Equity Offering. Ta Chen Stainless Pipe Co., Ltd. has filed a Follow-on Equity Offering.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 37,500,000
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 112,500,000
Transaction Features: Reserved Share Offering; Rights Offering Announcement • May 01
Ta Chen Stainless Pipe Co., Ltd. to Report Q1, 2025 Results on May 12, 2025 Ta Chen Stainless Pipe Co., Ltd. announced that they will report Q1, 2025 results on May 12, 2025 Major Estimate Revision • Apr 22
Consensus EPS estimates fall by 35% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$104.0b to NT$96.7b. EPS estimate also fell from NT$3.29 per share to NT$2.15 per share. Net income forecast to grow 48% next year vs 5.2% growth forecast for Metals and Mining industry in Taiwan. Consensus price target down from NT$58.90 to NT$55.50. Share price fell 14% to NT$40.35 over the past week. Buy Or Sell Opportunity • Apr 08
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 57% to NT$45.70. The fair value is estimated to be NT$37.65, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.1% over the last 3 years. Earnings per share has declined by 52%. Revenue is forecast to grow by 22% in 2 years. Earnings are forecast to grow by 146% in the next 2 years. Reported Earnings • Mar 20
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: NT$1.53 (down from NT$2.30 in FY 2023). Revenue: NT$90.4b (down 11% from FY 2023). Net income: NT$3.54b (down 34% from FY 2023). Profit margin: 3.9% (down from 5.3% in FY 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 19%. Revenue is forecast to grow 9.7% p.a. on average during the next 2 years, compared to a 6.0% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Major Estimate Revision • Mar 15
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from NT$103.8b to NT$104.9b. EPS estimate increased from NT$2.82 to NT$3.19 per share. Net income forecast to grow 140% next year vs 5.2% growth forecast for Metals and Mining industry in Taiwan. Consensus price target up from NT$46.20 to NT$51.20. Share price was steady at NT$51.10 over the past week. Announcement • Mar 14
Ta Chen Stainless Pipe Co., Ltd., Annual General Meeting, Jun 11, 2025 Ta Chen Stainless Pipe Co., Ltd., Annual General Meeting, Jun 11, 2025, at 09:00 Taipei Standard Time. Location: no,261, nan men rd., tainan city Taiwan Price Target Changed • Feb 26
Price target increased by 9.5% to NT$46.20 Up from NT$42.20, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of NT$47.45. Stock is up 33% over the past year. The company is forecast to post earnings per share of NT$1.29 for next year compared to NT$2.30 last year. Buy Or Sell Opportunity • Feb 25
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 37% to NT$48.25. The fair value is estimated to be NT$39.77, 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 42%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 171% in the next 2 years. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$44.05, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 14x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 25% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$39.04 per share. Reported Earnings • Nov 17
Third quarter 2024 earnings: EPS misses analyst expectations Third quarter 2024 results: EPS: NT$0.13 (down from NT$0.55 in 3Q 2023). Revenue: NT$21.7b (down 10% from 3Q 2023). Net income: NT$289.6m (down 77% from 3Q 2023). Profit margin: 1.3% (down from 5.2% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 59%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 3.1% growth forecast for the Metals and Mining industry in Taiwan. 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 3% per year, which means it has not declined as severely as earnings. New Risk • Nov 17
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: 3.0% Last year net profit margin: 5.2% 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 (101% payout ratio). Profit margins are more than 30% lower than last year (3.0% net profit margin). Major Estimate Revision • Nov 13
Consensus EPS estimates fall by 24% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$95.4b to NT$91.2b. EPS estimate also fell from NT$1.92 per share to NT$1.46 per share. Net income forecast to grow 47% next year vs 7.4% growth forecast for Metals and Mining industry in Taiwan. Consensus price target up from NT$39.53 to NT$40.70. Share price fell 2.5% to NT$33.30 over the past week. Announcement • Nov 05
Ta Chen Stainless Pipe Co., Ltd. to Report Q3, 2024 Results on Nov 12, 2024 Ta Chen Stainless Pipe Co., Ltd. announced that they will report Q3, 2024 results on Nov 12, 2024 Price Target Changed • Sep 10
Price target decreased by 11% to NT$40.50 Down from NT$45.50, the current price target is an average from 2 analysts. New target price is 26% above last closing price of NT$32.15. Stock is down 11% over the past year. The company is forecast to post earnings per share of NT$1.92 for next year compared to NT$2.30 last year. Major Estimate Revision • Aug 31
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$98.2b to NT$93.0b. EPS estimate also fell from NT$2.19 per share to NT$1.89 per share. Net income forecast to grow 67% next year vs 18% growth forecast for Metals and Mining industry in Taiwan. Consensus price target up from NT$43.00 to NT$45.50. Share price rose 3.1% to NT$36.50 over the past week. Price Target Changed • Aug 30
Price target increased by 13% to NT$45.50 Up from NT$40.25, the current price target is an average from 2 analysts. New target price is 25% above last closing price of NT$36.50. The company is forecast to post earnings per share of NT$1.89 for next year compared to NT$2.30 last year. Reported Earnings • Aug 18
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: NT$0.40 (down from NT$0.70 in 2Q 2023). Revenue: NT$24.1b (down 8.5% from 2Q 2023). Net income: NT$916.9m (down 44% from 2Q 2023). Profit margin: 3.8% (down from 6.2% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) also missed analyst estimates by 48%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 4.8% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Aug 03
Ta Chen Stainless Pipe Co., Ltd. to Report Q2, 2024 Results on Aug 12, 2024 Ta Chen Stainless Pipe Co., Ltd. announced that they will report Q2, 2024 results on Aug 12, 2024 Declared Dividend • Jul 18
Dividend of NT$1.20 announced Shareholders will receive a dividend of NT$1.20. Ex-date: 5th August 2024 Payment date: 4th September 2024 Dividend yield will be 3.1%, which is lower than the industry average of 3.9%. Sustainability & Growth Dividend is covered by both earnings (63% earnings payout ratio) and cash flows (11% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 24% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 16
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: NT$0.47 (down from NT$0.86 in 1Q 2023). Revenue: NT$23.2b (down 20% from 1Q 2023). Net income: NT$1.08b (down 45% from 1Q 2023). Profit margin: 4.7% (down from 6.8% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) also missed analyst estimates by 15%. Revenue is forecast to grow 6.6% p.a. on average during the next 2 years, compared to a 2.8% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. New Risk • Mar 23
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 41% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (41% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (5.3% net profit margin). Major Estimate Revision • Mar 23
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$107.7b to NT$102.4b. EPS estimate also fell from NT$3.02 per share to NT$2.57 per share. Net income forecast to grow 17% next year vs 12% growth forecast for Metals and Mining industry in Taiwan. Consensus price target of NT$39.00 unchanged from last update. Share price rose 2.2% to NT$37.10 over the past week. Reported Earnings • Mar 17
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: NT$2.30 (down from NT$5.19 in FY 2022). Revenue: NT$101.3b (down 11% from FY 2022). Net income: NT$5.33b (down 56% from FY 2022). Profit margin: 5.3% (down from 11% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 2.1%. Revenue is forecast to grow 8.5% p.a. on average during the next 2 years, compared to a 3.9% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 14% per year. Announcement • Mar 14
Ta Chen Stainless Pipe Co., Ltd., Annual General Meeting, Jun 19, 2024 Ta Chen Stainless Pipe Co., Ltd., Annual General Meeting, Jun 19, 2024. Price Target Changed • Jan 15
Price target decreased by 7.6% to NT$39.00 Down from NT$42.22, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of NT$37.40. Stock is up 4.4% over the past year. The company is forecast to post earnings per share of NT$2.34 for next year compared to NT$5.19 last year. Major Estimate Revision • Aug 21
Consensus revenue estimates fall by 13% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$117.4b to NT$102.1b. EPS estimate fell from NT$3.22 to NT$2.37 per share. Net income forecast to grow 13% next year vs 8.1% growth forecast for Metals and Mining industry in Taiwan. Consensus price target broadly unchanged at NT$43.00. Share price fell 3.8% to NT$36.30 over the past week. New Risk • Aug 18
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: 5.5% Last year net profit margin: 14% 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 High level of debt (44% net debt to equity). Dividend is not well covered by cash flows (115% cash payout ratio). Profit margins are more than 30% lower than last year (5.5% net profit margin). Reported Earnings • Aug 17
Second quarter 2023 earnings: EPS misses analyst expectations Second quarter 2023 results: EPS: NT$0.70 (down from NT$2.36 in 2Q 2022). Revenue: NT$26.4b (down 18% from 2Q 2022). Net income: NT$1.63b (down 70% from 2Q 2022). Profit margin: 6.2% (down from 17% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.7%. Revenue is forecast to grow 9.6% p.a. on average during the next 2 years, compared to a 4.3% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 21
Upcoming dividend of NT$2.40 per share at 4.9% yield Eligible shareholders must have bought the stock before 28 July 2023. Payment date: 04 September 2023. Payout ratio is a comfortable 48% but the company is paying out more than the cash it is generating. Trailing yield: 4.9%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.8%). New Risk • Jun 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.2% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Earnings are forecast to decline by an average of 5.2% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (dividend per share is over 17x cash flows per share). New Risk • Jun 19
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% 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 (18% operating cash flow to total debt). Minor Risk Dividend is not well covered by cash flows (dividend per share is over 17x cash flows per share). Price Target Changed • Mar 15
Price target increased by 7.4% to NT$50.50 Up from NT$47.00, the current price target is an average from 2 analysts. New target price is 10% above last closing price of NT$45.80. Stock is down 4.9% over the past year. The company is forecast to post earnings per share of NT$6.29 for next year compared to NT$5.70 last year. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. 4 highly experienced directors. 3 independent directors (8 non-independent directors). Independent Director Chun-An Hsu was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Nov 12
Ta Chen Stainless Pipe Co., Ltd. Announces Executive Changes Ta Chen Stainless Pipe Co., Ltd. announced the change of Chief Information Security Officer. Name, title, and resume of the previous position holder: Dennis Chang /Vice President. Name, title, and resume of the new position holder: Keven Hong /Information Department Manager. Reason for the change: Dennis Chang is the Chief Information Security Officer of the subsidiary Brighton Best International (Taiwan) Inc. Effective date is November 11, 2022. Reported Earnings • Aug 15
Second quarter 2022 earnings: EPS exceeds analyst expectations Second quarter 2022 results: EPS: NT$2.83 (up from NT$1.42 in 2Q 2021). Revenue: NT$32.3b (up 27% from 2Q 2021). Net income: NT$5.47b (up 134% from 2Q 2021). Profit margin: 17% (up from 9.2% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.1%. Over the next year, revenue is forecast to grow 5.9% compared to a 5.0% decline forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Price Target Changed • Jul 28
Price target decreased to NT$51.23 Down from NT$61.88, the current price target is provided by 1 analyst. New target price is 47% above last closing price of NT$34.90. Stock is down 32% over the past year. The company is forecast to post earnings per share of NT$7.69 for next year compared to NT$5.70 last year. Upcoming Dividend • Jul 13
Upcoming dividend of NT$1.80 per share Eligible shareholders must have bought the stock before 20 July 2022. Payment date: 25 August 2022. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 5.3%. Lower than top quartile of Taiwanese dividend payers (6.9%). Lower than average of industry peers (9.1%). Announcement • Jul 06
Ta Chen Stainless Pipe Co., Ltd. Announces Cash Dividend, Payable August 25, 2022 The board of directors or shareholders meeting or decision by the Ta Chen Stainless Pipe Co., Ltd. July 5, 2022, announced Cash dividends of TWD 3,615,238,536 (TWD 1.8 per share). Ex-rights (ex-dividend) trading date is July 20, 2022. Ex-rights (ex-dividend) record date is July 26, 2022. The Cash dividends will be paid on August 25, 2022. Reported Earnings • May 17
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: NT$2.24 (up from NT$0.88 in 1Q 2021). Revenue: NT$30.2b (up 44% from 1Q 2021). Net income: NT$4.29b (up 199% from 1Q 2021). Profit margin: 14% (up from 6.8% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 15%. Earnings per share (EPS) also surpassed analyst estimates by 65%. Over the next year, revenue is forecast to grow 23%, compared to a 5.0% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • May 12
Ta Chen Stainless Pipe Co., Ltd. Announces Appointment of Dennis Chang as Chief Information Security Officer Ta Chen Stainless Pipe Co., Ltd. announced the appointment of Dennis Chang as Chief Information Security Officer, effective from May 10, 2022. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 3 independent directors (9 non-independent directors). Independent Director Chun-An Hsu was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 02
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: NT$5.76 (up from NT$0.44 loss in FY 2020). Revenue: NT$96.9b (up 64% from FY 2020). Net income: NT$9.67b (up NT$10.2b from FY 2020). Profit margin: 10.0% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 21%, compared to a 8.4% growth forecast for the mining industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Dec 19
Ta Chen Stainless Pipe Co., Ltd. (TWSE:2027) acquired a 38.43% stake in TY Steel Co., Ltd. for approximately THB 750 million. Ta Chen Stainless Pipe Co., Ltd. (TWSE:2027) acquired a 38.43% stake in TY Steel Co., Ltd. for approximately THB 750 million on December 17, 2021. 74.840 million shares are acquired at Unit price of THB 10. Transaction is funded from bank loan.
Ta Chen Stainless Pipe Co., Ltd. (TWSE:2027) completed the acquisition of a 38.43% stake in TY Steel Co., Ltd. on December 17, 2021. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$1.86 (vs NT$0.076 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$26.0b (up 79% from 3Q 2020). Net income: NT$3.04b (up NT$3.13b from 3Q 2020). Profit margin: 12% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$1.44 (vs NT$0.58 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$25.5b (up 111% from 2Q 2020). Net income: NT$2.34b (up NT$3.07b from 2Q 2020). Profit margin: 9.2% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Aug 14
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from NT$5.38 to NT$6.08. Revenue forecast steady at NT$99.9b. Net income forecast to grow 856% next year vs 59% growth forecast for Metals and Mining industry in Taiwan. Consensus price target of NT$67.50 unchanged from last update. Share price rose 2.5% to NT$52.30 over the past week. Upcoming Dividend • Aug 02
Upcoming dividend of NT$0.80 per share Eligible shareholders must have bought the stock before 09 August 2021. Payment date: 09 September 2021. Trailing yield: 1.5%. Lower than top quartile of Taiwanese dividend payers (5.0%). In line with average of industry peers (1.5%). Major Estimate Revision • Jul 14
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from NT$4.63 to NT$5.38. Revenue forecast steady at NT$99.1b. Net income forecast to grow 763% next year vs 91% growth forecast for Metals and Mining industry in Taiwan. Consensus price target up from NT$60.00 to NT$67.50. Share price fell 4.7% to NT$54.40 over the past week. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improved over the past week After last week's 21% share price gain to NT$57.90, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 95% over the past three years. Major Estimate Revision • Jun 05
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from NT$83.5b to NT$99.3b. EPS estimate fell from NT$5.85 to NT$4.63. Net income forecast to grow 822% next year vs 82% growth forecast for Metals and Mining industry in Taiwan. Consensus price target up from NT$41.67 to NT$50.00. Share price rose 8.1% to NT$48.60 over the past week. Valuation Update With 7 Day Price Move • May 24
Investor sentiment improved over the past week After last week's 17% share price gain to NT$40.20, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 51% over the past three years. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.88 (vs NT$0.17 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$21.0b (up 30% from 1Q 2020). Net income: NT$1.43b (up NT$1.64b from 1Q 2020). Profit margin: 6.8% (up from net loss in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 31
Full year 2020 earnings released: NT$0.48 loss per share (vs NT$1.46 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: NT$59.2b (down 24% from FY 2019). Net loss: NT$573.4m (down 132% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Mar 04
New 90-day high: NT$32.80 The company is up 7.0% from its price of NT$30.60 on 04 December 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$50.89 per share. Is New 90 Day High Low • Dec 21
New 90-day high: NT$32.40 The company is up 60% from its price of NT$20.20 on 22 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$69.36 per share. Price Target Changed • Dec 04
Price target raised to NT$34.50 Up from NT$30.88, the current price target is an average from 2 analysts. The new target price is 13% above the current share price of NT$30.60. As of last close, the stock is up 1.7% over the past year. Is New 90 Day High Low • Nov 26
New 90-day high: NT$26.35 The company is up 24% from its price of NT$21.25 on 28 August 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 15% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: NT$0.08 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: NT$14.6b (down 27% from 3Q 2019). Net loss: NT$95.2m (down 143% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings.