Declared Dividend • Jun 05
Dividend reduced to NT$0.27 Dividend of NT$0.27 is 57% lower than last year. Ex-date: 24th June 2026 Payment date: 13th July 2026 Dividend yield will be 1.2%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is well covered by both earnings (40% earnings payout ratio) and cash flows (18% 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 decline by 55% to shift the payout ratio to a potentially unsustainable range, which is more than the 7.4% EPS decline seen over the last 5 years. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$21.70, the stock trades at a trailing P/E ratio of 32.3x. Average trailing P/E is 31x in the Chemicals industry in Taiwan. Total loss to shareholders of 8.2% over the past three years. New Risk • May 08
New major risk - Revenue and earnings growth Earnings have declined by 37% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 37% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.5% net profit margin). New Risk • Mar 22
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 27% 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: Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.2% net profit margin). Announcement • Mar 06
TSRC Corporation, Annual General Meeting, May 29, 2026 TSRC Corporation, Annual General Meeting, May 29, 2026. Location: b2 floor no,108, sec.1 tun hua s. rd., taipei city Taiwan New Risk • Mar 06
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Dividend per share is over 5x earnings per share. Cash payout ratio: 144% Dividend yield: 3.0% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Dividend per share is over 5x earnings per share. Cash payout ratio: 144% Minor Risk Profit margins are more than 30% lower than last year (1.2% net profit margin). New Risk • Mar 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 7.0% 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: Minor Risks Dividend is not well covered by earnings (dividend per share is over 5x earnings per share). Share price has been volatile over the past 3 months (7.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.3% net profit margin). Reported Earnings • Nov 12
Third quarter 2025 earnings released: NT$0.10 loss per share (vs NT$0.43 profit in 3Q 2024) Third quarter 2025 results: NT$0.10 loss per share (down from NT$0.43 profit in 3Q 2024). Revenue: NT$8.61b (down 13% from 3Q 2024). Net loss: NT$82.2m (down 123% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 08
Second quarter 2025 earnings released: NT$0.08 loss per share (vs NT$0.39 profit in 2Q 2024) Second quarter 2025 results: NT$0.08 loss per share (down from NT$0.39 profit in 2Q 2024). Revenue: NT$9.13b (up 2.1% from 2Q 2024). Net loss: NT$68.0m (down 121% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jun 25
Upcoming dividend of NT$0.63 per share Eligible shareholders must have bought the stock before 01 July 2025. Payment date: 18 July 2025. Payout ratio is a comfortable 56% but the company is not cash flow positive. Trailing yield: 3.6%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.1%). Declared Dividend • Jun 11
Dividend increased to NT$0.63 Dividend of NT$0.63 is 13% higher than last year. Ex-date: 1st July 2025 Payment date: 18th July 2025 Dividend yield will be 3.5%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (56% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. 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 14
First quarter 2025 earnings released: EPS: NT$0.40 (vs NT$0.32 in 1Q 2024) First quarter 2025 results: EPS: NT$0.40 (up from NT$0.32 in 1Q 2024). Revenue: NT$10.4b (up 19% from 1Q 2024). Net income: NT$329.9m (up 26% from 1Q 2024). Profit margin: 3.2% (up from 3.0% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Announcement • May 01
TSRC Corporation to Report Q1, 2025 Results on May 08, 2025 TSRC Corporation announced that they will report Q1, 2025 results on May 08, 2025 Reported Earnings • Mar 09
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: NT$1.04 (up from NT$0.82 in FY 2023). Revenue: NT$37.2b (up 18% from FY 2023). Net income: NT$862.3m (up 27% from FY 2023). Profit margin: 2.3% (up from 2.2% in FY 2023). 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%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 49 percentage points per year, which is a significant difference in performance. Announcement • Mar 07
TSRC Corporation, Annual General Meeting, Jun 03, 2025 TSRC Corporation, Annual General Meeting, Jun 03, 2025. Location: b2 floor no,108, sec.1 tun hua s. rd., taipei city Taiwan New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Nov 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 38% 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 Risk Earnings are forecast to decline by an average of 38% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: NT$0.43 (vs NT$0.19 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.43 (up from NT$0.19 in 3Q 2023). Revenue: NT$9.93b (up 29% from 3Q 2023). Net income: NT$353.1m (up 123% from 3Q 2023). Profit margin: 3.6% (up from 2.1% in 3Q 2023). The increase in margin 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 55 percentage points per year, which is a significant difference in performance. Announcement • Oct 29
TSRC Corporation to Report Q3, 2024 Results on Nov 05, 2024 TSRC Corporation announced that they will report Q3, 2024 results on Nov 05, 2024 Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: NT$0.39 (vs NT$0.05 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.39 (up from NT$0.05 in 2Q 2023). Revenue: NT$8.94b (up 16% from 2Q 2023). Net income: NT$324.8m (up NT$283.7m from 2Q 2023). Profit margin: 3.6% (up from 0.5% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • Aug 01
TSRC Corporation to Report Q2, 2024 Results on Aug 08, 2024 TSRC Corporation announced that they will report Q2, 2024 results on Aug 08, 2024 Declared Dividend • Jun 19
Dividend reduced to NT$0.56 Dividend of NT$0.56 is 48% lower than last year. Ex-date: 4th July 2024 Payment date: 25th July 2024 Dividend yield will be 2.3%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (67% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 8.0% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: NT$0.32 (vs NT$0.31 in 1Q 2023) First quarter 2024 results: EPS: NT$0.32 (up from NT$0.31 in 1Q 2023). Revenue: NT$8.75b (up 7.8% from 1Q 2023). Net income: NT$261.1m (up 2.0% from 1Q 2023). Profit margin: 3.0% (down from 3.2% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 2 years compared to a 6.0% growth forecast for the Chemicals 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 6% per year, which means it has not declined as severely as earnings. Announcement • May 01
TSRC Corporation to Report Q1, 2024 Results on May 07, 2024 TSRC Corporation announced that they will report Q1, 2024 results on May 07, 2024 Reported Earnings • Mar 09
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: NT$0.82 (down from NT$2.16 in FY 2022). Revenue: NT$31.4b (down 7.1% from FY 2022). Net income: NT$680.0m (down 62% from FY 2022). Profit margin: 2.2% (down from 5.3% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 24%. Revenue is forecast to grow 1.1% p.a. on average during the next 2 years, compared to a 7.7% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • Mar 08
TSRC Corporation, Annual General Meeting, Jun 07, 2024 TSRC Corporation, Annual General Meeting, Jun 07, 2024. Location: B2F, No.108, Sec.1, Dunhua S. Road., Taipei City, Taiwan Taipei Taiwan Agenda: To report 2023 Employee's Compensation and Directors' Compensation distribution; To report 2023 earnings distribution and cash distribution from capital reserve; To Ratify the Proposal for 2023 Business Report and Financial Report; To Ratify the Proposal for Distribution of 2023 Earnings;. Major Estimate Revision • Nov 17
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from NT$0.76 to NT$0.66 per share. Revenue forecast steady at NT$31.4b. Net income forecast to grow 29% next year vs 45% growth forecast for Chemicals industry in Taiwan. Consensus price target down from NT$27.00 to NT$25.00. Share price rose 3.6% to NT$24.20 over the past week. Announcement • Nov 11
TSRC Corporation, Annual General Meeting, Nov 09, 2023 TSRC Corporation, Annual General Meeting, Nov 09, 2023. Agenda: To consider amendment to articles of association; to consider and Case on Exemption from non-competition restriction for directors of the Company; and to consider other matter also. Reported Earnings • Nov 07
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: NT$0.19 (down from NT$0.48 in 3Q 2022). Revenue: NT$7.69b (down 12% from 3Q 2022). Net income: NT$158.3m (down 60% from 3Q 2022). Profit margin: 2.1% (down from 4.5% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) also missed analyst estimates by 42%. Revenue is forecast to grow 2.3% p.a. on average during the next 2 years, compared to a 6.2% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 4% per year. Announcement • Oct 14
TSRC Corporation, Annual General Meeting, Oct 13, 2023 TSRC Corporation, Annual General Meeting, Oct 13, 2023. Announcement • Sep 06
TSRC Corporation, Annual General Meeting, Sep 05, 2023 TSRC Corporation, Annual General Meeting, Sep 05, 2023. Reported Earnings • Aug 02
Second quarter 2023 earnings released: EPS: NT$0.05 (vs NT$0.91 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.05 (down from NT$0.91 in 2Q 2022). Revenue: NT$7.74b (down 14% from 2Q 2022). Net income: NT$41.2m (down 95% from 2Q 2022). Profit margin: 0.5% (down from 8.3% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 22
Upcoming dividend of NT$1.08 per share at 4.0% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 21 July 2023. Payout ratio is a comfortable 64% but the company is paying out more than the cash it is generating. Trailing yield: 4.0%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.5%). Announcement • Jun 13
TSRC Corporation Announces Cash Dividend, Payable on July 31, 2023 TSRC Corporation announced Total cash dividend of TWD 891,766,776. Ex-rights (ex-dividend) trading date: June 29, 2023; Ex-rights (ex-dividend) record date: July 5, 2023. Payment date of cash dividend distribution: July 31, 2023. Announcement • Jun 01
TSRC Corporation Approves Cash Dividend for 2022 TSRC Corporation announced that at its Annual Shareholders Meeting held on May 31, 2023, approved 2022 earnings distribution of a TWD 1.08 cash dividend per common share. Reported Earnings • Mar 14
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: NT$2.16 (down from NT$4.76 in FY 2021). Revenue: NT$33.8b (up 4.0% from FY 2021). Net income: NT$1.78b (down 55% from FY 2021). Profit margin: 5.3% (down from 12% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 18%. Revenue is forecast to grow 5.2% p.a. on average during the next 2 years, compared to a 1.5% growth forecast for the Chemicals 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 only increased by 20% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 16
Price target decreased to NT$34.67 Down from NT$41.00, the current price target is an average from 3 analysts. New target price is 30% above last closing price of NT$26.75. Stock is down 19% over the past year. The company is forecast to post earnings per share of NT$2.69 for next year compared to NT$4.76 last year. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 4 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Chao Sean was the last independent director to join the board, commencing their role in 2018. 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 • Nov 09
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: NT$0.47 (down from NT$1.75 in 3Q 2021). Revenue: NT$8.74b (up 14% from 3Q 2021). Net income: NT$393.5m (down 73% from 3Q 2021). Profit margin: 4.5% (down from 19% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.4%. Earnings per share (EPS) missed analyst estimates by 36%. Revenue is forecast to grow 6.1% p.a. on average during the next 3 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 71% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 08
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: NT$0.91 (down from NT$1.21 in 2Q 2021). Revenue: NT$8.97b (up 5.3% from 2Q 2021). Net income: NT$748.7m (down 25% from 2Q 2021). Profit margin: 8.3% (down from 12% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) also surpassed analyst estimates by 33%. Over the next year, revenue is forecast to grow 5.3% while the industry in Taiwan is not expected to grow. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 07
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from NT$35.1b to NT$34.5b. EPS estimate rose from NT$2.76 to NT$3.29. Net income forecast to shrink 29% next year vs 1.1% decline forecast for Chemicals industry in Taiwan. Consensus price target of NT$34.67 unchanged from last update. Share price rose 3.5% to NT$26.75 over the past week. Upcoming Dividend • Jul 12
Upcoming dividend of NT$2.40 per share Eligible shareholders must have bought the stock before 19 July 2022. Payment date: 05 August 2022. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 9.0%. Within top quartile of Taiwanese dividend payers (6.7%). In line with average of industry peers (8.2%). Announcement • Jun 18
TSRC Corporation Approves Cash Dividend for 2021 TSRC Corporation at its 2022 Annual Shareholders Meeting held on June 17, 2022 ratified 2021 earnings distribution of a TWD 2.40 cash dividend per common share. Major Estimate Revision • May 28
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$36.4b to NT$35.1b. EPS estimate also fell from NT$3.44 per share to NT$3.02 per share. Net income forecast to shrink 26% next year vs 7.5% decline forecast for Chemicals industry in Taiwan. Consensus price target down from NT$41.00 to NT$35.67. Share price was steady at NT$29.95 over the past week. Reported Earnings • May 08
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: NT$0.79 (down from NT$1.09 in 1Q 2021). Revenue: NT$8.64b (up 5.2% from 1Q 2021). Net income: NT$652.2m (down 27% from 1Q 2021). Profit margin: 7.5% (down from 11% in 1Q 2021). Revenue exceeded analyst estimates by 3.4%. Earnings per share (EPS) also surpassed analyst estimates by 39%. Over the next year, revenue is forecast to grow 12% while the industry in Taiwan is not expected to grow. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target increased to NT$45.67 Up from NT$35.50, the current price target is an average from 3 analysts. New target price is 46% above last closing price of NT$31.20. Stock is down 11% over the past year. The company is forecast to post earnings per share of NT$3.74 for next year compared to NT$4.76 last year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 4 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Chao Sean was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Major Estimate Revision • Mar 18
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from NT$31.7b to NT$36.2b. EPS estimate fell from NT$3.89 to NT$3.74. Net income forecast to shrink 22% next year vs 15% decline forecast for Chemicals industry in Taiwan. Consensus price target of NT$41.38 unchanged from last update. Share price was steady at NT$34.10 over the past week. Reported Earnings • Mar 12
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: NT$4.76 (up from NT$0.027 loss in FY 2020). Revenue: NT$32.5b (up 35% from FY 2020). Net income: NT$3.93b (up NT$3.95b from FY 2020). Profit margin: 12% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) missed analyst estimates by 3.9%. Over the next year, revenue is forecast to decline by -2.7% while the industry in Taiwan is not expected to grow. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Price Target Changed • Dec 29
Price target increased to NT$39.17 Up from NT$35.50, the current price target is an average from 3 analysts. New target price is 6.9% below last closing price of NT$42.05. Stock is up 80% over the past year. The company is forecast to post earnings per share of NT$4.82 next year compared to a net loss per share of NT$0.027 last year. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improved over the past week After last week's 20% share price gain to NT$41.80, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 11x in the Chemicals industry in Taiwan. Total returns to shareholders of 68% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$51.16 per share. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$1.75 (vs NT$0.28 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$7.67b (up 37% from 3Q 2020). Net income: NT$1.44b (up NT$1.67b from 3Q 2020). Profit margin: 19% (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 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 18
Upcoming dividend of NT$0.36 per share Eligible shareholders must have bought the stock before 25 August 2021. Payment date: 15 September 2021. Trailing yield: 1.2%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (2.9%). Major Estimate Revision • Aug 11
Consensus revenue estimates increase to NT$34.2b The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from NT$30.3b to NT$34.2b. EPS estimate increased from NT$2.93 to NT$4.24 per share. Net income forecast to grow 44% next year vs 28% growth forecast for Chemicals industry in Taiwan. Consensus price target of NT$34.50 unchanged from last update. Share price was steady at NT$31.40 over the past week. Reported Earnings • Aug 05
Second quarter 2021 earnings released: EPS NT$1.21 (vs NT$0.14 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$8.52b (up 54% from 2Q 2020). Net income: NT$1.00b (up NT$1.12b from 2Q 2020). Profit margin: 12% (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 fallen by 23% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Major Estimate Revision • Jun 19
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from NT$3.50 to NT$2.93 per share. Revenue forecast steady at NT$30.3b. Net income forecast to grow 236% next year vs 13% growth forecast for Chemicals industry in Taiwan. Consensus price target of NT$34.50 unchanged from last update. Share price fell 2.0% to NT$34.05 over the past week. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improved over the past week After last week's 16% share price gain to NT$35.75, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 14x in the Chemicals industry in Taiwan. Total returns to shareholders of 24% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$27.70 per share. Price Target Changed • May 25
Price target increased to NT$33.75 Up from NT$29.33, the current price target is an average from 2 analysts. New target price is 15% above last closing price of NT$29.40. Stock is up 78% over the past year. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorated over the past week After last week's 21% share price decline to NT$29.70, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Chemicals industry in Taiwan. Total returns to shareholders of 1.9% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$27.40 per share. Reported Earnings • May 07
First quarter 2021 earnings released: EPS NT$1.09 (vs NT$0.072 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$8.22b (up 27% from 1Q 2020). Net income: NT$897.0m (up NT$837.6m from 1Q 2020). Profit margin: 11% (up from 0.9% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Mar 16
Full year 2020 earnings released: NT$0.03 loss per share (vs NT$0.90 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$24.0b (down 17% from FY 2019). Net loss: NT$21.9m (down 103% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 50% 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. Price Target Changed • Mar 05
Price target raised to NT$25.83 Up from NT$23.17, the current price target is an average from 3 analysts. The new target price is 10.0% below the current share price of NT$28.70. As of last close, the stock is up 34% over the past year. Is New 90 Day High Low • Feb 18
New 90-day high: NT$25.45 The company is up 16% from its price of NT$22.00 on 20 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Chemicals industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$17.48 per share. Is New 90 Day High Low • Dec 21
New 90-day high: NT$24.05 The company is up 31% from its price of NT$18.30 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 Chemicals industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$17.42 per share. Is New 90 Day High Low • Nov 25
New 90-day high: NT$22.30 The company is up 33% from its price of NT$16.80 on 27 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 Chemicals industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$15.85 per share. Reported Earnings • Nov 04
Third quarter 2020 earnings released: NT$0.28 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$5.61b (down 19% from 3Q 2019). Net loss: NT$231.3m (down NT$250.0m from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Nov 04
Revenue and earnings miss expectations Revenue missed analyst estimates by 14%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is forecast to grow 7.6%, compared to a 5.7% growth forecast for the Chemicals industry in Taiwan. Is New 90 Day High Low • Oct 26
New 90-day high: NT$22.10 The company is up 46% from its price of NT$15.10 on 28 July 2020. The Taiwanese market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$10.26 per share. Price Target Changed • Oct 07
Price target raised to NT$19.50 Up from NT$18.00, the current price target is an average from 2 analysts. The new target price is 8.0% below the current share price of NT$21.20. As of last close, the stock is down 12% over the past year. Major Estimate Revision • Oct 06
Analysts update estimates The 2020 consensus earning per share (EPS) estimate increased from NT$0.34 to NT$0.57. Revenue estimate for the same period was approximately flat at NT$26.7b. Net income is expected to grow by 930% next year compared to 47% growth forecast for the Chemicals industry in Taiwan. The consensus price target of NT$19.50 was unchanged from the last update. Share price is up 12% to NT$19.85 over the past week. Is New 90 Day High Low • Oct 06
New 90-day high: NT$19.85 The company is up 14% from its price of NT$17.45 on 08 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$10.35 per share.