New Risk • Jul 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 12% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 18% per year over the past 5 years. High level of non-cash earnings (30% accrual ratio). Upcoming Dividend • Jun 23
Upcoming dividend of NT$1.18 per share Eligible shareholders must have bought the stock before 30 June 2026. Payment date: 30 July 2026. Payout ratio is a comfortable 70% but the company is not cash flow positive. Trailing yield: 0.4%. Lower than top quartile of Taiwanese dividend payers (4.9%). Lower than average of industry peers (1.3%). Reported Earnings • May 11
First quarter 2026 earnings released: EPS: NT$0.22 (vs NT$0.51 in 1Q 2025) First quarter 2026 results: EPS: NT$0.22 (down from NT$0.51 in 1Q 2025). Revenue: NT$889.6m (down 3.0% from 1Q 2025). Net income: NT$22.2m (down 56% from 1Q 2025). Profit margin: 2.5% (down from 5.5% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 88% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: NT$2.00 (vs NT$2.25 in FY 2024) Full year 2025 results: EPS: NT$2.00 (down from NT$2.25 in FY 2024). Revenue: NT$3.73b (down 7.7% from FY 2024). Net income: NT$201.8m (down 10% from FY 2024). Profit margin: 5.4% (down from 5.6% in FY 2024). The decrease in margin was driven by lower revenue. 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 72% per year, which means it is well ahead of earnings. Announcement • Mar 10
Qualipoly Chemical Corp., Annual General Meeting, May 25, 2026 Qualipoly Chemical Corp., Annual General Meeting, May 25, 2026, at 10:00 Taipei Standard Time. Location: 1 floor no,2, yung kung 5th rd., wei hsin li, yongan district, kaohsiung city Taiwan Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: NT$0.81 (vs NT$0.55 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.81 (up from NT$0.55 in 3Q 2024). Revenue: NT$969.2m (down 8.4% from 3Q 2024). Net income: NT$81.5m (up 48% from 3Q 2024). Profit margin: 8.4% (up from 5.2% in 3Q 2024). The increase in margin was driven by lower expenses. 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 71% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$83.60, the stock trades at a trailing P/E ratio of 55.8x. Average trailing P/E is 23x in the Chemicals industry in Taiwan. Total returns to shareholders of 149% over the past three years. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: NT$0.02 (vs NT$0.68 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.02 (down from NT$0.68 in 2Q 2024). Revenue: NT$973.5m (down 12% from 2Q 2024). Net income: NT$1.69m (down 98% from 2Q 2024). Profit margin: 0.2% (down from 6.1% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$74.30, the stock trades at a trailing P/E ratio of 34.4x. Average trailing P/E is 20x in the Chemicals industry in Taiwan. Total returns to shareholders of 115% over the past three years. Upcoming Dividend • Jun 03
Upcoming dividend of NT$1.40 per share Eligible shareholders must have bought the stock before 10 June 2025. Payment date: 11 July 2025. Payout ratio is a comfortable 65% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.2%). Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$62.10, the stock trades at a trailing P/E ratio of 28.8x. Average trailing P/E is 20x in the Chemicals industry in Taiwan. Total returns to shareholders of 74% over the past three years. Reported Earnings • May 13
First quarter 2025 earnings released: EPS: NT$0.51 (vs NT$0.59 in 1Q 2024) First quarter 2025 results: EPS: NT$0.51 (down from NT$0.59 in 1Q 2024). Revenue: NT$916.7m (flat on 1Q 2024). Net income: NT$50.8m (down 14% from 1Q 2024). Profit margin: 5.5% (down from 6.5% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Declared Dividend • May 12
Dividend of NT$1.40 announced Shareholders will receive a dividend of NT$1.40. Ex-date: 10th June 2025 Payment date: 11th July 2025 Dividend yield will be 2.6%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (62% 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. The company's earnings per share (EPS) would need to decline by 31% to shift the payout ratio to a potentially unsustainable range, which is more than the 2.7% EPS decline seen over the last 5 years. Announcement • May 01
Qualipoly Chemical Corp. to Report Q1, 2025 Results on May 09, 2025 Qualipoly Chemical Corp. announced that they will report Q1, 2025 results at 9:00 AM, Taipei Standard Time on May 09, 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$48.70, the stock trades at a trailing P/E ratio of 21.8x. Average trailing P/E is 18x in the Chemicals industry in Taiwan. Total returns to shareholders of 34% over the past three years. Reported Earnings • Mar 12
Full year 2024 earnings released: EPS: NT$2.25 (vs NT$1.67 in FY 2023) Full year 2024 results: EPS: NT$2.25 (up from NT$1.67 in FY 2023). Revenue: NT$4.04b (up 17% from FY 2023). Net income: NT$224.5m (up 34% from FY 2023). Profit margin: 5.6% (up from 4.8% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. New Risk • Mar 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.1% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 5.8% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.1% average weekly change). Announcement • Mar 01
Qualipoly Chemical Corp. to Report Fiscal Year 2024 Results on Mar 07, 2025 Qualipoly Chemical Corp. announced that they will report fiscal year 2024 results on Mar 07, 2025 Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$58.30, the stock trades at a trailing P/E ratio of 25.6x. Average trailing P/E is 22x in the Chemicals industry in Taiwan. Total returns to shareholders of 55% over the past three years. Announcement • Jan 22
Qualipoly Chemical Corp., Annual General Meeting, May 23, 2025 Qualipoly Chemical Corp., Annual General Meeting, May 23, 2025. Location: 1 floor no,2, yung kung 5th rd., wei hsin li, yongan district, kaohsiung city Taiwan Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$0.55 (vs NT$0.79 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.55 (down from NT$0.79 in 3Q 2023). Revenue: NT$1.06b (up 18% from 3Q 2023). Net income: NT$55.2m (down 31% from 3Q 2023). Profit margin: 5.2% (down from 8.8% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Nov 11
Qualipoly Chemical Corp. Appoints Tsai Chih Hsiang as Chief Sustainability Officer The Board of Director of Qualipoly Chemical Corp. resolved to appoint Tsai Chih Hsiang/Deputy general manager, as the Chief Sustainability Officer, effective from November 8, 2024. New Risk • Aug 11
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 7.3% 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 Risks Debt is not well covered by operating cash flow (7.3% operating cash flow to total debt). Earnings have declined by 4.3% per year over the past 5 years. Minor Risk Paying a dividend despite having no free cash flows. Announcement • Aug 01
Qualipoly Chemical Corp. to Report Q2, 2024 Results on Aug 08, 2024 Qualipoly Chemical Corp. announced that they will report Q2, 2024 results on Aug 08, 2024 New Risk • Jun 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 36% 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 have declined by 3.3% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Upcoming Dividend • May 31
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 06 June 2024. Payment date: 11 July 2024. Payout ratio is a comfortable 45% but the company is not cash flow positive. Trailing yield: 2.4%. Lower than top quartile of Taiwanese dividend payers (4.3%). Higher than average of industry peers (2.1%). Declared Dividend • May 17
Dividend reduced to NT$1.00 Dividend of NT$1.00 is 47% lower than last year. Ex-date: 6th June 2024 Payment date: 11th July 2024 Dividend yield will be 2.4%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (45% 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. The company's earnings per share (EPS) would need to decline by 50% to shift the payout ratio to a potentially unsustainable range, which is more than the 2.1% EPS decline seen over the last 5 years. Announcement • May 16
Qualipoly Chemical Corp. Announces Cash Dividend, Payable on 11 July 2024 Qualipoly Chemical Corp. announced cash dividend of TWD 100,009,159 or TWD 1.0 per share. Ex-rights (Ex-dividend) date: 6 June 2024. Ex-rights (Ex-dividend) record date: 12 June 2024. Payment date of cash dividend distribution: 11 July 2024. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: NT$0.59 (vs NT$0.02 in 1Q 2023) First quarter 2024 results: EPS: NT$0.59 (up from NT$0.02 in 1Q 2023). Revenue: NT$908.4m (up 23% from 1Q 2023). Net income: NT$58.8m (up NT$56.8m from 1Q 2023). Profit margin: 6.5% (up from 0.3% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • May 02
Qualipoly Chemical Corp. to Report Q1, 2024 Results on May 09, 2024 Qualipoly Chemical Corp. announced that they will report Q1, 2024 results on May 09, 2024 Reported Earnings • Mar 13
Full year 2023 earnings released: EPS: NT$1.67 (vs NT$3.15 in FY 2022) Full year 2023 results: EPS: NT$1.67 (down from NT$3.15 in FY 2022). Revenue: NT$3.45b (down 18% from FY 2022). Net income: NT$167.0m (down 47% from FY 2022). Profit margin: 4.8% (down from 7.5% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Mar 09
Qualipoly Chemical Corp., Annual General Meeting, May 29, 2024 Qualipoly Chemical Corp., Annual General Meeting, May 29, 2024. Location: NO.2,Yeong Gong 5TH.RD,Yeong An Dist., Kaohsiung City Taiwan Agenda: To consider 2023 Business Report; to consider audit Committee's Review Report on 2023 Financial Statements; to consider the Distribution of 2023 Employees' and Directors' Remuneration; to consider 2023 Annual Cash Dividend Distribution Report; to consider amendments to the Ethical Corporate Management Best Practice Principles of the Company; and to consider other business. Buy Or Sell Opportunity • Feb 22
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to NT$38.60. The fair value is estimated to be NT$31.40, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.5% over the last 3 years. Earnings per share has declined by 16%. New Risk • Aug 12
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: 3.9% Last year net profit margin: 7.7% 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: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 148% Cash payout ratio: 108% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.9% net profit margin). Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: NT$0.40 (vs NT$1.11 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.40 (down from NT$1.11 in 2Q 2022). Revenue: NT$862.4m (down 27% from 2Q 2022). Net income: NT$39.9m (down 64% from 2Q 2022). Profit margin: 4.6% (down from 9.5% in 2Q 2022). 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 10% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 05
Upcoming dividend of NT$1.90 per share at 5.2% yield Eligible shareholders must have bought the stock before 12 June 2023. Payment date: 11 July 2023. Payout ratio is on the higher end at 95%, however this is supported by cash flows. Trailing yield: 5.2%. Lower than top quartile of Taiwanese dividend payers (5.6%). Higher than average of industry peers (3.6%). Reported Earnings • Mar 22
Full year 2022 earnings released: EPS: NT$3.15 (vs NT$3.73 in FY 2021) Full year 2022 results: EPS: NT$3.15 (down from NT$3.73 in FY 2021). Revenue: NT$4.22b (down 13% from FY 2021). Net income: NT$315.0m (down 14% from FY 2021). Profit margin: 7.5% (down from 7.6% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 12% per year. Buying Opportunity • Nov 03
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be NT$40.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years. Earnings per share has grown by 20%. Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: NT$1.11 (vs NT$1.17 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.11 (down from NT$1.17 in 2Q 2021). Revenue: NT$1.18b (up 1.2% from 2Q 2021). Net income: NT$111.4m (down 2.3% from 2Q 2021). Profit margin: 9.5% (in line with 2Q 2021). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jul 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be NT$43.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 19%. Upcoming Dividend • Jun 21
Upcoming dividend of NT$2.20 per share Eligible shareholders must have bought the stock before 28 June 2022. Payment date: 22 July 2022. Payout ratio is a comfortable 55% but the company is not cash flow positive. Trailing yield: 5.5%. Lower than top quartile of Taiwanese dividend payers (6.3%). Lower than average of industry peers (7.0%). Reported Earnings • Mar 17
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: NT$4.83b (up 26% from FY 2020). Net income: NT$367.8m (up 31% from FY 2020). Profit margin: 7.6% (up from 7.4% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.6%. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 12% per year. Reported Earnings • Mar 17
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: NT$4.83b (up 26% from FY 2020). Net income: NT$367.8m (up 31% from FY 2020). Profit margin: 7.6% (up from 7.4% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.6%. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 12% per year. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$0.84 (vs NT$0.72 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: NT$1.19b (up 27% from 3Q 2020). Net income: NT$82.3m (up 15% from 3Q 2020). Profit margin: 6.9% (down from 7.6% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 17% per year. Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment improved over the past week After last week's 17% share price gain to NT$44.30, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 15x in the Chemicals industry in Taiwan. Total returns to shareholders of 75% over the past three years. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$1.17 (vs NT$0.62 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$1.16b (up 37% from 2Q 2020). Net income: NT$114.0m (up 84% from 2Q 2020). Profit margin: 9.8% (up from 7.3% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 8% per year. Upcoming Dividend • Jul 22
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 29 July 2021. Payment date: 25 August 2021. Trailing yield: 5.3%. Within top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (2.9%). Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.94 (vs NT$0.55 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$1.13b (up 19% from 1Q 2020). Net income: NT$91.6m (up 65% from 1Q 2020). Profit margin: 8.1% (up from 5.8% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has increased by 2% per year. Announcement • Mar 12
Qualipoly Chemical Corporation, Annual General Meeting, May 28, 2021 Qualipoly Chemical Corporation, Annual General Meeting, May 28, 2021. Is New 90 Day High Low • Mar 11
New 90-day high: NT$32.95 The company is up 10.0% from its price of NT$29.95 on 11 December 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 11% over the same period. Reported Earnings • Mar 11
Full year 2020 earnings released: EPS NT$2.83 (vs NT$2.57 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$3.82b (down 11% from FY 2019). Net income: NT$281.3m (up 9.6% from FY 2019). Profit margin: 7.4% (up from 6.0% in FY 2019). The increase in margin was driven by lower expenses. 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 1% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Mar 11
Revenue misses expectations Revenue missed analyst estimates by 5.2%. Over the next year, revenue is forecast to grow 24%, compared to a 15% growth forecast for the Chemicals industry in Taiwan. Is New 90 Day High Low • Jan 11
New 90-day high: NT$31.80 The company is up 18% from its price of NT$26.95 on 13 October 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Chemicals industry, which is also up 18% over the same period. Is New 90 Day High Low • Dec 16
New 90-day high: NT$30.45 The company is up 6.0% from its price of NT$28.75 on 17 September 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 10.0% over the same period. Is New 90 Day High Low • Nov 27
New 90-day high: NT$28.85 The company is up 5.0% from its price of NT$27.55 on 28 August 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 10.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.72 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$935.6m (down 7.2% from 3Q 2019). Net income: NT$71.4m (up 15% from 3Q 2019). Profit margin: 7.6% (up from 6.2% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 4% per year.