Declared Dividend • May 30
Dividend reduced to NT$0.55 Dividend of NT$0.55 is 39% lower than last year. Ex-date: 16th June 2026 Payment date: 3rd July 2026 Dividend yield will be 2.6%, which is lower than the industry average of 5.2%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 7x earnings). However, it is well covered by cash flows (32% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 685% to bring the payout ratio under control. However, EPS has declined by 27% over the last 5 years so the company would need to reverse this trend. Reported Earnings • May 15
First quarter 2026 earnings released: EPS: NT$0.32 (vs NT$0.15 in 1Q 2025) First quarter 2026 results: EPS: NT$0.32 (up from NT$0.15 in 1Q 2025). Revenue: NT$9.40b (up 9.9% from 1Q 2025). Net income: NT$160.9m (up 117% from 1Q 2025). Profit margin: 1.7% (up from 0.9% in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has remained flat, which means it is well ahead of earnings. New Risk • Apr 17
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 4,428% 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 Risks Interest payments are not well covered by earnings (0.3x net interest cover). Earnings have declined by 38% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (146% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.3% net profit margin). Reported Earnings • Mar 17
Full year 2025 earnings released: EPS: NT$0.23 (vs NT$0.66 in FY 2024) Full year 2025 results: EPS: NT$0.23 (down from NT$0.66 in FY 2024). Revenue: NT$33.6b (down 8.7% from FY 2024). Net income: NT$115.2m (down 65% from FY 2024). Profit margin: 0.3% (down from 0.9% in FY 2024). The decrease in margin was driven by lower revenue. 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 1% per year, which means it has not declined as severely as earnings. Announcement • Mar 12
Test-Rite International Co., Ltd., Annual General Meeting, May 27, 2026 Test-Rite International Co., Ltd., Annual General Meeting, May 27, 2026, at 09:00 Taipei Standard Time. Location: 6 floor no,23, hsin hu 3rd rd., neihu district, taipei city Taiwan New Risk • Nov 14
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 117% 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 Risks Interest payments are not well covered by earnings (0.3x net interest cover). Earnings have declined by 35% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (dividend per share is over 6x earnings per share). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin). Reported Earnings • Aug 15
Second quarter 2025 earnings released: NT$0.14 loss per share (vs NT$0.20 profit in 2Q 2024) Second quarter 2025 results: NT$0.14 loss per share (down from NT$0.20 profit in 2Q 2024). Revenue: NT$8.43b (down 14% from 2Q 2024). Net loss: NT$70.9m (down 171% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Jun 16
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.1% to NT$20.00. The fair value is estimated to be NT$26.02, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.7% over the last 3 years. Earnings per share has declined by 39%. Upcoming Dividend • Jun 09
Upcoming dividend of NT$0.90 per share Eligible shareholders must have bought the stock before 16 June 2025. Payment date: 04 July 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.4%. Lower than top quartile of Taiwanese dividend payers (5.2%). In line with average of industry peers (4.0%). Buy Or Sell Opportunity • May 15
Now 21% undervalued Over the last 90 days, the stock has risen 2.0% to NT$20.55. The fair value is estimated to be NT$25.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.7% over the last 3 years. Earnings per share has declined by 39%. Declared Dividend • May 15
Dividend increased to NT$0.90 Dividend of NT$0.90 is 54% higher than last year. Ex-date: 16th June 2025 Payment date: 4th July 2025 Dividend yield will be 4.4%, which is lower than the industry average of 5.2%. Sustainability & Growth Dividend is not covered by earnings (163% earnings payout ratio). However, it is well covered by cash flows (27% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 81% to bring the payout ratio under control, which is more than the 44% EPS growth achieved over the last 5 years. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$0.15 (vs NT$0.26 in 1Q 2024) First quarter 2025 results: EPS: NT$0.15 (down from NT$0.26 in 1Q 2024). Revenue: NT$8.56b (down 5.8% from 1Q 2024). Net income: NT$74.3m (down 42% from 1Q 2024). Profit margin: 0.9% (down from 1.4% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • May 06
Test-Rite International Co., Ltd. to Report Q1, 2025 Results on May 13, 2025 Test-Rite International Co., Ltd. announced that they will report Q1, 2025 results on May 13, 2025 New Risk • Apr 14
New major risk - Revenue and earnings growth Earnings have declined by 15% 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 Risks Interest payments are not well covered by earnings (1.2x net interest cover). Earnings have declined by 15% per year over the past 5 years. Minor Risk Dividend is not well covered by earnings (137% payout ratio). New Risk • Mar 27
New major risk - Revenue and earnings growth Earnings have declined by 17% 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 Risks Interest payments are not well covered by earnings (1.1x net interest cover). Earnings have declined by 17% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (102% payout ratio). Profit margins are more than 30% lower than last year (0.5% net profit margin). Announcement • Mar 14
Test-Rite International Co., Ltd., Annual General Meeting, May 28, 2025 Test-Rite International Co., Ltd., Annual General Meeting, May 28, 2025, at 09:00 Taipei Standard Time. Location: 6 floor no,23, hsin hu 3rd rd., neihu district, taipei city Taiwan Announcement • Mar 13
Test-Rite International Co., Ltd. Announces Cash Dividend for the Year Ended December 31, 2024 Test-Rite International Co., Ltd. announced cash dividends to shareholders of TWD 0.90 per share for the year ended December 31, 2024. Total amount of cash distributed to shareholders: TWD 458,898,803. Date of the board of directors resolution: March 12, 2025. Announcement • Mar 05
Test-Rite International Co., Ltd. to Report Q4, 2024 Results on Mar 12, 2025 Test-Rite International Co., Ltd. announced that they will report Q4, 2024 results on Mar 12, 2025 New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (2.9% increase in shares outstanding). Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: NT$0.15 (vs NT$0.099 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.15 (up from NT$0.099 in 3Q 2023). Revenue: NT$8.87b (down 3.2% from 3Q 2023). Net income: NT$74.0m (up 51% from 3Q 2023). Profit margin: 0.8% (up from 0.5% in 3Q 2023). The increase in margin was driven by lower expenses. 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 5% per year, which means it has not declined as severely as earnings. Announcement • Nov 05
Test-Rite International Co., Ltd. to Report Q3, 2024 Results on Nov 12, 2024 Test-Rite International Co., Ltd. announced that they will report Q3, 2024 results on Nov 12, 2024 Board Change • Sep 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 4 highly experienced directors. Independent Director Hsin-Hsien Huang was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Aug 23
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.9% 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: Major Risk Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risks Dividend is not well covered by earnings (110% payout ratio). Shareholders have been diluted in the past year (2.9% increase in shares outstanding). Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.20 (vs NT$0.13 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.20 (up from NT$0.13 in 2Q 2023). Revenue: NT$9.86b (up 7.5% from 2Q 2023). Net income: NT$99.7m (up 50% from 2Q 2023). Profit margin: 1.0% (up from 0.7% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Aug 03
Test-Rite International Co., Ltd. to Report Q2, 2024 Results on Aug 12, 2024 Test-Rite International Co., Ltd. announced that they will report Q2, 2024 results at 12:00 PM, Taipei Standard Time on Aug 12, 2024 Declared Dividend • May 30
Dividend reduced to NT$0.58 Dividend of NT$0.58 is 54% lower than last year. Ex-date: 13th June 2024 Payment date: 5th July 2024 Dividend yield will be 2.8%, which is lower than the industry average of 5.2%. Sustainability & Growth Dividend is not covered by earnings (131% earnings payout ratio). However, it is well covered by cash flows (15% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 45% to bring the payout ratio under control. However, EPS has declined by 3.2% over the last 5 years so the company would need to reverse this trend. Announcement • May 29
Test-Rite International Co., Ltd. Announces Cash Dividend for 2023, Payable on July 5, 2024 Test-Rite International Co., Ltd. announced cash dividend for 2023 of TWD 297,348,935 (per share: TWD 0.58316570, payout amount of less than TWD 1 will not be distributed). Ex-rights (ex-dividend) record date is June 20, 2024. Ex-rights (ex-dividend) trading date is June 13, 2024. Payment date of cash dividend distribution is July 5, 2024. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$0.26 (vs NT$0.32 in 1Q 2023) First quarter 2024 results: EPS: NT$0.26 (down from NT$0.32 in 1Q 2023). Revenue: NT$9.09b (up 4.3% from 1Q 2023). Net income: NT$126.9m (down 19% from 1Q 2023). Profit margin: 1.4% (down from 1.8% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • May 05
Test-Rite International Co., Ltd. to Report Q1, 2024 Results on May 13, 2024 Test-Rite International Co., Ltd. announced that they will report Q1, 2024 results on May 13, 2024 Reported Earnings • Apr 04
Full year 2023 earnings released: EPS: NT$0.52 (vs NT$0.86 in FY 2022) Full year 2023 results: EPS: NT$0.52 (down from NT$0.86 in FY 2022). Revenue: NT$35.4b (down 5.3% from FY 2022). Net income: NT$257.7m (down 40% from FY 2022). Profit margin: 0.7% (down from 1.1% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: NT$0.13 (vs NT$0.18 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.13 (down from NT$0.18 in 2Q 2022). Revenue: NT$9.17b (down 10% from 2Q 2022). Net income: NT$66.3m (down 24% from 2Q 2022). Profit margin: 0.7% (down from 0.9% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jun 08
Upcoming dividend of NT$1.28 per share at 6.0% yield Eligible shareholders must have bought the stock before 15 June 2023. Payment date: 06 July 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 6.0%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (4.5%). Announcement • May 13
Test-Rite International Co., Ltd. Announces Cash Dividend for 2022, Payable on July 6, 2023 Test-Rite International Co., Ltd. announced cash dividend for 2022 of TWD 634,344,394 (per share: TWD 1.28, payout amount of less than TWD 1 will not be distributed). Ex-rights (ex-dividend) record date is June 21, 2023. Ex-rights (ex-dividend) trading date is June 15, 2023. Payment date of cash dividend distribution is July 6, 2023. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 3 highly experienced directors. Independent Director Yung-Chi Lai was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.29 (vs NT$0.36 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.29 (down from NT$0.36 in 3Q 2021). Revenue: NT$9.10b (down 15% from 3Q 2021). Net income: NT$143.5m (down 19% from 3Q 2021). Profit margin: 1.6% (in line with 3Q 2021). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Nov 11
Test-Rite International Co., Ltd. Announces Appointments of Members to Corporate Governance & Sustainable Development Committee Test-Rite International Co., Ltd. appointed Ms. Judy Lee, Mr. Yung-Chi Lai, Mr. Ting-Yang Liu, Mr. Hsin-Hsien Huang, Mr. I-Chuan Li, Ms. Agnes Shih and Ms. Robin Ho as members of Corporate Governance & SustainableDevelopment Committee, effective from November 11, 2022. Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: NT$0.18 (vs NT$0.39 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.18 (down from NT$0.39 in 2Q 2021). Revenue: NT$10.2b (flat on 2Q 2021). Net income: NT$87.7m (down 55% from 2Q 2021). Profit margin: 0.9% (down from 1.9% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Jun 08
Upcoming dividend of NT$1.28 per share Eligible shareholders must have bought the stock before 15 June 2022. Payment date: 08 July 2022. Payout ratio is on the higher end at 83%, however this is supported by cash flows. Trailing yield: 5.8%. Lower than top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (4.6%). Reported Earnings • May 17
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: NT$0.52 (down from NT$0.56 in 1Q 2021). Revenue: NT$9.78b (down 16% from 1Q 2021). Net income: NT$258.2m (down 7.0% from 1Q 2021). Profit margin: 2.6% (up from 2.4% in 1Q 2021). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 4.7%. Earnings per share (EPS) missed analyst estimates by 49%. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 4 highly experienced directors. Independent Director Yung-Chi Lai was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Mar 23
Test-Rite International Co., Ltd., Annual General Meeting, Apr 28, 2022 Test-Rite International Co., Ltd., Annual General Meeting, Apr 28, 2022. Location: 6F., No.23, Hsin Hu 3rd Road., Nei Hu 114 Taipei Taiwan Agenda: To report the business of 2021; to report 2021 employees' compensation, and directors’ and supervisors' remuneration; to accept the proposal of the distribution of 2021 earnings; to discuss amendment to Procedures for Acquisition and Disposal of Assets; to re-elect the directors and supervisors; to consider removal of new directors' non-compete restrictions; and other matters (if any). Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.36 (vs NT$0.52 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$10.7b (down 1.6% from 3Q 2020). Net income: NT$176.2m (down 31% from 3Q 2020). Profit margin: 1.6% (down from 2.3% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS NT$0.39 (vs NT$0.52 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$10.2b (down 4.3% from 2Q 2020). Net income: NT$194.4m (down 24% from 2Q 2020). Profit margin: 1.9% (down from 2.4% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 29
Upcoming dividend of NT$1.07 per share Eligible shareholders must have bought the stock before 05 July 2021. Payment date: 05 August 2021. Trailing yield: 4.1%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (3.7%). Reported Earnings • May 14
First quarter 2021 earnings released: EPS NT$0.56 (vs NT$0.25 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$11.6b (up 26% from 1Q 2020). Net income: NT$277.5m (up 127% from 1Q 2020). Profit margin: 2.4% (up from 1.3% 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 6% per year whereas the company’s share price has increased by 2% per year. Reported Earnings • Mar 26
Full year 2020 earnings released: EPS NT$1.60 (vs NT$0.20 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$41.8b (up 9.8% from FY 2019). Net income: NT$791.6m (up NT$691.3m from FY 2019). Profit margin: 1.9% (up from 0.3% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 28
New 90-day low: NT$24.70 The company is down 2.0% from its price of NT$25.15 on 30 October 2020. The Taiwanese market is up 23% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Retail Distributors industry, which is up 1.0% over the same period. Reported Earnings • Nov 11
Third quarter 2020 earnings released: EPS NT$0.52 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$10.9b (up 12% from 3Q 2019). Net income: NT$255.7m (up 54% from 3Q 2019). Profit margin: 2.3% (up from 1.7% 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 33% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Oct 28
New 90-day high: NT$26.50 The company is up 24% from its price of NT$21.35 on 30 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 Retail Distributors industry, which is up 6.0% over the same period. Is New 90 Day High Low • Oct 08
New 90-day high: NT$24.50 The company is up 13% from its price of NT$21.60 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 Retail Distributors industry, which is up 1.0% over the same period.