Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$40.85, the stock trades at a trailing P/E ratio of 28.9x. Average trailing P/E is 14x in the Consumer Services industry in Asia. Total returns to shareholders of 57% over the past three years. Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$33.80, the stock trades at a trailing P/E ratio of 23.9x. Average trailing P/E is 14x in the Consumer Services industry in Asia. Total returns to shareholders of 27% over the past three years. Declared Dividend • Mar 27
Dividend increased to NT$1.30 Dividend of NT$1.30 is 63% higher than last year. Ex-date: 24th April 2026 Payment date: 25th May 2026 Dividend yield will be 4.4%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (57% earnings payout ratio) and cash flows (43% cash payout ratio). The dividend has increased by an average of 3.7% per year over the past 5 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 37% to shift the payout ratio to a potentially unsustainable range, which is more than the 3.8% EPS decline seen over the last 5 years. Duyuru • Mar 24
Study King Co., Ltd., Annual General Meeting, Jun 26, 2026 Study King Co., Ltd., Annual General Meeting, Jun 26, 2026. Location: 8 floor no,242, sec.2 wen hua rd., banciao district, new taipei city Taiwan New Risk • Feb 28
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 29% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$507.2m market cap, or US$16.2m). New Risk • Jul 09
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 7.8% 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 34% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.8% average weekly change). Market cap is less than US$100m (NT$356.8m market cap, or US$12.2m). Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$18.50, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 26x in the Consumer Services industry in Taiwan. Total loss to shareholders of 38% over the past three years. Reported Earnings • Apr 26
Full year 2024 earnings released: EPS: NT$0.94 (vs NT$0.005 in FY 2023) Full year 2024 results: EPS: NT$0.94 (up from NT$0.005 in FY 2023). Revenue: NT$369.5m (up 8.1% from FY 2023). Net income: NT$15.2m (up NT$15.1m from FY 2023). Profit margin: 4.1% (up from 0% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. New Risk • Apr 20
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 5.1% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 37% per year over the past 5 years. Market cap is less than US$10m (NT$255.2m market cap, or US$7.83m). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • Apr 18
Upcoming dividend of NT$0.80 per share Eligible shareholders must have bought the stock before 25 April 2025. Payment date: 28 May 2025. The company last paid an ordinary dividend in July 2021. The average dividend yield among industry peers is 4.7%. Duyuru • Mar 25
Study King Co., Ltd., Annual General Meeting, Jun 27, 2025 Study King Co., Ltd., Annual General Meeting, Jun 27, 2025. Location: 8 floor no,242, sec.2 wen hua rd., banciao district, new taipei city Taiwan New Risk • Mar 03
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 37% per year over the past 5 years. Market cap is less than US$10m (NT$284.5m market cap, or US$8.64m). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (6.5% average weekly change). New Risk • Dec 25
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 6.4% 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 Risks Earnings have declined by 37% per year over the past 5 years. Market cap is less than US$10m (NT$236.5m market cap, or US$7.23m). Minor Risk Share price has been volatile over the past 3 months (6.4% average weekly change). New Risk • Jul 30
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 8.6% 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 (8.6% average weekly change). Earnings have declined by 18% per year over the past 5 years. Market cap is less than US$10m (NT$238.0m market cap, or US$7.24m). Minor Risk Profit margins are more than 30% lower than last year (0.03% net profit margin). New Risk • May 13
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.03% Last year net profit margin: 5.4% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.0% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 100% Cash payout ratio: 258% Earnings have declined by 18% per year over the past 5 years. Market cap is less than US$10m (NT$260.2m market cap, or US$8.02m). Minor Risk Profit margins are more than 30% lower than last year (0.03% net profit margin). Valuation Update With 7 Day Price Move • May 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$15.75, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 14x in the Consumer Services industry in Taiwan. Total loss to shareholders of 61% over the past three years. Duyuru • Apr 02
Study King Co., Ltd., Annual General Meeting, Jun 17, 2024 Study King Co., Ltd., Annual General Meeting, Jun 17, 2024. Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$15.30, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 14x in the Consumer Services industry in Taiwan. Total loss to shareholders of 61% over the past three years. Buy Or Sell Opportunity • Mar 22
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 24% to NT$16.60. The fair value is estimated to be NT$21.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.8% over the last 3 years. Earnings per share has declined by 24%. New Risk • Feb 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.7% average weekly change). Earnings have declined by 8.4% per year over the past 5 years. Market cap is less than US$10m (NT$289.9m market cap, or US$9.17m). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Dividend is not well covered by earnings (100% payout ratio). New Risk • Jan 18
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: NT$312.9m (US$9.92m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.7% average weekly change). Earnings have declined by 8.4% per year over the past 5 years. Market cap is less than US$10m (NT$312.9m market cap, or US$9.92m). Minor Risk Dividend is not well covered by earnings (100% payout ratio). Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$21.00, the stock trades at a trailing P/E ratio of 17.6x. Average trailing P/E is 16x in the Consumer Services industry in Taiwan. Total loss to shareholders of 35% over the past three years. New Risk • Oct 05
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 Risks Earnings have declined by 8.4% per year over the past 5 years. Market cap is less than US$10m (NT$305.5m market cap, or US$9.45m). Minor Risks Dividend is not well covered by earnings (100% payout ratio). Share price has been volatile over the past 3 months (6.0% average weekly change). Upcoming Dividend • Apr 10
Upcoming dividend of NT$1.20 per share at 4.2% yield Eligible shareholders must have bought the stock before 17 April 2023. Payment date: 11 May 2023. Trailing yield: 4.2%. Lower than top quartile of Taiwanese dividend payers (5.8%). Higher than average of industry peers (3.4%). Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$34.00, the stock trades at a trailing P/E ratio of 25.2x. Average trailing P/E is 16x in the Consumer Services industry in Taiwan. Total loss to shareholders of 3.1% over the past year. Buying Opportunity • Dec 16
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be NT$33.61, 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 year. Earnings per share has declined by 37%. Reported Earnings • Aug 15
First half 2022 earnings released: EPS: NT$0.67 (vs NT$0.49 in 1H 2021) First half 2022 results: EPS: NT$0.67 (up from NT$0.49 in 1H 2021). Revenue: NT$194.0m (up 7.6% from 1H 2021). Net income: NT$11.0m (up 37% from 1H 2021). Profit margin: 5.7% (up from 4.4% in 1H 2021). The increase in margin was driven by higher revenue. Upcoming Dividend • Jul 06
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 13 July 2022. Payment date: 03 August 2022. Payout ratio is on the higher end at 85%, however this is supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Taiwanese dividend payers (6.6%). Lower than average of industry peers (3.6%). Reported Earnings • Apr 04
Full year 2021 earnings released: EPS: NT$1.17 (vs NT$2.60 in FY 2020) Full year 2021 results: EPS: NT$1.17 (down from NT$2.60 in FY 2020). Revenue: NT$404.2m (down 10% from FY 2020). Net income: NT$19.3m (down 55% from FY 2020). Profit margin: 4.8% (down from 9.5% in FY 2020). The decrease in margin was driven by lower revenue. Upcoming Dividend • Aug 03
Upcoming dividend of NT$0.80 per share Eligible shareholders must have bought the stock before 10 August 2021. Payment date: 15 September 2021. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (2.7%). Valuation Update With 7 Day Price Move • May 18
Investor sentiment improved over the past week After last week's 18% share price gain to NT$58.70, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 17x in the Consumer Services industry in Taiwan. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$3.12 (vs NT$2.82 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$451.0m (down 4.9% from FY 2019). Net income: NT$42.7m (up 32% from FY 2019). Profit margin: 9.5% (up from 6.8% in FY 2019). The increase in margin was driven by lower expenses. Duyuru • Mar 18
Study King Co., Ltd., Annual General Meeting, Jun 04, 2021 Study King Co., Ltd., Annual General Meeting, Jun 04, 2021. Is New 90 Day High Low • Mar 04
New 90-day high: NT$48.15 The company is up 5.0% from its price of NT$45.90 on 04 December 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Consumer Services industry, which is down 4.0% over the same period. Is New 90 Day High Low • Feb 06
New 90-day high: NT$47.55 The company is up 6.0% from its price of NT$45.00 on 06 November 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Consumer Services industry, which is down 6.0% over the same period. Is New 90 Day High Low • Oct 28
New 90-day low: NT$45.00 The company is down 13% from its price of NT$52.00 on 30 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Services industry, which is down 6.0% over the same period.