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Redhorse GroupLtd

GTSM:2928
Snowflake Description

Good value with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
2928
GTSM
NT$2B
Market Cap
  1. Home
  2. TW
  3. Retail
Company description

Redhorse Group Co.Ltd. engages in the souvenir, e-commerce, and other businesses in Asia. The last earnings update was 6 days ago. More info.


Add to Portfolio Compare Print
  • Redhorse GroupLtd has significant price volatility in the past 3 months.
2928 Share Price and Events
7 Day Returns
3.1%
GTSM:2928
-0.3%
TW Specialty Retail
-0.2%
TW Market
1 Year Returns
12.5%
GTSM:2928
16.8%
TW Specialty Retail
-10.7%
TW Market
2928 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Redhorse GroupLtd (2928) 3.1% -25.1% 22.9% 12.5% -60.1% -
TW Specialty Retail -0.3% -22.1% -27.4% 16.8% 18.8% -4.2%
TW Market -0.2% -15.3% -20.2% -10.7% -4.1% -0.7%
1 Year Return vs Industry and Market
  • 2928 underperformed the Specialty Retail industry which returned 16.8% over the past year.
  • 2928 outperformed the Market in Taiwan, Province of China which returned -10.7% over the past year.
Price Volatility
2928
Industry
5yr Volatility vs Market

Value

 Is Redhorse GroupLtd 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 Redhorse GroupLtd 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 Redhorse GroupLtd.

GTSM:2928 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
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 GTSM:2928
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year TW Govt Bond Rate 0.7%
Equity Risk Premium S&P Global 6.2%
Specialty Retail Unlevered Beta Simply Wall St/ S&P Global 0.74
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.736 (1 + (1- 20%) (67.79%))
1.091
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.09
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.71% + (1.091 * 6.21%)
7.48%

Discounted Cash Flow Calculation for GTSM:2928 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Redhorse GroupLtd 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.

GTSM:2928 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (TWD, Millions) Source Present Value
Discounted (@ 7.48%)
2020 316.81 Est @ 29.19% 294.75
2021 382.22 Est @ 20.65% 330.84
2022 438.28 Est @ 14.67% 352.95
2023 484.20 Est @ 10.48% 362.78
2024 520.75 Est @ 7.55% 362.99
2025 549.38 Est @ 5.5% 356.28
2026 571.68 Est @ 4.06% 344.93
2027 589.15 Est @ 3.06% 330.72
2028 603.01 Est @ 2.35% 314.92
2029 614.22 Est @ 1.86% 298.44
Present value of next 10 years cash flows NT$3,349.00
GTSM:2928 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= NT$614.22 × (1 + 0.71%) ÷ (7.48% – 0.71%)
NT$9,130.75
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= NT$9,130.75 ÷ (1 + 7.48%)10
NT$4,436.50
GTSM:2928 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= NT$3,349.00 + NT$4,436.50
NT$7,785.50
Equity Value per Share
(TWD)
= Total value / Shares Outstanding
= NT$7,785.50 / 47.30
NT$164.59
GTSM:2928 Discount to Share Price
Calculation Result
Value per share (TWD) From above. NT$164.59
Current discount Discount to share price of NT$40.05
= -1 x (NT$40.05 - NT$164.59) / NT$164.59
75.7%

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

Current Discount
Amount off the current price Redhorse GroupLtd is available for.
Intrinsic value
>50%
Share price is NT$40.05 vs Future cash flow value of NT$164.59
Current Discount Checks
For Redhorse GroupLtd to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Redhorse GroupLtd's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Redhorse GroupLtd'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 Redhorse GroupLtd's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Redhorse GroupLtd's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
GTSM:2928 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in TWD NT$3.79
GTSM:2928 Share Price ** GTSM (2020-04-01) in TWD NT$40.05
Taiwan, Province of China Specialty Retail Industry PE Ratio Median Figure of 13 Publicly-Listed Specialty Retail Companies 14.29x
Taiwan, Province of China Market PE Ratio Median Figure of 1,472 Publicly-Listed Companies 13.98x

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

** Primary Listing of Redhorse GroupLtd.

GTSM:2928 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= GTSM:2928 Share Price ÷ EPS (both in TWD)

= 40.05 ÷ 3.79

10.57x

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

  • Redhorse GroupLtd is good value based on earnings compared to the TW Specialty Retail industry average.
  • Redhorse GroupLtd is good value based on earnings compared to the Taiwan, Province of China market.
Price based on expected Growth
Does Redhorse GroupLtd's expected growth come at a high price?
Raw Data
GTSM:2928 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.57x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
Not available
Asia Specialty Retail Industry PEG Ratio Median Figure of 81 Publicly-Listed Specialty Retail Companies 0.86x
Taiwan, Province of China Market PEG Ratio Median Figure of 183 Publicly-Listed Companies 1.08x

*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 Redhorse GroupLtd, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Redhorse GroupLtd's assets?
Raw Data
GTSM:2928 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in TWD NT$13.42
GTSM:2928 Share Price * GTSM (2020-04-01) in TWD NT$40.05
Taiwan, Province of China Specialty Retail Industry PB Ratio Median Figure of 14 Publicly-Listed Specialty Retail Companies 1.35x
Taiwan, Province of China Market PB Ratio Median Figure of 1,961 Publicly-Listed Companies 1.17x
GTSM:2928 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= GTSM:2928 Share Price ÷ Book Value per Share (both in TWD)

= 40.05 ÷ 13.42

2.99x

* Primary Listing of Redhorse GroupLtd.

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

  • Redhorse GroupLtd is overvalued based on assets compared to the TW Specialty Retail industry average.
X
Value checks
We assess Redhorse GroupLtd'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 Specialty Retail 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 Specialty Retail industry average (and greater than 0)? (1 check)
  5. Redhorse GroupLtd has a total score of 4/6, 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.

Future Performance

 How is Redhorse GroupLtd expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

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
8.2%
Expected Specialty Retail industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Redhorse GroupLtd expected to grow at an attractive rate?
  • Unable to compare Redhorse GroupLtd's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Redhorse GroupLtd's earnings growth to the Taiwan, Province of China market average as no estimate data is available.
  • Unable to compare Redhorse GroupLtd's revenue growth to the Taiwan, Province of China market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
GTSM:2928 Future Growth Rates Data Sources
Data Point Source Value (per year)
Asia Specialty Retail Industry Earnings Growth Rate Market Cap Weighted Average 8.2%
Asia Specialty Retail Industry Revenue Growth Rate Market Cap Weighted Average 8.1%
Taiwan, Province of China Market Earnings Growth Rate Market Cap Weighted Average 11%
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
GTSM:2928 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in TWD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
GTSM:2928 Future Estimates Data
Date (Data in TWD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 6,229 1
2020-04-04
GTSM:2928 Past Financials Data
Date (Data in TWD Millions) Revenue Cash Flow Net Income *
2019-12-31 6,058 308 179
2019-09-30 6,043 575 -360
2019-06-30 5,962 368 -524
2019-03-31 5,996 283 -622
2018-12-31 5,994 -145 -728
2018-09-30 5,712 -456 -373
2018-06-30 5,811 -185 -154
2018-03-31 6,059 5 4
2017-12-31 6,302 160 125
2017-09-30 6,735 215 290
2017-06-30 6,651 132 240
2017-03-31 6,291 -30 234

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Redhorse GroupLtd is high growth as no earnings estimate data is available.
  • Unable to determine if Redhorse GroupLtd 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
GTSM:2928 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 1 Analyst Estimates (S&P Global) See Below

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

GTSM:2928 Future Estimates Data
Date (Data in TWD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31
2020-04-04
GTSM:2928 Past Financials Data
Date (Data in TWD Millions) EPS *
2019-12-31 3.79
2019-09-30 -7.62
2019-06-30 -11.08
2019-03-31 -13.14
2018-12-31 -15.39
2018-09-30 -7.89
2018-06-30 -3.25
2018-03-31 0.09
2017-12-31 2.63
2017-09-30 6.14
2017-06-30 5.07
2017-03-31 4.95

*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 Redhorse GroupLtd will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Redhorse GroupLtd'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.
Redhorse GroupLtd 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.

Past Performance

  How has Redhorse GroupLtd 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 Redhorse GroupLtd's growth in the last year to its industry (Specialty Retail).
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.
  • Redhorse GroupLtd's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Redhorse GroupLtd has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Redhorse GroupLtd has become profitable in the last year making it difficult to compare the TW Specialty Retail industry average.
Earnings and Revenue History
Redhorse GroupLtd'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 Redhorse GroupLtd Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

GTSM:2928 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 6,057.60 179.14 2,335.74
2019-09-30 6,043.39 -360.31 2,425.28
2019-06-30 5,962.41 -523.97 2,439.41
2019-03-31 5,995.51 -621.70 2,500.16
2018-12-31 5,993.80 -728.03 2,529.82
2018-09-30 5,711.86 -373.28 2,476.91
2018-06-30 5,810.54 -153.70 2,450.55
2018-03-31 6,059.31 4.25 2,404.11
2017-12-31 6,302.17 124.52 2,302.05
2017-09-30 6,734.68 290.32 2,291.88
2017-06-30 6,651.35 239.69 2,253.39
2017-03-31 6,291.18 234.01 2,196.96
2016-12-31 5,727.28 200.49 2,149.80
2016-09-30 4,835.88 113.76 1,974.24
2016-06-30 4,471.93 113.24 1,880.21
2016-03-31 4,169.22 71.08 1,774.04
2015-12-31 3,726.63 52.53 1,702.08
2015-09-30 3,394.43 67.52 1,692.49
2015-06-30 3,375.49 84.00 1,712.69
2015-03-31 3,470.62 69.28 1,812.75
2014-12-31 3,646.78 42.49 1,940.75
2014-09-30 3,832.95 40.94 2,022.39
2013-12-31 3,951.07 0.47 2,153.58
2013-09-30 4,112.22 -40.12 2,324.03

*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.
  • Whilst Redhorse GroupLtd has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.
  • Redhorse GroupLtd used its assets more efficiently than the TW Specialty Retail industry average last year based on Return on Assets.
  • Redhorse GroupLtd has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Redhorse GroupLtd'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 Specialty Retail 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.
Redhorse GroupLtd 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.

Health

 How is Redhorse GroupLtd'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 Redhorse GroupLtd's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Redhorse GroupLtd is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Redhorse GroupLtd's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Redhorse GroupLtd'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.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 2.1x debt.
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 Redhorse GroupLtd Company Filings, last reported 3 months ago.

GTSM:2928 Past Debt and Equity Data
Date (Data in TWD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 632.71 996.90 528.82
2019-09-30 503.35 694.07 209.41
2019-06-30 506.52 599.74 191.68
2019-03-31 508.59 660.17 173.47
2018-12-31 466.29 1,061.85 260.06
2018-09-30 858.21 1,091.00 159.77
2018-06-30 1,037.15 866.07 218.62
2018-03-31 1,168.18 1,122.18 471.13
2017-12-31 1,215.25 1,031.66 481.85
2017-09-30 1,267.16 792.76 299.16
2017-06-30 1,215.34 691.26 540.17
2017-03-31 1,322.03 897.87 542.01
2016-12-31 1,308.35 939.56 300.20
2016-09-30 1,235.66 352.79 576.47
2016-06-30 1,252.51 216.43 704.23
2016-03-31 1,211.47 330.66 779.12
2015-12-31 1,034.15 220.95 493.32
2015-09-30 994.65 171.74 489.94
2015-06-30 912.00 166.07 512.66
2015-03-31 961.61 74.92 718.09
2014-12-31 961.61 74.92 718.09
2014-09-30
2013-12-31 966.91 80.79 673.05
2013-09-30 1,016.13 92.27 536.68
  • Redhorse GroupLtd's level of debt (157.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (7.8% vs 157.6% today).
  • Debt is well covered by operating cash flow (30.9%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 16.8x coverage).
X
Financial health checks
We assess Redhorse GroupLtd'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. Redhorse GroupLtd has a total score of 4/6, 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.

Dividends

 What is Redhorse GroupLtd'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
0%
Current annual income from Redhorse GroupLtd dividends.
If you bought NT$2,000 of Redhorse GroupLtd shares you are expected to receive NT$0 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?
  • Unable to evaluate Redhorse GroupLtd's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Redhorse GroupLtd's dividend against the top 25% market benchmark as the company has not reported any payouts.
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
GTSM:2928 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 1 Analyst Estimates (S&P Global) See Below
Taiwan, Province of China Specialty Retail Industry Average Dividend Yield Market Cap Weighted Average of 12 Stocks 3.3%
Taiwan, Province of China Market Average Dividend Yield Market Cap Weighted Average of 1329 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%

Industry and Market average data is calculated daily.

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

GTSM:2928 Future Dividends Estimate Data
Date (Data in NT$) Dividend per Share (annual) Avg. No. Analysts
2020-12-31
2020-04-04
GTSM:2928 Past Annualized Dividends Data
Date (Data in NT$) Dividend per share (annual) Avg. Yield (%)
2019-11-14 0.000 0.000
2019-11-12 0.000 0.000
2019-08-14 0.000 0.000
2019-08-13 0.000 0.000
2019-05-14 0.000 0.000
2019-05-13 0.000 0.000
2019-04-01 0.000 0.000
2018-05-15 0.789 1.893
2018-03-31 0.789 1.442
2017-05-15 3.200 4.328
2017-03-31 3.200 2.857
2016-05-13 0.950 1.661
2016-03-30 0.950 1.775
2016-03-28 0.950 2.061

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

  • Unable to perform a dividend volatility check as Redhorse GroupLtd has not reported any payouts.
  • Unable to verify if Redhorse GroupLtd's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Redhorse GroupLtd's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Redhorse GroupLtd has not reported any payouts.
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 Redhorse GroupLtd'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 Redhorse GroupLtd afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Redhorse GroupLtd has a total score of 0/6, see the detailed checks below.


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

Management

 What is the CEO of Redhorse GroupLtd'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.
CEO
Taiho Shu
COMPENSATION NT$0
AGE 59
TENURE AS CEO 0.1 years
CEO Bio

Mr. Taiho Shu serves as Chairman at Redhorse Group Co., Ltd. since June 6, 2014 and serves as its President. He has been Chief Executive Officer of Redhorse Group Co.Ltd. since March 2020. He served as General Manager of Redhorse Group Co., Ltd. He serves as the Chairman and Chief Executive Officer of RH Traveler Corporation. Mr. Shu served as the Chief Executive Officer and Chairman of Redhorse Holdings Limited and RH Insigno Co., Ltd. He serves as General Manager at Redhorse Corporation since December 27, 2018. He served as President of Taevion Trust Co., Ltd. He served as Group Chief Executive Officer and Representative Director of Redhorse Co., Ltd. He has been Chairman of the Board of Directors at Redhorse Corporation since June 6, 2014 and its Director since June 8, 2011. He served as the Chairman of the Board of Directors for Redhorse Co., Limited. He has been a Director of Redhorse Group Co.Ltd. since June 8, 2011. He serves as a Director for Taeivon International Inc., Redhorse Holdings Limited, Naoko International Ltd., and Accel Holdings Limited. Mr. Shu served as a Representative Director of Redhorse Co., Ltd and Redhorse Associates Co., Ltd. He served as Director for Taeivon Food System Co., Ltd. He graduated from the Department of Law of Chuo University, Japan.

CEO Compensation
  • Insufficient data for Taiho to compare compensation growth.
  • Insufficient data for Taiho to establish whether their remuneration is reasonable compared to companies of similar size in Taiwan, Province of China.
Management Team Tenure

Average tenure of the Redhorse GroupLtd management team in years:

2
Average Tenure
  • The tenure for the Redhorse GroupLtd management team is about average.
Management Team

Taiho Shu

TITLE
Chairman
AGE
59
TENURE
0.1 yrs

Tahashi Onozawa

TITLE
CFO & Financial Supervisor

Sadao Hisaaki

TITLE
Chief Operating Officer
TENURE
1.7 yrs

Chia-Chen Kao

TITLE
Accounting Supervisor
TENURE
2.4 yrs

Yi-Han Huang

TITLE
Investor Relations Manager

Wang Kai

TITLE
Head of China and Taiwan Division
TENURE
4.7 yrs
Board of Directors Tenure

Average tenure of the Redhorse GroupLtd board of directors in years:

5.8
Average Tenure
  • The tenure for the Redhorse GroupLtd board of directors is about average.
Board of Directors

Taiho Shu

TITLE
Chairman
AGE
59
TENURE
5.8 yrs

Hwa-Min Lin

TITLE
Independent Director
TENURE
7.2 yrs

Chih-Liang Chang

TITLE
Independent Director
TENURE
5.8 yrs

Norio Takahashi

TITLE
Director
TENURE
0.8 yrs

Yoshinori Arima

TITLE
Independent Director
TENURE
0.8 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 Redhorse GroupLtd'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. Redhorse GroupLtd 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.

News

Simply Wall St News

Company Info

Description

Redhorse Group Co.Ltd. engages in the souvenir, e-commerce, and other businesses in Asia. The company sells travel goods, gifts, and local and overseas souvenirs, as well as food products through retail and online channels. It also engages in the duty free shop, wholesale, and retail store businesses. The company was formerly known as Redhorse Corporation and changed its name to Redhorse Group Co.Ltd. in August 2019. Redhorse Group Co.Ltd. was founded in 1964 and is based in Taipei, Taiwan.

Details
Name: Redhorse Group Co.Ltd.
2928
Exchange: GTSM
Founded: 1964
NT$1,894,411,217
47,301,154
Website: http://www.redhorsecorporation.com/ct/
Address: Redhorse Group Co.Ltd.
Nanjing East Road,
Room D, 12th Floor,
Taipei,
Taiwan
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
GTSM 2928 Common Stock Taipei Exchange TW TWD 27. Jan 2016
Number of employees
Current staff
Staff numbers
0
Redhorse GroupLtd employees.
Industry
Specialty Stores
Retail
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/04 15:52
End of day share price update: 2020/04/01 00:00
Last estimates confirmation: 2020/03/30
Last earnings filing: 2020/03/29
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.