Reported Earnings • May 13
First quarter 2026 earnings released: EPS: NT$0.40 (vs NT$0.69 in 1Q 2025) First quarter 2026 results: EPS: NT$0.40 (down from NT$0.69 in 1Q 2025). Revenue: NT$760.1m (down 14% from 1Q 2025). Net income: NT$53.7m (down 45% from 1Q 2025). Profit margin: 7.1% (down from 11% in 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. New Risk • Mar 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 8.2% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 13% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.2% average weekly change). Reported Earnings • Mar 13
Full year 2025 earnings released: NT$1.63 loss per share (vs NT$3.37 profit in FY 2024) Full year 2025 results: NT$1.63 loss per share (down from NT$3.37 profit in FY 2024). Revenue: NT$3.65b (down 22% from FY 2024). Net loss: NT$223.8m (down 147% from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Announcement • Mar 11
Cub Elecparts Inc., Annual General Meeting, May 26, 2026 Cub Elecparts Inc., Annual General Meeting, May 26, 2026. Location: no,6 ln.546, sec.6 chang lu rd., fusing township, changhua county Taiwan Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$112, the stock trades at a trailing P/E ratio of 64.9x. Average trailing P/E is 18x in the Auto Components industry in Taiwan. Total loss to shareholders of 12% over the past three years. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: NT$0.28 (vs NT$0.60 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.28 (down from NT$0.60 in 3Q 2024). Revenue: NT$899.5m (down 22% from 3Q 2024). Net income: NT$37.7m (down 55% from 3Q 2024). Profit margin: 4.2% (down from 7.3% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to NT$110, the stock trades at a trailing P/E ratio of 54.8x. Average trailing P/E is 20x in the Auto Components industry in Taiwan. Total loss to shareholders of 17% over the past three years. New Risk • Aug 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 6.6% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 100% Paying a dividend despite having no free cash flows. Earnings have declined by 0.03% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$85.70, the stock trades at a trailing P/E ratio of 42.7x. Average trailing P/E is 19x in the Auto Components industry in Taiwan. Total loss to shareholders of 31% over the past three years. New Risk • Aug 15
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 0.03% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Reported Earnings • Aug 13
Second quarter 2025 earnings released: NT$1.05 loss per share (vs NT$0.13 profit in 2Q 2024) Second quarter 2025 results: NT$1.05 loss per share (down from NT$0.13 profit in 2Q 2024). Revenue: NT$820.1m (down 17% from 2Q 2024). Net loss: NT$143.9m (down NT$162.4m from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 22% per year whereas the company’s share price has fallen by 18% per year. Upcoming Dividend • Jun 27
Upcoming dividend of NT$2.07 per share Eligible shareholders must have bought the stock before 04 July 2025. Payment date: 24 July 2025. Payout ratio is a comfortable 64% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (4.7%). Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$0.70 (vs NT$0.92 in 1Q 2024) First quarter 2025 results: EPS: NT$0.70 (down from NT$0.92 in 1Q 2024). Revenue: NT$881.6m (down 17% from 1Q 2024). Net income: NT$98.0m (down 25% from 1Q 2024). Profit margin: 11% (down from 12% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 11% per year. Announcement • May 06
Cub Elecparts Inc. to Report Q1, 2025 Results on May 12, 2025 Cub Elecparts Inc. announced that they will report Q1, 2025 results on May 12, 2025 Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$82.60, the stock trades at a trailing P/E ratio of 24.5x. Average trailing P/E is 15x in the Auto Components industry in Taiwan. Total loss to shareholders of 31% 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 75% 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: Major Risks Debt is not well covered by operating cash flow (0.6% operating cash flow to total debt). Earnings have declined by 6.5% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Announcement • Mar 13
Cub Elecparts Inc., Annual General Meeting, May 27, 2025 Cub Elecparts Inc., Annual General Meeting, May 27, 2025, at 10:00 Taipei Standard Time. Location: no,6 ln.546, sec.6 chang lu rd., fusing township, changhua county Taiwan Reported Earnings • Mar 12
Full year 2024 earnings released: EPS: NT$3.37 (vs NT$3.15 in FY 2023) Full year 2024 results: EPS: NT$3.37 (up from NT$3.15 in FY 2023). Revenue: NT$4.67b (up 6.2% from FY 2023). Net income: NT$474.9m (up 7.0% from FY 2023). Profit margin: 10% (in line with FY 2023). Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 11% per year. Announcement • Mar 01
Cub Elecparts Inc. to Report Q4, 2024 Results on Mar 07, 2025 Cub Elecparts Inc. announced that they will report Q4, 2024 results on Mar 07, 2025 Announcement • Jan 01
Cub Elecparts Inc. Announces CMO Appointment Cub Elecparts Inc. announced CMO Appointment. Date of occurrence of the change: January 1, 2025. Name, title, and resume of the new position holder: WU PO CHENG. Graduated from Institute of Science and Technology Management, Fu Jen University, Director of EVGA, EVGA Technology Co. Ltd. System Electronics Industry Co. Ltd. Senior Associate and CMO. Type of the change: new replacement. Reason for the change: WU PO CHENG CMO has been involved in the field of auto parts for a long time and has rich marketing experience in the automotive industry. Drawing on his expertise, he is responsible for closely integrating marketing and business development to further promote business growth and market expansion. Any other matters that need to be specified:To be ratified by the board of directors in the near future. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.60 (vs NT$1.00 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.60 (down from NT$1.00 in 3Q 2023). Revenue: NT$1.15b (up 9.1% from 3Q 2023). Net income: NT$83.9m (down 40% from 3Q 2023). Profit margin: 7.3% (down from 13% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 12% per year. Announcement • Nov 02
Cub Elecparts Inc. to Report Q3, 2024 Results on Nov 11, 2024 Cub Elecparts Inc. announced that they will report Q3, 2024 results on Nov 11, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.13 (vs NT$1.09 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.13 (down from NT$1.09 in 2Q 2023). Revenue: NT$981.7m (down 4.6% from 2Q 2023). Net income: NT$18.4m (down 88% from 2Q 2023). Profit margin: 1.9% (down from 15% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 7% per year. Announcement • Aug 03
Cub Elecparts Inc. to Report Q2, 2024 Results on Aug 12, 2024 Cub Elecparts Inc. announced that they will report Q2, 2024 results on Aug 12, 2024 Upcoming Dividend • Jun 11
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 18 June 2024. Payment date: 04 July 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (3.2%). New Risk • Jun 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 30% 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: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 104% Paying a dividend despite having no free cash flows. Earnings have declined by 15% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (9.6% net profit margin). New Risk • Jun 04
New major risk - Revenue and earnings growth Earnings have declined by 15% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 105% Paying a dividend despite having no free cash flows. Earnings have declined by 15% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (9.6% net profit margin). Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$131, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 17x in the Auto Components industry in Taiwan. Total loss to shareholders of 22% over the past three years. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: NT$0.92 (vs NT$1.19 in 1Q 2023) First quarter 2024 results: EPS: NT$0.92 (down from NT$1.19 in 1Q 2023). Revenue: NT$1.06b (down 14% from 1Q 2023). Net income: NT$129.9m (down 23% from 1Q 2023). Profit margin: 12% (down from 14% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • May 08
Cub Elecparts Inc. to Report Q1, 2024 Results on May 13, 2024 Cub Elecparts Inc. announced that they will report Q1, 2024 results on May 13, 2024 Reported Earnings • Mar 06
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: NT$3.15 (down from NT$4.47 in FY 2022). Revenue: NT$4.40b (up 11% from FY 2022). Net income: NT$443.8m (down 30% from FY 2022). Profit margin: 10% (down from 16% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 8.5%. Earnings per share (EPS) also missed analyst estimates by 41%. Revenue is forecast to grow 13% 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 increased by 17% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Mar 05
Cub Elecparts Inc., Annual General Meeting, May 21, 2024 Cub Elecparts Inc., Annual General Meeting, May 21, 2024. Location: Our company's staff restaurant Taiwan Agenda: To report the business report of 2023; to report the audit committee's review report on the financial statements of 2023; to consider mainland investment situation report; to consider endorsement guarantee situation report of 2023; to report the compensation to employees and remuneration to directors of 2023; to consider merry corporation's business report,parent company's financial statements and consolidated financial statements of 2023; to consider the proposal for 2023 earning distribution; and to consider other issues. Announcement • Mar 02
Cub Elecparts Inc.'s Subsidiary Shanghai Vei Sheng Auto Parts Manufacturing Co.,Ltd Announces General Manager Changes Cub Elecparts Inc. Announced General Manager Change on Behalf of Subsidiary Shanghai Vei Sheng Auto Partsmanufacturing Co.,Ltd. Name of the previous position holder: Lin Tung-Feng. Resume of the previous position holder: Graduate Institute of Chemical Engineering, National Tsing Hua University-BAssociate Manager, SBR Project Department, Universal Scientific Industrial Co. Ltd. Name of the new position holder:Liu,Ping Feng. Resume of the new position holder:Graduated from Shijian University- Department of Accounting-BSHANGHAI VEI SHENG AUTO PARTS MANUFACTURING CO.,LTD-administrative Vice President-BSHANGHAI VEI SHENG AUTO PARTS MANUFACTURING CO.,LTD-financial director-BCUB-Audit Specialist. Reason for the change: Personal career planning. Effective date of the new appointment is March 1, 2024. In response to the career plan of the former employee, Liu Ping Feng, deputy general manager, will serve as acting general manager, pending appointment by the board of directors in the near future. Announcement • Feb 08
Cub Elecparts Inc. Announces the Resignation of Chen Kuang-Lung as Independent Director of Audit Committee, Salary and Remuneration Cub Elecparts Inc. announced the resignation of Chen Kuang-Lung as Independent director of Audit Committee, Salary and Remuneration. Price Target Changed • Dec 29
Price target decreased by 18% to NT$118 Down from NT$145, the current price target is provided by 1 analyst. New target price is 12% below last closing price of NT$135. Stock is up 2.3% over the past year. The company is forecast to post earnings per share of NT$5.33 for next year compared to NT$4.47 last year. Upcoming Dividend • Aug 30
Upcoming dividend of NT$2.30 per share at 1.6% yield Eligible shareholders must have bought the stock before 06 September 2023. Payment date: 28 September 2023. Payout ratio is a comfortable 47% but the company is paying out more than the cash it is generating. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (5.6%). Lower than average of industry peers (3.2%). Major Estimate Revision • May 31
Consensus revenue estimates increase by 12%, EPS downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from NT$4.73b to NT$5.28b. EPS estimate fell from NT$6.27 to NT$6.16. Net income forecast to grow 42% next year vs 4.5% growth forecast for Auto Components industry in Taiwan. Consensus price target up from NT$147 to NT$150. Share price was steady at NT$176 over the past week. Reported Earnings • Mar 22
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: NT$4.70 (up from NT$3.85 in FY 2021). Revenue: NT$3.96b (down 3.0% from FY 2021). Net income: NT$629.7m (up 22% from FY 2021). Profit margin: 16% (up from 13% in FY 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) exceeded analyst estimates by 11%. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Auto Components industry in Taiwan. 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 24% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$162, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 14x in the Auto Components industry in Taiwan. Total loss to shareholders of 11% over the past three years. Major Estimate Revision • Dec 07
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from NT$4.32b to NT$3.87b. EPS estimate unchanged from NT$4.35 per share at last update. Auto Components industry in Taiwan expected to see average net income growth of 23% next year. Consensus price target broadly unchanged at NT$142. Share price was steady at NT$144 over the past week. 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. 3 independent directors (4 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. Major Estimate Revision • Oct 21
Consensus EPS estimates fall by 21% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$4.53b to NT$4.32b. EPS estimate also fell from NT$5.50 per share to NT$4.35 per share. Net income forecast to grow 67% next year vs 52% growth forecast for Auto Components industry in Taiwan. Consensus price target of NT$143 unchanged from last update. Share price rose 6.5% to NT$140 over the past week. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$139, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 15x in the Auto Components industry in Taiwan. Total loss to shareholders of 41% over the past three years. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improved over the past week After last week's 16% share price gain to NT$155, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 16x in the Auto Components industry in Taiwan. Total loss to shareholders of 40% over the past three years. Upcoming Dividend • Jun 15
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 22 June 2022. Payment date: 08 July 2022. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of Taiwanese dividend payers (6.1%). Lower than average of industry peers (2.8%). Board Change • Apr 27
Insufficient new directors 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. 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: Insufficient board refreshment. Reported Earnings • Apr 03
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: NT$4.23 (up from NT$2.03 in FY 2020). Revenue: NT$4.08b (up 22% from FY 2020). Net income: NT$515.9m (up 111% from FY 2020). Profit margin: 13% (up from 7.3% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.2%. Over the next year, revenue is forecast to grow 13%, compared to a 9.9% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Mar 02
Consensus EPS estimates fall by 19% The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from NT$4.63b to NT$4.23b. EPS estimate also fell from NT$6.23 per share to NT$5.03 per share. Net income forecast to grow 54% next year vs 42% growth forecast for Auto Components industry in Taiwan. Consensus price target broadly unchanged at NT$166. Share price fell 4.0% to NT$157 over the past week. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$1.03 (vs NT$0.51 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$894.9m (up 13% from 3Q 2020). Net income: NT$125.9m (up 102% from 3Q 2020). Profit margin: 14% (up from 7.9% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 43% 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. Upcoming Dividend • Sep 22
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 20 October 2021. Trailing yield: 0.8%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (2.7%). Price Target Changed • Aug 27
Price target decreased to NT$184 Down from NT$224, the current price target is an average from 4 analysts. New target price is 20% above last closing price of NT$153. Stock is down 7.6% over the past year. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$145, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 14x in the Auto Components industry in Taiwan. Total loss to shareholders of 36% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$208 per share. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$0.86 (vs NT$0.004 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$985.7m (up 56% from 2Q 2020). Net income: NT$105.3m (up NT$104.8m from 2Q 2020). Profit margin: 11% (up from 0.1% 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 44% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Aug 13
Consensus EPS estimates fall to NT$6.27 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from NT$4.98b to NT$4.79b. EPS estimate also fell from NT$7.15 to NT$6.27. Net income forecast to grow 147% next year vs 31% growth forecast for Auto Components industry in Taiwan. Consensus price target down from NT$224 to NT$213. Share price fell 9.6% to NT$165 over the past week. Price Target Changed • Jul 03
Price target decreased to NT$224 Down from NT$245, the current price target is an average from 4 analysts. New target price is 16% above last closing price of NT$194. Stock is up 25% over the past year. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improved over the past week After last week's 15% share price gain to NT$218, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 16x in the Auto Components industry in Taiwan. Total loss to shareholders of 23% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$128 per share. Valuation Update With 7 Day Price Move • May 14
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$189, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 14x in the Auto Components industry in Taiwan. Total loss to shareholders of 32% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$129 per share. Reported Earnings • May 07
First quarter 2021 earnings released: EPS NT$1.61 (vs NT$0.72 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$1.16b (up 36% from 1Q 2020). Net income: NT$196.9m (up 118% from 1Q 2020). Profit margin: 17% (up from 11% 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 40% 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. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS NT$2.03 (vs NT$7.84 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$3.34b (down 18% from FY 2019). Net income: NT$244.5m (down 75% from FY 2019). Profit margin: 7.3% (down from 24% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Mar 16
New 90-day high: NT$226 The company is up 14% from a price of NT$198 on 16 December 2020. Underperformed the Taiwanese market, which is up 15% over the last 90 days. Exceeded the Auto Components industry, which is up 6.0% over the same period. Major Estimate Revision • Mar 03
Analysts update estimates The 2020 consensus earning per share (EPS) estimate was lowered from NT$2.95 to NT$2.24. No change was made to the revenue estimate which at the last update was NT$3.38b. Net income is expected to grow by 222% next year compared to 83% growth forecast for the Auto Components industry in Taiwan. The consensus price target increased from NT$203 to NT$225. Share price is up 13% to NT$219 over the past week. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS NT$0.51 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$790.4m (down 19% from 3Q 2019). Net income: NT$62.5m (down 77% from 3Q 2019). Profit margin: 7.9% (down from 27% in 3Q 2019). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Nov 13
Revenue beats expectations Revenue exceeded analyst estimates by 0.05%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 28%, compared to a 14% growth forecast for the Auto Components industry in Taiwan. Price Target Changed • Nov 10
Price target raised to NT$152 Up from NT$130, the current price target is an average from 4 analysts. The new target price is 20% below the current share price of NT$190. As of last close, the stock is down 17% over the past year. Valuation Update With 7 Day Price Move • Nov 09
Market bids up stock over the past week After last week's 20% share price gain to NT$191, the stock is trading at a trailing P/E ratio of 53.7x, up from the previous P/E ratio of 44.9x. This compares to an average P/E of 21x in the Auto Components industry in Taiwan. Total return to shareholders over the past three years is a loss of 15%. Is New 90 Day High Low • Nov 09
New 90-day high: NT$191 The company is up 62% from its price of NT$118 on 11 August 2020. The Taiwanese market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto Components industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$42.87 per share. Is New 90 Day High Low • Sep 18
New 90-day high: NT$178 The company is up 18% from its price of NT$150 on 19 June 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto Components industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$43.61 per share. 