Buy Or Sell Opportunity • Apr 13
Now 20% overvalued Over the last 90 days, the stock has fallen 6.2% to NT$82.60. The fair value is estimated to be NT$68.67, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Meanwhile, the company has become profitable. Upcoming Dividend • Apr 09
Upcoming dividend of NT$5.00 per share Eligible shareholders must have bought the stock before 16 April 2026. Payment date: 21 May 2026. Payout ratio is a comfortable 55% but the company is not cash flow positive. Trailing yield: 6.5%. Within top quartile of Taiwanese dividend payers (5.1%). Higher than average of industry peers (4.7%). Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$9.13 (vs NT$5.84 in FY 2024) Full year 2025 results: EPS: NT$9.13 (up from NT$5.84 in FY 2024). Revenue: NT$4.37b (up 39% from FY 2024). Net income: NT$511.0m (up 80% from FY 2024). Profit margin: 12% (up from 9.0% in FY 2024). The increase in margin was driven by higher revenue. 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 25% per year, which means it is significantly lagging earnings growth. Announcement • Mar 12
B'in Live Co., Ltd., Annual General Meeting, Jun 16, 2026 B'in Live Co., Ltd., Annual General Meeting, Jun 16, 2026. Location: 3 floor no,1, sec.3 chung hsiao e. rd., da-an district, taipei city Taiwan Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: NT$3.10 (vs NT$1.46 in 3Q 2024) Third quarter 2025 results: EPS: NT$3.10 (up from NT$1.46 in 3Q 2024). Revenue: NT$1.19b (up 12% from 3Q 2024). Net income: NT$179.4m (up 153% from 3Q 2024). Profit margin: 15% (up from 6.7% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$2.92 (vs NT$1.31 in 2Q 2024) Second quarter 2025 results: EPS: NT$2.92 (up from NT$1.31 in 2Q 2024). Revenue: NT$1.31b (up 85% from 2Q 2024). Net income: NT$168.6m (up 165% from 2Q 2024). Profit margin: 13% (up from 9.0% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 48% per year, which means it is significantly lagging earnings growth. New Risk • Jul 11
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 6.8% 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. 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 (6.8% average weekly change). Profit margins are more than 30% lower than last year (7.9% net profit margin). Shareholders have been diluted in the past year (18% increase in shares outstanding). Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$108, the stock trades at a trailing P/E ratio of 24.8x. Average trailing P/E is 25x in the Entertainment industry in Taiwan. Total returns to shareholders of 366% over the past three years. Upcoming Dividend • Jun 12
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 19 June 2025. Payment date: 16 July 2025. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of Taiwanese dividend payers (5.2%). In line with average of industry peers (3.9%). Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.23 (vs NT$0.92 in 1Q 2024) First quarter 2025 results: EPS: NT$0.23 (down from NT$0.92 in 1Q 2024). Revenue: NT$483.1m (up 3.5% from 1Q 2024). Net income: NT$11.6m (down 74% from 1Q 2024). Profit margin: 2.4% (down from 9.6% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 54% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$84.90, the stock trades at a trailing P/E ratio of 17.3x. Average trailing P/E is 26x in the Entertainment industry in Taiwan. Total returns to shareholders of 266% over the past three years. New Risk • May 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% 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. Shareholders have been diluted in the past year (18% increase in shares outstanding). Announcement • May 01
B'in Live Co., Ltd. to Report Q1, 2025 Results on May 07, 2025 B'in Live Co., Ltd. announced that they will report Q1, 2025 results on May 07, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$60.70, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 20x in the Entertainment industry in Taiwan. Total returns to shareholders of 154% over the past three years. New Risk • Apr 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.16b (US$95.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. 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. Market cap is less than US$100m (NT$3.16b market cap, or US$95.7m). Reported Earnings • Mar 18
Full year 2024 earnings released: EPS: NT$5.84 (vs NT$6.07 in FY 2023) Full year 2024 results: EPS: NT$5.84 (down from NT$6.07 in FY 2023). Revenue: NT$3.15b (up 23% from FY 2023). Net income: NT$284.4m (down 3.5% from FY 2023). Profit margin: 9.0% (down from 12% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Announcement • Mar 13
B'in Live Co., Ltd., Annual General Meeting, Jun 19, 2025 B'in Live Co., Ltd., Annual General Meeting, Jun 19, 2025. Location: 3 floor no,1, sec.3 chung hsiao e. rd., da-an district, taipei city Taiwan Announcement • Mar 11
B'in Live Co., Ltd. announced that it has received funding On March 10, 2025, B'in Live Co., Ltd closed the transaction. Announcement • Mar 05
B'in Live Co., Ltd. to Report Fiscal Year 2024 Results on Mar 12, 2025 B'in Live Co., Ltd. announced that they will report fiscal year 2024 results on Mar 12, 2025 Announcement • Feb 05
B'in Live Co., Ltd. has filed a Follow-on Equity Offering. B'in Live Co., Ltd. has filed a Follow-on Equity Offering.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 7,200,000
Security Name: Shares
Security Type: Common Stock
Securities Offered: 1,800,000
Transaction Features: Rights Offering Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: NT$1.46 (vs NT$2.32 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.46 (down from NT$2.32 in 3Q 2023). Revenue: NT$1.06b (up 11% from 3Q 2023). Net income: NT$71.0m (down 37% from 3Q 2023). Profit margin: 6.7% (down from 12% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 53% per year, which means it is significantly lagging earnings growth. Announcement • Nov 08
B'in Live Co., Ltd. announced a financing transaction B'in Live Co., Ltd. announced a private placement to issue 9,000,000 common shares on November 6, 2024. The transaction has been approved by shareholders of company. Announcement • Oct 30
B'in Live Co., Ltd. to Report Q3, 2024 Results on Nov 06, 2024 B'in Live Co., Ltd. announced that they will report Q3, 2024 results on Nov 06, 2024 Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: NT$1.31 (vs NT$1.51 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.31 (down from NT$1.51 in 2Q 2023). Revenue: NT$706.8m (up 26% from 2Q 2023). Net income: NT$63.6m (down 13% from 2Q 2023). Profit margin: 9.0% (down from 13% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Announcement • Jul 31
B'in Live Co., Ltd. to Report Q2, 2024 Results on Aug 07, 2024 B'in Live Co., Ltd. announced that they will report Q2, 2024 results on Aug 07, 2024 Upcoming Dividend • Jul 11
Upcoming dividend of NT$3.50 per share Eligible shareholders must have bought the stock before 18 July 2024. Payment date: 21 August 2024. Trailing yield: 3.6%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (3.0%). New Risk • Jun 06
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.7% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$1.02 (vs NT$0.35 in 1Q 2023) First quarter 2024 results: EPS: NT$1.02 (up from NT$0.35 in 1Q 2023). Revenue: NT$466.7m (up 70% from 1Q 2023). Net income: NT$44.9m (up 187% from 1Q 2023). Profit margin: 9.6% (up from 5.7% 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 117% per year but the company’s share price has only increased by 49% per year, which means it is significantly lagging earnings growth. Announcement • May 09
B'in Live Co., Ltd. Proposes Dividend Distribution for the Year 2023 B'in Live Co., Ltd. proposed dividend distribution of TWD 3.50 per share for the year 2023. Total amount of cash distributed to shareholders TWD 155,821,554. Announcement • May 03
B'in Live Co., Ltd. to Report Q1, 2024 Results on May 08, 2024 B'in Live Co., Ltd. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 08, 2024 Reported Earnings • Mar 12
Full year 2023 earnings released: EPS: NT$6.68 (vs NT$0.31 loss in FY 2022) Full year 2023 results: EPS: NT$6.68 (up from NT$0.31 loss in FY 2022). Revenue: NT$2.56b (up 96% from FY 2022). Net income: NT$294.8m (up NT$308.6m from FY 2022). Profit margin: 12% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Announcement • Mar 07
B'in Live Co., Ltd., Annual General Meeting, Jun 18, 2024 B'in Live Co., Ltd., Annual General Meeting, Jun 18, 2024. Location: (Sigma Hall, GIS Taipei Tech Convention Center), 3F, No. 1, Sec. 3, Zhongxiao E. Rd.,Da’an Dist Taipei City Taiwan Agenda: To consider 2023 Business Report; to consider audit Committee’s Review Report on the 2023 Financial Statements; to consider 2023 Report on Distribution of Remuneration of Employees and Directors; to consider distribution of 2023 Earnings of cash dividend Report; to consider 2023 business report and financial statements; to consider distribution of 2023 Earnings; and to consider other matters. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$97.50, the stock trades at a trailing P/E ratio of 28.5x. Average trailing P/E is 17x in the Entertainment industry in Taiwan. Total returns to shareholders of 182% over the past three years. New Risk • Nov 06
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 7.8% 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 (7.8% average weekly change). High level of non-cash earnings (32% accrual ratio). Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$94.40, the stock trades at a trailing P/E ratio of 27.6x. Average trailing P/E is 15x in the Entertainment industry in Taiwan. Total returns to shareholders of 170% over the past three years. Valuation Update With 7 Day Price Move • Aug 17
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 30.3x. Average trailing P/E is 14x in the Entertainment industry in Taiwan. Total returns to shareholders of 209% over the past three years. New Risk • Aug 12
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 32% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). High level of non-cash earnings (32% accrual ratio). Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: NT$1.66 (vs NT$1.09 loss in 2Q 2022) Second quarter 2023 results: EPS: NT$1.66 (up from NT$1.09 loss in 2Q 2022). Revenue: NT$560.5m (up 373% from 2Q 2022). Net income: NT$73.4m (up NT$121.3m from 2Q 2022). Profit margin: 13% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. 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 41% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 28
Full year 2022 earnings released: NT$0.31 loss per share (vs NT$2.00 loss in FY 2021) Full year 2022 results: NT$0.31 loss per share (improved from NT$2.00 loss in FY 2021). Revenue: NT$1.30b (up 55% from FY 2021). Net loss: NT$13.8m (loss narrowed 84% from FY 2021). 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 17% per year, which means it is well ahead of earnings. Reported Earnings • Aug 15
Second quarter 2022 earnings released: NT$1.09 loss per share (vs NT$1.60 loss in 2Q 2021) Second quarter 2022 results: NT$1.09 loss per share (up from NT$1.60 loss in 2Q 2021). Revenue: NT$118.6m (up 40% from 2Q 2021). Net loss: NT$47.9m (loss narrowed 32% from 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Reported Earnings • May 12
First quarter 2022 earnings released: NT$0.65 loss per share (vs NT$0.16 loss in 1Q 2021) First quarter 2022 results: NT$0.65 loss per share (down from NT$0.16 loss in 1Q 2021). Revenue: NT$202.2m (down 6.9% from 1Q 2021). Net loss: NT$28.5m (loss widened 309% from 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 28
Full year 2021 earnings released: NT$2.00 loss per share (vs NT$3.30 loss in FY 2020) Full year 2021 results: NT$2.00 loss per share (up from NT$3.30 loss in FY 2020). Revenue: NT$838.4m (up 5.4% from FY 2020). Net loss: NT$87.8m (loss narrowed 32% from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 10
Third quarter 2021 earnings released: NT$0.92 loss per share (vs NT$0.40 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: NT$88.2m (down 69% from 3Q 2020). Net loss: NT$40.4m (down 365% from profit in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 13
Second quarter 2021 earnings released: NT$1.60 loss per share (vs NT$1.80 loss in 2Q 2020) The company reported a solid second quarter result with improved revenues and control over costs, although losses increased. Second quarter 2021 results: Revenue: NT$84.8m (up 86% from 2Q 2020). Net loss: NT$70.4m (loss widened 2.0% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 26
Full year 2020 earnings released: NT$3.30 loss per share (vs NT$0.083 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: NT$795.2m (down 35% from FY 2019). Net loss: NT$129.1m (down NT$132.3m from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 03
New 90-day high: NT$34.00 The company is up 1.0% from its price of NT$33.65 on 03 December 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 10.0% over the same period. Is New 90 Day High Low • Feb 03
New 90-day low: NT$27.55 The company is down 21% from its price of NT$35.05 on 05 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 8.0% over the same period. Is New 90 Day High Low • Jan 15
New 90-day low: NT$30.00 The company is down 21% from its price of NT$37.80 on 16 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 8.0% over the same period. Is New 90 Day High Low • Dec 22
New 90-day low: NT$32.60 The company is down 9.0% from its price of NT$35.75 on 23 September 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is down 3.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.40 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$283.6m (up 16% from 3Q 2019). Net income: NT$15.2m (up NT$36.4m from 3Q 2019). Profit margin: 5.4% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 77% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 12
New 90-day low: NT$34.25 The company is down 3.0% from its price of NT$35.15 on 14 August 2020. The Taiwanese market is up 4.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Entertainment industry, which is down 7.0% over the same period. Is New 90 Day High Low • Oct 08
New 90-day high: NT$39.60 The company is up 11% from its price of NT$35.81 on 10 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is down 13% over the same period.