New Risk • Aug 14
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% 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 Risks Earnings have declined by 21% per year over the past 5 years. High level of non-cash earnings (25% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (NT$3.15b market cap, or US$98.5m). Reported Earnings • Aug 14
Second quarter 2026 earnings released: EPS: NT$0.13 (vs NT$0.35 loss in 2Q 2025) Second quarter 2026 results: EPS: NT$0.13 (up from NT$0.35 loss in 2Q 2025). Revenue: NT$1.11b (up 33% from 2Q 2025). Net income: NT$21.6m (up NT$80.3m from 2Q 2025). Profit margin: 1.9% (up from net loss in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$18.45, the stock trades at a trailing P/E ratio of 20.9x. Average trailing P/E is 24x in the Electrical industry in Taiwan. Total returns to shareholders of 23% over the past three years. New Risk • Jul 21
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 9.5% 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: Major Risk Earnings have declined by 36% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.5% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to NT$19.40, the stock trades at a trailing P/E ratio of 22x. Average trailing P/E is 24x in the Electrical industry in Taiwan. Total returns to shareholders of 25% over the past three years. Declared Dividend • Jul 09
Dividend increased to NT$0.60 Dividend of NT$0.60 is 20% higher than last year. Ex-date: 24th July 2026 Payment date: 26th August 2026 Dividend yield will be 2.6%, which is lower than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (68% 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 7.2% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 24% to shift the payout ratio to a potentially unsustainable range, which is more than the 6.8% EPS decline seen over the last 5 years. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$18.95, the stock trades at a trailing P/E ratio of 21.5x. Average trailing P/E is 24x in the Electrical industry in Taiwan. Total returns to shareholders of 20% over the past three years. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$17.10, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 25x in the Electrical industry in Taiwan. Total returns to shareholders of 7.8% over the past three years. Reported Earnings • May 20
First quarter 2026 earnings released: EPS: NT$0.08 (vs NT$0.12 loss in 1Q 2025) First quarter 2026 results: EPS: NT$0.08 (up from NT$0.12 loss in 1Q 2025). Revenue: NT$911.2m (up 18% from 1Q 2025). Net income: NT$13.6m (up NT$34.0m from 1Q 2025). Profit margin: 1.5% (up from net loss in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. New Risk • Mar 25
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 721% 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 Risk Earnings have declined by 43% 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. Market cap is less than US$100m (NT$2.46b market cap, or US$76.9m). Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: NT$0.68 (vs NT$0.55 in FY 2024) Full year 2025 results: EPS: NT$0.68 (up from NT$0.55 in FY 2024). Revenue: NT$3.36b (down 1.0% from FY 2024). Net income: NT$115.4m (up 29% from FY 2024). Profit margin: 3.4% (up from 2.6% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Ankündigung • Mar 11
Jung Shing Wire Co., Ltd., Annual General Meeting, Jun 16, 2026 Jung Shing Wire Co., Ltd., Annual General Meeting, Jun 16, 2026. Location: no,138, wen hsin rd., jen to li, rende district, tainan city Taiwan Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: NT$0.09 (vs NT$0.11 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.09 (up from NT$0.11 loss in 3Q 2024). Revenue: NT$849.4m (down 4.9% from 3Q 2024). Net income: NT$15.2m (up NT$33.8m from 3Q 2024). Profit margin: 1.8% (up from net loss in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 13
Second quarter 2025 earnings released: NT$0.35 loss per share (vs NT$0.28 profit in 2Q 2024) Second quarter 2025 results: NT$0.35 loss per share (down from NT$0.28 profit in 2Q 2024). Revenue: NT$834.3m (down 11% from 2Q 2024). Net loss: NT$58.8m (down 231% from profit in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. New Risk • Jul 22
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.0% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain 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 Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 33% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$2.55b market cap, or US$86.6m). Declared Dividend • Jul 10
Dividend of NT$0.50 announced Shareholders will receive a dividend of NT$0.50. Ex-date: 24th July 2025 Payment date: 26th August 2025 Dividend yield will be 3.1%, which is about the same as the industry average. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. Reported Earnings • May 17
First quarter 2025 earnings released: NT$0.12 loss per share (vs NT$0.14 profit in 1Q 2024) First quarter 2025 results: NT$0.12 loss per share (down from NT$0.14 profit in 1Q 2024). Revenue: NT$769.5m (up 12% from 1Q 2024). Net loss: NT$20.5m (down 189% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Ankündigung • May 01
Jung Shing Wire Co., Ltd. to Report Q1, 2025 Results on May 08, 2025 Jung Shing Wire Co., Ltd. announced that they will report Q1, 2025 results on May 08, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to NT$15.05, the stock trades at a trailing P/E ratio of 28.4x. Average trailing P/E is 17x in the Electrical industry in Taiwan. Total loss to shareholders of 8.5% over the past three years. New Risk • Mar 31
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 28% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Market cap is less than US$100m (NT$3.14b market cap, or US$94.3m). Reported Earnings • Mar 14
Full year 2024 earnings released: EPS: NT$0.55 (vs NT$0.093 in FY 2023) Full year 2024 results: EPS: NT$0.55 (up from NT$0.093 in FY 2023). Revenue: NT$3.40b (up 20% from FY 2023). Net income: NT$89.7m (up NT$75.1m from FY 2023). Profit margin: 2.6% (up from 0.5% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Ankündigung • Mar 11
Jung Shing Wire Co., Ltd., Annual General Meeting, Jun 19, 2025 Jung Shing Wire Co., Ltd., Annual General Meeting, Jun 19, 2025. Location: no,138, wen hsin rd., jen to li, rende district, tainan city Taiwan Ankündigung • Mar 01
Jung Shing Wire Co., Ltd. to Report Fiscal Year 2024 Results on Mar 10, 2025 Jung Shing Wire Co., Ltd. announced that they will report fiscal year 2024 results on Mar 10, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings released: NT$0.11 loss per share (vs NT$0.12 profit in 3Q 2023) Third quarter 2024 results: NT$0.11 loss per share (down from NT$0.12 profit in 3Q 2023). Revenue: NT$893.1m (up 18% from 3Q 2023). Net loss: NT$18.6m (down 198% from profit in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. New Risk • Nov 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.22b (US$99.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 23% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (6.6% increase in shares outstanding). Market cap is less than US$100m (NT$3.22b market cap, or US$99.1m). New Risk • Aug 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.5% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 23% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.7% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (6.5% increase in shares outstanding). Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.28 (vs NT$0.15 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.28 (up from NT$0.15 in 2Q 2023). Revenue: NT$934.3m (up 38% from 2Q 2023). Net income: NT$44.8m (up 94% from 2Q 2023). Profit margin: 4.8% (up from 3.4% in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Ankündigung • Aug 03
Jung Shing Wire Co., Ltd. to Report Q2, 2024 Results on Aug 12, 2024 Jung Shing Wire Co., Ltd. announced that they will report Q2, 2024 results on Aug 12, 2024 Declared Dividend • Jul 09
Dividend of NT$0.30 announced Shareholders will receive a dividend of NT$0.30. Ex-date: 30th July 2024 Payment date: 28th August 2024 Dividend yield will be 1.2%, which is lower than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (89.8% earnings payout ratio) but not covered by cash flows (166% cash payout ratio). The dividend has remained flat since 9 years ago. However, payments have been volatile during that time. Earnings per share declined by 47% over the last 5 years, which if continued should see the payout ratio increase to a potentially unsustainable range. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.15 (vs NT$0.18 in 1Q 2023) First quarter 2024 results: EPS: NT$0.15 (down from NT$0.18 in 1Q 2023). Revenue: NT$687.6m (flat on 1Q 2023). Net income: NT$22.9m (down 20% from 1Q 2023). Profit margin: 3.3% (down from 4.2% in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Ankündigung • May 05
Jung Shing Wire Co., Ltd. to Report Q1, 2024 Results on May 13, 2024 Jung Shing Wire Co., Ltd. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 13, 2024 New Risk • Apr 03
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 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 19% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). Market cap is less than US$100m (NT$2.91b market cap, or US$90.8m). New Risk • Mar 22
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 199% 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 Risk Earnings have declined by 19% 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 (0.5% net profit margin). Market cap is less than US$100m (NT$2.59b market cap, or US$80.8m). Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: NT$0.09 (vs NT$0.33 in FY 2022) Full year 2023 results: EPS: NT$0.09 (down from NT$0.33 in FY 2022). Revenue: NT$2.83b (down 21% from FY 2022). Net income: NT$14.7m (down 71% from FY 2022). Profit margin: 0.5% (down from 1.4% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Ankündigung • Mar 15
Jung Shing Wire Co., Ltd., Annual General Meeting, Jun 12, 2024 Jung Shing Wire Co., Ltd., Annual General Meeting, Jun 12, 2024. Location: Rendeli Activity Center, Rende District Tainan City (No. 138, Wenxin Road, Rendeli, Rende District, Tainan City) Tainan City Taiwan Agenda: To consider Report 2023 employees' profit sharing bonus and directors' compensation; to consider the 2023 Business report; to consider Audit Committee's review report; to consider 2023 annual final accounting ledgers and statements; to consider 2023 Earnings Distribution; and to consider other matters. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$0.12 (vs NT$0.051 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.12 (up from NT$0.051 in 3Q 2022). Revenue: NT$756.7m (down 5.8% from 3Q 2022). Net income: NT$19.0m (up 137% from 3Q 2022). Profit margin: 2.5% (up from 1.0% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: NT$0.15 (vs NT$0.21 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.15 (down from NT$0.21 in 2Q 2022). Revenue: NT$675.0m (down 33% from 2Q 2022). Net income: NT$23.1m (down 25% from 2Q 2022). Profit margin: 3.4% (up from 3.1% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 20
Upcoming dividend of NT$0.30 per share at 1.8% yield Eligible shareholders must have bought the stock before 27 July 2023. Payment date: 28 August 2023. Payout ratio and cash payout ratio are on the higher end at 94% and 94% respectively. Trailing yield: 1.8%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.1%). Reported Earnings • Mar 22
Full year 2022 earnings released: EPS: NT$0.33 (vs NT$1.45 in FY 2021) Full year 2022 results: EPS: NT$0.33 (down from NT$1.45 in FY 2021). Revenue: NT$3.58b (down 23% from FY 2021). Net income: NT$50.5m (down 76% from FY 2021). Profit margin: 1.4% (down from 4.5% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.05 (vs NT$0.33 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.05 (down from NT$0.33 in 3Q 2021). Revenue: NT$803.2m (down 33% from 3Q 2021). Net income: NT$8.01m (down 83% from 3Q 2021). Profit margin: 1.0% (down from 3.9% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 7% per year. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 5 highly experienced directors. No independent directors (7 non-independent directors). Director Shintaro Koizumi was the last director to join the board, commencing their role in 2007. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.05 (vs NT$0.33 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.05 (down from NT$0.33 in 3Q 2021). Revenue: NT$803.2m (down 33% from 3Q 2021). Net income: NT$8.01m (down 83% from 3Q 2021). Profit margin: 1.0% (down from 3.9% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: NT$0.21 (vs NT$0.45 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.21 (down from NT$0.45 in 2Q 2021). Revenue: NT$1.00b (down 23% from 2Q 2021). Net income: NT$30.9m (down 53% from 2Q 2021). Profit margin: 3.1% (down from 5.0% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 16% 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 21
Upcoming dividend of NT$0.82 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 26 August 2022. Payout ratio is a comfortable 69% and this is well supported by cash flows. Trailing yield: 5.2%. Lower than top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (3.7%). Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.20 (vs NT$0.46 in 1Q 2021) First quarter 2022 results: EPS: NT$0.20 (down from NT$0.46 in 1Q 2021). Revenue: NT$937.5m (down 9.3% from 1Q 2021). Net income: NT$29.5m (down 56% from 1Q 2021). Profit margin: 3.1% (down from 6.5% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 5 highly experienced directors. No independent directors (7 non-independent directors). Director Shintaro Koizumi was the last director to join the board, commencing their role in 2007. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Mar 28
Full year 2021 earnings released: EPS: NT$1.45 (vs NT$1.02 in FY 2020) Full year 2021 results: EPS: NT$1.45 (up from NT$1.02 in FY 2020). Revenue: NT$4.62b (up 55% from FY 2020). Net income: NT$209.7m (up 43% from FY 2020). Profit margin: 4.5% (down from 4.9% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 9% per year. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.33 (vs NT$0.42 in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$1.20b (up 52% from 3Q 2020). Net income: NT$47.3m (down 21% from 3Q 2020). Profit margin: 3.9% (down from 7.6% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 09
Upcoming dividend of NT$0.60 per share Eligible shareholders must have bought the stock before 16 September 2021. Payment date: 15 October 2021. Trailing yield: 3.5%. Lower than top quartile of Taiwanese dividend payers (5.3%). In line with average of industry peers (3.4%). Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$0.45 (vs NT$0.23 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: NT$1.30b (up 97% from 2Q 2020). Net income: NT$65.1m (up 93% from 2Q 2020). Profit margin: 5.0% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 24
Investor sentiment improved over the past week After last week's 16% share price gain to NT$17.80, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 14x in the Electrical industry in Taiwan. Total returns to shareholders of 52% over the past three years. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.46 (vs NT$0.23 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$1.03b (up 63% from 1Q 2020). Net income: NT$66.9m (up 105% from 1Q 2020). Profit margin: 6.5% (up from 5.1% 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 10% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 02
Investor sentiment improved over the past week After last week's 34% share price gain to NT$24.70, the stock trades at a trailing P/E ratio of 24.3x. Average trailing P/E is 20x in the Electrical industry in Taiwan. Total returns to shareholders of 110% over the past three years. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improved over the past week After last week's 19% share price gain to NT$18.60, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 18x in the Electrical industry in Taiwan. Total returns to shareholders of 53% over the past three years. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS NT$1.02 (vs NT$0.62 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$2.98b (up 2.6% from FY 2019). Net income: NT$146.7m (up 65% from FY 2019). Profit margin: 4.9% (up from 3.1% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improved over the past week After last week's 17% share price gain to NT$15.75, the stock is trading at a trailing P/E ratio of 16.3x, up from the previous P/E ratio of 13.9x. This compares to an average P/E of 17x in the Electrical industry in Taiwan. Total returns to shareholders over the past three years are 21%. Is New 90 Day High Low • Feb 20
New 90-day high: NT$14.95 The company is up 14% from its price of NT$13.10 on 20 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Electrical industry, which is up 12% over the same period. Is New 90 Day High Low • Nov 26
New 90-day high: NT$13.40 The company is up 11% from its price of NT$12.10 on 28 August 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 7.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.42 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$791.0m (up 11% from 3Q 2019). Net income: NT$60.0m (up 61% from 3Q 2019). Profit margin: 7.6% (up from 5.2% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has remained flat, which means it is well ahead of earnings. 
