Buy Or Sell Opportunity • Apr 14
Now 30% overvalued after recent price rise Over the last 90 days, the stock has risen 49% to NT$179. The fair value is estimated to be NT$137, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years. Earnings per share has grown by 6.7%. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$163, the stock trades at a trailing P/E ratio of 18.6x. Average trailing P/E is 27x in the Electronic industry in Taiwan. Total returns to shareholders of 176% over the past three years. Reported Earnings • Mar 17
Full year 2025 earnings released: EPS: NT$8.73 (vs NT$7.01 in FY 2024) Full year 2025 results: EPS: NT$8.73 (up from NT$7.01 in FY 2024). Revenue: NT$11.3b (up 7.7% from FY 2024). Net income: NT$1.44b (up 24% from FY 2024). Profit margin: 13% (up from 11% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Anuncio • Mar 16
Lelon Electronics Corp., Annual General Meeting, Jun 24, 2026 Lelon Electronics Corp., Annual General Meeting, Jun 24, 2026. Location: 1 floor no,147, sec.1 kuo kuang rd., dali district, taichung city Taiwan Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$120, the stock trades at a trailing P/E ratio of 16.5x. Average trailing P/E is 26x in the Electronic industry in Taiwan. Total returns to shareholders of 103% over the past three years. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$127, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 127% over the past three years. New Risk • Nov 14
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 6.7% 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 (6.7% average weekly change). Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: NT$2.29 (vs NT$1.61 in 3Q 2024) Third quarter 2025 results: EPS: NT$2.29 (up from NT$1.61 in 3Q 2024). Revenue: NT$2.80b (flat on 3Q 2024). Net income: NT$377.4m (up 43% from 3Q 2024). Profit margin: 14% (up from 9.5% in 3Q 2024). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$103, the stock trades at a trailing P/E ratio of 15.7x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 144% over the past three years. Upcoming Dividend • Aug 15
Upcoming dividend of NT$3.10 per share Eligible shareholders must have bought the stock before 21 August 2025. Payment date: 19 September 2025. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.6%). Declared Dividend • Aug 01
Dividend increased to NT$3.10 Dividend of NT$3.10 is 11% higher than last year. Ex-date: 21st August 2025 Payment date: 19th September 2025 Dividend yield will be 4.0%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (43% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 2.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 8.5% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 14
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: NT$1.67 (up from NT$1.47 in 1Q 2024). Revenue: NT$2.69b (up 23% from 1Q 2024). Net income: NT$275.7m (up 14% from 1Q 2024). Profit margin: 10% (in line with 1Q 2024). Revenue exceeded analyst estimates by 17%. Earnings per share (EPS) also surpassed analyst estimates by 39%. Revenue is forecast to grow 9.9% p.a. on average during the next 2 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 3% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Anuncio • May 06
Lelon Electronics Corp. to Report Q1, 2025 Results on May 13, 2025 Lelon Electronics Corp. announced that they will report Q1, 2025 results on May 13, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$68.10, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 28% over the past three years. New Risk • Apr 07
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 8.3% 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 (8.3% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Buy Or Sell Opportunity • Apr 07
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.0% to NT$75.60. The fair value is estimated to be NT$99.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.6% over the last 3 years. Earnings per share has declined by 3.0%. Revenue is forecast to grow by 24% in 2 years. Earnings are forecast to grow by 18% in the next 2 years. Anuncio • Mar 26
Lelon Electronics Corp. Announces Election of Directors Lelon Electronics Corp. announced election of directors. Title and name of the previous position holder: Director The representative of ChiFa Enterprise Co. Ltd.: T.C. Wu. Director Jimmy Wu. Director Hsin-Sui Ko. Director Nian-Heng Liao. Resume of the previous position holder: Director Representative of ChiFa Enterprise Co. Ltd. T.C. Wu: Director of Lelon Electronics Corp. Director Jimmy Wu: Chairman and GM of Lelon Electronics Corp. Director Hsin-Sui Ko: Chairman of Sweeten Real Estate Development Co. Ltd. Director Nian-Heng Liao: Deputy Chairman of Sinon Corporation. Title and name of the new position holder: Director: The representative of ChiFa Enterprise Co. Ltd.: Jimmy Wu. Director: Xing-Shu Ke. Director: Lien-Heng Liao. Independent director: Yee-Ru Liu. Independent director: Wen-Hsin Huang. Resume of the new position holder: Director: The representative of ChiFa Enterprise Co. Ltd.: Jimmy Wu, Chairman and GM of Lelon Electronics Corp. Director: Xing-Shu Ke Chairman of Sweeten Real Estate Development Co. Ltd. Director: Lien-Heng Liao Deputy Chairman of Sinon Corporation. Independent director: Yee-Ru Liu, Managing Director of Bellwether. International Group, Hong Kong, Adjunct Professor, Department of Finance, National Taiwan University, Consultant, Taiwan Electrical and Electronic Manufacturers Association. Independent director: Wen-Hsin Huang. Assistant Professor, Department of Accounting and Information Science, National Taichung University of Science and Technology. Reported Earnings • Mar 15
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: NT$7.01 (up from NT$5.60 in FY 2023). Revenue: NT$10.5b (up 17% from FY 2023). Net income: NT$1.16b (up 25% from FY 2023). Profit margin: 11% (in line with FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.4%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Anuncio • Mar 06
Lelon Electronics Corp. to Report Fiscal Year 2024 Results on Mar 13, 2025 Lelon Electronics Corp. announced that they will report fiscal year 2024 results at 9:00 AM, Taipei Standard Time on Mar 13, 2025 Buy Or Sell Opportunity • Feb 07
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 34% to NT$98.60. The fair value is estimated to be NT$81.74, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.9% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 26% in 2 years. Earnings are forecast to grow by 25% in the next 2 years. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$86.80, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 15x in the Electronic industry in Taiwan. Total returns to shareholders of 49% over the past three years. New Risk • Jan 21
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 6.2% 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 (6.2% average weekly change). Buy Or Sell Opportunity • Jan 21
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 32% to NT$103. The fair value is estimated to be NT$81.89, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.9% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 26% in 2 years. Earnings are forecast to grow by 25% in the next 2 years. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$95.10, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 15x in the Electronic industry in Taiwan. Total returns to shareholders of 70% over the past three years. Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$89.90, the stock trades at a trailing P/E ratio of 13.7x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 59% over the past three years. Anuncio • Nov 05
Lelon Electronics Corp. to Report Q3, 2024 Results on Nov 12, 2024 Lelon Electronics Corp. announced that they will report Q3, 2024 results on Nov 12, 2024 Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: NT$1.87 (vs NT$1.35 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.87 (up from NT$1.35 in 2Q 2023). Revenue: NT$2.74b (up 20% from 2Q 2023). Net income: NT$308.5m (up 39% from 2Q 2023). Profit margin: 11% (up from 9.8% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 13
Upcoming dividend of NT$2.80 per share Eligible shareholders must have bought the stock before 20 August 2024. Payment date: 16 September 2024. Payout ratio is a comfortable 46% but the company is paying out more than the cash it is generating. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (4.5%). Higher than average of industry peers (2.9%). Anuncio • Aug 02
Lelon Electronics Corp. to Report Q2, 2024 Results on Aug 09, 2024 Lelon Electronics Corp. announced that they will report Q2, 2024 results on Aug 09, 2024 Declared Dividend • Jul 20
Dividend reduced to NT$2.80 Dividend of NT$2.80 is 20% lower than last year. Ex-date: 20th August 2024 Payment date: 16th September 2024 Dividend yield will be 3.2%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (46% earnings payout ratio) but not covered by cash flows (dividend approximately 7x free cash flows). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 6.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 18
First quarter 2024 earnings: EPS exceeds analyst expectations First quarter 2024 results: EPS: NT$1.47 (up from NT$1.04 in 1Q 2023). Revenue: NT$2.19b (up 3.8% from 1Q 2023). Net income: NT$242.6m (up 42% from 1Q 2023). Profit margin: 11% (up from 8.1% in 1Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 56%. Revenue is forecast to grow 7.9% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Electronic industry in Taiwan. 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 9% per year, which means it is tracking significantly ahead of earnings growth. Anuncio • May 03
Lelon Electronics Corp. to Report Q1, 2024 Results on May 10, 2024 Lelon Electronics Corp. announced that they will report Q1, 2024 results on May 10, 2024 Reported Earnings • Mar 19
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: NT$5.60 (down from NT$7.53 in FY 2022). Revenue: NT$9.00b (down 13% from FY 2022). Net income: NT$922.3m (down 25% from FY 2022). Profit margin: 10% (down from 12% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.6%. Revenue is forecast to grow 7.2% p.a. on average during the next 2 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 4% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Mar 18
Now 21% overvalued Over the last 90 days, the stock has fallen 2.6% to NT$70.30. The fair value is estimated to be NT$57.99, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.1% over the last 3 years. Earnings per share has grown by 8.6%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 37% in the next 2 years. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$70.00, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 21x in the Electronic industry in Taiwan. Total returns to shareholders of 39% over the past three years. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: NT$1.69 (vs NT$2.40 in 3Q 2022) Third quarter 2023 results: EPS: NT$1.69 (down from NT$2.40 in 3Q 2022). Revenue: NT$2.24b (down 11% from 3Q 2022). Net income: NT$279.0m (down 29% from 3Q 2022). Profit margin: 12% (down from 16% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: NT$1.35 (vs NT$2.27 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.35 (down from NT$2.27 in 2Q 2022). Revenue: NT$2.28b (down 20% from 2Q 2022). Net income: NT$222.1m (down 40% from 2Q 2022). Profit margin: 9.8% (down from 13% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 10
Upcoming dividend of NT$3.49 per share at 6.0% yield Eligible shareholders must have bought the stock before 17 August 2023. Payment date: 15 September 2023. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 6.0%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (4.1%). Anuncio • Jul 27
Lelon Electronics Corp. Announces Distribution of Cash Dividend, Payable on September 15, 2023 Lelon Electronics Corp. announced distribution of cash dividend. Type of ex-rights or ex-dividend: Ex-dividend. Type and monetary amount of dividend distribution: Common stock cash dividend TWD 574,839,815. Ex-rights (ex-dividend) trading date: August 17, 2023. Ex-rights (ex-dividend) record date: August 25, 2023. Payment date of cash dividend distribution: September 15, 2023. Reported Earnings • Mar 28
Full year 2022 earnings released: EPS: NT$7.53 (vs NT$6.12 in FY 2021) Full year 2022 results: EPS: NT$7.53 (up from NT$6.12 in FY 2021). Revenue: NT$10.3b (up 3.9% from FY 2021). Net income: NT$1.23b (up 25% from FY 2021). Profit margin: 12% (up from 9.9% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
Less than half of directors are independent There are 9 new directors who have joined the board in the last 3 years. Of these new board members, 4 were independent directors. The company's board is composed of: 9 new directors. 1 experienced director. No highly experienced directors. 4 independent directors (5 non-independent directors). President & Director Jimmy Wu is the most experienced director on the board, commencing their role in 2022. Independent Director Samuel Kuo was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$2.40 (vs NT$1.68 in 3Q 2021) Third quarter 2022 results: EPS: NT$2.40 (up from NT$1.68 in 3Q 2021). Revenue: NT$2.52b (down 6.3% from 3Q 2021). Net income: NT$392.7m (up 44% from 3Q 2021). Profit margin: 16% (up from 10% in 3Q 2021). The increase in margin was driven by lower 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 11% per year, which means it is significantly lagging earnings growth. Anuncio • Nov 12
Lelon Electronics Corp. announced that it expects to receive TWD 0.48075 million in funding Lelon Electronics Corp. announced that it will issue 48,075 common shares at an issue price of TWD 10 per share for gross proceeds of TWD 480,750 in a round of funding on November 10, 2022. The transaction has been approved by the board of directors of the company. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improved over the past week After last week's 18% share price gain to NT$50.90, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 10x in the Electronic industry in Taiwan. Total returns to shareholders of 34% over the past three years. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: NT$2.27 (vs NT$1.55 in 2Q 2021) Second quarter 2022 results: EPS: NT$2.27 (up from NT$1.55 in 2Q 2021). Revenue: NT$2.86b (up 17% from 2Q 2021). Net income: NT$371.4m (up 51% from 2Q 2021). Profit margin: 13% (up from 10% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% 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 • Jul 26
Upcoming dividend of NT$3.20 per share Eligible shareholders must have bought the stock before 02 August 2022. Payment date: 29 August 2022. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 5.8%. Lower than top quartile of Taiwanese dividend payers (6.6%). Higher than average of industry peers (4.6%). Anuncio • Jul 05
Lelon Electronics Corp. Announces Distribution of Cash Dividend, Payable on August 29, 2022 Lelon Electronics Corp. announced distribution of cash dividend. Type and monetary amount of dividend distribution: Common stock cash dividend TWD 522,812,246. Ex-rights (Ex-dividend) date is August 2, 2022. Last date before book closure is August 3, 2022. Book closure starting date is August 4, 2022. Book closure ending date is August 28, 2022. Ex-rights (Ex-dividend) record date is August 8, 2022. Payment date of cash dividend distribution is August 29, 2022. Reported Earnings • May 17
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: NT$1.68 (up from NT$1.27 in 1Q 2021). Revenue: NT$2.57b (up 21% from 1Q 2021). Net income: NT$273.3m (up 37% from 1Q 2021). Profit margin: 11% (up from 9.4% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.0%. Earnings per share (EPS) exceeded analyst estimates by 17%. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 19% per year. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS NT$1.68 (vs NT$1.66 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: NT$2.69b (up 30% from 3Q 2020). Net income: NT$272.2m (up 25% from 3Q 2020). Profit margin: 10% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 13% per year. Upcoming Dividend • Aug 25
Upcoming dividend of NT$2.94 per share Eligible shareholders must have bought the stock before 01 September 2021. Payment date: 24 September 2021. Trailing yield: 4.2%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (3.2%). Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS NT$1.55 (vs NT$1.62 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: NT$2.45b (up 20% from 2Q 2020). Net income: NT$246.3m (up 18% from 2Q 2020). Profit margin: 10% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 7% per year and the company’s share price has also increased by 7% per year. Reported Earnings • May 14
First quarter 2021 earnings released: EPS NT$1.27 (vs NT$0.92 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$2.13b (up 36% from 1Q 2020). Net income: NT$199.3m (up 68% from 1Q 2020). Profit margin: 9.4% (up from 7.6% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has fallen by 1% per year. Reported Earnings • Mar 25
Full year 2020 earnings released: EPS NT$5.13 (vs NT$3.35 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$7.82b (up 11% from FY 2019). Net income: NT$678.2m (up 57% from FY 2019). Profit margin: 8.7% (up from 6.2% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improved over the past week After last week's 16% share price gain to NT$78.90, the stock is trading at a trailing P/E ratio of 15.8x, up from the previous P/E ratio of 13.7x. This compares to an average P/E of 19x in the Electronic industry in Taiwan. Total returns to shareholders over the past three years are 62%. Is New 90 Day High Low • Feb 22
New 90-day high: NT$78.90 The company is up 34% from its price of NT$58.80 on 24 November 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 23% over the same period. Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment improved over the past week After last week's 15% share price gain to NT$73.20, the stock is trading at a trailing P/E ratio of 14.7x, up from the previous P/E ratio of 12.7x. This compares to an average P/E of 18x in the Electronic industry in Taiwan. Total returns to shareholders over the past three years are 35%. Is New 90 Day High Low • Jan 07
New 90-day high: NT$66.00 The company is up 25% from its price of NT$53.00 on 08 October 2020. The Taiwanese market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 20% over the same period. Is New 90 Day High Low • Dec 08
New 90-day high: NT$63.30 The company is up 14% from its price of NT$55.50 on 09 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 12% over the same period. Is New 90 Day High Low • Nov 20
New 90-day high: NT$58.20 The company is up 1.0% from its price of NT$57.40 on 21 August 2020. The Taiwanese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 5.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$1.66 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$2.07b (up 18% from 3Q 2019). Net income: NT$217.9m (up 113% from 3Q 2019). Profit margin: 11% (up from 5.9% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 5% per year.