Buy Or Sell Opportunity • May 07
Now 20% undervalued Over the last 90 days, the stock has risen 15% to NT$400. The fair value is estimated to be NT$501, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.6% over the last 3 years. Earnings per share has grown by 27%. Reported Earnings • May 07
First quarter 2026 earnings released: EPS: NT$2.00 (vs NT$1.88 in 1Q 2025) First quarter 2026 results: EPS: NT$2.00 (up from NT$1.88 in 1Q 2025). Revenue: NT$1.20b (up 8.6% from 1Q 2025). Net income: NT$227.0m (up 18% from 1Q 2025). Profit margin: 19% (up from 17% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 8.2% growth forecast for the Chemicals 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 increased by 66% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Mar 13
Upcoming dividend of NT$6.50 per share Eligible shareholders must have bought the stock before 20 March 2026. Payment date: 21 April 2026. Payout ratio and cash payout ratio are on the higher end at 88% and 94% respectively. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (2.1%). Buy Or Sell Opportunity • Mar 09
Now 28% undervalued Over the last 90 days, the stock has risen 7.8% to NT$353. The fair value is estimated to be NT$488, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.9% over the last 3 years. Earnings per share has grown by 22%. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$382, the stock trades at a trailing P/E ratio of 51.8x. Average forward P/E is 20x in the Chemicals industry in Taiwan. Total returns to shareholders of 382% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$486 per share. New Risk • Mar 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Tillkännagivande • Feb 25
Daxin Materials Corporation, Annual General Meeting, May 22, 2026 Daxin Materials Corporation, Annual General Meeting, May 22, 2026, at 09:30 Taipei Standard Time. Location: no,21, k`o yuan rd., hsi tun district, taichung city Taiwan Reported Earnings • Feb 25
Full year 2025 earnings released: EPS: NT$7.37 (vs NT$5.56 in FY 2024) Full year 2025 results: EPS: NT$7.37 (up from NT$5.56 in FY 2024). Revenue: NT$4.63b (up 12% from FY 2024). Net income: NT$757.0m (up 33% from FY 2024). Profit margin: 16% (up from 14% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 5.4% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 79% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$1.90 (vs NT$1.30 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.90 (up from NT$1.30 in 3Q 2024). Revenue: NT$1.19b (up 11% from 3Q 2024). Net income: NT$195.8m (up 47% from 3Q 2024). Profit margin: 17% (up from 12% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 69% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$392, the stock trades at a trailing P/E ratio of 60.5x. Average forward P/E is 24x in the Chemicals industry in Taiwan. Total returns to shareholders of 499% over the past three years. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$328, the stock trades at a trailing P/E ratio of 50.7x. Average forward P/E is 22x in the Chemicals industry in Taiwan. Total returns to shareholders of 393% over the past three years. Reported Earnings • Aug 13
Second quarter 2025 earnings released: EPS: NT$1.55 (vs NT$1.40 in 2Q 2024) Second quarter 2025 results: EPS: NT$1.55 (up from NT$1.40 in 2Q 2024). Revenue: NT$1.15b (up 12% from 2Q 2024). Net income: NT$159.4m (up 11% from 2Q 2024). Profit margin: 14% (in line with 2Q 2024). Revenue is forecast to grow 7.6% p.a. on average during the next 2 years, compared to a 3.6% growth forecast for the Chemicals industry in Taiwan. 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 53% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Jun 10
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to NT$254. The fair value is estimated to be NT$202, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$242, the stock trades at a trailing P/E ratio of 38.2x. Average forward P/E is 19x in the Chemicals industry in Taiwan. Total returns to shareholders of 198% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$202 per share. Upcoming Dividend • May 20
Upcoming dividend of NT$5.00 per share Eligible shareholders must have bought the stock before 27 May 2025. Payment date: 20 June 2025. Payout ratio is on the higher end at 84%, however this is supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (2.8%). Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$1.88 (vs NT$1.11 in 1Q 2024) First quarter 2025 results: EPS: NT$1.88 (up from NT$1.11 in 1Q 2024). Revenue: NT$1.11b (up 17% from 1Q 2024). Net income: NT$192.8m (up 69% from 1Q 2024). Profit margin: 17% (up from 12% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.3% p.a. on average during the next 2 years, compared to a 4.3% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • May 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to NT$160. The fair value is estimated to be NT$204, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.9% over the last 3 years. Earnings per share has declined by 6.9%. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$140, the stock trades at a trailing P/E ratio of 25.2x. Average forward P/E is 16x in the Chemicals industry in Taiwan. Total returns to shareholders of 44% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$205 per share. New Risk • Apr 07
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 7.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.9% average weekly change). Earnings have declined by 7.3% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Buy Or Sell Opportunity • Apr 07
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 25% to NT$155. The fair value is estimated to be NT$205, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.9% over the last 3 years. Earnings per share has declined by 6.9%. Reported Earnings • Mar 02
Full year 2024 earnings released: EPS: NT$5.56 (vs NT$5.10 in FY 2023) Full year 2024 results: EPS: NT$5.56 (up from NT$5.10 in FY 2023). Revenue: NT$4.12b (down 3.4% from FY 2023). Net income: NT$570.6m (up 9.0% from FY 2023). Profit margin: 14% (up from 12% in FY 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 9.2% p.a. on average during the next 2 years, compared to a 5.0% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Tillkännagivande • Feb 26
Daxin Materials Corporation, Annual General Meeting, May 14, 2025 Daxin Materials Corporation, Annual General Meeting, May 14, 2025. Location: no,21, k`o yuan rd., hsi tun district, taichung city Taiwan Tillkännagivande • Feb 18
Daxin Materials Corporation to Report Fiscal Year 2024 Results on Feb 25, 2025 Daxin Materials Corporation announced that they will report fiscal year 2024 results on Feb 25, 2025 Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$191, the stock trades at a trailing P/E ratio of 39.2x. Average forward P/E is 16x in the Chemicals industry in Taiwan. Total returns to shareholders of 65% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$121 per share. Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$199, the stock trades at a trailing P/E ratio of 40.8x. Average forward P/E is 17x in the Chemicals industry in Taiwan. Total returns to shareholders of 73% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$120 per share. Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: NT$1.30 (vs NT$1.61 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.30 (down from NT$1.61 in 3Q 2023). Revenue: NT$1.07b (down 8.6% from 3Q 2023). Net income: NT$133.1m (down 20% from 3Q 2023). Profit margin: 12% (down from 14% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 8.8% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 32% per year, which means it is well ahead of earnings. Tillkännagivande • Oct 30
Daxin Materials Corporation to Report Q3, 2024 Results on Nov 06, 2024 Daxin Materials Corporation announced that they will report Q3, 2024 results on Nov 06, 2024 Buy Or Sell Opportunity • Oct 24
Now 23% undervalued Over the last 90 days, the stock has risen 74% to NT$242. The fair value is estimated to be NT$314, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.1% over the last 3 years. Earnings per share has declined by 12%. Valuation Update With 7 Day Price Move • Oct 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$255, the stock trades at a trailing P/E ratio of 49.1x. Average forward P/E is 17x in the Chemicals industry in Taiwan. Total returns to shareholders of 221% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$313 per share. Buy Or Sell Opportunity • Oct 08
Now 20% undervalued Over the last 90 days, the stock has risen 68% to NT$249. The fair value is estimated to be NT$313, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.1% over the last 3 years. Earnings per share has declined by 12%. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$206, the stock trades at a trailing P/E ratio of 39.7x. Average forward P/E is 17x in the Chemicals industry in Taiwan. Total returns to shareholders of 159% over the past three years. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$167, the stock trades at a trailing P/E ratio of 32.2x. Average forward P/E is 20x in the Chemicals industry in Taiwan. Total returns to shareholders of 110% over the past three years. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: NT$1.40 (vs NT$1.46 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.40 (down from NT$1.46 in 2Q 2023). Revenue: NT$1.03b (down 9.0% from 2Q 2023). Net income: NT$143.7m (down 4.4% from 2Q 2023). Profit margin: 14% (in line with 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$118, the stock trades at a trailing P/E ratio of 22.5x. Average trailing P/E is 22x in the Chemicals industry in Taiwan. Total returns to shareholders of 41% over the past three years. Tillkännagivande • Aug 03
Daxin Materials Corporation to Report Q2, 2024 Results on Aug 12, 2024 Daxin Materials Corporation announced that they will report Q2, 2024 results on Aug 12, 2024 Price Target Changed • Jul 16
Price target increased by 40% to NT$210 Up from NT$150, the current price target is provided by 1 analyst. New target price is 44% above last closing price of NT$146. The company posted earnings per share of NT$5.10 last year. Buy Or Sell Opportunity • Jul 01
Now 11% overvalued Over the last 90 days, the stock has fallen 7.1% to NT$150. The fair value is estimated to be NT$134, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.1% over the last 3 years. Earnings per share has declined by 14%. Upcoming Dividend • Jun 27
Upcoming dividend of NT$4.10 per share Eligible shareholders must have bought the stock before 04 July 2024. Payment date: 31 July 2024. Payout ratio is on the higher end at 78%, however this is supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.2%). Buy Or Sell Opportunity • Jun 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.6% to NT$148. The fair value is estimated to be NT$185, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.1% over the last 3 years. Earnings per share has declined by 14%. Declared Dividend • May 31
Dividend increased to NT$4.10 Dividend of NT$4.10 is 24% higher than last year. Ex-date: 4th July 2024 Payment date: 31st July 2024 Dividend yield will be 2.4%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (78% earnings payout ratio) and cash flows (68% cash payout ratio). The dividend has increased by an average of 4.7% 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 decline by 13% to shift the payout ratio to a potentially unsustainable range, which is more than the 4.4% EPS decline seen over the last 5 years. Tillkännagivande • May 30
Daxin Materials Corporation Announces Cash Dividend, Payable on July 31, 2024 Daxin Materials Corporation announced Cash dividend of TWD 421,135,235 (TWD 4.1 per common share). Ex-rights (ex-dividend) trading date: July 4, 2024. Ex-rights (ex-dividend) record date: July 10, 2024. Payment date of common stock cash dividend distribution: July 31, 2024. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: NT$1.11 (vs NT$0.96 in 1Q 2023) First quarter 2024 results: EPS: NT$1.11 (up from NT$0.96 in 1Q 2023). Revenue: NT$948.8m (down 1.4% from 1Q 2023). Net income: NT$114.0m (up 16% from 1Q 2023). Profit margin: 12% (up from 10% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Tillkännagivande • May 02
Daxin Materials Corporation to Report Q1, 2024 Results on May 08, 2024 Daxin Materials Corporation announced that they will report Q1, 2024 results on May 08, 2024 Buy Or Sell Opportunity • Apr 22
Now 22% undervalued Over the last 90 days, the stock has risen 25% to NT$136. The fair value is estimated to be NT$173, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.5% over the last 3 years. Earnings per share has declined by 15%. Reported Earnings • Mar 05
Full year 2023 earnings released: EPS: NT$5.10 (vs NT$4.15 in FY 2022) Full year 2023 results: EPS: NT$5.10 (up from NT$4.15 in FY 2022). Revenue: NT$4.26b (up 9.6% from FY 2022). Net income: NT$523.4m (up 23% from FY 2022). Profit margin: 12% (up from 11% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$145, the stock trades at a trailing P/E ratio of 29.6x. Average forward P/E is 24x in the Chemicals industry in Taiwan. Total returns to shareholders of 85% over the past three years. New Risk • Feb 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 7.5% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (120% cash payout ratio). Share price has been volatile over the past 3 months (6.0% average weekly change). Tillkännagivande • Feb 28
Daxin Materials Corporation, Annual General Meeting, May 24, 2024 Daxin Materials Corporation, Annual General Meeting, May 24, 2024. Location: Office of Continuing Education, Chaoyang University of Technology :No.21, Keyuan Rd., Xitun Dist. Taipei City Taiwan Agenda: To report the business of 2023, Audit Committee's review report; to report the distribution of employees's and directors' remuneration of 2023; to report the cash dividend distribution of 2023; to accept 2023 Business Report and Financial Statements; to accept the proposal for the distribution of 2023 earnings; and to lift the non-competition restriction on directors. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: NT$1.46 (vs NT$1.36 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.46 (up from NT$1.36 in 2Q 2022). Revenue: NT$1.13b (up 7.8% from 2Q 2022). Net income: NT$150.4m (up 7.4% from 2Q 2022). Profit margin: 13% (in line with 2Q 2022). Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 6.7% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Tillkännagivande • Aug 11
Daxin Materials Corporation Announces Executive Changes Daxin Materials Corporation announced changes to Remuneration Committee. Name of the previous position holder: Chia-Ching Tong, Xin-Wu Lin and Wei-Shun Cheng. Name of the new position holder Xin-Wu Lin, Wei-Shun Cheng, Chiao-Mou Cheng and Chih-Chun Tsai. Effective date of the new member is August 10, 2023. Buying Opportunity • Jul 28
Now 20% undervalued Over the last 90 days, the stock is up 48%. 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 3.6% over the last 3 years. Earnings per share has declined by 12%. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$133, the stock trades at a trailing P/E ratio of 37.8x. Average forward P/E is 21x in the Chemicals industry in Taiwan. Total returns to shareholders of 77% over the past three years. New Risk • Jul 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 3.2% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (94% payout ratio). Share price has been volatile over the past 3 months (6.0% average weekly change). Profit margins are more than 30% lower than last year (9.9% net profit margin). Upcoming Dividend • Jun 28
Upcoming dividend of NT$3.30 per share at 2.9% yield Eligible shareholders must have bought the stock before 05 July 2023. Payment date: 31 July 2023. Payout ratio is on the higher end at 94%, and the cash payout ratio is above 100%. Trailing yield: 2.9%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.6%). Tillkännagivande • Jun 17
Daxin Materials Corporation Approves Board Elections Daxin Materials Corporation announced that at its AGM held on June 15, 2023, the shareholders elected Ting-Li Lin, Representative of Konly Venture Corporation as director, Chiao-Mou Cheng and Chih-Chun Tsai as independent directors of the company. Tillkännagivande • Jun 16
Daxin Materials Corporation Announces Board Changes Daxin Materials Corporation announced changed the members of the audit committee. Name of the functional committees: Audit Committee. Name of the previous position holder: Independent Director: Chia-Ching Tong; Independent Director: Xin-Wu Lin; Independent Director: Wei-Shun Cheng. Resume of the previous position holder: Independent Director: Chia-Ching Tong, Independent Director, Gallant Precision Machining Co. Ltd.; Independent Director, Xin-Wu Lin Vice President, Director of Research Division III & Research Fellow, Taiwan Institute of Economic Research; Independent Director, Wei-Shun Cheng, Director & Vice President, M.Setek Co. Ltd. Name of the new position holder: Independent Director, Xin-Wu Lin; Independent Director, Wei-Shun Cheng; Independent Director, Chiao-Mou Cheng; Independent Director, Chih-Chun Tsai. Resume of the new position holder: Independent Director: Xin-Wu Lin, Vice President, Director of Research Division III & Research Fellow, Taiwan Institute of Economic Research; Independent Director: Wei-Shun Cheng, Director & Vice President, M.Setek Co. Ltd.; Independent Director: Chiao-Mou Cheng Assistant Vice President, Eternal Materials Co. Ltd.; Independent Director: Chih-Chun Tsai, Senior Director, Asia Pac Business, Taiwan Semiconductor Manufacturing Company Limited. Effective date of the new member is June 15, 2023. Price Target Changed • Apr 30
Price target increased by 9.4% to NT$105 Up from NT$96.00, the current price target is provided by 1 analyst. New target price is 17% above last closing price of NT$89.60. Stock is down 14% over the past year. The company posted earnings per share of NT$4.15 last year. Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: NT$4.15 (vs NT$6.62 in FY 2021) Full year 2022 results: EPS: NT$4.15 (down from NT$6.62 in FY 2021). Revenue: NT$3.89b (down 14% from FY 2021). Net income: NT$426.1m (down 37% from FY 2021). Profit margin: 11% (down from 15% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Buying Opportunity • Dec 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.1%. The fair value is estimated to be NT$84.09, however this is not to be taken as a buy 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 2.9%. 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 Xin-Wu Lin was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Third quarter 2022 earnings released: EPS: NT$0.35 (vs NT$1.85 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.35 (down from NT$1.85 in 3Q 2021). Revenue: NT$727.6m (down 38% from 3Q 2021). Net income: NT$35.4m (down 81% from 3Q 2021). Profit margin: 4.9% (down from 16% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 9% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: NT$1.36 (vs NT$1.57 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.36 (down from NT$1.57 in 2Q 2021). Revenue: NT$1.05b (down 3.9% from 2Q 2021). Net income: NT$140.0m (down 13% from 2Q 2021). Profit margin: 13% (down from 15% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$72.00, the stock trades at a trailing P/E ratio of 10.8x. Average forward P/E is 11x in the Chemicals industry in Taiwan. Total loss to shareholders of 9.1% over the past three years. Upcoming Dividend • Jun 27
Upcoming dividend of NT$5.30 per share Eligible shareholders must have bought the stock before 04 July 2022. Payment date: 29 July 2022. Payout ratio is on the higher end at 80%, and the cash payout ratio is above 100%. Trailing yield: 5.8%. Lower than top quartile of Taiwanese dividend payers (6.3%). Lower than average of industry peers (6.9%). Reported Earnings • May 07
First quarter 2022 earnings released: EPS: NT$1.59 (vs NT$1.58 in 1Q 2021) First quarter 2022 results: EPS: NT$1.59 (up from NT$1.58 in 1Q 2021). Revenue: NT$1.20b (up 11% from 1Q 2021). Net income: NT$163.4m (flat on 1Q 2021). Profit margin: 14% (down from 15% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 4% per year. Price Target Changed • Apr 27
Price target increased to NT$145 Up from NT$91.25, the current price target is provided by 1 analyst. New target price is 47% above last closing price of NT$98.70. Stock is up 3.9% over the past year. The company posted earnings per share of NT$6.62 last year. 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. 9 experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Director Michael Tsai was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Tillkännagivande • Feb 26
Daxin Materials Corporation, Annual General Meeting, Jun 15, 2022 Daxin Materials Corporation, Annual General Meeting, Jun 15, 2022. Reported Earnings • Feb 24
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$6.62 (up from NT$6.15 in FY 2020). Revenue: NT$4.51b (up 5.1% from FY 2020). Net income: NT$680.4m (up 7.8% from FY 2020). Profit margin: 15% (in line with FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 5.6%, compared to a 3.3% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 3% per year. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 20% share price gain to NT$154, the stock trades at a trailing P/E ratio of 23.9x. Average forward P/E is 12x in the Chemicals industry in Taiwan. Total returns to shareholders of 101% over the past three years. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$1.85 (vs NT$1.53 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$1.18b (up 9.1% from 3Q 2020). Net income: NT$189.9m (up 21% from 3Q 2020). Profit margin: 16% (up from 14% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Reported Earnings • Aug 05
Second quarter 2021 earnings released: EPS NT$1.57 (vs NT$1.51 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: NT$1.09b (up 1.0% from 2Q 2020). Net income: NT$161.0m (up 3.9% from 2Q 2020). Profit margin: 15% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 4% per year. Upcoming Dividend • Jul 14
Upcoming dividend of NT$5.00 per share Eligible shareholders must have bought the stock before 21 July 2021. Payment date: 12 August 2021. Trailing yield: 5.4%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (2.8%). Reported Earnings • Apr 29
First quarter 2021 earnings released: EPS NT$1.58 (vs NT$1.67 in 1Q 2020) The company reported a poor first quarter result with weaker earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: NT$1.07b (down 2.4% from 1Q 2020). Net income: NT$161.9m (down 5.6% from 1Q 2020). Profit margin: 15% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 7% per year. Analyst Estimate Surprise Post Earnings • Feb 27
Revenue misses expectations Revenue missed analyst estimates by 0.3%. Over the next year, revenue is forecast to grow 3.9%, compared to a 14% growth forecast for the Chemicals industry in Taiwan. Tillkännagivande • Feb 26
Daxin Materials Corporation, Annual General Meeting, Jun 17, 2021 Daxin Materials Corporation, Annual General Meeting, Jun 17, 2021. Reported Earnings • Feb 26
Full year 2020 earnings released: EPS NT$6.15 (vs NT$6.33 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: NT$4.30b (down 5.2% from FY 2019). Net income: NT$631.3m (down 2.9% from FY 2019). Profit margin: 15% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 3% per year. Is New 90 Day High Low • Feb 17
New 90-day high: NT$87.30 The company is up 6.0% from its price of NT$82.10 on 19 November 2020. The Taiwanese market is up 14% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Chemicals 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$199 per share.