New Risk • Apr 11
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 172% Dividend yield: 2.2% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 18% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (172% payout ratio). Market cap is less than US$100m (NT$1.04b market cap, or US$32.8m). Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: NT$0.29 (vs NT$0.32 in FY 2024) Full year 2025 results: EPS: NT$0.29 (down from NT$0.32 in FY 2024). Revenue: NT$892.6m (down 42% from FY 2024). Net income: NT$13.3m (down 9.3% from FY 2024). Profit margin: 1.5% (up from 0.9% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Anuncio • Mar 10
Sentronic International Corp., Annual General Meeting, Jun 26, 2026 Sentronic International Corp., Annual General Meeting, Jun 26, 2026. Location: 25- floor no,93, sec.1 hsin t`ai 5th rd., sijhih district, new taipei city Taiwan Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: NT$0.32 (vs NT$0.084 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.32 (up from NT$0.084 loss in 3Q 2024). Revenue: NT$217.6m (down 44% from 3Q 2024). Net income: NT$15.1m (up NT$19.0m from 3Q 2024). Profit margin: 6.9% (up from net loss in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 10% per year. Reported Earnings • Aug 17
Second quarter 2025 earnings released: NT$0.28 loss per share (vs NT$0.24 profit in 2Q 2024) Second quarter 2025 results: NT$0.28 loss per share (down from NT$0.24 profit in 2Q 2024). Revenue: NT$232.1m (down 42% from 2Q 2024). Net loss: NT$13.2m (down 219% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Declared Dividend • Jul 30
Dividend of NT$0.50 announced Shareholders will receive a dividend of NT$0.50. Ex-date: 14th August 2025 Payment date: 15th September 2025 Dividend yield will be 1.9%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (76% earnings payout ratio) and cash flows (7% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 1.9% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$0.24 (vs NT$0.16 in 1Q 2024) First quarter 2025 results: EPS: NT$0.24 (up from NT$0.16 in 1Q 2024). Revenue: NT$257.9m (down 43% from 1Q 2024). Net income: NT$11.2m (up 50% from 1Q 2024). Profit margin: 4.3% (up from 1.7% in 1Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$23.45, the stock trades at a trailing P/E ratio of 74.3x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total loss to shareholders of 20% over the past three years. New Risk • Apr 04
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% 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 4.5% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.34b market cap, or US$40.4m). Reported Earnings • Mar 21
Full year 2024 earnings released: EPS: NT$0.32 (vs NT$0.26 in FY 2023) Full year 2024 results: EPS: NT$0.32 (up from NT$0.26 in FY 2023). Revenue: NT$1.55b (up 2.8% from FY 2023). Net income: NT$14.7m (up 24% from FY 2023). Profit margin: 0.9% (in line with FY 2023). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Anuncio • Mar 14
Sentronic International Corp., Annual General Meeting, Jun 20, 2025 Sentronic International Corp., Annual General Meeting, Jun 20, 2025, at 09:00 Taipei Standard Time. Location: 25- floor no,93, sec.1 hsin t`ai 5th rd., sijhih district, new taipei city Taiwan Reported Earnings • Nov 19
Third quarter 2024 earnings released: NT$0.08 loss per share (vs NT$0.081 profit in 3Q 2023) Third quarter 2024 results: NT$0.08 loss per share (down from NT$0.081 profit in 3Q 2023). Revenue: NT$384.8m (down 6.9% from 3Q 2023). Net loss: NT$3.91m (down 203% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 53% 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 • Aug 17
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% 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 Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.36b market cap, or US$42.1m). Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.24 (vs NT$0.37 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.24 (down from NT$0.37 in 2Q 2023). Revenue: NT$402.0m (up 13% from 2Q 2023). Net income: NT$11.1m (down 35% from 2Q 2023). Profit margin: 2.8% (down from 4.8% in 2Q 2023). 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 14% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$29.65, the stock trades at a trailing P/E ratio of 65.9x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 71% over the past three years. Declared Dividend • Aug 08
Dividend of NT$0.50 announced Dividend of NT$0.50 is the same as last year. Ex-date: 22nd August 2024 Payment date: 19th September 2024 Dividend yield will be 2.0%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is not covered by earnings (111% earnings payout ratio). However, it is well covered by cash flows (10% cash payout ratio). The dividend has increased by an average of 2.3% 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 24% to bring the payout ratio under control. However, EPS has declined by 1.0% over the last 5 years so the company would need to reverse this trend. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.16 (vs NT$0.035 loss in 1Q 2023) First quarter 2024 results: EPS: NT$0.16 (up from NT$0.035 loss in 1Q 2023). Revenue: NT$451.7m (up 34% from 1Q 2023). Net income: NT$7.47m (up NT$9.08m from 1Q 2023). Profit margin: 1.7% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. New Risk • May 13
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 196% Dividend yield: 1.8% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (196% payout ratio). Share price has been volatile over the past 3 months (7.0% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.32b market cap, or US$40.8m). Anuncio • Apr 03
Sentronic International Corp., Annual General Meeting, Jun 25, 2024 Sentronic International Corp., Annual General Meeting, Jun 25, 2024. Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: NT$0.26 (vs NT$0.39 in FY 2022) Full year 2023 results: EPS: NT$0.26 (down from NT$0.39 in FY 2022). Revenue: NT$1.51b (up 6.4% from FY 2022). Net income: NT$11.9m (down 20% from FY 2022). Profit margin: 0.8% (down from 1.1% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$34.40, the stock trades at a trailing P/E ratio of 67.6x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 149% over the past three years. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$0.08 (vs NT$0.51 loss in 3Q 2022) Third quarter 2023 results: EPS: NT$0.08 (up from NT$0.51 loss in 3Q 2022). Revenue: NT$413.1m (down 6.9% from 3Q 2022). Net income: NT$3.79m (up NT$22.5m from 3Q 2022). Profit margin: 0.9% (up from net loss in 3Q 2022). The move to profitability was driven by lower expenses. 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 9% per year, which means it is well ahead of earnings. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: NT$0.37 (vs NT$0.35 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.37 (up from NT$0.35 in 2Q 2022). Revenue: NT$354.6m (up 17% from 2Q 2022). Net income: NT$17.2m (up 35% from 2Q 2022). Profit margin: 4.8% (up from 4.2% in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 10
Upcoming dividend of NT$0.50 per share at 2.1% yield Eligible shareholders must have bought the stock before 17 August 2023. Payment date: 15 September 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (4.1%). New Risk • Jul 19
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.2x net interest cover). Earnings have declined by 0.8% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (NT$1.14b market cap, or US$36.8m). Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improved over the past week After last week's 18% share price gain to NT$34.45, the stock trades at a trailing P/E ratio of 78.3x. Average trailing P/E is 11x in the Electronic industry in Taiwan. Total returns to shareholders of 155% over the past three years. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.35 (vs NT$0.32 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.35 (up from NT$0.32 in 2Q 2021). Revenue: NT$303.3m (up 18% from 2Q 2021). Net income: NT$12.7m (up 11% from 2Q 2021). Profit margin: 4.2% (down from 4.5% 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 63% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 10
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 17 August 2022. Payment date: 15 September 2022. Payout ratio is a comfortable 42% but the company is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of Taiwanese dividend payers (6.6%). Lower than average of industry peers (4.6%). Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$27.55, the stock trades at a trailing P/E ratio of 23x. Average trailing P/E is 14x in the Electronic industry in Taiwan. Total returns to shareholders of 64% over the past three years. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.45 (vs NT$0.091 in 1Q 2021) First quarter 2022 results: EPS: NT$0.45 (up from NT$0.091 in 1Q 2021). Revenue: NT$328.3m (up 105% from 1Q 2021). Net income: NT$16.6m (up 400% from 1Q 2021). Profit margin: 5.0% (up from 2.1% 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 50% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Anuncio • Apr 07
Sentronic International Corp., Annual General Meeting, Jun 21, 2022 Sentronic International Corp., Annual General Meeting, Jun 21, 2022. Reported Earnings • Mar 28
Full year 2021 earnings released: EPS: NT$0.84 (vs NT$0.35 in FY 2020) Full year 2021 results: EPS: NT$0.84 (up from NT$0.35 in FY 2020). Revenue: NT$1.00b (up 33% from FY 2020). Net income: NT$30.6m (up 138% from FY 2020). Profit margin: 3.1% (up from 1.7% in FY 2020). The increase in margin was driven by higher revenue. 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 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 16% share price gain to NT$27.90, the stock trades at a trailing P/E ratio of 35.1x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 58% over the past three years. Valuation Update With 7 Day Price Move • Jan 25
Investor sentiment deteriorated over the past week After last week's 22% share price decline to NT$25.40, the stock trades at a trailing P/E ratio of 32x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 46% over the past three years. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 18% share price gain to NT$33.00, the stock trades at a trailing P/E ratio of 41.6x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 87% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.28 (vs NT$0.006 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$260.8m (up 55% from 3Q 2020). Net income: NT$10.2m (up NT$10.0m from 3Q 2020). Profit margin: 3.9% (up from 0.1% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$35.50, the stock trades at a trailing P/E ratio of 68.3x. Average trailing P/E is 15x in the Electronic industry in Taiwan. Total returns to shareholders of 90% over the past three years. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment improved over the past week After last week's 15% share price gain to NT$39.50, the stock trades at a trailing P/E ratio of 75.9x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 77% over the past three years. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment improved over the past week After last week's 17% share price gain to NT$23.75, the stock trades at a trailing P/E ratio of 45.7x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 2.9% over the past three years. Upcoming Dividend • Aug 26
Upcoming dividend of NT$0.30 per share Eligible shareholders must have bought the stock before 02 September 2021. Payment date: 29 September 2021. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (3.2%). Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.31 (vs NT$0.079 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$256.6m (up 38% from 2Q 2020). Net income: NT$11.5m (up 299% from 2Q 2020). Profit margin: 4.5% (up from 1.6% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.09 (vs NT$0.16 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$160.2m (down 8.9% from 1Q 2020). Net income: NT$3.32m (down 43% from 1Q 2020). Profit margin: 2.1% (down from 3.3% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improved over the past week After last week's 29% share price gain to NT$23.75, the stock trades at a trailing P/E ratio of 67.6x. Average trailing P/E is 20x in the Electronic industry in Taiwan. Total loss to shareholders of 1.9% over the past three years. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improved over the past week After last week's 16% share price gain to NT$17.70, the stock trades at a trailing P/E ratio of 50.4x. Average trailing P/E is 20x in the Electronic industry in Taiwan. Total loss to shareholders of 33% over the past three years. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS NT$0.35 (vs NT$0.30 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$752.2m (down 28% from FY 2019). Net income: NT$12.8m (up 16% from FY 2019). Profit margin: 1.7% (up from 1.1% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 18
New 90-day low: NT$15.30 The company is down 22% from its price of NT$19.70 on 21 October 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 25% over the same period. Is New 90 Day High Low • Dec 12
New 90-day low: NT$16.70 The company is down 15% from its price of NT$19.65 on 11 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 13% over the same period. Is New 90 Day High Low • Nov 24
New 90-day low: NT$16.75 The company is down 8.0% from its price of NT$18.15 on 26 August 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 4.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.01 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$168.0m (down 35% from 3Q 2019). Net income: NT$214.0k (up NT$1.86m from 3Q 2019). Profit margin: 0.1% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 08
New 90-day high: NT$20.25 The company is up 12% from its price of NT$18.15 on 10 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is down 6.0% over the same period. 
