Declared Dividend • Jun 06
Dividend of NT$0.45 announced Dividend of NT$0.45 is the same as last year. Ex-date: 22nd June 2026 Payment date: 24th July 2026 Dividend yield will be 2.1%, which is lower than the industry average of 5.2%. Sustainability & Growth Dividend is covered by earnings (37% 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 decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 59% to shift the payout ratio to a potentially unsustainable range, which is more than the 20% EPS decline seen over the last 5 years. Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$22.30, the stock trades at a trailing P/E ratio of 18.2x. Average trailing P/E is 17x in the Packaging industry in Taiwan. Total loss to shareholders of 28% over the past three years. Reported Earnings • May 19
First quarter 2026 earnings released: EPS: NT$0.56 (vs NT$0.081 in 1Q 2025) First quarter 2026 results: EPS: NT$0.56 (up from NT$0.081 in 1Q 2025). Revenue: NT$10.4b (up 1.3% from 1Q 2025). Net income: NT$623.1m (up NT$533.2m from 1Q 2025). Profit margin: 6.0% (up from 0.9% in 1Q 2025). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$20.35, the stock trades at a trailing P/E ratio of 27.4x. Average trailing P/E is 21x in the Packaging industry in Taiwan. Total loss to shareholders of 30% over the past three years. Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$20.15, the stock trades at a trailing P/E ratio of 27.1x. Average trailing P/E is 21x in the Packaging industry in Taiwan. Total loss to shareholders of 23% over the past three years. Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$0.74 (vs NT$0.55 in FY 2024) Full year 2025 results: EPS: NT$0.74 (up from NT$0.55 in FY 2024). Revenue: NT$43.0b (down 4.9% from FY 2024). Net income: NT$823.0m (up 36% from FY 2024). Profit margin: 1.9% (up from 1.3% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 54% 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 11
Cheng Loong Corporation, Annual General Meeting, May 29, 2026 Cheng Loong Corporation, Annual General Meeting, May 29, 2026, at 09:00 Taipei Standard Time. Location: b1 floor no,1, sec.1 min sheng rd., banciao district, new taipei city Taiwan Tillkännagivande • Jan 02
Cheng Loong Corporation Announces Executive Changes, Effective January 1, 2026 Cheng Loong Corporation announced change of Acting spokesperson on December 31, 2025 . Name, title, and resume of the previous position holder: Hsiang-Chu Lin; Head of Auditing Division. Name, title, and resume of the new position holder: Kun-Ming Yang; Head of Financial Division. Type of the change: Retirement, effective January 1, 2026. Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$0.14 (vs NT$0.046 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.14 (up from NT$0.046 in 3Q 2024). Revenue: NT$10.6b (down 16% from 3Q 2024). Net income: NT$158.3m (up 213% from 3Q 2024). Profit margin: 1.5% (up from 0.4% in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 56 percentage points per year, which is a significant difference in performance. New Risk • Nov 17
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 80% 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 Risks Interest payments are not well covered by earnings (1.9x net interest cover). Earnings have declined by 43% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (163% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.7% net profit margin). Reported Earnings • Aug 17
Second quarter 2025 earnings released: NT$0.05 loss per share (vs NT$0.14 profit in 2Q 2024) Second quarter 2025 results: NT$0.05 loss per share (down from NT$0.14 profit in 2Q 2024). Revenue: NT$10.8b (flat on 2Q 2024). Net loss: NT$59.8m (down 138% from profit in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 56 percentage points per year, which is a significant difference in performance. Declared Dividend • Jun 06
Dividend reduced to NT$0.45 Dividend of NT$0.45 is 10.0% lower than last year. Ex-date: 19th June 2025 Payment date: 25th July 2025 Dividend yield will be 2.5%, which is lower than the industry average of 5.2%. Sustainability & Growth Dividend is not covered by earnings (120% earnings payout ratio) nor is it covered by cash flows (128% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 34% to bring the payout ratio under control. However, EPS has declined by 32% over the last 5 years so the company would need to reverse this trend. Tillkännagivande • Jun 05
Cheng Loong Corporation Announces Cash Dividend, Payable on 25 July, 2025 Cheng Loong Corporation announced cash dividend of TWD 0.45 per share. Ex-rights (ex-dividend) trading date is 19 June, 2025. Ex-rights (ex-dividend) record date is 27 June, 2025. Payment date of common stock cash dividend distribution is 25 July, 2025. Date of the resolution by the board of directors or shareholders meeting or decision by the Company on 6 June, 2025. Reported Earnings • May 13
First quarter 2025 earnings released: EPS: NT$0.08 (vs NT$0.25 in 1Q 2024) First quarter 2025 results: EPS: NT$0.08 (down from NT$0.25 in 1Q 2024). Revenue: NT$10.3b (up 1.8% from 1Q 2024). Net income: NT$89.9m (down 68% from 1Q 2024). Profit margin: 0.9% (down from 2.8% in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. New Risk • May 13
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 120% Cash payout ratio: 109% Dividend yield: 2.4% 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 Interest payments are not well covered by earnings (1.6x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 120% Cash payout ratio: 109% Earnings have declined by 32% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.9% net profit margin). Tillkännagivande • May 01
Cheng Loong Corporation to Report Q1, 2025 Results on May 08, 2025 Cheng Loong Corporation announced that they will report Q1, 2025 results on May 08, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$15.50, the stock trades at a trailing P/E ratio of 28.4x. Average trailing P/E is 14x in the Packaging industry in Taiwan. Total loss to shareholders of 49% over the past three years. New Risk • Mar 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 25% 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 Risks Interest payments are not well covered by earnings (1.7x net interest cover). Earnings have declined by 26% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.3% net profit margin). Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$0.55 (vs NT$0.83 in FY 2023) Full year 2024 results: EPS: NT$0.55 (down from NT$0.83 in FY 2023). Revenue: NT$45.2b (up 7.1% from FY 2023). Net income: NT$605.1m (down 34% from FY 2023). Profit margin: 1.3% (down from 2.2% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 62% 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. Tillkännagivande • Mar 13
Cheng Loong Corporation, Annual General Meeting, May 29, 2025 Cheng Loong Corporation, Annual General Meeting, May 29, 2025, at 09:00 Taipei Standard Time. Location: b1 floor no,1, sec.1 min sheng rd., banciao district, new taipei city Taiwan Tillkännagivande • Mar 04
Cheng Loong Corporation to Report Q4, 2024 Results on Mar 11, 2025 Cheng Loong Corporation announced that they will report Q4, 2024 results on Mar 11, 2025 Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: NT$0.05 (vs NT$0.12 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.05 (down from NT$0.12 in 3Q 2023). Revenue: NT$12.5b (up 21% from 3Q 2023). Net income: NT$50.5m (down 61% from 3Q 2023). Profit margin: 0.4% (down from 1.2% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 60% 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 • Nov 05
Cheng Loong Corporation to Report Q3, 2024 Results on Nov 12, 2024 Cheng Loong Corporation announced that they will report Q3, 2024 results on Nov 12, 2024 Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: NT$0.14 (vs NT$0.019 loss in 2Q 2023) Second quarter 2024 results: EPS: NT$0.14 (up from NT$0.019 loss in 2Q 2023). Revenue: NT$10.7b (up 3.0% from 2Q 2023). Net income: NT$156.1m (up NT$177.5m from 2Q 2023). Profit margin: 1.5% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 58% 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. Tillkännagivande • Aug 09
Cheng Loong Corporation Appoints Hsu-Hsuan Peng as Chief Information Security Officer Cheng Loong Corporation appointed Hsu-Hsuan Peng as Chief information security officer. Title, and resume of the new position holder: Assistant vice president of the Planning Department of Cheng Loong Administration Division
Effective date: August 8, 2024. The new chief information security officer was approved by the Board of Directors on August 8, 2024. Tillkännagivande • Aug 01
Cheng Loong Corporation to Report Q2, 2024 Results on Aug 08, 2024 Cheng Loong Corporation announced that they will report Q2, 2024 results on Aug 08, 2024 Upcoming Dividend • Jun 18
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 24 June 2024. Payment date: 26 July 2024. Payout ratio is a comfortable 65% but the company is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (3.0%). Declared Dividend • Jun 08
Dividend reduced to NT$0.50 Dividend of NT$0.50 is 55% lower than last year. Ex-date: 24th June 2024 Payment date: 26th July 2024 Dividend yield will be 1.7%, which is lower than the industry average of 5.2%. Sustainability & Growth Dividend is covered by earnings (65% 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 decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 28% to shift the payout ratio to a potentially unsustainable range, which is more than the 17% EPS decline seen over the last 5 years. Tillkännagivande • Jun 08
Cheng Loong Corporation Announces Cash Dividend, Payable on July 26, 2024 Cheng Loong Corporation announced cash dividend of TWD 0.5 per share. Ex-rights (ex-dividend) trading date is June 24, 2024. Ex-rights (ex-dividend) record date is June 30, 2024. Payment date of common stock cash dividend distribution is July 26, 2024. Date of the resolution by the board of directors or shareholders meeting or decision by the Company: June 6, 2024. Tillkännagivande • Jun 01
Cheng Loong Corporation Announces Resignation of Feng-Chih Yeh as Chief Information Security Officer Cheng Loong Corporation announced resignation of Feng-Chih Yeh as chief information security officer for the personal career planning. Effective date is May 31, 2024. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: NT$0.25 (vs NT$0.31 in 1Q 2023) First quarter 2024 results: EPS: NT$0.25 (down from NT$0.31 in 1Q 2023). Revenue: NT$10.1b (flat on 1Q 2023). Net income: NT$281.0m (down 19% from 1Q 2023). Profit margin: 2.8% (down from 3.4% in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 52% 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. Tillkännagivande • May 03
Cheng Loong Corporation to Report Q1, 2024 Results on May 09, 2024 Cheng Loong Corporation announced that they will report Q1, 2024 results on May 09, 2024 Reported Earnings • Mar 16
Full year 2023 earnings released: EPS: NT$0.83 (vs NT$2.27 in FY 2022) Full year 2023 results: EPS: NT$0.83 (down from NT$2.27 in FY 2022). Revenue: NT$42.2b (down 4.0% from FY 2022). Net income: NT$922.1m (down 63% from FY 2022). Profit margin: 2.2% (down from 5.7% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Tillkännagivande • Mar 14
Cheng Loong Corporation to Report Second Half, 2023 Results on Mar 12, 2024 Cheng Loong Corporation announced that they will report second half, 2023 results on Mar 12, 2024 Tillkännagivande • Mar 13
Cheng Loong Corporation, Annual General Meeting, May 31, 2024 Cheng Loong Corporation, Annual General Meeting, May 31, 2024. Location: Basement 1, No. 1, Sec. 1, Minsheng Rd. Banqiao Dist. New Taipei City Taiwan Agenda: To consider 2023 Business Overview- Business Report; to consider Endorsement guarantee provided by the Company to others and its necessity and reasonableness, as well as loaning funds to others; to consider 2023 Distribution of Employee Compensation; to consider 2023 Distribution of Cash Dividends; to consider Amendment to the Company's Rules of Procedures for Ethical Management and Guidelines for Conduct ; Amendment to the Company's Guidelines for the Adoption of Codes of Ethical Conduct; 2023 Acquisition and Disposal of Assets from Related Parties; 2023 Audit Committee's Review Report 6.Cause for convening the meeting Acknowledged matters: Adoption of the Company's 2023 Financial Statements. Adoption of the Company's 2023 Profit Distribution; Cause for convening the meeting Matters for Discussion: Amendment to certain articles of the Company's Rules of Procedure for Shareholders' Meeting and to consider Lifting of Non-Compete Restriction Against the Company's Directors. Tillkännagivande • Dec 23
Cheng Loong Corporation Resolves to Establish Risk Management Committee Cheng Loong Corporation established risk management committee: Yung-Chi Wang, Independent Director of Cheng Loong Corp., Fu-Hsing Chang, Independent Director of Cheng Loong Corp., Feng-Chih Huang, Independent Director of Cheng Loong Corp., Ching-Biao Chang, Director and President of Cheng Loong Corp., Mu-Hsiang Peng, Director and Vice President of Cheng Loong Corp., Tseng-Fu Hou, Vice President of Cheng Loong Corp., effective December 21, 2023. Tillkännagivande • Dec 22
Cheng Loong Corporation Resolves to Establish Corporate Sustainability Committee Cheng Loong Corporation established Corporate Sustainability Committee: Yung-Chi Wang, Independent Director of Cheng Loong Corp., Fu-Hsing Chang, Independent Director of Cheng Loong Corp., Feng-Chih Huang, Independent Director of Cheng Loong Corp., Ching-Biao Chang, Director and President of Cheng Loong Corp., Mu-Hsiang Peng, Director and Vice President of Cheng Loong Corp., Tseng-Fu Hou, Vice President of Cheng Loong Corp., effective December 21, 2023. New Risk • Aug 18
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 142% The company is paying a dividend despite having no free cash flows. Dividend yield: 3.9% 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 Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 142% Paying a dividend despite having no free cash flows. Earnings have declined by 2.5% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (2.1% net profit margin). Tillkännagivande • Aug 10
Cheng Loong Corporation Announces Change of the Company's Chief Information Security Officer, Effective on September 01, 2023 Cheng Loong Corporation announced change of the Company's chief information security officer. Name, title, and resume of the previous position holder: Chen-Kuang Liu-FHead of Management Information Division. Name, title, and resume of the new position holder: Feng-Chih Yeh-FHead of Auditing Division. Effective date: September 1, 2023. Upcoming Dividend • Jun 20
Upcoming dividend of NT$1.10 per share at 3.4% yield Eligible shareholders must have bought the stock before 27 June 2023. Payment date: 28 July 2023. Payout ratio is a comfortable 48% but the company is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (5.1%). Reported Earnings • Mar 17
Full year 2022 earnings released: EPS: NT$2.27 (vs NT$3.58 in FY 2021) Full year 2022 results: EPS: NT$2.27 (down from NT$3.58 in FY 2021). Revenue: NT$43.9b (down 2.4% from FY 2021). Net income: NT$2.52b (down 36% from FY 2021). Profit margin: 5.7% (down from 8.8% in FY 2021). 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 14% per year, which means it is tracking significantly ahead of earnings growth. 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. 6 non-independent directors. Independent Director Feng-Chih Huang 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 12
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: NT$0.20 (down from NT$0.70 in 3Q 2021). Revenue: NT$10.6b (down 4.7% from 3Q 2021). Net income: NT$223.8m (down 71% from 3Q 2021). Profit margin: 2.1% (down from 6.9% in 3Q 2021). Revenue missed analyst estimates by 7.4%. Earnings per share (EPS) also missed analyst estimates by 60%. Over the last 3 years on average, earnings per share has increased by 13% per year and the company’s share price has also increased by 13% per year. Reported Earnings • Aug 18
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: NT$1.12 (up from NT$1.04 in 2Q 2021). Revenue: NT$11.5b (flat on 2Q 2021). Net income: NT$1.24b (up 7.3% from 2Q 2021). Profit margin: 11% (in line with 2Q 2021). Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 90%. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 17% per year. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$25.20, the stock trades at a trailing P/E ratio of 8.1x. Average forward P/E is 12x in the Packaging industry in Taiwan. Total returns to shareholders of 52% over the past three years. Tillkännagivande • Jun 26
Cheng Loong Corporation Announces Executive Changes Cheng Loong Corporation announced that Name, title, and resume of the previous position holder: Chung-Lin Chou¡FHead of Financial Division and Chief corporate governance officer. Name, title, and resume of the new position holder: Kun-Ming Yang¡FManager of Financial Division. Upcoming Dividend • Jun 21
Upcoming dividend of NT$1.90 per share Eligible shareholders must have bought the stock before 28 June 2022. Payment date: 29 July 2022. Payout ratio is a comfortable 61% but the company is not cash flow positive. Trailing yield: 6.3%. Within top quartile of Taiwanese dividend payers (6.3%). In line with average of industry peers (6.0%). Tillkännagivande • Jun 15
Cheng Loong Corporation Announces Cash Dividend, Payable on July 29, 2022 Cheng Loong Corporation announced the cash dividend of TWD 1.9 per share. the dividend will distribution on July 29, 2022. Ex-rights (ex-dividend) record date is July 4, 2022 and Ex-rights (ex-dividend) trading date is June 28, 2022. Reported Earnings • May 15
First quarter 2022 earnings: EPS misses analyst expectations First quarter 2022 results: EPS: NT$0.67 (down from NT$1.12 in 1Q 2021). Revenue: NT$11.3b (up 9.7% from 1Q 2021). Net income: NT$742.1m (down 40% from 1Q 2021). Profit margin: 6.6% (down from 12% in 1Q 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 18%. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Tillkännagivande • May 12
Cheng Loong Corporation Appoints Chen-Kuang Liu as Chief Information Security Officer, Effective June 1, 2022 Cheng Loong Corporation appoints Chen-Kuang Liu/Head of Management Information Division as Chief Information Security Officer, effective June 1, 2022. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 8 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Fu-Hsing Chang was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 17
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: NT$3.58 (up from NT$3.36 in FY 2020). Revenue: NT$45.0b (up 12% from FY 2020). Net income: NT$3.96b (up 6.3% from FY 2020). Profit margin: 8.8% (down from 9.3% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 18%. Over the next year, revenue is forecast to grow 16%, compared to a 17% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 19% per year. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.70 (vs NT$0.83 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$11.1b (up 8.6% from 3Q 2020). Net income: NT$773.8m (down 16% from 3Q 2020). Profit margin: 6.9% (down from 8.9% 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 15% per year whereas the company’s share price has increased by 17% per year. Price Target Changed • Aug 18
Price target decreased to NT$43.50 Down from NT$48.00, the current price target is provided by 1 analyst. New target price is 18% above last closing price of NT$36.75. Stock is up 31% over the past year. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$1.04 (vs NT$0.72 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$11.5b (up 21% from 2Q 2020). Net income: NT$1.16b (up 44% from 2Q 2020). Profit margin: 10.0% (up from 8.4% 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 9% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Aug 10
Upcoming dividend of NT$1.80 per share Eligible shareholders must have bought the stock before 17 August 2021. Payment date: 17 September 2021. Trailing yield: 4.2%. Lower than top quartile of Taiwanese dividend payers (5.0%). In line with average of industry peers (4.2%). Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improved over the past week After last week's 19% share price gain to NT$49.00, the stock trades at a trailing P/E ratio of 13.3x. Average forward P/E is 14x in the Packaging industry in Taiwan. Total returns to shareholders of 216% over the past three years. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$1.12 (vs NT$0.81 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$10.3b (up 13% from 1Q 2020). Net income: NT$1.24b (up 38% from 1Q 2020). Profit margin: 12% (up from 9.9% 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 3% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$3.36 (vs NT$2.08 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: NT$40.1b (flat on FY 2019). Net income: NT$3.73b (up 62% from FY 2019). Profit margin: 9.3% (up from 5.7% in FY 2019). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Mar 19
Cheng Loong Corporation, Annual General Meeting, Jun 11, 2021 Cheng Loong Corporation, Annual General Meeting, Jun 11, 2021. Location: Basement 1, No. 1, Sec. 1 Minsheng Rd., Banqiao Dist (Cheng Loong Lizi International Conference Hall) New Taipei City Taiwan Agenda: To consider 2020 Business Overview - Business Report; to approve endorsement/guarantee provided by the Company to others and its necessity and reasonableness, as well as loaning funds to others; to approve 2020 distribution of employee compensation; to approve amendment to the company's Rules of Procedure for Board of Directors' Meetings; and to consider other matters. Is New 90 Day High Low • Jan 20
New 90-day low: NT$29.85 The company is down 12% from its price of NT$33.85 on 22 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Packaging industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$24.38 per share. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.83 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$10.3b (up 2.3% from 3Q 2019). Net income: NT$916.2m (up 32% from 3Q 2019). Profit margin: 8.9% (up from 6.9% in 3Q 2019). 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 25% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Oct 12
New 90-day high: NT$33.50 The company is up 44% from its price of NT$23.25 on 14 July 2020. The Taiwanese market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$39.90 per share.