Ankündigung • May 26
VIA Labs Announces VL610 And VL610D MST Hub Controllers For Multi-Display USB-C Docking VIA Labs, Inc. announced the launch of its first MST Hub VL610 at Computex 2026. VL610 is a new-generation chipset designed to address the growing demand for multi-display expansion. Supporting up to three high-resolution displays simultaneously, it sets a new benchmark for USB-C docking solutions. The VIA Labs VL610 is a highly integrated DP 2.1 HBR3 Multi-Stream Transport (MST) hub designed for USB-C docking stations and high-end video adapter applications. Compared to its predecessor VL605, which supports a single HDMI 2.1 output, VL610 significantly enhances display performance. VL610 series includes two SKUs: VL610 supports three video outputs, while VL610D supports two video outputs, addressing different docking design needs. Its flexible architecture includes one fixed HDMI 2.1 FRL transmitter, one configurable port supporting DP++ or HDMI 2.1 FRL, and a third configurable port supporting DP++ or HDMI TMDS (VL610 only). VL610 supports a single display up to 8K60Hz or 4K240Hz, and up to three displays at 4K60Hz or QHD144Hz. It also enables up to six independent audio and video streams, with a single DP output supporting up to four MST streams. Full support for color formats and audio ensures a high-quality multimedia experience. In terms of advanced display technologies, VL610 integrates a DSC 1.2a decoder, supporting decompression to HDMI output or direct pass-through to compatible displays. It also supports cross-platform Variable Refresh Rate (VRR), delivering smooth visuals for high-end gaming and professional imaging applications. VL610 also integrates ECDSA-256 asymmetric authentication, enabling secure firmware updates and protection against malicious firmware attacks. VL610 also features a unique Logo Bitmap display capability with event-triggered graphics. It can display brand logos, warning messages, or guidance screens in scenarios such as host disconnection, USB-C port anomalies, or link errors, helping users quickly identify and resolve issues. This feature enables brands to proactively communicate with users during idle or fault conditions, enhancing both brand visibility and user experience. Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$113, the stock trades at a trailing P/E ratio of 74x. Average trailing P/E is 42x in the Semiconductor industry in Taiwan. Total loss to shareholders of 47% over the past three years. Reported Earnings • May 19
First quarter 2026 earnings released: EPS: NT$0.64 (vs NT$0.23 in 1Q 2025) First quarter 2026 results: EPS: NT$0.64 (up from NT$0.23 in 1Q 2025). Revenue: NT$414.9m (up 6.4% from 1Q 2025). Net income: NT$44.6m (up 178% from 1Q 2025). Profit margin: 11% (up from 4.1% in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 09
Upcoming dividend of NT$0.90 per share Eligible shareholders must have bought the stock before 16 April 2026. Payment date: 22 May 2026. Payout ratio is on the higher end at 81% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of Taiwanese dividend payers (5.1%). In line with average of industry peers (1.3%). New Risk • Mar 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 231% 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 36% 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 (5.0% net profit margin). Declared Dividend • Mar 14
Dividend reduced to NT$0.90 Dividend of NT$0.90 is 50% lower than last year. Ex-date: 16th April 2026 Payment date: 22nd May 2026 Dividend yield will be 1.1%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (169% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 66 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 88% to bring the payout ratio under control. However, EPS has declined by 27% over the last 5 years so the company would need to reverse this trend. Ankündigung • Mar 13
VIA Labs, Inc. announces Annual dividend, payable on May 22, 2026 VIA Labs, Inc. announced Annual dividend of TWD 0.9000 per share payable on May 22, 2026, ex-date on April 16, 2026 and record date on April 19, 2026. Ankündigung • Mar 12
VIA Labs, Inc., Annual General Meeting, Jun 18, 2026 VIA Labs, Inc., Annual General Meeting, Jun 18, 2026, at 09:00 Taipei Standard Time. Location: 2 floor no,223, sec.3 pei hsin rd., sindian district, new taipei city Taiwan Ankündigung • Mar 04
Via Labs Inc Announces Availability Of Industrial-Grade Usb 5Gbps And 10Gbps Hub Controllers Via Labs, Inc. announced at Embedded World 2026 the expansion of its industrial portfolio with the debut of the VL819i USB 5Gbps and VL822i 10Gbps Hub Controllers. Following the successful release of its industrial-grade VL122i STT and VL123i MTT USB 2.0 hubs earlier this year, this latest launch provides industrial partners with high-reliability, high-bandwidth applications such as machine vision, high-performance peripherals, displays, data acquisition, storage, and general connectivity. Attendees can learn more about VLI's controller silicon products during Embedded World 2026, March 10–12, at Booth 3-396 in Hall 3, Exhibition Centre Nuremberg. VIA Labs' industrial-grade hub controllers are engineered for stable and reliable operation in extended-temperature environments from -40°C to +85°C and feature enhanced signal integrity and low-power design. They are ideal for embedded systems, servers, industrial PCs, smart retail terminals, and more. VL822i and VL819i USB Hubs come in two configurations. The standard Q7 version uses a 9x9mm QFN76 package and is optimized for USB-A downstream ports. The Q8 version utilizes a 10x10mm QFN88 package and is optimized for USB-C, integrating muxes for the upstream and two downstream ports. VL822i and VL819i share the same package and pinout, allowing developers to address different performance tiers without multiple hardware designs. To simplify integration, both hub controllers offer Pin-to-Pin (P2P) and Bill-of-Materials (BOM) compatibility. Ankündigung • Dec 19
Via Labs, Inc. Expands Connectivity Portfolio with New Line of Industrial-Grade Usb Hub Controllers VIA Labs, Inc. announced its new line of industrial-grade USB 2.0 Hub controllers, VL122 and VL123. This launch marks the company's entry into industrial-grade applications and highlights its technical capabilities and long-term supply commitment in high-reliability design. VLI will showcase these controllers during CES 2026, January 6-9, at The Venetian Resort in Las Vegas. VLI' industrial-grade USB 2. 0 hub controllers are engineered for stable and reliable operation in extended-temperature environments from -40degC to +85degC and feature enhanced signal integrity and low-power design. They are ideal for embedded systems, servers, industrial PCs, smart retail terminals, and more. These controllers expand VLI's portfolio into industrial-grade connectivity solutions, enabling customers to build robust, high-availability systems with greater deployment flexibility in challenging thermal environments. VL122 is a 4-port USB 2.0 Hub controller compliant with the latest USB 2.0 specification (updated in June 2025), including the DCR specification and related ECN updates. VL122 utilizes the compact QFN28 5x5 mm package, integrates a 5V-to-3.3V linear regulator, and supports flexible configuration management via SMBus or EEPROM, enabling customization of several parameters, including VID/PID and electrical settings of individual ports. VL122 delivers low-power performance and has obtained USB-IF USB 2.0 Hub certification (TID# 14201). VL122 USB 2.0 hubs are available in both commercial and industrial grades, with optional unique serialization for applications requiring stringent supply chain traceability. VL123 is an upcoming 4-port USB 2. 0 Hub controller featuring a Multiple Transaction Translator (MTT) architecture that significantly improves throughput when multiple USB full-speed (FS) devices operate simultaneously. VL123 supports a similar flexible configuration scheme through either SMBus or EEPROM and is pin-compatible with VL122. Samples are expected to become available in second quarter, 2026. Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$0.14 (vs NT$0.42 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.14 (down from NT$0.42 in 3Q 2024). Revenue: NT$326.9m (down 27% from 3Q 2024). Net income: NT$9.98m (down 66% from 3Q 2024). Profit margin: 3.1% (down from 6.6% in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$90.60, the stock trades at a trailing P/E ratio of 67.5x. Average forward P/E is 23x in the Semiconductor industry in Taiwan. Total loss to shareholders of 55% over the past three years. Ankündigung • Nov 11
EverProX Technologies Co., Ltd. (SZSE:300548) acquired an additional stake in EverPro Technologies Company Ltd. from VIA Labs, Inc. (TWSE:6756) for CNY 47.4 million. EverProX Technologies Co., Ltd. (SZSE:300548) acquired an additional stake in EverPro Technologies Company Ltd. from VIA Labs, Inc. (TWSE:6756) for CNY 47.4 million on November 11, 2025. A cash consideration of CNY 47.38 million valued at CNY 10.465007 per share will be paid by EverProX Technologies for 4,527,600 shares.
Zhenpeng Lin of Evertrust CPA Firm acted as accountant for VIA Labs, Inc.
EverProX Technologies Co., Ltd. (SZSE:300548) completed the acquisition of an additional stake in EverPro Technologies Company Ltd. from VIA Labs, Inc. (TWSE:6756) on November 11, 2025. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$0.34 (vs NT$0.75 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.34 (down from NT$0.75 in 2Q 2024). Revenue: NT$424.7m (down 14% from 2Q 2024). Net income: NT$23.8m (down 54% from 2Q 2024). Profit margin: 5.6% (down from 11% in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. New Risk • Jul 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 33% 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 15% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (103% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.2% net profit margin). New Risk • Jul 29
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.0% 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 Earnings have declined by 2.2% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Buy Or Sell Opportunity • Jul 23
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 3.4% to NT$93.50. The fair value is estimated to be NT$77.46, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 24% over the last 3 years. Earnings per share has declined by 60%. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.23 (vs NT$0.73 in 1Q 2024) First quarter 2025 results: EPS: NT$0.23 (down from NT$0.73 in 1Q 2024). Revenue: NT$390.1m (flat on 1Q 2024). Net income: NT$16.0m (down 69% from 1Q 2024). Profit margin: 4.1% (down from 13% in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. Ankündigung • May 01
VIA Labs, Inc. to Report Q1, 2025 Results on May 09, 2025 VIA Labs, Inc. announced that they will report Q1, 2025 results on May 09, 2025 Upcoming Dividend • Apr 11
Upcoming dividend of NT$1.80 per share Eligible shareholders must have bought the stock before 18 April 2025. Payment date: 22 May 2025. Payout ratio is on the higher end at 98%, however this is supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (5.6%). Lower than average of industry peers (2.6%). Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$106, the stock trades at a trailing P/E ratio of 46.8x. Average forward P/E is 20x in the Semiconductor industry in Taiwan. Total loss to shareholders of 73% over the past three years. New Risk • Mar 31
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 98% Dividend yield: 1.9% 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. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 8.7% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (98% payout ratio). Share price has been volatile over the past 3 months (6.2% average weekly change). Declared Dividend • Mar 17
Dividend reduced to NT$1.80 Dividend of NT$1.80 is 9.9% lower than last year. Ex-date: 18th April 2025 Payment date: 22nd May 2025 Dividend yield will be 1.5%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is not adequately covered by earnings (98% earnings payout ratio). However, it is well covered by cash flows (49% cash payout ratio). The dividend has decreased over the past 56 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 8.9% to bring the payout ratio under control. However, EPS has declined by 11% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Mar 15
Full year 2024 earnings released: EPS: NT$2.26 (vs NT$2.62 in FY 2023) Full year 2024 results: EPS: NT$2.26 (down from NT$2.62 in FY 2023). Revenue: NT$1.70b (down 16% from FY 2023). Net income: NT$157.2m (down 13% from FY 2023). Profit margin: 9.2% (up from 8.9% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 35 percentage points per year, which is a significant difference in performance. Ankündigung • Mar 13
VIA Labs, Inc., Annual General Meeting, Jun 20, 2025 VIA Labs, Inc., Annual General Meeting, Jun 20, 2025, at 09:00 Taipei Standard Time. Location: 2 floor no,223, sec.3 pei hsin rd., sindian district, new taipei city Taiwan New Risk • Mar 06
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 2.2% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.1% average weekly change). Ankündigung • Mar 04
VIA Labs, Inc. to Report Fiscal Year 2024 Results on Mar 11, 2025 VIA Labs, Inc. announced that they will report fiscal year 2024 results on Mar 11, 2025 Buy Or Sell Opportunity • Feb 05
Now 24% overvalued Over the last 90 days, the stock has fallen 18% to NT$121. The fair value is estimated to be NT$97.84, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 24% over the last 3 years. Earnings per share has declined by 60%. Buy Or Sell Opportunity • Jan 15
Now 20% overvalued Over the last 90 days, the stock has fallen 31% to NT$116. The fair value is estimated to be NT$96.55, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 24% over the last 3 years. Earnings per share has declined by 60%. Ankündigung • Jan 03
VIA Labs, Inc. Announces the Appointment of Hung-Wen Chen as New Chief Operating Officer VIA Labs, Inc. announced the appointment of Hung-Wen Chen as New Chief Operating Officer. Reason for the change: Position Adjustment. Effective date: January 2, 2025. Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: NT$0.42 (vs NT$1.12 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.42 (down from NT$1.12 in 3Q 2023). Revenue: NT$446.8m (down 20% from 3Q 2023). Net income: NT$29.5m (down 62% from 3Q 2023). Profit margin: 6.6% (down from 14% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.5% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 34% per year, which means it has not declined as severely as earnings. Ankündigung • Oct 22
VIA Labs, Inc. to Report Q3, 2024 Results on Oct 29, 2024 VIA Labs, Inc. announced that they will report Q3, 2024 results on Oct 29, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.75 (vs NT$1.15 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.75 (down from NT$1.15 in 2Q 2023). Revenue: NT$495.0m (down 16% from 2Q 2023). Net income: NT$52.3m (down 34% from 2Q 2023). Profit margin: 11% (down from 13% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$144, the stock trades at a trailing P/E ratio of 46.1x. Average forward P/E is 19x in the Semiconductor industry in Taiwan. Total loss to shareholders of 65% over the past three years. Ankündigung • Aug 02
VIA Labs, Inc. to Report Q2, 2024 Results on Aug 08, 2024 VIA Labs, Inc. announced that they will report Q2, 2024 results on Aug 08, 2024 Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.73 (vs NT$0.22 in 1Q 2023) First quarter 2024 results: EPS: NT$0.73 (up from NT$0.22 in 1Q 2023). Revenue: NT$391.7m (up 4.7% from 1Q 2023). Net income: NT$51.0m (up 239% from 1Q 2023). Profit margin: 13% (up from 4.0% in 1Q 2023). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 11
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 18 April 2024. Payment date: 22 May 2024. Payout ratio is on the higher end at 76%, however this is supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Taiwanese dividend payers (4.5%). Lower than average of industry peers (2.3%). Reported Earnings • Mar 17
Full year 2023 earnings released: EPS: NT$2.62 (vs NT$10.57 in FY 2022) Full year 2023 results: EPS: NT$2.62 (down from NT$10.57 in FY 2022). Revenue: NT$2.04b (down 31% from FY 2022). Net income: NT$180.6m (down 75% from FY 2022). Profit margin: 8.9% (down from 25% 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 18% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Declared Dividend • Mar 08
Dividend of NT$2.00 announced Shareholders will receive a dividend of NT$2.00. Ex-date: 18th April 2024 Payment date: 22nd May 2024 Dividend yield will be 0.9%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (241% earnings payout ratio) nor is it adequately covered by cash flows (97% cash payout ratio). The dividend has increased by an average of 23% per year over the past 4 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 168% to bring the payout ratio under control, which is more than the 8.4% EPS growth achieved over the last 5 years. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$224, the stock trades at a trailing P/E ratio of 72.4x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total loss to shareholders of 11% over the past three years. Ankündigung • Mar 06
VIA Labs, Inc., Annual General Meeting, Jun 20, 2024 VIA Labs, Inc., Annual General Meeting, Jun 20, 2024. New Risk • Nov 30
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 188% Cash payout ratio: 97% Revenue is less than US$1m. New Risk • Nov 25
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 5.4% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 241% Cash payout ratio: 97% Minor Risks Share price has been volatile over the past 3 months (5.4% average weekly change). Profit margins are more than 30% lower than last year (11% net profit margin). New Risk • Aug 13
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 13% Last year net profit margin: 28% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 188% Dividend per share is over 5x cash flows per share. Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Profit margins are more than 30% lower than last year (13% net profit margin). Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: NT$1.15 (vs NT$3.73 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.15 (down from NT$3.73 in 2Q 2022). Revenue: NT$591.8m (down 33% from 2Q 2022). Net income: NT$79.4m (down 69% from 2Q 2022). Profit margin: 13% (down from 29% 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 14% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 07
Upcoming dividend of NT$7.49 per share at 3.2% yield Eligible shareholders must have bought the stock before 14 April 2023. Payment date: 17 May 2023. Payout ratio is a comfortable 71% but the company is paying out more than the cash it is generating. Trailing yield: 3.2%. Lower than top quartile of Taiwanese dividend payers (5.8%). Lower than average of industry peers (5.2%). Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$240, the stock trades at a trailing P/E ratio of 22.7x. Average forward P/E is 12x in the Tech industry in Taiwan. Total returns to shareholders of 121% over the past three years. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$221, the stock trades at a trailing P/E ratio of 16.3x. Average forward P/E is 10x in the Tech industry in Taiwan. Total returns to shareholders of 55% over the past three years. Reported Earnings • Nov 06
Third quarter 2022 earnings released: EPS: NT$2.01 (vs NT$3.56 in 3Q 2021) Third quarter 2022 results: EPS: NT$2.01 (down from NT$3.56 in 3Q 2021). Revenue: NT$606.2m (down 32% from 3Q 2021). Net income: NT$137.5m (down 43% from 3Q 2021). Profit margin: 23% (down from 27% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 21% p.a. on average during the next 2 years, while revenues in the Tech industry in Taiwan are expected to grow by 5.6%. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$158, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 12x in the Tech industry in Taiwan. Total loss to shareholders of 59% over the past year. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$178, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 12x in the Tech industry in Taiwan. Total loss to shareholders of 58% over the past year. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$208, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 13x in the Tech industry in Taiwan. Total loss to shareholders of 53% over the past year. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improved over the past week After last week's 19% share price gain to NT$262, the stock trades at a trailing P/E ratio of 17.4x. Average trailing P/E is 12x in the Tech industry in Taiwan. Total loss to shareholders of 35% over the past year. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$223, the stock trades at a trailing P/E ratio of 15.5x. Average trailing P/E is 12x in the Tech industry in Taiwan. Total loss to shareholders of 45% over the past year. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improved over the past week After last week's 16% share price gain to NT$339, the stock trades at a trailing P/E ratio of 23.6x. Average forward P/E is 11x in the Tech industry in Taiwan. Total returns to shareholders of 38% over the past year. Reported Earnings • May 05
First quarter 2022 earnings released: EPS: NT$4.23 (vs NT$2.74 in 1Q 2021) First quarter 2022 results: EPS: NT$4.23 (up from NT$2.74 in 1Q 2021). Revenue: NT$984.9m (up 37% from 1Q 2021). Net income: NT$289.0m (up 56% from 1Q 2021). Profit margin: 29% (up from 26% in 1Q 2021). The increase in margin was driven by higher revenue. Price Target Changed • Apr 27
Price target increased to NT$510 Up from NT$375, the current price target is provided by 1 analyst. New target price is 69% above last closing price of NT$302. Stock is up 8.3% over the past year. The company posted earnings per share of NT$13.04 last year. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$355, the stock trades at a trailing P/E ratio of 27.5x. Average forward P/E is 11x in the Tech industry in Taiwan. Total returns to shareholders of 25% over the past year. Upcoming Dividend • Mar 31
Upcoming dividend of NT$10.99 per share Eligible shareholders must have bought the stock before 07 April 2022. Payment date: 06 May 2022. Payout ratio is on the higher end at 84%, however this is supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (6.2%). Reported Earnings • Mar 11
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$13.04 (up from NT$5.29 in FY 2020). Revenue: NT$3.37b (up 73% from FY 2020). Net income: NT$880.3m (up 176% from FY 2020). Profit margin: 26% (up from 16% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 24%, compared to a 8.3% growth forecast for the industry in Taiwan. Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment improved over the past week After last week's 26% share price gain to NT$610, the stock trades at a trailing P/E ratio of 57.5x. Average forward P/E is 10x in the Tech industry in Taiwan. Total returns to shareholders of 100% over the past year. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$3.56 (vs NT$1.30 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$893.1m (up 85% from 3Q 2020). Net income: NT$240.4m (up 208% from 3Q 2020). Profit margin: 27% (up from 16% in 3Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment improved over the past week After last week's 17% share price gain to NT$493, the stock trades at a trailing P/E ratio of 60x. Average forward P/E is 10x in the Tech industry in Taiwan. Total returns to shareholders of 60% over the past year. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$411, the stock trades at a trailing P/E ratio of 50x. Average forward P/E is 9x in the Tech industry in Taiwan. Total returns to shareholders of 38% over the past year. Valuation Update With 7 Day Price Move • Sep 02
Investor sentiment improved over the past week After last week's 20% share price gain to NT$517, the stock trades at a trailing P/E ratio of 59.6x. Average forward P/E is 9x in the Tech industry in Taiwan. Total returns to shareholders of 70% over the past year. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$411, the stock trades at a trailing P/E ratio of 47.4x. Average forward P/E is 10x in the Tech industry in Taiwan. Total returns to shareholders of 30% over the past year. Reported Earnings • Aug 02
Second quarter 2021 earnings released: EPS NT$3.08 (vs NT$1.37 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$802.8m (up 61% from 2Q 2020). Net income: NT$207.7m (up 153% from 2Q 2020). Profit margin: 26% (up from 17% in 2Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improved over the past week After last week's 18% share price gain to NT$450, the stock trades at a trailing P/E ratio of 65.1x. Average forward P/E is 10x in the Tech industry in Taiwan. Total returns to shareholders of 10% over the past year. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improved over the past week After last week's 18% share price gain to NT$303, the stock trades at a trailing P/E ratio of 43.8x. Average forward P/E is 10x in the Tech industry in Taiwan. Total returns to shareholders of 72% over the past year. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$236, the stock trades at a trailing P/E ratio of 34.2x. Average forward P/E is 10x in the Tech industry in Taiwan. Total returns to shareholders of 51% over the past year. Reported Earnings • May 03
First quarter 2021 earnings released: EPS NT$2.74 (vs NT$1.31 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$725.2m (up 57% from 1Q 2020). Net income: NT$184.9m (up 136% from 1Q 2020). Profit margin: 26% (up from 17% in 1Q 2020). The increase in margin was driven by higher revenue. Upcoming Dividend • Apr 02
Upcoming dividend of NT$4.50 per share Eligible shareholders must have bought the stock before 09 April 2021. Payment date: 12 May 2021. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (4.8%). Lower than average of industry peers (4.3%). Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment improved over the past week After last week's 17% share price gain to NT$317, the stock trades at a trailing P/E ratio of 59.9x. Average trailing P/E is 17x in the Tech industry in Taiwan. Total returns to shareholders of 184% over the past year. Reported Earnings • Mar 23
Full year 2020 earnings released: EPS NT$5.29 (vs NT$4.05 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$1.97b (up 27% from FY 2019). Net income: NT$318.5m (up 31% from FY 2019). Profit margin: 16% (in line with FY 2019). Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improved over the past week After last week's 24% share price gain to NT$295, the stock is trading at a trailing P/E ratio of 59.4x, up from the previous P/E ratio of 48x. This compares to an average P/E of 15x in the Tech industry in Taiwan. Total returns to shareholders over the past year are 93%. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 21% share price gain to NT$287, the stock is trading at a trailing P/E ratio of 57.8x, up from the previous P/E ratio of 47.6x. This compares to an average P/E of 15x in the Tech industry in Taiwan. Total returns to shareholders over the past year are 83%. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment deteriorated over the past week After last week's 22% share price decline to NT$250, the stock is trading at a trailing P/E ratio of 50.4x, down from the previous P/E ratio of 64.5x. This compares to an average P/E of 15x in the Tech industry in Taiwan. Total returns to shareholders over the past year are 67%. Is New 90 Day High Low • Dec 15
New 90-day low: NT$298 The company is down 6.0% from its price of NT$318 on 17 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 3.0% over the same period.