New Risk • Jun 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (44% accrual ratio). Minor Risks Dividend is not well covered by cash flows (dividend per share is over 5x cash flows per share). Shareholders have been diluted in the past year (15% increase in shares outstanding). Market cap is less than US$100m (NT$1.68b market cap, or US$53.0m). Upcoming Dividend • Jun 16
Upcoming dividend of NT$3.40 per share Eligible shareholders must have bought the stock before 23 June 2026. Payment date: 17 July 2026. Payout ratio is a comfortable 67% but the company is paying out more than the cash it is generating. Trailing yield: 6.4%. Within top quartile of Taiwanese dividend payers (4.8%). Higher than average of industry peers (4.5%). Reported Earnings • May 16
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$1.59 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00 (down from NT$1.59 in 1Q 2025). Revenue: NT$437.1m (up 6.5% from 1Q 2025). Net income: NT$37.2m (down 16% from 1Q 2025). Profit margin: 8.5% (down from 11% in 1Q 2025). The decrease in margin was driven by higher expenses. New Risk • Mar 24
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 78% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (78% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (NT$1.88b market cap, or US$58.9m). Reported Earnings • Mar 15
Full year 2025 earnings released: EPS: NT$5.23 (vs NT$3.19 in FY 2024) Full year 2025 results: EPS: NT$5.23 (up from NT$3.19 in FY 2024). Revenue: NT$1.67b (up 30% from FY 2024). Net income: NT$151.7m (up 73% from FY 2024). Profit margin: 9.1% (up from 6.8% in FY 2024). The increase in margin was driven by higher revenue. Board Change • Mar 02
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Cing-Yi Chen was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$64.40, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 19x in the Luxury industry in Taiwan. Total returns to shareholders of 72% over the past year. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: NT$1.00 (vs NT$0.45 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.00 (up from NT$0.45 in 3Q 2024). Revenue: NT$359.8m (up 40% from 3Q 2024). Net income: NT$29.4m (up 138% from 3Q 2024). Profit margin: 8.2% (up from 4.8% in 3Q 2024). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$49.30, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 20x in the Luxury industry in Taiwan. Total returns to shareholders of 62% over the past year. Reported Earnings • Aug 31
Second quarter 2025 earnings released: EPS: NT$1.41 (vs NT$0.88 in 2Q 2024) Second quarter 2025 results: EPS: NT$1.41 (up from NT$0.88 in 2Q 2024). Revenue: NT$450.9m (up 48% from 2Q 2024). Net income: NT$39.3m (up 63% from 2Q 2024). Profit margin: 8.7% (up from 7.9% in 2Q 2024). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 28
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to NT$57.40, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 18x in the Luxury industry in Taiwan. Total returns to shareholders of 130% over the past year. Valuation Update With 7 Day Price Move • Aug 13
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 13.2x. Average trailing P/E is 16x in the Luxury industry in Taiwan. Total returns to shareholders of 128% over the past year. New Risk • Jul 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.3% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (NT$1.32b market cap, or US$45.3m). Buy Or Sell Opportunity • Jun 10
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to NT$44.00. The fair value is estimated to be NT$55.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last year. Earnings per share has grown by 128%. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$1.59 (vs NT$0.72 in 1Q 2024) First quarter 2025 results: EPS: NT$1.59 (up from NT$0.72 in 1Q 2024). Revenue: NT$410.5m (up 30% from 1Q 2024). Net income: NT$44.2m (up 122% from 1Q 2024). Profit margin: 11% (up from 6.3% in 1Q 2024). The increase in margin was driven by higher revenue. Tillkännagivande • May 01
J&B International Inc. to Report Q1, 2025 Results on May 09, 2025 J&B International Inc. announced that they will report Q1, 2025 results on May 09, 2025 Upcoming Dividend • Apr 16
Upcoming dividend of NT$2.47 per share Eligible shareholders must have bought the stock before 23 April 2025. Payment date: 26 May 2025. Payout ratio is on the higher end at 78%, however this is supported by cash flows. Trailing yield: 5.3%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (4.3%). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to NT$42.50, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 17x in the Luxury industry in Taiwan. Total returns to shareholders of 92% over the past year. Reported Earnings • Mar 27
Full year 2024 earnings released: EPS: NT$3.19 (vs NT$1.30 in FY 2023) Full year 2024 results: EPS: NT$3.19 (up from NT$1.30 in FY 2023). Revenue: NT$1.29b (up 14% from FY 2023). Net income: NT$87.8m (up 174% from FY 2023). Profit margin: 6.8% (up from 2.8% in FY 2023). The increase in margin was driven by higher revenue. Tillkännagivande • Mar 15
J&B International Inc. Announces Cash Dividend, Payable on May 26, 2025 J&B International Inc. announced cash dividend of TWD 69,141,895. Ex-rights (Ex-dividend) date: April 23, 2025. Ex-rights (Ex-dividend) record date: April 29, 2025. Payment date of cash dividend distribution: May 26, 2025. Date of the resolution by the board of directors or shareholders’ meeting, or of the decision by the company: March 13, 2025. Tillkännagivande • Mar 14
J&B International Inc., Annual General Meeting, Jun 23, 2025 J&B International Inc., Annual General Meeting, Jun 23, 2025. Location: b2 floor building. l no,716, chung cheng rd., jhonghe district, new taipei city Taiwan Tillkännagivande • Mar 06
J&B International Inc. to Report Q4, 2024 Results on Mar 13, 2025 J&B International Inc. announced that they will report Q4, 2024 results on Mar 13, 2025 Board Change • Feb 12
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Director Cing-Yi Chen was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$47.80, the stock trades at a trailing P/E ratio of 19.2x. Average trailing P/E is 23x in the Luxury industry in Taiwan. Total returns to shareholders of 95% over the past year. Reported Earnings • Nov 19
Third quarter 2024 earnings released: EPS: NT$0.45 (vs NT$0.019 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.45 (up from NT$0.019 in 3Q 2023). Revenue: NT$257.0m (up 17% from 3Q 2023). Net income: NT$12.3m (up NT$11.9m from 3Q 2023). Profit margin: 4.8% (up from 0.2% in 3Q 2023). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$42.00, the stock trades at a trailing P/E ratio of 20.4x. Average trailing P/E is 23x in the Luxury industry in Taiwan. Tillkännagivande • Nov 01
J&B International Inc. to Report Q3, 2024 Results on Nov 08, 2024 J&B International Inc. announced that they will report Q3, 2024 results on Nov 08, 2024 Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$33.65, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 21x in the Luxury industry in Taiwan. Reported Earnings • Aug 28
Second quarter 2024 earnings released: EPS: NT$0.88 (vs NT$0.53 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.88 (up from NT$0.53 in 2Q 2023). Revenue: NT$304.1m (up 27% from 2Q 2023). Net income: NT$24.1m (up 86% from 2Q 2023). Profit margin: 7.9% (up from 5.4% in 2Q 2023). The increase in margin was driven by higher revenue. Tillkännagivande • Aug 16
J&B International Inc. to Report Q2, 2024 Results on Aug 23, 2024 J&B International Inc. announced that they will report Q2, 2024 results on Aug 23, 2024 New Risk • Jun 26
New minor risk - Dividend sustainability The company has a short dividend paying track record. Less than a year of continuous dividend payments. Dividend yield: 2.8% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 8.6% over the past year. Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Short dividend paying track record (less than a year of continuous dividend payments). Market cap is less than US$100m (NT$798.3m market cap, or US$24.5m). New Risk • Jun 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 8.6% over the past year. Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Market cap is less than US$100m (NT$766.7m market cap, or US$23.6m). Tillkännagivande • May 02
J&B International Inc. to Report Q1, 2024 Results on May 07, 2024 J&B International Inc. announced that they will report Q1, 2024 results on May 07, 2024 Tillkännagivande • Mar 14
J&B International Inc., Annual General Meeting, Jun 17, 2024 J&B International Inc., Annual General Meeting, Jun 17, 2024. Location: B2,No.716,Zhongzheng Rd.,Zhonghe Dist., New Taipei City,Taiwan(R.O.C.)(management committee meeting room, Zhonghe Taiwan Agenda: To consider the 2023 business report; to consider the Audit Committee's review of the 2023 annual final accounting books and statements ; to consider the Report on 2023 employees' and directors' remuneration ; to consider the Report on Director Remuneration for the year 2023; to consider the Related party transaction report case in 2023. Tillkännagivande • Dec 29
J&B International Inc. Announces Appointment of Information Security Supervisor J&B International Inc. announced establishment of Information Security Supervisor. Name, title, and resume of the new position holder: Chang,Chiang-Kuo/Assistant Manager of Information Department. Type of change: new replacement. Effective date: 27 December 2023. 
