Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$78.20, the stock trades at a trailing P/E ratio of 33.8x. Average trailing P/E is 17x in the Consumer Durables industry in Taiwan. Total loss to shareholders of 24% over the past year. Upcoming Dividend • Jun 09
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 16 June 2026. Payment date: 03 July 2026. Payout ratio is on the higher end at 91% but the company is not cash flow positive. Trailing yield: 3.9%. Lower than top quartile of Taiwanese dividend payers (4.9%). In line with average of industry peers (4.3%). Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$76.50, the stock trades at a trailing P/E ratio of 33.1x. Average trailing P/E is 17x in the Consumer Durables industry in Taiwan. Total loss to shareholders of 6.7% over the past year. Reported Earnings • May 09
First quarter 2026 earnings released: EPS: NT$0.50 (vs NT$1.51 in 1Q 2025) First quarter 2026 results: EPS: NT$0.50 (down from NT$1.51 in 1Q 2025). Revenue: NT$123.9m (down 46% from 1Q 2025). Net income: NT$15.0m (down 62% from 1Q 2025). Profit margin: 12% (down from 17% in 1Q 2025). The decrease in margin was driven by lower revenue. New Risk • May 09
New major risk - Revenue and earnings growth Earnings have declined by 15% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 91% Paying a dividend despite having no free cash flows. Earnings have declined by 15% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (9.9% net profit margin). Market cap is less than US$100m (NT$2.21b market cap, or US$70.6m). Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$76.40, the stock trades at a trailing P/E ratio of 24.3x. Average trailing P/E is 18x in the Consumer Durables industry in Taiwan. Total loss to shareholders of 13% over the past year. Tillkännagivande • Mar 05
Champ-Ray Industrial Co., Ltd., Annual General Meeting, May 20, 2026 Champ-Ray Industrial Co., Ltd., Annual General Meeting, May 20, 2026, at 09:00 Taipei Standard Time. Location: no,100 chu kang ln., chu kang rd., wuci district, taichung city Taiwan Reported Earnings • Mar 04
Full year 2025 earnings released: EPS: NT$3.29 (vs NT$6.40 in FY 2024) Full year 2025 results: EPS: NT$3.29 (down from NT$6.40 in FY 2024). Revenue: NT$808.1m (down 16% from FY 2024). Net income: NT$94.7m (down 44% from FY 2024). Profit margin: 12% (down from 18% in FY 2024). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$90.00, the stock trades at a trailing P/E ratio of 21.5x. Average trailing P/E is 17x in the Consumer Durables industry in Taiwan. Total loss to shareholders of 5.7% over the past year. Reported Earnings • Nov 06
Third quarter 2025 earnings released: EPS: NT$0.67 (vs NT$1.61 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.67 (down from NT$1.61 in 3Q 2024). Revenue: NT$193.0m (down 30% from 3Q 2024). Net income: NT$20.1m (down 53% from 3Q 2024). Profit margin: 10% (down from 15% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Consumer Durables industry in Asia. New Risk • Sep 10
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 90% Cash payout ratio: 259% Dividend yield: 4.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. 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 Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 90% Cash payout ratio: 259% Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: NT$0.65 (vs NT$1.50 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.65 (down from NT$1.50 in 2Q 2024). Revenue: NT$232.2m (up 11% from 2Q 2024). Net income: NT$18.2m (down 54% from 2Q 2024). Profit margin: 7.9% (down from 19% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Consumer Durables industry in Asia. Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$111, the stock trades at a trailing P/E ratio of 17.3x. Average forward P/E is 16x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 17% over the past year. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to NT$99.50, the stock trades at a trailing P/E ratio of 15.5x. Average forward P/E is 16x in the Consumer Durables industry in Taiwan. Negligible returns to shareholders over past year. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$99.20, the stock trades at a trailing P/E ratio of 15.4x. Average forward P/E is 15x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 6.4% over the past year. New Risk • Jun 03
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 8.7% 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: Minor Risks Dividend is not well covered by cash flows (416% cash payout ratio). Share price has been volatile over the past 3 months (8.7% average weekly change). Market cap is less than US$100m (NT$2.29b market cap, or US$76.4m). Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$1.51 (vs NT$1.48 in 1Q 2024) First quarter 2025 results: EPS: NT$1.51 (up from NT$1.48 in 1Q 2024). Revenue: NT$230.5m (up 12% from 1Q 2024). Net income: NT$40.0m (up 1.5% from 1Q 2024). Profit margin: 17% (down from 19% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 5.0% growth forecast for the Consumer Durables industry in Asia. New Risk • Apr 07
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 7.6% 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: Minor Risks Dividend is not well covered by cash flows (122% cash payout ratio). Share price has been volatile over the past 3 months (7.6% average weekly change). Market cap is less than US$100m (NT$2.14b market cap, or US$64.8m). Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$80.50, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 15x in the Consumer Durables industry in Taiwan. Negligible returns to shareholders over past year. Tillkännagivande • Apr 03
Champ-Ray Industrial Co., Ltd. has filed a Follow-on Equity Offering in the amount of TWD 255.5 million. Champ-Ray Industrial Co., Ltd. has filed a Follow-on Equity Offering in the amount of TWD 255.5 million.
Security Name: shares
Security Type: Common Stock
Securities Offered: 3,650,000
Price\Range: TWD 70 Upcoming Dividend • Mar 13
Upcoming dividend of NT$5.00 per share Eligible shareholders must have bought the stock before 20 March 2025. Payment date: 23 April 2025. Payout ratio is on the higher end at 85% but the company is not cash flow positive. Trailing yield: 4.8%. Within top quartile of Taiwanese dividend payers (4.4%). Higher than average of industry peers (3.4%). Reported Earnings • Dec 06
Third quarter 2024 earnings released: EPS: NT$1.61 (vs NT$1.85 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.61 (down from NT$1.85 in 3Q 2023). Revenue: NT$277.2m (down 2.1% from 3Q 2023). Net income: NT$42.8m (down 10% from 3Q 2023). Profit margin: 15% (down from 17% in 3Q 2023). Reported Earnings • Jun 14
Full year 2023 earnings released: EPS: NT$5.80 (vs NT$12.74 in FY 2022) Full year 2023 results: EPS: NT$5.80 (down from NT$12.74 in FY 2022). Revenue: NT$914.4m (down 34% from FY 2022). Net income: NT$145.2m (down 51% from FY 2022). Profit margin: 16% (down from 21% in FY 2022). The decrease in margin was driven by lower revenue. New Risk • Jun 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 38% 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 Revenue has declined by 34% over the past year. Minor Risks Dividend is not well covered by cash flows (dividend per share is over 6x cash flows per share). Share price has been volatile over the past 3 months (7.9% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.69b market cap, or US$83.2m). Reported Earnings • May 04
Full year 2023 earnings released: EPS: NT$5.80 (vs NT$12.74 in FY 2022) Full year 2023 results: EPS: NT$5.80 (down from NT$12.74 in FY 2022). Revenue: NT$914.4m (down 34% from FY 2022). Net income: NT$145.2m (down 51% from FY 2022). Profit margin: 16% (down from 21% in FY 2022). The decrease in margin was driven by lower revenue. New Risk • Apr 20
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 8.5% 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 Risks Share price has been highly volatile over the past 3 months (8.5% average weekly change). Revenue has declined by 7.4% over the past year. Minor Risk Market cap is less than US$100m (NT$2.76b market cap, or US$84.6m). Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$115, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 19x in the Consumer Durables industry in Taiwan. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$91.00, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 16x in the Consumer Durables industry in Taiwan. Tillkännagivande • Mar 16
Champ-Ray Industrial Co., Ltd., Annual General Meeting, May 28, 2024 Champ-Ray Industrial Co., Ltd., Annual General Meeting, May 28, 2024. 
