Upcoming Dividend • Jul 07
Upcoming dividend of NT$1.15 per share Eligible shareholders must have bought the stock before 14 July 2026. Payment date: 13 August 2026. Payout ratio is on the higher end at 95%, however this is supported by cash flows. Trailing yield: 4.4%. Lower than top quartile of Taiwanese dividend payers (4.9%). In line with average of industry peers (4.2%). Declared Dividend • Jun 19
Dividend increased to NT$1.15 Dividend of NT$1.15 is 9.5% higher than last year. Ex-date: 14th July 2026 Payment date: 13th August 2026 Dividend yield will be 4.4%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not adequately covered by earnings (95% earnings payout ratio). However, it is covered by cash flows (61% cash payout ratio). The dividend has increased by an average of 5.9% 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 5.5% to bring the payout ratio under control, which is more than the 2.3% EPS growth achieved over the last 5 years. Reported Earnings • May 08
First quarter 2026 earnings released: EPS: NT$0.37 (vs NT$0.33 in 1Q 2025) First quarter 2026 results: EPS: NT$0.37 (up from NT$0.33 in 1Q 2025). Revenue: NT$13.9b (up 3.9% from 1Q 2025). Net income: NT$2.10b (up 13% from 1Q 2025). Profit margin: 15% (up from 14% 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 1% per year whereas the company’s share price has fallen by 5% per year. Reported Earnings • Feb 27
Full year 2025 earnings released: EPS: NT$1.17 (vs NT$1.15 in FY 2024) Full year 2025 results: EPS: NT$1.17 (up from NT$1.15 in FY 2024). Revenue: NT$54.6b (up 2.8% from FY 2024). Net income: NT$6.58b (up 2.0% from FY 2024). Profit margin: 12% (in line with FY 2024). Revenue is forecast to stay flat during the next 2 years compared to a 7.0% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Feb 26
Taiwan High Speed Rail Corporation, Annual General Meeting, May 27, 2026 Taiwan High Speed Rail Corporation, Annual General Meeting, May 27, 2026. Location: 1 floor no,9, sung jen rd., sinyi district, taipei city Taiwan Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: NT$0.27 (vs NT$0.25 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.27 (up from NT$0.25 in 3Q 2024). Revenue: NT$13.4b (up 1.0% from 3Q 2024). Net income: NT$1.52b (up 9.9% from 3Q 2024). Profit margin: 11% (in line with 3Q 2024). Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Aug 13
Second quarter 2025 earnings released: EPS: NT$0.29 (vs NT$0.29 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.29 (up from NT$0.29 in 2Q 2024). Revenue: NT$13.4b (up 1.8% from 2Q 2024). Net income: NT$1.63b (up 1.2% from 2Q 2024). Profit margin: 12% (in line with 2Q 2024). 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. Upcoming Dividend • Jul 08
Upcoming dividend of NT$1.05 per share Eligible shareholders must have bought the stock before 15 July 2025. Payment date: 14 August 2025. Payout ratio is on the higher end at 95%, however this is supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.2%). Declared Dividend • Jun 13
Dividend increased to NT$1.05 Dividend of NT$1.05 is 2.9% higher than last year. Ex-date: 15th July 2025 Payment date: 14th August 2025 Dividend yield will be 3.7%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not adequately covered by earnings (95% earnings payout ratio). However, it is well covered by cash flows (36% cash payout ratio). The dividend has increased by an average of 5.5% 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 5.8% to bring the payout ratio under control. However, EPS has declined by 2.0% over the last 5 years so the company would need to reverse this trend. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: NT$0.33 (vs NT$0.37 in 1Q 2024) First quarter 2025 results: EPS: NT$0.33 (down from NT$0.37 in 1Q 2024). Revenue: NT$13.4b (flat on 1Q 2024). Net income: NT$1.86b (down 12% from 1Q 2024). Profit margin: 14% (down from 16% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Mar 13
Taiwan High Speed Rail Corporation Proposes Cash Dividend for the Year Ended December 31, 2024 Taiwan High Speed Rail Corporation proposed cash dividend for the year ended December 31, 2024. Appropriations of earnings in cash dividends to shareholders: TWD 1.05 per share; Total amount of cash distributed to shareholders: TWD 5,909,707,711; Period which dividends belong to: January 01, 2024 to December 31, 2024. Reported Earnings • Feb 21
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: NT$1.15 (down from NT$1.39 in FY 2023). Revenue: NT$53.2b (up 6.8% from FY 2023). Net income: NT$6.45b (down 18% from FY 2023). Profit margin: 12% (down from 16% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 13%. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Feb 13
Taiwan High Speed Rail Corporation to Report Fiscal Year 2024 Results on Feb 19, 2025 Taiwan High Speed Rail Corporation announced that they will report fiscal year 2024 results on Feb 19, 2025 Announcement • Jan 11
Taiwan High Speed Rail Corporation Announces Change of Representative of Juristic Person Director Taiwan High Speed Rail Corporation announced that the change of representative of juristic person director. Name of the previous position holder: Mr.Chiang Yao-Chung. Resume of the previous position holder: Chairman, Taiwan High Speed Rail Corporation. Name of the new position holder: Mr.Jeng Kung-Yeun. Resume of the new position holder: President, Taiwan High Speed Rail Corporation. Reason for the change: Change in representative of juristic person director. Effective date of the new appointment: January 10, 2025. New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Dec 12
Taiwan High Speed Rail Corporation Appoints Wu Ming-Chang as Representative of Juristic Person Director Taiwan High Speed Rail Corporation announced that Name and resume of the new position holder: Wu Ming-Chang, Chairman, Taiwan Sugar Corporation. Effective date of the new appointment is December 11, 2024. Reported Earnings • Nov 09
Third quarter 2024 earnings: EPS misses analyst expectations Third quarter 2024 results: EPS: NT$0.25 (up from NT$0.22 in 3Q 2023). Revenue: NT$13.2b (up 8.7% from 3Q 2023). Net income: NT$1.39b (up 11% from 3Q 2023). Profit margin: 11% (in line with 3Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 19%. Revenue is forecast to grow 1.6% p.a. on average during the next 2 years, compared to a 7.4% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Oct 30
Taiwan High Speed Rail Corporation to Report Q3, 2024 Results on Nov 06, 2024 Taiwan High Speed Rail Corporation announced that they will report Q3, 2024 results on Nov 06, 2024 Announcement • Sep 12
Taiwan High Speed Rail Corporation Announces Operation Senior Vice President Personnel Change, Effective October 1, 2024 Taiwan High Speed Rail Corporation announced Operation Senior Vice President personnel change. Type of personnel changed: Operation Senior Vice President. Date of occurrence of the change: September 11, 2024. Name, title, and resume of the previous position holder: Andy Lu, Senior Vice President. Name, title, and resume of the new position holder: Bob Chen, Senior Vice President. Reason for the change: Andy Lu, Senior Vice President, retired on July 15,2024. The position of Operation Senior Vice President was vacant. President supervises interrelated business directly and temporarily. And now appointed Bob Chen as Operation Senior Vice President. And concurrently head of Maintenance Management Division. Effective date: October 1, 2024. Any other matters that need to be specified: According to the resolution of the Board of Directors on September 11, 2024. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: NT$0.29 (vs NT$0.29 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.29. Revenue: NT$13.1b (up 6.6% from 2Q 2023). Net income: NT$1.61b (down 1.2% from 2Q 2023). Profit margin: 12% (in line with 2Q 2023). Announcement • Jul 31
Taiwan High Speed Rail Corporation to Report Q2, 2024 Results on Aug 07, 2024 Taiwan High Speed Rail Corporation announced that they will report Q2, 2024 results on Aug 07, 2024 Announcement • Jul 11
Taiwan High Speed Rail Corporation Announces the Retirement of Andy Lu, Operation Senior Vice President Taiwan High Speed Rail Corporation announced the retirement of Andy Lu, Operation Senior Vice President, effective July 15, 2024. Upcoming Dividend • Jul 09
Upcoming dividend of NT$1.02 per share Eligible shareholders must have bought the stock before 16 July 2024. Payment date: 15 August 2024. Payout ratio is a comfortable 74% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.8%). Declared Dividend • Jun 14
Dividend increased to NT$1.02 Dividend of NT$1.02 is 52% higher than last year. Ex-date: 16th July 2024 Payment date: 15th August 2024 Dividend yield will be 3.4%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by both earnings (57% earnings payout ratio) and cash flows (28% cash payout ratio). The dividend has increased over the past 8 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 37% to shift the payout ratio to a potentially unsustainable range, which is more than the 5.9% EPS decline seen over the last 5 years. Announcement • Jun 14
Taiwan High Speed Rail Corporation Approves Cash Dividend for the Year 2023, Payable on August 15, 2024 Taiwan High Speed Rail Corporation approved cash dividend of TWD 5,740,858,919, each common share is entitled to receive TWD 1.02 for the year 2023. Ex-rights (ex-dividend) trading date is July 16, 2024. Ex-rights (ex-dividend) record date is July 22, 2024. Payment date of common stock cash dividend distribution is August 15, 2024. The distribution proposal has been approved by 2024 Annual Shareholders' Meeting on May 23, 2024. Announcement • Jun 13
Taiwan High Speed Rail Corporation announced that it expects to receive TWD 320.144 million in funding from CMC Magnetics Corporation Taiwan High Speed Rail Corporation announced a private placement of 10,700,000 units at issue price TWD 29.92 per unit for gross proceeds TWD 320,144,000 on June 11, 2024. The transaction includes participation from returning investor, CMC Magnetics Corporation Reported Earnings • May 10
First quarter 2024 earnings released: EPS: NT$0.37 (vs NT$0.38 in 1Q 2023) First quarter 2024 results: EPS: NT$0.37 (down from NT$0.38 in 1Q 2023). Revenue: NT$13.4b (up 10% from 1Q 2023). Net income: NT$2.11b (flat on 1Q 2023). Profit margin: 16% (down from 18% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • May 02
Taiwan High Speed Rail Corporation to Report Q1, 2024 Results on May 08, 2024 Taiwan High Speed Rail Corporation announced that they will report Q1, 2024 results on May 08, 2024 Announcement • Mar 14
Taiwan High Speed Rail Corporation Proposes Dividend Distribution for the Year Ended December 31, 2023 Taiwan High Speed Rail Corporation proposed dividend distribution for the year ended December 31, 2023. Appropriations of earnings in cash dividends to shareholders: TWD 1.02 per share. Total amount of cash distributed to shareholders: TWD 5,740,858,919. Date of the board of directors resolution is March 13, 2024. New Risk • Feb 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 230% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Earnings have declined by 14% per year over the past 5 years. 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 • Feb 23
Full year 2023 earnings released: EPS: NT$1.39 (vs NT$0.67 in FY 2022) Full year 2023 results: EPS: NT$1.39 (up from NT$0.67 in FY 2022). Revenue: NT$49.8b (up 34% from FY 2022). Net income: NT$7.82b (up 108% from FY 2022). Profit margin: 16% (up from 10% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Feb 22
Taiwan High Speed Rail Corporation, Annual General Meeting, May 23, 2024 Taiwan High Speed Rail Corporation, Annual General Meeting, May 23, 2024. Location: Cathay Financial Conference Hall ,1F., No. 9, Songren Rd., Xinyi Dist., Taipei City Taiwan Agenda: To report on Corporation Execution of Corporate Governance; to report on Director Remuneration for 2023; to report on Allocation of 2023 Remuneration to Board of Directors and Employees.; to report on Adjustments to the Estimated Amortization Lives of Certain Operating Concession Assets; to report on contracts Phase 3 Lease for Office Space at Nangang Software Park and Phase 3 Lease for Parking Spaces at Nangang Software Park signed with related party Century Development Corporation; to acknowledge proposal of 2023 Annual Business Report and Financial Statements of the Corporation; and to consider other matters. Announcement • Feb 01
Taiwan High Speed Rail Corporation Announces the Change of Representative of Juristic Person Director Taiwan High Speed Rail Corporation appointed Wu Yi-Ling, Managing Director, Taipei Fubon Commercial Bank Co. Ltd. as Representative of Juristic Person Director in place of Hong Chumin, effective January 31, 2024. Announcement • Jan 20
Taiwan High Speed Rail Corporation Announces Executive Changes Taiwan High Speed Rail Corporation announced the change of representative of juristic person director. Name of the previous position holder: Pan Chin-Hong; Resume of the previous position holder: Comptroller, Directorate General of Budget, Accounting and Statistics of Executive Yuan. (former Deputy Director, Department of Accounting, Ministry of Transportation and Communications, R.O.C.). Name of the new position holder: Tseng Huan-Tung; Resume of the new position holder: Deputy Director, Department of Accounting, Ministry of Transportation and Communications, R.O.C. Effective date of the new appointment is January 19, 2024. Announcement • Dec 14
Announces Change of Chief of Secretariat Division of Board of Directors and Corporate Governance Officer Personnel Change, Effective January 1, 2024 Taiwan High Speed Rail Corporation announced change of Chief of Secretariat Division of Board of Directors and Corporate Governance Officer personnel change. Name, title, and resume of the previous position holder: Barret Wang, Senior Vice President (Concurrently). Name, title, and resume of the new position holder: Joe Wang, Manager. Reason for the change: Appointed Joe Wang as Acting Chief of Secretariat Division of Board of Directors. And concurrently Corporate Governance Officer. Effective date: January 1, 2024. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$0.22 (vs NT$0.23 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.22 (down from NT$0.23 in 3Q 2022). Revenue: NT$12.2b (up 25% from 3Q 2022). Net income: NT$1.24b (down 4.9% from 3Q 2022). Profit margin: 10% (down from 13% in 3Q 2022). 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 whereas the company’s share price has fallen by 2% per year. Announcement • Nov 09
Taiwan High Speed Rail Corporation Appoints Rae Chung as Senior Vice President Taiwan High Speed Rail Corporation appointed Rae Chung as Senior Vice President. Effective date: December 1, 2023. Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: NT$0.29 (vs NT$0.049 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.29 (up from NT$0.049 in 2Q 2022). Revenue: NT$12.3b (up 85% from 2Q 2022). Net income: NT$1.63b (up 486% from 2Q 2022). Profit margin: 13% (up from 4.2% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 4% per year. Announcement • Aug 05
Taiwan High Speed Rail Corporation Announces Board Changes Taiwan High Speed Rail Corporation announced the change of representative of juristic person director. Name of the previous position holder: Wong Chao-Tung; Resume of the previous position holder: Chairman, China Steel Corporation. Name of the new position holder: Hwang Chien-Chih; Resume of the new position holder: Executive Vice President, China Steel Corporation. Effective date of the new appointment is August 04, 2023. New Risk • Jul 07
New major risk - Revenue and earnings growth Earnings have declined by 21% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.0x net interest cover). Earnings have declined by 21% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • Jul 04
Upcoming dividend of NT$0.67 per share at 2.1% yield Eligible shareholders must have bought the stock before 11 July 2023. Payment date: 10 August 2023. Payout ratio is a comfortable 71% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (3.5%). Announcement • Jun 07
Taiwan High Speed Rail Corporation Appoints Independent Director- Grex Yung-Cheng Lai as Remuneration Committee Member Taiwan High Speed Rail Corporation appointed Independent Director- GRex Yung-Cheng Lai as remuneration committee member. Resume of the new position holder: Rex Yung-Cheng Lai-G, Professor of Railway Technology Research Center, National Taiwan University. Effective date of the new member: June 6, 2023. Reported Earnings • Feb 24
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: NT$0.67 (up from NT$0.64 in FY 2021). Revenue: NT$37.1b (up 23% from FY 2021). Net income: NT$3.77b (up 4.4% from FY 2021). Profit margin: 10% (down from 12% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.9%. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Infrastructure industry in Asia. 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 5% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Dec 07
Consensus EPS estimates increase by 18% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from NT$36.6b to NT$37.0b. EPS estimate increased from NT$0.61 to NT$0.72 per share. Net income forecast to grow 94% next year vs 9.8% growth forecast for Infrastructure industry in Taiwan. Consensus price target up from NT$29.00 to NT$31.00. Share price fell 2.2% to NT$28.30 over the past week. Reported Earnings • Nov 05
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: NT$0.23 (up from NT$0.15 in 3Q 2021). Revenue: NT$9.78b (up 112% from 3Q 2021). Net income: NT$1.31b (up 56% from 3Q 2021). Profit margin: 13% (down from 18% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) also surpassed analyst estimates by 21%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has fallen by 33% 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. Announcement • Jul 14
Taiwan High Speed Rail Corporation Replaces James Shi with Andy Lu as Operation Senior Vice President, with Effect from July 15, 2022 Taiwan High Speed Rail Corporation replaced James Shi with Andy Lu as Operation Senior Vice President, with effect from July 15, 2022. Upcoming Dividend • Jun 29
Upcoming dividend of NT$0.76 per share Eligible shareholders must have bought the stock before 06 July 2022. Payment date: 10 August 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 2.7%. Lower than top quartile of Taiwanese dividend payers (6.3%). Lower than average of industry peers (4.2%). Announcement • Jun 16
Taiwan High Speed Rail Corporation Announces Dividend Distribution for the Year 2021, Payable on August 10, 2022 Taiwan High Speed Rail Corporation held its shareholders meeting on June 15, 2022, announced Cash dividend TWD 4,266,246,138 each common share is entitled to receive TWD 0.7580 for the year 2021. Ex-rights (ex-dividend) trading date is July 6, 2022. .Ex-rights (ex-dividend) record date is July 12, 2022. Payable on August 10, 2022. Price Target Changed • Jun 09
Price target decreased to NT$31.00 Down from NT$34.00, the current price target is provided by 1 analyst. New target price is 11% above last closing price of NT$27.95. Stock is down 4.9% over the past year. The company is forecast to post earnings per share of NT$0.59 for next year compared to NT$0.64 last year. Major Estimate Revision • Jun 09
Consensus revenue estimates fall by 16% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from NT$42.3b to NT$35.5b. EPS estimate fell from NT$0.91 to NT$0.59 per share. Net income forecast to grow 50% next year vs 12% growth forecast for Infrastructure industry in Taiwan. Consensus price target down from NT$34.00 to NT$31.00. Share price was steady at NT$27.95 over the past week. Reported Earnings • May 06
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: NT$0.10 (down from NT$0.24 in 1Q 2021). Revenue: NT$8.99b (down 8.9% from 1Q 2021). Net income: NT$558.0m (down 59% from 1Q 2021). Profit margin: 6.2% (down from 14% in 1Q 2021). Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 41%. Over the next year, revenue is forecast to grow 49%, compared to a 51% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 31% 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 • Feb 25
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: NT$0.64 (down from NT$1.04 in FY 2020). Revenue: NT$30.2b (down 23% from FY 2020). Net income: NT$3.61b (down 38% from FY 2020). Profit margin: 12% (down from 15% in FY 2020). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) also missed analyst estimates by 22%. Over the next year, revenue is forecast to grow 51%, compared to a 52% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 29% 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. Announcement • Feb 25
Taiwan High Speed Rail Corporation, Annual General Meeting, May 26, 2022 Taiwan High Speed Rail Corporation, Annual General Meeting, May 26, 2022. Location: Cathay Financial Conference Hall (1F., No. 9, Songren Rd., Xinyi Dist.) Taipei City Taiwan Agenda: To consider the report on corporation execution of corporate governance; to consider the report on corporation execution of corporate governance; and to discuss other matters. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$0.15 (vs NT$0.30 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2021 results: Revenue: NT$4.61b (down 56% from 3Q 2020). Net income: NT$838.1m (down 51% from 3Q 2020). Profit margin: 18% (up from 16% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 25% 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 10
Second quarter 2021 earnings released: EPS NT$0.09 (vs NT$0.078 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: NT$6.10b (down 20% from 2Q 2020). Net income: NT$493.3m (up 13% from 2Q 2020). Profit margin: 8.1% (up from 5.8% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 09
Upcoming dividend of NT$1.05 per share Eligible shareholders must have bought the stock before 16 August 2021. Payment date: 15 September 2021. Trailing yield: 3.5%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (3.1%). Reported Earnings • May 07
First quarter 2021 earnings released: EPS NT$0.24 (vs NT$0.20 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$9.87b (up 2.8% from 1Q 2020). Net income: NT$1.37b (up 22% from 1Q 2020). Profit margin: 14% (up from 12% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Announcement • Mar 18
Taiwan High Speed Rail Corporation Proposes Dividend Distribution from 2020/01/01~2020/12/31 Taiwan High Speed Rail Corporation proposed dividend distribution. Period which dividends belong to:2020/01/01~2020/12/31. Appropriations of earnings in cash dividends to shareholders TWD 1.05 per share. Total amount of cash distributed to shareholders TWD 5,909,707,711. Price Target Changed • Mar 13
Price target lowered to NT$37.00 Down from NT$41.50, the current price target is provided by 1 analyst. The new target price is 20% above the current share price of NT$30.80. As of last close, the stock is up 3.7% over the past year. Reported Earnings • Feb 26
Full year 2020 earnings released: EPS NT$1.04 (vs NT$1.42 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$39.1b (down 18% from FY 2019). Net income: NT$5.84b (down 27% from FY 2019). Profit margin: 15% (down from 17% 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 10% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Feb 25
Taiwan High Speed Rail Corporation, Annual General Meeting, May 27, 2021 Taiwan High Speed Rail Corporation, Annual General Meeting, May 27, 2021. Location: Cathay Financial Conference Hall 1F., No. 9, Songren Rd., Xinyi Dist. Taipei Taiwan Agenda: To Report on Corporation execution of corporate governance; to report on allocation of 2020 remuneration to board of directors and employees; Revision of Rules of Corporate Social Responsibility Best Practice Principles; Report on the placement of corporate bonds in 2020; Proposal of 2020 Annual Business Report and financial statements of the Company; Proposal of 2020 profit distribution of the Corporation; Revision of Rules of Guidelines for Corporate Governance; Revision of Rules of Procedure for Shareholders Meetings; Revision of Rules for the Election of Directors; Cause for convening the meeting; Any other matters that need to be specified. Is New 90 Day High Low • Jan 18
New 90-day low: NT$30.05 The company is down 2.0% from its price of NT$30.55 on 20 October 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is up 10.0% over the same period. Announcement • Dec 18
Taiwan High Speed Rail Corporation Appoints James Shi as Operation Senior Vice President from the position of Acting Operation Senior Vice President with effect from December 16, 2020 Taiwan High Speed Rail Corporation passed resolution to appoint James Shi as Operation Senior Vice President instead of acting Operation Senior Vice President with effect from December 16, 2020. Reported Earnings • Nov 06
Third quarter 2020 earnings released: EPS NT$0.30 The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2020 results: Revenue: NT$10.4b (down 11% from 3Q 2019). Net income: NT$1.71b (down 11% from 3Q 2019). Profit margin: 16% (in line with 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Oct 29
New 90-day low: NT$30.25 The company is down 9.0% from its price of NT$33.30 on 31 July 2020. The Taiwanese market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is down 2.0% over the same period. 
