Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$6.60, the stock trades at a trailing P/E ratio of 15.2x. Average trailing P/E is 10x in the Shipping industry in Taiwan. Total loss to shareholders of 24% over the past three years. New Risk • Jun 26
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 121% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.2x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (21% net profit margin). Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to NT$6.33, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 11x in the Shipping industry in Taiwan. Total loss to shareholders of 31% over the past three years. New Risk • May 23
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company. Reported Earnings • May 17
First quarter 2026 earnings released: NT$0.017 loss per share (vs NT$0.16 loss in 1Q 2025) First quarter 2026 results: NT$0.017 loss per share (improved from NT$0.16 loss in 1Q 2025). Revenue: NT$568.0m (down 51% from 1Q 2025). Net loss: NT$13.8m (loss narrowed 89% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. New Risk • Apr 15
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.3x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 31
Full year 2025 earnings released: NT$1.63 loss per share (vs NT$0.35 loss in FY 2024) Full year 2025 results: NT$1.63 loss per share. Revenue: NT$1.49b (down 69% from FY 2024). Net income: NT$420.3m (up NT$709.1m from FY 2024). Profit margin: 28% (up from net loss in FY 2024). The move to profitability was driven by lower expenses. Announcement • Mar 31
First Steamship Co., Ltd., Annual General Meeting, Jun 18, 2026 First Steamship Co., Ltd., Annual General Meeting, Jun 18, 2026, at 09:00 Taipei Standard Time. Location: b1 floor no,231, sec.2 chien kuo s. rd., taipei city Taiwan Buy Or Sell Opportunity • Mar 06
Now 21% undervalued Over the last 90 days, the stock has risen 17% to NT$6.79. The fair value is estimated to be NT$8.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Meanwhile, the company became loss making. Announcement • Dec 12
Trinity Gold Limited agreed to acquire 10% stake in Grand Ocean Retail Group Ltd. (TWSE:5907) from First Steamship Co., Ltd. (TWSE:2601) for approximately TWD 120 million. Trinity Gold Limited agreed to acquire 10% stake in Grand Ocean Retail Group Ltd. (TWSE:5907) from First Steamship Co., Ltd. (TWSE:2601) for approximately TWD 120 million on December 11, 2025. A cash consideration valued at TWD 6.03 per share will be paid by Trinity Gold Limited. As part of consideration, an undisclosed value is paid towards common equity of Grand Ocean Retail Group Ltd.
Pan Szu-hsuan acted as accountant for First Steamship Co., Ltd. Reported Earnings • Nov 15
Third quarter 2025 earnings released: NT$0.09 loss per share (vs NT$0.07 loss in 3Q 2024) Third quarter 2025 results: NT$0.09 loss per share (further deteriorated from NT$0.07 loss in 3Q 2024). Revenue: NT$980.6m (down 12% from 3Q 2024). Net loss: NT$71.5m (loss widened 23% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 15
Second quarter 2025 earnings released: NT$0.09 loss per share (vs NT$0.008 loss in 2Q 2024) Second quarter 2025 results: NT$0.09 loss per share (further deteriorated from NT$0.008 loss in 2Q 2024). Revenue: NT$1.01b (down 16% from 2Q 2024). Net loss: NT$76.5m (loss widened NT$70.0m from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 51% 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. Board Change • Jul 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. Independent Director Jaime Che was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 16
First quarter 2025 earnings released: NT$0.16 loss per share (vs NT$0.07 loss in 1Q 2024) First quarter 2025 results: NT$0.16 loss per share (further deteriorated from NT$0.07 loss in 1Q 2024). Revenue: NT$1.16b (down 10% from 1Q 2024). Net loss: NT$130.3m (loss widened 127% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Announcement • May 07
First Steamship Co., Ltd. to Report Q1, 2025 Results on May 14, 2025 First Steamship Co., Ltd. announced that they will report Q1, 2025 results on May 14, 2025 Reported Earnings • Apr 04
Full year 2024 earnings released: NT$0.35 loss per share (vs NT$2.02 loss in FY 2023) Full year 2024 results: NT$0.35 loss per share (improved from NT$2.02 loss in FY 2023). Revenue: NT$4.85b (down 12% from FY 2023). Net loss: NT$288.8m (loss narrowed 83% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Apr 02
Now 20% overvalued Over the last 90 days, the stock has fallen 1.3% to NT$7.11. The fair value is estimated to be NT$5.92, 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. Meanwhile, the company became loss making. Announcement • Mar 17
First Steamship Co., Ltd., Annual General Meeting, Jun 13, 2025 First Steamship Co., Ltd., Annual General Meeting, Jun 13, 2025. Location: b1 floor no,231, sec.2 chien kuo s. rd., taipei city Taiwan Announcement • Mar 07
First Steamship Co., Ltd. to Report Fiscal Year 2024 Results on Mar 14, 2025 First Steamship Co., Ltd. announced that they will report fiscal year 2024 results at 9:00 AM, Taipei Standard Time on Mar 14, 2025 Reported Earnings • Nov 17
Third quarter 2024 earnings released: NT$0.07 loss per share (vs NT$0.27 loss in 3Q 2023) Third quarter 2024 results: NT$0.07 loss per share (improved from NT$0.27 loss in 3Q 2023). Revenue: NT$1.11b (down 11% from 3Q 2023). Net loss: NT$58.1m (loss narrowed 74% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Announcement • Nov 05
First Steamship Co., Ltd. to Report Q3, 2024 Results on Nov 13, 2024 First Steamship Co., Ltd. announced that they will report Q3, 2024 results on Nov 13, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: NT$0.01 loss per share (vs NT$0.28 loss in 2Q 2023) Second quarter 2024 results: NT$0.01 loss per share (improved from NT$0.28 loss in 2Q 2023). Revenue: NT$1.20b (down 10% from 2Q 2023). Net loss: NT$6.55m (loss narrowed 97% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 106 percentage points per year, which is a significant difference in performance. Announcement • Aug 02
First Steamship Co., Ltd. to Report Q2, 2024 Results on Aug 12, 2024 First Steamship Co., Ltd. announced that they will report Q2, 2024 results on Aug 12, 2024 Reported Earnings • May 18
First quarter 2024 earnings released: NT$0.07 loss per share (vs NT$0.075 profit in 1Q 2023) First quarter 2024 results: NT$0.07 loss per share (down from NT$0.075 profit in 1Q 2023). Revenue: NT$1.29b (down 15% from 1Q 2023). Net loss: NT$57.4m (down 192% from profit in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 120 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 31
Full year 2023 earnings released: NT$2.02 loss per share (vs NT$0.007 profit in FY 2022) Full year 2023 results: NT$2.02 loss per share (down from NT$0.007 profit in FY 2022). Revenue: NT$5.50b (down 13% from FY 2022). Net loss: NT$1.67b (down NT$1.68b from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Announcement • Mar 30
First Steamship Co., Ltd., Annual General Meeting, Jun 18, 2024 First Steamship Co., Ltd., Annual General Meeting, Jun 18, 2024. Agenda: To consider the 2023 Business Report; to consider the audit Committee's review of the 2023 annual final accounting books and statements; to consider the report on 2023 employees's and directors's remuneration; to consider the Status of Company's endorsements and guarantees in 2023; to consider the report on results of investments in associates in 2023; to acknowledge the Business Report and Financial Statements in 2023;to acknowledge the deficit compensation in 2023; to consider the rules of Procedure for Shareholders' Meeting; and to approve the lifting of non-competition restrictions for directors. New Risk • Dec 27
New major risk - Revenue and earnings growth Earnings have declined by 49% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 17
Third quarter 2023 earnings released: NT$0.27 loss per share (vs NT$0.031 loss in 3Q 2022) Third quarter 2023 results: NT$0.27 loss per share (further deteriorated from NT$0.031 loss in 3Q 2022). Revenue: NT$1.24b (down 18% from 3Q 2022). Net loss: NT$219.7m (loss widened NT$194.3m from 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Sep 06
Second quarter 2023 earnings released: NT$0.27 loss per share (vs NT$0.002 profit in 2Q 2022) Second quarter 2023 results: NT$0.27 loss per share (down from NT$0.002 profit in 2Q 2022). Revenue: NT$1.33b (down 13% from 2Q 2022). Net loss: NT$226.8m (down NT$228.1m from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 06
Full year 2022 earnings released: EPS: NT$0.01 (vs NT$0.20 in FY 2021) Full year 2022 results: EPS: NT$0.01 (down from NT$0.20 in FY 2021). Revenue: NT$6.33b (down 8.7% from FY 2021). Net income: NT$6.04m (down 96% from FY 2021). Profit margin: 0.1% (down from 2.2% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$10.00, the stock trades at a trailing P/E ratio of 74.5x. Average trailing P/E is 5x in the Shipping industry in Taiwan. Total returns to shareholders of 23% over the past three years. Reported Earnings • Nov 18
Third quarter 2022 earnings released: NT$0.03 loss per share (vs NT$0.095 profit in 3Q 2021) Third quarter 2022 results: NT$0.03 loss per share (down from NT$0.095 profit in 3Q 2021). Revenue: NT$1.52b (down 3.8% from 3Q 2021). Net loss: NT$25.4m (down 133% from profit in 3Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Ping-Sum Lui was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 17
Second quarter 2022 earnings released: EPS: NT$0.002 (vs NT$0.062 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.002 (down from NT$0.062 in 2Q 2021). Revenue: NT$1.53b (down 7.5% from 2Q 2021). Net income: NT$1.34m (down 97% from 2Q 2021). Profit margin: 0.1% (down from 2.8% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Announcement • Aug 13
First Steamship Co., Ltd. Appoints Lui,Ping-Sum as Members of Remuneration Committee First Steamship Co., Ltd. appointed LUI,PING-SUM as members of Remuneration Committee. Effective date of the new member is August 12, 2022. Board Change • May 19
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Jung-Tsung Yang was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 17
First quarter 2022 earnings released: EPS: NT$0.13 (vs NT$0.002 in 1Q 2021) First quarter 2022 results: EPS: NT$0.13 (up from NT$0.002 in 1Q 2021). Revenue: NT$1.77b (down 1.0% from 1Q 2021). Net income: NT$106.2m (up NT$104.6m from 1Q 2021). Profit margin: 6.0% (up from 0.1% in 1Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Announcement • May 14
First Steamship Co., Ltd. Replaces Chiu, Wei-Te with Kung, Hsin-Kai as Corporate Governance Officer with Effect from May 16, 2022 First Steamship Co., Ltd. replaced Chiu, Wei-Te with Kung, Hsin-Kai as Corporate Governance Officer with effect from May 16, 2022. Reported Earnings • Apr 03
Full year 2021 earnings released: EPS: NT$0.20 (vs NT$0.42 loss in FY 2020) Full year 2021 results: EPS: NT$0.20 (up from NT$0.42 loss in FY 2020). Revenue: NT$6.93b (up 7.5% from FY 2020). Net income: NT$151.9m (up NT$438.7m from FY 2020). Profit margin: 2.2% (up from net loss in FY 2020). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS NT$0.09 (vs NT$0.032 loss 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$1.58b (down 16% from 3Q 2020). Net income: NT$77.1m (up NT$98.5m from 3Q 2020). Profit margin: 4.9% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.06 (vs NT$0.16 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$1.66b (up 18% from 2Q 2020). Net income: NT$45.9m (up NT$153.4m from 2Q 2020). Profit margin: 2.8% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Board Change • Jul 31
High number of new directors Chairman & GM Jen-Hao Kuo was the last director to join the board, commencing their role in 2020. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.01 (vs NT$0.33 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$1.79b (up 47% from 1Q 2020). Net income: NT$6.10m (up NT$233.8m from 1Q 2020). Profit margin: 0.3% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Apr 01
Full year 2020 earnings released: NT$0.42 loss per share (vs NT$2.04 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$6.44b (down 21% from FY 2019). Net loss: NT$286.8m (down 120% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Mar 17
First Steamship Co., Ltd. Appoints Shih-Ming Lee as Corporate Governance Officer, Effective March 30, 2021 First Steamship Co., Ltd. appointed Shih-Ming Lee/Chief Financial Officer as corporate governance officer, effective March 30, 2021. Announcement • Jan 23
First Steamship Co., Ltd., Annual General Meeting, Jun 11, 2021 First Steamship Co., Ltd., Annual General Meeting, Jun 11, 2021. Location: B1 International Convention Hall No.231 Sec. 2 Jianguo South Rd. Taipei Taiwan Agenda: To consider the 2020 Business Report; to consider the audit Committee's review of the 2020 annual final accounting books and statements; to consider the Report on 2020 employees' and directors' remuneration; to consider the Status of Company's endorsements and guarantees in 2020; to consider the Report on results of investments in associates in 2020; to consider the Report on the issuance of Euro-Convertible Bond; to consider the Report on the implementation of overseas or domestic convertible bonds in private placement in 2020; and to transact such other business issues. Is New 90 Day High Low • Dec 15
New 90-day high: NT$10.15 The company is up 11% from its price of NT$9.13 on 16 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Shipping industry, which is up 56% over the same period. Is New 90 Day High Low • Nov 25
New 90-day high: NT$9.39 The company is up 2.0% from its price of NT$9.17 on 27 August 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Shipping industry, which is up 33% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: NT$0.03 loss per share The company reported a solid third quarter result with reduced losses and improved revenues and control over expenses. Third quarter 2020 results: Revenue: NT$1.88b (up 7.7% from 3Q 2019). Net loss: NT$21.4m (loss narrowed 82% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 7% per year and the company’s share price has also increased by 7% per year. 
