Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to NT$5,210, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 170% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$3,084 per share. Price Target Changed • Jun 09
Price target increased by 7.0% to NT$3,100 Up from NT$2,897, the current price target is an average from 18 analysts. New target price is 20% below last closing price of NT$3,885. Stock is up 67% over the past year. The company is forecast to post earnings per share of NT$186 for next year compared to NT$159 last year. Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$3,985, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 100% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$3,297 per share. Buy Or Sell Opportunity • Jun 03
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 69% to NT$3,985. The fair value is estimated to be NT$3,295, 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 7.1%. For the next 3 years, revenue is forecast to grow by 4.1% per annum. Earnings are also forecast to grow by 5.9% per annum over the same time period. New Risk • Jun 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 9.4% 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: 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 (9.4% average weekly change). Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$3,135, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 21x in the Electronic industry in Taiwan. Total returns to shareholders of 57% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$3,310 per share. Reported Earnings • Apr 21
First quarter 2026 earnings released: EPS: NT$46.63 (vs NT$48.28 in 1Q 2025) First quarter 2026 results: EPS: NT$46.63 (down from NT$48.28 in 1Q 2025). Revenue: NT$15.5b (up 6.6% from 1Q 2025). Net income: NT$6.12b (down 5.0% from 1Q 2025). Profit margin: 39% (down from 44% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Electronic industry in Taiwan. 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 10% per year. Price Target Changed • Apr 20
Price target increased by 7.4% to NT$2,869 Up from NT$2,671, the current price target is an average from 18 analysts. New target price is 6.3% above last closing price of NT$2,700. Stock is up 28% over the past year. The company is forecast to post earnings per share of NT$181 for next year compared to NT$159 last year. Buy Or Sell Opportunity • Apr 17
Now 24% undervalued Over the last 90 days, the stock has risen 6.8% to NT$2,595. The fair value is estimated to be NT$3,426, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 6.7%. For the next 3 years, revenue is forecast to grow by 3.5% per annum. Earnings are also forecast to grow by 3.2% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$2,670, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 21x in the Electronic industry in Taiwan. Total returns to shareholders of 41% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$3,332 per share. Upcoming Dividend • Mar 13
Upcoming dividend of NT$52.00 per share Eligible shareholders must have bought the stock before 19 March 2026. Payment date: 16 April 2026. Payout ratio is a comfortable 50% and the cash payout ratio is 78%. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (1.8%). Reported Earnings • Feb 27
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: NT$159 (down from NT$194 in FY 2024). Revenue: NT$61.1b (up 2.8% from FY 2024). Net income: NT$21.3b (down 18% from FY 2024). Profit margin: 35% (down from 44% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Electronic industry in Taiwan. 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 4% per year. Declared Dividend • Feb 26
Dividend of NT$52.00 announced Shareholders will receive a dividend of NT$52.00. Ex-date: 19th March 2026 Payment date: 16th April 2026 Dividend yield will be 3.2%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (49% earnings payout ratio) and cash flows (68% cash payout ratio). The dividend has increased by an average of 6.7% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 8.3% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Ankündigung • Feb 25
LARGAN Precision Co.,Ltd, Annual General Meeting, Jun 09, 2026 LARGAN Precision Co.,Ltd, Annual General Meeting, Jun 09, 2026, at 09:00 Taipei Standard Time. Location: no,300, ch`eng kung w. rd., wurih district, taichung city Taiwan Valuation Update With 7 Day Price Move • Dec 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$2,385, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 29% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$3,160 per share. Reported Earnings • Nov 06
Third quarter 2025 earnings: Revenues and EPS in line with analyst expectations Third quarter 2025 results: EPS: NT$53.05 (up from NT$49.67 in 3Q 2024). Revenue: NT$17.7b (down 6.7% from 3Q 2024). Net income: NT$7.08b (up 6.8% from 3Q 2024). Profit margin: 40% (up from 35% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Electronic industry in Taiwan. 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 4% per year. Reported Earnings • Aug 06
Second quarter 2025 earnings: EPS misses analyst expectations Second quarter 2025 results: EPS: NT$7.73 (down from NT$33.70 in 2Q 2024). Revenue: NT$11.7b (up 6.3% from 2Q 2024). Net income: NT$1.03b (down 77% from 2Q 2024). Profit margin: 8.8% (down from 41% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 10%. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 5% per year and the company’s share price has also increased by 5% per year. Declared Dividend • Jul 30
Dividend of NT$28.00 announced Shareholders will receive a dividend of NT$28.00. Ex-date: 14th August 2025 Payment date: 11th September 2025 Dividend yield will be 3.7%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (50% earnings payout ratio) and cash flows (80% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 2.9% over the next 3 years. However, it would need to fall by 45% to increase the payout ratio to a potentially unsustainable range. Major Estimate Revision • Jul 11
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$63.2b to NT$61.7b. EPS estimate also fell from NT$183 per share to NT$161 per share. Net income forecast to shrink 15% next year vs 22% growth forecast for Electronic industry in Taiwan . Consensus price target down from NT$2,724 to NT$2,640. Share price was steady at NT$2,290 over the past week. Buy Or Sell Opportunity • Jul 07
Now 20% undervalued Over the last 90 days, the stock has risen 9.8% to NT$2,180. The fair value is estimated to be NT$2,732, however this is not to be taken as a buy 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 6.2%. For the next 3 years, revenue is forecast to grow by 2.1% per annum. Earnings are forecast to decline by 1.1% per annum over the same time period. Ankündigung • Jun 07
LARGAN Precision Co.,Ltd. Approves Board Changes LARGAN Precision Co.,Ltd. approved the appointment of New independent director Chin-Fang Lin: Largan Precision Vice President Kuang-Tao Chang: Chuangyi Investment Chairman Shu-Min Li: Taishin Securities Vice President in place of Shan-Chieh Yen, Ming-Hua Peng and Chun-Yi Lu. Effective date of the new appointment on June 6, 2025. New Risk • May 07
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 1.4% per year for the foreseeable future. High level of non-cash earnings (22% accrual ratio). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 07
First quarter 2025 earnings released: EPS: NT$48.28 (vs NT$45.79 in 1Q 2024) First quarter 2025 results: EPS: NT$48.28 (up from NT$45.79 in 1Q 2024). Revenue: NT$14.6b (up 29% from 1Q 2024). Net income: NT$6.44b (up 5.4% from 1Q 2024). Profit margin: 44% (down from 54% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Taiwan. 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 9% per year. Buy Or Sell Opportunity • May 05
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 24% to NT$2,120. The fair value is estimated to be NT$2,710, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.7% over the last 3 years. Earnings per share has grown by 4.4%. For the next 3 years, revenue is forecast to grow by 3.5% per annum. Earnings are forecast to decline by 1.0% per annum over the same time period. Ankündigung • Apr 12
LARGAN Precision Co.,Ltd to Report Q1, 2025 Results on Apr 21, 2025 LARGAN Precision Co.,Ltd announced that they will report Q1, 2025 results on Apr 21, 2025 Price Target Changed • Apr 11
Price target decreased by 8.8% to NT$2,845 Down from NT$3,119, the current price target is an average from 20 analysts. New target price is 40% above last closing price of NT$2,035. Stock is down 13% over the past year. The company is forecast to post earnings per share of NT$186 for next year compared to NT$194 last year. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$1,985, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 35% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$3,844 per share. Upcoming Dividend • Mar 13
Upcoming dividend of NT$57.50 per share Eligible shareholders must have bought the stock before 20 March 2025. Payment date: 17 April 2025. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of Taiwanese dividend payers (4.4%). Higher than average of industry peers (2.9%). New Risk • Feb 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Feb 28
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: NT$194 (up from NT$134 in FY 2023). Revenue: NT$59.5b (up 22% from FY 2023). Net income: NT$25.9b (up 45% from FY 2023). Profit margin: 44% (up from 37% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.3%. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Feb 26
Dividend of NT$57.50 announced Shareholders will receive a dividend of NT$57.50. Ex-date: 20th March 2025 Payment date: 17th April 2025 Dividend yield will be 3.5%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (49% earnings payout ratio) but not covered by cash flows (104% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 9.6% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Ankündigung • Feb 25
LARGAN Precision Co.,Ltd, Annual General Meeting, Jun 06, 2025 LARGAN Precision Co.,Ltd, Annual General Meeting, Jun 06, 2025, at 09:00 Taipei Standard Time. Location: no,300, ch`eng kung w. rd., wurih district, taichung city Taiwan Ankündigung • Feb 15
LARGAN Precision Co.,Ltd to Report Q4, 2024 Results on Feb 24, 2025 LARGAN Precision Co.,Ltd announced that they will report Q4, 2024 results on Feb 24, 2025 New Risk • Nov 10
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risk Dividend is not well covered by cash flows (104% cash payout ratio). Reported Earnings • Nov 08
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: NT$49.67 (up from NT$44.60 in 3Q 2023). Revenue: NT$18.9b (up 39% from 3Q 2023). Net income: NT$6.63b (up 11% from 3Q 2023). Profit margin: 35% (down from 44% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 7.2%. Earnings per share (EPS) also surpassed analyst estimates by 1.1%. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 3% per year. Ankündigung • Oct 19
LARGAN Precision Co.,Ltd to Report Q3, 2024 Results on Oct 28, 2024 LARGAN Precision Co.,Ltd announced that they will report Q3, 2024 results on Oct 28, 2024 Price Target Changed • Oct 18
Price target decreased by 7.1% to NT$3,121 Down from NT$3,360, the current price target is an average from 20 analysts. New target price is 35% above last closing price of NT$2,320. Stock is up 14% over the past year. The company is forecast to post earnings per share of NT$178 for next year compared to NT$134 last year. Reported Earnings • Aug 06
Second quarter 2024 earnings: Revenues and EPS in line with analyst expectations Second quarter 2024 results: EPS: NT$33.70 (up from NT$27.69 in 2Q 2023). Revenue: NT$11.0b (up 34% from 2Q 2023). Net income: NT$4.50b (up 22% from 2Q 2023). Profit margin: 41% (down from 45% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 1% per year and the company’s share price has also fallen by 1% per year. Declared Dividend • Jul 31
Dividend of NT$40.00 announced Shareholders will receive a dividend of NT$40.00. Ex-date: 15th August 2024 Payment date: 12th September 2024 Dividend yield will be 2.9%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (43% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 20% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Ankündigung • Jul 30
LARGAN Precision Co.,Ltd Announces Common Stock Cash Dividend for the First Half of 2024, Payable on September 12, 2024 LARGAN Precision Co.,Ltd announced common stock cash dividends of TWD 5,338,727,880 for the first half of 2024. Ex-rights (ex-dividend) trading date is August 15, 2024. Ex-rights (ex-dividend) record date is August 22, 2024. Payment date of common stock cash dividend distribution is September 12, 2024. Ankündigung • Jul 17
LARGAN Precision Co.,Ltd to Report Q2, 2024 Results on Jul 29, 2024 LARGAN Precision Co.,Ltd announced that they will report Q2, 2024 results on Jul 29, 2024 Price Target Changed • Jul 12
Price target increased by 8.8% to NT$3,318 Up from NT$3,050, the current price target is an average from 20 analysts. New target price is 8.3% above last closing price of NT$3,065. Stock is up 33% over the past year. The company is forecast to post earnings per share of NT$177 for next year compared to NT$134 last year. Valuation Update With 7 Day Price Move • Jul 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$3,110, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 20% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$2,633 per share. Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$2,640, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 3.0% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$2,454 per share. Reported Earnings • May 15
First quarter 2024 earnings: EPS in line with expectations, revenues disappoint First quarter 2024 results: EPS: NT$45.79 (up from NT$24.64 in 1Q 2023). Revenue: NT$11.3b (up 24% from 1Q 2023). Net income: NT$6.11b (up 86% from 1Q 2023). Profit margin: 54% (up from 36% in 1Q 2023). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 8% per year. Upcoming Dividend • Mar 14
Upcoming dividend of NT$41.00 per share Eligible shareholders must have bought the stock before 21 March 2024. Payment date: 17 April 2024. Payout ratio is a comfortable 50% and the cash payout ratio is 99%. Trailing yield: 2.7%. Lower than top quartile of Taiwanese dividend payers (4.8%). Lower than average of industry peers (3.4%). Reported Earnings • Mar 03
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: NT$134 (down from NT$170 in FY 2022). Revenue: NT$48.8b (up 2.4% from FY 2022). Net income: NT$17.9b (down 21% from FY 2022). Profit margin: 37% (down from 48% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.2%. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 9% per year. Declared Dividend • Feb 29
Dividend of NT$41.00 announced Shareholders will receive a dividend of NT$41.00. Ex-date: 21st March 2024 Payment date: 17th April 2024 Dividend yield will be 2.6%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (57% earnings payout ratio) and cash flows (69% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Ankündigung • Feb 27
LARGAN Precision Co.,Ltd, Annual General Meeting, Jun 07, 2024 LARGAN Precision Co.,Ltd, Annual General Meeting, Jun 07, 2024. Location: No. 300, Chenggong W. Rd., Wuri Dist. Taichung Taiwan Agenda: To consider 2023 Business Report; to consider Audit Committee Review Report; to consider 2023 Employee and Director Compensation Report; to consider 2023 Cash Dividend Earnings Distribution Report; to consider 2023 Business Report and Financial Statements; to consider 2023 Earnings Distribution; and to consider any other matters. Price Target Changed • Jan 12
Price target increased by 9.8% to NT$2,898 Up from NT$2,639, the current price target is an average from 19 analysts. New target price is 11% above last closing price of NT$2,615. Stock is up 30% over the past year. The company is forecast to post earnings per share of NT$139 for next year compared to NT$170 last year. Upcoming Dividend • Aug 10
Upcoming dividend of NT$26.50 per share at 3.4% yield Eligible shareholders must have bought the stock before 17 August 2023. Payment date: 14 September 2023. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (4.1%). Ankündigung • Jul 25
LARGAN Precision Co.,Ltd Declares Cash Dividend for First Half of 2023, payable on September 14, 2023 LARGAN Precision Co.,Ltd declares cash dividend for first half of 2023. Type and monetary amount of dividend distribution: Cash dividends of TWD 3,536,907,221. Ex-rights (ex-dividend) trading date: August 17, 2023. Ex-rights (ex-dividend) record date: August 24, 2023. Payment date of cash dividend distribution: September 14, 2023. Reported Earnings • Jul 16
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: NT$27.69 (down from NT$37.06 in 2Q 2022). Revenue: NT$8.19b (down 15% from 2Q 2022). Net income: NT$3.70b (down 25% from 2Q 2022). Profit margin: 45% (down from 51% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.9%. Earnings per share (EPS) exceeded analyst estimates by 19%. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Mar 09
Upcoming dividend of NT$46.00 per share at 3.8% yield Eligible shareholders must have bought the stock before 16 March 2023. Payment date: 14 April 2023. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Taiwanese dividend payers (6.0%). Lower than average of industry peers (4.5%). Reported Earnings • Feb 26
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: NT$170 (up from NT$139 in FY 2021). Revenue: NT$47.7b (up 1.5% from FY 2021). Net income: NT$22.6b (up 21% from FY 2021). Profit margin: 48% (up from 40% in FY 2021). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.7%. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Board Change • Nov 16
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 not an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 6 highly experienced directors. 2 independent directors (6 non-independent directors). Independent Director Ming-Hua Peng was the last independent director to join the board, commencing their role in 2016. 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 02
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: NT$61.01 (up from NT$39.22 in 3Q 2021). Revenue: NT$13.5b (up 13% from 3Q 2021). Net income: NT$8.14b (up 55% from 3Q 2021). Profit margin: 60% (up from 44% in 3Q 2021). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has fallen by 27% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Oct 14
Consensus EPS estimates increase by 10% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from NT$44.9b to NT$46.1b. EPS estimate increased from NT$150 to NT$165 per share. Net income forecast to shrink 3.9% next year vs 3.5% growth forecast for Electronic industry in Taiwan . Consensus price target broadly unchanged at NT$1,986. Share price fell 2.4% to NT$1,800 over the past week. Buying Opportunity • Oct 03
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 6.8%. The fair value is estimated to be NT$2,054, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 9.0% over the last 3 years. Earnings per share has declined by 14%. Revenue is forecast to grow by 9.3% in 2 years. Earnings is forecast to decline by 12% in the next 2 years. Upcoming Dividend • Aug 11
Upcoming dividend of NT$39.50 per share Eligible shareholders must have bought the stock before 18 August 2022. Payment date: 15 September 2022. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Taiwanese dividend payers (6.6%). Lower than average of industry peers (4.6%). Reported Earnings • Jul 26
Second quarter 2022 earnings: EPS exceeds analyst expectations Second quarter 2022 results: EPS: NT$37.06 (up from NT$22.07 in 2Q 2021). Revenue: NT$9.68b (down 4.3% from 2Q 2021). Net income: NT$4.95b (up 67% from 2Q 2021). Profit margin: 51% (up from 29% in 2Q 2021). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 49%. Over the next year, revenue is forecast to grow 2.1%, compared to a 9.4% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Price Target Changed • Apr 27
Price target decreased to NT$1,973 Down from NT$2,329, the current price target is an average from 18 analysts. New target price is 21% above last closing price of NT$1,635. Stock is down 47% over the past year. The company is forecast to post earnings per share of NT$138 for next year compared to NT$139 last year. Reported Earnings • Apr 27
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: NT$41.30 (up from NT$39.63 in 1Q 2021). Revenue: NT$10.1b (down 14% from 1Q 2021). Net income: NT$5.51b (up 3.7% from 1Q 2021). Profit margin: 54% (up from 45% in 1Q 2021). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 11%. Over the next year, revenue is forecast to grow 3.8%, compared to a 10% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has fallen by 29% per year, which means it is performing significantly worse than earnings. 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. 3 experienced directors. 6 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Ming-Hua Peng was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Price Target Changed • Apr 15
Price target decreased to NT$2,140 Down from NT$2,414, the current price target is an average from 17 analysts. New target price is 30% above last closing price of NT$1,645. Stock is down 48% over the past year. The company is forecast to post earnings per share of NT$139 for next year compared to NT$139 last year. Upcoming Dividend • Mar 08
Upcoming dividend of NT$39.00 per share Eligible shareholders must have bought the stock before 15 March 2022. Payment date: 15 April 2022. Payout ratio is a comfortable 50% and the cash payout ratio is 82%. Trailing yield: 3.9%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.3%). Reported Earnings • Feb 24
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: NT$139 (down from NT$183 in FY 2020). Revenue: NT$47.0b (down 16% from FY 2020). Net income: NT$18.7b (down 24% from FY 2020). Profit margin: 40% (down from 44% in FY 2020). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.6%. Over the next year, revenue is forecast to grow 4.8%, compared to a 8.7% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 22% per year, which means it is performing significantly worse than earnings. Ankündigung • Feb 22
LARGAN Precision Co.,Ltd, Annual General Meeting, Jun 08, 2022 LARGAN Precision Co.,Ltd, Annual General Meeting, Jun 08, 2022. Location: No. 300, Chenggong W. Rd., Wuri Dist. Taichung Taiwan Agenda: To consider the 2021 business report; to consider the 2021 supervisor's review report; to consider the 2021 employee, director and supervisor compensation report; to consider the 2021 cash dividend earnings distribution report; 2021 business report and financial statements; and to consider the 2021 earnings distribution; to consider amendment to the articles of incorporation; to consider amendment to the procedures for election of directors; and to consider other matters. Upcoming Dividend • Jan 05
Upcoming dividend of NT$31.16 per share Eligible shareholders must have bought the stock before 12 January 2022. Payment date: 10 February 2022. Payout ratio and cash payout ratio are on the higher end at 80% and 78% respectively. Trailing yield: 2.4%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (2.8%). Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment improved over the past week After last week's 18% share price gain to NT$2,410, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Electronic industry in Taiwan. Total loss to shareholders of 18% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$3,628 per share. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS NT$39.22 (vs NT$43.74 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2021 results: Revenue: NT$12.0b (down 19% from 3Q 2020). Net income: NT$5.26b (down 10% from 3Q 2020). Profit margin: 44% (up from 40% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Price Target Changed • Oct 08
Price target decreased to NT$2,865 Down from NT$3,209, the current price target is an average from 18 analysts. New target price is 43% above last closing price of NT$2,005. Stock is down 41% over the past year. Upcoming Dividend • Aug 03
Upcoming dividend of NT$91.50 per share Eligible shareholders must have bought the stock before 10 August 2021. Payment date: 03 September 2021. Trailing yield: 3.2%. Lower than top quartile of Taiwanese dividend payers (5.0%). In line with average of industry peers (3.0%). Reported Earnings • Jul 27
Second quarter 2021 earnings released: EPS NT$22.07 (vs NT$37.19 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$10.1b (down 20% from 2Q 2020). Net income: NT$2.96b (down 41% from 2Q 2020). Profit margin: 29% (down from 39% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Jul 10
Consensus EPS estimates fall to NT$164 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from NT$55.9b to NT$52.9b. EPS estimate also fell from NT$186 to NT$164. Net income forecast to grow 0.3% next year vs 19% growth forecast for Electronic industry in Taiwan. Consensus price target broadly unchanged at NT$3,409. Share price fell 3.7% to NT$2,990 over the past week. Reported Earnings • Apr 28
First quarter 2021 earnings released: EPS NT$39.62 (vs NT$50.10 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$11.8b (down 11% from 1Q 2020). Net income: NT$5.32b (down 21% from 1Q 2020). Profit margin: 45% (down from 51% in 1Q 2020). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Major Estimate Revision • Apr 08
Consensus EPS estimates fall to NT$180 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from NT$60.4b to NT$59.2b. EPS estimate also fell from NT$202 to NT$180. Net income forecast to grow 5.2% next year vs 26% growth forecast for Electronic industry in Taiwan. Consensus price target broadly unchanged at NT$3,490. Share price fell 5.5% to NT$3,000 over the past week. Analyst Estimate Surprise Post Earnings • Feb 24
Revenue and earnings miss expectations Revenue missed analyst estimates by 0.8%. Earnings per share (EPS) also missed analyst estimates by 4.0%. Over the next year, revenue is forecast to grow 7.8%, compared to a 16% growth forecast for the Electronic industry in Taiwan. Ankündigung • Feb 23
LARGAN Precision Co.,Ltd, Annual General Meeting, Jun 10, 2021 LARGAN Precision Co.,Ltd, Annual General Meeting, Jun 10, 2021. Location: No. 300, Chenggong W. Rd., Wuri Dist., Taichung Taiwan Agenda: To consider the 2020 business report; to consider the 2020 supervisors' review report; to consider the 2020 employee, director and supervisor compensation report; to consider the 2020 cash dividend earnings distribution report; 2020 business report and financial statements; and to consider the 2020 earnings distribution. Reported Earnings • Feb 23
Full year 2020 earnings released: EPS NT$183 (vs NT$211 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$55.9b (down 7.9% from FY 2019). Net income: NT$24.5b (down 13% from FY 2019). Profit margin: 44% (down from 47% 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 2% per year whereas the company’s share price has fallen by 1% per year. Is New 90 Day High Low • Feb 22
New 90-day high: NT$3,510 The company is up 4.0% from its price of NT$3,370 on 24 November 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$3,884 per share. 