Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$35.70, the stock trades at a trailing P/E ratio of 21.1x. Average forward P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 19% over the past three years. New Risk • Jul 28
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 9.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (9.1% average weekly change). Profit margins are more than 30% lower than last year (4.2% net profit margin). Declared Dividend • Jul 04
Dividend reduced to NT$1.00 Dividend of NT$1.00 is 46% lower than last year. Ex-date: 21st July 2026 Payment date: 10th August 2026 Dividend yield will be 1.9%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (59% earnings payout ratio) and cash flows (68% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 24% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Jun 05
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 9.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (9.3% average weekly change). Profit margins are more than 30% lower than last year (4.2% net profit margin). Valuation Update With 7 Day Price Move • May 19
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$63.40, the stock trades at a trailing P/E ratio of 37.5x. Average forward P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 129% over the past three years. Reported Earnings • May 18
First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2026 results: EPS: NT$0.62 (up from NT$0.52 in 1Q 2025). Revenue: NT$4.06b (up 5.6% from 1Q 2025). Net income: NT$246.7m (up 18% from 1Q 2025). Profit margin: 6.1% (up from 5.4% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) exceeded analyst estimates by 88%. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$51.70, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 78% over the past three years. Announcement • Mar 11
Chin-Poon Industrial Co., Ltd., Annual General Meeting, Jun 24, 2026 Chin-Poon Industrial Co., Ltd., Annual General Meeting, Jun 24, 2026. Location: no,17 ln.5, sec.2 nan shan rd., lujhu district, taoyuan city Taiwan Reported Earnings • Mar 11
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: NT$1.60 (down from NT$2.85 in FY 2024). Revenue: NT$15.8b (down 3.5% from FY 2024). Net income: NT$634.3m (down 44% from FY 2024). Profit margin: 4.0% (down from 6.9% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 30%. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 13% per year. New Risk • Feb 05
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 7.2% 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 earnings (125% payout ratio). Share price has been volatile over the past 3 months (7.2% average weekly change). Profit margins are more than 30% lower than last year (3.7% net profit margin). Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$43.75, the stock trades at a forward P/E ratio of 42x. Average forward P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 62% over the past three years. Buy Or Sell Opportunity • Jan 07
Now 21% overvalued Over the last 90 days, the stock has fallen 8.0% to NT$32.30. The fair value is estimated to be NT$26.80, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.4% over the last 3 years. Earnings per share has grown by 22%. Buy Or Sell Opportunity • Dec 09
Now 20% overvalued Over the last 90 days, the stock has fallen 13% to NT$32.15. The fair value is estimated to be NT$26.77, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.4% over the last 3 years. Earnings per share has grown by 22%. Reported Earnings • Nov 14
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: NT$0.19 (down from NT$0.66 in 3Q 2024). Revenue: NT$3.86b (down 5.1% from 3Q 2024). Net income: NT$74.2m (down 72% from 3Q 2024). Profit margin: 1.9% (down from 6.5% in 3Q 2024). Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 68%. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. New Risk • Sep 03
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 6.5% 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: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 95% Cash payout ratio: 101% Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Profit margins are more than 30% lower than last year (4.8% net profit margin). Valuation Update With 7 Day Price Move • Aug 28
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$40.70, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 49% over the past three years. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: NT$0.25 (down from NT$0.85 in 2Q 2024). Revenue: NT$4.09b (down 1.9% from 2Q 2024). Net income: NT$97.5m (down 71% from 2Q 2024). Profit margin: 2.4% (down from 8.2% in 2Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) exceeded analyst estimates by 20%. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 07
Upcoming dividend of NT$1.85 per share Eligible shareholders must have bought the stock before 14 July 2025. Payment date: 11 August 2025. Payout ratio is a comfortable 72% but the company is paying out more than the cash it is generating. Trailing yield: 5.7%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.1%). Price Target Changed • Jun 03
Price target decreased by 9.1% to NT$50.00 Down from NT$55.00, the current price target is provided by 1 analyst. New target price is 55% above last closing price of NT$32.30. Stock is down 29% over the past year. The company is forecast to post earnings per share of NT$2.11 for next year compared to NT$2.85 last year. Reported Earnings • May 15
First quarter 2025 earnings: EPS misses analyst expectations First quarter 2025 results: EPS: NT$0.52 (down from NT$0.81 in 1Q 2024). Revenue: NT$3.84b (down 6.4% from 1Q 2024). Net income: NT$208.3m (down 36% from 1Q 2024). Profit margin: 5.4% (down from 7.9% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 20%. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • May 01
Chin-Poon Industrial Co., Ltd. to Report Q1, 2025 Results on May 13, 2025 Chin-Poon Industrial Co., Ltd. announced that they will report Q1, 2025 results on May 13, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$27.65, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Electronic industry in Taiwan. Total loss to shareholders of 6.0% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$15.37 per share. Announcement • Mar 03
Chin-Poon Industrial Co., Ltd., Annual General Meeting, Jun 25, 2025 Chin-Poon Industrial Co., Ltd., Annual General Meeting, Jun 25, 2025. Location: no,17 ln.5, sec.2 nan shan rd., lujhu district, taoyuan city Taiwan Reported Earnings • Mar 01
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: NT$2.85 (up from NT$1.92 in FY 2023). Revenue: NT$16.4b (down 2.4% from FY 2023). Net income: NT$1.13b (up 48% from FY 2023). Profit margin: 6.9% (up from 4.6% in FY 2023). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.5%. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Feb 18
Chin-Poon Industrial Co., Ltd. to Report Fiscal Year 2024 Results on Feb 27, 2025 Chin-Poon Industrial Co., Ltd. announced that they will report fiscal year 2024 results at 1:30 PM, Taipei Standard Time on Feb 27, 2025 Reported Earnings • Nov 15
Third quarter 2024 earnings: EPS exceeds analyst expectations Third quarter 2024 results: EPS: NT$0.66 (down from NT$0.91 in 3Q 2023). Revenue: NT$4.07b (down 8.1% from 3Q 2023). Net income: NT$262.4m (down 27% from 3Q 2023). Profit margin: 6.5% (down from 8.1% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.5%. Revenue is forecast to grow 4.3% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Electronic industry in Taiwan. 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 5% per year, which means it is significantly lagging earnings growth. Announcement • Nov 02
Chin-Poon Industrial Co., Ltd. to Report Q3, 2024 Results on Nov 12, 2024 Chin-Poon Industrial Co., Ltd. announced that they will report Q3, 2024 results on Nov 12, 2024 Announcement • Oct 26
Chin-Poon Industrial Co., Ltd. Announces Demise of Tseng, Wen-Yu, Director Chin-Poon Industrial Co., Ltd. announced director change of the company. Title and name of the previous position holder: Director; Mr. TSENG, WEN-YU. Resume of the previous position holder: Director of CHIN-POON Industrial Co., Ltd.; Reason for the change: death; Original term: from June27, 2023 to June 26, 2026. Date of occurrence of the change: October 25, 2024. Price Target Changed • Oct 22
Price target decreased by 13% to NT$48.00 Down from NT$55.00, the current price target is an average from 2 analysts. New target price is 19% above last closing price of NT$40.20. Stock is up 13% over the past year. The company is forecast to post earnings per share of NT$2.97 for next year compared to NT$1.92 last year. Major Estimate Revision • Oct 02
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$17.5b to NT$16.4b. EPS estimate also fell from NT$3.36 per share to NT$2.88 per share. Net income forecast to shrink 9.1% next year vs 19% growth forecast for Electronic industry in Taiwan . Consensus price target up from NT$55.00 to NT$56.50. Share price fell 4.5% to NT$41.00 over the past week. New Risk • Oct 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Sep 26
Chin-Poon Industrial Co., Ltd.'s Subsidiary Chin Poon Electronics (Thailand) Public Co., Ltd. Announces Resignation of Adul Amatavivadhana as Independent Director Chin-Poon Industrial Co., Ltd.'s subsidiary CHIN POON ELECTRONICS (THAILAND) PUBLIC CO., LTD. announced resignation of Mr. Adul Amatavivadhana as Independent Director. Reported Earnings • Aug 14
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: NT$0.85 (up from NT$0.41 in 2Q 2023). Revenue: NT$4.17b (up 3.8% from 2Q 2023). Net income: NT$339.8m (up 109% from 2Q 2023). Profit margin: 8.2% (up from 4.1% in 2Q 2023). Revenue missed analyst estimates by 4.2%. Earnings per share (EPS) exceeded analyst estimates by 13%. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Aug 03
Chin-Poon Industrial Co., Ltd. to Report Q2, 2024 Results on Aug 12, 2024 Chin-Poon Industrial Co., Ltd. announced that they will report Q2, 2024 results on Aug 12, 2024 Price Target Changed • Jul 30
Price target increased by 15% to NT$55.00 Up from NT$47.75, the current price target is an average from 2 analysts. New target price is 22% above last closing price of NT$44.90. Stock is up 33% over the past year. The company is forecast to post earnings per share of NT$2.84 for next year compared to NT$1.92 last year. Upcoming Dividend • Jul 22
Upcoming dividend of NT$1.25 per share Eligible shareholders must have bought the stock before 29 July 2024. Payment date: 23 August 2024. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Taiwanese dividend payers (4.3%). In line with average of industry peers (2.6%). Declared Dividend • Jun 27
Dividend increased to NT$1.25 Dividend of NT$1.25 is 47% higher than last year. Ex-date: 29th July 2024 Payment date: 23rd August 2024 Dividend yield will be 2.6%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is well covered by both earnings (48% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 11% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 26
Chin-Poon Industrial Co., Ltd. Announces Cash Dividend, Payable on August 23, 2024 Chin-Poon Industrial Co., Ltd. announced common stock cash dividend of TWD 496,869,275 (TWD 1.25 per share). Rights (ex-dividend) trading date: July 29, 2024. Ex-rights (ex-dividend) record date: August 4, 2024. The scheduled payment date of the cash dividend is August 23, 2024. Date of the resolution by the board of directors or shareholders meeting or decision by the Company: June 25, 2024. New Risk • Jun 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 32% 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: 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 15
First quarter 2024 earnings: EPS exceeds analyst expectations First quarter 2024 results: EPS: NT$0.82 (up from NT$0.11 in 1Q 2023). Revenue: NT$4.10b (up 3.3% from 1Q 2023). Net income: NT$324.0m (up NT$282.0m from 1Q 2023). Profit margin: 7.9% (up from 1.1% in 1Q 2023). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 33%. Revenue is forecast to grow 9.7% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • May 05
Chin-Poon Industrial Co., Ltd. to Report Q1, 2024 Results on May 13, 2024 Chin-Poon Industrial Co., Ltd. announced that they will report Q1, 2024 results on May 13, 2024 Price Target Changed • Mar 27
Price target increased by 9.8% to NT$47.75 Up from NT$43.50, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of NT$46.45. Stock is up 45% over the past year. The company is forecast to post earnings per share of NT$3.50 for next year compared to NT$1.92 last year. Major Estimate Revision • Mar 07
Consensus EPS estimates increase by 27% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from NT$3.07 to NT$3.88. Revenue forecast unchanged at NT$18.3b. Net income forecast to grow 38% next year vs 31% growth forecast for Electronic industry in Taiwan. Consensus price target of NT$45.00 unchanged from last update. Share price fell 9.8% to NT$47.20 over the past week. Reported Earnings • Mar 05
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: NT$1.92 (up from NT$1.25 in FY 2022). Revenue: NT$16.7b (down 4.9% from FY 2022). Net income: NT$763.0m (up 54% from FY 2022). Profit margin: 4.6% (up from 2.8% in FY 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) also missed analyst estimates by 10%. Revenue is forecast to grow 9.2% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Mar 01
Chin-Poon Industrial Co., Ltd., Annual General Meeting, Jun 25, 2024 Chin-Poon Industrial Co., Ltd., Annual General Meeting, Jun 25, 2024. Location: No.17, Lane 5, Section 2, Nanshan Road Luzhu District, Taoyuan City Taoyuan City Taiwan Agenda: To consider Business Report for 2023 & Business Plan for 2024; to consider Report on the Compensation of Employees and the Remuneration of Directors of 2023; to accept 2023 Business Report and Financial Statements; to approve the Proposal for Distribution of 2023 Profits; and to consider other matters. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$52.00, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 56% over the past three years. Price Target Changed • Nov 17
Price target increased by 13% to NT$43.50 Up from NT$38.33, the current price target is an average from 4 analysts. New target price is 6.8% below last closing price of NT$46.65. Stock is up 46% over the past year. The company is forecast to post earnings per share of NT$2.14 for next year compared to NT$1.25 last year. Major Estimate Revision • Nov 17
Consensus EPS estimates increase by 38% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from NT$1.56 to NT$2.15. Revenue forecast unchanged at NT$16.9b. Net income forecast to grow 51% next year vs 19% growth forecast for Electronic industry in Taiwan. Consensus price target up from NT$38.33 to NT$41.00. Share price rose 28% to NT$46.65 over the past week. Valuation Update With 7 Day Price Move • Nov 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$42.45, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 51% over the past three years. Price Target Changed • Oct 26
Price target increased by 11% to NT$38.33 Up from NT$34.60, the current price target is an average from 3 analysts. New target price is 6.9% above last closing price of NT$35.85. Stock is up 31% over the past year. The company is forecast to post earnings per share of NT$1.55 for next year compared to NT$1.25 last year. Reported Earnings • Aug 11
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: NT$0.41 (up from NT$0.30 in 2Q 2022). Revenue: NT$4.01b (down 7.7% from 2Q 2022). Net income: NT$162.8m (up 36% from 2Q 2022). Profit margin: 4.1% (up from 2.8% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) exceeded analyst estimates by 26%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 11
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$17.8b to NT$16.9b. EPS estimate also fell from NT$1.48 per share to NT$1.29 per share. Net income forecast to grow 1.3% next year vs 1.1% growth forecast for Electronic industry in Taiwan. Consensus price target up from NT$34.60 to NT$35.40. Share price rose 2.7% to NT$34.50 over the past week. Upcoming Dividend • Jul 18
Upcoming dividend of NT$0.85 per share at 2.4% yield Eligible shareholders must have bought the stock before 25 July 2023. Payment date: 22 August 2023. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (4.1%). Announcement • Jul 08
Chin-Poon Industrial Co., Ltd. Announces Cash Dividend, Payable on August 22, 2023 Chin-Poon Industrial Co., Ltd. announced a cash dividend: of TWD 337,871,107 (TWD 0.85 per share). Rights (ex-dividend) trading date: July 25, 2023. Ex-rights (ex-dividend) record date: July 31, 2023. The scheduled payment date of the cash dividend is August 22, 2023. Reported Earnings • Mar 14
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: NT$1.25 (up from NT$0.85 in FY 2021). Revenue: NT$17.6b (down 3.3% from FY 2021). Net income: NT$496.6m (up 47% from FY 2021). Profit margin: 2.8% (up from 1.9% in FY 2021). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.8%. Revenue is forecast to grow 6.0% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Buying Opportunity • Jan 11
Now 20% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be NT$36.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 22%. Revenue is forecast to grow by 12% in 2 years. Earnings is forecast to grow by 136% in the next 2 years. Major Estimate Revision • Nov 16
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from NT$17.8b to NT$17.6b. EPS estimate rose from NT$1.05 to NT$1.33. Net income forecast to grow 103% next year vs 6.4% growth forecast for Electronic industry in Taiwan. Consensus price target broadly unchanged at NT$35.50. Share price rose 10% to NT$30.85 over the past week. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 6 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Hsiang-Sheng Chen was the last independent director to join the board, commencing their role in 2017. 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 • Nov 11
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: NT$0.52 (down from NT$0.80 in 3Q 2021). Revenue: NT$4.27b (down 11% from 3Q 2021). Net income: NT$206.1m (down 35% from 3Q 2021). Profit margin: 4.8% (down from 6.6% in 3Q 2021). Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) exceeded analyst estimates by 58%. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 22% 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 • Aug 12
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: NT$0.30 (up from NT$0.22 in 2Q 2021). Revenue: NT$4.35b (flat on 2Q 2021). Net income: NT$119.9m (up 35% from 2Q 2021). Profit margin: 2.8% (up from 2.0% in 2Q 2021). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 8.7%. Over the next year, revenue is forecast to grow 1.0%, compared to a 8.6% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 34% 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. Price Target Changed • Jul 19
Price target decreased to NT$34.90 Down from NT$38.92, the current price target is an average from 5 analysts. New target price is 23% above last closing price of NT$28.40. Stock is down 16% over the past year. The company is forecast to post earnings per share of NT$1.22 for next year compared to NT$0.85 last year. Major Estimate Revision • Jul 14
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from NT$18.2b to NT$18.0b. EPS estimate rose from NT$0.99 to NT$1.10. Net income forecast to grow 11% next year vs 9.2% growth forecast for Electronic industry in Taiwan. Consensus price target down from NT$38.92 to NT$37.58. Share price fell 3.9% to NT$26.80 over the past week. Major Estimate Revision • May 21
Consensus EPS estimates fall by 47% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$18.3b to NT$17.9b. EPS estimate also fell from NT$1.21 per share to NT$0.64 per share. Net income forecast to shrink 22% next year vs 11% growth forecast for Electronic industry in Taiwan . Consensus price target down from NT$40.67 to NT$39.58. Share price rose 7.8% to NT$31.00 over the past week. Major Estimate Revision • May 18
Consensus EPS estimates fall by 25% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$19.1b to NT$18.6b. EPS estimate also fell from NT$0.84 per share to NT$0.63 per share. Net income forecast to shrink 23% next year vs 11% growth forecast for Electronic industry in Taiwan . Consensus price target of NT$40.67 unchanged from last update. Share price was steady at NT$30.35 over the past week. Reported Earnings • May 13
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: NT$0.01 (up from NT$0.14 loss in 1Q 2021). Revenue: NT$4.36b (up 2.1% from 1Q 2021). Net income: NT$2.82m (up NT$56.6m from 1Q 2021). Profit margin: 0.1% (up from net loss in 1Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) exceeded analyst estimates. Over the next year, revenue is forecast to grow 5.8%, compared to a 9.8% growth forecast for the industry in Taiwan. 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 4% per year, which means it has not declined as severely as earnings. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 6 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Hsiang-Sheng Chen was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Major Estimate Revision • Mar 30
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from NT$0.95 to NT$0.84 per share. Revenue forecast steady at NT$19.1b. Net income forecast to shrink 1.4% next year vs 14% growth forecast for Electronic industry in Taiwan . Consensus price target of NT$41.17 unchanged from last update. Share price was steady at NT$33.80 over the past week. Major Estimate Revision • Mar 22
Consensus EPS estimates fall by 33% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$20.2b to NT$19.0b. EPS estimate also fell from NT$1.42 per share to NT$0.95 per share. Net income forecast to grow 11% next year vs 14% growth forecast for Electronic industry in Taiwan. Consensus price target up from NT$40.33 to NT$41.17. Share price was steady at NT$33.45 over the past week. Reported Earnings • Mar 16
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: NT$0.85 (up from NT$0.12 in FY 2020). Revenue: NT$18.2b (up 19% from FY 2020). Net income: NT$337.8m (up NT$291.7m from FY 2020). Profit margin: 1.9% (up from 0.3% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 20%. Over the next year, revenue is forecast to grow 10%, compared to a 8.7% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 20% 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. Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment improved over the past week After last week's 17% share price gain to NT$34.10, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 12x in the Electronic industry in Taiwan. Total loss to shareholders of 4.1% over the past three years. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$0.08 (vs NT$0.069 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$4.80b (up 24% from 3Q 2020). Net income: NT$318.0m (up NT$290.6m from 3Q 2020). Profit margin: 6.6% (up from 0.7% in 3Q 2020). 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 only fallen by 8% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Aug 20
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 27 August 2021. Payment date: 01 October 2021. Trailing yield: 1.7%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.3%). Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS NT$0.22 (vs NT$0.27 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$4.38b (up 43% from 2Q 2020). Net income: NT$88.9m (up NT$195.4m from 2Q 2020). Profit margin: 2.0% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 19% 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 • May 14
First quarter 2021 earnings released: NT$0.14 loss per share (vs NT$0.064 profit in 1Q 2020) The company reported a soft first quarter result with weaker earnings and weaker control over costs, although revenues improved. First quarter 2021 results: Revenue: NT$4.27b (up 3.5% from 1Q 2020). Net loss: NT$53.8m (down 313% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 40% 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. Major Estimate Revision • Mar 26
Consensus EPS estimates fall to NT$1.02 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from NT$18.4b to NT$17.6b. EPS estimate also fell from NT$1.35 to NT$1.02. Net income forecast to grow 780% next year vs 27% growth forecast for Electronic industry in Taiwan. Consensus price target broadly unchanged at NT$38.10. Share price fell 3.8% to NT$32.65 over the past week. Reported Earnings • Mar 20
Full year 2020 earnings released: EPS NT$0.12 (vs NT$1.66 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$15.3b (down 14% from FY 2019). Net income: NT$46.1m (down 93% from FY 2019). Profit margin: 0.3% (down from 3.7% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 19
New 90-day high: NT$37.75 The company is up 29% from its price of NT$29.35 on 21 October 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 24% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$9.14 per share. Price Target Changed • Jan 13
Price target raised to NT$37.20 Up from NT$34.70, the current price target is an average from 6 analysts. The new target price is close to the current share price of NT$35.75. As of last close, the stock is up 6.6% over the past year. Major Estimate Revision • Jan 06
Analysts update estimates The 2020 consensus earning per share (EPS) estimate increased from NT$0.036 to NT$0.044. Revenue estimate for the same period was approximately flat at NT$15.3b. Net income is expected to grow by 148% next year compared to 28% growth forecast for the Electronic industry in Taiwan. The consensus price target increased from NT$34.70 to NT$36.60. Share price is up 8.8% to NT$35.10 over the past week. Is New 90 Day High Low • Jan 04
New 90-day high: NT$34.85 The company is up 22% from its price of NT$28.55 on 06 October 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$27.35 per share. Major Estimate Revision • Dec 24
Analysts update estimates The 2020 consensus earning per share (EPS) estimate increased from NT$0.025 to NT$0.036. Revenue estimate for the same period was approximately flat at NT$15.3b. Net income is expected to grow by 152% next year compared to 28% growth forecast for the Electronic industry in Taiwan. The consensus price target of NT$34.70 was unchanged from the last update. Share price is down by 1.5% to NT$29.85 over the past week. Major Estimate Revision • Dec 08
Analysts update estimates The 2020 consensus earning per share (EPS) estimate was lowered from NT$0.05 to NT$0.025. Revenue estimate was approximately flat at NT$15.2b. Net income is expected to grow by 150% next year compared to 28% growth forecast for the Electronic industry in Taiwan. The consensus price target increased from NT$30.37 to NT$34.70. Share price stayed mostly flat at NT$30.80 over the past week. Price Target Changed • Dec 03
Price target raised to NT$32.03 Up from NT$29.43, the current price target is an average from 4 analysts. The new target price is close to the current share price of NT$31.05. As of last close, the stock is up 0.2% over the past year. Analyst Estimate Surprise Post Earnings • Nov 16
Revenue and earnings miss expectations Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 22%. Over the next year, revenue is forecast to grow 9.1%, compared to a 11% growth forecast for the Electronic industry in Taiwan. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.07 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$3.88b (down 10% from 3Q 2019). Net income: NT$27.4m (down 91% from 3Q 2019). Profit margin: 0.7% (down from 7.3% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Oct 23
Market bids up stock over the past week After last week's 15% share price gain to NT$32.25, the stock is trading at a trailing P/E ratio of 30.6x, up from the previous P/E ratio of 26.6x. This compares to an average P/E of 17x in the Electronic industry in Taiwan. Total return to shareholders over the past three years is a loss of 42%.