Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$123, the stock trades at a trailing P/E ratio of 25.1x. Average trailing P/E is 32x in the Chemicals industry in Taiwan. Total returns to shareholders of 126% over the past three years. Declared Dividend • May 30
Dividend reduced to NT$4.50 Dividend of NT$4.50 is 43% lower than last year. Ex-date: 25th June 2026 Payment date: 16th July 2026 Dividend yield will be 4.6%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is not adequately covered by earnings (92% earnings payout ratio). However, it is covered by cash flows (84% cash payout ratio). The dividend has increased by an average of 13% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 2.1% to bring the payout ratio under control, which is less than the 14% EPS growth achieved over the last 5 years. Reported Earnings • May 06
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$2.61 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00 (down from NT$2.61 in 1Q 2025). Revenue: NT$727.3m (down 15% from 1Q 2025). Net income: NT$134.4m (down 28% from 1Q 2025). Profit margin: 19% (down from 22% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 13% per year. Buy Or Sell Opportunity • May 05
Now 21% overvalued Over the last 90 days, the stock has fallen 5.9% to NT$84.70. The fair value is estimated to be NT$70.19, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years. Earnings per share has grown by 19%. Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$102, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 27x in the Chemicals industry in Taiwan. Total returns to shareholders of 86% over the past three years. Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: NT$5.64 (vs NT$10.44 in FY 2024) Full year 2025 results: EPS: NT$5.64 (down from NT$10.44 in FY 2024). Revenue: NT$2.85b (down 13% from FY 2024). Net income: NT$406.2m (down 45% from FY 2024). Profit margin: 14% (down from 23% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Mar 11
Now 22% overvalued Over the last 90 days, the stock has fallen 7.9% to NT$83.70. The fair value is estimated to be NT$68.63, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years. Earnings per share has grown by 19%. Announcement • Feb 11
DingZing Advanced Materials Inc., Annual General Meeting, May 27, 2026 DingZing Advanced Materials Inc., Annual General Meeting, May 27, 2026, at 15:00 Taipei Standard Time. Location: 3 floor no,37, ta yeh n. rd., siaogang district, kaohsiung city Taiwan Reported Earnings • Nov 05
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: NT$1.12 (down from NT$2.30 in 3Q 2024). Revenue: NT$663.0m (down 19% from 3Q 2024). Net income: NT$80.8m (down 50% from 3Q 2024). Profit margin: 12% (down from 20% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 8.9%. Earnings per share (EPS) also missed analyst estimates by 38%. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. New Risk • Aug 28
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 6.3% 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 (111% payout ratio). Share price has been volatile over the past 3 months (6.3% average weekly change). Valuation Update With 7 Day Price Move • Aug 28
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$112, the stock trades at a trailing P/E ratio of 15.6x. Average forward P/E is 24x in the Chemicals industry in Taiwan. Total returns to shareholders of 95% over the past three years. Reported Earnings • Aug 11
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: NT$0.08 (down from NT$3.21 in 2Q 2024). Revenue: NT$601.7m (down 30% from 2Q 2024). Net income: NT$5.80m (down 97% from 2Q 2024). Profit margin: 1.0% (down from 26% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.1%. Earnings per share (EPS) also missed analyst estimates by 84%. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. New Risk • Aug 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 7.8% 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. This is currently the only risk that has been identified for the company. New Risk • Jul 17
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 0% Dividend yield: 7.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 Shares are highly illiquid. Minor Risk Dividend is not well covered by cash flows (0% cash payout ratio). Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$102, the stock trades at a trailing P/E ratio of 9.9x. Average forward P/E is 20x in the Chemicals industry in Taiwan. Total returns to shareholders of 72% over the past three years. New Risk • Jul 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 8.8% 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. This is currently the only risk that has been identified for the company. Upcoming Dividend • Jun 23
Upcoming dividend of NT$7.92 per share Eligible shareholders must have bought the stock before 30 June 2025. Payment date: 10 July 2025. Payout ratio is on the higher end at 77%, however this is supported by cash flows. Trailing yield: 7.0%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.2%). Declared Dividend • May 29
Dividend increased to NT$8.00 Dividend of NT$8.00 is 105% higher than last year. Ex-date: 30th June 2025 Payment date: 10th July 2025 Dividend yield will be 6.3%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (77% earnings payout ratio) and cash flows (65% cash payout ratio). The dividend has increased by an average of 23% per year over the past 8 years and payments have been stable during that time. Earnings per share has grown by 91% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 08
First quarter 2025 earnings: EPS misses analyst expectations First quarter 2025 results: EPS: NT$2.61 (down from NT$2.72 in 1Q 2024). Revenue: NT$854.3m (up 7.8% from 1Q 2024). Net income: NT$187.5m (flat on 1Q 2024). Profit margin: 22% (down from 24% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.1%. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Announcement • Apr 29
DingZing Advanced Materials Inc. to Report Q1, 2025 Results on May 06, 2025 DingZing Advanced Materials Inc. announced that they will report Q1, 2025 results at 9:00 AM, Taipei Standard Time on May 06, 2025 Major Estimate Revision • Apr 10
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$3.74b to NT$3.46b. EPS estimate also fell from NT$12.22 per share to NT$10.66 per share. Net income forecast to grow 8.8% next year vs 11% growth forecast for Chemicals industry in Taiwan. Consensus price target down from NT$220 to NT$160. Share price fell 19% to NT$120 over the past week. 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$122, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 16x in the Chemicals industry in Taiwan. Total returns to shareholders of 64% over the past three years. Announcement • Mar 07
DingZing Advanced Materials Inc., Annual General Meeting, May 27, 2025 DingZing Advanced Materials Inc., Annual General Meeting, May 27, 2025, at 15:00 Taipei Standard Time. Location: 3 floor no,37, ta yeh n. rd., siaogang district, kaohsiung city Taiwan Reported Earnings • Mar 06
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: NT$10.44 (up from NT$6.01 in FY 2023). Revenue: NT$3.28b (up 18% from FY 2023). Net income: NT$738.3m (up 78% from FY 2023). Profit margin: 23% (up from 15% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.2%. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Announcement • Feb 25
DingZing Advanced Materials Inc. to Report Q4, 2024 Results on Mar 04, 2025 DingZing Advanced Materials Inc. announced that they will report Q4, 2024 results on Mar 04, 2025 Valuation Update With 7 Day Price Move • Feb 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$183, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 16x in the Chemicals industry in Taiwan. Total returns to shareholders of 135% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$74.28 per share. Announcement • Dec 27
Dingzing Advanced Materials Appoints Jun-Jie Huang to Deputy Director Dingzing Advanced Materials Incorporated announced the appointment of Jun-Jie Huang as Deputy Director, effective December 24, 2024. This represents a position adjustment within the company, though the details of Huang's previous role. Announcement • Dec 26
Dingzing Advanced Materials Inc. Announces the Establishment of Sustainability Development Committee Dingzing Advanced Materials Incorporated established a new Sustainability Development Committee on December 24, 2024. This committee comprises four independent directors: Po-Jen Hu, Kuo-Pin Su, Shun-Tien Chen, and Ming-Feng Chan. The committee's term will align with the current board of directors. Reported Earnings • Nov 07
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: NT$2.30 (up from NT$2.03 in 3Q 2023). Revenue: NT$820.1m (up 13% from 3Q 2023). Net income: NT$162.4m (up 15% from 3Q 2023). Profit margin: 20% (in line with 3Q 2023). Revenue missed analyst estimates by 9.4%. Earnings per share (EPS) also missed analyst estimates by 32%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Announcement • Oct 29
DingZing Advanced Materials Inc. to Report Q3, 2024 Results on Nov 05, 2024 DingZing Advanced Materials Inc. announced that they will report Q3, 2024 results on Nov 05, 2024 Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: NT$3.21 (vs NT$1.33 in 2Q 2023) Second quarter 2024 results: EPS: NT$3.21 (up from NT$1.33 in 2Q 2023). Revenue: NT$864.6m (up 32% from 2Q 2023). Net income: NT$225.3m (up 145% from 2Q 2023). Profit margin: 26% (up from 14% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 07
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.4% 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: 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 (8.0% average weekly change). Shareholders have been diluted in the past year (2.4% increase in shares outstanding). Announcement • Jul 30
DingZing Advanced Materials Inc. to Report Q2, 2024 Results on Aug 06, 2024 DingZing Advanced Materials Inc. announced that they will report Q2, 2024 results on Aug 06, 2024 Upcoming Dividend • Jun 21
Upcoming dividend of NT$3.90 per share Eligible shareholders must have bought the stock before 28 June 2024. Payment date: 11 July 2024. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (2.2%). New Risk • Jun 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 34% 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 (7.3% average weekly change). Large one-off items impacting financial results. Declared Dividend • Jun 01
Dividend increased to NT$4.00 Dividend of NT$4.00 is 33% higher than last year. Ex-date: 28th June 2024 Payment date: 11th July 2024 Dividend yield will be 2.1%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is well covered by both earnings (50% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has increased by an average of 10% per year over the past 7 years and payments have been stable during that time. Earnings per share has grown by 41% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • May 31
DingZing Advanced Materials Inc. Announces Cash Dividend, Payable on July 11, 2024 DingZing Advanced Materials Inc. announced cash dividend of TWD 4 per share. Ex-rights (ex-dividend) trading date: June 28, 2024. Payment date of common stock cash dividend distribution: July 11, 2024. Ex-rights (ex-dividend) record date: July 6, 2024. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: NT$2.72 (vs NT$0.71 in 1Q 2023) First quarter 2024 results: EPS: NT$2.72 (up from NT$0.71 in 1Q 2023). Revenue: NT$792.6m (up 28% from 1Q 2023). Net income: NT$189.1m (up 282% from 1Q 2023). Profit margin: 24% (up from 8.0% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Apr 12
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 8.2% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$209, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 31x in the Chemicals industry in Taiwan. Total returns to shareholders of 216% over the past three years. Reported Earnings • Mar 08
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: NT$6.01 (up from NT$4.00 in FY 2022). Revenue: NT$2.79b (up 7.1% from FY 2022). Net income: NT$415.8m (up 56% from FY 2022). Profit margin: 15% (up from 10% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) also surpassed analyst estimates by 1.5%. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 07
Dingzing Advanced Materials Inc. Proposes Cash Dividend for the Period from January 1, 2023 to December 31, 2023 DingZing Advanced Materials Inc. proposed a cash dividend of TWD 4 per share for the period from January 1, 2023 to December 31, 2023. Total amount of cash distributed to shareholders of TWD 276,972,000. Announcement • Mar 06
DingZing Advanced Materials Inc., Annual General Meeting, May 30, 2024 DingZing Advanced Materials Inc., Annual General Meeting, May 30, 2024. Location: Kaohsiung Linhai Industrial Park Service Center (Performing Arts Hall-3F) Kaohsiung Taiwan Agenda: To consider 2023 Business Report; 2023 Audit Committee's Report; 2023 Distribution of Director Remuneration Report; 2023 Distribution of Employee Remuneration Report; 2023 Distribution of cash dividends for earnings; 2023 The company issued the first domestic secured convertible; and to discuss other matters. Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$154, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 22x in the Chemicals industry in Taiwan. Total returns to shareholders of 275% over the past three years. Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$135, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 21x in the Chemicals industry in Taiwan. Total returns to shareholders of 225% over the past three years. Reported Earnings • Nov 08
Third quarter 2023 earnings: Revenues and EPS in line with analyst expectations Third quarter 2023 results: EPS: NT$2.03 (up from NT$0.93 in 3Q 2022). Revenue: NT$729.1m (up 9.2% from 3Q 2022). Net income: NT$140.7m (up 119% from 3Q 2022). Profit margin: 19% (up from 9.6% in 3Q 2022). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 10% 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 31% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$128, the stock trades at a trailing P/E ratio of 33.1x. Average forward P/E is 23x in the Chemicals industry in Taiwan. Total returns to shareholders of 206% over the past three years. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to NT$123, the stock trades at a trailing P/E ratio of 31.9x. Average forward P/E is 17x in the Chemicals industry in Taiwan. Total returns to shareholders of 181% over the past three years. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$93.60, the stock trades at a trailing P/E ratio of 24.3x. Average forward P/E is 16x in the Chemicals industry in Taiwan. Total returns to shareholders of 113% over the past three years. Reported Earnings • Aug 09
Second quarter 2023 earnings: EPS exceeds analyst expectations Second quarter 2023 results: EPS: NT$1.33. Revenue: NT$654.7m (down 11% from 2Q 2022). Net income: NT$92.0m (up 3.8% from 2Q 2022). Profit margin: 14% (up from 12% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.7%. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$72.70, the stock trades at a trailing P/E ratio of 19.1x. Average trailing P/E is 22x in the Chemicals industry in Taiwan. Total returns to shareholders of 69% over the past three years. Upcoming Dividend • Jun 08
Upcoming dividend of NT$3.00 per share at 4.7% yield Eligible shareholders must have bought the stock before 15 June 2023. Payment date: 13 July 2023. Payout ratio is on the higher end at 78% but the company is not cash flow positive. Trailing yield: 4.7%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.5%). Announcement • May 31
Dingzing Advanced Materials Inc. Announces Ex-Dividend, Payable July 13, 2023 DingZing Advanced Materials Inc. Announced ex-dividend of TWD 3 per share. Ex-rights (ex-dividend) trading date: June 15, 2023. Last date before book closure: June 16, 2023. Ex-rights (ex-dividend) record date: June 21, 2023. Payment date of cash dividend distribution: July 13, 2023. Reported Earnings • Mar 16
Full year 2022 earnings released: EPS: NT$4.00 (vs NT$4.55 in FY 2021) Full year 2022 results: EPS: NT$4.00 (down from NT$4.55 in FY 2021). Revenue: NT$2.61b (up 2.7% from FY 2021). Net income: NT$265.7m (down 5.2% from FY 2021). Profit margin: 10% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.93 (vs NT$1.18 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.93 (down from NT$1.18 in 3Q 2021). Revenue: NT$667.5m (up 4.6% from 3Q 2021). Net income: NT$64.2m (down 11% from 3Q 2021). Profit margin: 9.6% (down from 11% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.93 (vs NT$1.18 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.93 (down from NT$1.18 in 3Q 2021). Revenue: NT$667.5m (up 4.6% from 3Q 2021). Net income: NT$64.2m (down 11% from 3Q 2021). Profit margin: 9.6% (down from 11% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Buying Opportunity • Oct 21
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 29%. The fair value is estimated to be NT$60.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years. Earnings per share has grown by 66%. Buying Opportunity • Sep 28
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 29%. The fair value is estimated to be NT$65.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years. Earnings per share has grown by 66%. Reported Earnings • Aug 16
Second quarter 2022 earnings released Second quarter 2022 results: EPS: NT$1.36. Net income: NT$88.6m (up NT$88.6m from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improved over the past week After last week's 19% share price gain to NT$75.90, the stock trades at a trailing P/E ratio of 19.5x. Average trailing P/E is 16x in the Chemicals industry in Taiwan. Total returns to shareholders of 50% over the past three years. Upcoming Dividend • Jun 08
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 15 June 2022. Payment date: 06 July 2022. Payout ratio is a comfortable 39% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Taiwanese dividend payers (6.0%). Lower than average of industry peers (6.8%). Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.84 (vs NT$1.30 in 1Q 2021) First quarter 2022 results: EPS: NT$0.84 (down from NT$1.30 in 1Q 2021). Revenue: NT$596.7m (down 6.4% from 1Q 2021). Net income: NT$51.7m (down 35% from 1Q 2021). Profit margin: 8.7% (down from 13% in 1Q 2021). The decrease in margin was driven by lower 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 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 09
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$68.90, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 17x in the Chemicals industry in Taiwan. Total returns to shareholders of 38% over the past three years. Reported Earnings • Mar 12
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$4.55 (up from NT$1.02 in FY 2020). Revenue: NT$2.54b (up 28% from FY 2020). Net income: NT$280.2m (up 349% from FY 2020). Profit margin: 11% (up from 3.1% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 28
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: NT$1.18 (up from NT$0.48 in 3Q 2020). Revenue: NT$638.0m (up 13% from 3Q 2020). Net income: NT$72.4m (up 147% from 3Q 2020). Profit margin: 11% (up from 5.2% in 3Q 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 45% 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 03
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 10 June 2021. Payment date: 08 July 2021. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (2.8%). Reported Earnings • Apr 20
Full year 2020 earnings released: EPS NT$1.02 (vs NT$0.69 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$1.99b (down 5.6% from FY 2019). Net income: NT$62.5m (up 48% from FY 2019). Profit margin: 3.1% (up from 2.0% 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 4% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Announcement • Feb 07
DingZing Advanced Materials Inc., Annual General Meeting, May 25, 2021 DingZing Advanced Materials Inc., Annual General Meeting, May 25, 2021.