Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to NT$92.90, the stock trades at a trailing P/E ratio of 69.2x. Average trailing P/E is 39x in the Semiconductor industry in Taiwan. Total returns to shareholders of 220% over the past three years. Upcoming Dividend • Jul 08
Upcoming dividend of NT$0.60 per share Eligible shareholders must have bought the stock before 14 July 2026. Payment date: 07 August 2026. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of Taiwanese dividend payers (4.9%). Lower than average of industry peers (1.0%). Declared Dividend • Jun 24
Dividend increased to NT$0.60 Dividend of NT$0.60 is 20% higher than last year. Ex-date: 14th July 2026 Payment date: 7th August 2026 Dividend yield will be 0.4%, which is lower than the industry average of 3.0%. Payout Ratios Payout ratio: 68%. Cash payout ratio: 40%. Reported Earnings • May 13
First quarter 2026 earnings released: EPS: NT$0.31 (vs NT$0.23 loss in 1Q 2025) First quarter 2026 results: EPS: NT$0.31 (up from NT$0.23 loss in 1Q 2025). Revenue: NT$405.2m (up 14% from 1Q 2025). Net income: NT$15.8m (up NT$27.4m from 1Q 2025). Profit margin: 3.9% (up from net loss in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 112% per year, which means it is well ahead of earnings. New Risk • Apr 18
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 32% 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 Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 35% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. New Risk • Mar 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.18b (US$99.6m) 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 Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 35% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$3.18b market cap, or US$99.6m). Reported Earnings • Mar 06
Full year 2025 earnings released: EPS: NT$0.81 (vs NT$0.60 in FY 2024) Full year 2025 results: EPS: NT$0.81 (up from NT$0.60 in FY 2024). Revenue: NT$1.57b (up 14% from FY 2024). Net income: NT$41.1m (up 33% from FY 2024). Profit margin: 2.6% (up from 2.2% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 44% per year, which means it is well ahead of earnings. Anuncio • Mar 05
Zen Voce Corporation, Annual General Meeting, Jun 12, 2026 Zen Voce Corporation, Annual General Meeting, Jun 12, 2026. Location: 1 floor building. c no,18, sec.2 sheng i rd., jhubei city, hsinchu county Taiwan Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: NT$0.73 (vs NT$0.18 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.73 (up from NT$0.18 loss in 3Q 2024). Revenue: NT$414.1m (up 18% from 3Q 2024). Net income: NT$37.2m (up NT$46.4m from 3Q 2024). Profit margin: 9.0% (up from net loss in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has increased by 42% per year, which means it is well ahead of earnings. Reported Earnings • Aug 17
Second quarter 2025 earnings released: NT$0.37 loss per share (vs NT$0.15 profit in 2Q 2024) Second quarter 2025 results: NT$0.37 loss per share (down from NT$0.15 profit in 2Q 2024). Revenue: NT$299.2m (down 14% from 2Q 2024). Net loss: NT$18.8m (down 349% from profit in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. New Risk • Jul 10
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 8.8% 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 Risks Share price has been highly volatile over the past 3 months (8.8% average weekly change). Earnings have declined by 24% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$1.78b market cap, or US$61.0m). Declared Dividend • Jun 26
Dividend of NT$0.50 announced Dividend of NT$0.50 is the same as last year. Ex-date: 11th July 2025 Payment date: 8th August 2025 Dividend yield will be 1.5%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (146% earnings payout ratio). However, it is well covered by cash flows (36% 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 grow by 63% to bring the payout ratio under control. However, EPS has declined by 17% over the last 5 years so the company would need to reverse this trend. New Risk • May 23
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 43% 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 24% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.0% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.73b market cap, or US$57.7m). Reported Earnings • May 14
First quarter 2025 earnings released: NT$0.23 loss per share (vs NT$0.036 profit in 1Q 2024) First quarter 2025 results: NT$0.23 loss per share (down from NT$0.036 profit in 1Q 2024). Revenue: NT$356.5m (up 9.2% from 1Q 2024). Net loss: NT$11.6m (down NT$13.4m from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. New Risk • Mar 31
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: Major Risk Earnings have declined by 15% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.1% net profit margin). Market cap is less than US$100m (NT$1.91b market cap, or US$57.4m). Anuncio • Mar 12
Zen Voce Corporation, Annual General Meeting, Jun 13, 2025 Zen Voce Corporation, Annual General Meeting, Jun 13, 2025. Location: 1 floor no,18, sec.2 sheng i rd., jhubei city, hsinchu county Taiwan Reported Earnings • Nov 19
Third quarter 2024 earnings released: NT$0.18 loss per share (vs NT$0.22 profit in 3Q 2023) Third quarter 2024 results: NT$0.18 loss per share (down from NT$0.22 profit in 3Q 2023). Revenue: NT$349.9m (down 6.1% from 3Q 2023). Net loss: NT$9.18m (down 182% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.14 (vs NT$0.022 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.14 (up from NT$0.022 in 2Q 2023). Revenue: NT$348.6m (up 2.1% from 2Q 2023). Net income: NT$7.55m (up NT$6.45m from 2Q 2023). Profit margin: 2.2% (up from 0.3% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 04
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 11 July 2024. Payment date: 08 August 2024. Payout ratio is on the higher end at 93%, however this is supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (2.0%). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.04 (vs NT$0.28 in 1Q 2023) First quarter 2024 results: EPS: NT$0.04 (down from NT$0.28 in 1Q 2023). Revenue: NT$326.3m (down 15% from 1Q 2023). Net income: NT$1.84m (down 87% from 1Q 2023). Profit margin: 0.6% (down from 3.7% in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. New Risk • Apr 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 25% 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 Share price has been highly volatile over the past 3 months (8.7% average weekly change). Minor Risks Dividend is not well covered by earnings (93% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.9% net profit margin). Market cap is less than US$100m (NT$1.65b market cap, or US$51.3m). Reported Earnings • Mar 29
Full year 2023 earnings released: EPS: NT$0.55 (vs NT$1.26 in FY 2022) Full year 2023 results: EPS: NT$0.55 (down from NT$1.26 in FY 2022). Revenue: NT$1.46b (down 3.2% from FY 2022). Net income: NT$27.9m (down 56% from FY 2022). Profit margin: 1.9% (down from 4.2% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Anuncio • Mar 21
Zen Voce Corporation, Annual General Meeting, Jun 11, 2024 Zen Voce Corporation, Annual General Meeting, Jun 11, 2024. New Risk • Mar 15
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 Dividend is not well covered by earnings (93% payout ratio). Profit margins are more than 30% lower than last year (2.9% net profit margin). Market cap is less than US$100m (NT$1.63b market cap, or US$51.7m). Buy Or Sell Opportunity • Mar 12
Now 28% overvalued after recent price rise Over the last 90 days, the stock has risen 28% to NT$32.85. The fair value is estimated to be NT$25.74, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 14%. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$32.70, the stock trades at a trailing P/E ratio of 38.1x. Average trailing P/E is 29x in the Semiconductor industry in Taiwan. Total returns to shareholders of 52% over the past three years. Buy Or Sell Opportunity • Feb 20
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to NT$32.70. The fair value is estimated to be NT$26.10, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 14%. Valuation Update With 7 Day Price Move • Jan 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$29.70, the stock trades at a trailing P/E ratio of 34.6x. Average trailing P/E is 27x in the Semiconductor industry in Taiwan. Total returns to shareholders of 43% over the past three years. Buy Or Sell Opportunity • Jan 25
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to NT$29.70. The fair value is estimated to be NT$24.36, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 14%. Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: NT$0.02 (vs NT$0.002 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.02 (up from NT$0.002 in 2Q 2022). Revenue: NT$341.4m (down 5.2% from 2Q 2022). Net income: NT$1.10m (up NT$990.0k from 2Q 2022). Profit margin: 0.3% (up from 0% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. New Risk • Aug 01
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 6.6% 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 (6.6% average weekly change). Profit margins are more than 30% lower than last year (4.1% net profit margin). Market cap is less than US$100m (NT$1.60b market cap, or US$50.9m). Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$27.80, the stock trades at a trailing P/E ratio of 22.7x. Average trailing P/E is 19x in the Semiconductor industry in Taiwan. Total returns to shareholders of 101% over the past three years. Upcoming Dividend • Jul 06
Upcoming dividend of NT$0.80 per share at 3.3% yield Eligible shareholders must have bought the stock before 13 July 2023. Payment date: 08 August 2023. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Taiwanese dividend payers (5.4%). In line with average of industry peers (3.2%). Reported Earnings • Aug 06
Second quarter 2022 earnings released: EPS: NT$0.002 (vs NT$0.66 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.002 (down from NT$0.66 in 2Q 2021). Revenue: NT$360.3m (up 14% from 2Q 2021). Net income: NT$109.0k (down 100% from 2Q 2021). Profit margin: 0% (down from 11% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 03
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 10 August 2022. Payment date: 02 September 2022. Payout ratio is a comfortable 48% but the company is paying out more than the cash it is generating. Trailing yield: 4.7%. Lower than top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (3.7%). Reported Earnings • May 09
First quarter 2022 earnings released: EPS: NT$0.31 (vs NT$0.33 in 1Q 2021) First quarter 2022 results: EPS: NT$0.31 (down from NT$0.33 in 1Q 2021). Revenue: NT$353.2m (up 31% from 1Q 2021). Net income: NT$16.0m (down 5.8% from 1Q 2021). Profit margin: 4.5% (down from 6.3% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 06
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: NT$2.11 (up from NT$1.50 in FY 2020). Revenue: NT$1.31b (up 9.1% from FY 2020). Net income: NT$107.7m (up 41% from FY 2020). Profit margin: 8.2% (up from 6.4% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.7%. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.72 (vs NT$0.25 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$363.3m (up 24% from 3Q 2020). Net income: NT$36.6m (up 187% from 3Q 2020). Profit margin: 10% (up from 4.3% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS NT$0.66 (vs NT$0.87 in 2Q 2020) The company reported a poor second quarter result with weaker earnings and profit margins, although revenues were flat. Second quarter 2021 results: Revenue: NT$316.0m (flat on 2Q 2020). Net income: NT$33.5m (down 25% from 2Q 2020). Profit margin: 11% (down from 14% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 12
Upcoming dividend of NT$0.90 per share Eligible shareholders must have bought the stock before 19 July 2021. Payment date: 11 August 2021. Trailing yield: 3.7%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (2.2%). Reported Earnings • May 17
First quarter 2021 earnings released: EPS NT$0.33 (vs NT$0.082 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$270.7m (up 8.0% from 1Q 2020). Net income: NT$17.0m (up NT$21.2m from 1Q 2020). Profit margin: 6.3% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 14
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$23.80, the stock trades at a trailing P/E ratio of 15.8x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 24% over the past three years. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improved over the past week After last week's 20% share price gain to NT$32.10, the stock trades at a trailing P/E ratio of 21.4x. Average trailing P/E is 29x in the Semiconductor industry in Taiwan. Total returns to shareholders of 80% over the past three years. Reported Earnings • Mar 24
Full year 2020 earnings released: EPS NT$1.50 (vs NT$1.05 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$1.20b (up 1.5% from FY 2019). Net income: NT$76.6m (up 43% from FY 2019). Profit margin: 6.4% (up from 4.5% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Mar 03
New 90-day high: NT$26.00 The company is up 14% from its price of NT$22.80 on 03 December 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 22% over the same period. Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment improved over the past week After last week's 16% share price gain to NT$24.90, the stock is trading at a trailing P/E ratio of 21.2x, up from the previous P/E ratio of 18.3x. This compares to an average P/E of 26x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 16%. Is New 90 Day High Low • Jan 12
New 90-day high: NT$23.75 The company is up 18% from its price of NT$20.10 on 15 October 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 28% over the same period. Is New 90 Day High Low • Dec 09
New 90-day high: NT$23.20 The company is up 7.0% from its price of NT$21.70 on 11 September 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 25% over the same period. Valuation Update With 7 Day Price Move • Dec 05
Market bids up stock over the past week After last week's 17% share price gain to NT$23.15, the stock is trading at a trailing P/E ratio of 19.7x, up from the previous P/E ratio of 16.9x. This compares to an average P/E of 25x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 14%. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.25 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$293.9m (down 3.4% from 3Q 2019). Net income: NT$12.7m (down 42% from 3Q 2019). Profit margin: 4.3% (down from 7.2% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings.