Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to NT$183, the stock trades at a trailing P/E ratio of 30.1x. Average trailing P/E is 52x in the Semiconductor industry in Taiwan. Total returns to shareholders of 200% over the past three years. New Risk • Jul 02
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 9.7% 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. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 5.5% per year over the past 5 years. 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 (9.7% average weekly change). 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$143, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 46x in the Semiconductor industry in Taiwan. Total returns to shareholders of 130% over the past three years. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$134, the stock trades at a trailing P/E ratio of 22.1x. Average trailing P/E is 43x in the Semiconductor industry in Taiwan. Total returns to shareholders of 112% over the past three years. Declared Dividend • May 23
Dividend increased to NT$5.00 Dividend of NT$5.00 is 19% higher than last year. Ex-date: 5th June 2026 Payment date: 30th June 2026 Dividend yield will be 4.3%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (85% earnings payout ratio) and cash flows (72% cash payout ratio). The dividend has increased by an average of 6.2% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$109, the stock trades at a trailing P/E ratio of 18.5x. Average trailing P/E is 44x in the Semiconductor industry in Taiwan. Total returns to shareholders of 82% over the past three years. Buy Or Sell Opportunity • Apr 22
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to NT$96.40. The fair value is estimated to be NT$79.19, 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 declined by 3.3%. Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: NT$5.88 (vs NT$5.15 in FY 2024) Full year 2025 results: EPS: NT$5.88 (up from NT$5.15 in FY 2024). Revenue: NT$5.33b (up 14% from FY 2024). Net income: NT$758.6m (up 14% from FY 2024). Profit margin: 14% (in line with FY 2024). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Ankündigung • Mar 10
GEM Services, Inc., Annual General Meeting, May 26, 2026 GEM Services, Inc., Annual General Meeting, May 26, 2026, at 09:00 Taipei Standard Time. Location: 3 floor no,88, min ch`uan rd., banciao district, new taipei city Taiwan Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: NT$1.85 (vs NT$1.14 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.85 (up from NT$1.14 in 3Q 2024). Revenue: NT$1.39b (up 16% from 3Q 2024). Net income: NT$239.1m (up 63% from 3Q 2024). Profit margin: 17% (up from 12% in 3Q 2024). The increase in margin 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 5% per year, which means it is well ahead of earnings. Reported Earnings • Aug 12
Second quarter 2025 earnings released: EPS: NT$1.10 (vs NT$1.26 in 2Q 2024) Second quarter 2025 results: EPS: NT$1.10 (down from NT$1.26 in 2Q 2024). Revenue: NT$1.39b (up 17% from 2Q 2024). Net income: NT$142.5m (down 12% from 2Q 2024). Profit margin: 10% (down from 14% in 2Q 2024). 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 only fallen by 2% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 21
Upcoming dividend of NT$4.20 per share Eligible shareholders must have bought the stock before 27 May 2025. Payment date: 12 June 2025. Payout ratio is on the higher end at 82%, however this is supported by cash flows. Trailing yield: 5.9%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (2.4%). Reported Earnings • May 07
First quarter 2025 earnings released: EPS: NT$1.42 (vs NT$1.21 in 1Q 2024) First quarter 2025 results: EPS: NT$1.42 (up from NT$1.21 in 1Q 2024). Revenue: NT$1.21b (up 14% from 1Q 2024). Net income: NT$183.9m (up 18% from 1Q 2024). Profit margin: 15% (in line with 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Declared Dividend • May 07
Dividend increased to NT$4.20 Dividend of NT$4.20 is 20% higher than last year. Ex-date: 27th May 2025 Payment date: 12th June 2025 Dividend yield will be 6.3%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (78% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 4.9% per year over the past 9 years. However, payments have been volatile during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Ankündigung • Apr 27
GEM Services, Inc. to Report Q1, 2025 Results on May 05, 2025 GEM Services, Inc. announced that they will report Q1, 2025 results on May 05, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$55.80, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 21x in the Semiconductor industry in Taiwan. Total loss to shareholders of 20% over the past three years. Reported Earnings • Mar 14
Full year 2024 earnings released: EPS: NT$5.15 (vs NT$4.39 in FY 2023) Full year 2024 results: EPS: NT$5.15 (up from NT$4.39 in FY 2023). Revenue: NT$4.67b (up 5.7% from FY 2023). Net income: NT$664.2m (up 17% from FY 2023). Profit margin: 14% (up from 13% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Ankündigung • Mar 12
GEM Services, Inc., Annual General Meeting, May 26, 2025 GEM Services, Inc., Annual General Meeting, May 26, 2025, at 09:00 Taipei Standard Time. Location: 3 floor no,88, min ch`uan rd., banciao district, new taipei city Taiwan Ankündigung • Mar 01
GEM Services, Inc. to Report Fiscal Year 2024 Results on Mar 10, 2025 GEM Services, Inc. announced that they will report fiscal year 2024 results on Mar 10, 2025 Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: NT$1.14 (vs NT$1.05 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.14 (up from NT$1.05 in 3Q 2023). Revenue: NT$1.19b (up 7.1% from 3Q 2023). Net income: NT$146.9m (up 8.1% from 3Q 2023). Profit margin: 12% (in line with 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Ankündigung • Nov 02
GEM Services, Inc. to Report Q3, 2024 Results on Nov 11, 2024 GEM Services, Inc. announced that they will report Q3, 2024 results on Nov 11, 2024 Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$75.50, the stock trades at a trailing P/E ratio of 17.1x. Average trailing P/E is 30x in the Semiconductor industry in Taiwan. Total loss to shareholders of 5.2% over the past three years. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: NT$1.26 (vs NT$1.20 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.26 (up from NT$1.20 in 2Q 2023). Revenue: NT$1.19b (up 9.0% from 2Q 2023). Net income: NT$162.0m (up 4.3% from 2Q 2023). Profit margin: 14% (in line with 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 15% per year and the company’s share price has also fallen by 15% per year. Buy Or Sell Opportunity • Aug 01
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at NT$68.20. The fair value is estimated to be NT$56.66, 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 declined by 10%. Ankündigung • Jul 31
GEM Services, Inc. to Report Q2, 2024 Results on Aug 07, 2024 GEM Services, Inc. announced that they will report Q2, 2024 results on Aug 07, 2024 Ankündigung • May 29
Gem Services, Inc. Announces Fourth Compensation Committee Changes GEM Services, Inc. announced the List of Members of the Company's Fourth Compensation Committee Name of the previous position holder: Independent Director: Shu, Yeh, Independent Director: Sen-Tai, Wen, Independent Director: Yueh-Li, Lee, Independent Director: Wen Chen, Huang. Resume of the previous position holder: Shu, Yeh Professor of Department of Accounting, National Taiwan University, Powerchip Semiconductor Manufacturing Corporation/Independent Director. Sen-Tai, Wen: Taiyi International Investment Co. Ltd./Director and CEO, E-PIN Optical Industry Co. Ltd./Director (Juristic person). Yueh-Li, Lee: Independent Director of the Company, Wen Chen, Huang: ALPHA Optical Co. Ltd./Director. Name of the new position holder: Independent Director: Shu, Yeh, Independent Director: Wen Chen, Huang, Independent Director: Chun-Chi, Yang, Independent Director: Chi-Yu, Yang. Resume of the new position holder: Shu, Yeh: Professor of Department of Business Administration, Fu Jen Catholic University Director of Center for Sustainable Development and Management, Fu Jen Catholic University, Wonderful Hi-Tech Co. Ltd. /Independent Director, Powertech Industrial Co. Ltd./Independent Director, Makalot Industrial Co. Ltd. /Independent Director. -Yu, Yang: LandMark Optoelectronics Corporation/Director & CFO, Elite Advanced Laser Corporation/Independent Director, The CID Group Inc./Partner. Circumstances of change: term expired. Effective date of the new member is May 27, 2024. Upcoming Dividend • May 23
Upcoming dividend of NT$3.50 per share Eligible shareholders must have bought the stock before 30 May 2024. Payment date: 17 June 2024. Payout ratio is on the higher end at 80%, and the cash payout ratio is above 100%. Trailing yield: 4.9%. Within top quartile of Taiwanese dividend payers (4.3%). Higher than average of industry peers (2.3%). Ankündigung • May 11
GEM Services, Inc. Announces Cash Dividend, Payable on June 17, 2024 GEM Services, Inc. announced cash dividends of TWD 451,665,844 (TWD 3.5 per share). Date of the resolution by the board of directors or shareholders meeting or decision by the Company is May 10, 2024. Ex-rights (ex-dividend) trading date is May 30, 2024. Ex-rights (ex-dividend) record date is June 5, 2024. Payment date of common stock cash dividend distribution June 17, 2024. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: NT$1.21 (vs NT$1.24 in 1Q 2023) First quarter 2024 results: EPS: NT$1.21 (down from NT$1.24 in 1Q 2023). Revenue: NT$1.06b (flat on 1Q 2023). Net income: NT$156.5m (down 2.2% from 1Q 2023). Profit margin: 15% (in line with 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Ankündigung • May 03
GEM Services, Inc. to Report Q1, 2024 Results on May 08, 2024 GEM Services, Inc. announced that they will report Q1, 2024 results on May 08, 2024 Ankündigung • Mar 14
GEM Services, Inc., Annual General Meeting, May 27, 2024 GEM Services, Inc., Annual General Meeting, May 27, 2024. Location: 3F., No. 88, Minquan Rd., Banqiao Dist New Taipei City Taiwan Agenda: To report 2023 employees profit sharing and directors compensation; to report the business of 2023; to consider audit Committee's review report; to report 2023 earnings distribution; to consider amendment to the Rules of Procedure for Board of Directors Meetings; to accept 2023 Business Report and Financial Statements; to accept the Proposal for Distribution of 2023 Profits; to consider election of the Company's Directors; and to transact other matters. Reported Earnings • Nov 18
Third quarter 2023 earnings released: EPS: NT$1.05 (vs NT$2.27 in 3Q 2022) Third quarter 2023 results: EPS: NT$1.05 (down from NT$2.27 in 3Q 2022). Revenue: NT$1.11b (down 19% from 3Q 2022). Net income: NT$135.9m (down 54% from 3Q 2022). Profit margin: 12% (down from 21% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 5% per year. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: NT$1.20 (vs NT$2.08 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.20 (down from NT$2.08 in 2Q 2022). Revenue: NT$1.09b (down 21% from 2Q 2022). Net income: NT$155.3m (down 42% from 2Q 2022). Profit margin: 14% (down from 20% in 2Q 2022). 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 whereas the company’s share price has increased by 4% per year. Upcoming Dividend • Jun 13
Upcoming dividend of NT$5.50 per share at 6.9% yield Eligible shareholders must have bought the stock before 20 June 2023. Payment date: 05 July 2023. Payout ratio is on the higher end at 85%, and the cash payout ratio is above 100%. Trailing yield: 6.9%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.2%). Reported Earnings • May 24
First quarter 2023 earnings released: EPS: NT$1.24 (vs NT$1.96 in 1Q 2022) First quarter 2023 results: EPS: NT$1.24 (down from NT$1.96 in 1Q 2022). Revenue: NT$1.07b (down 16% from 1Q 2022). Net income: NT$159.9m (down 37% from 1Q 2022). Profit margin: 15% (down from 20% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 24
Full year 2022 earnings released: EPS: NT$7.21 (vs NT$6.65 in FY 2021) Full year 2022 results: EPS: NT$7.21 (up from NT$6.65 in FY 2021). Revenue: NT$5.22b (up 9.8% from FY 2021). Net income: NT$930.3m (up 8.4% from FY 2021). Profit margin: 18% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 17% per year. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Audit Supervisor Sen Xing Lai was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Buying Opportunity • Oct 25
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be NT$75.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 12%. Reported Earnings • Aug 13
Second quarter 2022 earnings released: EPS: NT$2.07 (vs NT$1.52 in 2Q 2021) Second quarter 2022 results: EPS: NT$2.07 (up from NT$1.52 in 2Q 2021). Revenue: NT$1.37b (up 19% from 2Q 2021). Net income: NT$267.9m (up 37% from 2Q 2021). Profit margin: 20% (up from 17% in 2Q 2021). The increase in margin was driven by higher 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 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 12
Upcoming dividend of NT$5.50 per share Eligible shareholders must have bought the stock before 19 July 2022. Payment date: 03 August 2022. Payout ratio is on the higher end at 78% but the company is not cash flow positive. Trailing yield: 7.1%. Within top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (3.9%). Reported Earnings • May 14
First quarter 2022 earnings released: EPS: NT$1.96 (vs NT$1.53 in 1Q 2021) First quarter 2022 results: EPS: NT$1.96 (up from NT$1.53 in 1Q 2021). Revenue: NT$1.27b (up 19% from 1Q 2021). Net income: NT$252.7m (up 28% from 1Q 2021). Profit margin: 20% (up from 19% in 1Q 2021). The increase in margin was driven by higher revenue. 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. 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. 9 experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Audit Supervisor Sen Xing Lai was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$2.02 (vs NT$1.37 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$1.25b (up 24% from 3Q 2020). Net income: NT$260.8m (up 48% from 3Q 2020). Profit margin: 21% (up from 18% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improved over the past week After last week's 15% share price gain to NT$110, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 158% over the past three years. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS NT$1.52 (vs NT$1.54 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$1.16b (up 14% from 2Q 2020). Net income: NT$196.1m (down 1.2% from 2Q 2020). Profit margin: 17% (down from 20% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$104, the stock trades at a trailing P/E ratio of 17.8x. Average trailing P/E is 26x in the Semiconductor industry in Taiwan. Total returns to shareholders of 70% over the past three years. Upcoming Dividend • Aug 03
Upcoming dividend of NT$4.50 per share Eligible shareholders must have bought the stock before 10 August 2021. Payment date: 25 August 2021. Trailing yield: 3.6%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (2.1%). Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improved over the past week After last week's 17% share price gain to NT$107, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 27x in the Semiconductor industry in Taiwan. Total returns to shareholders of 57% over the past three years. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$1.53 (vs NT$1.00 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: NT$1.06b (up 48% from 1Q 2020). Net income: NT$196.9m (up 52% from 1Q 2020). Profit margin: 19% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Mar 19
Full year 2020 earnings released: EPS NT$5.31 (vs NT$5.15 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: NT$3.75b (up 8.3% from FY 2019). Net income: NT$684.7m (up 3.0% from FY 2019). Profit margin: 18% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 18
Investor sentiment improved over the past week After last week's 16% share price gain to NT$79.00, the stock is trading at a trailing P/E ratio of 15.5x, up from the previous P/E ratio of 13.3x. This compares to an average P/E of 27x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 45%. Is New 90 Day High Low • Feb 18
New 90-day high: NT$79.00 The company is up 33% from its price of NT$59.20 on 20 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 35% over the same period. Is New 90 Day High Low • Jan 25
New 90-day high: NT$71.70 The company is up 28% from its price of NT$55.90 on 27 October 2020. The Taiwanese market is up 23% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 43% over the same period. Is New 90 Day High Low • Dec 31
New 90-day high: NT$68.20 The company is up 22% from its price of NT$56.00 on 30 September 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 24% over the same period. Is New 90 Day High Low • Dec 07
New 90-day high: NT$62.20 The company is up 10.0% from its price of NT$56.50 on 08 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 21% over the same period. Is New 90 Day High Low • Nov 20
New 90-day high: NT$59.20 The company is up 3.0% from its price of NT$57.20 on 21 August 2020. The Taiwanese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 16% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$1.37 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: NT$1.00b (up 7.8% from 3Q 2019). Net income: NT$176.2m (down 12% from 3Q 2019). Profit margin: 18% (down from 21% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. 
