Shihlin Paper Corporation

Shihlin Paper Corporation

TTWSE:1903
47.10
TWD
-0.05
(-0.11%)
1.35EPS
34.89P/E
12.26BMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
7.74
5.97
0.79
0.27
0.72
0.84
0.65
0.61
1.25
0.63
0.66
0.6
0.59
0.58
Basic EPS, GAAP
-0.66
-1.71
-0.61
-0.7
-0.66
-0.64
-0.69
-0.52
0.32
0.81
0.33
-0.08
1.29
1.35
Free Cash Flow per Basic Share
-1.21
-1.22
-0.15
-0.6
-0.46
-0.52
-0.48
-0.39
0.66
0.43
-0.48
-1.27
-0.51
-0.56
Dividend per Share
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Book Value per Share
14.36
14.04
12.33
11.41
11.1
10.08
9.69
13.12
32.52
19.86
16.54
20.28
21.25
21.18
Tangible Book Value per Share
14.35
14.03
12.32
11.4
11.06
10.03
9.65
13.09
32.49
19.83
16.52
20.27
21.24
21.17
Basic Weighted Avg Shares
260
260
260
260
260
260
260
260
260
261
260
260
260
261
Sales/Revenue/Turnover
2,012
1,552
205
70
186
219
169
159
326
165
171
156
153
153
Operating Margin (%)
-9.82
-15.35
-109.7
-306.82
-88.68
-78.67
-108.82
-95.57
-8.15
-62.54
-37.79
-31
-14.31
-11.06
Depreciation Expense
77
84
25
23
22
22
21
20
16
15
15
11
10
10
Net Income, GAAP
-171
-445
-159
-183
-170
-167
-180
-136
84
212
86
-21
336
352
Effective Tax Rate (%)
- -
- -
- -
- -
- -
- -
- -
- -
4.93
- -
- -
- -
2.74
0.08
Profit Margin (%)
-8.51
-28.69
-77.27
-262.93
-91.48
-76.33
-105.95
-85.08
25.84
128.31
50.47
-13.49
219.02
231.12
Working Capital
-694
-535
-978
-1,203
-1,267
-1,516
-1,600
-704
4,341
916
-65
280
412
30
LT Debt
- -
- -
- -
- -
- -
- -
- -
- -
- -
106
291
70
177
- -
Total Equity
3,734
3,652
3,206
2,966
2,887
2,621
2,520
3,413
8,457
5,164
4,301
5,274
5,526
5,508
Return on Invested Capital (%)
- -
- -
- -
- -
- -
- -
- -
- -
-0.3
-1.12
-0.89
- -
-0.25
-0.19
Return on Capital (%)
- -
- -
- -
- -
- -
- -
- -
- -
1.27
2.6
1.75
- -
4.47
4.61
Return on Common Equity (%)
-4.47
-12.06
-4.63
-5.93
-5.82
-6.06
-6.99
-4.57
1.42
3.11
1.82
-0.44
6.22
6.39

Capital Structure

TWD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
3,117
3,313
3,302
LT Borrowings
177
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
260
260
260
Market Capitalization
14,016
12,859
12,261

Working Capital

TWD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
3,677
3,574
3,527
Cash, Cash Equivalents & STI
3,537
3,426
3,377
Accounts Receivable, Net
48
48
47
Inventories
14
14
15
Total Current Liabilities
3,266
3,471
3,497
Payables & Accruals
- -
- -
- -
ST Debt
3,117
3,313
3,302
Deferred Revenue
- -
- -
- -

Growth Rates

TWD

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
13.18%
23.91%
4.77%
Free Cash Flow
-14.33%
-81.16%
-60.18%
Net Income, GAAP
-190.29%
-378.47%
-1,698.08%
Sales/Revenue/Turnover
13.88%
9.64%
-1.59%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
42
37
38
40
156
2025
40
37
37
39
153
2026
39
37
- -
- -
- -

Quarterly Earnings Per Share

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
-0.05
-0.06
0.12
-0.08
-0.08
2025
-0.07
-0.15
0.75
0.75
1.29
2026
-0.07
-0.08
- -
- -
- -

Quarterly Dividends Per Share

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -

Company Description

CEO
Cheng Che Tsai
Full Time Employees
24,964
Sector
Finance
Industry
Real estate development
Address
No. 31, Fude Road Taipei TPE Taiwan 111
IPO Date
Dec 9, 1963
Business
Shihlin Paper Corp. (1903.TW) manufactures and sells paper products and consumer goods in Taiwan, Europe, and Asia. Founded in 1918 as part of Taiwan Paper Corp. and established independently in 1959, the company is headquartered at No. 31, Fude Road, Shilin District, Taipei, Taiwan. Its core products include industrial papers such as gray copper cards, single boards with white back, gray cardboards, duplex boards with white or gray back, chip boards, color cards, and black boards used in printed boxes, core boards, photo frames, shoe boxes, packaging containers, and book binding; wet tissues and wipes for cleaning supplies serving individuals, families, and infants; and proprietary brands Baby Lion offering wet wipes, mosquito repellents, pandemic prevention items, baby bath and skincare products, adult wet wipes, feminine cleansing wipes, alcohol-related products, and household cleaning products, and Forest Beauty (also known as Oxygen Senghuo or oxygen facial living) providing facial masks and skincare products. Subsidiaries Sunnyfield Shihlin Co., Ltd. handle cosmetics, skincare, and mother-and-baby care; Shihlin Environment Co., Ltd. and Good Earth Development Co., Ltd. focus on investment development and urban reconstruction; and Sunshine Shihlin Dev Co., Ltd. manages residential and building development, leasing, sales, and real estate operations. The company also engages in asset leasing, investment development, wholesale of daily necessities, commercial building and public housing construction for rental or sale, and hotel rental business. In response to market changes, Shihlin Paper has transformed from paper manufacturing—ceasing operations at Shilin Factory in 1998 and Yuan Factory in 2014—to emphasize consumer products since 2015 with the Baby Lion brand launch and 2017 establishment of Day and Shihlin Co., Ltd. for Forest Beauty skincare; recent developments include providing TWD 300 million funding to Shihlin Environment Corp. and re-electing the board of directors effective June 20, 2025, for the 26th term. Operations primarily target domestic northern and central-southern markets while expanding globally through diverse channels, online platforms, and OEM partnerships, with a focus on natural, safe, innovative, and high-value products compliant with SGS and other standards.