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104

TSEC:3130
Snowflake Description

Flawless balance sheet and slightly overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
3130
TSEC
NT$5B
Market Cap
  1. Home
  2. TW
  3. Commercial Services
Company description

104 Corporation provides information technology, general advertising, employment, and human resource consultancy services in Taiwan and internationally. The last earnings update was 30 days ago. More info.


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3130 Share Price and Events
7 Day Returns
2.2%
TSEC:3130
3.8%
Asia Professional Services
4.6%
TW Market
1 Year Returns
-18.8%
TSEC:3130
-17.2%
Asia Professional Services
-10.3%
TW Market
3130 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
104 (3130) 2.2% -6.8% -13.8% -18.8% -8% -16.6%
Asia Professional Services 3.8% -19.2% -28% -17.2% 9.3% 52.1%
TW Market 4.6% -14.3% -19.3% -10.3% -3.1% -0.6%
1 Year Return vs Industry and Market
  • 3130 underperformed the Professional Services industry which returned -17.2% over the past year.
  • 3130 underperformed the Market in Taiwan, Province of China which returned -10.3% over the past year.
Price Volatility
3130
Industry
5yr Volatility vs Market

3130 Value

 Is 104 undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of 104 to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for 104.

TSEC:3130 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 6.1%
Perpetual Growth Rate 10-Year TW Government Bond Rate 0.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSEC:3130
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year TW Govt Bond Rate 0.7%
Equity Risk Premium S&P Global 6.2%
Professional Services Unlevered Beta Simply Wall St/ S&P Global 0.78
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.783 (1 + (1- 20%) (1.66%))
0.862
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.86
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.71% + (0.862 * 6.21%)
6.06%

Discounted Cash Flow Calculation for TSEC:3130 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for 104 is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

TSEC:3130 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (TWD, Millions) Source Present Value
Discounted (@ 6.06%)
2020 431.32 Est @ 2.3% 406.67
2021 439.17 Est @ 1.82% 390.41
2022 445.69 Est @ 1.49% 373.57
2023 451.28 Est @ 1.25% 356.64
2024 456.20 Est @ 1.09% 339.92
2025 460.66 Est @ 0.98% 323.63
2026 464.79 Est @ 0.9% 307.87
2027 468.69 Est @ 0.84% 292.71
2028 472.45 Est @ 0.8% 278.20
2029 476.11 Est @ 0.77% 264.33
Present value of next 10 years cash flows NT$3,333.00
TSEC:3130 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= NT$476.11 × (1 + 0.71%) ÷ (6.06% – 0.71%)
NT$8,960.73
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= NT$8,960.73 ÷ (1 + 6.06%)10
NT$4,974.93
TSEC:3130 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= NT$3,333.00 + NT$4,974.93
NT$8,307.93
Equity Value per Share
(TWD)
= Total value / Shares Outstanding
= NT$8,307.93 / 33.19
NT$250.31
TSEC:3130 Discount to Share Price
Calculation Result
Value per share (TWD) From above. NT$250.31
Current discount Discount to share price of NT$138.00
= -1 x (NT$138.00 - NT$250.31) / NT$250.31
44.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price 104 is available for.
Intrinsic value
45%
Share price is NT$138 vs Future cash flow value of NT$250.31
Current Discount Checks
For 104 to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • 104's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • 104's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for 104's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are 104's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSEC:3130 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in TWD NT$8.62
TSEC:3130 Share Price ** TSEC (2020-04-01) in TWD NT$138
Asia Professional Services Industry PE Ratio Median Figure of 158 Publicly-Listed Professional Services Companies 14.94x
Taiwan, Province of China Market PE Ratio Median Figure of 1,471 Publicly-Listed Companies 13.77x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of 104.

TSEC:3130 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSEC:3130 Share Price ÷ EPS (both in TWD)

= 138 ÷ 8.62

16.01x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • 104 is overvalued based on earnings compared to the Asia Professional Services industry average.
  • 104 is overvalued based on earnings compared to the Taiwan, Province of China market.
Price based on expected Growth
Does 104's expected growth come at a high price?
Raw Data
TSEC:3130 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 16.01x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
Asia Professional Services Industry PEG Ratio Median Figure of 55 Publicly-Listed Professional Services Companies 1.23x
Taiwan, Province of China Market PEG Ratio Median Figure of 187 Publicly-Listed Companies 1.04x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for 104, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on 104's assets?
Raw Data
TSEC:3130 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in TWD NT$44.91
TSEC:3130 Share Price * TSEC (2020-04-01) in TWD NT$138
Asia Professional Services Industry PB Ratio Median Figure of 193 Publicly-Listed Professional Services Companies 1.65x
Taiwan, Province of China Market PB Ratio Median Figure of 1,963 Publicly-Listed Companies 1.17x
TSEC:3130 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSEC:3130 Share Price ÷ Book Value per Share (both in TWD)

= 138 ÷ 44.91

3.07x

* Primary Listing of 104.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • 104 is overvalued based on assets compared to the Asia Professional Services industry average.
X
Value checks
We assess 104's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Professional Services industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Professional Services industry average (and greater than 0)? (1 check)
  5. 104 has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

3130 Future Performance

 How is 104 expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as 104 has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
16.7%
Expected Professional Services industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is 104 expected to grow at an attractive rate?
  • Unable to compare 104's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare 104's earnings growth to the Taiwan, Province of China market average as no estimate data is available.
  • Unable to compare 104's revenue growth to the Taiwan, Province of China market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
TSEC:3130 Future Growth Rates Data Sources
Data Point Source Value (per year)
Asia Professional Services Industry Earnings Growth Rate Market Cap Weighted Average 16.7%
Asia Professional Services Industry Revenue Growth Rate Market Cap Weighted Average 10%
Taiwan, Province of China Market Earnings Growth Rate Market Cap Weighted Average 11.1%
Taiwan, Province of China Market Revenue Growth Rate Market Cap Weighted Average 7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSEC:3130 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in TWD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSEC:3130 Past Financials Data
Date (Data in TWD Millions) Revenue Cash Flow Net Income *
2019-12-31 1,636 471 286
2019-09-30 1,615 434 276
2019-06-30 1,604 427 277
2019-03-31 1,588 409 277
2018-12-31 1,578 414 282
2018-09-30 1,580 385 294
2018-06-30 1,566 401 305
2018-03-31 1,546 389 310
2017-12-31 1,540 445 318
2017-09-30 1,508 444 297
2017-06-30 1,490 457 291
2017-03-31 1,471 454 306

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if 104 is high growth as no earnings estimate data is available.
  • Unable to determine if 104 is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSEC:3130 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from 104 Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSEC:3130 Past Financials Data
Date (Data in TWD Millions) EPS *
2019-12-31 8.62
2019-09-30 8.31
2019-06-30 8.35
2019-03-31 8.36
2018-12-31 8.51
2018-09-30 8.87
2018-06-30 9.21
2018-03-31 9.35
2017-12-31 9.60
2017-09-30 8.96
2017-06-30 8.80
2017-03-31 9.26

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if 104 will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine 104's financial health to determine how well-positioned it is against times of financial stress by looking at its level of debt over time and how much cash it has left.
  2. 104's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Commercial Services companies here
  3. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess 104's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Asia market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Asia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
104 has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

3130 Past Performance

  How has 104 performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare 104's growth in the last year to its industry (Professional Services).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • 104's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • 104's 1-year earnings growth exceeds its 5-year average (1.3% vs -1.8%)
  • 104's earnings growth has not exceeded the Asia Professional Services industry average in the past year (1.3% vs 13.4%).
Earnings and Revenue History
104's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from 104 Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSEC:3130 Past Revenue, Cash Flow and Net Income Data
Date (Data in TWD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 1,636.38 286.00 802.10 348.44
2019-09-30 1,614.63 275.54 795.34 334.53
2019-06-30 1,603.51 276.83 789.54 334.55
2019-03-31 1,587.94 277.39 783.64 329.19
2018-12-31 1,577.61 282.21 772.45 322.85
2018-09-30 1,579.88 293.99 757.42 324.72
2018-06-30 1,566.47 305.30 738.89 318.65
2018-03-31 1,546.43 309.70 719.63 317.45
2017-12-31 1,540.00 318.12 733.62 298.06
2017-09-30 1,507.57 296.64 778.54 259.76
2017-06-30 1,490.06 291.27 797.29 234.68
2017-03-31 1,471.24 306.38 800.21 204.46
2016-12-31 1,454.75 359.60 788.35 191.63
2016-09-30 1,449.35 378.13 756.40 196.40
2016-06-30 1,436.30 361.62 751.78 198.15
2016-03-31 1,438.56 356.38 754.22 197.47
2015-12-31 1,409.40 291.94 745.03 194.39
2015-09-30 523.42 268.52 722.80 190.93
2015-06-30 803.80 299.21 699.93 178.76
2015-03-31 1,050.30 287.69 683.45 174.48
2014-12-31 1,293.18 279.69 676.05 169.71
2014-09-30 2,402.84 305.00 659.05 162.91
2014-06-30 2,342.04 272.92 660.40 157.23
2014-03-31 2,270.57 251.93 654.92 146.48
2013-12-31 2,197.96 241.42 645.55 144.66
2013-09-30 2,093.05 230.70 640.79 132.89
2013-06-30 2,056.00 220.61 623.59 132.08

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • 104 has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • 104 used its assets more efficiently than the Asia Professional Services industry average last year based on Return on Assets.
  • 104's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess 104's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Professional Services industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
104 has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

3130 Health

 How is 104's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up 104's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • 104 is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • 104's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of 104's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • 104 has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from 104 Company Filings, last reported 3 months ago.

TSEC:3130 Past Debt and Equity Data
Date (Data in TWD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 1,498.84 0.00 2,168.66
2019-09-30 1,438.50 0.00 1,991.34
2019-06-30 1,358.73 0.00 2,212.90
2019-03-31 1,559.57 0.00 2,058.17
2018-12-31 1,500.38 0.00 2,072.67
2018-09-30 1,445.32 0.00 1,927.76
2018-06-30 1,364.38 0.00 2,206.52
2018-03-31 1,600.58 0.00 2,062.73
2017-12-31 1,533.70 0.00 2,043.47
2017-09-30 1,469.16 0.00 1,910.99
2017-06-30 1,373.17 0.00 2,192.12
2017-03-31 1,642.69 0.00 2,064.75
2016-12-31 1,572.17 0.00 1,988.83
2016-09-30 1,524.67 0.00 1,940.97
2016-06-30 1,436.29 0.00 2,116.58
2016-03-31 1,600.81 0.00 1,990.45
2015-12-31 1,436.35 0.00 1,846.94
2015-09-30 1,367.79 0.00 1,711.51
2015-06-30 1,279.20 0.00 1,844.97
2015-03-31 1,402.52 0.00 1,699.02
2014-12-31 1,332.26 0.00 1,716.86
2014-09-30 1,264.04 0.00 1,524.81
2014-06-30 1,158.27 0.00 1,619.33
2014-03-31 1,271.42 0.00 1,476.24
2013-12-31 1,218.25 0.00 1,462.75
2013-09-30 1,107.87 5.96 1,269.87
2013-06-30 1,030.96 6.04 1,337.94
  • 104 has no debt.
  • 104 currently has no debt however we can't compare to 5 years ago as we have no data for that period.
  • 104 has no debt, it does not need to be covered by operating cash flow.
  • 104 has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess 104's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. 104 has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

3130 Dividends

 What is 104's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6.17%
Current annual income from 104 dividends.
If you bought NT$2,000 of 104 shares you are expected to receive NT$123 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • 104's pays a higher dividend yield than the bottom 25% of dividend payers in Taiwan, Province of China (3.27%).
  • 104's dividend is below the markets top 25% of dividend payers in Taiwan, Province of China (7.1%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSEC:3130 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Asia Professional Services Industry Average Dividend Yield Market Cap Weighted Average of 125 Stocks 1.6%
Taiwan, Province of China Market Average Dividend Yield Market Cap Weighted Average of 1330 Stocks 4.6%
Taiwan, Province of China Minimum Threshold Dividend Yield 10th Percentile 1.8%
Taiwan, Province of China Bottom 25% Dividend Yield 25th Percentile 3.3%
Taiwan, Province of China Top 25% Dividend Yield 75th Percentile 7.1%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSEC:3130 Past Annualized Dividends Data
Date (Data in NT$) Dividend per share (annual) Avg. Yield (%)
2019-05-14 8.510 5.247
2019-03-22 8.510 5.024
2019-03-21 8.510 4.955
2018-05-16 9.600 5.851
2018-03-23 9.600 5.397
2018-03-22 9.600 5.439
2017-07-05 10.810 6.800
2016-05-16 8.000 5.602
2016-03-28 8.000 5.727
2015-08-14 7.000 4.938
2015-03-31 7.000 4.618
2014-08-14 6.000 4.182
2014-03-31 6.000 5.220
2014-01-15 6.000 5.391
2013-11-14 4.545 4.262
2013-08-14 4.545 4.610
2013-04-01 4.545 5.447
2012-08-31 6.000 8.053
2012-05-15 6.000 8.397
2012-03-29 6.000 7.389
2011-08-31 6.000 7.069
2011-05-13 6.000 5.994
2011-03-09 6.000 5.693
2011-01-17 6.000 5.141
2010-05-18 4.570 3.916

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of 104's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (1x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess 104's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can 104 afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. 104 has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

3130 Management

 What is the CEO of 104's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
  • 104 has no CEO, or we have no data on them.
Management Team Tenure

Average tenure of the 104 management team in years:

5
Average Tenure
  • The average tenure for the 104 management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Rocky Yang

TITLE
Chairman & GM
TENURE
4.3 yrs

Tiffany Lin

TITLE
VP, CFO & Chief Accountant
TENURE
5 yrs

Steven Su

TITLE
Chief Legal Officer & Director
TENURE
16.3 yrs
Board of Directors Tenure

Average tenure of the 104 board of directors in years:

6.8
Average Tenure
  • The tenure for the 104 board of directors is about average.
Board of Directors

Steven Su

TITLE
Chief Legal Officer & Director
TENURE
19.7 yrs

Mark Chang

TITLE
Director
AGE
54
TENURE
8.8 yrs

Rocky Yang

TITLE
Chairman & GM

Simon Juan

TITLE
Director
TENURE
14.9 yrs

Sean Lien

TITLE
Independent Director
TENURE
1.9 yrs

Chin-Li Lin

TITLE
Independent Director
TENURE
1.9 yrs

Zan-Syong Cai

TITLE
Supervisor
TENURE
6.8 yrs

Mei-Fang Hsu

TITLE
Supervisor
TENURE
1.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NT$) Value (NT$)
X
Management checks
We assess 104's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. 104 has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

3130 News

Simply Wall St News

3130 Company Info

Description

104 Corporation provides information technology, general advertising, employment, and human resource consultancy services in Taiwan and internationally. The company offers career matchmaking services for job seekers and corporations; and learning and certifications information, and matchmaking services for tutors and free-lancers, as well as operates a professional career community. It also provides recruiting solutions for executive and specialized talents; and HR cloud management software solutions, as well as operates care platform for the elderly and children’s talent exploration platform. In addition, the company offers electronic information, talent dispatching, management consultancy, and data processing services; and technical advice and services, as well as develops network technologies. Further, it is involved in collecting, coordinating, publishing, and consulting human resource information; designing and developing computer software, multimedia, and network systems; and designing and producing advertising. The company was formerly known as Fu-Hwa International Market Development Consultant Ltd. and changed its name to 104 Corporation in August 2000. 104 Corporation was incorporated in 1993 and is headquartered in New Taipei City, Taiwan.

Details
Name: 104 Corporation
3130
Exchange: TSEC
Founded: 1993
NT$4,580,220,000
33,190,000
Website: http://corp.104.com.tw
Address: 104 Corporation
No. 119-1, Baozhong Road,
10th Floor,
New Taipei City,
Taiwan
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSEC 3130 Common Stock Taiwan Stock Exchange TW TWD 13. Oct 2004
Number of employees
Current staff
Staff numbers
0
104 employees.
Industry
Human Resource and Employment Services
Commercial Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/01 14:31
End of day share price update: 2020/04/01 00:00
Last earnings filing: 2020/03/02
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.