Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to NT$68.70, the stock trades at a trailing P/E ratio of 29x. Average trailing P/E is 24x in the Electrical industry in Taiwan. Total returns to shareholders of 86% over the past three years. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$54.50, the stock trades at a trailing P/E ratio of 23x. Average trailing P/E is 27x in the Electrical industry in Taiwan. Total returns to shareholders of 50% over the past three years. Declared Dividend • May 11
Dividend reduced to NT$1.80 Dividend of NT$1.80 is 55% lower than last year. Ex-date: 23rd June 2026 Payment date: 15th July 2026 Dividend yield will be 3.2%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (76% earnings payout ratio) and cash flows (74% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 16% to shift the payout ratio to a potentially unsustainable range, which is more than the 14% EPS decline seen over the last 5 years. Reported Earnings • May 07
First quarter 2026 earnings released: EPS: NT$0.73 (vs NT$0.36 in 1Q 2025) First quarter 2026 results: EPS: NT$0.73 (up from NT$0.36 in 1Q 2025). Revenue: NT$286.7m (up 24% from 1Q 2025). Net income: NT$34.0m (up 103% from 1Q 2025). Profit margin: 12% (up from 7.2% in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. New Risk • Mar 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 56% 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 11% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (216% cash payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (9.3% net profit margin). Market cap is less than US$100m (NT$2.08b market cap, or US$64.9m). Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$48.80, the stock trades at a trailing P/E ratio of 24.4x. Average trailing P/E is 27x in the Electrical industry in Taiwan. Total returns to shareholders of 36% over the past three years. Anuncio • Feb 26
Axis Corporation, Annual General Meeting, May 22, 2026 Axis Corporation, Annual General Meeting, May 22, 2026. Location: 7 floor no,38-1, sec.1 min sheng n. rd., gueishan district, taoyuan city Taiwan Reported Earnings • Feb 26
Full year 2025 earnings released: EPS: NT$2.00 (vs NT$3.87 in FY 2024) Full year 2025 results: EPS: NT$2.00 (down from NT$3.87 in FY 2024). Revenue: NT$1.00b (down 3.3% from FY 2024). Net income: NT$93.2m (down 48% from FY 2024). Profit margin: 9.3% (down from 17% in FY 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. New Risk • Nov 12
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Dividend per share is over 8x earnings per share. Cash payout ratio: 117% Dividend yield: 9.8% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Dividend per share is over 8x earnings per share. Cash payout ratio: 117% Earnings have declined by 6.0% 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). Market cap is less than US$100m (NT$1.91b market cap, or US$61.5m). Reported Earnings • Aug 05
Second quarter 2025 earnings released: NT$0.36 loss per share (vs NT$0.92 profit in 2Q 2024) Second quarter 2025 results: NT$0.36 loss per share (down from NT$0.92 profit in 2Q 2024). Revenue: NT$221.5m (down 21% from 2Q 2024). Net loss: NT$16.6m (down 139% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 24
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 01 July 2025. Payment date: 25 July 2025. The company is paying out more than 100% of its profits and is paying out 94% of its cash flow. Trailing yield: 7.6%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.8%). Declared Dividend • May 14
Dividend reduced to NT$4.00 Dividend of NT$4.00 is 4.8% lower than last year. Ex-date: 1st July 2025 Payment date: 25th July 2025 Dividend yield will be 7.5%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is not covered by earnings (228% earnings payout ratio) nor is it adequately covered by cash flows (94% cash payout ratio). The dividend has increased by an average of 4.0% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 153% to bring the payout ratio under control. However, EPS has remained steady over the last 5 years so the company would need to improve on their historical growth rates. Reported Earnings • May 05
First quarter 2025 earnings released: EPS: NT$0.36 (vs NT$2.48 in 1Q 2024) First quarter 2025 results: EPS: NT$0.36 (down from NT$2.48 in 1Q 2024). Revenue: NT$231.0m (down 3.0% from 1Q 2024). Net income: NT$16.7m (down 86% from 1Q 2024). Profit margin: 7.2% (down from 49% in 1Q 2024). 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 4% per year. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$48.70, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 17x in the Electrical industry in Taiwan. Total returns to shareholders of 29% over the past three years. Reported Earnings • Mar 12
Full year 2024 earnings released: EPS: NT$3.87 (vs NT$5.52 in FY 2023) Full year 2024 results: EPS: NT$3.87 (down from NT$5.52 in FY 2023). Revenue: NT$1.04b (down 24% from FY 2023). Net income: NT$180.5m (down 30% from FY 2023). Profit margin: 17% (down from 19% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 9% per year. Anuncio • Feb 27
Axis Corporation, Annual General Meeting, May 23, 2025 Axis Corporation, Annual General Meeting, May 23, 2025. Location: 7 floor no,38-1, sec.1 min sheng n. rd., gueishan district, taoyuan city Taiwan Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.23 (vs NT$1.87 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.23 (down from NT$1.87 in 3Q 2023). Revenue: NT$275.5m (down 24% from 3Q 2023). Net income: NT$10.8m (down 88% from 3Q 2023). Profit margin: 3.9% (down from 24% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 11% per year. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.91 (vs NT$1.88 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.91 (down from NT$1.88 in 2Q 2023). Revenue: NT$280.4m (down 15% from 2Q 2023). Net income: NT$42.6m (down 51% from 2Q 2023). Profit margin: 15% (down from 27% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 18% per year. New Risk • Jul 22
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.23b (US$98.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (46% accrual ratio). Minor Risks Dividend is not well covered by cash flows (119% cash payout ratio). Market cap is less than US$100m (NT$3.23b market cap, or US$98.3m). Buy Or Sell Opportunity • Jul 17
Now 22% overvalued Over the last 90 days, the stock has fallen 1.7% to NT$73.70. The fair value is estimated to be NT$60.59, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.1% over the last 3 years. Earnings per share has grown by 8.4%. Upcoming Dividend • Jun 13
Upcoming dividend of NT$4.20 per share Eligible shareholders must have bought the stock before 20 June 2024. Payment date: 15 July 2024. Payout ratio is a comfortable 58% and the cash payout ratio is 85%. Trailing yield: 5.2%. Within top quartile of Taiwanese dividend payers (4.3%). Higher than average of industry peers (2.4%). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$2.48 (vs NT$0.73 in 1Q 2023) First quarter 2024 results: EPS: NT$2.48 (up from NT$0.73 in 1Q 2023). Revenue: NT$238.1m (down 30% from 1Q 2023). Net income: NT$115.4m (up 239% from 1Q 2023). Profit margin: 49% (up from 10% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 12
Full year 2023 earnings released: EPS: NT$5.52 (vs NT$3.94 in FY 2022) Full year 2023 results: EPS: NT$5.52 (up from NT$3.94 in FY 2022). Revenue: NT$1.36b (down 16% from FY 2022). Net income: NT$257.3m (up 40% from FY 2022). Profit margin: 19% (up from 11% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Anuncio • Mar 08
Axis Corporation, Annual General Meeting, May 31, 2024 Axis Corporation, Annual General Meeting, May 31, 2024. New Risk • Feb 27
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 7.9% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.9% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Buy Or Sell Opportunity • Feb 27
Now 24% undervalued Over the last 90 days, the stock has risen 34% to NT$80.00. The fair value is estimated to be NT$105, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 8.0%. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$80.80, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 20x in the Electrical industry in Taiwan. Total returns to shareholders of 170% over the past three years. New Risk • Nov 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 110% 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: 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 (6.4% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.77b market cap, or US$87.6m). Reported Earnings • Nov 03
Third quarter 2023 earnings released: EPS: NT$1.87 (vs NT$1.69 in 3Q 2022) Third quarter 2023 results: EPS: NT$1.87 (up from NT$1.69 in 3Q 2022). Revenue: NT$361.0m (down 14% from 3Q 2022). Net income: NT$87.3m (up 11% from 3Q 2022). Profit margin: 24% (up from 19% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Nov 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 6.0% 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 (6.0% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.94b market cap, or US$90.8m). Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$57.20, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 17x in the Electrical industry in Taiwan. Total returns to shareholders of 105% over the past three years. New Risk • Sep 15
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 67% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.19b market cap, or US$68.8m). Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: NT$1.88 (vs NT$1.07 loss in 2Q 2022) Second quarter 2023 results: EPS: NT$1.88 (up from NT$1.07 loss in 2Q 2022). Revenue: NT$330.3m (down 14% from 2Q 2022). Net income: NT$87.8m (up NT$137.6m from 2Q 2022). Profit margin: 27% (up from net loss in 2Q 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 12% per year. Upcoming Dividend • Jul 05
Upcoming dividend of NT$3.00 per share at 6.5% yield Eligible shareholders must have bought the stock before 12 July 2023. Payment date: 04 August 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 6.5%. Within top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (3.0%). Reported Earnings • Mar 20
Full year 2022 earnings released: EPS: NT$3.94 (vs NT$5.01 in FY 2021) Full year 2022 results: EPS: NT$3.94 (down from NT$5.01 in FY 2021). Revenue: NT$1.61b (up 33% from FY 2021). Net income: NT$183.6m (down 21% from FY 2021). Profit margin: 11% (down from 19% in FY 2021). The decrease in margin was driven by higher expenses. 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 10% per year. Reported Earnings • Nov 06
Third quarter 2022 earnings released: EPS: NT$1.69 (vs NT$0.68 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.69 (up from NT$0.68 in 3Q 2021). Revenue: NT$419.0m (up 32% from 3Q 2021). Net income: NT$79.0m (up 148% from 3Q 2021). Profit margin: 19% (up from 10.0% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Aug 08
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be NT$51.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.3% over the last 3 years. Earnings per share has grown by 13%. Reported Earnings • Aug 07
Second quarter 2022 earnings released: NT$1.07 loss per share (vs NT$2.03 profit in 2Q 2021) Second quarter 2022 results: NT$1.07 loss per share (down from NT$2.03 profit in 2Q 2021). Revenue: NT$386.4m (up 41% from 2Q 2021). Net loss: NT$49.8m (down 153% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 12% per year. Buying Opportunity • Jul 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 8.7%. The fair value is estimated to be NT$53.53, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 20%. Upcoming Dividend • Jul 05
Upcoming dividend of NT$3.60 per share Eligible shareholders must have bought the stock before 12 July 2022. Payment date: 05 August 2022. Payout ratio is a comfortable 66% but the company is not cash flow positive. Trailing yield: 7.7%. Within top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (3.8%). Reported Earnings • May 08
First quarter 2022 earnings released: EPS: NT$1.72 (vs NT$1.26 in 1Q 2021) First quarter 2022 results: EPS: NT$1.72 (up from NT$1.26 in 1Q 2021). Revenue: NT$355.9m (up 23% from 1Q 2021). Net income: NT$80.3m (up 37% from 1Q 2021). Profit margin: 23% (up from 20% 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 20% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 13
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$5.01 (up from NT$3.10 in FY 2020). Revenue: NT$1.21b (up 19% from FY 2020). Net income: NT$233.4m (up 61% from FY 2020). Profit margin: 19% (up from 14% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS NT$0.68 (vs NT$1.09 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$317.4m (down 2.5% from 3Q 2020). Net income: NT$31.8m (down 37% from 3Q 2020). Profit margin: 10.0% (down from 16% in 3Q 2020). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 14% per year. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$2.03 (vs NT$1.96 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: NT$274.8m (up 58% from 2Q 2020). Net income: NT$94.6m (up 3.2% from 2Q 2020). Profit margin: 34% (down from 53% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 12
Upcoming dividend of NT$2.70 per share Eligible shareholders must have bought the stock before 19 July 2021. Payment date: 06 August 2021. Trailing yield: 6.4%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (3.3%). Reported Earnings • May 09
First quarter 2021 earnings released: EPS NT$1.26 (vs NT$0.78 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$289.7m (up 30% from 1Q 2020). Net income: NT$58.8m (up NT$95.1m from 1Q 2020). Profit margin: 20% (up from net loss in 1Q 2020). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 10% per year. Reported Earnings • Mar 20
Full year 2020 earnings released: EPS NT$3.10 (vs NT$4.28 in FY 2019) The company reported a poor full year result with weaker earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: NT$1.02b (flat on FY 2019). Net income: NT$144.7m (down 28% from FY 2019). Profit margin: 14% (down from 20% in FY 2019). 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 7% per year. Is New 90 Day High Low • Mar 10
New 90-day high: NT$37.85 The company is up 6.0% from its price of NT$35.65 on 10 December 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Electrical industry, which is also up 6.0% over the same period. Is New 90 Day High Low • Dec 21
New 90-day high: NT$36.35 The company is up 8.0% from its price of NT$33.70 on 23 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Electrical industry, which is up 5.0% over the same period. Is New 90 Day High Low • Dec 04
New 90-day high: NT$36.00 The company is up 1.0% from its price of NT$35.55 on 04 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 Electrical industry, which is up 5.0% over the same period. Reported Earnings • Nov 08
Third quarter 2020 earnings released: EPS NT$1.09 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: NT$325.5m (up 33% from 3Q 2019). Net income: NT$50.8m (up 1.1% from 3Q 2019). Profit margin: 16% (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 4% per year whereas the company’s share price has increased by 2% per year.