Declared Dividend • 21h
Dividend of NT$0.80 announced Shareholders will receive a dividend of NT$0.80. Ex-date: 17th August 2026 Payment date: 11th September 2026 Dividend yield will be 1.6%, which is lower than the industry average of 3.1%. Sustainability & Growth Dividend is not covered by earnings (159% earnings payout ratio). However, it is well covered by cash flows (44% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 76% to bring the payout ratio under control. However, EPS has declined by 28% over the last 5 years so the company would need to reverse this trend. Reported Earnings • May 12
First quarter 2026 earnings released: EPS: NT$0.27 (vs NT$0.059 loss in 1Q 2025) First quarter 2026 results: EPS: NT$0.27 (up from NT$0.059 loss in 1Q 2025). Revenue: NT$8.58b (up 21% from 1Q 2025). Net income: NT$234.3m (up NT$284.8m from 1Q 2025). Profit margin: 2.7% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. New Risk • Mar 31
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 466% 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: Major Risk Earnings have declined by 64% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (466% payout ratio). Share price has been volatile over the past 3 months (11% average weekly change). Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: NT$0.17 (vs NT$0.057 loss in FY 2024) Full year 2025 results: EPS: NT$0.17 (up from NT$0.057 loss in FY 2024). Revenue: NT$31.7b (flat on FY 2024). Net income: NT$146.8m (up NT$195.8m from FY 2024). Profit margin: 0.5% (up from net loss in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Annonce • Mar 12
AcBel Polytech Inc., Annual General Meeting, May 28, 2026 AcBel Polytech Inc., Annual General Meeting, May 28, 2026, at 09:00 Taipei Standard Time. Location: no,18, sec.2 chung yang s. rd., beitou district, taipei city Taiwan New Risk • Jan 21
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 8.6% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.6% average weekly change). Earnings have declined by 66% per year over the past 5 years. New Risk • Nov 22
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 8.6% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.6% average weekly change). Earnings have declined by 66% per year over the past 5 years. Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$0.30 (vs NT$0.27 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.30 (up from NT$0.27 loss in 3Q 2024). Revenue: NT$8.07b (down 4.2% from 3Q 2024). Net income: NT$254.4m (up NT$485.3m from 3Q 2024). Profit margin: 3.2% (up from net loss in 3Q 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 136 percentage points per year, which is a significant difference in performance. New Risk • Oct 22
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: Major Risk Earnings have declined by 66% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.7% average weekly change). Annonce • Oct 14
Acbel Unveils Its Ruby-Level Power Rack System At OCP Global Summit 2025 Acbel unveiled its Ruby-level power rack system at Global Summit 2025, pushing the boundaries of AI data center power. These innovative CRPS and rack-level power systems, engineered to provide scalable, reliable, and sustainable power, deliver high efficiency, density, and resiliency for hyperscale AI and HPC workloads, powering the future of AI. Key Highlights; Ruby-level efficiency achieved, enabling hyperscale AI and HPC performance. Highly scalable architecture from 33kW to 72kW, engineered for accelerating large-scale AI deployments. Resilient power with redundancy and active current sharing, ensuring uninterrupted AI workloads. Aligned with leading global AI roadmaps, supporting seamless integration with next-gen servers and cooling systems. Acbel's latest innovations address the industry support from shelf-based PSUs to fully rack-integrated architectures enabling higher efficiency, simplified system scalability, and improved total cost of ownership. Dedicated to pioneering efficient and scalable power solutions, Acbel's systems adapt to evolving AI workloads, work harmoniously with renewable energy, and drive sustainable growth for hyperscale data centers worldwide. Reported Earnings • Aug 13
Second quarter 2025 earnings released: NT$0.63 loss per share (vs NT$0.16 profit in 2Q 2024) Second quarter 2025 results: NT$0.63 loss per share (down from NT$0.16 profit in 2Q 2024). Revenue: NT$7.34b (down 7.5% from 2Q 2024). Net loss: NT$538.4m (down 499% from profit in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 121 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Aug 11
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 18 August 2025. Payment date: 12 September 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 1.7%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (2.5%). Reported Earnings • May 13
First quarter 2025 earnings released: NT$0.057 loss per share (vs NT$0.095 loss in 1Q 2024) First quarter 2025 results: NT$0.057 loss per share (improved from NT$0.095 loss in 1Q 2024). Revenue: NT$7.12b (flat on 1Q 2024). Net loss: NT$50.5m (loss narrowed 38% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 106 percentage points per year, which is a significant difference in performance. Annonce • May 03
AcBel Polytech Inc. to Report Q1, 2025 Results on May 12, 2025 AcBel Polytech Inc. announced that they will report Q1, 2025 results on May 12, 2025 New Risk • Apr 29
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: NT$220.2m (US$6.82m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 55% per year over the past 5 years. Market cap is less than US$10m (NT$220.2m market cap, or US$6.82m). Buy Or Sell Opportunity • Mar 20
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 6.3% to NT$32.00. The fair value is estimated to be NT$26.30, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Meanwhile, the company became loss making. Annonce • Mar 05
AcBel Polytech Inc. to Report Q4, 2024 Results on Mar 12, 2025 AcBel Polytech Inc. announced that they will report Q4, 2024 results on Mar 12, 2025 Buy Or Sell Opportunity • Mar 05
Now 23% overvalued Over the last 90 days, the stock has fallen 3.1% to NT$32.45. The fair value is estimated to be NT$26.38, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Feb 14
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 2.8% to NT$32.75. The fair value is estimated to be NT$26.69, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Meanwhile, the company became loss making. New Risk • Jan 02
New major risk - Revenue and earnings growth Earnings have declined by 51% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 08
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: NT$0.27 loss per share (down from NT$0.095 profit in 3Q 2023). Revenue: NT$8.43b (down 14% from 3Q 2023). Net loss: NT$222.2m (down 410% from profit in 3Q 2023). Revenue missed analyst estimates by 5.0%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Annonce • Oct 31
AcBel Polytech Inc. to Report Q3, 2024 Results on Nov 06, 2024 AcBel Polytech Inc. announced that they will report Q3, 2024 results on Nov 06, 2024 Upcoming Dividend • Aug 26
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 02 September 2024. Payment date: 30 September 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (4.4%). Lower than average of industry peers (2.4%). New Risk • Aug 13
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: Major Risk Shareholders have been substantially diluted in the past year (61% increase in shares outstanding). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.3% net profit margin). Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: NT$0.16 (vs NT$0.03 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.16 (up from NT$0.03 in 2Q 2023). Revenue: NT$7.94b (up 70% from 2Q 2023). Net income: NT$135.1m (up NT$119.6m from 2Q 2023). Profit margin: 1.7% (up from 0.3% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.6% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Annonce • Jul 31
AcBel Polytech Inc. to Report Q2, 2024 Results on Aug 07, 2024 AcBel Polytech Inc. announced that they will report Q2, 2024 results on Aug 07, 2024 Annonce • Jul 23
AcBel Polytech Inc. Approves Cash Dividend, Payable on September 30, 2024 AcBel Polytech Inc. approved total amount of cash dividend which distributed to common shares is TWD 430,930,063 (The dividend is TWD 0.5 per share). Ex-rights (ex-dividend) trading date is September 2, 2024. Ex-rights (ex-dividend) record date is September 8, 2024. Payment date of common stock cash dividend distribution is September 30, 2024. Date of the resolution by the board of directors or shareholders meeting or decision by the company is July 22, 2024. Reported Earnings • May 09
First quarter 2024 earnings released: NT$0.10 loss per share (vs NT$0.057 profit in 1Q 2023) First quarter 2024 results: NT$0.10 loss per share (down from NT$0.057 profit in 1Q 2023). Revenue: NT$7.18b (up 40% from 1Q 2023). Net loss: NT$81.4m (down 376% from profit in 1Q 2023). Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. New Risk • Mar 16
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 29% 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 Shareholders have been substantially diluted in the past year (64% increase in shares outstanding). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.08% net profit margin). Reported Earnings • Mar 14
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: NT$0.033 (down from NT$1.23 in FY 2022). Revenue: NT$27.8b (up 10.0% from FY 2022). Net income: NT$21.7m (down 97% from FY 2022). Profit margin: 0.1% (down from 2.5% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 78%. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Annonce • Mar 13
AcBel Polytech Inc., Annual General Meeting, Jun 20, 2024 AcBel Polytech Inc., Annual General Meeting, Jun 20, 2024. Location: No.18, Sec.2, Zhongyang S.Rd., Beitou Dist., Taipei City Taipei City Taiwan Agenda: To discuss Business report of the year 2023; to discuss 2023 Audit Report of the audit committee; to discuss report the distribution of remunerations to employees and directors for the year of 2023; to discuss report the distribution of cash dividends with earnings in Fiscal Year 2023; and to discuss other matters. Annonce • Dec 23
AcBel Polytech Inc. Appoints Chang Hung-Jen as Chief Information Security Officer AcBel Polytech Inc. announced the appointment of Chang Hung-Jen as Chief Information Security Officer. Effective date is December 22, 2023. New Risk • Nov 29
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 62% This is considered a major 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 Shareholders have been substantially diluted in the past year (62% increase in shares outstanding). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.01% net profit margin). Annonce • Sep 29
AcBel Polytech Inc. Announces Changes in the Company's Financial Officer, Accounting Officer, and Corporate Governance Officer AcBel Polytech Inc. Announces changes in the company's Financial officer, Accounting officer, and Corporate Governance officer. Date of occurrence of the change is September 28, 2023. Name, title, and resume of the previous position holder: Yeh Jin-Mao, CFO of AcBel Polytech Inc. Name, title, and resume of the new position holder: Chen Jian-Nan,Assistant Vice President of AcBel Polytech Inc. Type of the change is Retirement. Reason for the change is Retirement. Effective date is October 1, 2023. The new officer of Financial, Accounting and Corporate Governance will be ratified by the Board of Directors at an upcoming meeting. New Risk • Aug 12
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 31% 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 16% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.4% net profit margin). Shareholders have been diluted in the past year (3.3% increase in shares outstanding). New Risk • Aug 10
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.4% Last year net profit margin: 2.8% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. 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 (7.7% average weekly change). Profit margins are more than 30% lower than last year (1.4% net profit margin). Shareholders have been diluted in the past year (3.3% increase in shares outstanding). Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: NT$0.03 (vs NT$0.49 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.03 (down from NT$0.49 in 2Q 2022). Revenue: NT$4.93b (down 26% from 2Q 2022). Net income: NT$15.4m (down 94% from 2Q 2022). Profit margin: 0.3% (down from 3.8% in 2Q 2022). 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 increased by 28% per year, which means it is well ahead of earnings. New Risk • Jul 19
New major 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 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Earnings have declined by 7.8% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Shareholders have been diluted in the past year (3.3% increase in shares outstanding). Reported Earnings • Jul 08
First quarter 2023 earnings released: EPS: NT$0.057 (vs NT$0.20 in 1Q 2022) First quarter 2023 results: EPS: NT$0.057 (down from NT$0.20 in 1Q 2022). Revenue: NT$5.14b (down 16% from 1Q 2022). Net income: NT$29.6m (down 72% from 1Q 2022). Profit margin: 0.6% (down from 1.7% in 1Q 2022). The decrease in margin was driven by lower revenue. 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 36% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$53.60, the stock trades at a trailing P/E ratio of 51x. Average forward P/E is 19x in the Electrical industry in Taiwan. Total returns to shareholders of 194% over the past three years. Upcoming Dividend • Jun 19
Upcoming dividend of NT$0.20 per share at 0.4% yield Eligible shareholders must have bought the stock before 26 June 2023. Payment date: 21 July 2023. Payout ratio is a comfortable 18% but the company is paying out more than the cash it is generating. Trailing yield: 0.4%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (3.0%). Annonce • Jun 09
Acbel Polytech Inc. Announces Adjustment of Cash Dividend AcBel Polytech Inc. announced the adjustment of cash dividends distribution ratio. Type and monetary amount of original dividend distribution: Cash dividends TWD 0.2 per share, total amount is TWD 105,220,259. Type and monetary amount of dividend distribution after the change:cash dividends TWD 0.19717084 per share, total amount is TWD 105,220,259. Reason for the change: Due to the conversion of the Company’s convertible bonds into 7,763,903 shares and redeem the RSA failed to meet the vesting condition 215,000 shares, resulted in outstanding common shares total 533,650,198 shares. Therefore, the adjusted cash dividend ratio is $0.19717084 per share. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$49.85, the stock trades at a trailing P/E ratio of 64.6x. Average forward P/E is 18x in the Electrical industry in Taiwan. Total returns to shareholders of 171% over the past three years. Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$35.20, the stock trades at a trailing P/E ratio of 21.9x. Average trailing P/E is 13x in the Electrical industry in Taiwan. Total returns to shareholders of 76% over the past three years. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Lien-Sheng Tsai was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 06
Third quarter 2022 earnings released: EPS: NT$0.76 (vs NT$0.48 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.76 (up from NT$0.48 in 3Q 2021). Revenue: NT$6.75b (up 16% from 3Q 2021). Net income: NT$390.6m (up 58% from 3Q 2021). Profit margin: 5.8% (up from 4.2% in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Annonce • Nov 05
AcBel Polytech Inc. Establishes Sustainable Development Committee AcBel Polytech Inc. announced the establishment of Sustainable Development Committee. Name of the new position holder: Lin,Neng-Pai/Tsai,Lien-Sheng/Hwang,Jung-Chiou, Effective date of the new member is November 4, 2022. Reported Earnings • Aug 03
Second quarter 2022 earnings released: EPS: NT$0.49 (vs NT$0.34 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.49 (up from NT$0.34 in 2Q 2021). Revenue: NT$6.62b (up 35% from 2Q 2021). Net income: NT$253.8m (up 44% from 2Q 2021). Profit margin: 3.8% (up from 3.6% in 2Q 2021). 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 11% per year, which means it is well ahead of earnings. Annonce • Jul 02
AcBel Polytech Inc. Announces Resignation of Liu, Chun-Chih as Director AcBel Polytech Inc. announced resignation of Liu, Chun-Chih as Director. Date of occurrence of the change is July 1, 2022. Reported Earnings • May 08
First quarter 2022 earnings released: EPS: NT$0.20 (vs NT$0.16 in 1Q 2021) First quarter 2022 results: EPS: NT$0.20 (up from NT$0.16 in 1Q 2021). Revenue: NT$6.14b (up 26% from 1Q 2021). Net income: NT$105.5m (up 25% from 1Q 2021). Profit margin: 1.7% (in line with 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 6 highly experienced directors. 3 independent directors (9 non-independent directors). Independent Director Jery Lin was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Apr 14
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 21 April 2022. Payment date: 19 May 2022. Payout ratio is on the higher end at 86% but the company is not cash flow positive. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (5.7%). Lower than average of industry peers (3.5%). Reported Earnings • Mar 13
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: NT$1.17 (down from NT$2.54 in FY 2020). Revenue: NT$21.9b (up 4.4% from FY 2020). Net income: NT$602.0m (down 54% from FY 2020). Profit margin: 2.7% (down from 6.3% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.1%. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Reported Earnings • Nov 04
Third quarter 2021 earnings released: EPS NT$0.48 (vs NT$0.67 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$5.82b (up 3.8% from 3Q 2020). Net income: NT$246.8m (down 29% from 3Q 2020). Profit margin: 4.2% (down from 6.2% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 6% per year 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 27
Investor sentiment improved over the past week After last week's 16% share price gain to NT$31.95, the stock trades at a trailing P/E ratio of 33.8x. Average trailing P/E is 15x in the Electrical industry in Taiwan. Total returns to shareholders of 107% over the past three years. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$0.34 (vs NT$2.06 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$4.92b (down 2.8% from 2Q 2020). Net income: NT$175.9m (down 84% from 2Q 2020). Profit margin: 3.6% (down from 21% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 21
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 28 June 2021. Payment date: 23 July 2021. Trailing yield: 4.5%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (3.4%). Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$23.00, the stock trades at a trailing P/E ratio of 8.7x. Average forward P/E is 16x in the Electrical industry in Taiwan. Total returns to shareholders of 41% over the past three years. Reported Earnings • May 08
First quarter 2021 earnings released: EPS NT$0.16 (vs NT$0.039 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were flat. First quarter 2021 results: Revenue: NT$4.86b (flat on 1Q 2020). Net income: NT$84.4m (up 317% from 1Q 2020). Profit margin: 1.7% (up from 0.4% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 11
Full year 2020 earnings released: EPS NT$2.54 (vs NT$2.87 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: NT$21.0b (up 1.9% from FY 2019). Net income: NT$1.31b (down 12% from FY 2019). Profit margin: 6.3% (down from 7.2% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Mar 11
Revenue misses expectations Revenue missed analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 13%, compared to a 10% growth forecast for the Electrical industry in Taiwan. Is New 90 Day High Low • Jan 07
New 90-day high: NT$31.25 The company is up 24% from its price of NT$25.15 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 Electrical industry, which is up 8.0% over the same period. Is New 90 Day High Low • Nov 24
New 90-day high: NT$28.00 The company is up 9.0% from its price of NT$25.65 on 26 August 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 6.0% over the same period. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS NT$0.67 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: NT$5.61b (up 6.8% from 3Q 2019). Net income: NT$345.9m (down 63% from 3Q 2019). Profit margin: 6.2% (down from 18% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Oct 13
New 90-day high: NT$26.85 The company is up 18% from its price of NT$22.70 on 15 July 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 13% over the same period.