Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$92.70, the stock trades at a trailing P/E ratio of 35.2x. Average trailing P/E is 32x in the Chemicals industry in Taiwan. Total returns to shareholders of 282% over the past three years. Reported Earnings • May 15
First quarter 2026 earnings released: EPS: NT$1.02 (vs NT$0.49 in 1Q 2025) First quarter 2026 results: EPS: NT$1.02 (up from NT$0.49 in 1Q 2025). Revenue: NT$1.17b (up 35% from 1Q 2025). Net income: NT$71.4m (up 110% from 1Q 2025). Profit margin: 6.1% (up from 3.9% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$104, the stock trades at a trailing P/E ratio of 49.4x. Average trailing P/E is 34x in the Chemicals industry in Taiwan. Total returns to shareholders of 368% over the past three years. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$80.90, the stock trades at a trailing P/E ratio of 38.6x. Average trailing P/E is 28x in the Chemicals industry in Taiwan. Total returns to shareholders of 265% over the past three years. Reported Earnings • Mar 24
Full year 2025 earnings released: EPS: NT$2.10 (vs NT$2.21 in FY 2024) Full year 2025 results: EPS: NT$2.10 (down from NT$2.21 in FY 2024). Revenue: NT$3.84b (up 13% from FY 2024). Net income: NT$146.6m (down 5.1% from FY 2024). Profit margin: 3.8% (down from 4.5% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$69.40, the stock trades at a trailing P/E ratio of 42x. Average trailing P/E is 24x in the Chemicals industry in Taiwan. Total returns to shareholders of 201% over the past three years. Announcement • Feb 25
Amia Co.,Ltd, Annual General Meeting, May 27, 2026 Amia Co.,Ltd, Annual General Meeting, May 27, 2026, at 09:00 Taipei Standard Time. Location: no,101, min sheng rd., dayuan dist., taoyuan city Taiwan New Risk • Feb 20
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 9.1% 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 Share price has been highly volatile over the past 3 months (9.1% average weekly change). Earnings have declined by 0.6% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.2% net profit margin). Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$57.20, the stock trades at a trailing P/E ratio of 34.6x. Average trailing P/E is 22x in the Chemicals industry in Taiwan. Total returns to shareholders of 159% over the past three years. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$59.00, the stock trades at a trailing P/E ratio of 35.7x. Average trailing P/E is 24x in the Chemicals industry in Taiwan. Total returns to shareholders of 173% over the past three years. New Risk • Jan 05
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 6.5% 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 Earnings have declined by 0.6% per year over the past 5 years. 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 (6.5% average weekly change). Profit margins are more than 30% lower than last year (3.2% net profit margin). Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$34.65, the stock trades at a trailing P/E ratio of 21x. Average trailing P/E is 21x in the Chemicals industry in Taiwan. Total returns to shareholders of 58% over the past three years. Buy Or Sell Opportunity • Dec 29
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to NT$34.65. The fair value is estimated to be NT$27.95, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 15%. New Risk • Nov 10
New major risk - Revenue and earnings growth Earnings have declined by 0.6% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.6% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.2% net profit margin). Market cap is less than US$100m (NT$2.08b market cap, or US$67.3m). Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: NT$0.15 (vs NT$0.77 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.15 (down from NT$0.77 in 2Q 2024). Revenue: NT$931.9m (up 1.5% from 2Q 2024). Net income: NT$10.5m (down 80% from 2Q 2024). Profit margin: 1.1% (down from 5.9% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has remained flat. Announcement • Aug 05
Tex Cycle Technology (M) Berhad (KLSE:TEXCYCL) completed the acquisition of Meridian World Sdn. Bhd. from a group of shareholders. Tex Cycle Technology (M) Berhad (KLSE:TEXCYCL) signed binding term sheet to acquire Meridian World Sdn. Bhd. from a group of shareholders for MYR 55 million on June 12, 2024. As of February 27, 2025, Tex Cycle Technology (M) Berhad (KLSE:TEXCYCL) entered into a conditional Share Sale Agreement to acquire Meridian World Sdn. Bhd. from a group of shareholders. A cash consideration of MYR 55 million will be paid by Tex Cycle Technology for 1.6 million shares. The sellers in the transaction are Yang Wu-Hsiung, Amia Co.,Ltd (TWSE:8438), Beltrax Engineering Sdn Bhd, Good Credentials Sdn Bhd, Panbright Holdings Sdn Bhd, Peninsular Accord Sdn Bhd, Scientidex Sdn Bhd, Sunrise Majusama Sdn Bhd, Wong Mei Hwa and Yang Chueh-Kuang. The Purchase Consideration will be funded in the following manner: (i) MYR 37 million to be funded via internally generated funds; and (ii) the remaining MYR 18 million to be funded via bank borrowings. As of May 13, 2025, Tex Cycle has revised the manner of funding the Purchase Consideration. The Purchase Consideration will be funded in the following manner - MYR 17 million to be funded via internally generated funds and MYR 38 million to be funded via bank borrowings.
This acquisition marks a strategic expansion for Tex Cycle, further enhancing its capabilities in scheduled waste management and chemical processing.
The transaction is subject to approval of merger agreement by target board, approval of offer by acquirer shareholders, approval of offer by target shareholders, the shareholders of Tex Cycle at an extraordinary general meeting to be convened; consummation of due diligence investigation, and any other relevant government authorities and/or parties, if required. The transaction is expected to close on September 30, 2024. Tex Cycle Technology (M) Berhad (KLSE:TEXCYCL) and the Vendors have, through the exchange of letters dated 25 September 2024 and 26 September 2024 by their respective solicitors, mutually agreed to further extend the period to conduct due diligence on the Target Company and the execution of the definitive share sale agreement to 31 October 2024. Tex Cycle does not expect to incur additional financial commitment to put the business of the Meridian World Group on-stream as the latter has on-going operations. Tex Cycle does not expect to incur additional financial commitment to put the business of the Meridian World Group on-stream as the latter has on-going operations. The Proposed Acquisition is also expected to bring synergistic benefits, such as improved operational efficiency via collaborative logistics, cross-selling among the enlarged customer base of the combined group, streamlining of operations to eliminate overlapping functions, and economies of scale in procurement, in view that both the Tex Cycle Group and Meridian World Group are primarily involved in the same scheduled waste management industry. The Proposed Acquisition is expected to be completed by the 3rd quarter of 2025.
RHB Investment Bank Berhad has been appointed as the Principal Adviser for the Proposed Acquisition for Tex Cycle Technology (M) Berhad.
Tex Cycle Technology (M) Berhad (KLSE:TEXCYCL) completed the acquisition of Meridian World Sdn. Bhd. from a group of shareholders on August 4, 2025. Balance payment of MYR 42.8 million paid to vendors. Declared Dividend • May 29
Dividend increased to NT$1.30 Dividend of NT$1.30 is 44% higher than last year. Ex-date: 12th June 2025 Payment date: 16th July 2025 Dividend yield will be 4.1%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (56% earnings payout ratio) and cash flows (37% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 52% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 04
First quarter 2025 earnings released: EPS: NT$0.49 (vs NT$0.36 in 1Q 2024) First quarter 2025 results: EPS: NT$0.49 (up from NT$0.36 in 1Q 2024). Revenue: NT$865.9m (up 24% from 1Q 2024). Net income: NT$34.1m (up 36% from 1Q 2024). Profit margin: 3.9% (up from 3.6% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 7% per year. Announcement • Apr 22
Amia Co.,Ltd to Report Q1, 2025 Results on Apr 25, 2025 Amia Co.,Ltd announced that they will report Q1, 2025 results on Apr 25, 2025 Buy Or Sell Opportunity • Apr 14
Now 20% overvalued Over the last 90 days, the stock has fallen 4.0% to NT$29.00. The fair value is estimated to be NT$24.14, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Earnings per share has declined by 24%. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to NT$25.30, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 17x in the Chemicals industry in Taiwan. Total loss to shareholders of 25% over the past three years. New Risk • Mar 31
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 6.2% 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 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 (6.2% average weekly change). Market cap is less than US$100m (NT$2.26b market cap, or US$67.9m). Reported Earnings • Mar 12
Full year 2024 earnings released: EPS: NT$2.21 (vs NT$1.28 in FY 2023) Full year 2024 results: EPS: NT$2.21 (up from NT$1.28 in FY 2023). Revenue: NT$3.41b (up 11% from FY 2023). Net income: NT$154.5m (up 73% from FY 2023). Profit margin: 4.5% (up from 2.9% 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 24% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Mar 03
Amia Co.,Ltd, Annual General Meeting, May 27, 2025 Amia Co.,Ltd, Annual General Meeting, May 27, 2025, at 09:00 Taipei Standard Time. Location: no,101, min sheng rd., dayuan dist., taoyuan city Taiwan Announcement • Feb 20
Amia Co.,Ltd to Report Q4, 2024 Results on Feb 27, 2025 Amia Co.,Ltd announced that they will report Q4, 2024 results on Feb 27, 2025 Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$37.85, the stock trades at a trailing P/E ratio of 17.4x. Average trailing P/E is 22x in the Chemicals industry in Taiwan. Total loss to shareholders of 29% over the past three years. New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$2.20b market cap, or US$67.8m). Reported Earnings • Nov 07
Third quarter 2024 earnings released: EPS: NT$0.64 (vs NT$0.38 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.64 (up from NT$0.38 in 3Q 2023). Revenue: NT$923.6m (up 22% from 3Q 2023). Net income: NT$44.7m (up 69% from 3Q 2023). Profit margin: 4.8% (up from 3.5% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • Oct 22
Amia Co.,Ltd to Report Q3, 2024 Results on Oct 29, 2024 Amia Co.,Ltd announced that they will report Q3, 2024 results on Oct 29, 2024 Reported Earnings • Aug 04
Second quarter 2024 earnings released: EPS: NT$0.77 (vs NT$0.28 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.77 (up from NT$0.28 in 2Q 2023). Revenue: NT$918.3m (up 16% from 2Q 2023). Net income: NT$53.7m (up 176% from 2Q 2023). Profit margin: 5.9% (up from 2.5% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • Jul 18
Amia Co.,Ltd to Report Q2, 2024 Results on Jul 26, 2024 Amia Co.,Ltd announced that they will report Q2, 2024 results on Jul 26, 2024 Announcement • Jun 14
Tex Cycle Technology (M) Berhad (KLSE:TEXCYCL) signed binding term sheet to acquire Meridian World Sdn. Bhd. from a group of shareholders for MYR 55 million. Tex Cycle Technology (M) Berhad (KLSE:TEXCYCL) signed binding term sheet to acquire Meridian World Sdn. Bhd. from a group of shareholders for MYR 55 million on June 12, 2024. A cash consideration of MYR 55 million will be paid by Tex Cycle Technology for 1.6 million shares. The sellers in the transaction are Yang Wu-Hsiung, Amia Co.,Ltd (TWSE:8438), Beltrax Engineering Sdn Bhd, Good Credentials Sdn Bhd, Panbright Holdings Sdn Bhd, Peninsular Accord Sdn Bhd, Scientidex Sdn Bhd, Sunrise Majusama Sdn Bhd, Wong Mei Hwa and Yang Chueh-Kuang. The Purchase Consideration will be funded via internally generated funds and/or bank borrowings. The transaction is subject to approval of merger agreement by target board, approval of offer by acquirer shareholders, approval of offer by target shareholders and consummation of due diligence investigation. Upcoming Dividend • Jun 04
Upcoming dividend of NT$0.90 per share Eligible shareholders must have bought the stock before 11 June 2024. Payment date: 05 July 2024. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Taiwanese dividend payers (4.2%). In line with average of industry peers (2.1%). Announcement • May 25
Amia Co.,Ltd Announces Common Stock Cash Dividend Distribution, Payable on July 5, 2024 Amia Co.,Ltd announced common stock cash dividend distribution of TWD 62,948,700 (TWD 0.9 per share). Date of the resolution by the board of directors or shareholders meeting or decision by the Company is May 24, 2024. Ex-rights (ex-dividend) trading date: June 11, 2024. Ex-rights (ex-dividend) record date: June 17, 2024. Payment date of common stock cash dividend distribution: July 5, 2024. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to NT$42.80, the stock trades at a trailing P/E ratio of 30x. Average trailing P/E is 22x in the Chemicals industry in Taiwan. Total returns to shareholders of 18% over the past three years. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.36 (vs NT$0.21 in 1Q 2023) First quarter 2024 results: EPS: NT$0.36 (up from NT$0.21 in 1Q 2023). Revenue: NT$696.8m (down 6.9% from 1Q 2023). Net income: NT$25.1m (up 72% from 1Q 2023). Profit margin: 3.6% (up from 2.0% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • May 01
Amia Co.,Ltd to Report Q1, 2024 Results on May 10, 2024 Amia Co.,Ltd announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 10, 2024 New Risk • Apr 22
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 6.7% 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: 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 (6.7% average weekly change). Market cap is less than US$100m (NT$2.31b market cap, or US$70.8m). Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$35.05, the stock trades at a trailing P/E ratio of 27.5x. Average trailing P/E is 24x in the Chemicals industry in Taiwan. Total loss to shareholders of 12% over the past three years. Reported Earnings • Mar 05
Full year 2023 earnings released: EPS: NT$1.28 (vs NT$1.46 in FY 2022) Full year 2023 results: EPS: NT$1.28 (down from NT$1.46 in FY 2022). Revenue: NT$3.06b (down 18% from FY 2022). Net income: NT$89.3m (down 11% from FY 2022). Profit margin: 2.9% (up from 2.7% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Feb 28
Amia Co.,Ltd, Annual General Meeting, May 24, 2024 Amia Co.,Ltd, Annual General Meeting, May 24, 2024. Location: No. 101, Minsheng Road, Dayuan Park Taoyuan City (Conference Room of Service Center of Dayuan Industrial Zone Taoyuan City Taiwan Agenda: To consider and approve 2023 annual business report; to consider and approve Audit Committee Audit Report; to consider Report on the distribution of employee remuneration and directors' remuneration; to consider Report on communication between the members of the Audit Committee and the Head of Internal Audit; to consider Report on directors' remuneration for the 2023 of the Company; and to consider the Cause for convening the meeting. Reported Earnings • Nov 02
Third quarter 2023 earnings released: EPS: NT$0.38 (vs NT$0.15 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.38 (up from NT$0.15 in 3Q 2022). Revenue: NT$757.2m (down 12% from 3Q 2022). Net income: NT$26.5m (up 145% from 3Q 2022). Profit margin: 3.5% (up from 1.3% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 11% 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 08
Second quarter 2023 earnings released: EPS: NT$0.28 (vs NT$0.61 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.28 (down from NT$0.61 in 2Q 2022). Revenue: NT$789.5m (down 24% from 2Q 2022). Net income: NT$19.4m (down 55% from 2Q 2022). Profit margin: 2.5% (down from 4.1% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$30.55, the stock trades at a trailing P/E ratio of 29.5x. Average trailing P/E is 23x in the Chemicals industry in Taiwan. Total returns to shareholders of 72% over the past three years. Announcement • Jul 18
Amia Co.,Ltd's Subsidiary, Gold Partner Enterprises (Kunshan) Co.,Ltd. Announces Earnings Distribution Amia Co.,Ltd's Subsidiary, Gold Partner Enterprises (Kunshan) Co.,Ltd. announced cash dividend distribution of RMB 7,000,000. Upcoming Dividend • Jun 19
Upcoming dividend of NT$1.00 per share at 3.7% yield Eligible shareholders must have bought the stock before 26 June 2023. Payment date: 20 July 2023. Payout ratio is on the higher end at 97%, and the cash payout ratio is above 100%. Trailing yield: 3.7%. Lower than top quartile of Taiwanese dividend payers (5.4%). In line with average of industry peers (3.5%). Announcement • Jun 08
Amia Co.,Ltd Announces Cash Dividend, Payable on July 20, 2023 Amia Co.,Ltd announced cash dividend of TWD 1 per share or TWD 69,943,000. Ex-rights (ex-dividend) trading date is June 26, 2023. Ex-rights (ex-dividend) record date is July 2, 2023. Payment date of cash dividend distribution is July 20, 2023. Reported Earnings • May 23
First quarter 2023 earnings released: EPS: NT$0.21 (vs NT$0.66 in 1Q 2022) First quarter 2023 results: EPS: NT$0.21 (down from NT$0.66 in 1Q 2022). Revenue: NT$748.2m (down 29% from 1Q 2022). Net income: NT$14.6m (down 65% from 1Q 2022). Profit margin: 2.0% (down from 4.0% in 1Q 2022). The decrease in margin was driven by lower revenue. 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 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 01
Full year 2022 earnings released: EPS: NT$1.46 (vs NT$3.56 in FY 2021) Full year 2022 results: EPS: NT$1.46 (down from NT$3.56 in FY 2021). Revenue: NT$3.72b (down 12% from FY 2021). Net income: NT$99.8m (down 55% from FY 2021). Profit margin: 2.7% (down from 5.2% 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 51% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Nov 16
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be NT$32.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 71%. Reported Earnings • Nov 02
Third quarter 2022 earnings released: EPS: NT$0.15 (vs NT$0.95 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.15 (down from NT$0.95 in 3Q 2021). Revenue: NT$861.1m (down 20% from 3Q 2021). Net income: NT$10.8m (down 82% from 3Q 2021). Profit margin: 1.3% (down from 5.5% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Aug 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be NT$37.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 87%. Reported Earnings • Jul 31
Second quarter 2022 earnings released Second quarter 2022 results: EPS: NT$0.61. Revenue: NT$1.03b (flat on 2Q 2021). Net income: NT$42.9m (up NT$42.9m from 2Q 2021). Profit margin: 4.1% (up from null in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 87% 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 02
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 09 June 2022. Payment date: 07 July 2022. Payout ratio is a comfortable 58% but the company is not cash flow positive. Trailing yield: 5.4%. 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$0.66 (vs NT$0.90 in 1Q 2021) First quarter 2022 results: EPS: NT$0.66 (down from NT$0.90 in 1Q 2021). Revenue: NT$1.05b (up 5.6% from 1Q 2021). Net income: NT$42.0m (down 25% from 1Q 2021). Profit margin: 4.0% (down from 5.6% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). President and Director Yanheng Chen was the last director to join the board, commencing their role in 2002. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment deteriorated over the past week After last week's 22% share price decline to NT$40.50, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 18x in the Chemicals industry in Taiwan. Total returns to shareholders of 122% over the past three years. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment improved over the past week After last week's 18% share price gain to NT$60.20, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 18x in the Chemicals industry in Taiwan. Total returns to shareholders of 285% over the past three years. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS NT$0.95 (vs NT$0.40 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$1.08b (up 43% from 3Q 2020). Net income: NT$59.1m (up 141% from 3Q 2020). Profit margin: 5.5% (up from 3.2% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 49% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improved over the past week After last week's 20% share price gain to NT$51.80, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 17x in the Chemicals industry in Taiwan. Total returns to shareholders of 241% over the past three years. Board Change • Sep 10
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). President and Director Yanheng Chen was the last director to join the board, commencing their role in 2002. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 18
First half 2021 earnings released: EPS NT$1.79 (vs NT$0.34 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: NT$1.98b (up 47% from 1H 2020). Net income: NT$111.2m (up 430% from 1H 2020). Profit margin: 5.6% (up from 1.5% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 15
Upcoming dividend of NT$0.90 per share Eligible shareholders must have bought the stock before 22 July 2021. Payment date: 18 August 2021. Trailing yield: 2.1%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (2.8%). Reported Earnings • Apr 25
Full year 2020 earnings released: EPS NT$1.12 (vs NT$0.067 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$2.87b (up 3.8% from FY 2019). Net income: NT$70.0m (up NT$65.8m from FY 2019). Profit margin: 2.4% (up from 0.2% 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 31% per year whereas the company’s share price has increased by 34% per year. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improved over the past week After last week's 16% share price gain to NT$29.00, the stock is trading at a trailing P/E ratio of 57.6x, up from the previous P/E ratio of 49.5x. This compares to an average P/E of 21x in the Chemicals industry in Taiwan. Total returns to shareholders over the past three years are 76%. Is New 90 Day High Low • Mar 03
New 90-day high: NT$25.80 The company is up 29% from its price of NT$19.95 on 02 December 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 9.0% over the same period.