Valuation Update With 7 Day Price Move • May 05
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$277, the stock trades at a trailing P/E ratio of 39.9x. Average trailing P/E is 45x in the Semiconductor industry in Taiwan. Total returns to shareholders of 928% over the past three years. Reported Earnings • Apr 30
First quarter 2026 earnings released: EPS: NT$5.00 (vs NT$0.51 loss in 1Q 2025) First quarter 2026 results: EPS: NT$5.00 (up from NT$0.51 loss in 1Q 2025). Revenue: NT$273.3m (up NT$266.9m from 1Q 2025). Net income: NT$218.1m (up NT$233.4m from 1Q 2025). Profit margin: 80% (up from net loss in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 124% per year but the company’s share price has only increased by 111% per year, which means it is significantly lagging earnings growth. Annonce • Feb 25
BaaS Innovation Co., Ltd., Annual General Meeting, May 26, 2026 BaaS Innovation Co., Ltd., Annual General Meeting, May 26, 2026, at 09:00 Taipei Standard Time. Location: 3 floor no,533, t`an mei st., neihu district, taipei city Taiwan Reported Earnings • Feb 25
Full year 2025 earnings released: EPS: NT$1.28 (vs NT$0.18 loss in FY 2024) Full year 2025 results: EPS: NT$1.28 (up from NT$0.18 loss in FY 2024). Revenue: NT$282.5m (up 335% from FY 2024). Net income: NT$44.3m (up NT$49.5m from FY 2024). Profit margin: 16% (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 increased by 98% per year but the company’s share price has only increased by 69% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 01
Third quarter 2025 earnings released: EPS: NT$0.16 (vs NT$0.16 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.16. Revenue: NT$139.7m (up NT$123.6m from 3Q 2024). Net income: NT$5.96m (up 22% from 3Q 2024). Profit margin: 4.3% (down from 30% in 3Q 2024). New Risk • Aug 14
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 33% 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 Risks Share price has been highly volatile over the past 3 months (9.1% average weekly change). Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Minor Risks Revenue is less than US$5m (NT$75m revenue, or US$2.5m). Market cap is less than US$100m (NT$2.19b market cap, or US$73.2m). Reported Earnings • Aug 05
Second quarter 2025 earnings released: NT$0.32 loss per share (vs NT$0.28 loss in 2Q 2024) Second quarter 2025 results: NT$0.32 loss per share (further deteriorated from NT$0.28 loss in 2Q 2024). Revenue: NT$30.8m (up 279% from 2Q 2024). Net loss: NT$9.45m (loss widened 24% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 08
First quarter 2025 earnings released: NT$0.51 loss per share (vs NT$0.49 loss in 1Q 2024) First quarter 2025 results: NT$0.51 loss per share (further deteriorated from NT$0.49 loss in 1Q 2024). Revenue: NT$6.35m (down 66% from 1Q 2024). Net loss: NT$15.4m (loss widened 22% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. New Risk • Apr 25
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 8.8% 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 Share price has been volatile over the past 3 months (8.8% average weekly change). Shareholders have been diluted in the past year (16% increase in shares outstanding). Revenue is less than US$5m (NT$65m revenue, or US$2.0m). Market cap is less than US$100m (NT$939.0m market cap, or US$28.8m). Annonce • Apr 19
BaaS Innovation Co., Ltd. to Report Q1, 2025 Results on Apr 28, 2025 BaaS Innovation Co., Ltd. announced that they will report Q1, 2025 results on Apr 28, 2025 Reported Earnings • Mar 09
Full year 2024 earnings released: NT$0.19 loss per share (vs NT$0.71 loss in FY 2023) Full year 2024 results: NT$0.19 loss per share (improved from NT$0.71 loss in FY 2023). Revenue: NT$65.0m (flat on FY 2023). Net loss: NT$5.22m (loss narrowed 72% from FY 2023). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Annonce • Feb 27
BaaS Innovation Co., Ltd., Annual General Meeting, May 28, 2025 BaaS Innovation Co., Ltd., Annual General Meeting, May 28, 2025. Location: 2 floor building. i no,258, lien ch`eng rd., jhonghe district, new taipei city Taiwan Annonce • Feb 19
BaaS Innovation Co., Ltd. to Report Q4, 2024 Results on Feb 26, 2025 BaaS Innovation Co., Ltd. announced that they will report Q4, 2024 results on Feb 26, 2025 New Risk • Nov 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Shareholders have been diluted in the past year (16% increase in shares outstanding). Revenue is less than US$5m (NT$94m revenue, or US$2.9m). Market cap is less than US$100m (NT$963.0m market cap, or US$29.6m). Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$0.16 (vs NT$0.47 loss in 3Q 2023) Third quarter 2024 results: EPS: NT$0.16 (up from NT$0.47 loss in 3Q 2023). Revenue: NT$16.1m (up 114% from 3Q 2023). Net income: NT$4.87m (up NT$16.9m from 3Q 2023). Profit margin: 30% (up from net loss in 3Q 2023). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 17
Second quarter 2024 earnings released: NT$0.29 loss per share (vs NT$0.092 loss in 2Q 2023) Second quarter 2024 results: NT$0.29 loss per share (further deteriorated from NT$0.092 loss in 2Q 2023). Revenue: NT$8.14m (up 314% from 2Q 2023). Net loss: NT$7.62m (loss widened 221% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. New Risk • Jul 17
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% 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: Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Shareholders have been diluted in the past year (16% increase in shares outstanding). Revenue is less than US$5m (NT$80m revenue, or US$2.4m). Market cap is less than US$100m (NT$1.16b market cap, or US$35.4m). Reported Earnings • May 12
First quarter 2024 earnings released: NT$0.49 loss per share (vs NT$0.024 profit in 1Q 2023) First quarter 2024 results: NT$0.49 loss per share (down from NT$0.024 profit in 1Q 2023). Revenue: NT$18.8m (up 301% from 1Q 2023). Net loss: NT$13.5m (down NT$14.1m from profit in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 13
Full year 2023 earnings released: NT$0.71 loss per share (vs NT$4.27 loss in FY 2022) Full year 2023 results: NT$0.71 loss per share (improved from NT$4.27 loss in FY 2022). Revenue: NT$65.4m (up 182% from FY 2022). Net loss: NT$18.3m (loss narrowed 83% from FY 2022). 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 11% per year, which means it has not declined as severely as earnings. Annonce • Mar 08
iROC Co., Ltd., Annual General Meeting, May 24, 2024 iROC Co., Ltd., Annual General Meeting, May 24, 2024. New Risk • Oct 25
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 5.9% 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: Major Risks Earnings have declined by 21% per year over the past 5 years. Revenue is less than US$1m (NT$16m revenue, or US$484k). Minor Risks Share price has been volatile over the past 3 months (5.9% average weekly change). Market cap is less than US$100m (NT$811.5m market cap, or US$25.0m). Reported Earnings • Aug 02
Second quarter 2023 earnings released: NT$0.09 loss per share (vs NT$1.97 loss in 2Q 2022) Second quarter 2023 results: NT$0.09 loss per share (improved from NT$1.97 loss in 2Q 2022). Net loss: NT$2.38m (loss narrowed 95% from 2Q 2022). 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 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 09
Full year 2022 earnings released: NT$4.27 loss per share (vs NT$0.93 profit in FY 2021) Full year 2022 results: NT$4.27 loss per share (down from NT$0.93 profit in FY 2021). Revenue: NT$23.2m (up 24% from FY 2021). Net loss: NT$110.1m (down NT$134.1m from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 10% per year. Reported Earnings • Nov 16
Third quarter 2022 earnings released: NT$0.61 loss per share (vs NT$0.73 profit in 3Q 2021) Third quarter 2022 results: NT$0.61 loss per share (down from NT$0.73 profit in 3Q 2021). Net loss: NT$15.7m (down 184% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 7 non-independent directors. Independent Director Shen Min was the last independent director to join the board, commencing their role in 2007. 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$0.61 loss per share (vs NT$0.73 profit in 3Q 2021) Third quarter 2022 results: NT$0.61 loss per share (down from NT$0.73 profit in 3Q 2021). Net loss: NT$15.7m (down 184% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 02
Second quarter 2022 earnings released: NT$1.97 loss per share (vs NT$1.77 profit in 2Q 2021) Second quarter 2022 results: NT$1.97 loss per share (down from NT$1.77 profit in 2Q 2021). Revenue: NT$4.89m (up 7.3% from 2Q 2021). Net loss: NT$50.7m (down 211% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 23
Upcoming dividend of NT$0.20 per share Eligible shareholders must have bought the stock before 30 June 2022. Payment date: 25 July 2022. Trailing yield: 0.6%. Lower than top quartile of Taiwanese dividend payers (6.4%). Lower than average of industry peers (3.4%). Reported Earnings • May 06
First quarter 2022 earnings released: NT$0.90 loss per share (vs NT$0.10 loss in 1Q 2021) First quarter 2022 results: NT$0.90 loss per share (down from NT$0.10 loss in 1Q 2021). Revenue: NT$9.33m (up 242% from 1Q 2021). Net loss: NT$23.1m (loss widened NT$20.5m from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 8 non-independent directors. Independent Director Shen Min was the last independent director to join the board, commencing their role in 2007. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 15
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: NT$0.93 (up from NT$2.46 loss in FY 2020). Net income: NT$24.0m (up NT$87.4m from FY 2020). Revenue missed analyst estimates by 58%. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Annonce • Mar 06
iROC Co., Ltd., Annual General Meeting, Jun 08, 2022 iROC Co., Ltd., Annual General Meeting, Jun 08, 2022. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improved over the past week After last week's 17% share price gain to NT$41.35, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 20x in the Semiconductor industry in Taiwan. Total loss to shareholders of 43% over the past three years. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$0.73 (vs NT$0.94 loss in 3Q 2020) Third quarter 2021 results: Net income: NT$18.7m (up NT$42.8m from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment improved over the past week After last week's 19% share price gain to NT$49.50, the stock trades at a trailing P/E ratio of 50x. Average trailing P/E is 21x in the Semiconductor industry in Taiwan. Total loss to shareholders of 13% over the past three years. Reported Earnings • Aug 03
Second quarter 2021 earnings released: EPS NT$1.28 (vs NT$0.048 loss in 2Q 2020) Second quarter 2021 results: Revenue: NT$4.56m (down 93% from 2Q 2020). Net income: NT$45.6m (up NT$47.4m from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Board Change • Jul 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. 2 experienced directors. 9 highly experienced directors. 2 independent directors (8 non-independent directors). Independent Director Shen Min was the last independent director to join the board, commencing their role in 2007. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • May 04
First quarter 2021 earnings released: NT$0.07 loss per share (vs NT$1.24 loss in 1Q 2020) The company reported a soft first quarter result with weaker revenues and control over costs, although losses reduced. First quarter 2021 results: Revenue: NT$2.73m (down 96% from 1Q 2020). Net loss: NT$2.62m (loss narrowed 94% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 54 percentage points per year, which is a significant difference in performance. Annonce • Mar 13
iROC Co., Ltd., Annual General Meeting, Jun 22, 2021 iROC Co., Ltd., Annual General Meeting, Jun 22, 2021. Reported Earnings • Mar 12
Full year 2020 earnings released: NT$1.78 loss per share (vs NT$1.48 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: NT$152.1m (down 7.3% from FY 2019). Net loss: NT$63.4m (loss widened 21% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 91% 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. Is New 90 Day High Low • Feb 23
New 90-day low: NT$30.00 The company is down 1.0% from its price of NT$30.45 on 25 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 32% over the same period. Is New 90 Day High Low • Dec 31
New 90-day high: NT$34.80 The company is up 3.0% from its price of NT$33.80 on 30 September 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 24% over the same period. Is New 90 Day High Low • Dec 04
New 90-day low: NT$30.15 The company is down 7.0% from its price of NT$32.50 on 04 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 Semiconductor industry, which is up 19% over the same period. Is New 90 Day High Low • Nov 18
New 90-day low: NT$30.35 The company is down 12% from its price of NT$34.35 on 19 August 2020. The Taiwanese market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 13% over the same period. Reported Earnings • Oct 28
Third quarter earnings released Over the last 12 months the company has reported total losses of NT$56.0m, with losses narrowing by 33% from the prior year. Total revenue was NT$190.3m over the last 12 months, up 12% from the prior year.