Board Change • Jul 22
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 7 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Steven Hsu Hsu was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • May 20
First quarter 2026 earnings released: NT$0.08 loss per share (vs NT$0.52 loss in 1Q 2025) First quarter 2026 results: NT$0.08 loss per share (improved from NT$0.52 loss in 1Q 2025). Revenue: NT$132.4m (up NT$118.8m from 1Q 2025). Net loss: NT$3.20m (loss narrowed 83% from 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. New Risk • May 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 9.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 63% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.4% average weekly change). Revenue is less than US$5m (NT$121m revenue, or US$3.8m). Market cap is less than US$100m (NT$2.05b market cap, or US$65.1m). Reported Earnings • Apr 01
Full year 2025 earnings released: NT$2.75 loss per share (vs NT$1.25 loss in FY 2024) Full year 2025 results: NT$2.75 loss per share (further deteriorated from NT$1.25 loss in FY 2024). Revenue: NT$121.1m (down 44% from FY 2024). Net loss: NT$104.1m (loss widened 135% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. Annonce • Mar 13
Inmax Holding Co., Ltd., Annual General Meeting, Jun 23, 2026 Inmax Holding Co., Ltd., Annual General Meeting, Jun 23, 2026. Location: 15 floor no,99, fu hsing n. rd., songshan district, taipei city Taiwan New Risk • Dec 08
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 6.5% 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 59% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Revenue is less than US$5m (NT$137m revenue, or US$4.4m). Market cap is less than US$100m (NT$1.96b market cap, or US$62.9m). Reported Earnings • Nov 14
Third quarter 2025 earnings released: NT$0.75 loss per share (vs NT$0.64 loss in 3Q 2024) Third quarter 2025 results: NT$0.75 loss per share (further deteriorated from NT$0.64 loss in 3Q 2024). Revenue: NT$36.2m (down 35% from 3Q 2024). Net loss: NT$28.5m (loss widened 24% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 133 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 29
Second quarter 2025 earnings released: NT$0.81 loss per share (vs NT$0.35 loss in 2Q 2024) Second quarter 2025 results: NT$0.81 loss per share (further deteriorated from NT$0.35 loss in 2Q 2024). Revenue: NT$35.4m (down 49% from 2Q 2024). Net loss: NT$30.9m (loss widened 151% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 141 percentage points per year, which is a significant difference in performance. Reported Earnings • May 14
First quarter 2025 earnings released: NT$0.52 loss per share (vs NT$0.47 loss in 1Q 2024) First quarter 2025 results: NT$0.52 loss per share (further deteriorated from NT$0.47 loss in 1Q 2024). Revenue: NT$13.5m (down 64% from 1Q 2024). Net loss: NT$19.3m (loss widened 19% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 125 percentage points per year, which is a significant difference in performance. New Risk • Apr 07
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 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 36% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Market cap is less than US$100m (NT$1.59b market cap, or US$48.0m). Reported Earnings • Mar 26
Full year 2024 earnings released: NT$1.25 loss per share (vs NT$1.43 loss in FY 2023) Full year 2024 results: NT$1.25 loss per share (improved from NT$1.43 loss in FY 2023). Revenue: NT$214.7m (up 199% from FY 2023). Net loss: NT$44.3m (loss narrowed 10% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 132 percentage points per year, which is a significant difference in performance. Annonce • Mar 13
Inmax Holding Co., Ltd., Annual General Meeting, Jun 23, 2025 Inmax Holding Co., Ltd., Annual General Meeting, Jun 23, 2025. Location: 4 floor no,101, sung chiang rd., jhongshan district, taipei city Taiwan Reported Earnings • Nov 18
Third quarter 2024 earnings released: NT$0.64 loss per share (vs NT$0.31 loss in 3Q 2023) Third quarter 2024 results: NT$0.64 loss per share (further deteriorated from NT$0.31 loss in 3Q 2023). Revenue: NT$55.6m (up 123% from 3Q 2023). Net loss: NT$23.0m (loss widened 115% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 147 percentage points per year, which is a significant difference in performance. New Risk • Nov 13
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 6.3% 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 23% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Shareholders have been diluted in the past year (3.6% increase in shares outstanding). Revenue is less than US$5m (NT$151m revenue, or US$4.7m). Market cap is less than US$100m (NT$1.99b market cap, or US$61.4m). Reported Earnings • Aug 31
Second quarter 2024 earnings released: NT$0.35 loss per share (vs NT$0.20 loss in 2Q 2023) Second quarter 2024 results: NT$0.35 loss per share (further deteriorated from NT$0.20 loss in 2Q 2023). Revenue: NT$69.8m (up NT$61.3m from 2Q 2023). Net loss: NT$12.3m (loss widened 82% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 138 percentage points per year, which is a significant difference in performance. New Risk • Jun 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.1% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 16% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Shareholders have been diluted in the past year (5.1% increase in shares outstanding). Revenue is less than US$5m (NT$90m revenue, or US$2.8m). Market cap is less than US$100m (NT$2.48b market cap, or US$76.6m). Reported Earnings • May 18
First quarter 2024 earnings released: NT$0.47 loss per share (vs NT$0.45 loss in 1Q 2023) First quarter 2024 results: NT$0.47 loss per share (further deteriorated from NT$0.45 loss in 1Q 2023). Revenue: NT$37.4m (up 91% from 1Q 2023). Net loss: NT$16.3m (loss widened 5.2% from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 135 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 17
Full year 2023 earnings released: NT$1.43 loss per share (vs NT$2.51 profit in FY 2022) Full year 2023 results: NT$1.43 loss per share (down from NT$2.51 profit in FY 2022). Revenue: NT$71.7m (down 90% from FY 2022). Net loss: NT$49.4m (down 158% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has increased by 51% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Mar 04
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 37% to NT$68.20. The fair value is estimated to be NT$56.52, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Meanwhile, the company became loss making. Annonce • Mar 02
Inmax Holding Co., Ltd., Annual General Meeting, May 15, 2024 Inmax Holding Co., Ltd., Annual General Meeting, May 15, 2024. Reported Earnings • Nov 13
Third quarter 2023 earnings released: NT$0.31 loss per share (vs NT$0.94 profit in 3Q 2022) Third quarter 2023 results: NT$0.31 loss per share (down from NT$0.94 profit in 3Q 2022). Revenue: NT$24.9m (down 86% from 3Q 2022). Net loss: NT$10.7m (down 133% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Reported Earnings • Aug 31
Second quarter 2023 earnings released: NT$0.20 loss per share (vs NT$0.47 profit in 2Q 2022) Second quarter 2023 results: NT$0.20 loss per share (down from NT$0.47 profit in 2Q 2022). Revenue: NT$8.46m (down 96% from 2Q 2022). Net loss: NT$6.79m (down 143% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 08
Upcoming dividend of NT$0.50 per share at 1.5% yield Eligible shareholders must have bought the stock before 15 June 2023. Payment date: 14 July 2023. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.2%). Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$34.50, the stock trades at a trailing P/E ratio of 26.5x. Average trailing P/E is 16x in the Machinery industry in Taiwan. Total returns to shareholders of 68% over the past three years. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$20.00, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 12x in the Machinery industry in Taiwan. Total loss to shareholders of 1.2% over the past three years. Reported Earnings • Nov 18
Third quarter 2022 earnings released: EPS: NT$0.94 (vs NT$0.05 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.94 (up from NT$0.05 in 3Q 2021). Revenue: NT$181.9m (up 120% from 3Q 2021). Net income: NT$32.1m (up NT$30.4m from 3Q 2021). Profit margin: 18% (up from 2.1% 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 48% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 4 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Steven Hsu was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment improved over the past week After last week's 17% share price gain to NT$17.60, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 12x in the Machinery industry in Taiwan. Total loss to shareholders of 15% over the past three years. Reported Earnings • Sep 02
Second quarter 2022 earnings released: EPS: NT$0.49 (vs NT$0.78 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.49 (down from NT$0.78 in 2Q 2021). Revenue: NT$202.9m (up 14% from 2Q 2021). Net income: NT$15.9m (down 37% from 2Q 2021). Profit margin: 7.9% (down from 14% 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 35% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 19
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 26 August 2022. Payment date: 16 September 2022. Payout ratio is a comfortable 27% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Taiwanese dividend payers (6.5%). Lower than average of industry peers (3.4%). Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$20.10, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 14x in the Machinery industry in Taiwan. Total loss to shareholders of 37% over the past three years. Reported Earnings • May 16
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: NT$0.80 (up from NT$0.49 in 1Q 2021). Revenue: NT$178.3m (down 14% from 1Q 2021). Net income: NT$25.9m (up 62% from 1Q 2021). Profit margin: 14% (up from 7.7% in 1Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 19%. Earnings per share (EPS) also missed analyst estimates by 76%. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 05
Investor sentiment improved over the past week After last week's 17% share price gain to NT$22.20, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 15x in the Machinery industry in Taiwan. Total loss to shareholders of 24% over the past three years. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 4 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Steven Hsu was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 20% share price gain to NT$17.90, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 17x in the Machinery industry in Taiwan. Total loss to shareholders of 50% over the past three years. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$0.05 (vs NT$1.27 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$82.6m (down 50% from 3Q 2020). Net income: NT$1.72m (down 96% from 3Q 2020). Profit margin: 2.1% (down from 25% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 15
Second quarter 2021 earnings released: EPS NT$0.78 (vs NT$0.17 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$178.3m (up 16% from 2Q 2020). Net income: NT$25.4m (up 357% from 2Q 2020). Profit margin: 14% (up from 3.6% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 15
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 22 July 2021. Payment date: 12 August 2021. Trailing yield: 2.9%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (2.5%). Reported Earnings • May 14
First quarter 2021 earnings released: EPS NT$0.49 (vs NT$0.10 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$207.3m (up 69% from 1Q 2020). Net income: NT$16.0m (up NT$19.4m from 1Q 2020). Profit margin: 7.7% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improved over the past week After last week's 23% share price gain to NT$22.55, the stock trades at a trailing P/E ratio of 14.1x. Average trailing P/E is 20x in the Machinery industry in Taiwan. Total loss to shareholders of 35% over the past three years. Reported Earnings • Mar 20
Full year 2020 earnings released: EPS NT$1.59 (vs NT$0.24 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$613.0m (up 2.6% from FY 2019). Net income: NT$52.9m (up NT$44.7m from FY 2019). Profit margin: 8.6% (up from 1.4% in FY 2019). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Jan 26
New 90-day low: NT$17.60 The company is down 3.0% from its price of NT$18.10 on 29 October 2020. The Taiwanese market is up 23% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 25% over the same period. Reported Earnings • Nov 11
Third quarter 2020 earnings released: EPS NT$1.28 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$166.4m (up 38% from 3Q 2019). Net income: NT$42.2m (up NT$38.5m from 3Q 2019). Profit margin: 25% (up from 3.0% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Nov 03
New 90-day high: NT$20.00 The company is up 1.0% from its price of NT$19.85 on 05 August 2020. The Taiwanese market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is flat over the same period. 
