Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$17.85, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 9x in the Capital Markets industry in Taiwan. Total returns to shareholders of 94% over the past three years. Reported Earnings • May 13
First quarter 2026 earnings released: EPS: NT$0.90 (vs NT$0.24 loss in 1Q 2025) First quarter 2026 results: EPS: NT$0.90 (up from NT$0.24 loss in 1Q 2025). Revenue: NT$788.8m (up 387% from 1Q 2025). Net income: NT$350.5m (up NT$444.2m from 1Q 2025). Profit margin: 44% (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 increased by 44% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$16.85, the stock trades at a trailing P/E ratio of 22.1x. Average trailing P/E is 13x in the Capital Markets industry in Taiwan. Total returns to shareholders of 97% over the past three years. Upcoming Dividend • Apr 09
Upcoming dividend of NT$0.55 per share Eligible shareholders must have bought the stock before 16 April 2026. Payment date: 15 May 2026. Payout ratio is a comfortable 72% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of Taiwanese dividend payers (5.1%). Lower than average of industry peers (4.7%). Annonce • Mar 31
Horizon Securities Co., Ltd., Annual General Meeting, Jun 17, 2026 Horizon Securities Co., Ltd., Annual General Meeting, Jun 17, 2026, at 09:00 Taipei Standard Time. Location: 7 floor no,236, sec.4 shen yih rd., taipei city Taiwan Reported Earnings • Mar 17
Full year 2025 earnings released: EPS: NT$0.76 (vs NT$0.91 in FY 2024) Full year 2025 results: EPS: NT$0.76 (down from NT$0.91 in FY 2024). Revenue: NT$1.47b (up 1.5% from FY 2024). Net income: NT$299.0m (down 11% from FY 2024). Profit margin: 20% (down from 23% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. New Risk • Mar 04
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 7.1% 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 39% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (226% payout ratio). Share price has been volatile over the past 3 months (7.1% average weekly change). Profit margins are more than 30% lower than last year (7.5% net profit margin). Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$12.45, the stock trades at a trailing P/E ratio of 56.4x. Average trailing P/E is 14x in the Capital Markets industry in Taiwan. Total returns to shareholders of 52% over the past three years. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: NT$0.53 (vs NT$0.01 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.53 (up from NT$0.01 loss in 3Q 2024). Revenue: NT$520.9m (up 82% from 3Q 2024). Net income: NT$206.7m (up NT$210.6m from 3Q 2024). Profit margin: 40% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. New Risk • Aug 23
New major risk - Revenue and earnings growth Earnings have declined by 33% 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. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 33% per year over the past 5 years. Minor Risk Paying a dividend despite being loss-making. Reported Earnings • Aug 23
Second quarter 2025 earnings released: NT$0.03 loss per share (vs NT$0.36 profit in 2Q 2024) Second quarter 2025 results: NT$0.03 loss per share (down from NT$0.36 profit in 2Q 2024). Revenue: NT$232.9m (down 44% from 2Q 2024). Net loss: NT$11.8m (down 109% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • May 15
First quarter 2025 earnings released: NT$0.24 loss per share (vs NT$0.65 profit in 1Q 2024) First quarter 2025 results: NT$0.24 loss per share (down from NT$0.65 profit in 1Q 2024). Revenue: NT$163.5m (down 69% from 1Q 2024). Net loss: NT$93.7m (down 141% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Annonce • May 01
Horizon Securities Co., Ltd. to Report Q1, 2025 Results on May 08, 2025 Horizon Securities Co., Ltd. announced that they will report Q1, 2025 results on May 08, 2025 Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$10.25, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 11x in the Capital Markets industry in Taiwan. Total loss to shareholders of 19% over the past three years. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$0.91 (vs NT$0.51 in FY 2023) Full year 2024 results: EPS: NT$0.91 (up from NT$0.51 in FY 2023). Revenue: NT$1.46b (up 24% from FY 2023). Net income: NT$337.5m (up 88% from FY 2023). Profit margin: 23% (up from 15% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Mar 13
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 20 March 2025. Payment date: 25 April 2025. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Taiwanese dividend payers (4.4%). Lower than average of industry peers (5.0%). Declared Dividend • Feb 22
Dividend increased to NT$0.50 Dividend of NT$0.50 is 100% higher than last year. Ex-date: 20th March 2025 Payment date: 25th April 2025 Dividend yield will be 4.4%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is well covered by both earnings (23% earnings payout ratio) and cash flows (16% 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 decline by 74% to shift the payout ratio to a potentially unsustainable range, which is more than the 4.7% EPS decline seen over the last 5 years. Annonce • Feb 13
Horizon Securities Co., Ltd. to Report Q4, 2024 Results on Feb 20, 2025 Horizon Securities Co., Ltd. announced that they will report Q4, 2024 results on Feb 20, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings released: NT$0.01 loss per share (vs NT$0.078 profit in 3Q 2023) Third quarter 2024 results: NT$0.01 loss per share (down from NT$0.078 profit in 3Q 2023). Revenue: NT$286.2m (down 7.6% from 3Q 2023). Net loss: NT$3.96m (down 115% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Annonce • Oct 24
Horizon Securities Co., Ltd. to Report Q3, 2024 Results on Oct 31, 2024 Horizon Securities Co., Ltd. announced that they will report Q3, 2024 results on Oct 31, 2024 New Risk • Sep 19
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 9.6% 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 High level of non-cash earnings (20% accrual ratio). Minor Risks Dividend is not well covered by cash flows (217% cash payout ratio). Shareholders have been diluted in the past year (9.6% increase in shares outstanding). New Risk • Aug 30
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (20% accrual ratio). Minor Risk Dividend is not well covered by cash flows (198% cash payout ratio). Reported Earnings • Aug 30
Second quarter 2024 earnings released: EPS: NT$0.35 (vs NT$0.18 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.35 (up from NT$0.18 in 2Q 2023). Revenue: NT$415.6m (up 34% from 2Q 2023). Net income: NT$128.7m (up 105% from 2Q 2023). Profit margin: 31% (up from 20% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Annonce • Aug 02
Horizon Securities Co., Ltd. to Report Q2, 2024 Results on Aug 08, 2024 Horizon Securities Co., Ltd. announced that they will report Q2, 2024 results on Aug 08, 2024 Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.65 (vs NT$0.14 in 1Q 2023) First quarter 2024 results: EPS: NT$0.65 (up from NT$0.14 in 1Q 2023). Revenue: NT$524.2m (up 106% from 1Q 2023). Net income: NT$227.4m (up 378% from 1Q 2023). Profit margin: 43% (up from 19% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Mar 20
Upcoming dividend of NT$0.25 per share Eligible shareholders must have bought the stock before 27 March 2024. Payment date: 24 April 2024. The company last paid an ordinary dividend in March 2013. The average dividend yield among industry peers is 4.6%. Reported Earnings • Mar 17
Full year 2023 earnings released: EPS: NT$0.51 (vs NT$0.63 loss in FY 2022) Full year 2023 results: EPS: NT$0.51 (up from NT$0.63 loss in FY 2022). Revenue: NT$1.19b (up 83% from FY 2022). Net income: NT$179.8m (up NT$400.0m from FY 2022). Profit margin: 15% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Annonce • Mar 08
Horizon Securities Co., Ltd., Annual General Meeting, May 27, 2024 Horizon Securities Co., Ltd., Annual General Meeting, May 27, 2024, at 09:00 Taipei Standard Time. Location: 7F, 236, Sec.4, Xinyi Rd Taipei Taiwan Agenda: To consider and approve the 2023 business report; to consider and approve the audit committee report; to consider and approve the employee and director remuneration; to consider and approve the payment of cash dividends; to consider and approve the proposal of profit distribution; to consider and approve the implementation for the second domestic unsecured convertible corporate bonds; and to consider and approve any other matters. Annonce • Dec 22
Horizon Securities Co., Ltd. Appoints Chen,Ming-Shun as New Member of the Sustainable Development Committee Horizon Securities Co., Ltd. announced that the company's board of directors has resolved to appoint new member of the Sustainable Development Committee. Name of the new position holder: Chen,Ming-Shun. Resume of the new position holder: Independent Director of Horizon Securities Co., Ltd. Circumstances of change: new appointment. Effective date of the new member is December 22, 2023. Annonce • Sep 23
Horizon Securities Co., Ltd. announced that it expects to receive TWD 600 million in funding Horizon Securities Co., Ltd. announced a private placement to issue 6,000 Series 2 domestic unsecured convertible corporate bonds at an issue price of TWD 100,000 per bond for the gross proceeds of TWD 600,000,000 on September 21, 2023. The transaction has been approved by the shareholders of the company. The bond bears 0% coupon rate and matures 5 years from the date of issuance. Reported Earnings • Aug 19
Second quarter 2023 earnings released: EPS: NT$0.17 (vs NT$0.05 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.17 (up from NT$0.05 in 2Q 2022). Revenue: NT$315.8m (up 70% from 2Q 2022). Net income: NT$62.7m (up 259% from 2Q 2022). Profit margin: 20% (up from 9.4% in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Board Change • Jul 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Independent Director Ming-Shun Chen was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 28
Full year 2022 earnings released: NT$0.63 loss per share (vs NT$3.53 profit in FY 2021) Full year 2022 results: NT$0.63 loss per share (down from NT$3.53 profit in FY 2021). Revenue: NT$677.0m (down 74% from FY 2021). Net loss: NT$220.2m (down 118% from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Chen-Chi Hsiao was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Third quarter 2022 earnings released: NT$0.07 loss per share (vs NT$0.052 loss in 3Q 2021) Third quarter 2022 results: NT$0.07 loss per share (further deteriorated from NT$0.052 loss in 3Q 2021). Revenue: NT$241.2m (up 1.1% from 3Q 2021). Net loss: NT$23.5m (loss widened 30% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: NT$0.05 (vs NT$2.15 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.05 (down from NT$2.15 in 2Q 2021). Revenue: NT$192.9m (down 86% from 2Q 2021). Net income: NT$17.5m (down 98% from 2Q 2021). Profit margin: 9.1% (down from 57% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$11.25, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 10x in the Capital Markets industry in Taiwan. Total returns to shareholders of 128% over the past three years. Upcoming Dividend • Jul 21
Upcoming dividend of NT$1.80 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 31 August 2022. Payout ratio is a comfortable 71% and this is well supported by cash flows. Trailing yield: 13%. Within top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (8.2%). Reported Earnings • May 16
First quarter 2022 earnings released: NT$0.30 loss per share (vs NT$0.93 profit in 1Q 2021) First quarter 2022 results: NT$0.30 loss per share (down from NT$0.93 profit in 1Q 2021). Revenue: NT$146.5m (down 75% from 1Q 2021). Net loss: NT$97.8m (down 132% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Chen-Chi Hsiao was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Mar 18
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$3.74 (up from NT$1.24 in FY 2020). Revenue: NT$2.64b (up 107% from FY 2020). Net income: NT$1.24b (up 199% from FY 2020). Profit margin: 47% (up from 33% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Annonce • Mar 06
Horizon Securities Co., Ltd., Annual General Meeting, May 27, 2022 Horizon Securities Co., Ltd., Annual General Meeting, May 27, 2022, at 09:00 Taipei Standard Time. Location: 7F, 236, Sec.4, Xinyi Rd., Taipei Taiwan Agenda: To consider the 2021 business report; to consider the Audit Committee's review report for 2021; to consider the 2021 remuneration report of the employees and directors; to consider the 2021 report of the profit distribution in cash dividends; and to consider other matters. Reported Earnings • Aug 26
Second quarter 2021 earnings released: EPS NT$2.28 (vs NT$1.10 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: NT$1.33b (up 129% from 2Q 2020). Net income: NT$753.7m (up 105% from 2Q 2020). Profit margin: 57% (down from 63% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 09
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 16 June 2021. Payment date: 08 July 2021. Trailing yield: 1.9%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (4.7%). Valuation Update With 7 Day Price Move • May 27
Investor sentiment improved over the past week After last week's 19% share price gain to NT$22.55, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 9x in the Capital Markets industry in Taiwan. Total returns to shareholders of 233% over the past three years. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.93 (vs NT$0.78 loss in 1Q 2020) The company reported a soft first quarter result with weaker revenues and profit margins, although earnings were improved. First quarter 2021 results: Revenue: NT$591.5m (down 868% from 1Q 2020). Net income: NT$306.0m (up NT$573.8m from 1Q 2020). Profit margin: 52% (down from 348% in 1Q 2020). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improved over the past week After last week's 17% share price gain to NT$24.05, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 14x in the Capital Markets industry in Taiwan. Total returns to shareholders of 248% over the past three years. Annonce • May 08
Horizon Securities Co., Ltd. Announces the Cash Dividends, Payable on July 08, 2021 Horizon Securities Co., Ltd. announced the cash dividends of TWD 0.50 per share. The Payment date of cash dividend distribution was July 08, 2021 and the Ex-dividend date was June 16, 2021. Annonce • Apr 17
Horizon Securities Co., Ltd. announced that it expects to receive TWD 7 billion in funding Horizon Securities Co., Ltd. (GTSM:6015) announced a private placement of 70,000 first domestic unsecured convertible corporate bonds at an issue price of NTD 100,000 per bond for gross proceeds of up to NTD 7,000,000,000 on April 15, 2021. The bonds have a coupon rate of 0% and have an issuance period of 5 years. The transaction has been approved by the board of directors of the company. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improved over the past week After last week's 23% share price gain to NT$17.20, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 14x in the Capital Markets industry in Taiwan. Total returns to shareholders of 144% over the past three years. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS NT$1.24 (vs NT$0.40 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$1.28b (up 55% from FY 2019). Net income: NT$414.7m (up 195% from FY 2019). Profit margin: 33% (up from 17% 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 25% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Annonce • Mar 12
Horizon Securities Co., Ltd., Annual General Meeting, May 28, 2021 Horizon Securities Co., Ltd., Annual General Meeting, May 28, 2021, at 09:00 Taipei Standard Time. Location: 7F, 236, Sec.4, Xinyi Rd Taipei Taiwan Agenda: To consider the 2020 business report; to the audit committee's review report for 2020; to the 2020 report of the profit distribution in cash dividends; to the 2020 reward report of the employees and directors; to the status of the share repurchase program; to the 2020 business report and financial statements; to the 2020 proposal of profit distribution; to amendment of the rules of procedure for the shareholders' meeting; and to consider other matter. Is New 90 Day High Low • Jan 13
New 90-day high: NT$14.50 The company is up 103% from its price of NT$7.14 on 16 October 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 20% over the same period. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improved over the past week After last week's 21% share price gain to NT$13.90, the stock is trading at a trailing P/E ratio of 32.7x, up from the previous P/E ratio of 27x. This compares to an average P/E of 14x in the Capital Markets industry in Taiwan. Total returns to shareholders over the past three years are 84%. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 16% share price gain to NT$11.05, the stock is trading at a trailing P/E ratio of 26x, up from the previous P/E ratio of 22.4x. This compares to an average P/E of 14x in the Capital Markets industry in Taiwan. Total returns to shareholders over the past three years are 46%. Is New 90 Day High Low • Dec 21
New 90-day high: NT$9.44 The company is up 24% from its price of NT$7.63 on 23 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 6.0% over the same period. Is New 90 Day High Low • Dec 05
New 90-day high: NT$8.79 The company is up 5.0% from its price of NT$8.36 on 04 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Capital Markets industry, which is up 2.0% over the same period. Reported Earnings • Nov 16
Third quarter 2020 earnings released: EPS NT$0.004 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$200.2m (down 4.2% from 3Q 2019). Net income: NT$1.33m (down 97% from 3Q 2019). Profit margin: 0.7% (down from 21% in 3Q 2019). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 27
New 90-day low: NT$7.07 The company is down 25% from its price of NT$9.42 on 29 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 1.0% over the same period. Annonce • Oct 16
Horizon Securities Co., Ltd. Announces the Change of Chairperson Horizon Securities Co., Ltd. announced the change of chairperson of the Company. Name and resume of the previous position holder: Liou, Han-Tzong¡, A chairperson of Horizon Securities Co., Ltd. Name and resume of the new position holder: Jiang, Ke-Chyn¡, A chairperson of Horizon Venture Capital Co., Ltd. Is New 90 Day High Low • Oct 08
New 90-day low: NT$7.28 The company is down 10.0% from its price of NT$8.06 on 10 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is down 1.0% over the same period. 
