Declared Dividend • May 29
Dividend reduced to NT$1.60 Dividend of NT$1.60 is 20% lower than last year. Ex-date: 30th July 2026 Payment date: 27th August 2026 Dividend yield will be 3.8%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by earnings (86% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 1.2% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 07
First quarter 2026 earnings released: EPS: NT$0.38 (vs NT$0.74 in 1Q 2025) First quarter 2026 results: EPS: NT$0.38 (down from NT$0.74 in 1Q 2025). Revenue: NT$620.8m (flat on 1Q 2025). Net income: NT$46.9m (down 48% from 1Q 2025). Profit margin: 7.6% (down from 15% in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 15% per year. Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: NT$1.87 (vs NT$2.32 in FY 2024) Full year 2025 results: EPS: NT$1.87 (down from NT$2.32 in FY 2024). Revenue: NT$2.47b (down 1.7% from FY 2024). Net income: NT$228.7m (down 19% from FY 2024). Profit margin: 9.2% (down from 11% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Announcement • Mar 09
Ta-Yuan Cogeneration Company Ltd., Annual General Meeting, May 26, 2026 Ta-Yuan Cogeneration Company Ltd., Annual General Meeting, May 26, 2026. Location: no,276, ch`ao yin n. rd., dayuan dist., taoyuan city Taiwan Reported Earnings • Nov 06
Third quarter 2025 earnings released: EPS: NT$0.40 (vs NT$0.71 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.40 (down from NT$0.71 in 3Q 2024). Revenue: NT$692.3m (up 2.1% from 3Q 2024). Net income: NT$49.0m (down 44% from 3Q 2024). Profit margin: 7.1% (down from 13% 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 7% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Reported Earnings • Aug 06
Second quarter 2025 earnings released: EPS: NT$0.70 (vs NT$0.58 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.70 (up from NT$0.58 in 2Q 2024). Revenue: NT$595.5m (down 3.1% from 2Q 2024). Net income: NT$85.6m (up 21% from 2Q 2024). Profit margin: 14% (up from 12% in 2Q 2024). 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 increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 23
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 30 July 2025. Payment date: 28 August 2025. Payout ratio is on the higher end at 75% but the company is not cash flow positive. Trailing yield: 3.8%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.9%). Declared Dividend • May 31
Dividend reduced to NT$2.00 Dividend of NT$2.00 is 4.8% lower than last year. Ex-date: 30th July 2025 Payment date: 28th August 2025 Dividend yield will be 3.7%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by earnings (75% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 14% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 08
First quarter 2025 earnings released: EPS: NT$0.74 (vs NT$0.41 in 1Q 2024) First quarter 2025 results: EPS: NT$0.74 (up from NT$0.41 in 1Q 2024). Revenue: NT$619.3m (up 8.1% from 1Q 2024). Net income: NT$90.3m (up 81% from 1Q 2024). Profit margin: 15% (up from 8.7% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 01
Ta-Yuan Cogeneration Company Ltd. to Report Q1, 2025 Results on May 07, 2025 Ta-Yuan Cogeneration Company Ltd. announced that they will report Q1, 2025 results on May 07, 2025 New Risk • Apr 02
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% 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 (19% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 98% Paying a dividend despite having no free cash flows. Announcement • Mar 13
Ta-Yuan Cogeneration Company Ltd., Annual General Meeting, May 28, 2025 Ta-Yuan Cogeneration Company Ltd., Annual General Meeting, May 28, 2025, at 09:00 Taipei Standard Time. Location: no,276, ch`ao yin n. rd., dayuan dist., taoyuan city Taiwan Announcement • Mar 01
Ta-Yuan Cogeneration Company Ltd. to Report Q4, 2024 Results on Mar 07, 2025 Ta-Yuan Cogeneration Company Ltd. announced that they will report Q4, 2024 results on Mar 07, 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 • Oct 29
Ta-Yuan Cogeneration Company Ltd. to Report Q3, 2024 Results on Nov 05, 2024 Ta-Yuan Cogeneration Company Ltd. announced that they will report Q3, 2024 results on Nov 05, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: NT$0.58 (up from NT$0.33 in 2Q 2023). Revenue: NT$614.8m (down 6.9% from 2Q 2023). Net income: NT$71.0m (up 77% from 2Q 2023). Profit margin: 12% (up from 6.1% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 17%. Earnings per share (EPS) also missed analyst estimates by 9.4%. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 10.0% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 18% per year. Announcement • Jul 31
Ta-Yuan Cogeneration Company Ltd. Announces Change in Representative of the Its Institutional Director, Effective August 1, 2024 Ta-Yuan Cogeneration Company Ltd. announced change in representative of the Company's institutional director. Name of the previous position holder: Yi-Tong Chen. Resume of the previous position holder: General Manager of Taiwan Cogeneration Corporation. Name of the new position holder: Tien-Te Cheng. Resume of the new position holder: Professional Chief Engineer of Taiwan Power Company. Reason for the change: Taiwan Cogeneration Corporation assigned a new representative to serve as institutional director. Effective date of the new appointment: August 1, 2024. Announcement • Jul 30
Ta-Yuan Cogeneration Company Ltd. to Report Q2, 2024 Results on Aug 06, 2024 Ta-Yuan Cogeneration Company Ltd. announced that they will report Q2, 2024 results on Aug 06, 2024 Upcoming Dividend • Jul 18
Upcoming dividend of NT$2.10 per share Eligible shareholders must have bought the stock before 25 July 2024. Payment date: 26 August 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.9%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.2%). Announcement • May 30
Ta-Yuan Cogeneration Company Ltd. Approves Cash Dividend, Payable on August 26, 2024 Ta-Yuan Cogeneration Company Ltd. approved the cash dividend of TWD 256,735,210. Ex-rights (Ex-dividend) date is July 25, 2024. Ex-rights (Ex-dividend) record date is July 31, 2024. Payment date of cash dividend distribution on August 26, 2024. Date of the resolution by the board of directors or shareholders meeting, or of the decision by the company: May 29, 2024. Reported Earnings • May 19
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: NT$0.41 (down from NT$0.78 in 1Q 2023). Revenue: NT$572.9m (down 28% from 1Q 2023). Net income: NT$49.8m (down 48% from 1Q 2023). Profit margin: 8.7% (down from 12% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 4.8%. Earnings per share (EPS) exceeded analyst estimates by 52%. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 9.2% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 21% per year. Announcement • May 09
Ta-Yuan Cogeneration Company Ltd. Announces Chairman Changes Ta-Yuan Cogeneration Company Ltd. announced Chairman changes. Name of the previous position holder: Shih-Yang Chang(deputy chairman). Resume of the previous position holder: General manager and director of Ta-Yuan Cogeneration Corporation. Name of the new position holder: Yi-Tung Chen 6.Resume of the new position holder: General manager of Taiwan Cogeneration Corporation. Reason for the change: The seventh meeting of the 11th Board of Directors to elect Yi-Tung Chen director as Chairman on May 8, 2024. Effective date of the new appointment: May 8, 2024. Buy Or Sell Opportunity • Apr 15
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 7.5% to NT$51.30. The fair value is estimated to be NT$42.50, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 31%. Revenue is forecast to grow by 24% in 2 years. Earnings are forecast to grow by 37% in the next 2 years. Reported Earnings • Mar 17
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: NT$2.32 (down from NT$3.01 in FY 2022). Revenue: NT$2.72b (down 5.0% from FY 2022). Net income: NT$283.3m (down 23% from FY 2022). Profit margin: 10% (down from 13% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.1%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 9.4% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Announcement • Mar 06
Ta-Yuan Cogeneration Company Ltd., Annual General Meeting, May 29, 2024 Ta-Yuan Cogeneration Company Ltd., Annual General Meeting, May 29, 2024. Location: No. 276, Chaoyin N. Rd.Dayuan Dist Taoyuan City Taiwan Agenda: To consider and approve the 2023 business report; to consider and approve the 2023 Audit Committee's review report; to consider and approve the Report on 2023 employees remuneration; to consider and approve the other matters of business. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$58.60, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 10x in the Renewable Energy industry in Asia. Total returns to shareholders of 124% over the past three years. Board Change • Jan 17
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Chih-Liang Lee was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jan 16
Ta-Yuan Cogeneration Company Ltd. Announces the Change of Chairperson Ta-Yuan Cogeneration Company Ltd. announced the change of chairperson. Name of the previous position holder: Chung-Cheng Lee. Resume of the previous position holder: Unpaid consultant of Taiwan Cogeneration Corporation. Name of the new position holder: Shih-Yang Chang 6.Resume of the new position holder: General manager and director of Ta-Yuan Cogeneration Corporation Reason for the change: Taiwan Cogeneration Corporation assigned a new representative to serve as institutional director and held the fifth meeting of the 11th Board of Directors to elect Shih-Yang Chang director as Acting Chairman on January 15, 2024. Effective date of the new appointment: January 15, 2024. Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$49.70, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 17x in the Renewable Energy industry in Taiwan. Total returns to shareholders of 87% over the past three years. Reported Earnings • Aug 04
Second quarter 2023 earnings released: EPS: NT$0.33 (vs NT$0.40 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.33 (down from NT$0.40 in 2Q 2022). Revenue: NT$660.3m (up 15% from 2Q 2022). Net income: NT$40.1m (down 18% from 2Q 2022). Profit margin: 6.1% (down from 8.5% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 20
Upcoming dividend of NT$2.50 per share at 3.8% yield Eligible shareholders must have bought the stock before 27 June 2023. Payment date: 25 July 2023. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (1.9%). Reported Earnings • Mar 26
Full year 2022 earnings released: EPS: NT$3.01 (vs NT$1.39 in FY 2021) Full year 2022 results: EPS: NT$3.01 (up from NT$1.39 in FY 2021). Revenue: NT$2.86b (up 43% from FY 2021). Net income: NT$368.1m (up 116% from FY 2021). Profit margin: 13% (up from 8.5% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$69.40, the stock trades at a trailing P/E ratio of 37x. Average trailing P/E is 28x in the Renewable Energy industry in Taiwan. Total returns to shareholders of 234% over the past three years. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$53.00, the stock trades at a trailing P/E ratio of 28.2x. Average trailing P/E is 26x in the Renewable Energy industry in Taiwan. Total returns to shareholders of 117% over the past three years. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Guang-Yu Li was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Third quarter 2022 earnings released: EPS: NT$1.38 (vs NT$0.48 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.38 (up from NT$0.48 in 3Q 2021). Revenue: NT$900.2m (up 51% from 3Q 2021). Net income: NT$168.9m (up 187% from 3Q 2021). Profit margin: 19% (up from 9.9% 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 5% per year whereas the company’s share price has increased by 9% per year. Buying Opportunity • Sep 26
Now 22% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be NT$38.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Earnings per share has grown by 3.4%. Buying Opportunity • Sep 06
Now 20% undervalued Over the last 90 days, the stock is up 2.0%. The fair value is estimated to be NT$38.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Earnings per share has grown by 3.4%. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.40 (vs NT$0.60 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.40 (down from NT$0.60 in 2Q 2021). Revenue: NT$575.4m (up 11% from 2Q 2021). Net income: NT$48.8m (down 33% from 2Q 2021). Profit margin: 8.5% (down from 14% in 2Q 2021). 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 whereas the company’s share price has increased by 4% per year. Upcoming Dividend • Jul 14
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 21 July 2022. Payment date: 25 August 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 5.1%. Lower than top quartile of Taiwanese dividend payers (6.8%). Higher than average of industry peers (3.0%). Buying Opportunity • Jun 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.7%. The fair value is estimated to be NT$37.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.0% over the last 3 years. Earnings per share has grown by 8.5%. Buying Opportunity • May 17
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.1%. The fair value is estimated to be NT$38.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.0% over the last 3 years. Earnings per share has grown by 8.6%. Reported Earnings • May 05
First quarter 2022 earnings released: EPS: NT$0.09 (vs NT$0.31 in 1Q 2021) First quarter 2022 results: EPS: NT$0.09 (down from NT$0.31 in 1Q 2021). Revenue: NT$457.8m (up 14% from 1Q 2021). Net income: NT$10.4m (down 72% from 1Q 2021). Profit margin: 2.3% (down from 9.3% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year and the company’s share price has also increased by 9% per year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Chun-Tsai Hung was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 13
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$1.39 (down from NT$1.49 in FY 2020). Revenue: NT$2.00b (up 8.4% from FY 2020). Net income: NT$170.4m (down 6.5% from FY 2020). Profit margin: 8.5% (down from 9.9% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 10% per year. Reported Earnings • Nov 05
Third quarter 2021 earnings released: EPS NT$0.48 (vs NT$0.54 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$596.2m (up 22% from 3Q 2020). Net income: NT$58.8m (down 10% from 3Q 2020). Profit margin: 9.9% (down from 13% 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 17% per year whereas the company’s share price has increased by 15% per year. Reported Earnings • Aug 05
Second quarter 2021 earnings released: EPS NT$0.60 (vs NT$0.22 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$518.1m (up 11% from 2Q 2020). Net income: NT$72.9m (up 175% from 2Q 2020). Profit margin: 14% (up from 5.7% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 12% per year. Upcoming Dividend • Aug 05
Upcoming dividend of NT$1.40 per share Eligible shareholders must have bought the stock before 12 August 2021. Payment date: 08 September 2021. Trailing yield: 4.4%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (3.6%). Reported Earnings • May 09
First quarter 2021 earnings released: EPS NT$0.31 (vs NT$0.37 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$403.0m (down 3.3% from 1Q 2020). Net income: NT$37.4m (down 17% from 1Q 2020). Profit margin: 9.3% (down from 11% in 1Q 2020). The decrease in margin was driven by lower 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 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 18
Full year 2020 earnings released: EPS NT$1.49 (vs NT$1.20 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$1.84b (up 13% from FY 2019). Net income: NT$182.2m (up 24% from FY 2019). Profit margin: 9.9% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Nov 14
New 90-day high: NT$29.70 The company is up 6.0% from its price of NT$28.00 on 14 August 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Renewable Energy industry, which is up 7.0% over the same period. Reported Earnings • Nov 05
Third quarter 2020 earnings released: EPS NT$0.54 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2020 results: Revenue: NT$488.9m (up 18% from 3Q 2019). Net income: NT$65.4m (up 17% from 3Q 2019). Profit margin: 13% (in line with 3Q 2019). Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 13% per year. Is New 90 Day High Low • Oct 30
New 90-day high: NT$29.35 The company is up 6.0% from its price of NT$27.70 on 31 July 2020. The Taiwanese market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 1.0% over the same period. 
