Declared Dividend • Jul 10
Dividend reduced to NT$3.10 Dividend of NT$3.10 is 59% lower than last year. Ex-date: 6th August 2026 Payment date: 28th August 2026 Dividend yield will be 6.5%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (69% earnings payout ratio) but not covered by cash flows (337% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 44% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 09
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$0.75 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00 (up from NT$0.75 in 1Q 2025). Revenue: NT$112.4m (up 3.3% from 1Q 2025). Net income: NT$205.6m (up 81% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Duyuru • Mar 13
Cathay Chemical Works Inc., Annual General Meeting, Jun 24, 2026 Cathay Chemical Works Inc., Annual General Meeting, Jun 24, 2026. Location: 12 floor no,320, sec.4 chung hsiao e. rd., taipei city Taiwan Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$3.87 (vs NT$10.31 in FY 2024) Full year 2025 results: EPS: NT$3.87 (down from NT$10.31 in FY 2024). Revenue: NT$460.0m (down 13% from FY 2024). Net income: NT$583.8m (down 63% from FY 2024). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Board Change • Feb 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 2 highly experienced directors. Independent Director Zeng Jiye was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$51.40, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 24x in the Chemicals industry in Taiwan. Total returns to shareholders of 153% over the past three years. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$1.18 (vs NT$0.31 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.18 (up from NT$0.31 in 3Q 2024). Revenue: NT$112.9m (up 7.1% from 3Q 2024). Net income: NT$178.4m (up 283% from 3Q 2024). 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 23% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$0.62 (vs NT$2.25 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.62 (down from NT$2.25 in 2Q 2024). Revenue: NT$101.9m (down 33% from 2Q 2024). Net income: NT$93.9m (down 72% from 2Q 2024). Profit margin: 92% (down from 222% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$47.00, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 20x in the Chemicals industry in Taiwan. Total returns to shareholders of 139% over the past three years. Upcoming Dividend • Jul 31
Upcoming dividend of NT$7.50 per share Eligible shareholders must have bought the stock before 07 August 2025. Payment date: 29 August 2025. Payout ratio is a comfortable 70% but the company is paying out more than the cash it is generating. Trailing yield: 14%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.7%). Reported Earnings • May 08
First quarter 2025 earnings released: EPS: NT$0.75 (vs NT$0.41 in 1Q 2024) First quarter 2025 results: EPS: NT$0.75 (up from NT$0.41 in 1Q 2024). Revenue: NT$108.9m (down 6.6% from 1Q 2024). Net income: NT$113.7m (up 84% from 1Q 2024). 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 32% per year, which means it is significantly lagging earnings growth. Duyuru • Apr 29
Cathay Chemical Works Inc. to Report Q1, 2025 Results on May 07, 2025 Cathay Chemical Works Inc. announced that they will report Q1, 2025 results on May 07, 2025 Duyuru • Mar 17
Cathay Chemical Works Inc., Annual General Meeting, Jun 23, 2025 Cathay Chemical Works Inc., Annual General Meeting, Jun 23, 2025, at 09:00 Taipei Standard Time. Location: 12 floor no,320, sec.4 chung hsiao e. rd., taipei city Taiwan Reported Earnings • Mar 15
Full year 2024 earnings released: EPS: NT$10.31 (vs NT$2.32 in FY 2023) Full year 2024 results: EPS: NT$10.31 (up from NT$2.32 in FY 2023). Revenue: NT$528.0m (up 11% from FY 2023). Net income: NT$1.56b (up 344% from FY 2023). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. New Risk • Mar 15
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 50% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (50% accrual ratio). Minor Risk Dividend is not well covered by cash flows (140% cash payout ratio). New Risk • Nov 29
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 67% 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: Minor Risks Dividend is not well covered by cash flows (136% cash payout ratio). Large one-off items impacting financial results. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.31 (vs NT$0.76 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.31 (down from NT$0.76 in 3Q 2023). Revenue: NT$105.4m (down 11% from 3Q 2023). Net income: NT$46.6m (down 59% from 3Q 2023). Profit margin: 44% (down from 96% in 3Q 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Duyuru • Oct 30
Cathay Chemical Works Inc. to Report Q3, 2024 Results on Nov 07, 2024 Cathay Chemical Works Inc. announced that they will report Q3, 2024 results on Nov 07, 2024 Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: NT$2.25 (vs NT$0.62 in 2Q 2023) Second quarter 2024 results: EPS: NT$2.25 (up from NT$0.62 in 2Q 2023). Revenue: NT$153.0m (up 46% from 2Q 2023). Net income: NT$339.8m (up 264% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 40% per year whereas the company’s share price has increased by 38% per year. Duyuru • Aug 01
Cathay Chemical Works Inc. to Report Q2, 2024 Results on Aug 09, 2024 Cathay Chemical Works Inc. announced that they will report Q2, 2024 results on Aug 09, 2024 Upcoming Dividend • Jun 28
Upcoming dividend of NT$1.40 per share Eligible shareholders must have bought the stock before 05 July 2024. Payment date: 30 July 2024. Payout ratio is a comfortable 66% but the company is paying out more than the cash it is generating. Trailing yield: 2.5%. Lower than top quartile of Taiwanese dividend payers (4.3%). Higher than average of industry peers (2.2%). New Risk • Jun 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 30% 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: Minor Risks Dividend is not well covered by cash flows (168% cash payout ratio). Large one-off items impacting financial results. New Risk • May 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 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: Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Dividend is not well covered by cash flows (120% cash payout ratio). Duyuru • May 02
Cathay Chemical Works Inc. to Report Q1, 2024 Results on May 09, 2024 Cathay Chemical Works Inc. announced that they will report Q1, 2024 results on May 09, 2024 New Risk • Apr 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 6.2% 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: Minor Risks Dividend is not well covered by cash flows (120% cash payout ratio). Share price has been volatile over the past 3 months (6.2% average weekly change). Duyuru • Mar 15
Cathay Chemical Works Inc., Annual General Meeting, Jun 20, 2024 Cathay Chemical Works Inc., Annual General Meeting, Jun 20, 2024. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$45.95, the stock trades at a trailing P/E ratio of 18.5x. Average trailing P/E is 21x in the Chemicals industry in Taiwan. Total returns to shareholders of 172% over the past three years. Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: NT$0.62 (vs NT$0.31 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.62 (up from NT$0.31 in 2Q 2022). Revenue: NT$104.8m (down 38% from 2Q 2022). Net income: NT$93.3m (up 99% from 2Q 2022). Profit margin: 89% (up from 28% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 03
Upcoming dividend of NT$1.00 per share at 2.9% yield Eligible shareholders must have bought the stock before 10 August 2023. Payment date: 31 August 2023. Payout ratio is a comfortable 46% but the company is paying out more than the cash it is generating. Trailing yield: 2.9%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.7%). Reported Earnings • Mar 15
Full year 2022 earnings released: EPS: NT$1.89 (vs NT$1.04 in FY 2021) Full year 2022 results: EPS: NT$1.89 (up from NT$1.04 in FY 2021). Revenue: NT$571.5m (down 8.5% from FY 2021). Net income: NT$285.9m (up 82% from FY 2021). Profit margin: 50% (up from 25% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 7 highly experienced directors. No independent directors (5 non-independent directors). Chairman of the Board of Directors, President and Chief Financial Officer Mu Sheng Cao was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 10
Third quarter 2022 earnings released: EPS: NT$0.77 (vs NT$0.28 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.77 (up from NT$0.28 in 3Q 2021). Revenue: NT$140.5m (down 11% from 3Q 2021). Net income: NT$115.9m (up 177% from 3Q 2021). Profit margin: 83% (up from 27% in 3Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 09
Second quarter 2022 earnings released: EPS: NT$0.31 (vs NT$0.28 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.31 (up from NT$0.28 in 2Q 2021). Revenue: NT$168.0m (up 8.0% from 2Q 2021). Net income: NT$47.0m (up 11% from 2Q 2021). Profit margin: 28% (in line with 2Q 2021). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 28
Upcoming dividend of NT$0.85 per share Eligible shareholders must have bought the stock before 04 August 2022. Payment date: 25 August 2022. Payout ratio is on the higher end at 76% but the company is not cash flow positive. Trailing yield: 3.5%. Lower than top quartile of Taiwanese dividend payers (6.7%). Lower than average of industry peers (8.0%). Reported Earnings • May 07
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: NT$0.30 (up from NT$0.23 in 1Q 2021). Revenue: NT$161.2m (up 20% from 1Q 2021). Net income: NT$45.4m (up 33% from 1Q 2021). Profit margin: 28% (up from 26% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 6.7%. Earnings per share (EPS) exceeded analyst estimates by 71%. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Chairman of the Board of Directors, President and Chief Financial Officer Mu Sheng Cao was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Mar 13
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: NT$1.04 (up from NT$0.61 in FY 2020). Revenue: NT$624.6m (up 31% from FY 2020). Net income: NT$157.5m (up 72% from FY 2020). Profit margin: 25% (up from 19% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 6.7%. Earnings per share (EPS) exceeded analyst estimates by 71%. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$0.28 (vs NT$0.048 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$155.6m (up 48% from 2Q 2020). Net income: NT$42.2m (up 486% from 2Q 2020). Profit margin: 27% (up from 6.8% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 05
Upcoming dividend of NT$0.66 per share Eligible shareholders must have bought the stock before 12 August 2021. Payment date: 03 September 2021. Trailing yield: 2.9%. Lower than top quartile of Taiwanese dividend payers (4.9%). In line with average of industry peers (2.8%). Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$20.10, the stock trades at a trailing P/E ratio of 27.3x. Average trailing P/E is 16x in the Chemicals industry in Taiwan. Total returns to shareholders of 25% over the past three years. Reported Earnings • May 09
First quarter 2021 earnings released: EPS NT$0.23 (vs NT$0.10 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$134.1m (up 2.7% from 1Q 2020). Net income: NT$34.2m (up 121% from 1Q 2020). Profit margin: 26% (up from 12% in 1Q 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Reported Earnings • Mar 10
Full year 2020 earnings released: EPS NT$0.61 (vs NT$0.64 in FY 2019) The company reported a soft full year result with weaker earnings and revenues, although profit margins were improved. Full year 2020 results: Revenue: NT$475.6m (down 20% from FY 2019). Net income: NT$91.4m (down 5.2% from FY 2019). Profit margin: 19% (up from 16% 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 6% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Duyuru • Mar 05
Cathay Chemical Works Inc., Annual General Meeting, May 28, 2021 Cathay Chemical Works Inc., Annual General Meeting, May 28, 2021. Is New 90 Day High Low • Dec 23
New 90-day high: NT$19.10 The company is up 7.0% from its price of NT$17.80 on 24 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 14% over the same period. Is New 90 Day High Low • Dec 04
New 90-day high: NT$18.90 The company is up 6.0% from its price of NT$17.80 on 04 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 11% over the same period. Is New 90 Day High Low • Nov 09
New 90-day high: NT$18.70 The company is up 4.0% from its price of NT$17.90 on 11 August 2020. The Taiwanese market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 2.0% over the same period. Reported Earnings • Nov 08
Third quarter 2020 earnings released: EPS NT$0.12 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$112.1m (down 17% from 3Q 2019). Net income: NT$17.7m (up NT$15.1m from 3Q 2019). Profit margin: 16% (up from 1.9% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. 
