Valuation Update With 7 Day Price Move • 12h
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$84.20, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 13x in the Leisure industry in Taiwan. Total loss to shareholders of 57% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$41.92 per share. Declared Dividend • Jun 26
Dividend reduced to NT$2.80 Dividend of NT$2.80 is 30% lower than last year. Ex-date: 6th August 2026 Payment date: 4th September 2026 Dividend yield will be 3.8%, which is lower than the industry average of 5.0%. Sustainability & Growth Dividend is covered by both earnings (76% earnings payout ratio) and cash flows (29% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 104% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 19
First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2026 results: EPS: NT$1.09 (down from NT$1.40 in 1Q 2025). Revenue: NT$5.32b (down 30% from 1Q 2025). Net income: NT$325.7m (down 22% from 1Q 2025). Profit margin: 6.1% (up from 5.5% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.9%. Earnings per share (EPS) exceeded analyst estimates by 90%. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 37 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • May 15
Now 24% overvalued Over the last 90 days, the stock has fallen 15% to NT$70.10. The fair value is estimated to be NT$56.34, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 9.7% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 1.2% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. Major Estimate Revision • Mar 25
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from NT$27.2b to NT$25.6b. EPS estimate also fell from NT$6.31 per share to NT$5.40 per share. Net income forecast to grow 26% next year vs 29% growth forecast for Leisure industry in Taiwan. Consensus price target down from NT$107 to NT$95.44. Share price was steady at NT$67.60 over the past week. Price Target Changed • Mar 17
Price target decreased by 8.7% to NT$97.30 Down from NT$107, the current price target is an average from 10 analysts. New target price is 40% above last closing price of NT$69.40. Stock is down 60% over the past year. The company is forecast to post earnings per share of NT$4.50 for next year compared to NT$4.01 last year. Reported Earnings • Mar 14
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: NT$4.01 (up from NT$2.34 loss in FY 2024). Revenue: NT$26.8b (down 9.7% from FY 2024). Net income: NT$1.20b (up NT$1.90b from FY 2024). Profit margin: 4.5% (up from net loss in FY 2024). The move to profitability was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 25%. Revenue is forecast to grow 3.5% p.a. on average during the next 2 years, compared to a 4.6% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 54 percentage points per year, which is a significant difference in performance. Tillkännagivande • Mar 13
Merida Industry Co., Ltd., Annual General Meeting, Jun 24, 2026 Merida Industry Co., Ltd., Annual General Meeting, Jun 24, 2026, at 09:30 Taipei Standard Time. Location: 4 floor no,116, mei kang rd., mei kang ts`un, dacun township, changhua county Taiwan Buy Or Sell Opportunity • Mar 08
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 23% to NT$70.30. The fair value is estimated to be NT$88.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.8% over the last 3 years. Meanwhile, the company became loss making. Price Target Changed • Dec 16
Price target decreased by 9.7% to NT$112 Down from NT$124, the current price target is an average from 11 analysts. New target price is 30% above last closing price of NT$85.90. Stock is down 47% over the past year. The company is forecast to post earnings per share of NT$5.27 next year compared to a net loss per share of NT$2.34 last year. Reported Earnings • Nov 15
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: EPS: NT$2.09 (down from NT$2.31 in 3Q 2024). Revenue: NT$7.22b (down 17% from 3Q 2024). Net income: NT$624.9m (down 9.5% from 3Q 2024). Profit margin: 8.7% (up from 8.0% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) exceeded analyst estimates by 13%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Nov 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to NT$93.40. The fair value is estimated to be NT$118, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.2% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Aug 15
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: NT$1.32 (down from NT$2.19 in 2Q 2024). Revenue: NT$7.00b (down 25% from 2Q 2024). Net income: NT$394.0m (down 40% from 2Q 2024). Profit margin: 5.6% (down from 7.0% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) also missed analyst estimates by 22%. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Jul 31
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 07 August 2025. Payment date: 05 September 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (5.3%). In line with average of industry peers (3.6%). Declared Dividend • Jun 28
Dividend reduced to NT$4.00 Dividend of NT$4.00 is 33% lower than last year. Ex-date: 7th August 2025 Payment date: 5th September 2025 Dividend yield will be 3.8%, which is lower than the industry average of 5.0%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is covered by cash flows (73% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Price Target Changed • May 16
Price target decreased by 7.1% to NT$156 Down from NT$168, the current price target is an average from 10 analysts. New target price is 28% above last closing price of NT$122. Stock is down 48% over the past year. The company is forecast to post earnings per share of NT$7.62 next year compared to a net loss per share of NT$2.34 last year. Buy Or Sell Opportunity • May 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 24% to NT$132. The fair value is estimated to be NT$167, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.5% over the last 3 years. Meanwhile, the company became loss making. Tillkännagivande • May 07
Merida Industry Co., Ltd. to Report Q1, 2025 Results on May 14, 2025 Merida Industry Co., Ltd. announced that they will report Q1, 2025 results on May 14, 2025 Tillkännagivande • Mar 14
Merida Industry Co., Ltd., Annual General Meeting, Jun 25, 2025 Merida Industry Co., Ltd., Annual General Meeting, Jun 25, 2025. Location: 4 floor no,116, mei kang rd., mei kang ts`un, dacun township, changhua county Taiwan Buy Or Sell Opportunity • Mar 11
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to NT$178. The fair value is estimated to be NT$147, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.7% over the last 3 years. Earnings per share has declined by 43%. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to grow by 93% in the next 2 years. Buy Or Sell Opportunity • Dec 03
Now 20% overvalued Over the last 90 days, the stock has fallen 29% to NT$166. The fair value is estimated to be NT$138, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.7% over the last 3 years. Earnings per share has declined by 43%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to grow by 95% in the next 2 years. Major Estimate Revision • Nov 20
Consensus EPS estimates fall by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$31.9b to NT$30.6b. EPS estimate also fell from NT$8.68 per share to NT$7.09 per share. Net income forecast to grow 83% next year vs 23% growth forecast for Leisure industry in Taiwan. Consensus price target down from NT$235 to NT$196. Share price fell 4.0% to NT$154 over the past week. Reported Earnings • Nov 19
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: NT$2.31 (down from NT$2.54 in 3Q 2023). Revenue: NT$8.66b (up 30% from 3Q 2023). Net income: NT$690.2m (down 9.0% from 3Q 2023). Profit margin: 8.0% (down from 11% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 10%. Earnings per share (EPS) also missed analyst estimates by 17%. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Price Target Changed • Nov 14
Price target decreased by 9.4% to NT$222 Down from NT$245, the current price target is an average from 9 analysts. New target price is 38% above last closing price of NT$161. Stock is down 7.0% over the past year. The company is forecast to post earnings per share of NT$8.32 for next year compared to NT$5.66 last year. Tillkännagivande • Nov 06
Merida Industry Co., Ltd. to Report Q3, 2024 Results on Nov 13, 2024 Merida Industry Co., Ltd. announced that they will report Q3, 2024 results on Nov 13, 2024 Reported Earnings • Aug 16
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: NT$2.19 (down from NT$2.25 in 2Q 2023). Revenue: NT$9.32b (up 25% from 2Q 2023). Net income: NT$655.5m (down 2.4% from 2Q 2023). Profit margin: 7.0% (down from 9.0% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.8%. Earnings per share (EPS) also surpassed analyst estimates by 2.4%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 38% 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. Tillkännagivande • Aug 13
Merida Industry Co., Ltd. (TWSE:9914) acquired an additional 39% stake in Merida & Centurion Germany GmbH from Wolfgang Renner for €17.3 million. Merida Industry Co., Ltd. (TWSE:9914) acquired an additional 39% stake in Merida & Centurion Germany GmbH from Wolfgang Renner for €17.3 million on August 12, 2024. A cash consideration of €17.27 million will be paid by Merida Industry Co., Ltd. As part of consideration, €17.27 million is paid towards common equity of Merida & Centurion Germany GmbH. The deal has been approved by the board of directors of Merida Industry. Audit Committee approval received for the transaction.
Merida Industry Co., Ltd. (TWSE:9914) completed the acquisition of an additional 39% stake in Merida & Centurion Germany GmbH from Wolfgang Renner for €17.3 million on August 12, 2024. Buy Or Sell Opportunity • Aug 06
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 2.0% to NT$232. The fair value is estimated to be NT$191, 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 33%. Revenue is forecast to grow by 43% in 2 years. Earnings are forecast to grow by 144% in the next 2 years. Tillkännagivande • Aug 03
Merida Industry Co., Ltd. to Report Q2, 2024 Results on Aug 12, 2024 Merida Industry Co., Ltd. announced that they will report Q2, 2024 results on Aug 12, 2024 Upcoming Dividend • Aug 01
Upcoming dividend of NT$6.00 per share Eligible shareholders must have bought the stock before 08 August 2024. Payment date: 06 September 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 2.4%. Lower than top quartile of Taiwanese dividend payers (4.4%). In line with average of industry peers (2.6%). Buy Or Sell Opportunity • Jul 10
Now 20% overvalued Over the last 90 days, the stock has fallen 3.1% to NT$221. The fair value is estimated to be NT$184, 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 33%. Revenue is forecast to grow by 40% in 2 years. Earnings are forecast to grow by 140% in the next 2 years. Declared Dividend • Jun 28
Dividend reduced to NT$6.00 Dividend of NT$6.00 is 14% lower than last year. Ex-date: 8th August 2024 Payment date: 6th September 2024 Dividend yield will be 2.7%, which is lower than the industry average of 5.0%. Sustainability & Growth Dividend is not covered by earnings (116% earnings payout ratio). However, it is covered by cash flows (53% cash payout ratio). The dividend has increased by an average of 1.4% 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 29% to bring the payout ratio under control. EPS is expected to grow by 125% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • May 16
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: NT$1.39 (down from NT$1.89 in 1Q 2023). Revenue: NT$5.85b (down 30% from 1Q 2023). Net income: NT$415.8m (down 26% from 1Q 2023). Profit margin: 7.1% (up from 6.7% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) also missed analyst estimates by 17%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Leisure industry in Taiwan. 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 8% per year, which means it has not declined as severely as earnings. Tillkännagivande • May 05
Merida Industry Co., Ltd. to Report Q1, 2024 Results on May 13, 2024 Merida Industry Co., Ltd. announced that they will report Q1, 2024 results on May 13, 2024 Reported Earnings • Mar 17
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: NT$5.66 (down from NT$11.34 in FY 2022). Revenue: NT$27.3b (down 26% from FY 2022). Net income: NT$1.69b (down 50% from FY 2022). Profit margin: 6.2% (down from 9.2% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) also missed analyst estimates by 31%. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Leisure industry in Taiwan. 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 13% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Mar 16
Consensus revenue estimates fall by 18% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$32.0b to NT$26.2b. EPS estimate fell from NT$10.18 to NT$9.59 per share. Net income forecast to grow 17% next year vs 6.2% growth forecast for Leisure industry in Taiwan. Consensus price target up from NT$213 to NT$219. Share price fell 4.6% to NT$206 over the past week. Tillkännagivande • Mar 15
Merida Industry Co., Ltd., Annual General Meeting, Jun 26, 2024 Merida Industry Co., Ltd., Annual General Meeting, Jun 26, 2024. Location: No. 116, Meigang Road, Meigang Village, Dacun Township Changhua County 515 Changhua County Taiwan Agenda: To report 2023 employees' compensation and directors & supervisors' compensation; to consider 2023 operation results; to consider Audit Committee's review report on the 2023 financial statements; to consider Adoption of the proposal for distribution of 2023 profits; and to consider Amendment for company articles of association. Price Target Changed • Aug 14
Price target increased by 7.2% to NT$215 Up from NT$201, the current price target is an average from 10 analysts. New target price is approximately in line with last closing price of NT$216. Stock is down 4.2% over the past year. The company is forecast to post earnings per share of NT$9.29 for next year compared to NT$11.34 last year. Reported Earnings • Aug 12
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: NT$2.25 (down from NT$3.19 in 2Q 2022). Revenue: NT$7.46b (down 15% from 2Q 2022). Net income: NT$671.8m (down 30% from 2Q 2022). Profit margin: 9.0% (down from 11% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) also surpassed analyst estimates by 23%. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 5% per year and the company’s share price has also fallen by 5% per year. Upcoming Dividend • Aug 03
Upcoming dividend of NT$7.00 per share at 3.3% yield Eligible shareholders must have bought the stock before 10 August 2023. Payment date: 06 September 2023. Payout ratio is on the higher end at 76% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (4.4%). Tillkännagivande • Jun 29
Merida Industry Co., Ltd. Announces Cash Dividend Distribution, Payable on September 6, 2023 Merida Industry Co., Ltd. announced cash dividend distribution for common shares is TWD 7.0 per share. Payment date of cash dividend distribution on September 6, 2023 and Ex-rights (ex-dividend) record date of August 16, 2023. Reported Earnings • May 17
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: NT$1.89 (down from NT$4.04 in 1Q 2022). Revenue: NT$8.39b (up 2.8% from 1Q 2022). Net income: NT$565.2m (down 53% from 1Q 2022). Profit margin: 6.7% (down from 15% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) also missed analyst estimates by 23%. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Leisure industry in Taiwan. 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 1% per year, which means it is significantly lagging earnings. Major Estimate Revision • May 11
Consensus revenue estimates increase by 10% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from NT$28.4b to NT$31.3b. EPS estimate increased from NT$8.26 to NT$9.47 per share. Net income forecast to shrink 17% next year vs 24% decline forecast for Leisure industry in Taiwan. Consensus price target up from NT$171 to NT$175. Share price rose 3.8% to NT$177 over the past week. Major Estimate Revision • Apr 08
Consensus revenue estimates fall by 14% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$33.1b to NT$28.6b. EPS estimate fell from NT$10.71 to NT$7.64 per share. Net income forecast to shrink 33% next year vs 23% decline forecast for Leisure industry in Taiwan. Consensus price target broadly unchanged at NT$181. Share price fell 2.1% to NT$165 over the past week. Price Target Changed • Mar 17
Price target decreased by 7.1% to NT$182 Down from NT$195, the current price target is an average from 11 analysts. New target price is 15% above last closing price of NT$158. Stock is down 37% over the past year. The company is forecast to post earnings per share of NT$13.18 for next year compared to NT$15.55 last year. Major Estimate Revision • Nov 21
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from NT$34.2b to NT$35.4b. EPS estimate fell from NT$15.77 to NT$13.38 per share. Net income forecast to shrink 9.2% next year vs 14% decline forecast for Leisure industry in Taiwan. Consensus price target down from NT$253 to NT$218. Share price fell 2.7% to NT$177 over the past week. Reported Earnings • Nov 16
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: NT$3.09 (down from NT$4.07 in 3Q 2021). Revenue: NT$9.43b (up 26% from 3Q 2021). Net income: NT$924.5m (down 24% from 3Q 2021). Profit margin: 9.8% (down from 16% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 7.0%. Earnings per share (EPS) missed analyst estimates by 23%. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Oct 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 24%. The fair value is estimated to be NT$222, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.5% over the last 3 years. Earnings per share has grown by 27%. Revenue is forecast to grow by 25% in 2 years. Earnings is forecast to grow by 6.8% in the next 2 years. Buying Opportunity • Sep 22
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 31%. The fair value is estimated to be NT$248, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.5% over the last 3 years. Earnings per share has grown by 27%. Revenue is forecast to grow by 26% in 2 years. Earnings is forecast to grow by 8.2% in the next 2 years. Reported Earnings • Aug 15
Second quarter 2022 earnings: EPS misses analyst expectations Second quarter 2022 results: EPS: NT$3.19 (up from NT$2.97 in 2Q 2021). Revenue: NT$8.81b (up 21% from 2Q 2021). Net income: NT$952.9m (up 7.2% from 2Q 2021). Profit margin: 11% (down from 12% in 2Q 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 16%. Over the next year, revenue is forecast to grow 23%, compared to a 10% growth forecast for the Leisure industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 14
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from NT$34.4b to NT$38.4b. EPS estimate fell from NT$16.31 to NT$16.08. Net income forecast to grow 5.0% next year vs 29% growth forecast for Leisure industry in Taiwan. Consensus price target down from NT$285 to NT$274. Share price fell 4.8% to NT$221 over the past week. Upcoming Dividend • Aug 04
Upcoming dividend of NT$8.00 per share Eligible shareholders must have bought the stock before 11 August 2022. Payment date: 05 September 2022. Payout ratio is a comfortable 51% but the company is paying out more than the cash it is generating. Trailing yield: 3.6%. Lower than top quartile of Taiwanese dividend payers (6.7%). Lower than average of industry peers (4.4%). Reported Earnings • May 15
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: NT$4.04 (up from NT$3.86 in 1Q 2021). Revenue: NT$8.16b (up 1.7% from 1Q 2021). Net income: NT$1.21b (up 4.7% from 1Q 2021). Profit margin: 15% (in line with 1Q 2021). Revenue exceeded analyst estimates by 5.3%. Earnings per share (EPS) also surpassed analyst estimates by 6.5%. Over the next year, revenue is forecast to grow 17%, compared to a 11% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Tillkännagivande • May 12
Merida Industry Co., Ltd. Appoints Zeng, Shang-Yuan as Chief Information Security Officer Merida Industry Co., Ltd. announced the name, title, and resume of the new position holder is Zeng, Shang-Yuan: Senior vice president, as Chief Information Security Officer. Effective date is May 10, 2022. Price Target Changed • Apr 27
Price target decreased to NT$327 Down from NT$354, the current price target is an average from 12 analysts. New target price is 37% above last closing price of NT$240. Stock is down 26% over the past year. The company is forecast to post earnings per share of NT$16.25 for next year compared to NT$15.55 last year. Tillkännagivande • Apr 07
Merida Industry Co., Ltd., Annual General Meeting, Jun 23, 2022 Merida Industry Co., Ltd., Annual General Meeting, Jun 23, 2022. Reported Earnings • Mar 30
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: NT$15.55 (up from NT$13.36 in FY 2020). Revenue: NT$29.4b (up 8.6% from FY 2020). Net income: NT$4.65b (up 16% from FY 2020). Profit margin: 16% (up from 15% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) exceeded analyst estimates by 7.6%. Over the next year, revenue is forecast to grow 13%, compared to a 10% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS NT$4.07 (vs NT$4.51 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$7.51b (up 3.2% from 3Q 2020). Net income: NT$1.22b (down 9.8% from 3Q 2020). Profit margin: 16% (down from 19% 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 38% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Executive Departure • Sep 01
Financial Officer Hsueh-Liang Tsai has left the company On the 27th of August, Hsueh-Liang Tsai's tenure as Financial Officer ended. We don't have any record of a personal shareholding under Hsueh-Liang's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 13.42 years. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$2.97 (vs NT$3.66 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$7.29b (down 3.9% from 2Q 2020). Net income: NT$888.9m (down 19% from 2Q 2020). Profit margin: 12% (down from 14% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Executive Departure • Aug 06
Director Li-Qing Qiu has left the company On the 4th of August, Li-Qing Qiu's tenure as Director ended after 3.1 years in the role. We don't have any record of a personal shareholding under Li-Qing's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 13.42 years. Executive Departure • Aug 06
Independent Director Wen-Jing Zhuang has left the company On the 4th of August, Wen-Jing Zhuang's tenure as Independent Director ended after 3.1 years in the role. We don't have any record of a personal shareholding under Wen-Jing's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 13.42 years. Executive Departure • Aug 06
Independent Director Zong-Ying Li has left the company On the 4th of August, Zong-Ying Li's tenure as Independent Director ended after 3.1 years in the role. We don't have any record of a personal shareholding under Zong-Ying's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 13.42 years. Upcoming Dividend • Jul 29
Upcoming dividend of NT$7.00 per share Eligible shareholders must have bought the stock before 05 August 2021. Payment date: 25 August 2021. Trailing yield: 2.1%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (2.8%). Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$3.86 (vs NT$1.57 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$8.02b (up 53% from 1Q 2020). Net income: NT$1.15b (up 145% from 1Q 2020). Profit margin: 14% (up from 9.0% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 01
Price target increased to NT$364 Up from NT$338, the current price target is an average from 13 analysts. New target price is approximately in line with last closing price of NT$352. Stock is up 220% over the past year. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$13.36 (vs NT$8.37 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$27.1b (down 4.1% from FY 2019). Net income: NT$3.99b (up 60% from FY 2019). Profit margin: 15% (up from 8.9% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improved over the past week After last week's 15% share price gain to NT$352, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 15x in the Leisure industry in Taiwan. Total returns to shareholders of 179% over the past three years. Is New 90 Day High Low • Feb 22
New 90-day high: NT$303 The company is up 21% from its price of NT$250 on 24 November 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Leisure industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$79.44 per share. Is New 90 Day High Low • Jan 25
New 90-day high: NT$286 The company is up 9.0% from its price of NT$262 on 27 October 2020. The Taiwanese market is up 23% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Leisure industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$77.20 per share. Is New 90 Day High Low • Dec 24
New 90-day low: NT$227 The company is down 3.0% from its price of NT$234 on 25 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Leisure industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$71.80 per share. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$4.51 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$7.28b (down 7.0% from 3Q 2019). Net income: NT$1.35b (up 56% from 3Q 2019). Profit margin: 19% (up from 11% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Nov 14
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) exceeded analyst estimates by 31%. Over the next year, revenue is forecast to grow 12%, compared to a 11% growth forecast for the Leisure industry in Taiwan. Is New 90 Day High Low • Oct 28
New 90-day high: NT$284 The company is up 10.0% from its price of NT$259 on 30 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Leisure industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$57.45 per share.