Board Change • Jun 01
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. 8 experienced directors. No highly experienced directors. Independent Director Rex Yang was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$188, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Medical Equipment industry in Taiwan. Total loss to shareholders of 12% over the past three years. Reported Earnings • May 11
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: EPS: NT$3.82 (up from NT$3.08 in 1Q 2025). Revenue: NT$1.23b (up 30% from 1Q 2025). Net income: NT$240.5m (up 24% from 1Q 2025). Profit margin: 20% (in line with 1Q 2025). Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) missed analyst estimates by 2.2%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 89% growth forecast for the Medical Equipment 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 fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Feb 26
Visco Vision Inc., Annual General Meeting, May 26, 2026 Visco Vision Inc., Annual General Meeting, May 26, 2026. Location: no,108, sec.1 nan k`an rd., lujhu district, taoyuan city Taiwan Reported Earnings • Feb 26
Full year 2025 earnings released: EPS: NT$14.08 (vs NT$10.10 in FY 2024) Full year 2025 results: EPS: NT$14.08 (up from NT$10.10 in FY 2024). Revenue: NT$4.22b (up 15% from FY 2024). Net income: NT$887.1m (up 39% from FY 2024). Profit margin: 21% (up from 17% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 81% growth forecast for the Medical Equipment industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 17
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: EPS: NT$4.06 (up from NT$3.15 in 3Q 2024). Revenue: NT$1.13b (up 9.2% from 3Q 2024). Net income: NT$255.6m (up 29% from 3Q 2024). Profit margin: 23% (up from 19% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.1%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 98% growth forecast for the Medical Equipment industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 08
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: NT$2.96 (up from NT$2.28 in 2Q 2024). Revenue: NT$1.08b (up 19% from 2Q 2024). Net income: NT$186.6m (up 30% from 2Q 2024). Profit margin: 17% (up from 16% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) missed analyst estimates by 4.7%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Medical Equipment 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 fallen by 15% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$198, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Medical Equipment industry in Taiwan. Total loss to shareholders of 34% over the past three years. Declared Dividend • Jul 06
Dividend increased to NT$5.10 Dividend of NT$5.10 is 113% higher than last year. Ex-date: 21st July 2025 Payment date: 15th August 2025 Dividend yield will be 2.9%, which is lower than the industry average of 3.7%. Sustainability & Growth Dividend is well covered by both earnings (49% earnings payout ratio) and cash flows (43% cash payout ratio). The dividend has increased by an average of 47% per year over the past 4 years. However, payments have been volatile during that time. EPS is expected to grow by 23% over the next year, which should provide support to the dividend and adequate earnings cover. Board Change • Jun 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. GM & Chairman James Lee was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 08
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: NT$3.08 (up from NT$2.70 in 1Q 2024). Revenue: NT$947.1m (up 16% from 1Q 2024). Net income: NT$193.9m (up 14% from 1Q 2024). Profit margin: 21% (in line with 1Q 2024). Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) also surpassed analyst estimates by 9.6%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Medical Equipment industry in Asia. Over the last 3 years on average, earnings per share has fallen by 5% per year and the company’s share price has also fallen by 5% per year. Announcement • May 01
Visco Vision Inc. to Report Q1, 2025 Results on May 07, 2025 Visco Vision Inc. announced that they will report Q1, 2025 results on May 07, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$137, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Medical Equipment industry in Asia. Total loss to shareholders of 28% over the past three years. New Risk • Mar 22
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.8% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 16
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: NT$10.10 (up from NT$4.79 in FY 2023). Revenue: NT$3.67b (up 53% from FY 2023). Net income: NT$636.5m (up 111% from FY 2023). Profit margin: 17% (up from 13% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 7.9%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Medical Equipment industry in Asia. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 4% per year. Announcement • Mar 14
Visco Vision Inc., Annual General Meeting, May 28, 2025 Visco Vision Inc., Annual General Meeting, May 28, 2025, at 09:00 Taipei Standard Time. Location: no,300, sec.1 chuang ching rd., taoyuan district, taoyuan city Taiwan Reported Earnings • Nov 09
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: NT$3.15 (up from NT$1.58 in 3Q 2023). Revenue: NT$1.04b (up 60% from 3Q 2023). Net income: NT$198.5m (up 99% from 3Q 2023). Profit margin: 19% (up from 15% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.7%. Earnings per share (EPS) missed analyst estimates by 4.8%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Medical Equipment industry in Taiwan. 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 4% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$243, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 15x in the Medical Equipment industry in Asia. Total returns to shareholders of 104% over the past three years. Major Estimate Revision • Aug 21
Consensus EPS estimates increase by 24% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from NT$3.41b to NT$3.63b. EPS estimate increased from NT$10.71 to NT$13.25 per share. Net income forecast to grow 43% next year vs 34% growth forecast for Medical Equipment industry in Taiwan. Consensus price target of NT$309 unchanged from last update. Share price rose 4.3% to NT$230 over the past week. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$215, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 15x in the Medical Equipment industry in Asia. Total returns to shareholders of 97% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$281 per share. New Risk • Aug 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 6.9% 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. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Aug 05
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to NT$218. The fair value is estimated to be NT$282, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 8.8%. Revenue is forecast to grow by 37% in a year. Earnings are forecast to grow by 83% in the next year. Announcement • Jul 31
Visco Vision Inc. to Report Q2, 2024 Results on Aug 07, 2024 Visco Vision Inc. announced that they will report Q2, 2024 results on Aug 07, 2024 Reported Earnings • Jul 13
First quarter 2024 earnings: EPS exceeds analyst expectations First quarter 2024 results: EPS: NT$2.70 (up from NT$0.62 in 1Q 2023). Revenue: NT$815.9m (up 55% from 1Q 2023). Net income: NT$170.4m (up 336% from 1Q 2023). Profit margin: 21% (up from 7.4% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 23%. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Medical Equipment industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jul 11
Dividend reduced to NT$2.40 Dividend of NT$2.40 is 56% lower than last year. Ex-date: 25th July 2024 Payment date: 15th August 2024 Dividend yield will be 0.8%, which is lower than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (50% earnings payout ratio) but 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 30% per year over the past 3 years. However, payments have been volatile during that time. EPS is expected to grow by 104% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Jul 10
Price target increased by 9.1% to NT$324 Up from NT$297, the current price target is an average from 5 analysts. New target price is 13% above last closing price of NT$286. Stock is up 42% over the past year. The company is forecast to post earnings per share of NT$12.26 for next year compared to NT$4.79 last year. Announcement • Jul 10
Visco Vision Inc. Announces Cash Dividend, Payable on August 15, 2024 Visco Vision Inc. announced a cash dividend of TWD 151,200,000, each common share is entitled to receive TWD 2.4 per share. Ex-rights (ex-dividend) trading date is July 25, 2024. Ex-rights (ex-dividend) record date is July 31, 2024. The payment date of cash dividend distribution is August 15, 2024. Buy Or Sell Opportunity • Jul 01
Now 16% overvalued after recent price rise Over the last 90 days, the stock has risen 26% to NT$283. The fair value is estimated to be NT$244, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 20%. Revenue is forecast to grow by 71% in 2 years. Earnings are forecast to grow by 182% in the next 2 years. Buy Or Sell Opportunity • Jun 18
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to NT$287. The fair value is estimated to be NT$234, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 20%. Revenue is forecast to grow by 71% in 2 years. Earnings are forecast to grow by 182% in the next 2 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 6.5% 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 Share price has been volatile over the past 3 months (6.5% average weekly change). Profit margins are more than 30% lower than last year (13% net profit margin). Major Estimate Revision • Jun 01
Consensus EPS estimates increase by 18% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from NT$9.97 to NT$11.75. Revenue forecast steady at NT$3.40b. Net income forecast to grow 145% next year vs 35% growth forecast for Medical Equipment industry in Taiwan. Consensus price target of NT$300 unchanged from last update. Share price rose 9.2% to NT$255 over the past week. Major Estimate Revision • Apr 27
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from NT$3.11b to NT$3.41b. EPS estimate increased from NT$9.02 to NT$9.97 per share. Net income forecast to grow 108% next year vs 23% growth forecast for Medical Equipment industry in Taiwan. Consensus price target up from NT$288 to NT$301. Share price rose 9.9% to NT$256 over the past week. Price Target Changed • Apr 25
Price target increased by 12% to NT$305 Up from NT$273, the current price target is an average from 3 analysts. New target price is 21% above last closing price of NT$253. Stock is down 10% over the past year. The company is forecast to post earnings per share of NT$9.84 for next year compared to NT$4.79 last year. Buy Or Sell Opportunity • Apr 08
Now 23% overvalued Over the last 90 days, the stock has fallen 1.3% to NT$234. The fair value is estimated to be NT$190, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 20%. Revenue is forecast to grow by 56% in 2 years. Earnings are forecast to grow by 169% in the next 2 years. Reported Earnings • Mar 05
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: NT$4.79 (down from NT$11.11 in FY 2022). Revenue: NT$2.40b (down 14% from FY 2022). Net income: NT$301.6m (down 51% from FY 2022). Profit margin: 13% (down from 22% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.5%. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Medical Equipment industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 28
Visco Vision Inc., Annual General Meeting, May 24, 2024 Visco Vision Inc., Annual General Meeting, May 24, 2024. Location: Monarch Skyline Hotel(No. 108, Sec. 1, Nankan Rd., Luzhu Dist. Taoyuan City Taiwan Agenda: The Company's 2023 operational and financial results; to consider the audit committee's review report on 2023 financial statements; to consider the 2023 directors and employees bonus; to consider the cash dividend distribution of 2023 earnings; to consider the cause for convening the meeting Acknowledged matters: Acceptance of the 2023 Business Report and Financial Statements, Acceptance of the 2023 Earnings Appropriation; to consider the revision of certain articles of shareholders' meeting rules; and to consider the other resolutions. Price Target Changed • Jan 08
Price target increased by 18% to NT$273 Up from NT$232, the current price target is an average from 3 analysts. New target price is 15% above last closing price of NT$239. Stock is down 21% over the past year. The company is forecast to post earnings per share of NT$4.72 for next year compared to NT$11.11 last year. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$208, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 16x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 97% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$99.13 per share. Major Estimate Revision • Nov 16
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$2.51b to NT$2.38b. EPS estimate also fell from NT$5.29 per share to NT$4.60 per share. Net income forecast to grow 54% next year vs 7.0% growth forecast for Medical Equipment industry in Taiwan. Consensus price target of NT$276 unchanged from last update. Share price fell 4.6% to NT$178 over the past week. Reported Earnings • Nov 14
Third quarter 2023 earnings: EPS misses analyst expectations Third quarter 2023 results: EPS: NT$1.58 (down from NT$3.37 in 3Q 2022). Revenue: NT$647.6m (down 9.6% from 3Q 2022). Net income: NT$99.7m (down 46% from 3Q 2022). Profit margin: 15% (down from 26% in 3Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 9.0%. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Medical Equipment 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 16% per year, which means it is significantly lagging earnings growth. New Risk • Oct 11
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 7.8% 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.8% average weekly change). Minor Risks Dividend is not well covered by cash flows (dividend per share is over 9x cash flows per share). Profit margins are more than 30% lower than last year (16% net profit margin). Shareholders have been diluted in the past year (15% increase in shares outstanding). Major Estimate Revision • Oct 06
Consensus EPS estimates fall by 26% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$2.67b to NT$2.51b. EPS estimate also fell from NT$7.11 per share to NT$5.29 per share. Net income forecast to grow 10.0% next year vs 8.2% decline forecast for Medical Equipment industry in Taiwan. Consensus price target down from NT$318 to NT$276. Share price rose 5.8% to NT$209 over the past week. Price Target Changed • Oct 05
Price target decreased by 7.8% to NT$276 Down from NT$299, the current price target is an average from 3 analysts. New target price is 35% above last closing price of NT$205. Stock is down 24% over the past year. The company is forecast to post earnings per share of NT$5.54 for next year compared to NT$11.11 last year. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$204, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 15x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 90% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$96.91 per share. Major Estimate Revision • Sep 25
Consensus EPS estimates increase by 67% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from NT$2.63b to NT$2.67b. EPS estimate increased from NT$4.26 to NT$7.11 per share. Net income forecast to grow 25% next year vs 8.6% decline forecast for Medical Equipment industry in Taiwan. Consensus price target up from NT$299 to NT$318. Share price fell 4.8% to NT$170 over the past week. Major Estimate Revision • Aug 31
Consensus EPS estimates fall by 47%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from NT$2.50b to NT$2.63b. EPS estimate fell from NT$7.99 to NT$4.26 per share. Net income forecast to shrink 8.6% next year vs 8.2% decline forecast for Medical Equipment industry in Taiwan. Consensus price target down from NT$383 to NT$299. Share price rose 2.8% to NT$164 over the past week. Price Target Changed • Aug 30
Price target decreased by 25% to NT$299 Down from NT$397, the current price target is an average from 3 analysts. New target price is 84% above last closing price of NT$163. Stock is down 52% over the past year. The company is forecast to post earnings per share of NT$4.26 for next year compared to NT$11.11 last year. New Risk • Aug 13
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: 16% Last year net profit margin: 24% 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: Minor Risks Dividend is not well covered by cash flows (234% cash payout ratio). Share price has been volatile over the past 3 months (6.7% average weekly change). Profit margins are more than 30% lower than last year (16% net profit margin). Shareholders have been diluted in the past year (15% increase in shares outstanding). Reported Earnings • Aug 12
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: NT$0.90 (down from NT$2.82 in 2Q 2022). Revenue: NT$535.6m (down 27% from 2Q 2022). Net income: NT$56.9m (down 63% from 2Q 2022). Profit margin: 11% (down from 21% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) missed analyst estimates by 10.0%. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Medical Equipment 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 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 13
Upcoming dividend of NT$5.50 per share at 3.0% yield Eligible shareholders must have bought the stock before 20 July 2023. Payment date: 15 August 2023. Payout ratio is a comfortable 63% but the company is paying out more than the cash it is generating. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.4%). Announcement • Jul 06
Visco Vision Inc. Announces Cash Dividend, Payable on August 15, 2023 Visco Vision Inc. announced a cash dividend of TWD 346,500,000, each common share is entitled to receive TWD 5.5 per share. Ex-rights (ex-dividend) trading date is July 20, 2023. Ex-rights (ex-dividend) record date is July 28, 2023. The payment date of cash dividend distribution is August 15, 2023. New Risk • Jul 04
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% 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: Minor Risks Dividend is not well covered by cash flows (234% cash payout ratio). Share price has been volatile over the past 3 months (7.2% average weekly change). Shareholders have been diluted in the past year (15% increase in shares outstanding). Major Estimate Revision • Jun 08
Consensus revenue estimates decrease by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from NT$3.14b to NT$2.76b. EPS estimate unchanged from NT$9.86 per share at last update. Medical Equipment industry in Taiwan expected to see average net income growth of 15% next year. Consensus price target down from NT$397 to NT$383. Share price was steady at NT$228 over the past week. Announcement • May 11
Visco Vision Inc. Appoints Ying-Chou Yang as Remuneration Committee Member Visco Vision Inc. announced the Appointment of the Remuneration Committee Member. Name of the new position holder: Ying-Chou Yang. Resume of the new position holder: Independent Director, TSRC Corporation. Circumstances of change: new appointment. Reason for the change: The original member William Wang resigned on Feb. 16th,2023, and the board of directors made an appointment in accordance with the regulations. Original term:2 020/06/30~2023/06/29. Effective date of the new member: 2023/05/10. Valuation Update With 7 Day Price Move • May 11
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$252, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 17x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 30% over the past year. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$328, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 17x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 68% over the past year. Simply Wall St's valuation model estimates the intrinsic value at NT$509 per share. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to NT$272, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 16x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 49% over the past year. Reported Earnings • Mar 11
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: NT$11.11 (up from NT$8.11 in FY 2021). Revenue: NT$2.78b (up 41% from FY 2021). Net income: NT$617.4m (up 39% from FY 2021). Profit margin: 22% (in line with FY 2021). Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) exceeded analyst estimates by 9.3%. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 6.5% growth forecast for the Medical Equipment industry in Taiwan. Buying Opportunity • Mar 10
Now 26% undervalued after recent price drop Over the last 90 days, the stock is down 8.6%. The fair value is estimated to be NT$407, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 36%. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$384, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 16x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 97% over the past year. Simply Wall St's valuation model estimates the intrinsic value at NT$409 per share. Buying Opportunity • Feb 03
Now 20% undervalued Over the last 90 days, the stock is up 48%. The fair value is estimated to be NT$403, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 36%. Revenue is forecast to grow by 50% in 2 years. Earnings is forecast to grow by 35% in the next 2 years. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improved over the past week After last week's 15% share price gain to NT$333, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 15x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 67% over the past year. Simply Wall St's valuation model estimates the intrinsic value at NT$415 per share. Buying Opportunity • Dec 14
Now 21% undervalued Over the last 90 days, the stock is up 19%. The fair value is estimated to be NT$438, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 36%. Revenue is forecast to grow by 50% in 2 years. Earnings is forecast to grow by 35% in the next 2 years. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improved over the past week After last week's 27% share price gain to NT$330, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 15x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 71% over the past year. Simply Wall St's valuation model estimates the intrinsic value at NT$548 per share. Reported Earnings • Nov 11
Third quarter 2022 earnings released: EPS: NT$3.37 (vs NT$2.61 in 3Q 2021) Third quarter 2022 results: EPS: NT$3.37 (up from NT$2.61 in 3Q 2021). Revenue: NT$716.6m (up 31% from 3Q 2021). Net income: NT$184.6m (up 29% from 3Q 2021). Profit margin: 26% (in line with 3Q 2021). Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment improved over the past week After last week's 19% share price gain to NT$237, the stock trades at a trailing P/E ratio of 21.8x. Average trailing P/E is 18x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 46% over the past year. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$229, the stock trades at a trailing P/E ratio of 21.1x. Average trailing P/E is 17x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 71% over the past year. Upcoming Dividend • Jul 20
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 27 July 2022. Payment date: 15 August 2022. Payout ratio is a comfortable 49% and the cash payout ratio is 91%. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (6.8%). Lower than average of industry peers (3.5%). Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improved over the past week After last week's 20% share price gain to NT$247, the stock trades at a trailing P/E ratio of 30.5x. Average trailing P/E is 19x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 104% over the past year. Reported Earnings • Mar 12
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$8.11 (up from NT$2.35 in FY 2020). Revenue: NT$1.96b (up 29% from FY 2020). Net income: NT$443.6m (up 246% from FY 2020). Profit margin: 23% (up from 8.4% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improved over the past week After last week's 17% share price gain to NT$194, the stock trades at a trailing P/E ratio of 64.2x. Average trailing P/E is 24x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 73% over the past year. Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment improved over the past week After last week's 16% share price gain to NT$155, the stock trades at a trailing P/E ratio of 51.3x. Average trailing P/E is 22x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 45% over the past year. Reported Earnings • Aug 15
First half 2021 earnings released: EPS NT$2.89 (vs NT$2.23 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: NT$870.5m (up 17% from 1H 2020). Net income: NT$158.4m (up 31% from 1H 2020). Profit margin: 18% (up from 16% in 1H 2020). Valuation Update With 7 Day Price Move • May 06
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$120, the stock trades at a trailing P/E ratio of 51.1x. Average trailing P/E is 19x in the Medical Equipment industry in Taiwan. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS NT$2.35 (vs NT$5.88 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$1.53b (up 3.7% from FY 2019). Net income: NT$128.1m (down 60% from FY 2019). Profit margin: 8.4% (down from 22% in FY 2019). The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Feb 24
New 90-day high: NT$121 The company is up 3.0% from its price of NT$118 on 26 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Medical Equipment industry, which is down 3.0% over the same period. Is New 90 Day High Low • Jan 07
New 90-day low: NT$107 The company is down 6.0% from its price of NT$114 on 08 October 2020. The Taiwanese market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is down 5.0% over the same period. Is New 90 Day High Low • Dec 15
New 90-day low: NT$108 The company is down 9.0% from its price of NT$118 on 17 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is down 5.0% over the same period. Announcement • Aug 24
Visco Vision Inc. (GTSM:6782) acquired From-eyes Co., Ltd. Visco Vision Inc. (GTSM:6782) acquired From-eyes Co., Ltd. on January 10, 2019. KPMG acted as financial and tax due diligence advisor for Visco Vision.
Visco Vision Inc. (GTSM:6782) completed the acquisition of From-eyes Co., Ltd. on January 10, 2019. 
