Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$90.40, the stock trades at a trailing P/E ratio of 59x. Average trailing P/E is 29x in the Chemicals industry in Taiwan. Total returns to shareholders of 164% over the past three years. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$80.90, the stock trades at a trailing P/E ratio of 52.8x. Average trailing P/E is 22x in the Chemicals industry in Taiwan. Total returns to shareholders of 152% over the past three years. Duyuru • Mar 09
Taimide Tech. Inc., Annual General Meeting, Jun 26, 2026 Taimide Tech. Inc., Annual General Meeting, Jun 26, 2026, at 09:00 Taipei Standard Time. Location: 2 floor no,127, sec.3 wen to rd., singpu township, hsinchu county Taiwan Reported Earnings • Mar 09
Full year 2025 earnings released: EPS: NT$1.54 (vs NT$1.79 in FY 2024) Full year 2025 results: EPS: NT$1.54 (down from NT$1.79 in FY 2024). Revenue: NT$2.37b (up 5.6% from FY 2024). Net income: NT$209.5m (down 11% from FY 2024). Profit margin: 8.8% (down from 11% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$64.30, the stock trades at a trailing P/E ratio of 58.2x. Average trailing P/E is 24x in the Chemicals industry in Taiwan. Total returns to shareholders of 98% over the past three years. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$60.10, the stock trades at a trailing P/E ratio of 54.4x. Average trailing P/E is 22x in the Chemicals industry in Taiwan. Total returns to shareholders of 86% over the past three years. New Risk • Jan 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 6.8% 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 26% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (107% payout ratio). Share price has been volatile over the past 3 months (6.8% average weekly change). Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$60.00, the stock trades at a trailing P/E ratio of 54.3x. Average trailing P/E is 23x in the Chemicals industry in Taiwan. Total returns to shareholders of 97% over the past three years. Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: NT$0.47 (vs NT$0.48 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.47 (down from NT$0.48 in 3Q 2024). Revenue: NT$617.5m (flat on 3Q 2024). Net income: NT$63.9m (flat on 3Q 2024). Profit margin: 10% (in line with 3Q 2024). Over the last 3 years on average, earnings per share has increased by 41% 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$0.16 (vs NT$0.91 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.16 (down from NT$0.91 in 2Q 2024). Revenue: NT$642.2m (up 8.9% from 2Q 2024). Net income: NT$22.2m (down 82% from 2Q 2024). Profit margin: 3.5% (down from 20% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$69.00, the stock trades at a trailing P/E ratio of 37.9x. Average trailing P/E is 20x in the Chemicals industry in Taiwan. Total returns to shareholders of 86% over the past three years. Declared Dividend • Jun 28
Dividend increased to NT$1.19 Dividend of NT$1.19 is 298% higher than last year. Ex-date: 14th July 2025 Payment date: 8th August 2025 Dividend yield will be 2.0%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (64% earnings payout ratio) and cash flows (46% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 12% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$0.31 (vs NT$0.22 in 1Q 2024) First quarter 2025 results: EPS: NT$0.31 (up from NT$0.22 in 1Q 2024). Revenue: NT$555.0m (up 19% from 1Q 2024). Net income: NT$41.6m (up 43% from 1Q 2024). Profit margin: 7.5% (up from 6.3% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Duyuru • May 01
Taimide Tech. Inc. to Report Q1, 2025 Results on May 09, 2025 Taimide Tech. Inc. announced that they will report Q1, 2025 results on May 09, 2025 Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$52.50, the stock trades at a trailing P/E ratio of 29.4x. Average trailing P/E is 18x in the Chemicals industry in Taiwan. Total loss to shareholders of 4.4% over the past three years. 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$47.20, the stock trades at a trailing P/E ratio of 26.4x. Average trailing P/E is 18x in the Chemicals industry in Taiwan. Total loss to shareholders of 10% over the past three years. New Risk • Mar 16
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: 1.8% 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 Share price has been highly volatile over the past 3 months (9.2% average weekly change). Earnings have declined by 25% 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. Reported Earnings • Mar 13
Full year 2024 earnings released: EPS: NT$1.79 (vs NT$1.06 loss in FY 2023) Full year 2024 results: EPS: NT$1.79 (up from NT$1.06 loss in FY 2023). Revenue: NT$2.25b (up 41% from FY 2023). Net income: NT$236.4m (up NT$375.6m from FY 2023). Profit margin: 11% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Duyuru • Mar 11
Taimide Tech. Inc., Annual General Meeting, Jun 26, 2025 Taimide Tech. Inc., Annual General Meeting, Jun 26, 2025, at 09:00 Taipei Standard Time. Location: 2 floor no,127, sec.3 wen to rd., singpu township, hsinchu county Taiwan Duyuru • Mar 09
Taimide Tech. Inc. Approves Cash Dividend for the Period from January 1, 2024 to December 31, 2024 The board of directors of Taimide Tech. Inc. approved cash dividend for the period from January 1, 2024 to December 31, 2024. For the period, the company announced cash dividend of TWD 1.2 per share. Total amount of cash distributed to shareholders TWD 163,410,796. Duyuru • Mar 01
Taimide Tech. Inc. to Report Fiscal Year 2024 Results on Mar 07, 2025 Taimide Tech. Inc. announced that they will report fiscal year 2024 results on Mar 07, 2025 Buy Or Sell Opportunity • Feb 26
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 89% to NT$78.80. The fair value is estimated to be NT$62.80, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Feb 10
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 91% to NT$81.00. The fair value is estimated to be NT$67.24, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$77.90, the stock trades at a trailing P/E ratio of 78.8x. Average trailing P/E is 22x in the Chemicals industry in Taiwan. Total returns to shareholders of 86% over the past three years. New Risk • Jan 08
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 6.3% 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. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 28% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.3% average weekly change). Valuation Update With 7 Day Price Move • Dec 31
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$49.55, the stock trades at a trailing P/E ratio of 50.1x. Average trailing P/E is 22x in the Chemicals industry in Taiwan. Total returns to shareholders of 19% over the past three years. New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: NT$0.49 (vs NT$0.50 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.49 (down from NT$0.50 in 3Q 2023). Revenue: NT$619.0m (up 22% from 3Q 2023). Net income: NT$64.1m (down 2.9% from 3Q 2023). Profit margin: 10% (down from 13% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. New Risk • Sep 27
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 9.4% 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 (9.4% average weekly change). Earnings have declined by 28% per year over the past 5 years. Minor Risk High level of debt (40% net debt to equity). Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$47.00, the stock trades at a trailing P/E ratio of 46.9x. Average trailing P/E is 22x in the Chemicals industry in Taiwan. Total returns to shareholders of 16% over the past three years. New Risk • Aug 16
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 28% per year over the past 5 years. Minor Risks High level of debt (40% net debt to equity). Share price has been volatile over the past 3 months (7.8% average weekly change). Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$49.60, the stock trades at a trailing P/E ratio of 49.5x. Average trailing P/E is 21x in the Chemicals industry in Taiwan. Total returns to shareholders of 31% over the past three years. Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: NT$0.91 (vs NT$0.15 loss in 2Q 2023) Second quarter 2024 results: EPS: NT$0.91 (up from NT$0.15 loss in 2Q 2023). Revenue: NT$589.8m (up 32% from 2Q 2023). Net income: NT$119.7m (up NT$139.6m from 2Q 2023). Profit margin: 20% (up from net loss in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Duyuru • Aug 01
Taimide Tech. Inc. to Report Q2, 2024 Results on Aug 08, 2024 Taimide Tech. Inc. announced that they will report Q2, 2024 results on Aug 08, 2024 Upcoming Dividend • Jul 19
Upcoming dividend of NT$0.30 per share Eligible shareholders must have bought the stock before 24 July 2024. Payment date: 20 August 2024. The company is not currently making a profit and its cash payout ratio is 96%. Trailing yield: 0.7%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (2.2%). Declared Dividend • Jul 05
Dividend reduced to NT$0.30 Dividend of NT$0.30 is 50% lower than last year. Ex-date: 24th July 2024 Payment date: 20th August 2024 Dividend yield will be 0.7%, which is lower than the industry average of 4.0%. Duyuru • Jun 27
Taimide Tech. Inc. Approves the Cash Dividend for the Year 2023, Payable on August 20, 2024 Taimide Tech. Inc. announced that resolution by the board of directors or shareholders meeting or decision by the Company on June 26, 2024 approved the cash dividend of TWD 0.30 per share, total amount is TWD 39,661,588. Ex-rights (ex-dividend) trading date is July 24, 2024. Ex-rights (ex-dividend) record date is July 30, 2024. Payment date of cash dividend distribution is August 20, 2024. New Risk • May 13
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Earnings have declined by 30% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.6% average weekly change). Reported Earnings • May 13
First quarter 2024 earnings released: EPS: NT$0.22 (vs NT$0.78 loss in 1Q 2023) First quarter 2024 results: EPS: NT$0.22 (up from NT$0.78 loss in 1Q 2023). Revenue: NT$465.0m (up 62% from 1Q 2023). Net income: NT$29.1m (up NT$132.3m from 1Q 2023). Profit margin: 6.3% (up from net loss in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Duyuru • May 03
Taimide Tech. Inc. to Report Q1, 2024 Results on May 10, 2024 Taimide Tech. Inc. announced that they will report Q1, 2024 results on May 10, 2024 Reported Earnings • Mar 10
Full year 2023 earnings released: NT$1.06 loss per share (vs NT$1.13 profit in FY 2022) Full year 2023 results: NT$1.06 loss per share (down from NT$1.13 profit in FY 2022). Revenue: NT$1.59b (down 16% from FY 2022). Net loss: NT$139.3m (down 194% from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Duyuru • Mar 09
Taimide Tech. Inc., Annual General Meeting, Jun 25, 2024 Taimide Tech. Inc., Annual General Meeting, Jun 25, 2024. Location: No.127, Sec.3, Wender Rd. Shinpu Jen Hsinchu Taiwan Agenda: To consider report the business report of 2023; to consider report the Audit Committee's review report on the financial statements of 2023; to consider report the execution status of the first domestic unsecured convertible corporate bonds; and to transact such other business matters. New Risk • Nov 18
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Earnings have declined by 23% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.8% average weekly change). New Risk • Aug 22
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 44% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 17% per year over the past 5 years. Minor Risk High level of debt (44% net debt to equity). Reported Earnings • Aug 12
Second quarter 2023 earnings released: NT$0.15 loss per share (vs NT$0.95 profit in 2Q 2022) Second quarter 2023 results: NT$0.15 loss per share (down from NT$0.95 profit in 2Q 2022). Revenue: NT$446.7m (down 27% from 2Q 2022). Net loss: NT$19.8m (down 116% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Duyuru • Aug 11
Taimide Tech. Inc. Announces Change of President Taimide Tech. Inc. announced the change of President. Name of the previous position holder: Wu, Sheng Chang. Resume of the previous position holder: Chairperson and president of Taimide Tech. Inc. Name of the new position holder: Huang, Chen Ying. Resume of the new position holder: Vice President of Taimide Tech. Inc. Effective date of the new appointment is August 10, 2023. Mr. Wu, Sheng-Chang resigned from the post of President, but is still the Chairman of the Company. Upcoming Dividend • Jul 24
Upcoming dividend of NT$0.60 per share at 1.2% yield Eligible shareholders must have bought the stock before 31 July 2023. Payment date: 29 August 2023. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 1.2%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.7%). Duyuru • Jul 04
Taimide Tech. Inc. Approves Cash Dividend, Payable on August 29, 2023 Taimide Tech. Inc. announced that resolution by the board of directors or shareholders meeting or decision by the Company on July 3, 2023 approved the cash dividend of TWD 0.60 per share, total amount is TWD 79,079,396. Ex-rights (ex-dividend) trading date is July 31, 2023. Ex-rights (ex-dividend) record date is August 6, 2023. Payment date of cash dividend distribution is August 29, 2023. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. 2 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 12
Second quarter 2022 earnings released: EPS: NT$0.95 (vs NT$0.58 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.95 (up from NT$0.58 in 2Q 2021). Revenue: NT$613.4m (up 4.6% from 2Q 2021). Net income: NT$125.2m (up 65% from 2Q 2021). Profit margin: 20% (up from 13% in 2Q 2021). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 15
Upcoming dividend of NT$1.19 per share Eligible shareholders must have bought the stock before 22 July 2022. Payment date: 23 August 2022. Payout ratio is a comfortable 47% but the company is paying out more than the cash it is generating. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (6.8%). Lower than average of industry peers (8.3%). Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$45.90, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 14x in the Chemicals industry in Taiwan. Negligible returns to shareholders over past three years. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improved over the past week After last week's 17% share price gain to NT$59.00, the stock trades at a trailing P/E ratio of 23.2x. Average forward P/E is 13x in the Chemicals industry in Taiwan. Total returns to shareholders of 45% over the past three years. Reported Earnings • May 17
First quarter 2022 earnings: EPS misses analyst expectations First quarter 2022 results: EPS: NT$0.92 (up from NT$0.69 in 1Q 2021). Revenue: NT$654.4m (up 9.5% from 1Q 2021). Net income: NT$121.0m (up 33% from 1Q 2021). Profit margin: 19% (up from 15% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.2%. 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 1% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 11
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$47.45, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 13x in the Chemicals industry in Taiwan. Total returns to shareholders of 4.8% over the past three years. Price Target Changed • Apr 27
Price target increased to NT$54.00 Up from NT$47.62, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of NT$53.10. Stock is down 6.8% over the past year. The company is forecast to post earnings per share of NT$3.02 for next year compared to NT$2.32 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. 2 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 21% share price gain to NT$52.90, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 12x in the Chemicals industry in Taiwan. Negligible returns to shareholders over past three years. Reported Earnings • Mar 12
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: NT$2.32 (down from NT$2.76 in FY 2020). Revenue: NT$2.39b (up 19% from FY 2020). Net income: NT$303.3m (down 16% from FY 2020). Profit margin: 13% (down from 18% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.2%. Over the next year, revenue is forecast to grow 2.3% while the industry in Taiwan is not expected to grow. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.63 (vs NT$0.92 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$649.6m (up 12% from 3Q 2020). Net income: NT$82.9m (down 31% from 3Q 2020). Profit margin: 13% (down from 21% in 3Q 2020). The decrease in margin was driven by higher expenses. 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 5% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$0.58 (vs NT$0.80 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$586.5m (up 27% from 2Q 2020). Net income: NT$76.0m (down 27% from 2Q 2020). Profit margin: 13% (down from 23% in 2Q 2020). The decrease in margin was driven by higher expenses. 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 13% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Aug 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$42.65, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 15x in the Chemicals industry in Taiwan. Total loss to shareholders of 32% over the past three years. Upcoming Dividend • Aug 10
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 17 August 2021. Payment date: 13 September 2021. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (5.0%). In line with average of industry peers (2.8%). Valuation Update With 7 Day Price Move • May 16
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$43.00, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 16x in the Chemicals industry in Taiwan. Total loss to shareholders of 36% over the past three years. Reported Earnings • May 11
First quarter 2021 earnings released: EPS NT$0.69 (vs NT$0.36 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$597.6m (up 61% from 1Q 2020). Net income: NT$90.8m (up 94% from 1Q 2020). Profit margin: 15% (up from 13% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Mar 12
New 90-day high: NT$59.00 The company is up 10.0% from its price of NT$53.60 on 11 December 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 13% over the same period. Reported Earnings • Mar 11
Full year 2020 earnings released: EPS NT$2.76 (vs NT$0.82 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$2.01b (up 14% from FY 2019). Net income: NT$359.0m (up 237% from FY 2019). Profit margin: 18% (up from 6.1% in FY 2019). 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 11% per year. Is New 90 Day High Low • Jan 15
New 90-day low: NT$50.70 The company is down 10.0% from its price of NT$56.40 on 16 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 20% over the same period. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS NT$0.92 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$582.4m (up 34% from 3Q 2019). Net income: NT$120.0m (up 284% from 3Q 2019). Profit margin: 21% (up from 7.2% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings.