Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$142, the stock trades at a trailing P/E ratio of 16.1x. Average trailing P/E is 16x in the Retail Distributors industry in Taiwan. Total returns to shareholders of 195% over the past three years. Valuation Update With 7 Day Price Move • Jul 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$133, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 16x in the Retail Distributors industry in Taiwan. Total returns to shareholders of 175% over the past three years. Reported Earnings • May 16
First quarter 2026 earnings released: EPS: NT$3.00 (vs NT$1.33 in 1Q 2025) First quarter 2026 results: EPS: NT$3.00 (up from NT$1.33 in 1Q 2025). Revenue: NT$195.5m (up 30% from 1Q 2025). Net income: NT$72.3m (up 147% from 1Q 2025). Profit margin: 37% (up from 19% in 1Q 2025). The increase in margin was driven by higher revenue. 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 24% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$119, the stock trades at a trailing P/E ratio of 17.4x. Average trailing P/E is 18x in the Retail Distributors industry in Taiwan. Total returns to shareholders of 123% over the past three years. Buy Or Sell Opportunity • Apr 28
Now 21% undervalued Over the last 90 days, the stock has risen 34% to NT$99.50. The fair value is estimated to be NT$126, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 35%. Buy Or Sell Opportunity • Apr 08
Now 22% undervalued Over the last 90 days, the stock has risen 51% to NT$99.60. The fair value is estimated to be NT$127, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 35%. New Risk • Mar 24
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 8.2% 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 Risk High level of non-cash earnings (38% accrual ratio). Minor Risks Dividend is not well covered by cash flows (172% cash payout ratio). Share price has been volatile over the past 3 months (8.2% average weekly change). Market cap is less than US$100m (NT$2.69b market cap, or US$84.2m). Reported Earnings • Mar 24
Full year 2025 earnings released: EPS: NT$6.82 (vs NT$4.11 in FY 2024) Full year 2025 results: EPS: NT$6.82 (up from NT$4.11 in FY 2024). Revenue: NT$621.7m (up 6.5% from FY 2024). Net income: NT$149.9m (up 66% from FY 2024). Profit margin: 24% (up from 16% in FY 2024). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year and the company’s share price has also increased by 35% per year. Buy Or Sell Opportunity • Mar 19
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 77% to NT$122. The fair value is estimated to be NT$97.52, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.0% over the last 3 years. Earnings per share has grown by 29%. Annonce • Mar 13
Mikobeaute International Co., Ltd., Annual General Meeting, Jun 16, 2026 Mikobeaute International Co., Ltd., Annual General Meeting, Jun 16, 2026. Location: 15 floor no,99, fu hsing n. rd., songshan district, taipei city Taiwan Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$89.80, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 13x in the Retail Distributors industry in Taiwan. Total returns to shareholders of 111% over the past three years. Buy Or Sell Opportunity • Feb 26
Now 20% undervalued Over the last 90 days, the stock has risen 8.3% to NT$76.90. The fair value is estimated to be NT$96.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.0% over the last 3 years. Earnings per share has grown by 29%. Buy Or Sell Opportunity • Jan 29
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at NT$72.80. The fair value is estimated to be NT$91.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.0% over the last 3 years. Earnings per share has grown by 29%. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: NT$1.43 (vs NT$1.48 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.43 (down from NT$1.48 in 3Q 2024). Revenue: NT$133.6m (down 2.5% from 3Q 2024). Net income: NT$31.5m (down 3.3% from 3Q 2024). Profit margin: 24% (in line with 3Q 2024). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$1.32 (vs NT$1.00 in 2Q 2024) Second quarter 2025 results: EPS: NT$1.32 (up from NT$1.00 in 2Q 2024). Revenue: NT$151.3m (flat on 2Q 2024). Net income: NT$29.0m (up 32% from 2Q 2024). Profit margin: 19% (up from 15% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 06
Upcoming dividend of NT$2.20 per share Eligible shareholders must have bought the stock before 13 August 2025. Payment date: 11 September 2025. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (4.3%). Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$101, the stock trades at a trailing P/E ratio of 19.1x. Average trailing P/E is 16x in the Retail Distributors industry in Taiwan. Total returns to shareholders of 137% over the past three years. Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to NT$93.20, the stock trades at a trailing P/E ratio of 17.7x. Average trailing P/E is 16x in the Retail Distributors industry in Taiwan. Total returns to shareholders of 112% over the past three years. New Risk • May 29
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 8.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.9% average weekly change). Market cap is less than US$100m (NT$1.73b market cap, or US$57.9m). Valuation Update With 7 Day Price Move • May 23
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$65.80, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 13x in the Retail Distributors industry in Taiwan. Total returns to shareholders of 54% over the past three years. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$1.33 (vs NT$0.17 in 1Q 2024) First quarter 2025 results: EPS: NT$1.33 (up from NT$0.17 in 1Q 2024). Revenue: NT$150.9m (up 21% from 1Q 2024). Net income: NT$29.3m (up NT$25.6m from 1Q 2024). Profit margin: 19% (up from 3.0% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$4.10 (vs NT$2.12 in FY 2023) Full year 2024 results: EPS: NT$4.10 (up from NT$2.12 in FY 2023). Revenue: NT$583.7m (down 5.9% from FY 2023). Net income: NT$90.3m (up 94% from FY 2023). Profit margin: 16% (up from 7.5% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Annonce • Mar 14
Mikobeaute International Co., Ltd., Annual General Meeting, Jun 26, 2025 Mikobeaute International Co., Ltd., Annual General Meeting, Jun 26, 2025. Location: 15 floor no,99, fu hsing n. rd., songshan district, taipei city Taiwan Reported Earnings • Nov 19
Third quarter 2024 earnings released: EPS: NT$1.48 (vs NT$0.33 loss in 3Q 2023) Third quarter 2024 results: EPS: NT$1.48 (up from NT$0.33 loss in 3Q 2023). Revenue: NT$137.0m (down 9.0% from 3Q 2023). Net income: NT$32.5m (up NT$39.8m from 3Q 2023). Profit margin: 24% (up from net loss in 3Q 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$1.00 (vs NT$1.20 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.00 (down from NT$1.20 in 2Q 2023). Revenue: NT$150.6m (down 9.1% from 2Q 2023). Net income: NT$22.0m (down 17% from 2Q 2023). Profit margin: 15% (down from 16% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 10
Upcoming dividend of NT$3.50 per share Eligible shareholders must have bought the stock before 17 July 2024. Payment date: 15 August 2024. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (3.3%). New Risk • Jun 06
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 30% 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 15% 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. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.5% net profit margin). Market cap is less than US$100m (NT$1.11b market cap, or US$34.4m). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.17 (vs NT$0.44 in 1Q 2023) First quarter 2024 results: EPS: NT$0.17 (down from NT$0.44 in 1Q 2023). Revenue: NT$124.5m (flat on 1Q 2023). Net income: NT$3.68m (down 62% from 1Q 2023). Profit margin: 3.0% (down from 7.7% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Annonce • Apr 14
Mikobeaute International Co., Ltd., Annual General Meeting, Jun 27, 2024 Mikobeaute International Co., Ltd., Annual General Meeting, Jun 27, 2024. Reported Earnings • Apr 03
Full year 2023 earnings released: EPS: NT$2.12 (vs NT$3.09 in FY 2022) Full year 2023 results: EPS: NT$2.12 (down from NT$3.09 in FY 2022). Revenue: NT$620.0m (down 9.0% from FY 2022). Net income: NT$46.5m (down 32% from FY 2022). Profit margin: 7.5% (down from 10.0% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 17
Upcoming dividend of NT$3.50 per share at 2.7% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 25 September 2023. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Taiwanese dividend payers (5.7%). Lower than average of industry peers (5.1%). Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.52 (vs NT$0.76 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$0.52 (up from NT$0.76 loss in 3Q 2021). Revenue: NT$140.8m (up 34% from 3Q 2021). Net income: NT$11.3m (up NT$28.0m from 3Q 2021). Profit margin: 8.0% (up from net loss in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.52 (vs NT$0.76 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$0.52 (up from NT$0.76 loss in 3Q 2021). Revenue: NT$140.8m (up 34% from 3Q 2021). Net income: NT$11.3m (up NT$28.0m from 3Q 2021). Profit margin: 8.0% (up from net loss in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Buying Opportunity • Sep 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 2.5%. The fair value is estimated to be NT$62.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 19% over the last 3 years. Earnings per share has declined by 56%. Upcoming Dividend • Sep 12
Upcoming dividend of NT$1.14 per share Eligible shareholders must have bought the stock before 19 September 2022. Payment date: 18 October 2022. Payout ratio is on the higher end at 91%, however this is supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (6.6%). Lower than average of industry peers (4.9%). Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: NT$0.60 (vs NT$0.31 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.60 (up from NT$0.31 in 2Q 2021). Revenue: NT$178.8m (up 18% from 2Q 2021). Net income: NT$13.2m (up 97% from 2Q 2021). Profit margin: 7.4% (up from 4.5% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.79 (vs NT$0.48 in 1Q 2021) First quarter 2022 results: EPS: NT$0.79 (up from NT$0.48 in 1Q 2021). Revenue: NT$192.7m (up 1.1% from 1Q 2021). Net income: NT$17.6m (up 68% from 1Q 2021). Profit margin: 9.1% (up from 5.5% in 1Q 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Annonce • Apr 02
Mikobeaute International Co., Ltd., Annual General Meeting, Jun 23, 2022 Mikobeaute International Co., Ltd., Annual General Meeting, Jun 23, 2022. Reported Earnings • Apr 01
Full year 2021 earnings released: EPS: NT$0.63 (vs NT$1.91 in FY 2020) Full year 2021 results: EPS: NT$0.63 (down from NT$1.91 in FY 2020). Revenue: NT$648.3m (down 24% from FY 2020). Net income: NT$13.8m (down 67% from FY 2020). Profit margin: 2.1% (down from 5.0% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 15
Third quarter 2021 earnings released: NT$0.76 loss per share (vs NT$0.33 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: NT$105.0m (down 49% from 3Q 2020). Net loss: NT$16.7m (down 334% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 22
Upcoming dividend of NT$1.38 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 25 October 2021. Trailing yield: 2.8%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (3.9%). Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.31 (vs NT$0.41 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$151.0m (down 21% from 2Q 2020). Net income: NT$6.72m (down 26% from 2Q 2020). Profit margin: 4.5% (down from 4.7% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Reported Earnings • May 17
First quarter 2021 earnings released: EPS NT$0.48 (vs NT$0.73 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$190.6m (down 8.9% from 1Q 2020). Net income: NT$10.5m (down 35% from 1Q 2020). Profit margin: 5.5% (down from 7.7% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$1.91 (vs NT$4.04 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$849.9m (down 20% from FY 2019). Net income: NT$42.1m (down 53% from FY 2019). Profit margin: 5.0% (down from 8.4% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Mar 06
New 90-day high: NT$59.00 The company is up 1.0% from its price of NT$58.30 on 03 December 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Retail Distributors industry, which is down 2.0% over the same period. Is New 90 Day High Low • Jan 20
New 90-day low: NT$55.20 The company is down 4.0% from its price of NT$57.60 on 22 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Retail Distributors industry, which is up 4.0% over the same period. Is New 90 Day High Low • Nov 27
New 90-day high: NT$59.10 The company is up 6.0% from its price of NT$55.70 on 28 August 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Retail Distributors industry, which is up 9.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.32 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$205.3m (down 23% from 3Q 2019). Net income: NT$7.15m (down 69% from 3Q 2019). Profit margin: 3.5% (down from 8.7% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. 
