Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$392, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 29x in the Machinery industry in Taiwan. Total returns to shareholders of 542% over the past three years. Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$600, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 34x in the Machinery industry in Taiwan. Total returns to shareholders of 894% over the past three years. Buy Or Sell Opportunity • May 18
Now 20% undervalued Over the last 90 days, the stock has risen 168% to NT$519. The fair value is estimated to be NT$652, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.7% over the last 3 years. Earnings per share has grown by 9.7%. Revenue is forecast to grow by 113% in a year. Earnings are forecast to grow by 94% in the next year. Reported Earnings • May 16
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: NT$2.00 (up from NT$1.25 in 1Q 2025). Revenue: NT$693.9m (up 167% from 1Q 2025). Net income: NT$79.0m (up 136% from 1Q 2025). Profit margin: 11% (down from 13% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 22%. Earnings per share (EPS) also missed analyst estimates by 14%. Revenue is forecast to grow 49% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 105% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$459, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 28x in the Machinery industry in Taiwan. Total returns to shareholders of 682% over the past three years. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$437, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 28x in the Machinery industry in Taiwan. Total returns to shareholders of 607% over the past three years. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$327, the stock trades at a trailing P/E ratio of 48x. Average trailing P/E is 28x in the Machinery industry in Taiwan. Total returns to shareholders of 423% over the past three years. New Risk • Mar 16
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 10% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$6.80 (vs NT$5.69 in FY 2024) Full year 2025 results: EPS: NT$6.80 (up from NT$5.69 in FY 2024). Revenue: NT$1.63b (up 8.6% from FY 2024). Net income: NT$182.9m (up 22% from FY 2024). Profit margin: 11% (up from 10.0% in FY 2024). The increase in margin was driven by higher 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 54% per year, which means it is well ahead of earnings. Announcement • Mar 12
Asia Metal Industries, Inc., Annual General Meeting, Jun 24, 2026 Asia Metal Industries, Inc., Annual General Meeting, Jun 24, 2026. Location: no,256, yang sheng rd., yangmei district, taoyuan city Taiwan Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$183, the stock trades at a trailing P/E ratio of 34.8x. Average trailing P/E is 26x in the Machinery industry in Taiwan. Total returns to shareholders of 198% over the past three years. Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$190, the stock trades at a trailing P/E ratio of 36.2x. Average trailing P/E is 24x in the Machinery industry in Taiwan. Total returns to shareholders of 206% over the past three years. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$151, the stock trades at a trailing P/E ratio of 28.8x. Average trailing P/E is 24x in the Machinery industry in Taiwan. Total returns to shareholders of 153% over the past three years. Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: NT$1.97 (vs NT$0.57 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.97 (up from NT$0.57 in 3Q 2024). Revenue: NT$420.6m (up 16% from 3Q 2024). Net income: NT$53.0m (up 249% from 3Q 2024). Profit margin: 13% (up from 4.2% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 39% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$196, the stock trades at a trailing P/E ratio of 51x. Average trailing P/E is 24x in the Machinery industry in Taiwan. Total returns to shareholders of 231% over the past three years. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$180, the stock trades at a trailing P/E ratio of 46.7x. Average trailing P/E is 24x in the Machinery industry in Taiwan. Total returns to shareholders of 181% over the past three years. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$202, the stock trades at a trailing P/E ratio of 52.5x. Average trailing P/E is 24x in the Machinery industry in Taiwan. Total returns to shareholders of 193% over the past three years. Reported Earnings • Aug 13
Second quarter 2025 earnings released: EPS: NT$0.92 (vs NT$2.23 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.92 (down from NT$2.23 in 2Q 2024). Revenue: NT$419.6m (up 5.9% from 2Q 2024). Net income: NT$24.7m (down 59% from 2Q 2024). Profit margin: 5.9% (down from 15% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$89.50, the stock trades at a trailing P/E ratio of 17.4x. Average trailing P/E is 18x in the Machinery industry in Taiwan. Total returns to shareholders of 43% over the past three years. Declared Dividend • Jul 03
Dividend increased to NT$3.00 Dividend of NT$3.00 is 50% higher than last year. Ex-date: 17th July 2025 Payment date: 8th August 2025 Dividend yield will be 4.4%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (31% cash payout ratio). The dividend has increased by an average of 8.4% per year over the past 5 years. However, payments have been volatile during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Announcement • Jun 26
Asia Metal Industries, Inc. Announces Change of Directors Asia Metal Industries, Inc. announced change of directors. Date of change: June 25, 2025. Director: TSOU, YUNG HAO E-JU Investment Co.,Ltd. Resume of the new position holder: TSOU, YUNG HAO /Asia Metal Industries Inc. Executive Assistant E-JU Investment Co.,Ltd /None. Reported Earnings • May 19
First quarter 2025 earnings released: EPS: NT$1.25 (vs NT$1.82 in 1Q 2024) First quarter 2025 results: EPS: NT$1.25 (down from NT$1.82 in 1Q 2024). Revenue: NT$260.3m (down 29% from 1Q 2024). Net income: NT$33.5m (down 26% from 1Q 2024). Profit margin: 13% (in line with 1Q 2024). 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 6% per year, which means it has not declined as severely as earnings. Announcement • May 01
Asia Metal Industries, Inc. to Report Q1, 2025 Results on May 08, 2025 Asia Metal Industries, Inc. announced that they will report Q1, 2025 results on May 08, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$53.10, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 17x in the Machinery industry in Taiwan. Total loss to shareholders of 13% over the past three years. Reported Earnings • Apr 02
Full year 2024 earnings released: EPS: NT$5.69 (vs NT$4.60 in FY 2023) Full year 2024 results: EPS: NT$5.69 (up from NT$4.60 in FY 2023). Revenue: NT$1.51b (up 15% from FY 2023). Net income: NT$149.8m (up 36% from FY 2023). Profit margin: 10.0% (up from 8.4% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 17% 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. Announcement • Mar 05
Asia Metal Industries, Inc. to Report Q4, 2024 Results on Mar 12, 2025 Asia Metal Industries, Inc. announced that they will report Q4, 2024 results After-Market on Mar 12, 2025 Announcement • Jan 17
Asia Metal Industries, Inc., Annual General Meeting, Jun 25, 2025 Asia Metal Industries, Inc., Annual General Meeting, Jun 25, 2025. Location: 3 floor no,398, min ch`uan rd., jhongli district, taoyuan city Taiwan Reported Earnings • Nov 18
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: NT$0.57 (down from NT$1.64 in 3Q 2023). Revenue: NT$364.1m (up 2.7% from 3Q 2023). Net income: NT$15.2m (down 62% from 3Q 2023). Profit margin: 4.2% (down from 11% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) also missed analyst estimates by 57%. Revenue is forecast to grow 3.7% 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 15% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$75.30, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 23x in the Machinery industry in Taiwan. Total returns to shareholders of 19% over the past three years. Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$80.00, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 25x in the Machinery industry in Taiwan. Total returns to shareholders of 31% over the past three years. Reported Earnings • Aug 17
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: NT$2.23 (up from NT$0.98 in 2Q 2023). Revenue: NT$396.2m (up 22% from 2Q 2023). Net income: NT$59.6m (up 152% from 2Q 2023). Profit margin: 15% (up from 7.3% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.5%. Earnings per share (EPS) also surpassed analyst estimates by 75%. Revenue is forecast to grow 3.5% 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 9% 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 • Jul 11
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 18 July 2024. Payment date: 09 August 2024. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.4%). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$1.82 (vs NT$1.29 in 1Q 2023) First quarter 2024 results: EPS: NT$1.82 (up from NT$1.29 in 1Q 2023). Revenue: NT$367.0m (up 7.2% from 1Q 2023). Net income: NT$45.1m (up 49% from 1Q 2023). Profit margin: 12% (up from 8.9% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • Apr 10
Asia Metal Industries, Inc., Annual General Meeting, Jun 25, 2024 Asia Metal Industries, Inc., Annual General Meeting, Jun 25, 2024. Reported Earnings • Apr 02
Full year 2023 earnings released: EPS: NT$4.60 (vs NT$8.83 in FY 2022) Full year 2023 results: EPS: NT$4.60 (down from NT$8.83 in FY 2022). Revenue: NT$1.31b (down 10.0% from FY 2022). Net income: NT$110.4m (down 45% from FY 2022). Profit margin: 8.4% (down from 14% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has fallen by 1% per year. New Risk • Aug 14
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 7.8% Last year net profit margin: 15% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (71% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (7.8% net profit margin). Shareholders have been diluted in the past year (6.2% increase in shares outstanding). Market cap is less than US$100m (NT$1.45b market cap, or US$45.3m). Reported Earnings • Aug 14
Second quarter 2023 earnings released: EPS: NT$0.99 (vs NT$2.52 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.99 (down from NT$2.52 in 2Q 2022). Revenue: NT$325.4m (down 12% from 2Q 2022). Net income: NT$23.7m (down 58% from 2Q 2022). Profit margin: 7.3% (down from 16% 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 fallen by 7% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 20
Upcoming dividend of NT$3.97 per share at 5.6% yield Eligible shareholders must have bought the stock before 27 April 2023. Payment date: 31 May 2023. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 5.6%. Lower than top quartile of Taiwanese dividend payers (5.7%). Higher than average of industry peers (3.0%). Reported Earnings • Apr 01
Full year 2022 earnings released: EPS: NT$8.83 (vs NT$5.75 in FY 2021) Full year 2022 results: EPS: NT$8.83 (up from NT$5.75 in FY 2021). Revenue: NT$1.46b (up 16% from FY 2021). Net income: NT$200.1m (up 65% from FY 2021). Profit margin: 14% (up from 9.7% 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 28% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: NT$2.65 (vs NT$2.12 in 3Q 2021) Third quarter 2022 results: EPS: NT$2.65 (up from NT$2.12 in 3Q 2021). Revenue: NT$403.0m (up 27% from 3Q 2021). Net income: NT$60.2m (up 36% from 3Q 2021). Profit margin: 15% (in line with 3Q 2021). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$2.52 (vs NT$2.00 in 2Q 2021) Second quarter 2022 results: EPS: NT$2.52 (up from NT$2.00 in 2Q 2021). Revenue: NT$368.0m (down 23% from 2Q 2021). Net income: NT$57.0m (up 36% from 2Q 2021). Profit margin: 16% (up from 8.8% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 7% per year. Upcoming Dividend • Jul 12
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 19 July 2022. Payment date: 08 August 2022. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (3.4%). Reported Earnings • May 16
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: NT$3.90 (up from NT$1.27 in 1Q 2021). Revenue: NT$347.7m (up 66% from 1Q 2021). Net income: NT$87.1m (up 227% from 1Q 2021). Profit margin: 25% (up from 13% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 1.6%. Reported Earnings • Apr 03
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: NT$5.75 (up from NT$4.02 in FY 2020). Revenue: NT$1.25b (up 29% from FY 2020). Net income: NT$121.2m (up 65% from FY 2020). Profit margin: 9.7% (up from 7.6% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 1.6%. Announcement • Jan 30
Asia Metal Industries, Inc., Annual General Meeting, Jun 21, 2022 Asia Metal Industries, Inc., Annual General Meeting, Jun 21, 2022. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$2.12 (vs NT$0.53 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$317.3m (up 50% from 3Q 2020). Net income: NT$44.4m (up 366% from 3Q 2020). Profit margin: 14% (up from 4.5% in 3Q 2020). The increase in margin was driven by higher revenue. Upcoming Dividend • Sep 20
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 27 September 2021. Payment date: 15 October 2021. Trailing yield: 3.5%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (2.6%). Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$2.00 (vs NT$1.38 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$476.4m (up 66% from 2Q 2020). Net income: NT$42.0m (up 69% from 2Q 2020). Profit margin: 8.8% (up from 8.7% in 2Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improved over the past week After last week's 16% share price gain to NT$127, the stock trades at a trailing P/E ratio of 30.5x. Average trailing P/E is 18x in the Machinery industry in Taiwan. Total returns to shareholders of 70% over the past year. Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment improved over the past week After last week's 20% share price gain to NT$82.60, the stock trades at a trailing P/E ratio of 19.9x. Average trailing P/E is 18x in the Machinery industry in Taiwan. Negligible returns to shareholders over past year. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improved over the past week After last week's 18% share price gain to NT$64.50, the stock trades at a trailing P/E ratio of 15.5x. Average forward P/E is 12x in the Machinery industry in Taiwan. Total loss to shareholders of 2.7% over the past year. Reported Earnings • May 17
First quarter 2021 earnings released: EPS NT$1.27 (vs NT$1.17 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$209.4m (up 12% from 1Q 2020). Net income: NT$26.7m (up 27% from 1Q 2020). Profit margin: 13% (up from 11% in 1Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$4.02 (vs NT$5.18 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: NT$969.5m (up 24% from FY 2019). Net income: NT$73.6m (down 21% from FY 2019). Profit margin: 7.6% (down from 12% in FY 2019). The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Feb 01
New 90-day low: NT$50.10 The company is down 36% from its price of NT$78.20 on 04 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 18% over the same period. Is New 90 Day High Low • Jan 15
New 90-day low: NT$55.50 The company is down 30% from its price of NT$79.30 on 16 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 27% over the same period. Is New 90 Day High Low • Dec 08
New 90-day low: NT$63.60 The company is down 15% from its price of NT$74.60 on 09 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 7.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.53 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: NT$212.1m (up 1.6% from 3Q 2019). Net income: NT$9.54m (down 58% from 3Q 2019). Profit margin: 4.5% (down from 11% in 3Q 2019). The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Nov 13
New 90-day low: NT$72.00 The company is down 5.0% from its price of NT$75.90 on 14 August 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 4.0% over the same period. 
