Declared Dividend • Jun 20
Dividend increased to NT$0.90 Dividend of NT$0.90 is 5.9% higher than last year. Ex-date: 7th July 2026 Payment date: 30th July 2026 Dividend yield will be 4.5%, which is lower than the industry average of 5.2%. Sustainability & Growth Dividend is not covered by earnings (138% earnings payout ratio). However, it is covered by cash flows (66% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 53% to bring the payout ratio under control. However, EPS has declined by 9.8% over the last 5 years so the company would need to reverse this trend. New Risk • May 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% 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 Earnings have declined by 4.6% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (137% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.7% net profit margin). Market cap is less than US$100m (NT$577.1m market cap, or US$18.3m). Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$0.96 (vs NT$0.93 in FY 2024) Full year 2025 results: EPS: NT$0.96 (up from NT$0.93 in FY 2024). Revenue: NT$447.4m (up 2.7% from FY 2024). Net income: NT$29.2m (up 2.9% from FY 2024). Profit margin: 6.5% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 1% per year. Duyuru • Mar 09
China Times Publishing Comp., Annual General Meeting, May 29, 2026 China Times Publishing Comp., Annual General Meeting, May 29, 2026. Location: 2 floor no,240, sec.3 huo p`ing w. rd., wanhua district, taipei city Taiwan Board Change • Feb 25
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 an independent director. The company's board is composed of: 1 new director. 8 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Biynu Tang was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. New Risk • Nov 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% 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 Earnings have declined by 0.8% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (91% payout ratio). Share price has been volatile over the past 3 months (7.1% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NT$604.5m market cap, or US$19.2m). Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: NT$0.06 (vs NT$0.13 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.06 (down from NT$0.13 in 3Q 2024). Revenue: NT$93.1m (down 5.1% from 3Q 2024). Net income: NT$1.96m (down 49% from 3Q 2024). Profit margin: 2.1% (down from 3.9% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. New Risk • Oct 01
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 6.6% 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 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 (6.6% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NT$685.0m market cap, or US$22.5m). New Risk • Sep 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 25% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (NT$599.9m market cap, or US$19.7m). Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$0.05 (vs NT$0.13 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.05 (down from NT$0.13 in 2Q 2024). Revenue: NT$105.8m (up 11% from 2Q 2024). Net income: NT$1.57m (down 60% from 2Q 2024). Profit margin: 1.5% (down from 4.1% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 01
Upcoming dividend of NT$0.85 per share Eligible shareholders must have bought the stock before 08 July 2025. Payment date: 29 July 2025. Payout ratio and cash payout ratio are on the higher end at 79% and 92% respectively. Trailing yield: 4.3%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (5.1%). Declared Dividend • Jun 11
Dividend increased to NT$0.85 Dividend of NT$0.85 is 6.3% higher than last year. Ex-date: 8th July 2025 Payment date: 29th July 2025 Dividend yield will be 4.3%, which is lower than the industry average of 5.2%. Sustainability & Growth Dividend is covered by earnings (79% earnings payout ratio) but not adequately covered by cash flows (92% cash payout ratio). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. Earnings per share has grown by 8.2% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • May 31
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% 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 (92% cash payout ratio). Large one-off items impacting financial results. Market cap is less than US$100m (NT$596.9m market cap, or US$19.9m). Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.48 (vs NT$0.34 in 1Q 2024) First quarter 2025 results: EPS: NT$0.48 (up from NT$0.34 in 1Q 2024). Revenue: NT$131.8m (up 20% from 1Q 2024). Net income: NT$14.7m (up 41% from 1Q 2024). Profit margin: 11% (up from 9.5% 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 9% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 05
Full year 2024 earnings released: EPS: NT$0.93 (vs NT$0.88 in FY 2023) Full year 2024 results: EPS: NT$0.93 (up from NT$0.88 in FY 2023). Revenue: NT$435.7m (up 2.1% from FY 2023). Net income: NT$28.4m (up 5.7% from FY 2023). Profit margin: 6.5% (up from 6.3% 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 9% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Duyuru • Feb 26
China Times Publishing Comp., Annual General Meeting, May 27, 2025 China Times Publishing Comp., Annual General Meeting, May 27, 2025. Location: 2 floor no,240, sec.3 huo p`ing w. rd., wanhua district, taipei city Taiwan Reported Earnings • Nov 19
Third quarter 2024 earnings released: EPS: NT$0.13 (vs NT$0.23 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.13 (down from NT$0.23 in 3Q 2023). Revenue: NT$98.1m (down 9.0% from 3Q 2023). Net income: NT$3.87m (down 44% from 3Q 2023). Profit margin: 3.9% (down from 6.5% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Aug 18
Second quarter 2024 earnings released: EPS: NT$0.13 (vs NT$0.25 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.13 (down from NT$0.25 in 2Q 2023). Revenue: NT$95.6m (down 4.2% from 2Q 2023). Net income: NT$3.93m (down 49% from 2Q 2023). Profit margin: 4.1% (down from 7.7% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 26
Upcoming dividend of NT$0.80 per share Eligible shareholders must have bought the stock before 03 July 2024. Payment date: 25 July 2024. Payout ratio is a comfortable 69% and the cash payout ratio is 90%. Trailing yield: 3.9%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (5.2%). Reported Earnings • May 20
First quarter 2024 earnings released: EPS: NT$0.34 (vs NT$0.072 in 1Q 2023) First quarter 2024 results: EPS: NT$0.34 (up from NT$0.072 in 1Q 2023). Revenue: NT$109.5m (up 8.9% from 1Q 2023). Net income: NT$10.4m (up 373% from 1Q 2023). Profit margin: 9.5% (up from 2.2% in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. New Risk • Mar 18
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 5.9% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 90% Cash payout ratio: 147% Minor Risks Share price has been volatile over the past 3 months (5.9% average weekly change). Market cap is less than US$100m (NT$630.3m market cap, or US$19.9m). Duyuru • Mar 13
China Times Publishing Comp., Annual General Meeting, May 29, 2024 China Times Publishing Comp., Annual General Meeting, May 29, 2024. Reported Earnings • Mar 03
Full year 2023 earnings released: EPS: NT$0.88 (vs NT$1.13 in FY 2022) Full year 2023 results: EPS: NT$0.88 (down from NT$1.13 in FY 2022). Revenue: NT$426.6m (down 9.0% from FY 2022). Net income: NT$26.9m (down 22% from FY 2022). Profit margin: 6.3% (down from 7.3% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. New Risk • Aug 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: 5.7% Last year net profit margin: 9.1% 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 Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 120% Cash payout ratio: 105% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.7% net profit margin). Market cap is less than US$100m (NT$601.4m market cap, or US$18.9m). Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: NT$0.25 (vs NT$0.29 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.25 (down from NT$0.29 in 2Q 2022). Revenue: NT$99.8m (down 9.5% from 2Q 2022). Net income: NT$7.69m (down 13% from 2Q 2022). Profit margin: 7.7% (down from 8.0% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 10% per year. Upcoming Dividend • Jul 03
Upcoming dividend of NT$1.00 per share at 4.9% yield Eligible shareholders must have bought the stock before 10 July 2023. Payment date: 28 July 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 4.9%. Lower than top quartile of Taiwanese dividend payers (5.5%). In line with average of industry peers (4.9%). Buying Opportunity • May 22
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be NT$26.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.5% over the last 3 years. Earnings per share has grown by 17%. Buying Opportunity • Apr 28
Now 22% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be NT$26.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.5% over the last 3 years. Earnings per share has grown by 17%. Buying Opportunity • Apr 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.9%. The fair value is estimated to be NT$26.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.5% over the last 3 years. Earnings per share has grown by 17%. Valuation Update With 7 Day Price Move • Nov 23
Investor sentiment improved over the past week After last week's 17% share price gain to NT$21.45, the stock trades at a trailing P/E ratio of 16.7x. Average trailing P/E is 14x in the Media industry in Taiwan. Total returns to shareholders of 68% over the past three years. Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: NT$0.32 (vs NT$0.46 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.32 (down from NT$0.46 in 3Q 2021). Revenue: NT$112.5m (down 1.0% from 3Q 2021). Net income: NT$9.90m (down 29% from 3Q 2021). Profit margin: 8.8% (down from 12% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 10% per year. Upcoming Dividend • Jun 29
Upcoming dividend of NT$0.90 per share Eligible shareholders must have bought the stock before 06 July 2022. Payment date: 26 July 2022. Payout ratio is on the higher end at 77%, however this is supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of Taiwanese dividend payers (6.3%). Lower than average of industry peers (5.1%). Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.33 (vs NT$0.16 in 1Q 2021) First quarter 2022 results: EPS: NT$0.33 (up from NT$0.16 in 1Q 2021). Revenue: NT$113.9m (up 4.5% from 1Q 2021). Net income: NT$9.97m (up 108% from 1Q 2021). Profit margin: 8.8% (up from 4.4% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 31
Full year 2021 earnings released: EPS: NT$1.00 (vs NT$0.94 in FY 2020) Full year 2021 results: EPS: NT$1.00 (up from NT$0.94 in FY 2020). Revenue: NT$441.2m (up 2.7% from FY 2020). Net income: NT$30.3m (up 5.4% from FY 2020). Profit margin: 6.9% (up from 6.7% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 09
Upcoming dividend of NT$0.85 per share Eligible shareholders must have bought the stock before 16 September 2021. Payment date: 08 October 2021. Trailing yield: 4.9%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (4.0%). Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.04 (vs NT$0.28 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$85.5m (down 19% from 2Q 2020). Net income: NT$1.15m (down 86% from 2Q 2020). Profit margin: 1.3% (down from 7.9% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • May 17
First quarter 2021 earnings released: EPS NT$0.16 (vs NT$0.011 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$108.9m (up 12% from 1Q 2020). Net income: NT$4.79m (up NT$4.47m from 1Q 2020). Profit margin: 4.4% (up from 0.3% 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 11% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$0.94 (vs NT$1.00 in FY 2019) The company reported a poor full year result with weaker earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: NT$429.5m (flat on FY 2019). Net income: NT$28.7m (down 5.3% from FY 2019). Profit margin: 6.7% (down from 7.1% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Duyuru • Mar 20
China Times Publishing Co., Annual General Meeting, Jun 11, 2021 China Times Publishing Co., Annual General Meeting, Jun 11, 2021. Is New 90 Day High Low • Mar 10
New 90-day high: NT$15.50 The company is up 2.0% from its price of NT$15.20 on 10 December 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Media industry, which is flat over the same period. Is New 90 Day High Low • Dec 05
New 90-day high: NT$15.10 The company is up 3.0% from its price of NT$14.60 on 04 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Media industry, which is up 1.0% over the same period. Is New 90 Day High Low • Nov 17
New 90-day high: NT$14.95 The company is up 2.0% from its price of NT$14.70 on 19 August 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Media industry, which is down 2.0% over the same period. Reported Earnings • Nov 17
Third quarter 2020 earnings released: EPS NT$0.21 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$107.7m (up 15% from 3Q 2019). Net income: NT$6.26m (up 352% from 3Q 2019). Profit margin: 5.8% (up from 1.5% 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 10% per year but the company’s share price has remained flat, which means it is well ahead of earnings.