Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$442, the stock trades at a trailing P/E ratio of 33x. Average forward P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 195% over the past three years. Price Target Changed • May 20
Price target increased by 12% to NT$380 Up from NT$340, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of NT$363. Stock is up 127% over the past year. The company posted earnings per share of NT$12.06 last year. Reported Earnings • May 15
First quarter 2026 earnings released: EPS: NT$4.00 (vs NT$2.52 in 1Q 2025) First quarter 2026 results: EPS: NT$4.00 (up from NT$2.52 in 1Q 2025). Revenue: NT$1.17b (up 45% from 1Q 2025). Net income: NT$218.4m (up 71% from 1Q 2025). Profit margin: 19% (up from 16% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 24% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Apr 22
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 8.7% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$379, the stock trades at a trailing P/E ratio of 32.4x. Average forward P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 255% over the past three years. New Risk • Mar 24
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 17
Full year 2025 earnings released: EPS: NT$12.05 (vs NT$1.02 in FY 2024) Full year 2025 results: EPS: NT$12.05 (up from NT$1.02 in FY 2024). Revenue: NT$3.73b (up 56% from FY 2024). Net income: NT$618.2m (up NT$568.9m from FY 2024). Profit margin: 17% (up from 2.1% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 12
JPP Holding Company Limited, Annual General Meeting, Jun 18, 2026 JPP Holding Company Limited, Annual General Meeting, Jun 18, 2026, at 09:00 Taipei Standard Time. Location: 11 floor no,350, sung chiang rd., jhongshan district, taipei city Taiwan Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$4.56 (vs NT$0.50 in 3Q 2024) Third quarter 2025 results: EPS: NT$4.56 (up from NT$0.50 in 3Q 2024). Revenue: NT$950.1m (up 54% from 3Q 2024). Net income: NT$232.6m (up NT$208.8m from 3Q 2024). Profit margin: 25% (up from 3.9% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 74% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$317, the stock trades at a trailing P/E ratio of 48.4x. Average forward P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 558% over the past three years. Price Target Changed • Sep 23
Price target increased by 7.5% to NT$280 Up from NT$260, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of NT$287. Stock is up 130% over the past year. The company posted earnings per share of NT$1.02 last year. New Risk • Sep 17
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (36% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (7.6% average weekly change). Reported Earnings • Sep 02
Second quarter 2025 earnings released: EPS: NT$2.10 (vs NT$0.23 in 2Q 2024) Second quarter 2025 results: EPS: NT$2.10 (up from NT$0.23 in 2Q 2024). Revenue: NT$843.9m (up 79% from 2Q 2024). Net income: NT$106.9m (up NT$95.7m from 2Q 2024). Profit margin: 13% (up from 2.4% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 22% 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 fallen by 15% per year but the company’s share price has increased by 80% per year, which means it is well ahead of earnings. New Risk • Aug 25
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 8.0% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (9.9% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (8.0% average weekly change). High level of non-cash earnings (26% accrual ratio). Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$255, the stock trades at a trailing P/E ratio of 54.5x. Average forward P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 485% over the past three years. Upcoming Dividend • Jul 11
Upcoming dividend of NT$1.48 per share Eligible shareholders must have bought the stock before 18 July 2025. Payment date: 13 August 2025. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 0.7%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (3.1%). Declared Dividend • Jun 25
Dividend reduced to NT$1.50 Dividend of NT$1.50 is 70% lower than last year. Ex-date: 18th July 2025 Payment date: 13th August 2025 Dividend yield will be 0.7%, which is lower than the industry average of 4.0%. Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$180, the stock trades at a trailing P/E ratio of 38.6x. Average forward P/E is 15x in the Electronic industry in Taiwan. Total returns to shareholders of 374% over the past three years. New Risk • May 28
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 9.9% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (9.9% operating cash flow to total debt). High level of non-cash earnings (26% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (9.2% average weekly change). Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$2.51 (vs NT$1.26 loss in 1Q 2024) First quarter 2025 results: EPS: NT$2.51 (up from NT$1.26 loss in 1Q 2024). Revenue: NT$806.3m (up 34% from 1Q 2024). Net income: NT$128.1m (up NT$188.5m from 1Q 2024). Profit margin: 16% (up from net loss in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 51% per year, which means it is well ahead of earnings. Announcement • Apr 30
JPP Holding Company Limited to Report Q1, 2025 Results on May 08, 2025 JPP Holding Company Limited announced that they will report Q1, 2025 results on May 08, 2025 New Risk • Apr 07
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 7.9% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (7.9% average weekly change). Minor Risk Profit margins are more than 30% lower than last year (2.1% net profit margin). New Risk • Apr 06
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 16% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 147% Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Profit margins are more than 30% lower than last year (2.1% net profit margin). Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: NT$1.02 (vs NT$8.33 in FY 2023) Full year 2024 results: EPS: NT$1.02 (down from NT$8.33 in FY 2023). Revenue: NT$2.39b (up 6.2% from FY 2023). Net income: NT$49.2m (down 88% from FY 2023). Profit margin: 2.1% (down from 18% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 51% per year, which means it is well ahead of earnings. Announcement • Mar 14
JPP Holding Company Limited, Annual General Meeting, Jun 18, 2025 JPP Holding Company Limited, Annual General Meeting, Jun 18, 2025. Location: 11 floor no,350, sung chiang rd., jhongshan district, taipei city Taiwan New Risk • Jan 03
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.3% 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 Risks Interest payments are not well covered by earnings (2.5x net interest cover). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Shareholders have been diluted in the past year (6.3% increase in shares outstanding). Announcement • Dec 11
JPP Holding Company Limited has completed a Follow-on Equity Offering in the amount of TWD 339 million. JPP Holding Company Limited has completed a Follow-on Equity Offering in the amount of TWD 339 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 300,000
Price\Range: TWD 113
Security Name: Shares
Security Type: Common Stock
Securities Offered: 2,400,000
Price\Range: TWD 113
Security Name: Shares
Security Type: Common Stock
Securities Offered: 300,000
Price\Range: TWD 113
Transaction Features: Rights Offering Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$0.50 (vs NT$2.99 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.50 (down from NT$2.99 in 3Q 2023). Revenue: NT$615.4m (down 4.5% from 3Q 2023). Net income: NT$23.9m (down 83% from 3Q 2023). Profit margin: 3.9% (down from 22% in 3Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 21% 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 3% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 30
JPP Holding Company Limited to Report Q3, 2024 Results on Nov 07, 2024 JPP Holding Company Limited announced that they will report Q3, 2024 results on Nov 07, 2024 Valuation Update With 7 Day Price Move • Oct 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$149, the stock trades at a trailing P/E ratio of 73.2x. Average forward P/E is 15x in the Electronic industry in Taiwan. Total returns to shareholders of 273% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$98.46 per share. Buy Or Sell Opportunity • Sep 16
Now 25% overvalued Over the last 90 days, the stock has fallen 3.1% to NT$124. The fair value is estimated to be NT$98.84, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 24%. Announcement • Aug 14
JPP Holding Company Limited to Report Q2, 2024 Results on Aug 22, 2024 JPP Holding Company Limited announced that they will report Q2, 2024 results on Aug 22, 2024 Buy Or Sell Opportunity • Aug 07
Now 25% overvalued Over the last 90 days, the stock has fallen 19% to NT$107. The fair value is estimated to be NT$85.89, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 39%. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$97.70, the stock trades at a trailing P/E ratio of 21.5x. Average forward P/E is 15x in the Electronic industry in Taiwan. Total returns to shareholders of 156% over the past three years. Declared Dividend • Jun 22
Dividend increased to NT$5.00 Dividend of NT$5.00 is 79% higher than last year. Ex-date: 10th July 2024 Payment date: 31st July 2024 Dividend yield will be 4.0%, which is about the same as the industry average. Sustainability & Growth Dividend is not covered by earnings (110% earnings payout ratio) nor is it covered by cash flows (256% cash payout ratio). The dividend has increased by an average of 8.5% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 22% to bring the payout ratio under control, which is more than the 4.2% EPS growth achieved over the last 5 years. Reported Earnings • May 18
First quarter 2024 earnings released: NT$1.26 loss per share (vs NT$2.52 profit in 1Q 2023) First quarter 2024 results: NT$1.26 loss per share (down from NT$2.52 profit in 1Q 2023). Revenue: NT$602.5m (up 7.8% from 1Q 2023). Net loss: NT$60.4m (down 150% from profit in 1Q 2023). Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 39% per year whereas the company’s share price has increased by 43% per year. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$126, the stock trades at a trailing P/E ratio of 15.1x. Average forward P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 241% over the past three years. Announcement • May 03
JPP Holding Company Limited to Report Q1, 2024 Results on May 09, 2024 JPP Holding Company Limited announced that they will report Q1, 2024 results on May 09, 2024 Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$168, the stock trades at a trailing P/E ratio of 20.1x. Average forward P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 298% over the past three years. Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: NT$8.33 (vs NT$5.45 in FY 2022) Full year 2023 results: EPS: NT$8.33 (up from NT$5.45 in FY 2022). Revenue: NT$2.25b (up 26% from FY 2022). Net income: NT$399.4m (up 64% from FY 2022). Profit margin: 18% (up from 14% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% 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 48% per year but the company’s share price has increased by 68% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 13
JPP Holding Company Limited, Annual General Meeting, Jun 20, 2024 JPP Holding Company Limited, Annual General Meeting, Jun 20, 2024. Location: 8th Fl., No. 350, Songjiang Rd., Zhongshan Dist Taiwan R.O.C Taipei City Taiwan Agenda: To consider 2023 business report; to consider audit committee's review of the 2023 annual final accounting books and statements; to consider report on 2023 employees' and directors' remuneration; to consider report on amendments to the company's the governing procedure of board; to acknowledge the 4th quarter of 2023 restated consolidated financial statements; to consider the 2023 annual final accounting books and statements; to consider the 2023 earnings distribution; and to consider other issues. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$228, the stock trades at a trailing P/E ratio of 23.6x. Average forward P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 528% over the past three years. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$173, the stock trades at a trailing P/E ratio of 17.9x. Average forward P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 437% over the past three years. New Risk • Feb 02
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 5.7% 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 High level of debt (42% net debt to equity). Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.7% average weekly change). Valuation Update With 7 Day Price Move • Jan 25
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$130, the stock trades at a trailing P/E ratio of 13.4x. Average forward P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 317% over the past three years. New Risk • Nov 30
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 42% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (42% net debt to equity). Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (4.2% increase in shares outstanding). Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: NT$2.99 (vs NT$1.69 in 3Q 2022) Third quarter 2023 results: EPS: NT$2.99 (up from NT$1.69 in 3Q 2022). Revenue: NT$644.6m (up 32% from 3Q 2022). Net income: NT$143.2m (up 90% from 3Q 2022). Profit margin: 22% (up from 16% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 9.2% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 50% per year whereas the company’s share price has increased by 55% per year. Reported Earnings • Aug 26
Second quarter 2023 earnings released: EPS: NT$2.76 (vs NT$1.21 in 2Q 2022) Second quarter 2023 results: EPS: NT$2.76 (up from NT$1.21 in 2Q 2022). Revenue: NT$562.1m (up 44% from 2Q 2022). Net income: NT$132.2m (up 151% from 2Q 2022). Profit margin: 24% (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 42% per year but the company’s share price has increased by 60% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 03
Upcoming dividend of NT$2.80 per share at 1.9% yield Eligible shareholders must have bought the stock before 10 July 2023. Payment date: 26 July 2023. Payout ratio is a comfortable 41% but the company is not cash flow positive. Trailing yield: 1.9%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (4.2%). Announcement • Jun 21
Jpp Holding Company Limited Announces Cash Dividends, Payment Date of Cash Dividend Distribution Is July 26, 2023 JPP Holding Company Limited announced Cash dividends of TWD 134,200,808. (TWD 2.8 per share) of common stock. Ex-rights (ex-dividend) trading date is July 10, 2023. Last date before book closure is July 11, 2023. Payment date of cash dividend distribution is July 26, 2023. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$140, the stock trades at a trailing P/E ratio of 27.4x. Average forward P/E is 14x in the Electronic industry in Taiwan. Total returns to shareholders of 294% over the past three years. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment improved over the past week After last week's 16% share price gain to NT$66.70, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 11x in the Electronic industry in Taiwan. Total returns to shareholders of 54% over the past three years. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$1.69 (vs NT$0.83 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.69 (up from NT$0.83 in 3Q 2021). Revenue: NT$487.6m (up 52% from 3Q 2021). Net income: NT$75.4m (up 109% from 3Q 2021). Profit margin: 16% (up from 11% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. 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. 5 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Jack Lai was the last independent director to join the board, commencing their role in 2019. 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 13
Third quarter 2022 earnings released: EPS: NT$1.69 (vs NT$0.83 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.69 (up from NT$0.83 in 3Q 2021). Revenue: NT$487.6m (up 52% from 3Q 2021). Net income: NT$75.4m (up 109% from 3Q 2021). Profit margin: 16% (up from 11% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improved over the past week After last week's 18% share price gain to NT$56.60, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 19% over the past three years. Reported Earnings • Aug 30
Second quarter 2022 earnings released: EPS: NT$1.21 (vs NT$0.79 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.21 (up from NT$0.79 in 2Q 2021). Revenue: NT$391.2m (up 21% from 2Q 2021). Net income: NT$52.7m (up 54% from 2Q 2021). Profit margin: 14% (up from 11% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 15
Upcoming dividend of NT$2.30 per share Eligible shareholders must have bought the stock before 22 July 2022. Payment date: 17 August 2022. Payout ratio and cash payout ratio are on the higher end at 80% and 85% respectively. Trailing yield: 5.0%. Lower than top quartile of Taiwanese dividend payers (6.8%). In line with average of industry peers (4.8%). Announcement • Jun 25
JPP Holding Company Limited Approves Cash Dividend for 2021 JPP Holding Company Limited at its AGM held on June 23, 2022, approved cash dividend of TWD 2.30 per share for shareholders for 2021. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$1.12 (vs NT$1.25 in 1Q 2021) First quarter 2022 results: EPS: NT$1.12 (down from NT$1.25 in 1Q 2021). Revenue: NT$391.4m (up 7.8% from 1Q 2021). Net income: NT$49.0m (down 10% from 1Q 2021). Profit margin: 13% (down from 15% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 8% per year, which means it is performing significantly worse than earnings. Price Target Changed • Apr 27
Price target decreased to NT$50.00 Down from NT$71.00, the current price target is provided by 1 analyst. New target price is 15% above last closing price of NT$43.40. Stock is down 5.8% over the past year. The company posted earnings per share of NT$3.00 last year. 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 an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Jack Lai was the last independent director to join the board, commencing their role in 2019. 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 • Mar 30
Full year 2021 earnings released: EPS: NT$3.00 (vs NT$2.65 in FY 2020) Full year 2021 results: EPS: NT$3.00 (up from NT$2.65 in FY 2020). Revenue: NT$1.35b (up 7.3% from FY 2020). Net income: NT$130.9m (up 13% from FY 2020). Profit margin: 9.7% (in line with FY 2020). Over the next year, revenue is forecast to grow 13%, compared to a 10% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 8% per year. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$0.83 (vs NT$0.32 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$320.8m (up 22% from 3Q 2020). Net income: NT$36.1m (up 157% from 3Q 2020). Profit margin: 11% (up from 5.3% 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 11% 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. Reported Earnings • Aug 31
Second quarter 2021 earnings released: EPS NT$0.79 (vs NT$0.49 in 2Q 2020) The company reported a solid second quarter result with improved earnings and profit margins, although revenues were flat. Second quarter 2021 results: Revenue: NT$323.6m (flat on 2Q 2020). Net income: NT$34.3m (up 59% from 2Q 2020). Profit margin: 11% (up from 6.7% in 2Q 2020). 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 10% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Aug 02
Upcoming dividend of NT$2.10 per share Eligible shareholders must have bought the stock before 09 August 2021. Payment date: 03 September 2021. Trailing yield: 4.7%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (3.0%). Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$1.25 (vs NT$1.29 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: NT$363.1m (up 6.9% from 1Q 2020). Net income: NT$54.5m (down 3.2% from 1Q 2020). Profit margin: 15% (down from 17% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 26% 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 • Apr 01
Full year 2020 earnings released: EPS NT$2.65 (vs NT$2.31 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$1.26b (down 12% from FY 2019). Net income: NT$115.9m (up 27% from FY 2019). Profit margin: 9.2% (up from 6.4% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 30% 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 • Feb 19
New 90-day high: NT$36.30 The company is up 6.0% from its price of NT$34.35 on 20 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 24% over the same period. Is New 90 Day High Low • Dec 16
New 90-day high: NT$36.15 The company is up 4.0% from its price of NT$34.60 on 17 September 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 9.0% over the same period. Is New 90 Day High Low • Nov 27
New 90-day high: NT$35.95 The company is up 4.0% from its price of NT$34.60 on 28 August 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 6.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.32 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$262.8m (down 29% from 3Q 2019). Net income: NT$14.0m (down 45% from 3Q 2019). Profit margin: 5.3% (down from 6.9% 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 32% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 16
New 90-day low: NT$33.45 The company is down 17% from its price of NT$40.30 on 17 July 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is down 4.0% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: NT$33.80 The company is down 21% from its price of NT$42.75 on 24 June 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is flat over the same period.