Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$791, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 22x in the Electrical industry in Taiwan. Total returns to shareholders of 577% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$543 per share. Reported Earnings • May 14
First quarter 2026 earnings: EPS misses analyst expectations First quarter 2026 results: EPS: NT$3.29 (up from NT$2.72 in 1Q 2025). Revenue: NT$4.76b (up 7.6% from 1Q 2025). Net income: NT$1.04b (up 21% from 1Q 2025). Profit margin: 22% (up from 20% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has increased by 107% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • May 12
Consensus EPS estimates increase by 20% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from NT$17.37 to NT$20.79. Revenue forecast steady at NT$30.7b. Net income forecast to grow 57% next year vs 23% growth forecast for Electrical industry in Taiwan. Consensus price target up from NT$948 to NT$973. Share price rose 2.7% to NT$919 over the past week. Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$13.99 (vs NT$13.57 in FY 2024) Full year 2025 results: EPS: NT$13.99 (up from NT$13.57 in FY 2024). Revenue: NT$24.4b (up 21% from FY 2024). Net income: NT$4.42b (up 3.1% from FY 2024). Profit margin: 18% (down from 21% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has increased by 155% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Mar 11
Price target increased by 7.0% to NT$920 Up from NT$859, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of NT$931. Stock is up 88% over the past year. The company is forecast to post earnings per share of NT$14.38 for next year compared to NT$13.57 last year. Announcement • Mar 10
Fortune Electric Co., Ltd., Annual General Meeting, Jun 12, 2026 Fortune Electric Co., Ltd., Annual General Meeting, Jun 12, 2026. Location: no,10, chi lin rd., jhongli district, taoyuan city Taiwan Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$861, the stock trades at a forward P/E ratio of 44x. Average forward P/E is 22x in the Electrical industry in Taiwan. Total returns to shareholders of 1,506% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$407 per share. Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$893, the stock trades at a forward P/E ratio of 48x. Average forward P/E is 23x in the Electrical industry in Taiwan. Total returns to shareholders of 2,033% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$397 per share. Price Target Changed • Dec 15
Price target increased by 10% to NT$873 Up from NT$792, the current price target is an average from 7 analysts. New target price is 8.9% above last closing price of NT$802. Stock is up 70% over the past year. The company is forecast to post earnings per share of NT$13.68 for next year compared to NT$13.57 last year. New Risk • Nov 19
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 6.7% 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. Reported Earnings • Nov 13
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: EPS: NT$3.45 (down from NT$3.89 in 3Q 2024). Revenue: NT$5.83b (up 8.9% from 3Q 2024). Net income: NT$1.09b (down 11% from 3Q 2024). Profit margin: 19% (down from 23% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 8.2%. Earnings per share (EPS) exceeded analyst estimates by 6.2%. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has increased by 185% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$715, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 26x in the Electrical industry in Taiwan. Total returns to shareholders of 2,193% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$552 per share. Major Estimate Revision • Sep 03
Consensus EPS estimates increase by 19% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from NT$16.81 to NT$20.00. Revenue forecast unchanged at NT$25.7b. Net income forecast to grow 34% next year vs 28% growth forecast for Electrical industry in Taiwan. Consensus price target up from NT$599 to NT$661. Share price fell 3.8% to NT$604 over the past week. Price Target Changed • Aug 31
Price target increased by 9.8% to NT$649 Up from NT$591, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of NT$647. Stock is up 6.7% over the past year. The company is forecast to post earnings per share of NT$16.81 for next year compared to NT$13.57 last year. New Risk • Aug 13
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 12
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: NT$2.50 (down from NT$2.83 in 2Q 2024). Revenue: NT$6.07b (up 31% from 2Q 2024). Net income: NT$790.5m (down 12% from 2Q 2024). Profit margin: 13% (down from 19% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has increased by 175% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Aug 09
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 61% to NT$676. The fair value is estimated to be NT$563, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last 3 years. Earnings per share has grown by 72%. Revenue is forecast to grow by 44% in 2 years. Earnings are forecast to grow by 56% in the next 2 years. Declared Dividend • Jul 12
Dividend of NT$9.00 announced Shareholders will receive a dividend of NT$9.00. Ex-date: 25th July 2025 Payment date: 29th August 2025 Dividend yield will be 1.6%, which is lower than the industry average of 3.1%. Sustainability & Growth Dividend is covered by both earnings (57% earnings payout ratio) and cash flows (66% cash payout ratio). The dividend has increased by an average of 32% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 72% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$595, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 19x in the Electrical industry in Taiwan. Total returns to shareholders of 1,961% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$535 per share. Reported Earnings • May 14
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: NT$3.00 (up from NT$2.08 in 1Q 2024). Revenue: NT$4.42b (up 46% from 1Q 2024). Net income: NT$860.5m (up 44% from 1Q 2024). Profit margin: 20% (in line with 1Q 2024). Revenue missed analyst estimates by 3.7%. Earnings per share (EPS) also missed analyst estimates by 7.3%. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has increased by 148% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • May 12
Price target decreased by 9.7% to NT$681 Down from NT$753, the current price target is an average from 6 analysts. New target price is 40% above last closing price of NT$487. Stock is down 29% over the past year. The company is forecast to post earnings per share of NT$19.94 for next year compared to NT$14.93 last year. Announcement • May 01
Fortune Electric Co., Ltd. to Report Q1, 2025 Results on May 09, 2025 Fortune Electric Co., Ltd. announced that they will report Q1, 2025 results at 9:00 AM, Taipei Standard Time on May 09, 2025 Buy Or Sell Opportunity • Apr 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 32% to NT$387. The fair value is estimated to be NT$491, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has grown by 78%. Revenue is forecast to grow by 56% in 2 years. Earnings are forecast to grow by 61% in the next 2 years. Buy Or Sell Opportunity • Apr 08
Now 28% undervalued after recent price drop Over the last 90 days, the stock has fallen 33% to NT$357. The fair value is estimated to be NT$493, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has grown by 78%. Revenue is forecast to grow by 56% in 2 years. Earnings are forecast to grow by 61% in the next 2 years. New Risk • Apr 07
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 8.2% 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 Risks Share price has been highly volatile over the past 3 months (8.2% average weekly change). High level of non-cash earnings (25% accrual ratio). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$426, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 16x in the Electrical industry in Taiwan. Total returns to shareholders of 1,067% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$482 per share. New Risk • Mar 24
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: 1.8% 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. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (25% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.9% average weekly change). Price Target Changed • Mar 14
Price target decreased by 7.8% to NT$743 Down from NT$806, the current price target is an average from 8 analysts. New target price is 38% above last closing price of NT$540. Stock is down 11% over the past year. The company is forecast to post earnings per share of NT$20.72 for next year compared to NT$14.93 last year. Announcement • Mar 14
Fortune Electric Co., Ltd., Annual General Meeting, Jun 13, 2025 Fortune Electric Co., Ltd., Annual General Meeting, Jun 13, 2025, at 09:00 Taipei Standard Time. Location: no,10, chi lin rd., jhongli district, taoyuan city Taiwan New Risk • Mar 14
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 28% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (28% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (7.0% average weekly change). Reported Earnings • Mar 14
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: NT$14.93 (up from NT$8.98 in FY 2023). Revenue: NT$20.2b (up 45% from FY 2023). Net income: NT$4.29b (up 66% from FY 2023). Profit margin: 21% (up from 19% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 2.0%. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has increased by 144% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 01
Fortune Electric Co., Ltd. to Report Q4, 2024 Results on Mar 10, 2025 Fortune Electric Co., Ltd. announced that they will report Q4, 2024 results on Mar 10, 2025 Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$623, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 19x in the Electrical industry in Taiwan. Total returns to shareholders of 1,866% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$586 per share. Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$565, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 20x in the Electrical industry in Taiwan. Total returns to shareholders of 1,633% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$624 per share. Buy Or Sell Opportunity • Jan 13
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to NT$483. The fair value is estimated to be NT$628, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Earnings per share has grown by 83%. Revenue is forecast to grow by 63% in 2 years. Earnings are forecast to grow by 89% in the next 2 years. Price Target Changed • Jan 03
Price target decreased by 11% to NT$792 Down from NT$891, the current price target is an average from 6 analysts. New target price is 47% above last closing price of NT$538. Stock is up 77% over the past year. The company is forecast to post earnings per share of NT$14.43 for next year compared to NT$8.97 last year. Price Target Changed • Dec 11
Price target decreased by 7.8% to NT$857 Down from NT$929, the current price target is an average from 6 analysts. New target price is 60% above last closing price of NT$536. Stock is up 66% over the past year. The company is forecast to post earnings per share of NT$13.97 for next year compared to NT$8.97 last year. Reported Earnings • Nov 15
Third quarter 2024 earnings: EPS in line with expectations, revenues disappoint Third quarter 2024 results: EPS: NT$4.28 (up from NT$2.48 in 3Q 2023). Revenue: NT$5.36b (up 47% from 3Q 2023). Net income: NT$1.23b (up 73% from 3Q 2023). Profit margin: 23% (up from 20% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has increased by 168% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$645, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 22x in the Electrical industry in Taiwan. Total returns to shareholders of 1,955% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$526 per share. Buy Or Sell Opportunity • Oct 29
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to NT$547. The fair value is estimated to be NT$711, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 83%. Revenue is forecast to grow by 68% in 2 years. Earnings are forecast to grow by 117% in the next 2 years. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$559, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 17x in the Electrical industry in Taiwan. Total returns to shareholders of 1,664% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$894 per share. Reported Earnings • Aug 13
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: EPS: NT$3.11 (up from NT$1.89 in 2Q 2023). Revenue: NT$4.65b (up 50% from 2Q 2023). Net income: NT$894.3m (up 65% from 2Q 2023). Profit margin: 19% (up from 18% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.6%. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has increased by 171% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Aug 05
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to NT$605. The fair value is estimated to be NT$809, however this is not to be taken as a buy 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 80%. Revenue is forecast to grow by 32% in a year. Earnings are forecast to grow by 73% in the next year. Announcement • Aug 02
Fortune Electric Co., Ltd. to Report Q2, 2024 Results on Aug 09, 2024 Fortune Electric Co., Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$714, the stock trades at a forward P/E ratio of 42x. Average forward P/E is 26x in the Electrical industry in Taiwan. Total returns to shareholders of 1,803% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$706 per share. Price Target Changed • Jul 23
Price target increased by 15% to NT$1,023 Up from NT$893, the current price target is an average from 4 analysts. New target price is 9.0% above last closing price of NT$938. Stock is up 355% over the past year. The company is forecast to post earnings per share of NT$16.39 for next year compared to NT$9.87 last year. Declared Dividend • Jul 12
Dividend increased to NT$6.00 Dividend of NT$6.00 is 140% higher than last year. Ex-date: 25th July 2024 Payment date: 30th August 2024 Dividend yield will be 0.7%, which is lower than the industry average of 3.1%. Payout Ratios Payout ratio: 53%. Cash payout ratio: 28%. Buy Or Sell Opportunity • Jul 09
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 9.6% to NT$939. The fair value is estimated to be NT$776, 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 80%. Revenue is forecast to grow by 30% in a year. Earnings are forecast to grow by 66% in the next year. Buy Or Sell Opportunity • Jun 14
Now 30% overvalued after recent price rise Over the last 90 days, the stock has risen 38% to NT$920. The fair value is estimated to be NT$709, 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 80%. Revenue is forecast to grow by 33% in a year. Earnings are forecast to grow by 66% in the next year. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$837, the stock trades at a forward P/E ratio of 45x. Average forward P/E is 20x in the Electrical industry in Taiwan. Total returns to shareholders of 1,999% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$712 per share. Reported Earnings • May 16
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: NT$2.29 (up from NT$0.79 in 1Q 2023). Revenue: NT$3.04b (up 97% from 1Q 2023). Net income: NT$597.9m (up 191% from 1Q 2023). Profit margin: 20% (up from 13% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) also missed analyst estimates by 5.0%. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has increased by 164% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 03
Fortune Electric Co., Ltd. to Report Q1, 2024 Results on May 10, 2024 Fortune Electric Co., Ltd. announced that they will report Q1, 2024 results on May 10, 2024 Major Estimate Revision • Apr 16
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from NT$15.23 to NT$16.86. Revenue forecast unchanged at NT$19.4b. Net income forecast to grow 90% next year vs 28% growth forecast for Electrical industry in Taiwan. Consensus price target up from NT$639 to NT$893. Share price was steady at NT$864 over the past week. Reported Earnings • Mar 28
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: NT$9.87 (up from NT$3.21 in FY 2022). Revenue: NT$13.9b (up 79% from FY 2022). Net income: NT$2.58b (up 208% from FY 2022). Profit margin: 19% (up from 11% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 8.2%. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has increased by 143% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Mar 25
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 149% to NT$785. The fair value is estimated to be NT$640, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 57%. Revenue is forecast to grow by 98% in 2 years. Earnings are forecast to grow by 175% in the next 2 years. Announcement • Mar 09
Fortune Electric Co., Ltd., Annual General Meeting, Jun 13, 2024 Fortune Electric Co., Ltd., Annual General Meeting, Jun 13, 2024. Location: 10, Jilin Road, Zhongli District, Taoyuan City Taoyuan Taiwan Agenda: To consider Reported matters; To consider 2023 business report; To consider Audit Committee's review of the 2023 annual final accounting books and statements; To consider Report on 2023 employees' and directors' remuneration; To consider 2023 Annual Report on Cash Dividend Distribution; To consider Cause for convening the meeting; To consider Acknowledged matters; To consider 2023 Consolidated Financial Statements and Individual Financial Statements and Business Reports. Price Target Changed • Feb 27
Price target increased by 20% to NT$522 Up from NT$433, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of NT$528. Stock is up 738% over the past year. The company is forecast to post earnings per share of NT$8.63 for next year compared to NT$3.21 last year. Buy Or Sell Opportunity • Feb 16
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 84% to NT$503. The fair value is estimated to be NT$413, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 57%. Revenue is forecast to grow by 85% in 2 years. Earnings are forecast to grow by 133% in the next 2 years. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to NT$488, the stock trades at a forward P/E ratio of 38x. Average forward P/E is 19x in the Electrical industry in Taiwan. Total returns to shareholders of 1,132% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$379 per share. Buy Or Sell Opportunity • Feb 01
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 117% to NT$488. The fair value is estimated to be NT$379, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 57%. Revenue is forecast to grow by 85% in 2 years. Earnings are forecast to grow by 133% in the next 2 years. Major Estimate Revision • Dec 14
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from NT$8.12 to NT$9.00. Revenue forecast unchanged at NT$12.9b. Net income forecast to grow 62% next year vs 29% growth forecast for Electrical industry in Taiwan. Consensus price target of NT$312 unchanged from last update. Share price was steady at NT$355 over the past week. Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$310, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 19x in the Electrical industry in Taiwan. Total returns to shareholders of 515% over the past three years. Valuation Update With 7 Day Price Move • Nov 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$280, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 18x in the Electrical industry in Taiwan. Total returns to shareholders of 488% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$254 per share. Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$224, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 18x in the Electrical industry in Taiwan. Total returns to shareholders of 368% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$271 per share. Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$238, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 15x in the Electrical industry in Taiwan. Total returns to shareholders of 470% over the past three years. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to NT$252, the stock trades at a trailing P/E ratio of 48.2x. Average trailing P/E is 17x in the Electrical industry in Taiwan. Total returns to shareholders of 601% over the past three years. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: NT$2.08 (vs NT$0.89 in 2Q 2022) Second quarter 2023 results: EPS: NT$2.08 (up from NT$0.89 in 2Q 2022). Revenue: NT$3.10b (up 52% from 2Q 2022). Net income: NT$543.7m (up 134% from 2Q 2022). Profit margin: 18% (up from 11% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has increased by 82% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 20
Upcoming dividend of NT$2.50 per share at 1.2% yield Eligible shareholders must have bought the stock before 27 July 2023. Payment date: 24 August 2023. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.1%). Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$180, the stock trades at a trailing P/E ratio of 44.6x. Average trailing P/E is 16x in the Electrical industry in Taiwan. Total returns to shareholders of 531% over the past three years. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$158, the stock trades at a trailing P/E ratio of 39.2x. Average forward P/E is 18x in the Electrical industry in Taiwan. Total returns to shareholders of 541% over the past three years. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$118, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 17x in the Electrical industry in Taiwan. Total returns to shareholders of 383% over the past three years. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$80.00, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 16x in the Electrical industry in Taiwan. Total returns to shareholders of 238% over the past three years. Reported Earnings • Mar 18
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: NT$3.21 (up from NT$1.11 in FY 2021). Revenue: NT$7.75b (down 14% from FY 2021). Net income: NT$838.2m (up 189% from FY 2021). Profit margin: 11% (up from 3.2% in FY 2021). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) also surpassed analyst estimates by 52%. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$75.50, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 17x in the Electrical industry in Taiwan. Total returns to shareholders of 199% over the past three years. 
