Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$27.00, the stock trades at a trailing P/E ratio of 22.1x. Average trailing P/E is 21x in the Multiline Retail industry in Taiwan. Negligible returns to shareholders over past three years. Reported Earnings • May 12
First quarter 2026 earnings released: EPS: NT$0.29 (vs NT$0.30 in 1Q 2025) First quarter 2026 results: EPS: NT$0.29 (down from NT$0.30 in 1Q 2025). Revenue: NT$134.9m (up 6.0% from 1Q 2025). Net income: NT$51.2m (down 1.6% from 1Q 2025). Profit margin: 38% (down from 41% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$1.23 (vs NT$1.13 in FY 2024) Full year 2025 results: EPS: NT$1.23 (up from NT$1.13 in FY 2024). Revenue: NT$518.3m (down 14% from FY 2024). Net income: NT$215.1m (up 8.7% from FY 2024). Profit margin: 42% (up from 33% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$0.49 (vs NT$0.22 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.49 (up from NT$0.22 in 3Q 2024). Revenue: NT$131.3m (up 4.4% from 3Q 2024). Net income: NT$85.0m (up 121% from 3Q 2024). Profit margin: 65% (up from 31% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. New Risk • Aug 14
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 27% 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 Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. New Risk • May 29
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% 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 Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • May 10
First quarter 2025 earnings released: EPS: NT$0.30 (vs NT$0.29 in 1Q 2024) First quarter 2025 results: EPS: NT$0.30 (up from NT$0.29 in 1Q 2024). Revenue: NT$127.3m (down 2.6% from 1Q 2024). Net income: NT$52.1m (up 3.8% from 1Q 2024). Profit margin: 41% (up from 38% in 1Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • Apr 27
Tonlin Department Store Co.,Ltd. to Report Q1, 2025 Results on May 08, 2025 Tonlin Department Store Co.,Ltd. announced that they will report Q1, 2025 results on May 08, 2025 New Risk • Apr 25
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 4.2% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Upcoming Dividend • Mar 24
Upcoming dividend of NT$0.95 per share Eligible shareholders must have bought the stock before 31 March 2025. Payment date: 25 April 2025. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (4.6%). Lower than average of industry peers (4.1%). New Risk • Nov 28
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 33% 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 Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risk Large one-off items impacting financial results. Reported Earnings • Nov 19
Third quarter 2024 earnings released: EPS: NT$0.22 (vs NT$0.26 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.22 (down from NT$0.26 in 3Q 2023). Revenue: NT$125.8m (up 3.3% from 3Q 2023). Net income: NT$38.5m (down 16% from 3Q 2023). Profit margin: 31% (down from 38% 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 23% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Oct 31
Tonlin Department Store Co.,Ltd. to Report Q3, 2024 Results on Nov 13, 2024 Tonlin Department Store Co.,Ltd. announced that they will report Q3, 2024 results on Nov 13, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.32 (vs NT$0.23 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.32 (up from NT$0.23 in 2Q 2023). Revenue: NT$201.7m (up 8.5% from 2Q 2023). Net income: NT$56.4m (up 43% from 2Q 2023). Profit margin: 28% (up from 21% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Jul 30
Tonlin Department Store Co.,Ltd. to Report Q2, 2024 Results on Aug 08, 2024 Tonlin Department Store Co.,Ltd. announced that they will report Q2, 2024 results on Aug 08, 2024 Upcoming Dividend • Jul 03
Upcoming dividend of NT$0.34 per share Eligible shareholders must have bought the stock before 10 July 2024. Payment date: 01 August 2024. Trailing yield: 1.2%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (3.9%). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.29 (vs NT$0.32 in 1Q 2023) First quarter 2024 results: EPS: NT$0.29 (down from NT$0.32 in 1Q 2023). Revenue: NT$130.6m (up 14% from 1Q 2023). Net income: NT$50.2m (down 11% from 1Q 2023). Profit margin: 38% (down from 49% in 1Q 2023). 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. Announcement • Apr 28
Tonlin Department Store Co.,Ltd. to Report Q1, 2024 Results on May 07, 2024 Tonlin Department Store Co.,Ltd. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 07, 2024 Announcement • Apr 03
Tonlin Department Store Co.,Ltd. has filed a Follow-on Equity Offering in the amount of TWD 180 million. Tonlin Department Store Co.,Ltd. has filed a Follow-on Equity Offering in the amount of TWD 180 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 16,200,000
Price\Range: TWD 10
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 1,800,000
Price\Range: TWD 10
Transaction Features: Reserved Share Offering; Rights Offering New Risk • Mar 23
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% 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 Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risk Large one-off items impacting financial results. Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: NT$1.17 (vs NT$0.55 in FY 2022) Full year 2023 results: EPS: NT$1.17 (up from NT$0.55 in FY 2022). Revenue: NT$684.1m (down 3.9% from FY 2022). Net income: NT$204.9m (up 113% from FY 2022). Profit margin: 30% (up from 14% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Buying Opportunity • Oct 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 8.4%. The fair value is estimated to be NT$34.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Earnings per share has grown by 7.8%. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: NT$0.23 (vs NT$0.095 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.23 (up from NT$0.095 in 2Q 2022). Revenue: NT$185.9m (up 57% from 2Q 2022). Net income: NT$39.6m (up 138% from 2Q 2022). Profit margin: 21% (up from 14% 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 8% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 15
Full year 2022 earnings released: EPS: NT$0.55 (vs NT$0.80 in FY 2021) Full year 2022 results: EPS: NT$0.55 (down from NT$0.80 in FY 2021). Revenue: NT$712.0m (up 35% from FY 2021). Net income: NT$96.4m (down 32% from FY 2021). Profit margin: 14% (down from 27% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 7 highly experienced directors. 3 independent directors (8 non-independent directors). Independent Director Wen-Ching Yang was the last independent 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: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.09 (vs NT$0.11 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.09 (down from NT$0.11 in 2Q 2021). Revenue: NT$118.3m (up 31% from 2Q 2021). Net income: NT$16.6m (down 16% from 2Q 2021). Profit margin: 14% (down from 22% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Jun 15
Tonlin Department Store Co.,Ltd. Approves Distribute Cash Dividends for 2021, Payable on May 9, 2022 Tonlin Department Store Co.,Ltd. at its 2022 Shareholders' Meeting held on June 14, 2022 approved to distribute cash dividends totaling TWD 104,362,500 or TWD 0.5 per share from 2021 available earnings. The board of directors has been authorized under Article 29 of Articles of Incorporation to execute the above distribution, and made a special resolution during the board meeting held on March 14, 2022. The payment was made on May 9, 2022. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 6 highly experienced directors. 3 independent directors (7 non-independent directors). Independent Director Wen-Ching Yang was the last independent 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: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Apr 07
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 14 April 2022. Payment date: 09 May 2022. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (5.6%). Lower than average of industry peers (4.2%). Reported Earnings • Mar 28
Full year 2021 earnings released: EPS: NT$0.80 (vs NT$0.65 in FY 2020) Full year 2021 results: EPS: NT$0.80 (up from NT$0.65 in FY 2020). Revenue: NT$528.6m (down 4.7% from FY 2020). Net income: NT$140.7m (up 23% from FY 2020). Profit margin: 27% (up from 21% in FY 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. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS NT$0.16 (vs NT$0.21 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$120.6m (down 9.2% from 3Q 2020). Net income: NT$28.1m (down 23% from 3Q 2020). Profit margin: 23% (down from 28% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improved over the past week After last week's 15% share price gain to NT$37.90, the stock trades at a trailing P/E ratio of 45.9x. Average trailing P/E is 27x in the Multiline Retail industry in Taiwan. Total returns to shareholders of 36% over the past three years. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$0.12 (vs NT$0.20 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$90.5m (down 12% from 2Q 2020). Net income: NT$19.9m (down 43% from 2Q 2020). Profit margin: 22% (down from 34% in 2Q 2020). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.21 (vs NT$0.048 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$204.5m (up 64% from 1Q 2020). Net income: NT$37.2m (up NT$45.6m from 1Q 2020). Profit margin: 18% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% 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 • Apr 16
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 22 April 2021. Payment date: 20 May 2021. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (4.8%). Lower than average of industry peers (3.6%). Reported Earnings • Mar 27
Full year 2020 earnings released: EPS NT$0.65 (vs NT$0.64 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$554.4m (down 15% from FY 2019). Net income: NT$114.2m (up 2.1% from FY 2019). Profit margin: 21% (up from 17% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 17
New 90-day low: NT$34.00 The company is down 4.0% from its price of NT$35.45 on 19 November 2020. The Taiwanese market is up 14% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Multiline Retail industry, which is down 6.0% over the same period. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$40.00, the stock is trading at a trailing P/E ratio of 70.7x, down from the previous P/E ratio of 84.9x. This compares to an average P/E of 51x in the Multiline Retail industry in Taiwan. Total returns to shareholders over the past three years are 45%. Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment improved over the past week After last week's 16% share price gain to NT$43.90, the stock is trading at a trailing P/E ratio of 77.6x, up from the previous P/E ratio of 66.8x. This compares to an average P/E of 54x in the Multiline Retail industry in Taiwan. Total returns to shareholders over the past three years are 59%. Is New 90 Day High Low • Dec 16
New 90-day high: NT$41.55 The company is up 32% from its price of NT$31.45 on 17 September 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Multiline Retail industry, which is down 1.0% over the same period. Is New 90 Day High Low • Nov 11
New 90-day high: NT$32.90 The company is up 4.0% from its price of NT$31.65 on 13 August 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Multiline Retail industry, which is flat over the same period. Reported Earnings • Nov 10
Third quarter 2020 earnings released: EPS NT$0.21 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$132.8m (down 1.6% from 3Q 2019). Net income: NT$36.7m (up 105% from 3Q 2019). Profit margin: 28% (up from 13% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. 
