Price Target Changed • May 19
Price target decreased by 22% to NT$86.00 Down from NT$110, the current price target is provided by 1 analyst. New target price is 6.3% above last closing price of NT$80.90. Stock is down 14% over the past year. The company posted earnings per share of NT$5.25 last year. Buy Or Sell Opportunity • May 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to NT$80.90. The fair value is estimated to be NT$102, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.9% over the last 3 years. Earnings per share has declined by 4.5%. Reported Earnings • May 18
First quarter 2026 earnings released: EPS: NT$0.87 (vs NT$1.84 in 1Q 2025) First quarter 2026 results: EPS: NT$0.87 (down from NT$1.84 in 1Q 2025). Revenue: NT$1.23b (down 4.3% from 1Q 2025). Net income: NT$69.2m (down 53% from 1Q 2025). Profit margin: 5.6% (down from 11% in 1Q 2025). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 1% per year. Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: NT$5.25 (vs NT$9.52 in FY 2024) Full year 2025 results: EPS: NT$5.25 (down from NT$9.52 in FY 2024). Revenue: NT$4.95b (down 1.7% from FY 2024). Net income: NT$418.0m (down 43% from FY 2024). Profit margin: 8.4% (down from 14% in FY 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 9.3% p.a. on average during the next 2 years, compared to a 4.8% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 4% per year and the company’s share price has also increased by 4% per year. Buy Or Sell Opportunity • Mar 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to NT$89.00. The fair value is estimated to be NT$112, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.1% over the last 3 years. Earnings per share has grown by 12%. Announcement • Mar 02
Iron Force Industrial Co., Ltd., Annual General Meeting, May 29, 2026 Iron Force Industrial Co., Ltd., Annual General Meeting, May 29, 2026. Location: 23- floor no,93, sec.1 hsin t`ai 5th rd., sijhih district, new taipei city Taiwan Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$106, the stock trades at a trailing P/E ratio of 15.6x. Average forward P/E is 12x in the Auto Components industry in Taiwan. Total returns to shareholders of 55% over the past three years. Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$1.12 (vs NT$1.79 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.12 (down from NT$1.79 in 3Q 2024). Revenue: NT$1.25b (down 8.1% from 3Q 2024). Net income: NT$89.3m (down 34% from 3Q 2024). Profit margin: 7.2% (down from 10.0% in 3Q 2024). Revenue is forecast to grow 6.7% p.a. on average during the next 2 years, compared to a 4.9% growth forecast for the Auto Components 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 only increased by 5% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$125, the stock trades at a trailing P/E ratio of 16.9x. Average forward P/E is 13x in the Auto Components industry in Taiwan. Total returns to shareholders of 102% over the past three years. Reported Earnings • Aug 11
Second quarter 2025 earnings released: EPS: NT$1.09 (vs NT$1.48 in 2Q 2024) Second quarter 2025 results: EPS: NT$1.09 (down from NT$1.48 in 2Q 2024). Revenue: NT$1.23b (up 2.4% from 2Q 2024). Net income: NT$87.1m (down 23% from 2Q 2024). Profit margin: 7.1% (down from 9.3% in 2Q 2024). Revenue is forecast to grow 7.0% p.a. on average during the next 2 years, compared to a 6.5% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 17% per year. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$101, the stock trades at a trailing P/E ratio of 13x. Average forward P/E is 15x in the Auto Components industry in Taiwan. Total returns to shareholders of 86% over the past three years. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$81.30, the stock trades at a trailing P/E ratio of 10.5x. Average forward P/E is 14x in the Auto Components industry in Taiwan. Total returns to shareholders of 61% over the past three years. Upcoming Dividend • Jul 01
Upcoming dividend of NT$9.00 per share Eligible shareholders must have bought the stock before 08 July 2025. Payment date: 31 July 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 9.4%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (4.8%). Declared Dividend • Jun 09
Dividend increased to NT$9.00 Dividend of NT$9.00 is 80% higher than last year. Ex-date: 8th July 2025 Payment date: 31st July 2025 Dividend yield will be 9.5%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (114% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 9.9% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 27% to bring the payout ratio under control. However, EPS has remained steady over the last 5 years so the company would need to improve on their historical growth rates. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$1.84 (vs NT$3.49 in 1Q 2024) First quarter 2025 results: EPS: NT$1.84 (down from NT$3.49 in 1Q 2024). Revenue: NT$1.28b (up 3.8% from 1Q 2024). Net income: NT$146.4m (down 45% from 1Q 2024). Profit margin: 11% (down from 21% in 1Q 2024). Revenue is forecast to grow 6.4% p.a. on average during the next 2 years, compared to a 6.7% growth forecast for the Auto Components 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 15% per year, which means it is significantly lagging earnings growth. Announcement • Apr 25
Iron Force Industrial Co., Ltd. to Report Q1, 2025 Results on May 02, 2025 Iron Force Industrial Co., Ltd. announced that they will report Q1, 2025 results on May 02, 2025 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$72.50, the stock trades at a trailing P/E ratio of 7.9x. Average forward P/E is 13x in the Auto Components industry in Taiwan. Total returns to shareholders of 21% over the past three years. New Risk • Mar 16
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (120% cash payout ratio). Large one-off items impacting financial results. Reported Earnings • Mar 11
Full year 2024 earnings released: EPS: NT$9.51 (vs NT$6.78 in FY 2023) Full year 2024 results: EPS: NT$9.51 (up from NT$6.78 in FY 2023). Revenue: NT$5.04b (up 3.0% from FY 2023). Net income: NT$731.0m (up 42% from FY 2023). Profit margin: 14% (up from 11% in FY 2023). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Mar 03
Iron Force Industrial Co., Ltd., Annual General Meeting, May 29, 2025 Iron Force Industrial Co., Ltd., Annual General Meeting, May 29, 2025. Location: 23- floor no,93, sec.1 hsin t`ai 5th rd., sijhih district, new taipei city Taiwan Announcement • Feb 20
Iron Force Industrial Co., Ltd. to Report Q4, 2024 Results on Feb 27, 2025 Iron Force Industrial Co., Ltd. announced that they will report Q4, 2024 results on Feb 27, 2025 New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (4.9% increase in shares outstanding). New Risk • Nov 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.9% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.4% average weekly change). Shareholders have been diluted in the past year (4.9% increase in shares outstanding). New Risk • Nov 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.3% 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 High level of non-cash earnings (21% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.3% average weekly change). New Risk • Nov 08
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Nov 08
Third quarter 2024 earnings released: EPS: NT$1.79 (vs NT$1.86 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.79 (down from NT$1.86 in 3Q 2023). Revenue: NT$1.36b (up 1.8% from 3Q 2023). Net income: NT$136.1m (down 3.4% from 3Q 2023). Profit margin: 10.0% (in line with 3Q 2023). Revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • Oct 25
Iron Force Industrial Co., Ltd. to Report Q3, 2024 Results on Nov 01, 2024 Iron Force Industrial Co., Ltd. announced that they will report Q3, 2024 results on Nov 01, 2024 Announcement • Aug 29
Iron Force Industrial Co., Ltd. announced that it expects to receive TWD 37.5 million in funding Iron Force Industrial Co., Ltd. announced a private placement to issue 3,750,000 shares at an issue price of TWD 10 per share for the gross proceeds of TWD 37,500,000 on August 27, 2024. The transaction has been approved by shareholders of company. Reported Earnings • Aug 12
Second quarter 2024 earnings released: EPS: NT$1.48 (vs NT$1.49 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.48 (down from NT$1.49 in 2Q 2023). Revenue: NT$1.20b (up 2.7% from 2Q 2023). Net income: NT$112.4m (flat on 2Q 2023). Profit margin: 9.3% (in line with 2Q 2023). Revenue is forecast to grow 6.9% p.a. on average during the next 2 years, compared to a 7.8% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Jul 26
Iron Force Industrial Co., Ltd. to Report Q2, 2024 Results on Aug 02, 2024 Iron Force Industrial Co., Ltd. announced that they will report Q2, 2024 results on Aug 02, 2024 Upcoming Dividend • Jul 12
Upcoming dividend of NT$5.00 per share Eligible shareholders must have bought the stock before 17 July 2024. Payment date: 09 August 2024. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 4.8%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (3.2%). Declared Dividend • Jun 28
Dividend increased to NT$5.00 Dividend of NT$5.00 is 25% higher than last year. Ex-date: 17th July 2024 Payment date: 9th August 2024 Dividend yield will be 4.5%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (55% earnings payout ratio) and cash flows (63% cash payout ratio). The dividend has increased by an average of 8.6% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 5.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jun 27
Iron Force Industrial Co., Ltd. Announces Common Stock Cash Dividend, Payable on August 9, 2024 Iron Force Industrial Co., Ltd. announced common stock cash dividend of TWD 378,901,405. Ex-rights (ex-dividend) trading date: July 17, 2024. Ex-rights (ex-dividend) record date: July 23, 2024. Payment date of common stock cash dividend distribution: August 9, 2024. Date of the resolution by the board of directors or shareholders meeting or decision by the Company: June 26, 2024. Reported Earnings • May 07
First quarter 2024 earnings released: EPS: NT$3.49 (vs NT$1.25 in 1Q 2023) First quarter 2024 results: EPS: NT$3.49 (up from NT$1.25 in 1Q 2023). Revenue: NT$1.24b (up 9.8% from 1Q 2023). Net income: NT$264.5m (up 180% from 1Q 2023). Profit margin: 21% (up from 8.4% in 1Q 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 6.2% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$117, the stock trades at a trailing P/E ratio of 17.3x. Average forward P/E is 19x in the Auto Components industry in Taiwan. Total returns to shareholders of 69% over the past three years. Reported Earnings • Mar 10
Full year 2023 earnings released: EPS: NT$6.78 (vs NT$5.97 in FY 2022) Full year 2023 results: EPS: NT$6.78 (up from NT$5.97 in FY 2022). Revenue: NT$4.89b (up 12% from FY 2022). Net income: NT$513.8m (up 14% from FY 2022). Profit margin: 11% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Mar 08
Iron Force Industrial Co., Ltd., Annual General Meeting, Jun 21, 2024 Iron Force Industrial Co., Ltd., Annual General Meeting, Jun 21, 2024. Location: Cosmos Global Cultural Exhibition Center 23F.-5, No. 93, Sec. 1, Xintai 5th Rd., Xizhi Dist., New Taipei City 221, Taiwan (R.O.C.) New Taipei City Taiwan Agenda: To discuss and approve the lifting of non competition restrictions for directors and their representatives; to elect new directors; to acknowledge 2023 Business Report and Financial Statements; to acknowledge 2023 Earnings Distribution; to approve 2023 business report; to approve the Audit Committee's review report; to approve the Report on 2023 employees' and directors' remuneration; and to consider other matters. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$104, the stock trades at a trailing P/E ratio of 15.8x. Average forward P/E is 17x in the Auto Components industry in Taiwan. Total returns to shareholders of 43% over the past three years. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: NT$1.48 (vs NT$1.23 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.48 (up from NT$1.23 in 2Q 2022). Revenue: NT$1.17b (up 22% from 2Q 2022). Net income: NT$112.7m (up 21% from 2Q 2022). Profit margin: 9.6% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. New Risk • Jul 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.4% 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: Major Risk Earnings have declined by 15% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.4% average weekly change). Upcoming Dividend • Jul 19
Upcoming dividend of NT$4.00 per share at 4.1% yield Eligible shareholders must have bought the stock before 26 July 2023. Payment date: 18 August 2023. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (3.2%). Reported Earnings • Mar 21
Full year 2022 earnings released: EPS: NT$5.97 (vs NT$3.15 in FY 2021) Full year 2022 results: EPS: NT$5.97 (up from NT$3.15 in FY 2021). Revenue: NT$4.37b (up 19% from FY 2021). Net income: NT$452.6m (up 90% from FY 2021). Profit margin: 10% (up from 6.5% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 10
Third quarter 2022 earnings released: EPS: NT$2.51 (vs NT$0.49 in 3Q 2021) Third quarter 2022 results: EPS: NT$2.51 (up from NT$0.49 in 3Q 2021). Revenue: NT$1.27b (up 39% from 3Q 2021). Net income: NT$190.4m (up 417% from 3Q 2021). Profit margin: 15% (up from 4.0% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 8.8% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$1.23 (vs NT$1.37 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.23 (down from NT$1.37 in 2Q 2021). Revenue: NT$961.6m (up 8.9% from 2Q 2021). Net income: NT$93.4m (down 10.0% from 2Q 2021). Profit margin: 9.7% (down from 12% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 21
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 19 August 2022. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (2.8%). Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 02
Iron Force Industrial Co., Ltd., Annual General Meeting, Jun 24, 2022 Iron Force Industrial Co., Ltd., Annual General Meeting, Jun 24, 2022. Price Target Changed • Dec 01
Price target decreased to NT$77.00 Down from NT$122, the current price target is provided by 1 analyst. New target price is 15% above last closing price of NT$67.10. Stock is down 20% over the past year. The company posted earnings per share of NT$1.31 last year. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.49 (vs NT$0.13 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$911.3m (up 6.7% from 3Q 2020). Net income: NT$36.9m (up NT$46.3m from 3Q 2020). Profit margin: 4.0% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 03
Upcoming dividend of NT$1.05 per share Eligible shareholders must have bought the stock before 10 September 2021. Payment date: 06 October 2021. Trailing yield: 1.5%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (2.6%). Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS NT$1.37 (vs NT$1.01 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$882.9m (up 73% from 2Q 2020). Net income: NT$103.7m (up NT$179.9m from 2Q 2020). Profit margin: 12% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Reported Earnings • May 11
First quarter 2021 earnings released: EPS NT$0.85 (vs NT$0.85 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: NT$988.3m (up 5.1% from 1Q 2020). Net income: NT$65.1m (up 1.6% from 1Q 2020). Profit margin: 6.6% (down from 6.8% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$1.30 (vs NT$8.66 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$3.42b (down 25% from FY 2019). Net income: NT$98.9m (down 85% from FY 2019). Profit margin: 2.9% (down from 14% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 21
New 90-day low: NT$76.30 The company is down 6.0% from its price of NT$81.00 on 23 October 2020. The Taiwanese market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 11% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: NT$0.12 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: NT$853.7m (down 30% from 3Q 2019). Net loss: NT$9.45m (down 106% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 11% per year and the company’s share price has also fallen by 11% per year. Analyst Estimate Surprise Post Earnings • Nov 15
Revenue misses expectations Revenue missed analyst estimates by 21%. Is New 90 Day High Low • Nov 10
New 90-day high: NT$84.50 The company is up 7.0% from its price of NT$78.90 on 12 August 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Auto Components industry, which is also up 7.0% over the same period.