Reported Earnings • May 16
First quarter 2026 earnings released: EPS: NT$0.40 (vs NT$0.38 in 1Q 2025) First quarter 2026 results: EPS: NT$0.40 (up from NT$0.38 in 1Q 2025). Revenue: NT$531.1m (up 1.5% from 1Q 2025). Net income: NT$12.4m (up 5.4% from 1Q 2025). Profit margin: 2.3% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. New Risk • Apr 14
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 47% 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: Major Risk Earnings have declined by 17% per year over the past 5 years. Minor Risks High level of debt (47% net debt to equity). Dividend is not well covered by earnings (90% payout ratio). Market cap is less than US$100m (NT$1.21b market cap, or US$38.4m). Tillkännagivande • Mar 16
Bausen Inc., Annual General Meeting, Jun 09, 2026 Bausen Inc., Annual General Meeting, Jun 09, 2026. Location: 15 floor no,99, fu hsing n. rd., songshan district, taipei city Taiwan Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$2.14 (vs NT$2.12 in FY 2024) Full year 2025 results: EPS: NT$2.14 (up from NT$2.12 in FY 2024). Revenue: NT$2.14b (up 1.8% from FY 2024). Net income: NT$66.4m (up 1.3% from FY 2024). Profit margin: 3.1% (in line with FY 2024). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. New Risk • Nov 29
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.5x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. 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). Earnings have declined by 13% 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. Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (NT$1.15b market cap, or US$36.7m). Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: NT$0.66 (vs NT$0.35 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.66 (up from NT$0.35 in 3Q 2024). Revenue: NT$543.2m (flat on 3Q 2024). Net income: NT$20.3m (up 85% from 3Q 2024). Profit margin: 3.7% (up from 2.0% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 45% 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. Valuation Update With 7 Day Price Move • Sep 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$44.05, the stock trades at a trailing P/E ratio of 23.2x. Average trailing P/E is 20x in the Building industry in Taiwan. Total loss to shareholders of 31% over the past three years. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$0.60 (vs NT$0.57 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.60 (up from NT$0.57 in 2Q 2024). Revenue: NT$561.9m (up 6.8% from 2Q 2024). Net income: NT$17.9m (up 2.0% from 2Q 2024). Profit margin: 3.2% (down from 3.3% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Declared Dividend • Jul 26
Dividend of NT$1.82 announced Shareholders will receive a dividend of NT$1.82. Ex-date: 8th August 2025 Payment date: 29th August 2025 Dividend yield will be 4.7%, which is higher than the industry average of 3.6%. Sustainability & Growth Dividend is not adequately covered by earnings (93% earnings payout ratio) and 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 3.0% per year over the past 4 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 3.7% to bring the payout ratio under control. However, EPS has declined by 4.0% over the last 5 years so the company would need to reverse this trend. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: NT$0.39 (vs NT$0.63 in 1Q 2024) First quarter 2025 results: EPS: NT$0.39 (down from NT$0.63 in 1Q 2024). Revenue: NT$523.4m (up 5.3% from 1Q 2024). Net income: NT$11.8m (down 38% from 1Q 2024). Profit margin: 2.3% (down from 3.8% 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 41% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$2.19 (vs NT$3.98 in FY 2023) Full year 2024 results: EPS: NT$2.19 (down from NT$3.98 in FY 2023). Revenue: NT$2.10b (down 3.8% from FY 2023). Net income: NT$65.6m (down 39% from FY 2023). Profit margin: 3.1% (down from 4.9% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 36% 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. Tillkännagivande • Mar 14
Bausen Inc., Annual General Meeting, Jun 16, 2025 Bausen Inc., Annual General Meeting, Jun 16, 2025, at 10:00 Taipei Standard Time. Location: 15 floor no,99, fu hsing n. rd., songshan district, taipei city Taiwan Buy Or Sell Opportunity • Jan 16
Now 21% overvalued Over the last 90 days, the stock has fallen 19% to NT$46.00. The fair value is estimated to be NT$38.08, 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 declined by 31%. Reported Earnings • Nov 19
Third quarter 2024 earnings released: EPS: NT$0.37 (vs NT$0.79 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.37 (down from NT$0.79 in 3Q 2023). Revenue: NT$543.8m (down 6.1% from 3Q 2023). Net income: NT$11.0m (down 48% from 3Q 2023). Profit margin: 2.0% (down from 3.6% in 3Q 2023). The decrease in margin was driven by lower revenue. 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 11% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.63 (vs NT$1.68 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.63 (down from NT$1.68 in 2Q 2023). Revenue: NT$526.1m (down 8.6% from 2Q 2023). Net income: NT$17.6m (down 61% from 2Q 2023). Profit margin: 3.3% (down from 7.7% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Aug 01
Upcoming dividend of NT$2.60 per share Eligible shareholders must have bought the stock before 08 August 2024. Payment date: 30 August 2024. Payout ratio is a comfortable 67% but the company is not cash flow positive. Trailing yield: 4.1%. Lower than top quartile of Taiwanese dividend payers (4.4%). Higher than average of industry peers (3.7%). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.68 (vs NT$1.03 in 1Q 2023) First quarter 2024 results: EPS: NT$0.68 (down from NT$1.03 in 1Q 2023). Revenue: NT$497.2m (down 3.4% from 1Q 2023). Net income: NT$18.9m (down 26% from 1Q 2023). Profit margin: 3.8% (down from 4.9% in 1Q 2023). The decrease in margin was driven by lower revenue. 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 6% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: NT$4.26 (vs NT$6.23 in FY 2022) Full year 2023 results: EPS: NT$4.26 (down from NT$6.23 in FY 2022). Revenue: NT$2.19b (down 3.8% from FY 2022). Net income: NT$106.6m (down 27% from FY 2022). Profit margin: 4.9% (down from 6.5% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 3% per year. Tillkännagivande • Mar 15
Bausen Inc., Annual General Meeting, Jun 24, 2024 Bausen Inc., Annual General Meeting, Jun 24, 2024. New Risk • Feb 08
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.5% Last year net profit margin: 7.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (166% cash payout ratio). Profit margins are more than 30% lower than last year (4.5% net profit margin). Shareholders have been diluted in the past year (13% increase in shares outstanding). Market cap is less than US$100m (NT$1.76b market cap, or US$56.1m). New Risk • Jan 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 13% 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: Minor Risks Dividend is not well covered by cash flows (147% cash payout ratio). Shareholders have been diluted in the past year (13% increase in shares outstanding). Market cap is less than US$100m (NT$1.95b market cap, or US$63.0m). New Risk • Nov 08
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 7.4% 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 Risk Share price has been highly volatile over the past 3 months (7.4% average weekly change). Minor Risks Dividend is not well covered by cash flows (137% cash payout ratio). Shareholders have been diluted in the past year (6.4% increase in shares outstanding). Market cap is less than US$100m (NT$2.57b market cap, or US$79.7m). Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$105, the stock trades at a trailing P/E ratio of 20.7x. Average trailing P/E is 21x in the Specialty Retail industry in Taiwan. Total returns to shareholders of 37% over the past year. Upcoming Dividend • Aug 02
Upcoming dividend of NT$3.00 per share at 3.6% yield Eligible shareholders must have bought the stock before 09 August 2023. Payment date: 31 August 2023. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (1.0%). Reported Earnings • Apr 27
Full year 2022 earnings released: EPS: NT$6.23 (vs NT$6.93 in FY 2021) Full year 2022 results: EPS: NT$6.23 (down from NT$6.93 in FY 2021). Revenue: NT$2.27b (up 14% from FY 2021). Net income: NT$146.7m (down 4.9% from FY 2021). Profit margin: 6.5% (down from 7.7% in FY 2021). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$91.50, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 18x in the Specialty Retail industry in Taiwan. Total returns to shareholders of 32% over the past year. Reported Earnings • Aug 15
First half 2022 earnings released: EPS: NT$4.11 (vs NT$3.78 in 1H 2021) First half 2022 results: EPS: NT$4.11 (up from NT$3.78 in 1H 2021). Revenue: NT$1.14b (up 19% from 1H 2021). Net income: NT$91.2m (up 9.6% from 1H 2021). Profit margin: 8.0% (down from 8.6% in 1H 2021). The decrease in margin was driven by higher expenses. Upcoming Dividend • Aug 04
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 11 August 2022. Payment date: 31 August 2022. Payout ratio is a comfortable 41% but the company is not cash flow positive. Trailing yield: 4.1%. Lower than top quartile of Taiwanese dividend payers (6.7%). In line with average of industry peers (3.8%). Reported Earnings • Apr 28
Full year 2021 earnings released: EPS: NT$7.28 (vs NT$4.55 in FY 2020) Full year 2021 results: EPS: NT$7.28 (up from NT$4.55 in FY 2020). Revenue: NT$2.00b (up 43% from FY 2020). Net income: NT$154.3m (up 69% from FY 2020). Profit margin: 7.7% (up from 6.5% in FY 2020). The increase in margin was driven by higher revenue. Reported Earnings • Aug 18
First half 2021 earnings released: EPS NT$3.97 (vs NT$1.52 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: NT$963.4m (up 69% from 1H 2020). Net income: NT$83.2m (up 176% from 1H 2020). Profit margin: 8.6% (up from 5.3% in 1H 2020). The increase in margin was driven by higher revenue. Reported Earnings • Apr 21
Full year 2020 earnings released: EPS NT$5.00 (vs NT$2.46 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$1.40b (up 37% from FY 2019). Net income: NT$91.3m (up 127% from FY 2019). Profit margin: 6.5% (up from 3.9% in FY 2019). The increase in margin was driven by higher revenue. Tillkännagivande • Mar 20
Bausen Inc., Annual General Meeting, Jun 08, 2021 Bausen Inc., Annual General Meeting, Jun 08, 2021. Is New 90 Day High Low • Mar 11
New 90-day high: NT$85.30 The company is up 74% from its price of NT$49.00 on 11 December 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Building industry, which is up 12% over the same period. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improved over the past week After last week's 19% share price gain to NT$85.20, the stock is trading at a trailing P/E ratio of 24.9x, up from the previous P/E ratio of 20.8x. This compares to an average P/E of 45x in the Building industry in Taiwan. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 20% share price gain to NT$60.00, the stock is trading at a trailing P/E ratio of 17.5x, up from the previous P/E ratio of 14.6x. This compares to an average P/E of 42x in the Building industry in Taiwan. 