Reported Earnings • Mar 21
Full year 2025 earnings released: EPS: NT$6.10 (vs NT$8.44 in FY 2024) Full year 2025 results: EPS: NT$6.10 (down from NT$8.44 in FY 2024). Revenue: NT$13.2b (down 16% from FY 2024). Net income: NT$6.03b (down 28% from FY 2024). Profit margin: 46% (down from 53% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Duyuru • Mar 16
Jinan Acetate Chemical Co., Ltd., Annual General Meeting, Jun 26, 2026 Jinan Acetate Chemical Co., Ltd., Annual General Meeting, Jun 26, 2026. Location: b2 floor no,176, sec.1 chi lung rd., sinyi district, taipei city Taiwan Buy Or Sell Opportunity • Feb 25
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to NT$47.30. The fair value is estimated to be NT$59.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 43% over the last 3 years. Earnings per share has grown by 51%. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: NT$1.16 (vs NT$1.83 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.16 (down from NT$1.83 in 3Q 2024). Revenue: NT$2.45b (down 44% from 3Q 2024). Net income: NT$1.15b (down 36% from 3Q 2024). Profit margin: 47% (up from 41% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 31% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has increased by 73% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 28
Second quarter 2025 earnings released: EPS: NT$1.72 (vs NT$1.78 in 2Q 2024) Second quarter 2025 results: EPS: NT$1.72 (down from NT$1.78 in 2Q 2024). Revenue: NT$3.86b (up 21% from 2Q 2024). Net income: NT$1.70b (down 2.9% from 2Q 2024). Profit margin: 44% (down from 55% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 4.2% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has increased by 92% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jul 13
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 6.5% 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 High level of non-cash earnings (51% accrual ratio). 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 (6.5% average weekly change). Upcoming Dividend • Jul 08
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 15 July 2025. Payment date: 11 August 2025. Payout ratio is a comfortable 57% and the cash payout ratio is 80%. Trailing yield: 6.0%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.1%). Duyuru • Jun 20
Jinan Acetate Chemical Co., Ltd. Announces Cash Dividend, Payable on August 11, 2025 Jinan Acetate Chemical Co., Ltd. announced cash dividend of TWD 2,472,866,675. Ex-rights (ex-dividend) trading date: July 15, 2025. Ex-rights (ex-dividend) record date: July 21, 2025. Payment date of common stock cash dividend distribution is August 11, 2025. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$989, the stock trades at a trailing P/E ratio of 11.8x. Average forward P/E is 19x in the Chemicals industry in Taiwan. Total returns to shareholders of 1,176% over the past three years. New Risk • May 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 8.7% 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 High level of non-cash earnings (51% accrual ratio). 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 (8.7% average weekly change). Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$20.53 (vs NT$21.29 in 1Q 2024) First quarter 2025 results: EPS: NT$20.53 (down from NT$21.29 in 1Q 2024). Revenue: NT$4.15b (up 15% from 1Q 2024). Net income: NT$2.03b (down 3.4% from 1Q 2024). Profit margin: 49% (down from 58% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 4.5% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has increased by 122% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Apr 30
Jinan Acetate Chemical Co., Ltd. to Report Q1, 2025 Results on May 09, 2025 Jinan Acetate Chemical Co., Ltd. announced that they will report Q1, 2025 results on May 09, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$743, the stock trades at a trailing P/E ratio of 8.8x. Average forward P/E is 16x in the Chemicals industry in Taiwan. Total returns to shareholders of 1,005% over the past three years. New Risk • Mar 31
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (123% accrual ratio). 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 (6.0% average weekly change). Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: NT$84.36 (vs NT$54.10 in FY 2023) Full year 2024 results: EPS: NT$84.36 (up from NT$54.10 in FY 2023). Revenue: NT$15.7b (up 43% from FY 2023). Net income: NT$8.34b (up 61% from FY 2023). Profit margin: 53% (up from 47% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 4.6% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has increased by 132% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Mar 06
Jinan Acetate Chemical Co., Ltd., Annual General Meeting, May 22, 2025 Jinan Acetate Chemical Co., Ltd., Annual General Meeting, May 22, 2025, at 09:00 Taipei Standard Time. Location: b2 floor no,176, sec.1 chi lung rd., sinyi district, taipei city Taiwan Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$1,080, the stock trades at a trailing P/E ratio of 14.1x. Average forward P/E is 20x in the Chemicals industry in Taiwan. Total returns to shareholders of 1,609% over the past three years. Upcoming Dividend • Dec 11
Upcoming dividend of NT$22.58 per share Eligible shareholders must have bought the stock before 18 December 2024. Payment date: 22 January 2025. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Taiwanese dividend payers (4.5%). Lower than average of industry peers (2.8%). Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: NT$18.32 (vs NT$17.14 in 3Q 2023) Third quarter 2024 results: EPS: NT$18.32 (up from NT$17.14 in 3Q 2023). Revenue: NT$4.37b (up 34% from 3Q 2023). Net income: NT$1.81b (up 11% from 3Q 2023). Profit margin: 41% (down from 50% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 4.8% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has increased by 123% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Nov 14
Jinan Acetate Chemical Co., Ltd. Announces Cash Dividend, Payable on January 22, 2025 Jinan Acetate Chemical Co., Ltd. announced that Cash dividends TWD 2,233,505,508 (TWD 26 per share) of common stock. After adjustment: Cash dividends TWD 2,233,505,508 (TWD 22.58012426 per share) of common stock. Ex-rights (ex-dividend) record date: December 24, 2024. Payment date of common stock cash dividend distribution is January 22, 2025, at the meeting held on November 13, 2024. Duyuru • Nov 06
Jinan Acetate Chemical Co., Ltd. to Report Q3, 2024 Results on Nov 13, 2024 Jinan Acetate Chemical Co., Ltd. announced that they will report Q3, 2024 results on Nov 13, 2024 Upcoming Dividend • Sep 05
Upcoming dividend of NT$6.49 per share Eligible shareholders must have bought the stock before 12 September 2024. Payment date: 09 October 2024. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Taiwanese dividend payers (4.4%). In line with average of industry peers (2.6%). New Risk • Aug 29
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (22% accrual ratio). Minor Risk Shareholders have been diluted in the past year (6.3% increase in shares outstanding). Reported Earnings • Aug 28
Second quarter 2024 earnings released: EPS: NT$20.41 (vs NT$13.36 in 2Q 2023) Second quarter 2024 results: EPS: NT$20.41 (up from NT$13.36 in 2Q 2023). Revenue: NT$3.20b (up 35% from 2Q 2023). Net income: NT$1.75b (up 63% from 2Q 2023). Profit margin: 55% (up from 46% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has increased by 116% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Aug 24
Jinan Acetate Chemical Co., Ltd. Announces Dividend, Payable on October 9, 2024 Jinan Acetate Chemical Co., Ltd. announces Cash Dividend: TWD 558,376,377, Last Date Before Book Closure: September 13, 2024, Ex-Rights (Ex-Dividend) Record Date: September 18, 2024 and Payment Date of Cash Dividend: October 9, 2024. Duyuru • Aug 16
Jinan Acetate Chemical Co., Ltd. to Report Q2, 2024 Results on Aug 23, 2024 Jinan Acetate Chemical Co., Ltd. announced that they will report Q2, 2024 results on Aug 23, 2024 New Risk • Jun 05
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% 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 (22% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Shareholders have been diluted in the past year (6.8% increase in shares outstanding). Reported Earnings • May 16
First quarter 2024 earnings released: EPS: NT$24.48 (vs NT$6.52 in 1Q 2023) First quarter 2024 results: EPS: NT$24.48 (up from NT$6.52 in 1Q 2023). Revenue: NT$3.61b (up 132% from 1Q 2023). Net income: NT$2.10b (up 303% from 1Q 2023). Profit margin: 58% (up from 33% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has increased by 104% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • May 03
Jinan Acetate Chemical Co., Ltd. to Report Q1, 2024 Results on May 10, 2024 Jinan Acetate Chemical Co., Ltd. announced that they will report Q1, 2024 results on May 10, 2024 Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$765, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 24x in the Chemicals industry in Taiwan. Total returns to shareholders of 787% over the past three years. Reported Earnings • Mar 24
Full year 2023 earnings released: EPS: NT$62.52 (vs NT$18.16 in FY 2022) Full year 2023 results: EPS: NT$62.52 (up from NT$18.16 in FY 2022). Revenue: NT$11.0b (up 158% from FY 2022). Net income: NT$5.18b (up 314% from FY 2022). Profit margin: 47% (up from 29% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has increased by 106% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Mar 13
Jinan Acetate Chemical Co., Ltd., Annual General Meeting, May 30, 2024 Jinan Acetate Chemical Co., Ltd., Annual General Meeting, May 30, 2024. Location: On second floor underground of No.176,Sec. 1,Keelung Rd Sinyi Dist., Taipei City 11072, Taiwan Taipei City Taiwan Agenda: To report the business of 2023; to consider audit committee's review report; to report on the 2023 employee compensation distributions; to accept 2023 business report and financial statements; and to consider other issues. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$1,020, the stock trades at a trailing P/E ratio of 24.3x. Average trailing P/E is 23x in the Chemicals industry in Taiwan. Total returns to shareholders of 1,096% over the past three years. New Risk • Nov 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 55% 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: Major Risk Share price has been highly volatile over the past 3 months (9.7% average weekly change). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (15% increase in shares outstanding). Upcoming Dividend • Nov 21
Upcoming dividend of NT$4.36 per share at 0.8% yield Eligible shareholders must have bought the stock before 28 November 2023. Payment date: 29 December 2023. Payout ratio is a comfortable 9.0% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (3.7%). Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: NT$19.70 (vs NT$4.59 in 3Q 2022) Third quarter 2023 results: EPS: NT$19.70 (up from NT$4.59 in 3Q 2022). Revenue: NT$3.26b (up 173% from 3Q 2022). Net income: NT$1.64b (up 435% from 3Q 2022). Profit margin: 50% (up from 26% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has increased by 116% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Nov 11
Jinan Acetate Chemical Co., Ltd. Announces Cash Dividend, Payable on December 29, 2023 Jinan Acetate Chemical Co., Ltd. announces cash dividend of TWD 374,221,395 (TWD 5 per share) of common stock with Ex-rights (ex-dividend) trading date as December 28, 2022, Ex-rights (ex-dividend) record date as December 4, 2023 and payment date is December 29, 2023. Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$968, the stock trades at a trailing P/E ratio of 36.6x. Average trailing P/E is 23x in the Chemicals industry in Taiwan. Total returns to shareholders of 1,012% over the past three years. Upcoming Dividend • Sep 26
Upcoming dividend of NT$4.70 per share at 0.9% yield Eligible shareholders must have bought the stock before 03 October 2023. Payment date: 27 October 2023. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.8%). Reported Earnings • Aug 30
Second quarter 2023 earnings released: EPS: NT$15.25 (vs NT$3.54 in 2Q 2022) Second quarter 2023 results: EPS: NT$15.25 (up from NT$3.54 in 2Q 2022). Revenue: NT$2.37b (up 127% from 2Q 2022). Net income: NT$1.08b (up 433% from 2Q 2022). Profit margin: 46% (up from 20% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has increased by 102% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$743, the stock trades at a trailing P/E ratio of 40x. Average trailing P/E is 25x in the Chemicals industry in Taiwan. Total returns to shareholders of 686% over the past three years. Duyuru • Aug 12
Jinan Acetate Chemical Co., Ltd. Announces Cash Dividend, Payable on October 27, 2023 Jinan Acetate Chemical Co., Ltd. announced dividend of TWD 5.0 per share. Ex-rights (ex-dividend) trading date is October 3, 2023. Ex-rights (ex-dividend) record date is October 9, 2023. Payment date of cash dividend distribution is October 27, 2023. Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$911, the stock trades at a trailing P/E ratio of 49.1x. Average trailing P/E is 22x in the Chemicals industry in Taiwan. Total returns to shareholders of 865% over the past three years. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$649, the stock trades at a trailing P/E ratio of 34.9x. Average trailing P/E is 22x in the Chemicals industry in Taiwan. Total returns to shareholders of 599% over the past three years. Board Change • Jul 01
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. 3 experienced directors. 5 highly experienced directors. President, GM & Director Ching-Li Meng was the last director to join the board, commencing their role in 2020. 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 • May 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$602, the stock trades at a trailing P/E ratio of 33.8x. Average trailing P/E is 18x in the Chemicals industry in Taiwan. Total returns to shareholders of 548% over the past three years. Valuation Update With 7 Day Price Move • May 02
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$517, the stock trades at a trailing P/E ratio of 29.1x. Average trailing P/E is 18x in the Chemicals industry in Taiwan. Total returns to shareholders of 530% over the past three years. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$437, the stock trades at a trailing P/E ratio of 24.3x. Average trailing P/E is 17x in the Chemicals industry in Taiwan. Total returns to shareholders of 480% over the past three years. Reported Earnings • Mar 31
Full year 2022 earnings released: EPS: NT$20.72 (vs NT$6.23 in FY 2021) Full year 2022 results: EPS: NT$20.72 (up from NT$6.23 in FY 2021). Revenue: NT$4.27b (up 57% from FY 2021). Net income: NT$1.25b (up 250% from FY 2021). Profit margin: 29% (up from 13% in FY 2021). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$356, the stock trades at a trailing P/E ratio of 25.4x. Average trailing P/E is 16x in the Chemicals industry in Taiwan. Total returns to shareholders of 264% over the past three years. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 16% share price gain to NT$210, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 14x in the Chemicals industry in Taiwan. Total returns to shareholders of 118% over the past three years. Upcoming Dividend • Dec 12
Upcoming dividend of NT$3.96 per share Eligible shareholders must have bought the stock before 19 December 2022. Payment date: 16 January 2023. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of Taiwanese dividend payers (6.8%). Lower than average of industry peers (7.9%). Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improved over the past week After last week's 20% share price gain to NT$159, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 14x in the Chemicals industry in Taiwan. Total returns to shareholders of 81% over the past three years. Duyuru • Nov 18
Jinan Acetate Chemical Co., Ltd. Announces Cash Dividend, Payable on January 16, 2023 Jinan Acetate Chemical Co., Ltd. announces cash dividend of TWD 270,964,386 with Ex-rights (ex-dividend) trading date as December 19, 2022, Ex-rights (ex-dividend) record date as December 25, 2022 and payment date is January 16, 2023. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. 3 independent directors (4 non-independent directors). Independent Director Ching-Hsien Yu was the last independent director to join the board, commencing their role in 2019. 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 • Nov 13
Third quarter 2022 earnings released: EPS: NT$5.23 (vs NT$1.84 in 3Q 2021) Third quarter 2022 results: EPS: NT$5.23 (up from NT$1.84 in 3Q 2021). Revenue: NT$1.20b (up 87% from 3Q 2021). Net income: NT$306.7m (up 191% from 3Q 2021). Profit margin: 26% (up from 17% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Oct 07
Now 22% undervalued Over the last 90 days, the stock is up 14%. The fair value is estimated to be NT$165, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 28%. Upcoming Dividend • Sep 22
Upcoming dividend of NT$4.87 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 28 October 2022. Payout ratio is a comfortable 37% and the cash payout ratio is 99%. Trailing yield: 3.7%. Lower than top quartile of Taiwanese dividend payers (6.7%). Lower than average of industry peers (8.1%). Buying Opportunity • Sep 21
Now 20% undervalued Over the last 90 days, the stock is up 18%. The fair value is estimated to be NT$164, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 28%. Duyuru • Sep 01
Jinan Acetate Chemical Co., Ltd. Announces Cash Dividends, Payable on October 28, 2022 Jinan Acetate Chemical Co., Ltd. announced cash dividends of TWD 314,102,828. Ex-rights (ex-dividend) trading date is September 29, 2022. Ex-rights (ex-dividend) record date is October 7, 2022. Estimated cash dividend payment date is October 28, 2022. Buying Opportunity • Aug 31
Now 20% undervalued Over the last 90 days, the stock is up 21%. The fair value is estimated to be NT$160, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 28%. Reported Earnings • Aug 26
Second quarter 2022 earnings released: EPS: NT$3.54 (vs NT$1.91 in 2Q 2021) Second quarter 2022 results: EPS: NT$3.54 (up from NT$1.91 in 2Q 2021). Revenue: NT$1.04b (up 54% from 2Q 2021). Net income: NT$202.6m (up 84% from 2Q 2021). Profit margin: 20% (up from 16% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$6.82 (vs NT$1.41 in 1Q 2021) First quarter 2022 results: EPS: NT$6.82 (up from NT$1.41 in 1Q 2021). Revenue: NT$803.7m (up 27% from 1Q 2021). Net income: NT$389.1m (up 380% from 1Q 2021). Profit margin: 48% (up from 13% in 1Q 2021). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Ching-Hsien Yu was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 28
Full year 2021 earnings released: EPS: NT$6.23 (vs NT$8.75 in FY 2020) Full year 2021 results: EPS: NT$6.23 (down from NT$8.75 in FY 2020). Revenue: NT$2.71b (up 15% from FY 2020). Net income: NT$357.5m (down 29% from FY 2020). Profit margin: 13% (down from 21% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$90.30, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 18x in the Chemicals industry in Taiwan. Total loss to shareholders of 3.6% over the past three years. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS NT$1.84 (vs NT$1.41 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$639.3m (up 3.0% from 3Q 2020). Net income: NT$105.5m (up 30% from 3Q 2020). Profit margin: 17% (up from 13% in 3Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 16
Upcoming dividend of NT$4.78 per share Eligible shareholders must have bought the stock before 23 September 2021. Payment date: 28 October 2021. Trailing yield: 4.7%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.8%). Reported Earnings • Sep 03
Second quarter 2021 earnings released: EPS NT$1.91 (vs NT$1.70 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: NT$674.9m (up 24% from 2Q 2020). Net income: NT$110.0m (up 12% from 2Q 2020). Profit margin: 16% (down from 18% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$1.62 (vs NT$2.50 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: NT$631.3m (up 20% from 1Q 2020). Net income: NT$81.0m (down 36% from 1Q 2020). Profit margin: 13% (down from 24% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 23
Full year 2020 earnings released: EPS NT$10.07 (vs NT$6.52 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$2.35b (up 8.2% from FY 2019). Net income: NT$504.6m (up 53% from FY 2019). Profit margin: 21% (up from 15% in FY 2019). Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 08
New 90-day high: NT$134 The company is up 7.0% from its price of NT$126 on 08 December 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 9.0% over the same period. Duyuru • Jan 06
Jinan Acetate Chemical Co., Ltd., Annual General Meeting, Apr 15, 2021 Jinan Acetate Chemical Co., Ltd., Annual General Meeting, Apr 15, 2021. Location: No.B2 meeting room, 176,sec.1,keelung rd., Taipei city(B2 conference room of concord securities corp) Taipei Taiwan Agenda: To consider 2020 business report; to consider audit Committee's review report; to consider report on the implementation of the first and second domestic unsecured convertible corporate Bonds; to consider status report on the implementation of buyback of treasury stocks; and to consider report on 2020 employees' and directors' remuneration. Is New 90 Day High Low • Dec 21
New 90-day low: NT$123 The company is down 17% from its price of NT$148 on 22 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 8.0% over the same period.