Upcoming Dividend • Jul 09
Upcoming dividend of NT$8.00 per share Eligible shareholders must have bought the stock before 16 July 2026. Payment date: 18 August 2026. Payout ratio is on the higher end at 91%, however this is supported by cash flows. Trailing yield: 6.9%. Within top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (4.3%). Reported Earnings • May 11
First quarter 2026 earnings released: EPS: NT$2.00 (vs NT$4.79 in 1Q 2025) First quarter 2026 results: EPS: NT$2.00 (down from NT$4.79 in 1Q 2025). Revenue: NT$8.95b (down 32% from 1Q 2025). Net income: NT$189.7m (down 51% from 1Q 2025). Profit margin: 2.1% (down from 2.9% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 9% per year. Declared Dividend • May 02
Final dividend of NT$8.00 announced Shareholders will receive a dividend of NT$8.00. Ex-date: 16th July 2026 Payment date: 18th August 2026 Dividend yield will be 6.8%, which is higher than the industry average of 1.2%. Sustainability & Growth Dividend is covered by earnings (79% earnings payout ratio) but not covered by cash flows (dividend approximately 5x free cash flows). The dividend has increased by an average of 9.1% per year over the past 8 years. However, payments have been volatile during that time. Earnings per share has grown by 4.8% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 11
Pan German Universal Motors Ltd., Annual General Meeting, Jun 12, 2026 Pan German Universal Motors Ltd., Annual General Meeting, Jun 12, 2026, at 09:30 Taipei Standard Time. Location: 11 floor no,156, sec.3 min sheng e. rd., songshan district, taipei city Taiwan Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: NT$18.32 (vs NT$23.93 in FY 2024) Full year 2025 results: EPS: NT$18.32 (down from NT$23.93 in FY 2024). Revenue: NT$51.4b (down 11% from FY 2024). Net income: NT$1.48b (down 23% from FY 2024). Profit margin: 2.9% (down from 3.4% 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 2% per year whereas the company’s share price has increased by 1% per year. Upcoming Dividend • Jan 01
Upcoming dividend of NT$6.50 per share Eligible shareholders must have bought the stock before 08 January 2026. Payment date: 06 February 2026. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.6%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.7%). New Risk • Dec 14
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 122% The company is paying a dividend despite having no free cash flows. Dividend yield: 4.4% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 122% Paying a dividend despite having no free cash flows. High level of non-cash earnings (22% accrual ratio). Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: NT$3.86 (vs NT$6.22 in 3Q 2024) Third quarter 2025 results: EPS: NT$3.86 (down from NT$6.22 in 3Q 2024). Revenue: NT$11.3b (down 21% from 3Q 2024). Net income: NT$311.2m (down 38% from 3Q 2024). Profit margin: 2.7% (down from 3.5% in 3Q 2024). 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 whereas the company’s share price has increased by 12% per year. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$6.21 (vs NT$6.78 in 2Q 2024) Second quarter 2025 results: EPS: NT$6.21 (down from NT$6.78 in 2Q 2024). Revenue: NT$14.7b (down 6.4% from 2Q 2024). Net income: NT$501.4m (down 8.4% from 2Q 2024). Profit margin: 3.4% (down from 3.5% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 13% per year. Buy Or Sell Opportunity • Jul 23
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to NT$348. The fair value is estimated to be NT$280, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 13%. Upcoming Dividend • Jul 21
Upcoming dividend of NT$18.50 per share Eligible shareholders must have bought the stock before 28 July 2025. Payment date: 15 August 2025. Payout ratio is on the higher end at 79% but the company is not cash flow positive. Trailing yield: 5.7%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.7%). Announcement • Jun 26
Pan German Universal Motors Ltd. announced that it expects to receive TWD 1.01 billion in funding Pan German Universal Motors Ltd announced a private placement of First domestic unsecured convertible bonds for gross proceeds TWD 1,010,000,000 on June 24, 2025. Announcement • May 01
Pan German Universal Motors Ltd. to Report Q1, 2025 Results on May 09, 2025 Pan German Universal Motors Ltd. announced that they will report Q1, 2025 results on May 09, 2025 Reported Earnings • Apr 01
Full year 2024 earnings released: EPS: NT$23.93 (vs NT$22.17 in FY 2023) Full year 2024 results: EPS: NT$23.93 (up from NT$22.17 in FY 2023). Revenue: NT$57.6b (up 13% from FY 2023). Net income: NT$1.93b (up 7.9% from FY 2023). Profit margin: 3.4% (down from 3.5% 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 15% per year whereas the company’s share price has increased by 13% per year. Buy Or Sell Opportunity • Mar 26
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 5.7% to NT$315. The fair value is estimated to be NT$262, however this is not to be taken as a sell 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 15%. Announcement • Mar 14
Pan German Universal Motors Ltd., Annual General Meeting, Jun 13, 2025 Pan German Universal Motors Ltd., Annual General Meeting, Jun 13, 2025, at 09:30 Taipei Standard Time. Location: 11 floor no,156, sec.3 min sheng e. rd., songshan district, taipei city Taiwan Buy Or Sell Opportunity • Mar 06
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 8.7% to NT$317. The fair value is estimated to be NT$264, however this is not to be taken as a sell 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 15%. Announcement • Mar 05
Pan German Universal Motors Ltd. to Report Fiscal Year 2024 Results on Mar 12, 2025 Pan German Universal Motors Ltd. announced that they will report fiscal year 2024 results After-Market on Mar 12, 2025 Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$6.22 (vs NT$5.51 in 3Q 2023) Third quarter 2024 results: EPS: NT$6.22 (up from NT$5.51 in 3Q 2023). Revenue: NT$14.3b (up 9.0% from 3Q 2023). Net income: NT$502.1m (up 13% from 3Q 2023). Profit margin: 3.5% (up from 3.4% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 10% per year. Announcement • Oct 30
Pan German Universal Motors Ltd. to Report Q3, 2024 Results on Nov 06, 2024 Pan German Universal Motors Ltd. announced that they will report Q3, 2024 results on Nov 06, 2024 Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: NT$6.78 (vs NT$6.73 in 2Q 2023) Second quarter 2024 results: EPS: NT$6.78 (up from NT$6.73 in 2Q 2023). Revenue: NT$15.7b (up 3.3% from 2Q 2023). Net income: NT$547.3m (flat on 2Q 2023). Profit margin: 3.5% (in line with 2Q 2023). Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 11% per year. Announcement • Aug 02
Pan German Universal Motors Ltd. to Report Q2, 2024 Results on Aug 09, 2024 Pan German Universal Motors Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 Upcoming Dividend • Jun 18
Upcoming dividend of NT$18.00 per share Eligible shareholders must have bought the stock before 24 June 2024. Payment date: 19 July 2024. Payout ratio is on the higher end at 80%, and the cash payout ratio is above 100%. Trailing yield: 5.6%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (3.3%). Announcement • Jun 08
Pan German Universal Motors Ltd. Announces Cash Dividend, Payable on July 19, 2024 Pan German Universal Motors Ltd. announced cash dividend is TWD 18 per share. Cash dividend total amount is TWD 1,452,757,230. Ex-rights (ex-dividend) trading date is June 24, 2024; Ex-rights (ex-dividend) record date is June 30, 2024; Payment date of common stock cash dividend distribution is July 19, 2024. Declared Dividend • Jun 07
Dividend increased to NT$18.00 Dividend of NT$18.00 is 20% higher than last year. Ex-date: 24th June 2024 Payment date: 19th July 2024 Dividend yield will be 5.6%, which is higher than the industry average of 1.2%. Sustainability & Growth Dividend is covered by earnings (81% earnings payout ratio) but not covered by cash flows (156% cash payout ratio). The dividend has increased by an average of 14% per year over the past 6 years and payments have been stable during that time. Earnings per share has grown by 18% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$5.22 (vs NT$5.03 in 1Q 2023) First quarter 2024 results: EPS: NT$5.22 (up from NT$5.03 in 1Q 2023). Revenue: NT$13.5b (up 11% from 1Q 2023). Net income: NT$421.6m (up 3.9% from 1Q 2023). Profit margin: 3.1% (down from 3.3% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 14% per year and the company’s share price has also increased by 14% per year. Announcement • Apr 26
Pan German Universal Motors Ltd. to Report Q1, 2024 Results on May 02, 2024 Pan German Universal Motors Ltd. announced that they will report Q1, 2024 results on May 02, 2024 Buy Or Sell Opportunity • Apr 23
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 6.6% to NT$313. The fair value is estimated to be NT$260, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.5% over the last 3 years. Earnings per share has grown by 14%. Reported Earnings • Mar 30
Full year 2023 earnings released: EPS: NT$22.17 (vs NT$18.28 in FY 2022) Full year 2023 results: EPS: NT$22.17 (up from NT$18.28 in FY 2022). Revenue: NT$50.8b (up 15% from FY 2022). Net income: NT$1.79b (up 21% from FY 2022). Profit margin: 3.5% (up from 3.3% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Mar 15
Pan German Universal Motors Ltd., Annual General Meeting, Jun 21, 2024 Pan German Universal Motors Ltd., Annual General Meeting, Jun 21, 2024. Reported Earnings • Nov 12
Third quarter 2023 earnings released: EPS: NT$5.51 (vs NT$4.38 in 3Q 2022) Third quarter 2023 results: EPS: NT$5.51 (up from NT$4.38 in 3Q 2022). Revenue: NT$13.1b (up 19% from 3Q 2022). Net income: NT$445.0m (up 26% from 3Q 2022). Profit margin: 3.4% (up from 3.2% in 3Q 2022). 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 but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: NT$6.73 (vs NT$4.96 in 2Q 2022) Second quarter 2023 results: EPS: NT$6.73 (up from NT$4.96 in 2Q 2022). Revenue: NT$15.2b (up 18% from 2Q 2022). Net income: NT$543.4m (up 36% from 2Q 2022). Profit margin: 3.6% (up from 3.1% in 2Q 2022). 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 but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. New Risk • Jun 17
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 6.6% 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 cash flows (118% cash payout ratio). Share price has been volatile over the past 3 months (6.6% average weekly change). Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$353, the stock trades at a trailing P/E ratio of 18.2x. Average trailing P/E is 21x in the Specialty Retail industry in Taiwan. Total returns to shareholders of 34% over the past three years. Upcoming Dividend • Jun 09
Upcoming dividend of NT$15.00 per share at 5.0% yield Eligible shareholders must have bought the stock before 16 June 2023. Payment date: 14 July 2023. Payout ratio and cash payout ratio are on the higher end at 78% and 95% respectively. Trailing yield: 5.0%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (1.0%). Announcement • Jun 01
Pan German Universal Motors Ltd. Announces Cash Dividend for the Year 2022, Payable July 14, 2023 Pan German Universal Motors Ltd. Announces dividend of TWD 15 for the year 2022. Date of the resolution by the board of directors or shareholders meeting or decision by the Company 31 May 2023. Ex-rights (ex-dividend) record date: 24 June 2023 Payment date of cash dividend distribution July 14, 2023. Ex-rights (ex-dividend) trading date: June 16, 2023. Buying Opportunity • May 11
Now 22% undervalued Over the last 90 days, the stock is up 29%. The fair value is estimated to be NT$358, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.9% over the last 3 years. Earnings per share has grown by 16%. Buying Opportunity • Apr 20
Now 21% undervalued Over the last 90 days, the stock is up 32%. The fair value is estimated to be NT$356, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.9% over the last 3 years. Earnings per share has grown by 16%. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: NT$4.38 (vs NT$3.56 in 3Q 2021) Third quarter 2022 results: EPS: NT$4.38 (up from NT$3.56 in 3Q 2021). Revenue: NT$11.0b (up 11% from 3Q 2021). Net income: NT$353.2m (up 23% from 3Q 2021). Profit margin: 3.2% (up from 2.9% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Aug 08
Second quarter 2022 earnings released: EPS: NT$4.95 (vs NT$4.19 in 2Q 2021) Second quarter 2022 results: EPS: NT$4.95 (up from NT$4.19 in 2Q 2021). Revenue: NT$12.9b (up 7.3% from 2Q 2021). Net income: NT$399.9m (up 18% from 2Q 2021). Profit margin: 3.1% (up from 2.8% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Jun 28
Upcoming dividend of NT$12.00 per share Eligible shareholders must have bought the stock before 05 July 2022. Payment date: 01 August 2022. Payout ratio is a comfortable 72% and this is well supported by cash flows. Trailing yield: 5.7%. Lower than top quartile of Taiwanese dividend payers (6.3%). Higher than average of industry peers (3.6%). Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$3.56 (vs NT$3.84 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: NT$9.92b (down 4.0% from 3Q 2020). Net income: NT$287.7m (up 4.3% from 3Q 2020). Profit margin: 2.9% (up from 2.7% in 3Q 2020). The increase in margin was driven by lower expenses. 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 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 03
Upcoming dividend of NT$11.00 per share Eligible shareholders must have bought the stock before 10 September 2021. Payment date: 13 October 2021. Trailing yield: 4.8%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (3.3%). Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$4.19 (vs NT$4.75 in 2Q 2020) The company reported a mediocre second quarter result with weaker profit margins, although earnings were flat and revenues improved. Second quarter 2021 results: Revenue: NT$12.0b (up 18% from 2Q 2020). Net income: NT$338.2m (flat on 2Q 2020). Profit margin: 2.8% (down from 3.3% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$3.46 (vs NT$1.30 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$10.3b (up 27% from 1Q 2020). Net income: NT$279.7m (up 201% from 1Q 2020). Profit margin: 2.7% (up from 1.1% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$14.50 (vs NT$10.20 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$39.6b (up 17% from FY 2019). Net income: NT$1.07b (up 46% from FY 2019). Profit margin: 2.7% (up from 2.2% 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 2% per year whereas the company’s share price has remained flat. Announcement • Mar 17
Pan German Universal Motors Ltd., Annual General Meeting, Jun 03, 2021 Pan German Universal Motors Ltd., Annual General Meeting, Jun 03, 2021. Is New 90 Day High Low • Jan 15
New 90-day low: NT$243 The company is down 14% from its price of NT$283 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 Specialty Retail industry, which is up 5.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$3.85 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$10.3b (up 31% from 3Q 2019). Net income: NT$275.7m (up 112% from 3Q 2019). Profit margin: 2.7% (up from 1.6% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 2% per year. Is New 90 Day High Low • Oct 20
New 90-day low: NT$263 The company is down 7.0% from its price of NT$283 on 22 July 2020. The Taiwanese market is up 4.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Specialty Retail industry, which is down 11% over the same period. Announcement • Oct 13
Pan German Universal Motors Ltd. has completed a Follow-on Equity Offering in the amount of TWD 2.190552 billion. Pan German Universal Motors Ltd. has completed a Follow-on Equity Offering in the amount of TWD 2.190552 billion.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 1,914,000
Price\Range: TWD 180
Security Name: Shares
Security Type: Common Stock
Securities Offered: 6,457,000
Price\Range: TWD 285.896159 Valuation Update With 7 Day Price Move • Oct 13
Market pulls back on stock over the past week After last week's 18% share price decline to NT$279, the stock is trading at a trailing P/E ratio of 22.9x, down from the previous P/E ratio of 28x. This compares to an average P/E of 19x in the Specialty Retail industry in Taiwan. Total returns to shareholders over the past year are 40%.