Declared Dividend • May 11
Dividend of NT$6.00 announced Shareholders will receive a dividend of NT$6.00. Ex-date: 26th June 2026 Payment date: 24th July 2026 Dividend yield will be 5.0%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is not covered by earnings (139% earnings payout ratio) and 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. The company's earnings per share (EPS) would need to grow by 54% to bring the payout ratio under control. However, EPS has declined by 17% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Mar 08
Full year 2025 earnings released: NT$5.31 loss per share (vs NT$2.71 profit in FY 2024) Full year 2025 results: NT$5.31 loss per share (down from NT$2.71 profit in FY 2024). Revenue: NT$1.01b (down 87% from FY 2024). Net loss: NT$569.6m (down 301% from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Announcement • Feb 26
Swancor Holding Co., LTD., Annual General Meeting, May 28, 2026 Swancor Holding Co., LTD., Annual General Meeting, May 28, 2026. Location: no,588, tung min rd., nantou city Taiwan Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$120, the stock trades at a trailing P/E ratio of 70.1x. Average trailing P/E is 23x in the Chemicals industry in Taiwan. Total returns to shareholders of 24% over the past three years. New Risk • Nov 26
New major risk - Revenue and earnings growth Earnings have declined by 1.8% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.2% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 139% Paying a dividend despite having no free cash flows. Earnings have declined by 1.8% per year over the past 5 years. Reported Earnings • Nov 08
Third quarter 2025 earnings released: NT$0.85 loss per share (vs NT$0.46 profit in 3Q 2024) Third quarter 2025 results: NT$0.85 loss per share (down from NT$0.46 profit in 3Q 2024). Revenue: NT$152.9m (down 93% from 3Q 2024). Net loss: NT$93.0m (down 286% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • Aug 09
Second quarter 2025 earnings released: NT$0.35 loss per share (vs NT$0.76 profit in 2Q 2024) Second quarter 2025 results: NT$0.35 loss per share (down from NT$0.76 profit in 2Q 2024). Revenue: NT$1.98b (up 2.8% from 2Q 2024). Net loss: NT$37.7m (down 148% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$86.20, the stock trades at a trailing P/E ratio of 35.5x. Average forward P/E is 19x in the Chemicals industry in Taiwan. Total loss to shareholders of 15% over the past three years. Upcoming Dividend • Jun 26
Upcoming dividend of NT$2.35 per share Eligible shareholders must have bought the stock before 03 July 2025. Payment date: 30 July 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 7.8%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.1%). Declared Dividend • Jun 07
Dividend reduced to NT$2.30 Dividend of NT$2.30 is 59% lower than last year. Ex-date: 3rd July 2025 Payment date: 30th July 2025 Dividend yield will be 2.7%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is not covered by earnings (288% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 4.7% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 220% to bring the payout ratio under control. However, EPS has declined by 10% over the last 5 years so the company would need to reverse this trend. New Risk • Jun 04
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 8.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 288% Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (8.7% average weekly change). Profit margins are more than 30% lower than last year (3.2% net profit margin). Announcement • May 15
Swancor Holding Co., Ltd. Announces Resignation of Jia-Hong Wong as Chief Internal Auditor Effective May 12, 2025 Swancor Holding Co., LTD. announced the resignation of its Chief Internal Auditor, JIA-HONG WONG, effective May 12, 2025. JIA-HONG WONG previously held the position of Chief Administrator at Swancor Holding Co., Ltd. The position of the chief internal auditor is temporarily performed by the deputy. A further announcement will be made after the resolutions of the Audit Committee and the Board of Directors regarding the new chief internal auditor. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: NT$0.48 (vs NT$0.77 in 1Q 2024) First quarter 2025 results: EPS: NT$0.48 (down from NT$0.77 in 1Q 2024). Revenue: NT$1.96b (up 13% from 1Q 2024). Net income: NT$52.3m (down 31% from 1Q 2024). Profit margin: 2.7% (down from 4.4% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Announcement • May 01
Swancor Holding Co., LTD. to Report Q1, 2025 Results on May 08, 2025 Swancor Holding Co., LTD. announced that they will report Q1, 2025 results on May 08, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$61.60, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 16x in the Chemicals industry in Taiwan. Total loss to shareholders of 39% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$37.13 per share. Reported Earnings • Mar 19
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: NT$2.71 (down from NT$12.88 in FY 2023). Revenue: NT$7.87b (up 7.9% from FY 2023). Net income: NT$284.1m (down 77% from FY 2023). Profit margin: 3.6% (down from 17% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 8.4%. Earnings per share (EPS) also missed analyst estimates by 6.2%. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Mar 07
Swancor Holding Co., LTD., Annual General Meeting, May 26, 2025 Swancor Holding Co., LTD., Annual General Meeting, May 26, 2025. Location: no,588, tung min rd., nantou city Taiwan New Risk • Nov 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 10% 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 10% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (94% cash payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (9.3% net profit margin). Shareholders have been diluted in the past year (12% increase in shares outstanding). Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: NT$0.46 (vs NT$5.66 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.46 (down from NT$5.66 in 3Q 2023). Revenue: NT$2.11b (up 9.6% from 3Q 2023). Net income: NT$50.1m (down 91% from 3Q 2023). Profit margin: 2.4% (down from 29% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 27% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Chemicals industry in Taiwan. 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 1% per year, which means it is significantly lagging earnings growth. New Risk • Aug 15
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 43% 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 Earnings are forecast to decline by an average of 10% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (91% cash payout ratio). Share price has been volatile over the past 3 months (8.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (9.3% net profit margin). Shareholders have been diluted in the past year (8.6% increase in shares outstanding). Reported Earnings • Aug 10
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: NT$0.76 (down from NT$7.11 in 2Q 2023). Revenue: NT$1.93b (up 12% from 2Q 2023). Net income: NT$78.2m (down 89% from 2Q 2023). Profit margin: 4.1% (down from 40% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.9%. Earnings per share (EPS) also surpassed analyst estimates by 43%. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 4.9% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Aug 10
Swancor Holding Co., Ltd. Announces Distribution of Dividends for the First Half of 2024 Swancor Holding Co., LTD. announced the distribution of dividends for the first half of 2024. Type and monetary amount of dividend distribution: Cash Dividends RMB 15,731,107.39. Announcement • Aug 02
Swancor Holding Co., LTD. to Report Q2, 2024 Results on Aug 08, 2024 Swancor Holding Co., LTD. announced that they will report Q2, 2024 results on Aug 08, 2024 Upcoming Dividend • Jun 24
Upcoming dividend of NT$5.55 per share Eligible shareholders must have bought the stock before 01 July 2024. Payment date: 26 July 2024. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 4.2%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.1%). Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$151, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 31x in the Chemicals industry in Taiwan. Total returns to shareholders of 43% over the past three years. Declared Dividend • Jun 03
Dividend increased to NT$6.00 Dividend of NT$6.00 is 20% higher than last year. Ex-date: 1st July 2024 Payment date: 26th July 2024 Dividend yield will be 4.4%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (31% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 66% over the next year. Since a fall of 61% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Announcement • Jun 01
Swancor Holding Co., LTD. Approves Cash Dividends, Payable on July 26, 2024 Swancor Holding Co., LTD. approved cash dividends of TWD 585,032,778, TWD 6 per share. Date of the resolution by the board of directors or shareholders meeting or decision by the company is May 31, 2024. Ex-rights (ex-dividend) trading date is July 1, 2024. Ex-rights (ex-dividend) record date is July 7, 2024. Payment date of common stock cash dividend distribution is July 26, 2024. New Risk • May 30
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.8% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 66% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.6% average weekly change). Shareholders have been diluted in the past year (3.8% increase in shares outstanding). Price Target Changed • May 08
Price target increased by 26% to NT$125 Up from NT$99.67, the current price target is an average from 4 analysts. New target price is 19% below last closing price of NT$155. Stock is up 62% over the past year. The company is forecast to post earnings per share of NT$3.22 for next year compared to NT$12.88 last year. Announcement • May 02
Swancor Holding Co., LTD. to Report Q1, 2024 Results on May 09, 2024 Swancor Holding Co., LTD. announced that they will report Q1, 2024 results on May 09, 2024 Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$147, the stock trades at a forward P/E ratio of 45x. Average forward P/E is 30x in the Chemicals industry in Taiwan. Total returns to shareholders of 18% over the past three years. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$128, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 26x in the Chemicals industry in Taiwan. Total returns to shareholders of 3.9% over the past three years. Reported Earnings • Mar 13
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: NT$12.88 (up from NT$9.48 in FY 2022). Revenue: NT$7.29b (down 25% from FY 2022). Net income: NT$1.26b (up 39% from FY 2022). Profit margin: 17% (up from 9.2% in FY 2022). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.6%. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 7.8% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Mar 12
Swancor Holding Co., LTD., Annual General Meeting, May 31, 2024 Swancor Holding Co., LTD., Annual General Meeting, May 31, 2024. Location: No. 588, Dongmin Rd Nantou City Taiwan Agenda: To consider and approve the 2023 business report; to consider and approve the 2023 Audit Committee's review report; to consider and approve the 2023 distribution of employees' and directors' remuneration report; to consider and approve the 2021 Report on the Issuance of 3rd domestic Secured Convertible Corporate; to consider and approve the Execution report of repurchase treasury shares; and to consider and approve other matters of business. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$112, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 24x in the Chemicals industry in Taiwan. Total loss to shareholders of 21% over the past three years. Major Estimate Revision • Nov 15
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$7.56b to NT$7.28b. EPS estimate also fell from NT$15.65 per share to NT$13.74 per share. Net income forecast to shrink 55% next year vs 35% growth forecast for Chemicals industry in Taiwan . Consensus price target down from NT$100.00 to NT$90.00. Share price was steady at NT$96.00 over the past week. Price Target Changed • Nov 14
Price target decreased by 15% to NT$90.00 Down from NT$107, the current price target is an average from 2 analysts. New target price is 5.3% below last closing price of NT$95.00. Stock is up 1.9% over the past year. The company is forecast to post earnings per share of NT$13.74 for next year compared to NT$9.48 last year. Reported Earnings • Nov 09
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: NT$5.66 (down from NT$6.46 in 3Q 2022). Revenue: NT$1.92b (down 18% from 3Q 2022). Net income: NT$552.4m (down 12% from 3Q 2022). Profit margin: 29% (up from 27% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 4.6%. Earnings per share (EPS) exceeded analyst estimates by 35%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. New Risk • Aug 14
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 71% 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 Earnings are forecast to decline by an average of 63% per year for the foreseeable future. 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. Announcement • Aug 10
Stonepeak Oceanview Taiwan Co., Ltd. agreed to acquire 5% stake in Synera Renewable Energy Co., Ltd. from Swancor Holding Co., LTD. (TWSE:3708) for $8 million. Stonepeak Oceanview Taiwan Co., Ltd. agreed to acquire 5% stake in Synera Renewable Energy Co., Ltd. from Swancor Holding Co., LTD. (TWSE:3708) for $8 million on August 8, 2023. The deal has been approved by board of directors of Swancor Holding Co., LTD., and is subject to approval from Investment Commission Ministry of Economic Affairs. Hu Hsiang-Ning of Yangtze CPAs & Co acted as accountant to Swancor Holding Co., LTD. Reported Earnings • Aug 09
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: NT$7.11 (up from NT$1.10 in 2Q 2022). Revenue: NT$1.72b (down 35% from 2Q 2022). Net income: NT$692.6m (up NT$590.2m from 2Q 2022). Profit margin: 40% (up from 3.9% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 5.2%. Earnings per share (EPS) exceeded analyst estimates by 16%. Revenue is forecast to grow 5.2% p.a. on average during the next 2 years, compared to a 3.8% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Aug 09
Swancor Holding Co., LTD. Announces Corporate Governance Officer Changes Swancor Holding Co., LTD. announced the resignation of Chia-Min Hung as Corporate governance officer of the company and appointed Li-Min Hung /Associate Manager of the company as Corporate governance officer of the company, with effect from August 8, 2023. Upcoming Dividend • Jun 21
Upcoming dividend of NT$5.00 per share at 5.2% yield Eligible shareholders must have bought the stock before 28 June 2023. Payment date: 25 July 2023. Payout ratio is a comfortable 56% but the company is not cash flow positive. Trailing yield: 5.2%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.5%). Announcement • May 30
Swancor Holding Co., LTD. Announces Cash Dividend, Payable on July 25, 2023 Swancor Holding Co., LTD. announced Cash dividends of TWD 487,090,520 or TWD 5 per share. Ex-rights (ex-dividend) record date is July 4, 2023. Payment date of cash dividend distribution is July 25, 2023. Ex-rights (ex-dividend) trading date is June 28, 2023. Major Estimate Revision • May 27
Consensus revenue estimates decrease by 32%, EPS upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from NT$11.4b to NT$7.74b. EPS estimate increased from NT$14.52 to NT$15.71 per share. Net income forecast to grow 46% next year vs 12% growth forecast for Chemicals industry in Taiwan. Consensus price target up from NT$107 to NT$110. Share price was steady at NT$96.60 over the past week. Reported Earnings • May 10
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: NT$0.20 (down from NT$0.63 in 1Q 2022). Revenue: NT$1.70b (down 32% from 1Q 2022). Net income: NT$19.1m (down 67% from 1Q 2022). Profit margin: 1.1% (down from 2.3% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 32%. Earnings per share (EPS) also missed analyst estimates by 78%. Revenue is forecast to grow 16% p.a. on average during the next 2 years, while revenues in the Chemicals industry in Taiwan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 16
Price target decreased to NT$104 Down from NT$122, the current price target is an average from 3 analysts. New target price is 12% above last closing price of NT$93.20. Stock is up 1.2% over the past year. The company is forecast to post earnings per share of NT$9.30 for next year compared to NT$2.01 last year. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. Independent Director Sheng-Chung Lin was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Nov 04
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: NT$6.46 (up from NT$0.098 loss in 3Q 2021). Revenue: NT$2.36b (flat on 3Q 2021). Net income: NT$629.0m (up NT$638.1m from 3Q 2021). Profit margin: 27% (up from net loss in 3Q 2021). Revenue missed analyst estimates by 12%. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 12% 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 5% per year whereas the company’s share price has increased by 3% per year. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improved over the past week After last week's 16% share price gain to NT$101, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 14x in the Chemicals industry in Taiwan. Total returns to shareholders of 35% over the past three years. Price Target Changed • Aug 09
Price target decreased to NT$145 Down from NT$163, the current price target is an average from 2 analysts. New target price is 42% above last closing price of NT$102. Stock is up 10% over the past year. The company is forecast to post earnings per share of NT$9.69 for next year compared to NT$2.01 last year. Reported Earnings • Aug 07
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: EPS: NT$1.10 (up from NT$0.41 in 2Q 2021). Revenue: NT$2.62b (down 6.2% from 2Q 2021). Net income: NT$102.4m (up 172% from 2Q 2021). Profit margin: 3.9% (up from 1.3% in 2Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 6.1%. Earnings per share (EPS) exceeded analyst estimates by 26%. Over the next year, revenue is forecast to grow 22% while the industry in Taiwan is not expected to grow. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Announcement • Aug 06
Swancor Holding Co., LTD. Announces Establish the Sustainable Development Committee and to Appoint Members of Sustainable Development Committee Swancor Holding Co., LTD. announced that its board of directors established the sustainable development committee and appointed members of sustainable development committee. Name of the new position holder: Jau-Yang Tsai, Kuei-Tuan Chen, Pan-Chiang Yang, Hsiao-Yi Tsai, Hsiu-Chun Wang, Jui-Hua Li, Sheng-Chung Lin and Chung-Ming Liu. Resume of the new position holder: Jau-Yang Tsai, Chairman and General manager of the Company; Kuei-Tuan Chen, Director of the Company; Pan-Chiang Yang, Director of the Company; Hsiao-Yi Tsai, Director of the Company; Hsiu-Chun Wang, Independent Director of the Company; Jui-Hua Li, Independent Director of the Company; Sheng-Chung Lin, Independent Director of the Company; Chung-Ming Liu, Independent Director of the Company. Effective date of the new member: August 5, 2022. Buying Opportunity • Jul 20
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be NT$131, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 15% in a year. Earnings is forecast to grow by 481% in the next year. Upcoming Dividend • Jul 01
Upcoming dividend of NT$1.43 per share Eligible shareholders must have bought the stock before 08 July 2022. Payment date: 05 August 2022. Payout ratio is a comfortable 70% but the company is paying out more than the cash it is generating. Trailing yield: 1.2%. Lower than top quartile of Taiwanese dividend payers (6.5%). Lower than average of industry peers (7.1%). Announcement • Jun 23
Swancor Holding Co., LTD. Adjusts the Cash Dividend Ratio Swancor Holding Co., LTD. announced the Company Adjusts the Cash Dividend Ratio. Type and monetary amount of original dividend distribution: Cash dividend TWD 139,187,406, TWD 1.5 per share. Type and monetary amount of dividend distribution after the change: Cash dividend TWD 139,187,406, TWD 1.42927328 per share. Reason for the change: Due to the conversion of the company's corporate bonds into ordinary shares, the number of outstanding shares has been changed. The board of directors is authorized to adjust the dividend rate according to the resolution of the shareholders' meeting, and the chairman is authorized to deal with it solely by the resolution of the board of directors on June 10, 2022. Announcement • Jun 11
Swancor Holding Co., LTD. Approves Cash Dividends, Payable on August 5, 2022 Swancor Holding Co., LTD. at its meeting held on June 10, 2022 approved Cash dividends of TWD 139,187,406 (TWD 1.5 per share). Ex-rights (ex-dividend) trading date is July 8, 2022. Ex-rights (ex-dividend) record date July 16, 2022. The payment date of cash dividend is August 5, 2022. Reported Earnings • May 09
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: NT$0.63 (up from NT$0.59 in 1Q 2021). Revenue: NT$2.49b (down 5.3% from 1Q 2021). Net income: NT$58.3m (up 6.5% from 1Q 2021). Profit margin: 2.3% (up from 2.1% in 1Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) exceeded analyst estimates by 59%. Over the next year, revenue is forecast to grow 21% while the industry in Taiwan is not expected to grow. Over the last 3 years on average, earnings per share has increased by 13% per year and the company’s share price has also increased by 13% per year. Price Target Changed • Apr 27
Price target increased to NT$154 Up from NT$135, the current price target is an average from 3 analysts. New target price is 10% above last closing price of NT$140. Stock is down 2.8% over the past year. The company is forecast to post earnings per share of NT$9.35 for next year compared to NT$2.01 last year. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Sheng-Chung Lin was the last director to join the board, commencing their role in 2019. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improved over the past week After last week's 15% share price gain to NT$130, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Chemicals industry in Taiwan. Total returns to shareholders of 49% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$101 per share. Major Estimate Revision • Mar 30
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from NT$11.4b to NT$12.1b. EPS estimate increased from NT$8.24 to NT$9.21 per share. Net income forecast to grow 360% next year vs 17% decline forecast for Chemicals industry in Taiwan. Consensus price target up from NT$99.33 to NT$109. Share price rose 6.9% to NT$106 over the past week. Reported Earnings • Mar 14
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: NT$2.01 (down from NT$6.82 in FY 2020). Revenue: NT$10.7b (up 8.5% from FY 2020). Net income: NT$185.9m (down 70% from FY 2020). Profit margin: 1.7% (down from 6.3% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 53%. Over the next year, revenue is forecast to grow 10% compared to a 2.4% decline forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 07
Third quarter 2021 earnings released: NT$0.10 loss per share (vs NT$2.41 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: NT$2.37b (down 21% from 3Q 2020). Net loss: NT$9.09m (down 104% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment improved over the past week After last week's 18% share price gain to NT$104, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 14x in the Chemicals industry in Taiwan. Total returns to shareholders of 63% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$61.80 per share. Valuation Update With 7 Day Price Move • Aug 12
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$90.90, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 12x in the Chemicals industry in Taiwan. Total returns to shareholders of 48% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$55.72 per share. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$0.41 (vs NT$2.73 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$2.80b (up 19% from 2Q 2020). Net income: NT$37.6m (down 85% from 2Q 2020). Profit margin: 1.3% (down from 11% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 03
Upcoming dividend of NT$3.50 per share Eligible shareholders must have bought the stock before 10 August 2021. Payment date: 06 September 2021. Trailing yield: 3.3%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (2.8%). Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorated over the past week After last week's 22% share price decline to NT$112, 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 26% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$123 per share. Major Estimate Revision • May 12
Consensus EPS estimates fall to NT$11.80 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from NT$13.4b to NT$12.9b. EPS estimate also fell from NT$13.76 to NT$11.80. Net income forecast to grow 105% next year vs 27% growth forecast for Chemicals industry in Taiwan. Consensus price target down from NT$175 to NT$147. Share price fell 8.2% to NT$123 over the past week. Reported Earnings • May 08
First quarter 2021 earnings released: EPS NT$0.59 (vs NT$0.49 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: NT$2.63b (up 137% from 1Q 2020). Net income: NT$54.7m (up 22% from 1Q 2020). Profit margin: 2.1% (down from 4.0% 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 74% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 20
Price target decreased to NT$175 Down from NT$190, the current price target is an average from 3 analysts. New target price is 23% above last closing price of NT$142. Stock is up 117% over the past year. Price Target Changed • Mar 24
Price target decreased to NT$178 Down from NT$200, the current price target is an average from 3 analysts. New target price is 31% above last closing price of NT$136. Stock is up 142% over the past year. Major Estimate Revision • Mar 24
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from NT$12.7b to NT$13.4b. EPS estimate fell from NT$15.76 to NT$13.76 per share. Net income forecast to grow 102% next year vs 39% growth forecast for Chemicals industry in Taiwan. Consensus price target down from NT$200 to NT$178. Share price was steady at NT$136 over the past week. Analyst Estimate Surprise Post Earnings • Mar 13
Revenue and earnings miss expectations Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 13%. Over the next year, revenue is forecast to grow 29%, compared to a 16% growth forecast for the Chemicals industry in Taiwan. Reported Earnings • Mar 11
Full year 2020 earnings released: EPS NT$6.82 (vs NT$4.08 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$9.87b (up 60% from FY 2019). Net income: NT$626.0m (up 67% from FY 2019). Profit margin: 6.3% (up from 6.1% in FY 2019). The increase in margin was driven by higher revenue. 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 22% per year, which means it is significantly lagging earnings growth. Announcement • Mar 09
Swancor Holding Co., LTD., Annual General Meeting, Mar 08, 2021 Swancor Holding Co., LTD., Annual General Meeting, Mar 08, 2021. Location: No. 11, Gongye S. 6th Rd., Nantou City Nantou Taiwan Agenda: To consider the impact of the first adoption of IFRSs; to consider 2019 Supervisor inspection report; to consider 2020 business report; to consider 2020 Supervisor inspection report; to consider 2020 distribution of employees',directors' and supervisors' remuneration; to consider Cause for convening the meeting acknowledged matters: Ratification of 2019 (IFRSs) financial statements; to consider 2020 business report and financial statements; to consider 2020 earnings distribution; and to consider other matter. Is New 90 Day High Low • Jan 14
New 90-day low: NT$141 The company is down 15% from its price of NT$166 on 16 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 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$285 per share. Is New 90 Day High Low • Nov 09
New 90-day high: NT$177 The company is up 72% from its price of NT$103 on 11 August 2020. The Taiwanese market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$114 per share.