Valuation Update With 7 Day Price Move • May 22
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to NT$24.15, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 24x in the Electrical industry in Taiwan. Total loss to shareholders of 18% over the past three years. Annonce • May 22
Hengs Technology Co., Ltd. has completed a Follow-on Equity Offering in the amount of TWD 217.01832 million. Hengs Technology Co., Ltd. has completed a Follow-on Equity Offering in the amount of TWD 217.01832 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,332,000
Price\Range: TWD 25
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 7,548,000
Price\Range: TWD 24.34 Valuation Update With 7 Day Price Move • May 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$32.30, the stock trades at a trailing P/E ratio of 21x. Average trailing P/E is 30x in the Electrical industry in Taiwan. Total returns to shareholders of 7.4% over the past three years. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improves as stock rises 41% After last week's 41% share price gain to NT$43.05, the stock trades at a trailing P/E ratio of 28x. Average trailing P/E is 28x in the Electrical industry in Taiwan. Total returns to shareholders of 44% over the past three years. Annonce • Apr 09
Hengs Technology Co., Ltd. has filed a Follow-on Equity Offering in the amount of TWD 0.222 million. Hengs Technology Co., Ltd. has filed a Follow-on Equity Offering in the amount of TWD 0.222 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 8,880
Price\Range: TWD 25 New Risk • Apr 06
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.9% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 56% per year over the past 5 years. 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 (9.0% average weekly change). Market cap is less than US$100m (NT$2.09b market cap, or US$65.4m). Reported Earnings • Mar 21
Full year 2025 earnings released: EPS: NT$1.54 (vs NT$0.10 loss in FY 2024) Full year 2025 results: EPS: NT$1.54 (up from NT$0.10 loss in FY 2024). Revenue: NT$1.23b (up 33% from FY 2024). Net income: NT$102.5m (up NT$109.1m from FY 2024). Profit margin: 8.4% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. 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 3% per year, which means it has not declined as severely as earnings. Annonce • Mar 12
Hengs Technology Co., Ltd., Annual General Meeting, Jun 16, 2026 Hengs Technology Co., Ltd., Annual General Meeting, Jun 16, 2026. Location: no,168, yung k`o huan rd., yongkang district, tainan city Taiwan Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to NT$27.75, the stock trades at a trailing P/E ratio of 29.7x. Average trailing P/E is 25x in the Electrical industry in Taiwan. Total loss to shareholders of 14% over the past three years. Valuation Update With 7 Day Price Move • Dec 31
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$21.10, the stock trades at a trailing P/E ratio of 22.6x. Average trailing P/E is 22x in the Electrical industry in Taiwan. Total loss to shareholders of 32% over the past three years. Reported Earnings • Dec 27
Third quarter 2025 earnings released: EPS: NT$0.04 (vs NT$0.18 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.04 (down from NT$0.18 in 3Q 2024). Revenue: NT$474.7m (up 101% from 3Q 2024). Net income: NT$2.51m (down 79% from 3Q 2024). Profit margin: 0.5% (down from 5.1% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Jul 07
Upcoming dividend of NT$0.20 per share Eligible shareholders must have bought the stock before 14 July 2025. Payment date: 04 August 2025. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (2.7%). Reported Earnings • Apr 02
Full year 2024 earnings released: NT$0.10 loss per share (vs NT$0.25 profit in FY 2023) Full year 2024 results: NT$0.10 loss per share (down from NT$0.25 profit in FY 2023). Revenue: NT$922.5m (down 47% from FY 2023). Net loss: NT$6.67m (down 141% from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 56 percentage points per year, which is a significant difference in performance. Annonce • Mar 25
Hengs Technology Co., Ltd., Annual General Meeting, Jun 20, 2025 Hengs Technology Co., Ltd., Annual General Meeting, Jun 20, 2025, at 10:00 Taipei Standard Time. Location: no,168, yung k`o huan rd., yongkang district, tainan city Taiwan New Risk • Mar 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. 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 Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Profit margins are more than 30% lower than last year (0.8% net profit margin). Market cap is less than US$100m (NT$1.52b market cap, or US$46.1m). Upcoming Dividend • Jun 11
Upcoming dividend of NT$0.20 per share Eligible shareholders must have bought the stock before 18 June 2024. Payment date: 08 July 2024. Payout ratio is on the higher end at 79%, however this is supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (2.4%). Reported Earnings • Mar 26
Full year 2023 earnings released: EPS: NT$0.25 (vs NT$2.61 in FY 2022) Full year 2023 results: EPS: NT$0.25 (down from NT$2.61 in FY 2022). Revenue: NT$1.75b (down 52% from FY 2022). Net income: NT$16.5m (down 90% from FY 2022). Profit margin: 0.9% (down from 4.4% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. New Risk • Feb 26
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.6x net interest cover). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (9.5% increase in shares outstanding). Market cap is less than US$100m (NT$1.92b market cap, or US$60.7m). Annonce • Feb 06
Hengs Technology Co., Ltd., Annual General Meeting, Apr 30, 2024 Hengs Technology Co., Ltd., Annual General Meeting, Apr 30, 2024. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$31.05, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 17x in the Electrical industry in Taiwan. Total loss to shareholders of 1.9% over the past three years. Upcoming Dividend • Aug 03
Upcoming dividend of NT$1.00 per share at 2.7% yield Eligible shareholders must have bought the stock before 10 August 2023. Payment date: 31 August 2023. Payout ratio is a comfortable 38% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.1%). New Risk • Jul 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 6.2% 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: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (38% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.2% average weekly change). Profit margins are more than 30% lower than last year (4.4% net profit margin). Shareholders have been diluted in the past year (9.5% increase in shares outstanding). Market cap is less than US$100m (NT$2.37b market cap, or US$75.8m). Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$35.25, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 17x in the Electrical industry in Taiwan. Negligible returns to shareholders over past three years. Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: NT$2.61 (vs NT$3.96 in FY 2021) Full year 2022 results: EPS: NT$2.61 (down from NT$3.96 in FY 2021). Revenue: NT$3.64b (up 108% from FY 2021). Net income: NT$158.6m (down 33% from FY 2021). Profit margin: 4.4% (down from 14% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 5% per year. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$32.90, the stock trades at a trailing P/E ratio of 64.4x. Average trailing P/E is 15x in the Electrical industry in Taiwan. Total returns to shareholders of 112% over the past three years. Upcoming Dividend • Jun 28
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 05 July 2022. Payment date: 28 July 2022. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Taiwanese dividend payers (6.3%). Lower than average of industry peers (3.6%). Reported Earnings • Mar 31
Full year 2021 earnings released: EPS: NT$3.96 (vs NT$5.32 in FY 2020) Full year 2021 results: EPS: NT$3.96 (down from NT$5.32 in FY 2020). Revenue: NT$1.75b (down 33% from FY 2020). Net income: NT$237.5m (down 26% from FY 2020). Profit margin: 14% (up from 12% in FY 2020). The increase in margin was driven by lower expenses. Annonce • Jan 30
Hengs Technology Co., Ltd., Annual General Meeting, May 11, 2022 Hengs Technology Co., Ltd., Annual General Meeting, May 11, 2022. Reported Earnings • Aug 13
First half 2021 earnings released: EPS NT$3.67 (vs NT$0.011 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: NT$1.32b (up 138% from 1H 2020). Net income: NT$220.0m (up NT$220.7m from 1H 2020). Profit margin: 17% (up from net loss in 1H 2020). The move to profitability was driven by higher revenue. Upcoming Dividend • Jun 02
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 09 June 2021. Payment date: 23 July 2021. Trailing yield: 2.4%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (3.4%). Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment improved over the past week After last week's 17% share price gain to NT$59.10, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 17x in the Electrical industry in Taiwan. Total returns to shareholders of 90% over the past year. Reported Earnings • Mar 24
Full year 2020 earnings released: EPS NT$6.39 (vs NT$2.23 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$2.61b (up 117% from FY 2019). Net income: NT$319.4m (up 226% from FY 2019). Profit margin: 12% (up from 8.2% in FY 2019). The increase in margin was driven by higher revenue. Annonce • Jan 26
Hengs Technology Co., Ltd., Annual General Meeting, Apr 22, 2021 Hengs Technology Co., Ltd., Annual General Meeting, Apr 22, 2021. Is New 90 Day High Low • Dec 17
New 90-day low: NT$46.80 The company is down 10.0% from its price of NT$52.20 on 18 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 5.0% over the same period. Valuation Update With 7 Day Price Move • Nov 24
Market pulls back on stock over the past week After last week's 16% share price decline to NT$52.00, the stock is trading at a trailing P/E ratio of 41.6x, down from the previous P/E ratio of 49.4x. This compares to an average P/E of 16x in the Electrical industry in Taiwan. Total returns to shareholders over the past year are 188%. Is New 90 Day High Low • Nov 19
New 90-day high: NT$62.10 The company is up 43% from its price of NT$43.30 on 21 August 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 9.0% over the same period. Is New 90 Day High Low • Sep 28
New 90-day high: NT$55.20 The company is up 31% from its price of NT$42.00 on 30 June 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 10.0% over the same period. Annonce • Sep 11
Hengs Technology Co., Ltd. announced that it expects to receive TWD 200.2235 million in funding from Ta Ya Electric Wire & Cable Hengs Technology Co., Ltd. (GTSM:4582) announced a private placement of 9,767,000 shares at a price of TWD 20.5 per share for gross proceeds of TWD 200,223,500 on September 10, 2020. The transaction will include participation from returning investor, Ta Ya Electric Wire & Cable (TSEC:1609). Post the closing, the investor will hold 83,015,793 shares and 84.999% stake in the company. The transaction is expected to close on September 24, 2020. The transaction has been approved by the board of directors of the investor and the Audit Committee. 
