Declared Dividend • May 29
Dividend reduced to NT$6.50 Dividend of NT$6.50 is 13% lower than last year. Ex-date: 25th June 2026 Payment date: 22nd July 2026 Dividend yield will be 6.9%, which is higher than the industry average of 1.2%. Sustainability & Growth Dividend is not covered by earnings (124% earnings payout ratio). However, it is covered by cash flows (69% cash payout ratio). The dividend has increased by an average of 6.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 37% to bring the payout ratio under control, which is more than the 1.5% EPS growth achieved over the last 5 years. Reported Earnings • May 16
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$2.00 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00 (down from NT$2.00 in 1Q 2025). Revenue: NT$1.12b (up 12% from 1Q 2025). Net income: NT$89.1m (down 26% from 1Q 2025). Profit margin: 7.9% (down from 12% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 8% per year. Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$6.41 (vs NT$8.24 in FY 2024) Full year 2025 results: EPS: NT$6.41 (down from NT$8.24 in FY 2024). Revenue: NT$4.13b (up 3.9% from FY 2024). Net income: NT$385.3m (down 22% from FY 2024). Profit margin: 9.3% (down from 13% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 15% per year. Ankündigung • Mar 06
Formosa Optical Technology Co.,Ltd., Annual General Meeting, May 26, 2026 Formosa Optical Technology Co.,Ltd., Annual General Meeting, May 26, 2026. Location: 17 floor no,97, sec.1 hsin t`ai 5th rd., sijhih district, new taipei city Taiwan Board Change • Mar 04
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 7 experienced directors. 4 highly experienced directors. 4 independent directors (7 non-independent directors). Independent Director Ming-Hsuan Chiang was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Ankündigung • Feb 26
Formosa Optical Technology Co.,Ltd. to Report Q4, 2025 Results on Mar 05, 2026 Formosa Optical Technology Co.,Ltd. announced that they will report Q4, 2025 results on Mar 05, 2026 Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: NT$2.60 (vs NT$2.49 in 3Q 2024) Third quarter 2025 results: EPS: NT$2.60 (up from NT$2.49 in 3Q 2024). Revenue: NT$1.04b (up 2.7% from 3Q 2024). Net income: NT$155.9m (up 4.2% from 3Q 2024). Profit margin: 15% (in line with 3Q 2024). Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 19% per year. Buy Or Sell Opportunity • Sep 04
Now 20% overvalued Over the last 90 days, the stock has fallen 30% to NT$112. The fair value is estimated to be NT$93.16, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.0% over the last 3 years. Earnings per share has grown by 28%. New Risk • Aug 16
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 95% Cash payout ratio: 91% Dividend yield: 6.3% 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. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Jul 02
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 4.8% to NT$141. The fair value is estimated to be NT$116, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.9% over the last 3 years. Earnings per share has grown by 30%. Upcoming Dividend • Jun 19
Upcoming dividend of NT$7.50 per share Eligible shareholders must have bought the stock before 26 June 2025. Payment date: 22 July 2025. Payout ratio and cash payout ratio are on the higher end at 95% and 86% respectively. Trailing yield: 4.9%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (3.6%). Declared Dividend • May 29
Dividend increased to NT$7.50 Dividend of NT$7.50 is 25% higher than last year. Ex-date: 26th June 2025 Payment date: 22nd July 2025 Dividend yield will be 4.7%, which is higher than the industry average of 1.2%. Sustainability & Growth Dividend is not adequately covered by earnings (91% earnings payout ratio). However, it is covered by cash flows (86% cash payout ratio). The dividend has increased by an average of 7.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 1.1% to bring the payout ratio under control, which is less than the 5.6% EPS growth achieved over the last 5 years. Buy Or Sell Opportunity • May 21
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 8.9% to NT$159. The fair value is estimated to be NT$132, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.9% over the last 3 years. Earnings per share has grown by 30%. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$2.00 (vs NT$2.37 in 1Q 2024) First quarter 2025 results: EPS: NT$2.00 (down from NT$2.37 in 1Q 2024). Revenue: NT$1.00b (down 2.2% from 1Q 2024). Net income: NT$120.3m (down 16% from 1Q 2024). Profit margin: 12% (down from 14% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 30% per year whereas the company’s share price has increased by 32% per year. Ankündigung • May 01
Formosa Optical Technology Co.,Ltd. to Report Q1, 2025 Results on May 13, 2025 Formosa Optical Technology Co.,Ltd. announced that they will report Q1, 2025 results on May 13, 2025 Buy Or Sell Opportunity • Apr 29
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to NT$137. The fair value is estimated to be NT$114, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 28%. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$114, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 19x in the Specialty Retail industry in Taiwan. Total returns to shareholders of 115% over the past three years. New Risk • Mar 26
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 91% Dividend yield: 5.3% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings 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. However, this risk is mitigated by the fact the dividend is covered by cash flows. 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 18
Full year 2024 earnings released: EPS: NT$8.24 (vs NT$6.96 in FY 2023) Full year 2024 results: EPS: NT$8.24 (up from NT$6.96 in FY 2023). Revenue: NT$3.97b (up 2.8% from FY 2023). Net income: NT$494.8m (up 18% from FY 2023). Profit margin: 13% (up from 11% in FY 2023). Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 31% per year. Ankündigung • Mar 07
Formosa Optical Technology Co.,Ltd., Annual General Meeting, May 27, 2025 Formosa Optical Technology Co.,Ltd., Annual General Meeting, May 27, 2025. Location: 17 floor no,97, sec.1 hsin t`ai 5th rd., sijhih district, new taipei city Taiwan Ankündigung • Feb 27
Formosa Optical Technology Co.,Ltd. to Report Q4, 2024 Results on Mar 06, 2025 Formosa Optical Technology Co.,Ltd. announced that they will report Q4, 2024 results on Mar 06, 2025 Buy Or Sell Opportunity • Jan 14
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 6.9% to NT$108. The fair value is estimated to be NT$89.68, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 25%. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$2.49 (vs NT$1.97 in 3Q 2023) Third quarter 2024 results: EPS: NT$2.49 (up from NT$1.97 in 3Q 2023). Revenue: NT$1.01b (up 2.6% from 3Q 2023). Net income: NT$149.6m (up 26% from 3Q 2023). Profit margin: 15% (up from 12% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 22% per year. Ankündigung • Oct 29
Formosa Optical Technology Co.,Ltd. to Report Q3, 2024 Results on Nov 05, 2024 Formosa Optical Technology Co.,Ltd. announced that they will report Q3, 2024 results on Nov 05, 2024 Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: NT$1.79 (vs NT$1.37 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.79 (up from NT$1.37 in 2Q 2023). Revenue: NT$955.0m (up 3.2% from 2Q 2023). Net income: NT$107.5m (up 30% from 2Q 2023). Profit margin: 11% (up from 8.9% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 17% per year. Ankündigung • Jul 31
Formosa Optical Technology Co.,Ltd. to Report Q2, 2024 Results on Aug 07, 2024 Formosa Optical Technology Co.,Ltd. announced that they will report Q2, 2024 results on Aug 07, 2024 Upcoming Dividend • Jun 19
Upcoming dividend of NT$6.00 per share Eligible shareholders must have bought the stock before 26 June 2024. Payment date: 22 July 2024. Payout ratio is on the higher end at 81%, however this is supported by cash flows. Trailing yield: 5.6%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (3.3%). Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$2.37 (vs NT$1.96 in 1Q 2023) First quarter 2024 results: EPS: NT$2.37 (up from NT$1.96 in 1Q 2023). Revenue: NT$1.02b (up 5.3% from 1Q 2023). Net income: NT$142.3m (up 21% from 1Q 2023). Profit margin: 14% (up from 12% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • May 03
Formosa Optical Technology Co.,Ltd. to Report Q1, 2024 Results on May 10, 2024 Formosa Optical Technology Co.,Ltd. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 10, 2024 Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: NT$6.96 (vs NT$2.83 in FY 2022) Full year 2023 results: EPS: NT$6.96 (up from NT$2.83 in FY 2022). Revenue: NT$3.86b (up 17% from FY 2022). Net income: NT$417.9m (up 146% from FY 2022). Profit margin: 11% (up from 5.2% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Mar 07
Formosa Optical Technology Co.,Ltd., Annual General Meeting, May 30, 2024 Formosa Optical Technology Co.,Ltd., Annual General Meeting, May 30, 2024. Location: 17 F, No.97, Sec.1, Xintai 5th Rd., Xizhi Dist., New Taipei City Taiwan Agenda: To consider 2023 Annual Business Report; 2023 Audit Report by the Audit Committee; Report on 2023 employees' and directors' remuneration; Other Matters to be reported. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$1.97 (vs NT$1.56 in 3Q 2022) Third quarter 2023 results: EPS: NT$1.97 (up from NT$1.56 in 3Q 2022). Revenue: NT$987.5m (up 10% from 3Q 2022). Net income: NT$118.6m (up 27% from 3Q 2022). Profit margin: 12% (up from 11% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: NT$1.37 (vs NT$0.31 loss in 2Q 2022) Second quarter 2023 results: EPS: NT$1.37 (up from NT$0.31 loss in 2Q 2022). Revenue: NT$925.0m (up 29% from 2Q 2022). Net income: NT$82.5m (up NT$101.3m from 2Q 2022). Profit margin: 8.9% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 25
Upcoming dividend of NT$4.30 per share at 4.7% yield Eligible shareholders must have bought the stock before 01 August 2023. Payment date: 25 August 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.7%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (1.1%). Buying Opportunity • May 26
Now 22% undervalued Over the last 90 days, the stock is up 27%. The fair value is estimated to be NT$101, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 17%. Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: NT$2.83 (vs NT$4.83 in FY 2021) Full year 2022 results: EPS: NT$2.83 (down from NT$4.83 in FY 2021). Revenue: NT$3.30b (up 13% from FY 2021). Net income: NT$170.2m (down 41% from FY 2021). Profit margin: 5.2% (down from 10.0% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$1.56 (vs NT$1.23 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.56 (up from NT$1.23 in 3Q 2021). Revenue: NT$895.6m (up 36% from 3Q 2021). Net income: NT$93.7m (up 27% from 3Q 2021). Profit margin: 11% (in line with 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$1.56 (vs NT$1.23 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.56 (up from NT$1.23 in 3Q 2021). Revenue: NT$895.6m (up 36% from 3Q 2021). Net income: NT$93.7m (up 27% from 3Q 2021). Profit margin: 11% (in line with 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 14
Second quarter 2022 earnings released: NT$0.11 loss per share (vs NT$0.33 profit in 2Q 2021) Second quarter 2022 results: NT$0.11 loss per share (down from NT$0.33 profit in 2Q 2021). Revenue: NT$715.4m (up 21% from 2Q 2021). Net loss: NT$6.79m (down 134% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 26
Upcoming dividend of NT$4.30 per share Eligible shareholders must have bought the stock before 02 August 2022. Payment date: 26 August 2022. Payout ratio is on the higher end at 93%, however this is supported by cash flows. Trailing yield: 6.8%. Within top quartile of Taiwanese dividend payers (6.6%). Higher than average of industry peers (3.8%). Reported Earnings • May 18
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: NT$1.06 (down from NT$1.28 in 1Q 2021). Revenue: NT$820.1m (up 4.5% from 1Q 2021). Net income: NT$63.6m (down 17% from 1Q 2021). Profit margin: 7.8% (down from 9.8% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 12%. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has remained flat. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 9 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director Xi Ming Xiao was the last independent director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Ankündigung • Apr 13
Formosa Optical Technology Co.,Ltd., Annual General Meeting, Jun 27, 2022 Formosa Optical Technology Co.,Ltd., Annual General Meeting, Jun 27, 2022. Reported Earnings • Mar 31
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: NT$4.83 (down from NT$5.13 in FY 2020). Revenue: NT$2.91b (down 4.9% from FY 2020). Net income: NT$289.9m (down 6.0% from FY 2020). Profit margin: 10.0% (in line with FY 2020). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 12%. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 1% per year. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$1.23 (vs NT$1.76 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$659.6m (down 21% from 3Q 2020). Net income: NT$73.8m (down 30% from 3Q 2020). Profit margin: 11% (down from 13% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has remained flat. Upcoming Dividend • Aug 25
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 01 September 2021. Payment date: 28 September 2021. Trailing yield: 6.5%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (3.5%). Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$0.33 (vs NT$0.63 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$593.3m (down 11% from 2Q 2020). Net income: NT$19.9m (down 47% from 2Q 2020). Profit margin: 3.4% (down from 5.7% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$1.28 (vs NT$0.93 in 1Q 2020) The company reported a solid first quarter result with improved earnings and profit margins, although revenues were flat. First quarter 2021 results: Revenue: NT$785.1m (flat on 1Q 2020). Net income: NT$76.7m (up 38% from 1Q 2020). Profit margin: 9.8% (up from 7.1% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS NT$5.13 (vs NT$6.31 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$3.06b (down 4.8% from FY 2019). Net income: NT$308.3m (down 19% from FY 2019). Profit margin: 10% (down from 12% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Jan 20
New 90-day low: NT$58.70 The company is down 2.0% from its price of NT$60.00 on 23 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Specialty Retail industry, which is up 1.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$1.76 The company reported a solid third quarter result with improved earnings and profit margins, although revenues were flat. Third quarter 2020 results: Revenue: NT$839.6m (flat on 3Q 2019). Net income: NT$105.4m (up 10% from 3Q 2019). Profit margin: 13% (up from 12% in 3Q 2019). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Sep 24
New 90-day low: NT$59.10 The company is down 9.0% from its price of NT$65.00 on 24 June 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Specialty Retail industry, which is down 7.0% over the same period.