New Risk • May 07
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 3.0% 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 Risk Debt is not well covered by operating cash flow (3.0% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (dividend per share is over 24x cash flows per share). Market cap is less than US$100m (NT$1.89b market cap, or US$60.3m). Reported Earnings • May 07
First quarter 2026 earnings released: EPS: NT$0.62 (vs NT$0.87 in 1Q 2025) First quarter 2026 results: EPS: NT$0.62 (down from NT$0.87 in 1Q 2025). Revenue: NT$1.23b (up 4.8% from 1Q 2025). Net income: NT$26.8m (down 29% from 1Q 2025). Profit margin: 2.2% (down from 3.2% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 13% per year. Upcoming Dividend • Mar 23
Upcoming dividend of NT$2.10 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 22 May 2026. Payout ratio is a comfortable 47% but the company is not cash flow positive. Trailing yield: 3.8%. Lower than top quartile of Taiwanese dividend payers (5.2%). In line with average of industry peers (4.2%). Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$4.06 (vs NT$3.51 in FY 2024) Full year 2025 results: EPS: NT$4.06 (up from NT$3.51 in FY 2024). Revenue: NT$5.20b (up 12% from FY 2024). Net income: NT$176.8m (up 16% from FY 2024). Profit margin: 3.4% (up from 3.3% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year and the company’s share price has also increased by 13% per year. New Risk • Nov 12
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 13% 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 Risk Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$1.94b market cap, or US$62.3m). Reported Earnings • Aug 07
Second quarter 2025 earnings released: EPS: NT$0.59 (vs NT$0.65 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.59 (down from NT$0.65 in 2Q 2024). Revenue: NT$1.18b (up 12% from 2Q 2024). Net income: NT$25.7m (down 9.5% from 2Q 2024). Profit margin: 2.2% (down from 2.7% 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 3% per year whereas the company’s share price has increased by 7% per year. Reported Earnings • May 08
First quarter 2025 earnings released: EPS: NT$0.96 (vs NT$0.49 in 1Q 2024) First quarter 2025 results: EPS: NT$0.96 (up from NT$0.49 in 1Q 2024). Revenue: NT$1.17b (up 15% from 1Q 2024). Net income: NT$38.0m (up 96% from 1Q 2024). Profit margin: 3.2% (up from 1.9% 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 2% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$48.25, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 13x in the Retail Distributors industry in Taiwan. Total returns to shareholders of 52% over the past three years. Upcoming Dividend • Apr 10
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 17 April 2025. Payment date: 20 May 2025. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 4.4%. Lower than top quartile of Taiwanese dividend payers (6.1%). In line with average of industry peers (4.1%). New Risk • Mar 21
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 6.1% 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 (6.1% average weekly change). Market cap is less than US$100m (NT$1.76b market cap, or US$53.4m). Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$3.86 (vs NT$2.81 in FY 2023) Full year 2024 results: EPS: NT$3.86 (up from NT$2.81 in FY 2023). Revenue: NT$4.64b (up 14% from FY 2023). Net income: NT$153.0m (up 41% from FY 2023). Profit margin: 3.3% (up from 2.7% 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 6% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Mar 18
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 26% to NT$47.90. The fair value is estimated to be NT$37.87, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 5.4%. Duyuru • Mar 13
Gseven Co., Ltd., Annual General Meeting, Jun 19, 2025 Gseven Co., Ltd., Annual General Meeting, Jun 19, 2025, at 09:00 Taipei Standard Time. Location: 7 floor no,263, chung cheng 1st rd., lingya district, kaohsiung city Taiwan Duyuru • Mar 12
Gseven Co., Ltd. Announces Annual Dividend, Payable on May 20, 2025 Gseven Co., Ltd. announced Annual dividend of TWD 2.0000 per share payable on May 20, 2025, ex-date on April 17, 2025 and record date on April 20, 2025. Reported Earnings • Nov 13
Third quarter 2024 earnings released: EPS: NT$0.59 (vs NT$0.27 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.59 (up from NT$0.27 in 3Q 2023). Revenue: NT$996.5m (up 19% from 3Q 2023). Net income: NT$23.4m (up 126% from 3Q 2023). Profit margin: 2.3% (up from 1.2% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 2% per year. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.72 (vs NT$0.51 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.72 (up from NT$0.51 in 2Q 2023). Revenue: NT$1.05b (up 4.8% from 2Q 2023). Net income: NT$28.4m (up 47% from 2Q 2023). Profit margin: 2.7% (up from 1.9% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has increased by 1% per year. Upcoming Dividend • Jul 22
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 29 July 2024. Payment date: 23 August 2024. Payout ratio is on the higher end at 76%, however this is supported by cash flows. Trailing yield: 5.8%. Within top quartile of Taiwanese dividend payers (4.3%). Higher than average of industry peers (3.4%). Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$0.49 (vs NT$0.67 in 1Q 2023) First quarter 2024 results: EPS: NT$0.49 (down from NT$0.67 in 1Q 2023). Revenue: NT$1.02b (up 11% from 1Q 2023). Net income: NT$19.4m (down 23% from 1Q 2023). Profit margin: 1.9% (down from 2.7% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 2% per year. Reported Earnings • Mar 29
Full year 2023 earnings released: EPS: NT$2.81 (vs NT$3.80 in FY 2022) Full year 2023 results: EPS: NT$2.81 (down from NT$3.80 in FY 2022). Revenue: NT$4.06b (up 6.8% from FY 2022). Net income: NT$108.4m (down 23% from FY 2022). Profit margin: 2.7% (down from 3.7% in FY 2022). 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 whereas the company’s share price has increased by 1% per year. Duyuru • Mar 22
Gseven Co., Ltd., Annual General Meeting, Jun 18, 2024 Gseven Co., Ltd., Annual General Meeting, Jun 18, 2024. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: NT$0.27 (vs NT$0.25 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.27 (up from NT$0.25 in 3Q 2022). Revenue: NT$834.7m (up 5.4% from 3Q 2022). Net income: NT$10.4m (up 14% from 3Q 2022). Profit margin: 1.2% (up from 1.1% 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 7% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: NT$0.51 (vs NT$0.64 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.51 (down from NT$0.64 in 2Q 2022). Revenue: NT$1.00b (up 14% from 2Q 2022). Net income: NT$19.3m (down 18% from 2Q 2022). Profit margin: 1.9% (down from 2.7% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 14
Upcoming dividend of NT$1.28 per share at 3.9% yield Eligible shareholders must have bought the stock before 21 July 2023. Payment date: 18 August 2023. Payout ratio is a comfortable 48% but the company is not cash flow positive. Trailing yield: 3.9%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (5.0%). Reported Earnings • Mar 28
Full year 2022 earnings released: EPS: NT$3.80 (vs NT$3.20 in FY 2021) Full year 2022 results: EPS: NT$3.80 (up from NT$3.20 in FY 2021). Revenue: NT$3.80b (up 19% from FY 2021). Net income: NT$140.4m (up 20% from FY 2021). Profit margin: 3.7% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 22% per year. 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. 10 experienced directors. No highly experienced directors. 3 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 • Nov 11
Third quarter 2022 earnings released: EPS: NT$0.25 (vs NT$0.22 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.25 (up from NT$0.22 in 3Q 2021). Revenue: NT$792.1m (up 31% from 3Q 2021). Net income: NT$9.09m (up 14% from 3Q 2021). Profit margin: 1.1% (down from 1.3% in 3Q 2021). 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 whereas the company’s share price has increased by 22% per year. Buying Opportunity • Nov 10
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.2%. The fair value is estimated to be NT$44.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 25%. Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: NT$0.64 (vs NT$0.50 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.64 (up from NT$0.50 in 2Q 2021). Revenue: NT$877.4m (up 28% from 2Q 2021). Net income: NT$23.5m (up 28% from 2Q 2021). Profit margin: 2.7% (in line with 2Q 2021). Over the last 3 years on average, earnings per share has increased by 26% per year whereas the company’s share price has increased by 24% per year. Upcoming Dividend • Jul 21
Upcoming dividend of NT$2.25 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 18 August 2022. Payout ratio is a comfortable 61% and this is well supported by cash flows. Trailing yield: 5.8%. Lower than top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (4.7%). 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. 10 experienced directors. No highly experienced directors. 3 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 • Mar 17
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$3.20 (up from NT$2.83 in FY 2020). Revenue: NT$3.19b (up 11% from FY 2020). Net income: NT$117.2m (up 13% from FY 2020). Profit margin: 3.7% (up from 3.6% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 33% per year. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.22 (vs NT$0.48 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$604.6m (down 6.1% from 3Q 2020). Net income: NT$7.98m (down 55% from 3Q 2020). Profit margin: 1.3% (down from 2.7% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 27
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 04 October 2021. Payment date: 04 November 2021. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (3.9%). Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS NT$0.56 (vs NT$0.76 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$686.1m (up 5.9% from 2Q 2020). Net income: NT$18.3m (down 27% from 2Q 2020). Profit margin: 2.7% (down from 3.9% 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 38% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 11
First quarter 2021 earnings released: EPS NT$0.89 (vs NT$0.74 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: NT$722.8m (up 21% from 1Q 2020). Net income: NT$29.2m (up 20% from 1Q 2020). Profit margin: 4.0% (down from 4.1% 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 41% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Duyuru • Mar 18
Gseven Co., Ltd., Annual General Meeting, Jun 23, 2021 Gseven Co., Ltd., Annual General Meeting, Jun 23, 2021. Reported Earnings • Mar 13
Full year 2020 earnings released: EPS NT$3.15 (vs NT$2.22 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$2.89b (up 21% from FY 2019). Net income: NT$103.5m (up 42% from FY 2019). Profit margin: 3.6% (up from 3.1% in FY 2019). The increase in margin was driven by higher revenue. 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 21% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 25
New 90-day high: NT$33.95 The company is up 2.0% from its price of NT$33.30 on 27 November 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Retail Distributors industry, which is flat over the same period. Reported Earnings • Nov 06
Third quarter 2020 earnings released: EPS NT$0.54 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$643.6m (up 33% from 3Q 2019). Net income: NT$17.7m (up 259% from 3Q 2019). Profit margin: 2.7% (up from 1.0% in 3Q 2019). The increase in margin was driven by higher revenue. 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 15% per year, which means it is significantly lagging earnings growth.