Declared Dividend • May 30
Dividend of NT$1.65 announced Dividend of NT$1.65 is the same as last year. Ex-date: 15th June 2026 Payment date: 10th July 2026 Dividend yield will be 5.7%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (79% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 13% to shift the payout ratio to a potentially unsustainable range, which is more than the 9.0% EPS decline seen over the last 5 years. Reported Earnings • May 13
First quarter 2026 earnings released: EPS: NT$0.47 (vs NT$0.42 in 1Q 2025) First quarter 2026 results: EPS: NT$0.47 (up from NT$0.42 in 1Q 2025). Revenue: NT$3.10b (up 1.7% from 1Q 2025). Net income: NT$217.7m (up 9.6% from 1Q 2025). Profit margin: 7.0% (up from 6.5% in 1Q 2025). The increase in margin was driven by higher revenue. 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 9% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$1.97 (vs NT$2.25 in FY 2024) Full year 2025 results: EPS: NT$1.97 (down from NT$2.25 in FY 2024). Revenue: NT$12.8b (up 1.4% from FY 2024). Net income: NT$921.4m (down 12% from FY 2024). Profit margin: 7.2% (down from 8.3% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Mar 12
Kerry TJ Logistics Company Limited, Annual General Meeting, May 28, 2026 Kerry TJ Logistics Company Limited, Annual General Meeting, May 28, 2026, at 09:00 Taipei Standard Time. Location: no,201, sec.2 tun hua s. rd., da-an district, taipei city Taiwan Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: NT$0.54 (vs NT$0.57 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.54 (down from NT$0.57 in 3Q 2024). Revenue: NT$3.31b (up 2.3% from 3Q 2024). Net income: NT$251.9m (down 5.4% from 3Q 2024). Profit margin: 7.6% (down from 8.2% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$0.59 (vs NT$0.55 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.59 (up from NT$0.55 in 2Q 2024). Revenue: NT$3.27b (up 5.9% from 2Q 2024). Net income: NT$274.4m (up 7.0% from 2Q 2024). Profit margin: 8.4% (up from 8.3% in 2Q 2024). 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 whereas the company’s share price has fallen by 6% per year. Declared Dividend • May 31
Dividend reduced to NT$1.65 Dividend of NT$1.65 is 37% lower than last year. Ex-date: 13th June 2025 Payment date: 10th July 2025 Dividend yield will be 4.5%, which is lower than the industry average of 5.7%. Sustainability & Growth Dividend is not covered by earnings (110% earnings payout ratio). However, it is covered by cash flows (81% cash payout ratio). The dividend has increased by an average of 6.4% per year over the past 10 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. However, EPS has declined by 5.8% over the last 5 years so the company would need to reverse this trend. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.43 (vs NT$0.58 in 1Q 2024) First quarter 2025 results: EPS: NT$0.43 (down from NT$0.58 in 1Q 2024). Revenue: NT$3.05b (up 1.7% from 1Q 2024). Net income: NT$198.5m (down 27% from 1Q 2024). Profit margin: 6.5% (down from 9.0% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 4% per year. Announcement • May 07
Kerry TJ Logistics Company Limited to Report Q1, 2025 Results on May 14, 2025 Kerry TJ Logistics Company Limited announced that they will report Q1, 2025 results on May 14, 2025 Announcement • Apr 16
Kerry TJ Logistics Company Limited Proposes Cash Dividend for the Year Ended December 31, 2024 Kerry TJ Logistics Company Limited proposed cash dividends to shareholders of TWD 1.65 per share for the year ended December 31, 2024. Total amount of cash distributed to shareholders is TWD 770,550,821. Par value of common stock is TWD 10. Buy Or Sell Opportunity • Apr 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.9% to NT$36.05. The fair value is estimated to be NT$45.32, 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 3.2%. Reported Earnings • Apr 01
Full year 2024 earnings released: EPS: NT$2.25 (vs NT$3.63 in FY 2023) Full year 2024 results: EPS: NT$2.25 (down from NT$3.63 in FY 2023). Revenue: NT$12.7b (up 5.2% from FY 2023). Net income: NT$1.05b (down 38% from FY 2023). Profit margin: 8.3% (down from 14% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 5% per year. Announcement • Mar 14
Kerry TJ Logistics Company Limited, Annual General Meeting, May 28, 2025 Kerry TJ Logistics Company Limited, Annual General Meeting, May 28, 2025, at 09:00 Taipei Standard Time. Location: no,201, sec.2 tun hua s. rd., da-an district, taipei city Taiwan Announcement • Mar 05
Kerry TJ Logistics Company Limited to Report Q4, 2024 Results on Mar 12, 2025 Kerry TJ Logistics Company Limited announced that they will report Q4, 2024 results on Mar 12, 2025 Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$0.57 (vs NT$0.61 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.57 (down from NT$0.61 in 3Q 2023). Revenue: NT$3.24b (up 4.9% from 3Q 2023). Net income: NT$266.2m (down 6.0% from 3Q 2023). Profit margin: 8.2% (down from 9.2% 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 1% per year whereas the company’s share price has fallen by 3% per year. Announcement • Nov 06
Kerry TJ Logistics Company Limited to Report Q3, 2024 Results on Nov 13, 2024 Kerry TJ Logistics Company Limited announced that they will report Q3, 2024 results on Nov 13, 2024 New Risk • Aug 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 26% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 108% Cash payout ratio: 100% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (9.1% net profit margin). Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.55 (vs NT$1.80 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.55 (down from NT$1.80 in 2Q 2023). Revenue: NT$3.09b (up 5.8% from 2Q 2023). Net income: NT$256.4m (down 70% from 2Q 2023). Profit margin: 8.3% (down from 29% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Aug 10
Kerry Tj Logistics Company Limited Appoints Sheih, Chi-Mau as Remuneration Committee Member Kerry TJ Logistics Company Limited appointed Sheih, Chi-Mau as Remuneration Committee member, August 9, 2024. Resume of the new position holder: Independent Director of Kerry TJ Logistics Co. Ltd. Announcement • Aug 02
Kerry TJ Logistics Company Limited to Report Q2, 2024 Results on Aug 09, 2024 Kerry TJ Logistics Company Limited announced that they will report Q2, 2024 results on Aug 09, 2024 Upcoming Dividend • Jun 11
Upcoming dividend of NT$2.60 per share Eligible shareholders must have bought the stock before 18 June 2024. Payment date: 10 July 2024. Payout ratio is a comfortable 71% and this is well supported by cash flows. Trailing yield: 5.8%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (5.0%). Announcement • Jun 01
Kerry TJ Logistics Company Limited Appoints Sheih, Chi-Mau as Members of the Audit Committee Kerry TJ Logistics Company Limited announced changes in the members of the Company's Audit Committee. Date of occurrence of the change: May 30, 2024. Name of the new position holder: Sheih, Chi-Mau Resume of the new position holder: Chairman of Chunghwa Telecom Co. Ltd. Reason for the change: By-election for one Independent Director. Effective date of the new member is May 30, 2024. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$0.58 (vs NT$0.56 in 1Q 2023) First quarter 2024 results: EPS: NT$0.58 (up from NT$0.56 in 1Q 2023). Revenue: NT$3.00b (up 3.3% from 1Q 2023). Net income: NT$270.6m (up 4.0% from 1Q 2023). Profit margin: 9.0% (in line with 1Q 2023). 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 7% per year, which means it is significantly lagging earnings. Announcement • May 03
Kerry TJ Logistics Company Limited to Report Q1, 2024 Results on May 10, 2024 Kerry TJ Logistics Company Limited announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 10, 2024 Buy Or Sell Opportunity • Apr 29
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 16% to NT$43.10. The fair value is estimated to be NT$35.80, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 3.4%. Announcement • Apr 18
Kerry TJ Logistics Company Limited Proposes Cash Dividend for the Year Ended December 31, 2023 Kerry TJ Logistics Company Limited proposed appropriations of earnings in cash dividends to shareholders of TWD 2.6 per share or total amount of cash distributed to shareholders of TWD 1,214,201,294 for the year ended December 31, 2023. Reported Earnings • Mar 29
Full year 2023 earnings released: EPS: NT$3.63 (vs NT$2.66 in FY 2022) Full year 2023 results: EPS: NT$3.63 (up from NT$2.66 in FY 2022). Revenue: NT$12.0b (down 5.5% from FY 2022). Net income: NT$1.70b (up 37% from FY 2022). Profit margin: 14% (up from 9.7% 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 3% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Mar 14
Kerry TJ Logistics Company Limited, Annual General Meeting, May 30, 2024 Kerry TJ Logistics Company Limited, Annual General Meeting, May 30, 2024. Location: No. 201, Section 2, Dunhua S Rd Da'an District Taipei City Taiwan Agenda: To consider 2023 business report; to consider audit committee's review report; to consider 2023 distribution of employees and directors compensation; to consider Endorsement and guarantee provided by the Company to others; to adopt the Company's 2023 business report and financial statements; to adopt the Company's 2023 profit distribution; and to consider other issues. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$0.61 (vs NT$0.65 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.61 (down from NT$0.65 in 3Q 2022). Revenue: NT$3.09b (down 3.1% from 3Q 2022). Net income: NT$283.0m (down 7.2% from 3Q 2022). Profit margin: 9.2% (in line with 3Q 2022). Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 2% per year. Announcement • Nov 12
Kerry TJ Logistics Company Limited Announces Dismissal of Shen, Chung-Kui as CEO Kerry TJ Logistics Company Limited announced dismissal of Shen, Chung-Kui as CEO. Effective Date is November 10, 2023. New Risk • Sep 03
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 35% 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 Dividend is not well covered by cash flows (96% cash payout ratio). Large one-off items impacting financial results. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: NT$1.80 (vs NT$0.70 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.80 (up from NT$0.70 in 2Q 2022). Revenue: NT$2.92b (down 9.3% from 2Q 2022). Net income: NT$842.1m (up 157% from 2Q 2022). Profit margin: 29% (up from 10% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 2% per year. Upcoming Dividend • Jul 06
Upcoming dividend of NT$1.65 per share at 4.2% yield Eligible shareholders must have bought the stock before 13 July 2023. Payment date: 09 August 2023. Payout ratio is a comfortable 64% and the cash payout ratio is 82%. Trailing yield: 4.2%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (6.6%). Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: NT$2.66 (vs NT$2.99 in FY 2021) Full year 2022 results: EPS: NT$2.66 (down from NT$2.99 in FY 2021). Revenue: NT$12.7b (down 2.3% from FY 2021). Net income: NT$1.24b (down 11% from FY 2021). Profit margin: 9.7% (down from 11% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 1% per year. Reported Earnings • Nov 17
Third quarter 2022 earnings released: EPS: NT$0.65 (vs NT$0.74 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.65 (down from NT$0.74 in 3Q 2021). Revenue: NT$3.19b (down 4.4% from 3Q 2021). Net income: NT$304.9m (down 12% from 3Q 2021). Profit margin: 9.6% (in line with 3Q 2021). Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 2% per year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Ying-Chu Lee was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 13
Second quarter 2022 earnings released: EPS: NT$0.70 (vs NT$0.69 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.70 (up from NT$0.69 in 2Q 2021). Revenue: NT$3.22b (flat on 2Q 2021). Net income: NT$328.3m (up 2.6% from 2Q 2021). Profit margin: 10% (in line with 2Q 2021). Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 4% per year. Announcement • Aug 11
Kerry Tj Logistics Company Limited Announces Management Changes Kerry TJ Logistics Company Limited announces Hsu, Chung-Ming /Independent Director of Kerry TJ Logistics Co. Ltd. as member of Remuneration Committee in place of Li, Kuei-Jung /Member of Remuneration Committee of Kerry TJ Logistics Co., Ltd, effective date of the new member is August 10, 2022. Upcoming Dividend • Jun 29
Upcoming dividend of NT$1.65 per share Eligible shareholders must have bought the stock before 06 July 2022. Payment date: 10 August 2022. Payout ratio is a comfortable 56% but the company is paying out more than the cash it is generating. Trailing yield: 4.1%. Lower than top quartile of Taiwanese dividend payers (6.3%). Lower than average of industry peers (7.5%). Reported Earnings • May 16
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: NT$0.62 (down from NT$0.65 in 1Q 2021). Revenue: NT$3.16b (up 3.1% from 1Q 2021). Net income: NT$288.3m (down 5.6% from 1Q 2021). Profit margin: 9.1% (in line with 1Q 2021). Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) missed analyst estimates by 1.5%. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 6% per year. Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Director Ying-Chu Lee 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. Lack of board continuity. Reported Earnings • Mar 28
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: NT$2.99 (down from NT$3.21 in FY 2020). Revenue: NT$13.0b (up 5.6% from FY 2020). Net income: NT$1.39b (down 6.9% from FY 2020). Profit margin: 11% (down from 12% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) missed analyst estimates by 1.5%. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 6% per year. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$0.74 (vs NT$0.96 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$3.33b (up 2.5% from 3Q 2020). Net income: NT$347.6m (down 23% from 3Q 2020). Profit margin: 10% (down from 14% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 6% per year. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improved over the past week After last week's 16% share price gain to NT$56.90, the stock trades at a trailing P/E ratio of 17.8x. Average trailing P/E is 10x in the Logistics industry in Taiwan. Total returns to shareholders of 61% over the past three years. Executive Departure • Sep 07
Representative Director Chi-Wai Cheng has left the company On the 3rd of September, Chi-Wai Cheng's tenure as Representative Director ended after 5.2 years in the role. We don't have any record of a personal shareholding under Chi-Wai's name. Chi-Wai is the only executive to leave the company over the last 12 months. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$0.69 (vs NT$0.72 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$3.22b (up 11% from 2Q 2020). Net income: NT$320.0m (down 4.5% from 2Q 2020). Profit margin: 9.9% (down from 12% in 2Q 2020). 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 whereas the company’s share price has increased by 9% per year. Upcoming Dividend • Jul 29
Upcoming dividend of NT$1.68 per share Eligible shareholders must have bought the stock before 05 August 2021. Payment date: 26 August 2021. Trailing yield: 2.9%. Lower than top quartile of Taiwanese dividend payers (5.0%). In line with average of industry peers (3.0%). Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment improved over the past week After last week's 17% share price gain to NT$74.00, the stock trades at a trailing P/E ratio of 23x. Average trailing P/E is 18x in the Logistics industry in Taiwan. Total returns to shareholders of 110% over the past three years. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improved over the past week After last week's 23% share price gain to NT$54.90, the stock trades at a trailing P/E ratio of 17.1x. Average trailing P/E is 11x in the Logistics industry in Taiwan. Total returns to shareholders of 55% over the past three years. Reported Earnings • May 08
First quarter 2021 earnings released: EPS NT$0.65 (vs NT$0.64 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: NT$3.07b (up 3.5% from 1Q 2020). Net income: NT$305.4m (up 2.5% from 1Q 2020). Profit margin: 10.0% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 4% per year. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS NT$3.21 (vs NT$2.90 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: NT$12.3b (up 4.1% from FY 2019). Net income: NT$1.50b (up 11% from FY 2019). Profit margin: 12% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 5% per year. Is New 90 Day High Low • Jan 04
New 90-day high: NT$45.45 The company is up 18% from its price of NT$38.60 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 Logistics industry, which is up 15% over the same period. Is New 90 Day High Low • Nov 26
New 90-day high: NT$41.40 The company is up 1.0% from its price of NT$40.85 on 28 August 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Logistics industry, which is up 5.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.96 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$3.25b (up 5.7% from 3Q 2019). Net income: NT$449.8m (up 19% from 3Q 2019). Profit margin: 14% (up from 12% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 3% per year. Is New 90 Day High Low • Sep 24
New 90-day low: NT$38.00 The company is down 7.0% from its price of NT$40.90 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 Logistics industry, which is up 7.0% over the same period.