New Risk • May 21
New major risk - Revenue and earnings growth Earnings have declined by 3.2% 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 3.2% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$720.3m market cap, or US$22.8m). Reported Earnings • Mar 13
Full year 2025 earnings released: NT$0.34 loss per share (vs NT$1.53 profit in FY 2024) Full year 2025 results: NT$0.34 loss per share (down from NT$1.53 profit in FY 2024). Revenue: NT$474.2m (down 19% from FY 2024). Net loss: NT$14.4m (down 122% from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Announcement • Mar 10
Yung Zip Chemical Ind. Co., Ltd., Annual General Meeting, May 28, 2026 Yung Zip Chemical Ind. Co., Ltd., Annual General Meeting, May 28, 2026, at 09:00 Taipei Standard Time. Location: no,315, ch`eng kung rd., dajia district, taichung city Taiwan Reported Earnings • Nov 19
Third quarter 2025 earnings released: NT$0.08 loss per share (vs NT$0.33 profit in 3Q 2024) Third quarter 2025 results: NT$0.08 loss per share (down from NT$0.33 profit in 3Q 2024). Revenue: NT$104.2m (down 34% from 3Q 2024). Net loss: NT$3.39m (down 124% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 17
Second quarter 2025 earnings released: NT$0.21 loss per share (vs NT$0.70 profit in 2Q 2024) Second quarter 2025 results: NT$0.21 loss per share (down from NT$0.70 profit in 2Q 2024). Revenue: NT$127.3m (down 27% from 2Q 2024). Net loss: NT$8.79m (down 130% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 27
Upcoming dividend of NT$1.15 per share Eligible shareholders must have bought the stock before 04 July 2025. Payment date: 08 August 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.9%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (2.6%). Declared Dividend • Jun 11
Dividend increased to NT$1.15 Dividend of NT$1.15 is 44% higher than last year. Ex-date: 4th July 2025 Payment date: 8th August 2025 Dividend yield will be 4.8%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is not covered by earnings (128% earnings payout ratio). However, it is covered by cash flows (68% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 42% to bring the payout ratio under control. However, EPS has declined by 1.7% over the last 5 years so the company would need to reverse this trend. Reported Earnings • May 08
First quarter 2025 earnings released: EPS: NT$0.02 (vs NT$0.64 in 1Q 2024) First quarter 2025 results: EPS: NT$0.02 (down from NT$0.64 in 1Q 2024). Revenue: NT$128.9m (down 14% from 1Q 2024). Net income: NT$646.0k (down 98% from 1Q 2024). Profit margin: 0.5% (down from 18% in 1Q 2024). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$21.15, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 16x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 8.6% over the past three years. Announcement • Mar 13
Yung Zip Chemical Ind. Co., Ltd., Annual General Meeting, May 27, 2025 Yung Zip Chemical Ind. Co., Ltd., Annual General Meeting, May 27, 2025, at 09:00 Taipei Standard Time. Location: no,315, ch`eng kung rd., dajia district, taichung city Taiwan Buy Or Sell Opportunity • Mar 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.3% to NT$28.65. The fair value is estimated to be NT$35.84, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.6% over the last 3 years. Earnings per share has grown by 49%. Buy Or Sell Opportunity • Jan 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to NT$30.20. The fair value is estimated to be NT$37.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.6% over the last 3 years. Earnings per share has grown by 49%. Buy Or Sell Opportunity • Dec 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 23% to NT$30.25. The fair value is estimated to be NT$37.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.6% over the last 3 years. Earnings per share has grown by 49%. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.33 (vs NT$0.46 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.33 (down from NT$0.46 in 3Q 2023). Revenue: NT$156.6m (up 15% from 3Q 2023). Net income: NT$13.9m (down 29% from 3Q 2023). Profit margin: 8.9% (down from 14% 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 49% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Sep 30
Now 21% undervalued Over the last 90 days, the stock has risen 5.0% to NT$38.85. The fair value is estimated to be NT$49.09, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last 3 years. Earnings per share has grown by 56%. Buy Or Sell Opportunity • Sep 10
Now 22% undervalued Over the last 90 days, the stock has risen 5.1% to NT$38.35. The fair value is estimated to be NT$49.09, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last 3 years. Earnings per share has grown by 56%. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.70 (vs NT$0.22 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.70 (up from NT$0.22 in 2Q 2023). Revenue: NT$174.6m (up 28% from 2Q 2023). Net income: NT$29.7m (up 224% from 2Q 2023). Profit margin: 17% (up from 6.7% 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 56% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 27
Upcoming dividend of NT$0.80 per share Eligible shareholders must have bought the stock before 04 July 2024. Payment date: 09 August 2024. Payout ratio is a comfortable 47% and the cash payout ratio is 95%. Trailing yield: 2.1%. Lower than top quartile of Taiwanese dividend payers (4.2%). In line with average of industry peers (2.0%). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.64 (vs NT$0.42 in 1Q 2023) First quarter 2024 results: EPS: NT$0.64 (up from NT$0.42 in 1Q 2023). Revenue: NT$150.2m (up 11% from 1Q 2023). Net income: NT$27.0m (up 50% from 1Q 2023). Profit margin: 18% (up from 13% 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 60% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: NT$1.48 (vs NT$1.65 in FY 2022) Full year 2023 results: EPS: NT$1.48 (down from NT$1.65 in FY 2022). Revenue: NT$559.2m (down 1.4% from FY 2022). Net income: NT$62.5m (down 11% from FY 2022). Profit margin: 11% (down from 12% in FY 2022). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • Mar 14
Yung Zip Chemical Ind. Co., Ltd., Annual General Meeting, May 30, 2024 Yung Zip Chemical Ind. Co., Ltd., Annual General Meeting, May 30, 2024. Buy Or Sell Opportunity • Mar 01
Now 26% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.6% to NT$37.40. The fair value is estimated to be NT$50.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 55%. Buying Opportunity • Dec 07
Now 21% undervalued Over the last 90 days, the stock is up 10%. The fair value is estimated to be NT$46.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 55%. New Risk • Oct 21
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 5.7% 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 (5.7% average weekly change). Market cap is less than US$100m (NT$1.43b market cap, or US$44.3m). Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$33.40, the stock trades at a trailing P/E ratio of 24.2x. Average trailing P/E is 21x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 43% over the past three years. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: NT$0.22 (vs NT$0.79 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.22 (down from NT$0.79 in 2Q 2022). Revenue: NT$136.8m (down 12% from 2Q 2022). Net income: NT$9.18m (down 72% from 2Q 2022). Profit margin: 6.7% (down from 22% in 2Q 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 27
Upcoming dividend of NT$0.80 per share at 2.6% yield Eligible shareholders must have bought the stock before 04 July 2023. Payment date: 07 August 2023. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (1.6%). Buying Opportunity • Jun 01
Now 20% undervalued Over the last 90 days, the stock is up 13%. The fair value is estimated to be NT$41.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Earnings per share has grown by 13%. Reported Earnings • Mar 19
Full year 2022 earnings released: EPS: NT$1.65 (vs NT$0.14 in FY 2021) Full year 2022 results: EPS: NT$1.65 (up from NT$0.14 in FY 2021). Revenue: NT$567.3m (up 19% from FY 2021). Net income: NT$70.0m (up NT$64.0m from FY 2021). Profit margin: 12% (up from 1.3% in FY 2021). The increase in margin was driven by higher revenue. 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 15% per year. Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$33.90, the stock trades at a trailing P/E ratio of 28x. Average trailing P/E is 22x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 114% over the past three years. Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improved over the past week After last week's 18% share price gain to NT$40.80, the stock trades at a trailing P/E ratio of 33.7x. Average trailing P/E is 20x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 154% over the past three years. Board Change • Nov 16
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. 10 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . 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 • Nov 08
Investor sentiment improved over the past week After last week's 19% share price gain to NT$32.25, the stock trades at a trailing P/E ratio of 38.7x. Average trailing P/E is 16x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 92% over the past three years. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$22.35, the stock trades at a trailing P/E ratio of 26.8x. Average trailing P/E is 18x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 27% over the past three years. Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment improved over the past week After last week's 24% share price gain to NT$25.50, the stock trades at a trailing P/E ratio of 30.6x. Average trailing P/E is 19x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 49% over the past three years. Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: NT$0.79 (vs NT$0.29 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.79 (up from NT$0.29 in 2Q 2021). Revenue: NT$154.6m (up 13% from 2Q 2021). Net income: NT$33.3m (up 169% from 2Q 2021). Profit margin: 22% (up from 9.0% in 2Q 2021). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 28
Upcoming dividend of NT$0.10 per share Eligible shareholders must have bought the stock before 05 July 2022. Payment date: 29 July 2022. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of Taiwanese dividend payers (6.3%). Lower than average of industry peers (2.7%). Reported Earnings • May 11
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: NT$0.12 (up from NT$0.073 loss in 1Q 2021). Revenue: NT$108.1m (flat on 1Q 2021). Net income: NT$5.29m (up NT$8.38m from 1Q 2021). Profit margin: 4.9% (up from net loss in 1Q 2021). Revenue exceeded analyst estimates by 8.3%. Earnings per share (EPS) missed analyst estimates by 15%. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. 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. 10 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . 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 • Mar 09
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: NT$0.14 (down from NT$0.72 in FY 2020). Revenue: NT$477.6m (up 3.1% from FY 2020). Net income: NT$6.00m (down 81% from FY 2020). Profit margin: 1.3% (down from 6.6% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 8.3%. Earnings per share (EPS) missed analyst estimates by 15%. 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 8% per year. Reported Earnings • Nov 10
Third quarter 2021 earnings released: NT$0.12 loss per share (vs NT$0.087 loss in 3Q 2020) The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: NT$88.6m (down 21% from 3Q 2020). Net loss: NT$5.25m (loss widened 42% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 11
Upcoming dividend of NT$0.10 per share Eligible shareholders must have bought the stock before 18 August 2021. Payment date: 17 September 2021. Trailing yield: 0.5%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (2.2%). Reported Earnings • May 09
First quarter 2021 earnings released: NT$0.07 loss per share (vs NT$0.41 profit in 1Q 2020) The company reported a soft first quarter result with weaker earnings and weaker control over costs, although revenues improved. First quarter 2021 results: Revenue: NT$107.4m (up 2.8% from 1Q 2020). Net loss: NT$3.09m (down 118% from profit in 1Q 2020). 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 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 29
Full year 2020 earnings released: EPS NT$0.72 (vs NT$0.74 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: NT$463.2m (up 11% from FY 2019). Net income: NT$30.7m (down 1.8% from FY 2019). Profit margin: 6.6% (down from 7.5% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Mar 16
Yung Zip Chemical Ind. Co., Ltd., Annual General Meeting, May 28, 2021 Yung Zip Chemical Ind. Co., Ltd., Annual General Meeting, May 28, 2021. Reported Earnings • Mar 12
Full year 2020 earnings released: EPS NT$0.73 (vs NT$0.74 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: NT$463.2m (up 11% from FY 2019). Net income: NT$30.7m (down 1.8% from FY 2019). Profit margin: 6.6% (down from 7.5% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Dec 23
New 90-day high: NT$28.50 The company is up 8.0% from its price of NT$26.50 on 25 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Pharmaceuticals industry, which is down 12% over the same period. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improved over the past week After last week's 20% share price gain to NT$26.95, the stock is trading at a trailing P/E ratio of 38.2x, up from the previous P/E ratio of 32x. This compares to an average P/E of 19x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders over the past three years are 63%. Is New 90 Day High Low • Dec 05
New 90-day low: NT$23.00 The company is down 25% from its price of NT$30.80 on 04 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$58.96 per share. Reported Earnings • Nov 14
Third quarter 2020 earnings released: NT$0.09 loss per share The company reported a soft third quarter result with weaker earnings and control over expenses, although revenues were improved. Third quarter 2020 results: Revenue: NT$111.9m (up 12% from 3Q 2019). Net loss: NT$3.68m (down 165% from profit in 3Q 2019). 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 13% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Nov 12
New 90-day low: NT$23.80 The company is down 27% from its price of NT$32.80 on 14 August 2020. The Taiwanese market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$35.87 per share. Is New 90 Day High Low • Oct 12
New 90-day low: NT$26.15 The company is down 30% from its price of NT$37.20 on 14 July 2020. The Taiwanese market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is down 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$37.22 per share.