Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to NT$73.20, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 13x in the Luxury industry in Taiwan. Total loss to shareholders of 52% over the past three years. Major Estimate Revision • Jun 12
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from NT$5.78 to NT$5.10 per share. Revenue forecast steady at NT$82.6b. Net income forecast to grow 13% next year vs 26% growth forecast for Luxury industry in Taiwan. Consensus price target down from NT$99.47 to NT$87.84. Share price rose 20% to NT$92.40 over the past week. Price Target Changed • Jun 11
Price target decreased by 11% to NT$87.84 Down from NT$99.09, the current price target is an average from 11 analysts. New target price is 5.9% below last closing price of NT$93.30. Stock is down 24% over the past year. The company is forecast to post earnings per share of NT$5.10 for next year compared to NT$5.10 last year. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$79.00, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Luxury industry in Taiwan. Total loss to shareholders of 49% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$116 per share. Declared Dividend • May 30
Dividend reduced to NT$4.10 Dividend of NT$4.10 is 20% lower than last year. Ex-date: 15th June 2026 Payment date: 16th July 2026 Dividend yield will be 5.8%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by both earnings (89% earnings payout ratio) and cash flows (67% cash payout ratio). The dividend has increased by an average of 6.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 17% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 13
First quarter 2026 earnings released: EPS: NT$0.68 (vs NT$1.16 in 1Q 2025) First quarter 2026 results: EPS: NT$0.68 (down from NT$1.16 in 1Q 2025). Revenue: NT$19.2b (down 7.2% from 1Q 2025). Net income: NT$674.0m (down 41% from 1Q 2025). Profit margin: 3.5% (down from 5.5% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 26% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Apr 10
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 28% to NT$77.20. The fair value is estimated to be NT$97.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.0% over the last 3 years. Earnings per share has declined by 15%. Revenue is forecast to grow by 5.0% in 2 years. Earnings are forecast to grow by 20% in the next 2 years. Price Target Changed • Apr 08
Price target decreased by 9.6% to NT$101 Down from NT$111, the current price target is an average from 11 analysts. New target price is 24% above last closing price of NT$81.00. Stock is down 8.0% over the past year. The company is forecast to post earnings per share of NT$5.46 for next year compared to NT$5.10 last year. Duyuru • Mar 11
Feng Tay Enterprises Co., Ltd., Annual General Meeting, May 28, 2026 Feng Tay Enterprises Co., Ltd., Annual General Meeting, May 28, 2026, at 10:00 Taipei Standard Time. Location: no,52, k`o kung 8th rd., douliou city, yunlin county Taiwan Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: NT$5.10 (vs NT$5.94 in FY 2024) Full year 2025 results: EPS: NT$5.10 (down from NT$5.94 in FY 2024). Revenue: NT$83.5b (down 4.5% from FY 2024). Net income: NT$5.04b (down 14% from FY 2024). Profit margin: 6.0% (down from 6.7% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.8% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 18% per year. Buy Or Sell Opportunity • Jan 08
Now 24% overvalued Over the last 90 days, the stock has fallen 18% to NT$111. The fair value is estimated to be NT$88.84, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.8% over the last 3 years. Earnings per share has declined by 18%. Revenue is forecast to grow by 8.9% in 2 years. Earnings are forecast to grow by 20% in the next 2 years. Reported Earnings • Nov 14
Third quarter 2025 earnings: EPS in line with expectations, revenues disappoint Third quarter 2025 results: EPS: NT$1.76 (up from NT$1.45 in 3Q 2024). Revenue: NT$21.7b (down 4.6% from 3Q 2024). Net income: NT$1.74b (up 22% from 3Q 2024). Profit margin: 8.0% (up from 6.3% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 18% 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. Price Target Changed • Oct 14
Price target increased by 7.4% to NT$123 Up from NT$115, the current price target is an average from 12 analysts. New target price is 5.8% below last closing price of NT$131. Stock is down 5.8% over the past year. The company is forecast to post earnings per share of NT$5.10 for next year compared to NT$5.94 last year. Price Target Changed • Oct 02
Price target increased by 7.8% to NT$123 Up from NT$114, the current price target is an average from 12 analysts. New target price is 7.8% below last closing price of NT$133. Stock is down 13% over the past year. The company is forecast to post earnings per share of NT$5.10 for next year compared to NT$5.94 last year. Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$132, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 16x in the Luxury industry in Taiwan. Total returns to shareholders of 2.8% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$93.64 per share. Buy Or Sell Opportunity • Sep 22
Now 21% overvalued Over the last 90 days, the stock has fallen 1.3% to NT$113. The fair value is estimated to be NT$93.23, 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 15%. Revenue is forecast to grow by 6.4% in 2 years. Earnings are forecast to grow by 25% in the next 2 years. Buy Or Sell Opportunity • Sep 04
Now 22% overvalued Over the last 90 days, the stock has fallen 4.6% to NT$115. The fair value is estimated to be NT$93.49, 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 15%. Revenue is forecast to grow by 8.7% in 2 years. Earnings are forecast to grow by 25% in the next 2 years. New Risk • Aug 18
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 103% Cash payout ratio: 91% Dividend yield: 4.2% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 16
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: NT$0.73 (down from NT$1.61 in 2Q 2024). Revenue: NT$20.4b (down 8.4% from 2Q 2024). Net income: NT$719.6m (down 55% from 2Q 2024). Profit margin: 3.5% (down from 7.1% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 31%. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 15% 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. Buy Or Sell Opportunity • Aug 14
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at NT$125. The fair value is estimated to be NT$103, 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 8.4%. Revenue is forecast to grow by 6.0% in 2 years. Earnings are forecast to grow by 0.08% in the next 2 years. Buy Or Sell Opportunity • Jun 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to NT$114. The fair value is estimated to be NT$143, 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 8.4%. Revenue is forecast to grow by 8.4% in 2 years. Earnings are forecast to grow by 6.6% in the next 2 years. Declared Dividend • May 31
Dividend increased to NT$5.10 Dividend of NT$5.10 is 19% higher than last year. Ex-date: 16th June 2025 Payment date: 16th July 2025 Dividend yield will be 4.2%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (88% earnings payout ratio) but not covered by cash flows (116% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 18% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • May 29
Feng Tay Enterprises Co., Ltd. Approves Dividend for the Year 2024, Payable July 16, 2025 Feng Tay Enterprises Co., Ltd. approved the 2024 earnings distribution: TWD 5.1 cash dividends per common share, at its shareholders meeting held on May 28, 2025. Ex-rights (ex-dividend) trading date: June 16, 2025. Cash dividend totaled TWD 5,036 million. Ex-rights (ex-dividend) record date: June 22, 2025. Payment date of common stock cash dividend distribution: July 16, 2025. Reported Earnings • May 10
First quarter 2025 earnings released: EPS: NT$1.16 (vs NT$1.29 in 1Q 2024) First quarter 2025 results: EPS: NT$1.16 (down from NT$1.29 in 1Q 2024). Revenue: NT$20.7b (flat on 1Q 2024). Net income: NT$1.15b (down 9.6% from 1Q 2024). Profit margin: 5.5% (down from 6.2% in 1Q 2024). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 8% per year and the company’s share price has also fallen by 8% per year. Buy Or Sell Opportunity • May 05
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to NT$107. The fair value is estimated to be NT$138, 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 declined by 3.5%. For the next 3 years, revenue is forecast to grow by 4.4% per annum. Earnings are also forecast to grow by 3.3% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$97.70, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 13x in the Luxury industry in Taiwan. Total loss to shareholders of 39% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$140 per share. Buy Or Sell Opportunity • Apr 07
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to NT$109. The fair value is estimated to be NT$140, 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 declined by 3.5%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 20% in the next 2 years. Duyuru • Mar 10
Feng Tay Enterprises Co., Ltd., Annual General Meeting, May 28, 2025 Feng Tay Enterprises Co., Ltd., Annual General Meeting, May 28, 2025. Location: no,52, k`o kung 8th rd., douliou city, yunlin county Taiwan Reported Earnings • Mar 10
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: NT$5.94 (up from NT$5.04 in FY 2023). Revenue: NT$87.5b (up 2.0% from FY 2023). Net income: NT$5.87b (up 18% from FY 2023). Profit margin: 6.7% (up from 5.8% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) also missed analyst estimates by 3.2%. Revenue is forecast to grow 7.6% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 7% per year. Duyuru • Mar 01
Feng Tay Enterprises Co., Ltd. to Report Fiscal Year 2024 Results on Mar 07, 2025 Feng Tay Enterprises Co., Ltd. announced that they will report fiscal year 2024 results at 9:00 AM, Taipei Standard Time on Mar 07, 2025 Reported Earnings • Nov 15
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: NT$1.45 (down from NT$1.71 in 3Q 2023). Revenue: NT$22.7b (down 1.5% from 3Q 2023). Net income: NT$1.43b (down 16% from 3Q 2023). Profit margin: 6.3% (down from 7.3% in 3Q 2023). Revenue missed analyst estimates by 6.0%. Earnings per share (EPS) also missed analyst estimates by 23%. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Duyuru • Nov 05
Feng Tay Enterprises Co., Ltd. to Report Q3, 2024 Results on Nov 12, 2024 Feng Tay Enterprises Co., Ltd. announced that they will report Q3, 2024 results on Nov 12, 2024 Reported Earnings • Aug 14
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: NT$1.60 (up from NT$1.21 in 2Q 2023). Revenue: NT$22.3b (up 7.8% from 2Q 2023). Net income: NT$1.59b (up 33% from 2Q 2023). Profit margin: 7.1% (up from 5.8% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 3.0%. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Duyuru • Aug 06
Feng Tay Enterprises Co., Ltd. to Report Q2, 2024 Results on Aug 13, 2024 Feng Tay Enterprises Co., Ltd. announced that they will report Q2, 2024 results on Aug 13, 2024 Upcoming Dividend • Jun 14
Upcoming dividend of NT$4.30 per share Eligible shareholders must have bought the stock before 21 June 2024. Payment date: 18 July 2024. Payout ratio is on the higher end at 77%, and the cash payout ratio is above 100%. Trailing yield: 2.7%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (3.1%). Reported Earnings • May 15
First quarter 2024 earnings: EPS misses analyst expectations First quarter 2024 results: EPS: NT$1.29 (up from NT$0.76 in 1Q 2023). Revenue: NT$20.6b (up 5.7% from 1Q 2023). Net income: NT$1.27b (up 70% from 1Q 2023). Profit margin: 6.2% (up from 3.8% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.7%. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Duyuru • May 05
Feng Tay Enterprises Co., Ltd. to Report Q1, 2024 Results on May 10, 2024 Feng Tay Enterprises Co., Ltd. announced that they will report Q1, 2024 results on May 10, 2024 Major Estimate Revision • Mar 23
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from NT$7.58 to NT$6.58. Revenue forecast unchanged from NT$91.2b at last update. Net income forecast to grow 31% next year vs 23% growth forecast for Luxury industry in Taiwan. Consensus price target broadly unchanged at NT$187. Share price fell 3.3% to NT$161 over the past week. Duyuru • Mar 16
Feng Tay Enterprises Co., Ltd., Annual General Meeting, May 31, 2024 Feng Tay Enterprises Co., Ltd., Annual General Meeting, May 31, 2024. Reported Earnings • Mar 15
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: NT$5.04 (down from NT$9.20 in FY 2022). Revenue: NT$85.8b (down 11% from FY 2022). Net income: NT$4.97b (down 45% from FY 2022). Profit margin: 5.8% (down from 9.5% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.1%. Revenue is forecast to grow 9.0% p.a. on average during the next 2 years, compared to a 9.7% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Major Estimate Revision • Nov 20
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$87.2b to NT$85.5b. EPS estimate also fell from NT$5.97 per share to NT$5.22 per share. Net income forecast to grow 34% next year vs 33% growth forecast for Luxury industry in Taiwan. Consensus price target broadly unchanged at NT$194. Share price rose 2.8% to NT$183 over the past week. Reported Earnings • Nov 14
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: NT$1.71 (down from NT$2.76 in 3Q 2022). Revenue: NT$23.1b (down 11% from 3Q 2022). Net income: NT$1.69b (down 38% from 3Q 2022). Profit margin: 7.3% (down from 11% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 3.3%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. New Risk • Aug 17
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 107% Cash payout ratio: 116% Dividend yield: 4.0% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 16
Second quarter 2023 earnings: EPS exceeds analyst expectations Second quarter 2023 results: EPS: NT$1.21 (down from NT$2.62 in 2Q 2022). Revenue: NT$20.7b (down 17% from 2Q 2022). Net income: NT$1.20b (down 54% from 2Q 2022). Profit margin: 5.8% (down from 10% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 12%. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Luxury 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 only increased by 3% per year, which means it is significantly lagging earnings growth. Price Target Changed • Aug 04
Price target decreased by 11% to NT$168 Down from NT$189, the current price target is an average from 13 analysts. New target price is 11% below last closing price of NT$189. Stock is up 28% over the past year. The company is forecast to post earnings per share of NT$5.19 for next year compared to NT$9.20 last year. Upcoming Dividend • Jul 27
Upcoming dividend of NT$7.70 per share at 3.6% yield Eligible shareholders must have bought the stock before 03 August 2023. Payment date: 01 September 2023. Payout ratio is on the higher end at 88%, however this is supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (4.3%). Duyuru • Jun 22
Feng Tay Enterprises Co., Ltd. Approves Cash Dividends for 2022 Feng Tay Enterprises Co., Ltd. at shareholders meeting on June 21, 2023 the company approved TWD 7.7 cash dividends per common share for 2022. Major Estimate Revision • Jun 19
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$97.7b to NT$94.0b. EPS estimate also fell from NT$8.47 per share to NT$7.15 per share. Net income forecast to shrink 11% next year vs 24% growth forecast for Luxury industry in Taiwan . Consensus price target up from NT$198 to NT$209. Share price rose 6.3% to NT$204 over the past week. Major Estimate Revision • Apr 20
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from NT$8.87 to NT$7.93 per share. Revenue forecast steady at NT$93.5b. Net income forecast to shrink 22% next year vs 18% decline forecast for Luxury industry in Taiwan. Consensus price target of NT$201 unchanged from last update. Share price was steady at NT$188 over the past week. Major Estimate Revision • Mar 23
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$99.1b to NT$93.0b. EPS estimate also fell from NT$9.27 per share to NT$8.23 per share. Net income forecast to shrink 20% next year vs 8.4% decline forecast for Luxury industry in Taiwan. Consensus price target broadly unchanged at NT$201. Share price rose 6.1% to NT$192 over the past week. Reported Earnings • Mar 18
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: NT$10.30 (up from NT$5.15 in FY 2021). Revenue: NT$95.9b (up 36% from FY 2021). Net income: NT$9.08b (up 100% from FY 2021). Profit margin: 9.5% (up from 6.5% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.9%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: NT$3.09 (up from NT$0.47 loss in 3Q 2021). Revenue: NT$25.9b (up 106% from 3Q 2021). Net income: NT$2.72b (up NT$3.13b from 3Q 2021). Profit margin: 11% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Luxury industry in Taiwan. 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 5% per year. Reported Earnings • Nov 12
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: NT$3.09 (up from NT$0.47 loss in 3Q 2021). Revenue: NT$25.9b (up 106% from 3Q 2021). Net income: NT$2.72b (up NT$3.13b from 3Q 2021). Profit margin: 11% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Luxury industry in Taiwan. 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. Buying Opportunity • Sep 30
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 7.9%. The fair value is estimated to be NT$202, 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 8.1%. Revenue is forecast to grow by 33% in 2 years. Earnings is forecast to grow by 46% in the next 2 years. Duyuru • Sep 03
Feng Tay Enterprises Co., Ltd. Appoints Yi-Feng Pong as Chief Information Security Officer Feng Tay Enterprises Co., Ltd. appointed Ms. Yi-Feng Pong, the company's Chief Director of IT dept as chief information security officer, effective from September 01, 2022. Buying Opportunity • Aug 30
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be NT$213, 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 8.1%. Revenue is forecast to grow by 33% in 2 years. Earnings is forecast to grow by 45% in the next 2 years. Reported Earnings • Aug 13
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: NT$2.93 (up from NT$1.93 in 2Q 2021). Revenue: NT$24.8b (up 26% from 2Q 2021). Net income: NT$2.58b (up 52% from 2Q 2021). Profit margin: 10% (up from 8.6% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) also surpassed analyst estimates by 24%. Over the next year, revenue is forecast to grow 23%, compared to a 18% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Price Target Changed • Jul 22
Price target decreased to NT$212 Down from NT$231, the current price target is an average from 12 analysts. New target price is 21% above last closing price of NT$176. Stock is down 22% over the past year. The company is forecast to post earnings per share of NT$8.93 for next year compared to NT$5.15 last year. Upcoming Dividend • Jun 28
Upcoming dividend of NT$4.10 per share Eligible shareholders must have bought the stock before 05 July 2022. Payment date: 02 August 2022. Payout ratio is a comfortable 73% but the company is paying out more than the cash it is generating. Trailing yield: 2.1%. Lower than top quartile of Taiwanese dividend payers (6.3%). Lower than average of industry peers (3.6%). Duyuru • Jun 18
Feng Tay Enterprises Co., Ltd. Approves Cash Dividend for the Year 2021 Feng Tay Enterprises Co., Ltd. held its shareholders meeting on June 17, 2022, approved cash dividend of TWD 4.1 per common share for the year 2021. Reported Earnings • May 08
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: NT$2.35 (up from NT$1.86 in 1Q 2021). Revenue: NT$22.4b (up 16% from 1Q 2021). Net income: NT$2.07b (up 26% from 1Q 2021). Profit margin: 9.3% (up from 8.5% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 100%. Earnings per share (EPS) exceeded analyst estimates by 20%. Over the next year, revenue is forecast to grow 27%, compared to a 19% growth forecast for the 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 remained flat, which means it is well ahead of earnings. Buying Opportunity • Mar 22
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be NT$239, 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 8.7% per annum over the last 3 years. Buying Opportunity • Mar 08
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be NT$242, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.9% per annum over the last 3 years. Earnings per share has declined by 4.8% per annum over the last 3 years. Duyuru • Mar 04
Feng Tay Enterprises Co., Ltd., Annual General Meeting, Mar 02, 2022 Feng Tay Enterprises Co., Ltd., Annual General Meeting, Mar 02, 2022. Agenda: To consider profit distribution/ deficit compensation; to consider amendments to the corporate charter; Business report and financial statements: approved of the audited financial statements of 2021; to consider elections for board of directors and supervisors; and to consider any other matters. Major Estimate Revision • Dec 08
Consensus EPS estimates fall to NT$4.67 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from NT$71.7b to NT$69.0b. EPS estimate also fell from NT$5.36 to NT$4.67. Net income forecast to grow 69% next year vs 23% growth forecast for Luxury industry in Taiwan. Consensus price target broadly unchanged at NT$253. Share price rose 11% to NT$224 over the past week. Reported Earnings • Nov 15
Third quarter 2021 earnings released: NT$0.47 loss per share (vs NT$1.65 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: NT$12.6b (down 27% from 3Q 2020). Net loss: NT$411.9m (down 128% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 27
Upcoming dividend of NT$3.70 per share Eligible shareholders must have bought the stock before 03 August 2021. Payment date: 30 August 2021. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (4.9%). Lower than average of industry peers (2.4%). Price Target Changed • Jun 30
Price target increased to NT$253 Up from NT$233, the current price target is an average from 11 analysts. New target price is approximately in line with last closing price of NT$245. Stock is up 71% over the past year. Valuation Update With 7 Day Price Move • May 24
Investor sentiment improved over the past week After last week's 17% share price gain to NT$222, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 20x in the Luxury industry in Taiwan. Total returns to shareholders of 141% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$251 per share. Reported Earnings • May 13
First quarter 2021 earnings released: EPS NT$1.86 (vs NT$1.44 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$19.3b (up 6.7% from 1Q 2020). Net income: NT$1.64b (up 29% from 1Q 2020). Profit margin: 8.5% (up from 7.0% 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 3% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 24
Full year 2020 earnings released: EPS NT$5.53 (vs NT$7.07 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$69.0b (down 6.7% from FY 2019). Net income: NT$4.88b (down 22% from FY 2019). Profit margin: 7.1% (down from 8.4% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 6% 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 • Feb 17
New 90-day low: NT$179 The company is down 8.0% from its price of NT$193 on 19 November 2020. The Taiwanese market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$166 per share.