New Risk • Jun 17
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 269% 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 Earnings have declined by 55% 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 (0.7% net profit margin). Market cap is less than US$100m (NT$1.38b market cap, or US$43.9m). Reported Earnings • May 12
First quarter 2026 earnings released: EPS: NT$0.16 (vs NT$0.03 in 1Q 2025) First quarter 2026 results: EPS: NT$0.16 (up from NT$0.03 in 1Q 2025). Revenue: NT$233.4m (down 8.0% from 1Q 2025). Net income: NT$15.6m (up 432% from 1Q 2025). Profit margin: 6.7% (up from 1.2% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 03
Full year 2025 earnings released: NT$0.06 loss per share (vs NT$0.16 profit in FY 2024) Full year 2025 results: NT$0.06 loss per share (down from NT$0.16 profit in FY 2024). Revenue: NT$988.9m (down 9.8% from FY 2024). Net loss: NT$5.88m (down 137% from profit in FY 2024). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Tillkännagivande • Mar 02
Chih Lien Industrial Co., Ltd., Annual General Meeting, May 27, 2026 Chih Lien Industrial Co., Ltd., Annual General Meeting, May 27, 2026. Location: no,480, chung hsing rd., sinwu district, taoyuan city Taiwan Reported Earnings • Nov 09
Third quarter 2025 earnings released: NT$0.06 loss per share (vs NT$0.01 loss in 3Q 2024) Third quarter 2025 results: NT$0.06 loss per share (further deteriorated from NT$0.01 loss in 3Q 2024). Revenue: NT$236.5m (down 9.4% from 3Q 2024). Net loss: NT$5.82m (loss widened 485% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 17
Second quarter 2025 earnings released: NT$0.11 loss per share (vs NT$0.049 profit in 2Q 2024) Second quarter 2025 results: NT$0.11 loss per share (down from NT$0.049 profit in 2Q 2024). Revenue: NT$253.0m (down 15% from 2Q 2024). Net loss: NT$10.7m (down 326% 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 64 percentage points per year, which is a significant difference in performance. Reported Earnings • May 13
First quarter 2025 earnings released: EPS: NT$0.03 (vs NT$0.008 in 1Q 2024) First quarter 2025 results: EPS: NT$0.03 (up from NT$0.008 in 1Q 2024). Revenue: NT$253.7m (up 4.0% from 1Q 2024). Net income: NT$2.94m (up 269% from 1Q 2024). Profit margin: 1.2% (up from 0.3% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. Tillkännagivande • Apr 29
Chih Lien Industrial Co., Ltd. to Report Q1, 2025 Results on May 06, 2025 Chih Lien Industrial Co., Ltd. announced that they will report Q1, 2025 results on May 06, 2025 Reported Earnings • Mar 07
Full year 2024 earnings released: EPS: NT$0.16 (vs NT$0.56 loss in FY 2023) Full year 2024 results: EPS: NT$0.16 (up from NT$0.56 loss in FY 2023). Revenue: NT$1.10b (up 20% from FY 2023). Net income: NT$15.9m (up NT$70.7m from FY 2023). Profit margin: 1.5% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Tillkännagivande • Mar 03
Chih Lien Industrial Co., Ltd., Annual General Meeting, May 28, 2025 Chih Lien Industrial Co., Ltd., Annual General Meeting, May 28, 2025. Location: no,480, chung hsing rd., sinwu district, taoyuan city Taiwan Tillkännagivande • Feb 20
Chih Lien Industrial Co., Ltd. to Report Q4, 2024 Results on Feb 27, 2025 Chih Lien Industrial Co., Ltd. announced that they will report Q4, 2024 results on Feb 27, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings released: NT$0.01 loss per share (vs NT$0.099 loss in 3Q 2023) Third quarter 2024 results: NT$0.01 loss per share (improved from NT$0.099 loss in 3Q 2023). Revenue: NT$261.0m (up 10% from 3Q 2023). Net loss: NT$996.0k (loss narrowed 90% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 106 percentage points per year, which is a significant difference in performance. Tillkännagivande • Nov 05
Chih Lien Industrial Co., Ltd. to Report Q3, 2024 Results on Nov 12, 2024 Chih Lien Industrial Co., Ltd. announced that they will report Q3, 2024 results on Nov 12, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.05 (vs NT$0.16 loss in 2Q 2023) Second quarter 2024 results: EPS: NT$0.05 (up from NT$0.16 loss in 2Q 2023). Revenue: NT$298.1m (up 60% from 2Q 2023). Net income: NT$4.75m (up NT$20.3m from 2Q 2023). Profit margin: 1.6% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Tillkännagivande • Aug 02
Chih Lien Industrial Co., Ltd. to Report Q2, 2024 Results on Aug 09, 2024 Chih Lien Industrial Co., Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 Reported Earnings • May 12
First quarter 2024 earnings released: EPS: NT$0.01 (vs NT$0.14 loss in 1Q 2023) First quarter 2024 results: EPS: NT$0.01 (up from NT$0.14 loss in 1Q 2023). Revenue: NT$244.1m (up 1.0% from 1Q 2023). Net income: NT$796.0k (up NT$14.5m from 1Q 2023). Profit margin: 0.3% (up from net loss in 1Q 2023). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. Tillkännagivande • May 11
Chih Lien Industrial Co., Ltd. Announces Executive Changes Chih Lien Industrial Co., Ltd. announced retirement of financial and accounting officer and successor approved by board of directors. Name, title, and resume of the previous position holder: CHIU MING YUAN director of Administration/National Cheng Kung University Department of Accounting/CHIH LIEN INDUSTRIAL CO.,LTD (Director). Name, title, and resume of the new position holder: Allen Huang assistant manager/Chung Yuan Christian University Department of Accounting/PricewaterhouseCoopers,Taiwan(Assistant manager). Reason for the change: Retirement. CHIU MING YUAN, the financial and accounting officer will retire on June 30, 2024. The successor will assume office on July 1, 2024. Date of occurrence of the change: May 8, 2024. Tillkännagivande • May 09
Chih Lien Industrial Co., Ltd. Announces Corporate Governance Officer Changes Chih Lien Industrial Co., Ltd. announced that the retirement of Corporate Governance Officer and successor approved by board of directors. Name, title, and resume of the previous position holder: CHIU MING YUAN director of Administration/National Cheng Kung University Department of Accounting/CHIH LIEN INDUSTRIAL CO.,LTD(Director). Name, title, and resume of the new position holder: LIN,XIN-AN vice president/National Chengchi University Business Leadership Program CHIH LIEN INDUSTRIAL CO.,LTD(Vice president,Manager, Assistant Manager,Director). Reason for the change: Retirement. CHIU MING YUAN,the corporate governance officer will retire on June 30, 2024. The successor will assume office on July 1, 2024. Date of occurrence of the change: May 8, 2024. Tillkännagivande • May 03
Chih Lien Industrial Co., Ltd. to Report Q1, 2024 Results on May 08, 2024 Chih Lien Industrial Co., Ltd. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 08, 2024 Reported Earnings • Mar 03
Full year 2023 earnings released: NT$0.56 loss per share (vs NT$0.48 profit in FY 2022) Full year 2023 results: NT$0.56 loss per share (down from NT$0.48 profit in FY 2022). Revenue: NT$916.4m (down 22% from FY 2022). Net loss: NT$54.8m (down 216% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Tillkännagivande • Feb 28
Chih Lien Industrial Co., Ltd., Annual General Meeting, May 30, 2024 Chih Lien Industrial Co., Ltd., Annual General Meeting, May 30, 2024. Location: No.480,Zhongxing Rd.,Xinwu Dist. Taoyuan City Taiwan Agenda: To approve Business Report in 2023; to approve Audit Committee's Review Report on Business Report and Financial Statements; to approve Directors Remuneration and Employees Compensation in 2023; to approve revision of the Code of Ethics; to approve Revision of the Principles of Corporate Social Responsibility Practices; to ratify Business Report and Finical Statements in 2023; to ratify Earrings Distribution in 2023; to approve amend the Memorandum And Articles of Association; to approve Motion to Lift Restrictions on New Directors' Non-Compete Agreements; and to consider other matters. New Risk • Aug 11
New major risk - Revenue and earnings growth Earnings have declined by 0.3% 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 Risk Earnings have declined by 0.3% per year over the past 5 years. Minor Risks High level of debt (46% net debt to equity). Market cap is less than US$100m (NT$1.66b market cap, or US$52.1m). Reported Earnings • Aug 11
Second quarter 2023 earnings released: NT$0.16 loss per share (vs NT$0.16 profit in 2Q 2022) Second quarter 2023 results: NT$0.16 loss per share (down from NT$0.16 profit in 2Q 2022). Revenue: NT$186.3m (down 41% from 2Q 2022). Net loss: NT$15.6m (down 201% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 3% per year. Upcoming Dividend • Jul 05
Upcoming dividend of NT$0.35 per share at 1.9% yield Eligible shareholders must have bought the stock before 12 July 2023. Payment date: 08 August 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.9%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (3.7%). Reported Earnings • Apr 23
Full year 2022 earnings released: EPS: NT$0.48 (vs NT$1.47 in FY 2021) Full year 2022 results: EPS: NT$0.48 (down from NT$1.47 in FY 2021). Revenue: NT$1.17b (down 23% from FY 2021). Net income: NT$47.2m (down 67% from FY 2021). Profit margin: 4.0% (down from 9.4% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
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. 8 experienced directors. No highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director Cai Xiong was the last independent director to join the board, commencing their role in 2015. 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 • Nov 06
Third quarter 2022 earnings released: EPS: NT$0.11 (vs NT$0.46 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.11 (down from NT$0.46 in 3Q 2021). Revenue: NT$244.2m (down 40% from 3Q 2021). Net income: NT$10.6m (down 77% from 3Q 2021). Profit margin: 4.3% (down from 11% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improved over the past week After last week's 16% share price gain to NT$22.20, the stock trades at a trailing P/E ratio of 18.6x. Average trailing P/E is 9x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 120% over the past three years. Upcoming Dividend • Aug 11
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 18 August 2022. Payment date: 16 September 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 6.2%. Lower than top quartile of Taiwanese dividend payers (6.6%). Lower than average of industry peers (9.1%). Reported Earnings • Aug 07
Second quarter 2022 earnings released: EPS: NT$0.16 (vs NT$0.44 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.16 (down from NT$0.44 in 2Q 2021). Revenue: NT$317.9m (down 24% from 2Q 2021). Net income: NT$15.5m (down 64% from 2Q 2021). Profit margin: 4.9% (down from 10% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 08
First quarter 2022 earnings released: EPS: NT$0.28 (vs NT$0.28 in 1Q 2021) First quarter 2022 results: EPS: NT$0.28 (vs NT$0.28 in 1Q 2021). Revenue: NT$362.3m (flat on 1Q 2021). Net income: NT$27.7m (up 1.2% from 1Q 2021). Profit margin: 7.6% (up from 7.5% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. 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. 8 experienced directors. No highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director Cai Xiong was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Buying Opportunity • Mar 08
Now 26% undervalued Over the last 90 days, the stock is up 31%. The fair value is estimated to be NT$35.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.7% per annum over the last 3 years. Earnings per share has grown by 45% per annum over the last 3 years. Tillkännagivande • Mar 06
Chih Lien Industrial Co., Ltd., Annual General Meeting, May 26, 2022 Chih Lien Industrial Co., Ltd., Annual General Meeting, May 26, 2022. Reported Earnings • Feb 28
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$1.47 (up from NT$0.28 in FY 2020). Revenue: NT$1.53b (up 29% from FY 2020). Net income: NT$143.3m (up 434% from FY 2020). Profit margin: 9.4% (up from 2.3% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$22.75, the stock trades at a trailing P/E ratio of 22.9x. Average trailing P/E is 17x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 148% over the past three years. Upcoming Dividend • Sep 02
Upcoming dividend of NT$0.25 per share Eligible shareholders must have bought the stock before 09 September 2021. Payment date: 08 October 2021. Trailing yield: 1.0%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (1.5%). Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improved over the past week After last week's 17% share price gain to NT$28.95, the stock trades at a trailing P/E ratio of 29.2x. Average trailing P/E is 18x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 213% over the past three years. Reported Earnings • Aug 06
Second quarter 2021 earnings released: EPS NT$0.44 (vs NT$0.022 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$416.5m (up 80% from 2Q 2020). Net income: NT$42.8m (up NT$40.6m from 2Q 2020). Profit margin: 10% (up from 0.9% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 35% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$24.40, the stock trades at a trailing P/E ratio of 42.4x. Average trailing P/E is 31x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 162% over the past three years. Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improved over the past week After last week's 23% share price gain to NT$21.10, the stock trades at a trailing P/E ratio of 36.6x. Average trailing P/E is 24x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 129% over the past three years. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improved over the past week After last week's 19% share price gain to NT$19.10, the stock trades at a trailing P/E ratio of 33.2x. Average trailing P/E is 21x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 102% over the past three years. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$16.60, the stock trades at a trailing P/E ratio of 28.8x. Average trailing P/E is 23x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 75% over the past three years. Reported Earnings • May 06
First quarter 2021 earnings released: EPS NT$0.28 (vs NT$0.02 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$363.7m (up 29% from 1Q 2020). Net income: NT$27.3m (up NT$29.3m from 1Q 2020). Profit margin: 7.5% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improved over the past week After last week's 20% share price gain to NT$20.10, the stock trades at a trailing P/E ratio of 73x. Average trailing P/E is 31x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 103% over the past three years. Is New 90 Day High Low • Mar 05
New 90-day high: NT$16.95 The company is up 11% from its price of NT$15.30 on 04 December 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Metals and Mining industry, which is also up 11% over the same period. Reported Earnings • Mar 03
Full year 2020 earnings released: EPS NT$0.28 (vs NT$0.18 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$1.18b (down 4.2% from FY 2019). Net income: NT$26.8m (up 57% from FY 2019). Profit margin: 2.3% (up from 1.4% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 77% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 04
New 90-day low: NT$14.05 The company is down 3.0% from its price of NT$14.50 on 06 November 2020. The Taiwanese market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 11% over the same period. Is New 90 Day High Low • Jan 15
New 90-day low: NT$14.35 The company is down 6.0% from its price of NT$15.20 on 16 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 21% over the same period. Is New 90 Day High Low • Dec 21
New 90-day high: NT$15.75 The company is up 6.0% from its price of NT$14.80 on 22 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 18% over the same period. Is New 90 Day High Low • Dec 02
New 90-day high: NT$15.60 The company is up 4.0% from its price of NT$15.00 on 03 September 2020. The Taiwanese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 15% over the same period. Reported Earnings • Nov 05
Third quarter 2020 earnings released: EPS NT$0.06 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$314.2m (up 1.2% from 3Q 2019). Net income: NT$5.59m (up 268% from 3Q 2019). Profit margin: 1.8% (up from 0.5% in 3Q 2019). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 76% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. 
