Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$295, the stock trades at a trailing P/E ratio of 47.1x. Average trailing P/E is 28x in the Machinery industry in Taiwan. Total returns to shareholders of 209% over the past three years. New Risk • Jun 05
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 9.3% 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 Earnings have declined by 1.5% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.3% average weekly change). Profit margins are more than 30% lower than last year (12% net profit margin). Valuation Update With 7 Day Price Move • May 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$335, the stock trades at a trailing P/E ratio of 53.4x. Average trailing P/E is 28x in the Machinery industry in Taiwan. Total returns to shareholders of 241% over the past three years. Reported Earnings • May 19
First quarter 2026 earnings released: EPS: NT$1.59 (vs NT$2.02 in 1Q 2025) First quarter 2026 results: EPS: NT$1.59 (down from NT$2.02 in 1Q 2025). Revenue: NT$813.2m (down 7.5% from 1Q 2025). Net income: NT$95.7m (down 21% from 1Q 2025). Profit margin: 12% (down from 14% in 1Q 2025). The decrease in margin was driven by lower 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 45% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to NT$300, the stock trades at a trailing P/E ratio of 44.8x. Average trailing P/E is 30x in the Machinery industry in Taiwan. Total returns to shareholders of 189% over the past three years. Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$6.70 (vs NT$10.97 in FY 2024) Full year 2025 results: EPS: NT$6.70 (down from NT$10.97 in FY 2024). Revenue: NT$3.27b (down 11% from FY 2024). Net income: NT$403.8m (down 39% from FY 2024). Profit margin: 12% (down from 18% in FY 2024). The decrease in margin was driven by lower revenue. 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 29% per year, which means it is well ahead of earnings. Announcement • Mar 05
TURVO International Co., Ltd., Annual General Meeting, May 26, 2026 TURVO International Co., Ltd., Annual General Meeting, May 26, 2026, at 09:00 Taipei Standard Time. Location: no,6, ta kuan rd., ts`ao nan li, wuci district, taichung city Taiwan Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$290, the stock trades at a trailing P/E ratio of 39.2x. Average forward P/E is 37x in the Machinery industry in Taiwan. Total returns to shareholders of 222% over the past three years. Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$242, the stock trades at a trailing P/E ratio of 32.8x. Average forward P/E is 34x in the Machinery industry in Taiwan. Total returns to shareholders of 182% over the past three years. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$219, the stock trades at a trailing P/E ratio of 29.7x. Average forward P/E is 31x in the Machinery industry in Taiwan. Total returns to shareholders of 149% over the past three years. Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: NT$1.71 (vs NT$3.11 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.71 (down from NT$3.11 in 3Q 2024). Revenue: NT$793.7m (down 18% from 3Q 2024). Net income: NT$103.4m (down 45% from 3Q 2024). Profit margin: 13% (down from 19% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$227, the stock trades at a trailing P/E ratio of 25.9x. Average forward P/E is 29x in the Machinery industry in Taiwan. Total returns to shareholders of 194% over the past three years. Reported Earnings • Aug 30
Second quarter 2025 earnings released: EPS: NT$1.28 (vs NT$3.01 in 2Q 2024) Second quarter 2025 results: EPS: NT$1.28 (down from NT$3.01 in 2Q 2024). Revenue: NT$836.6m (down 11% from 2Q 2024). Net income: NT$77.4m (down 57% from 2Q 2024). Profit margin: 9.3% (down from 19% in 2Q 2024). Revenue is forecast to grow 8.3% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$215, the stock trades at a trailing P/E ratio of 20.4x. Average forward P/E is 20x in the Machinery industry in Taiwan. Total returns to shareholders of 112% over the past three years. Upcoming Dividend • Jul 23
Upcoming dividend of NT$7.00 per share Eligible shareholders must have bought the stock before 30 July 2025. Payment date: 25 August 2025. Payout ratio is a comfortable 67% but the company is paying out more than the cash it is generating. Trailing yield: 3.7%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.9%). Declared Dividend • Jun 26
Dividend increased to NT$7.00 Dividend of NT$7.00 is 32% higher than last year. Ex-date: 30th July 2025 Payment date: 25th August 2025 Dividend yield will be 3.5%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (67% earnings payout ratio) but not covered by cash flows (117% cash payout ratio). The dividend has increased by an average of 6.1% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 18% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$2.02 (vs NT$2.48 in 1Q 2024) First quarter 2025 results: EPS: NT$2.02 (down from NT$2.48 in 1Q 2024). Revenue: NT$878.7m (up 1.5% from 1Q 2024). Net income: NT$121.7m (down 19% from 1Q 2024). Profit margin: 14% (down from 17% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Machinery industry in Taiwan. 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 20% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 01
TURVO International Co., Ltd. to Report Q1, 2025 Results on May 08, 2025 TURVO International Co., Ltd. announced that they will report Q1, 2025 results on May 08, 2025 Buy Or Sell Opportunity • Apr 29
Now 25% overvalued Over the last 90 days, the stock has fallen 21% to NT$176. The fair value is estimated to be NT$141, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.2% over the last 3 years, while earnings per share has been flat. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$147, the stock trades at a trailing P/E ratio of 13.4x. Average forward P/E is 21x in the Machinery industry in Taiwan. Total returns to shareholders of 46% over the past three years. Reported Earnings • Mar 15
Full year 2024 earnings released: EPS: NT$10.96 (vs NT$8.86 in FY 2023) Full year 2024 results: EPS: NT$10.96 (up from NT$8.86 in FY 2023). Revenue: NT$3.66b (up 9.6% from FY 2023). Net income: NT$661.0m (up 24% from FY 2023). Profit margin: 18% (up from 16% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Machinery industry in Taiwan. 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 24% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Mar 07
Now 21% undervalued Over the last 90 days, the stock has risen 18% to NT$210. The fair value is estimated to be NT$265, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Announcement • Mar 06
TURVO International Co., Ltd., Annual General Meeting, May 29, 2025 TURVO International Co., Ltd., Annual General Meeting, May 29, 2025, at 09:00 Taipei Standard Time. Location: no,6, ta kuan rd., ts`ao nan li, wuci district, taichung city Taiwan Announcement • Feb 26
TURVO International Co., Ltd. to Report Fiscal Year 2024 Results on Mar 24, 2025 TURVO International Co., Ltd. announced that they will report fiscal year 2024 results on Mar 24, 2025 Buy Or Sell Opportunity • Jan 15
Now 21% undervalued Over the last 90 days, the stock has risen 43% to NT$224. The fair value is estimated to be NT$285, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$230, the stock trades at a trailing P/E ratio of 20.8x. Average forward P/E is 21x in the Machinery industry in Taiwan. Total returns to shareholders of 150% over the past three years. Valuation Update With 7 Day Price Move • Dec 18
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$210, the stock trades at a trailing P/E ratio of 19x. Average forward P/E is 22x in the Machinery industry in Taiwan. Total returns to shareholders of 157% over the past three years. Buy Or Sell Opportunity • Nov 27
Now 24% undervalued Over the last 90 days, the stock has risen 23% to NT$179. The fair value is estimated to be NT$235, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to NT$197, the stock trades at a trailing P/E ratio of 17.8x. Average forward P/E is 21x in the Machinery industry in Taiwan. Total returns to shareholders of 137% over the past three years. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$3.11 (vs NT$2.58 in 3Q 2023) Third quarter 2024 results: EPS: NT$3.11 (up from NT$2.58 in 3Q 2023). Revenue: NT$964.0m (up 7.4% from 3Q 2023). Net income: NT$187.4m (up 21% from 3Q 2023). Profit margin: 19% (up from 17% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 30
TURVO International Co., Ltd. to Report Q3, 2024 Results on Nov 07, 2024 TURVO International Co., Ltd. announced that they will report Q3, 2024 results on Nov 07, 2024 Valuation Update With 7 Day Price Move • Sep 02
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$166, the stock trades at a trailing P/E ratio of 15.8x. Average trailing P/E is 20x in the Machinery industry in Taiwan. Total returns to shareholders of 66% over the past three years. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$3.01 (vs NT$2.24 in 2Q 2023) Second quarter 2024 results: EPS: NT$3.01 (up from NT$2.24 in 2Q 2023). Revenue: NT$939.8m (up 18% from 2Q 2023). Net income: NT$181.3m (up 34% from 2Q 2023). Profit margin: 19% (up from 17% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 8% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 31
TURVO International Co., Ltd. to Report Q2, 2024 Results on Aug 07, 2024 TURVO International Co., Ltd. announced that they will report Q2, 2024 results on Aug 07, 2024 Upcoming Dividend • Jul 24
Upcoming dividend of NT$5.30 per share Eligible shareholders must have bought the stock before 31 July 2024. Payment date: 28 August 2024. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 4.0%. Lower than top quartile of Taiwanese dividend payers (4.3%). Higher than average of industry peers (2.4%). Declared Dividend • Jul 01
Dividend of NT$5.30 announced Shareholders will receive a dividend of NT$5.30. Ex-date: 31st July 2024 Payment date: 28th August 2024 Dividend yield will be 3.7%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (54% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 5.3% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$2.48 (vs NT$1.62 in 1Q 2023) First quarter 2024 results: EPS: NT$2.48 (up from NT$1.62 in 1Q 2023). Revenue: NT$865.4m (up 11% from 1Q 2023). Net income: NT$149.8m (up 54% from 1Q 2023). Profit margin: 17% (up from 13% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.5% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 28
TURVO International Co., Ltd. to Report Q1, 2024 Results on May 06, 2024 TURVO International Co., Ltd. announced that they will report Q1, 2024 results on May 06, 2024 Reported Earnings • Mar 27
Full year 2023 earnings released: EPS: NT$8.86 (vs NT$10.32 in FY 2022) Full year 2023 results: EPS: NT$8.86 (down from NT$10.32 in FY 2022). Revenue: NT$3.34b (flat on FY 2022). Net income: NT$534.0m (down 14% from FY 2022). Profit margin: 16% (down from 19% in FY 2022). Revenue is forecast to grow 8.7% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 10% per year. Reported Earnings • Jan 11
Third quarter 2023 earnings released: EPS: NT$2.58 (vs NT$2.78 in 3Q 2022) Third quarter 2023 results: EPS: NT$2.58 (down from NT$2.78 in 3Q 2022). Revenue: NT$897.5m (up 4.4% from 3Q 2022). Net income: NT$155.4m (down 7.3% from 3Q 2022). Profit margin: 17% (down from 20% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 14% per year. New Risk • Nov 23
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 5.4% 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 (5.4% average weekly change). Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$2.58 (vs NT$2.78 in 3Q 2022) Third quarter 2023 results: EPS: NT$2.58 (down from NT$2.78 in 3Q 2022). Revenue: NT$897.5m (up 4.4% from 3Q 2022). Net income: NT$155.4m (down 7.3% from 3Q 2022). Profit margin: 17% (down from 20% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$136, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 18x in the Machinery industry in Taiwan. Total returns to shareholders of 102% over the past three years. Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: NT$2.24 (vs NT$2.81 in 2Q 2022) Second quarter 2023 results: EPS: NT$2.24 (down from NT$2.81 in 2Q 2022). Revenue: NT$794.8m (down 6.6% from 2Q 2022). Net income: NT$135.3m (down 20% from 2Q 2022). Profit margin: 17% (down from 20% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 27
Upcoming dividend of NT$6.00 per share at 5.3% yield Eligible shareholders must have bought the stock before 03 August 2023. Payment date: 31 August 2023. Payout ratio is a comfortable 67% and this is well supported by cash flows. Trailing yield: 5.3%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.1%). Buying Opportunity • Jul 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.0%. The fair value is estimated to be NT$141, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 26%. Announcement • Jul 12
TURVO International Co., Ltd. Announces Cash Dividend, Payable on August 31, 2023 TURVO International Co., Ltd. announced cash dividends TWD 361,728,534 (TWD 6.00 per share) of common stock. Ex-rights (ex-dividend) trading date is August 03, 2023; Ex-rights (ex-dividend) record date is August 22, 2023; Payment date of cash dividend distribution is August 31, 2023. Announcement • May 06
TURVO International Co., Ltd. Announces the Change of the Spokesperson TURVO International Co., Ltd. announced change of the spokesperson of the Company. Name, title, and resume of the previous position holder: LIU, HSIN-HUNG/Manager of Product Division. Name, title, and resume of the new position holder: WU, CHIH-JUNG/Vice General Manager of Sales Department. Effective date: May 4, 2023. Reported Earnings • Mar 26
Full year 2022 earnings released: EPS: NT$10.32 (vs NT$9.01 in FY 2021) Full year 2022 results: EPS: NT$10.32 (up from NT$9.01 in FY 2021). Revenue: NT$3.35b (up 3.6% from FY 2021). Net income: NT$622.3m (up 15% from FY 2021). Profit margin: 19% (up from 17% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% per year and the company’s share price has also increased by 30% per year. Price Target Changed • Dec 08
Price target decreased to NT$124 Down from NT$142, the current price target is provided by 1 analyst. New target price is 24% above last closing price of NT$100.00. Stock is up 5.3% over the past year. The company posted earnings per share of NT$9.01 last year. Price Target Changed • Nov 30
Price target decreased to NT$134 Down from NT$149, the current price target is an average from 3 analysts. New target price is 36% above last closing price of NT$98.00. Stock is up 3.4% over the past year. The company posted earnings per share of NT$9.01 last year. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 2 highly experienced directors. No independent directors (7 non-independent directors). Member of the Supervisory Board Xiang Qin Xu was the last director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$2.79 (vs NT$2.67 in 3Q 2021) Third quarter 2022 results: EPS: NT$2.79 (up from NT$2.67 in 3Q 2021). Revenue: NT$859.8m (down 1.0% from 3Q 2021). Net income: NT$167.6m (up 4.1% from 3Q 2021). Profit margin: 20% (in line with 3Q 2021). Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$2.81 (vs NT$2.33 in 2Q 2021) Second quarter 2022 results: EPS: NT$2.81 (up from NT$2.33 in 2Q 2021). Revenue: NT$851.1m (down 3.1% from 2Q 2021). Net income: NT$169.7m (up 21% from 2Q 2021). Profit margin: 20% (up from 16% in 2Q 2021). The increase in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 20%, compared to a 7.9% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 22
Upcoming dividend of NT$5.40 per share Eligible shareholders must have bought the stock before 29 July 2022. Payment date: 31 August 2022. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of Taiwanese dividend payers (6.6%). Higher than average of industry peers (3.4%). Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$102, the stock trades at a trailing P/E ratio of 10.3x. Average forward P/E is 11x in the Machinery industry in Taiwan. Total returns to shareholders of 66% over the past three years. Reported Earnings • May 17
First quarter 2022 earnings released: EPS: NT$3.00 (vs NT$2.14 in 1Q 2021) First quarter 2022 results: EPS: NT$3.00 (up from NT$2.14 in 1Q 2021). Revenue: NT$899.1m (up 14% from 1Q 2021). Net income: NT$180.9m (up 40% from 1Q 2021). Profit margin: 20% (up from 16% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 2 highly experienced directors. No independent directors (7 non-independent directors). Member of the Supervisory Board Xiang Qin Xu was the last director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Mar 31
Full year 2021 earnings released: EPS: NT$9.01 (vs NT$6.23 in FY 2020) Full year 2021 results: EPS: NT$9.01 (up from NT$6.23 in FY 2020). Revenue: NT$3.23b (up 27% from FY 2020). Net income: NT$542.8m (up 45% from FY 2020). Profit margin: 17% (up from 15% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 20%, compared to a 15% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 10% per year. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improved over the past week After last week's 16% share price gain to NT$121, the stock trades at a trailing P/E ratio of 13.4x. Average forward P/E is 16x in the Machinery industry in Taiwan. Total returns to shareholders of 84% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$2.67 (vs NT$2.01 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$868.1m (up 25% from 3Q 2020). Net income: NT$161.1m (up 33% from 3Q 2020). Profit margin: 19% (up from 17% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% 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 • Aug 12
Upcoming dividend of NT$3.74 per share Eligible shareholders must have bought the stock before 19 August 2021. Payment date: 15 September 2021. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (5.1%). Higher than average of industry peers (2.6%). Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS NT$2.33 (vs NT$1.06 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$878.7m (up 64% from 2Q 2020). Net income: NT$140.2m (up 119% from 2Q 2020). Profit margin: 16% (up from 12% in 2Q 2020). 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 but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Price Target Changed • Aug 10
Price target increased to NT$157 Up from NT$129, the current price target is an average from 3 analysts. New target price is 27% above last closing price of NT$123. Stock is up 82% over the past year. Price Target Changed • Jul 03
Price target increased to NT$129 Up from NT$120, the current price target is an average from 2 analysts. New target price is 6.1% below last closing price of NT$137. Stock is up 109% over the past year. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improved over the past week After last week's 15% share price gain to NT$113, the stock trades at a trailing P/E ratio of 15.9x. Average forward P/E is 11x in the Machinery industry in Taiwan. Total returns to shareholders of 50% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$49.62 per share. Reported Earnings • May 14
First quarter 2021 earnings released: EPS NT$2.14 (vs NT$1.29 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$787.1m (up 40% from 1Q 2020). Net income: NT$128.9m (up 66% from 1Q 2020). Profit margin: 16% (up from 14% 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 9% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improved over the past week After last week's 20% share price gain to NT$119, the stock trades at a trailing P/E ratio of 19x. Average forward P/E is 12x in the Machinery industry in Taiwan. Total returns to shareholders of 45% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$51.21 per share. Price Target Changed • Apr 10
Price target increased to NT$110 Up from NT$96.67, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of NT$114. Stock is up 122% over the past year. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$6.23 (vs NT$5.07 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$2.54b (up 7.8% from FY 2019). Net income: NT$375.1m (up 23% from FY 2019). Profit margin: 15% (up from 13% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 18
New 90-day high: NT$93.80 The company is up 19% from its price of NT$79.00 on 20 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$42.70 per share. Is New 90 Day High Low • Dec 30
New 90-day high: NT$84.60 The company is up 18% from its price of NT$71.70 on 30 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$42.71 per share. Analyst Estimate Surprise Post Earnings • Nov 12
Revenue misses expectations Revenue missed analyst estimates by 0.03%. Over the next year, revenue is forecast to grow 14%, compared to a 23% growth forecast for the Machinery industry in Taiwan.