Declared Dividend • Jun 08
Dividend of NT$5.14 announced Shareholders will receive a dividend of NT$5.14. Ex-date: 30th June 2026 Payment date: 24th July 2026 Dividend yield will be 3.6%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (60% earnings payout ratio) and cash flows (85% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 19% over the next year, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Jun 05
Price target increased by 11% to NT$155 Up from NT$140, the current price target is provided by 1 analyst. New target price is 8.4% above last closing price of NT$143. Stock is up 44% over the past year. The company is forecast to post earnings per share of NT$11.43 for next year compared to NT$8.45 last year. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$141, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 16x in the IT industry in Asia. Total returns to shareholders of 33% over the past three years. Reported Earnings • May 06
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: EPS: NT$2.00 (up from NT$1.51 in 1Q 2025). Revenue: NT$3.40b (up 29% from 1Q 2025). Net income: NT$169.4m (up 53% from 1Q 2025). Profit margin: 5.0% (up from 4.2% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) missed analyst estimates by 7.0%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 10% growth forecast for the IT industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has remained flat. Annonce • Mar 09
WITS Corp., Annual General Meeting, May 27, 2026 WITS Corp., Annual General Meeting, May 27, 2026. Location: 1 floor no,15 ln.168, hsing shan rd., neihu district, taipei city Taiwan Reported Earnings • Mar 08
Full year 2025 earnings released: EPS: NT$8.45 (vs NT$6.25 in FY 2024) Full year 2025 results: EPS: NT$8.45 (up from NT$6.25 in FY 2024). Revenue: NT$11.6b (up 13% from FY 2024). Net income: NT$618.1m (up 36% from FY 2024). Profit margin: 5.3% (up from 4.4% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 9.1% growth forecast for the IT industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$2.66 (vs NT$1.86 in 3Q 2024) Third quarter 2025 results: EPS: NT$2.66 (up from NT$1.86 in 3Q 2024). Revenue: NT$2.99b (up 14% from 3Q 2024). Net income: NT$194.3m (up 43% from 3Q 2024). Profit margin: 6.5% (up from 5.2% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.5% p.a. on average during the next 2 years, compared to a 11% growth forecast for the IT industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$130, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 19x in the IT industry in Taiwan. Total returns to shareholders of 91% over the past three years. Buy Or Sell Opportunity • Sep 15
Now 22% undervalued Over the last 90 days, the stock has risen 11% to NT$110. The fair value is estimated to be NT$141, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 7.8%. Revenue is forecast to grow by 10% in a year. Earnings are forecast to grow by 40% in the next year. Buy Or Sell Opportunity • Aug 29
Now 22% undervalued Over the last 90 days, the stock has risen 14% to NT$112. The fair value is estimated to be NT$142, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 7.8%. Revenue is forecast to grow by 10% in a year. Earnings are forecast to grow by 40% in the next year. Price Target Changed • Aug 15
Price target increased by 26% to NT$140 Up from NT$111, the current price target is provided by 1 analyst. New target price is 29% above last closing price of NT$109. Stock is down 4.8% over the past year. The company is forecast to post earnings per share of NT$7.56 for next year compared to NT$6.25 last year. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: NT$1.80 (vs NT$1.87 in 2Q 2024) Second quarter 2025 results: EPS: NT$1.80 (down from NT$1.87 in 2Q 2024). Revenue: NT$2.72b (up 7.9% from 2Q 2024). Net income: NT$131.8m (down 2.9% from 2Q 2024). Profit margin: 4.8% (down from 5.4% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 15% growth forecast for the IT industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Declared Dividend • Jun 22
Dividend reduced to NT$3.99 Dividend of NT$3.99 is 20% lower than last year. Ex-date: 10th July 2025 Payment date: 29th July 2025 Dividend yield will be 4.1%, which is higher than the industry average of 3.6%. Sustainability & Growth Dividend is covered by both earnings (62% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 22% per year over the past 9 years and payments have been stable during that time. EPS is expected to grow by 13% over the next year, which should provide support to the dividend and adequate earnings cover. Annonce • Jun 21
WITS Corp. Announces Cash Dividend for the Year 2024, Payable on July 29, 2025 WITS Corp. announced Cash dividend of TWD 291,860,784, TWD 3.99005739 per share for the year 2024. Ex-rights (Ex-dividend) date is July 10, 2025. Ex-rights (Ex-dividend) record date is July 16, 2025. Payment date of cash dividend distribution is July 29, 2025. Type and monetary amount of original dividend distribution: Cash dividend of TWD 291,860,784, TWD 4 per share. Type and monetary amount of dividend distribution after the change: Cash dividend of TWD 291,860,784, TWD 3.99005739 per share. Reason for the change: Due to distribution of new shares for employees' profit sharing bonus, number of outstanding common shares changed accordingly, resulting in an adjustment of cash dividend ratio. Board Change • Jun 02
High number of new directors Independent Director Grace Wang was the last director to join the board, commencing their role in 2025. Annonce • May 28
WITS Corp. Approves Board Elections WITS Corp. announced at general shareholders meeting held on May 27, 2025, approved election of Philip Peng as director and Robert Li and Grace Wang as Independent Directors of the company. Reported Earnings • May 07
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: NT$1.51 (down from NT$1.85 in 1Q 2024). Revenue: NT$2.64b (up 9.2% from 1Q 2024). Net income: NT$110.4m (down 18% from 1Q 2024). Profit margin: 4.2% (down from 5.5% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) also surpassed analyst estimates by 7.1%. Revenue is forecast to grow 9.8% p.a. on average during the next 2 years, compared to a 14% growth forecast for the IT industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$83.00, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 18x in the IT industry in Asia. Negligible returns to shareholders over past three years. Buy Or Sell Opportunity • Mar 31
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to NT$95.50. The fair value is estimated to be NT$121, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 21% in 2 years. Earnings are forecast to grow by 19% in the next 2 years. Reported Earnings • Mar 08
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: NT$6.25 (down from NT$8.49 in FY 2023). Revenue: NT$10.3b (up 16% from FY 2023). Net income: NT$454.8m (down 23% from FY 2023). Profit margin: 4.4% (down from 6.7% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 9.6% p.a. on average during the next 2 years, compared to a 11% growth forecast for the IT industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 7% per year. Annonce • Feb 27
WITS Corp. to Report Fiscal Year 2024 Results on Mar 06, 2025 WITS Corp. announced that they will report fiscal year 2024 results on Mar 06, 2025 Buy Or Sell Opportunity • Feb 18
Now 20% undervalued Over the last 90 days, the stock has risen 6.3% to NT$118. The fair value is estimated to be NT$147, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 7.5%. Revenue is forecast to grow by 22% in 2 years. Earnings are forecast to decline by 8.8% in the next 2 years. Major Estimate Revision • Feb 08
Consensus EPS estimates fall by 18% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from NT$7.58 to NT$6.23 per share. Revenue forecast steady at NT$10.3b. Net income forecast to shrink 18% next year vs 23% growth forecast for IT industry in Taiwan . Consensus price target down from NT$140 to NT$130. Share price rose 12% to NT$118 over the past week. Price Target Changed • Feb 08
Price target decreased by 7.1% to NT$130 Down from NT$140, the current price target is provided by 1 analyst. New target price is 10% above last closing price of NT$118. Stock is down 13% over the past year. The company is forecast to post earnings per share of NT$6.23 for next year compared to NT$8.49 last year. New Risk • Jan 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 6.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. 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. Buy Or Sell Opportunity • Dec 16
Now 23% undervalued Over the last 90 days, the stock has risen 5.7% to NT$121. The fair value is estimated to be NT$157, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 7.5%. Revenue is forecast to grow by 8.5% in a year. Earnings are forecast to grow by 3.3% in the next year. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$136, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 23x in the IT industry in Asia. Total returns to shareholders of 83% over the past three years. Reported Earnings • Nov 08
Third quarter 2024 earnings: EPS misses analyst expectations Third quarter 2024 results: EPS: NT$1.86 (down from NT$2.29 in 3Q 2023). Revenue: NT$2.61b (up 18% from 3Q 2023). Net income: NT$136.0m (down 16% from 3Q 2023). Profit margin: 5.2% (down from 7.3% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to grow 8.3% p.a. on average during the next 2 years, compared to a 18% growth forecast for the IT industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 11% per year. Price Target Changed • Aug 13
Price target decreased by 7.4% to NT$144 Down from NT$155, the current price target is an average from 2 analysts. New target price is 28% above last closing price of NT$112. Stock is down 10% over the past year. The company is forecast to post earnings per share of NT$7.48 for next year compared to NT$8.49 last year. Buy Or Sell Opportunity • Aug 07
Now 30% overvalued Over the last 90 days, the stock has fallen 18% to NT$115. The fair value is estimated to be NT$88.39, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 7.7%. Revenue is forecast to grow by 13% in a year. Earnings are forecast to grow by 1.1% in the next year. Annonce • Jul 30
Wistron Information Technology and Services Corporation to Report Q2, 2024 Results on Aug 08, 2024 Wistron Information Technology and Services Corporation announced that they will report Q2, 2024 results on Aug 08, 2024 Upcoming Dividend • Jul 05
Upcoming dividend of NT$4.96 per share Eligible shareholders must have bought the stock before 09 July 2024. Payment date: 29 July 2024. Payout ratio is a comfortable 58% but the company is not cash flow positive. Trailing yield: 3.6%. Lower than top quartile of Taiwanese dividend payers (4.2%). In line with average of industry peers (3.8%). Declared Dividend • Jun 21
Dividend reduced to NT$4.96 Dividend of NT$4.96 is 0.9% lower than last year. Ex-date: 9th July 2024 Payment date: 29th July 2024 Dividend yield will be 3.6%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (58% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 25% per year over the past 8 years and payments have been stable during that time. Earnings per share has grown by 8.7% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annonce • Jun 20
Wistron Information Technology and Services Corporation Announces Cash Dividend, Payable on July 29, 2024 Wistron Information Technology and Services Corporation announced cash dividend of TWD 361,718,695, TWD 4.95741414 per share. Ex-rights (Ex-dividend) date is July 9, 2024. Ex-rights (Ex-dividend) record date is July 15, 2024. Payment date of cash dividend distribution is July 29, 2024. Reported Earnings • May 18
First quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2024 results: EPS: NT$1.85 (up from NT$1.85 in 1Q 2023). Revenue: NT$2.42b (up 18% from 1Q 2023). Net income: NT$133.9m (up 8.7% from 1Q 2023). Profit margin: 5.5% (down from 6.0% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.5%. Earnings per share (EPS) missed analyst estimates by 5.6%. Revenue is forecast to grow 7.8% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the IT industry in Asia. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 12% per year. New Risk • May 18
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 23% 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 (23% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (8.2% increase in shares outstanding). Reported Earnings • Mar 27
Full year 2023 earnings released: EPS: NT$8.49 (vs NT$8.33 in FY 2022) Full year 2023 results: EPS: NT$8.49 (up from NT$8.33 in FY 2022). Revenue: NT$8.84b (up 11% from FY 2022). Net income: NT$588.0m (up 6.1% from FY 2022). Profit margin: 6.7% (down from 7.0% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 10% per year. Annonce • Mar 07
Wistron Information Technology and Services Corporation Proposes Cash Dividend Distribution for the Year Ended December 31, 2023 Wistron Information Technology and Services Corporation proposed dividend distribution. Date of the board of directors resolution: March 5, 2024/Year or quarter which dividends belong to: 2023 Period which dividends belong to: January 1, 2023~ December 31, 2023. Appropriations of earnings in cash dividends to shareholders (TWD per share): TWD 5. Total amount of cash dividends to shareholders (TWD): TWD 361,718,695. Annonce • Mar 06
Wistron Information Technology and Services Corporation, Annual General Meeting, May 27, 2024 Wistron Information Technology and Services Corporation, Annual General Meeting, May 27, 2024. Location: 1F., No.15, Ln.168, Xingshan Rd., Neihu Dist., Taipei City Taiwan Agenda: To consider the Business Report of 2023; to consider Audit Committee's Review Report; to consider to report distribution of employees' profit sharing bonus and directors' remuneration.; to consider ratification of the Business Report and Financial Statements of 2023; to consider ratification of the proposal for distribution of 2023 profits; and to consider other matters. Reported Earnings • Nov 09
Third quarter 2023 earnings released: EPS: NT$2.29 (vs NT$2.17 in 3Q 2022) Third quarter 2023 results: EPS: NT$2.29 (up from NT$2.17 in 3Q 2022). Revenue: NT$2.22b (up 6.8% from 3Q 2022). Net income: NT$162.5m (up 12% from 3Q 2022). Profit margin: 7.3% (up from 7.0% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 9.1% growth forecast for the IT industry in Asia. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 11% per year. Annonce • Nov 08
Wistron Information Technology and Services Corporation Announces Accounting Officer Changes, Effective January 1, 2024 Wistron Information Technology and Services Corporation announced appointment of Yufen Sun; WITS Director of Accounting Division as Accounting Officer in place of Phoebe Chang; WITS Senior Vice President of Finance Division. Effective date is January 1, 2024. In response to the company's operational needs, the accounting officer was changed to Yufen Sun from January 01, 2024. New Risk • Sep 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 9.3% 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 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 (7.1% average weekly change). Shareholders have been diluted in the past year (9.3% increase in shares outstanding). Annonce • Aug 10
Wistron Information Technology and Services Corporation Announces Change of ESG Committee Wistron Information Technology and Services Corporation announced member change of ESG Committee. Name of the previous position holder: Jamie Liu, David Yen, Phoebe Chang and Ivan Chen. Resume of the previous position holder: Jamie Liu - Wistron ITS Senior Vice President of Digital Innovation Division, David Yen -Wistron ITS Vice President of Digital Innovation Division, Phoebe Chang -Wistron ITS Senior Vice President of Finance Division and Ivan Chen -Wistron ITS Vice President of HR & Administration Division. The company received resignation letters from 4 members on August 9, 2023, resigning from members of the ESG Committee with immediate effect. Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: NT$1.98 (vs NT$2.04 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.98 (down from NT$2.04 in 2Q 2022). Revenue: NT$2.13b (up 9.1% from 2Q 2022). Net income: NT$132.2m (down 2.8% from 2Q 2022). Profit margin: 6.2% (down from 7.0% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$155, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 23x in the IT industry in Taiwan. Total returns to shareholders of 145% over the past three years. New Risk • Jul 21
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 6.1% 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: 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 (6.1% average weekly change). Upcoming Dividend • Jun 27
Upcoming dividend of NT$5.00 per share at 4.5% yield Eligible shareholders must have bought the stock before 04 July 2023. Payment date: 19 July 2023. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.8%). New Risk • Jun 17
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 9.0% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (9.0% increase in shares outstanding). Annonce • Jun 17
Wistron Information Technology and Services Corporation Announces Cash Dividends for the Year Ended December 31, 2022, Payable on July 19, 2023 Wistron Information Technology and Services Corporation announced appropriations of earnings in cash dividends to shareholders of TWD 5 per share for the year ended December 31, 2022 in AGM held on June 15, 2023. Total amount of cash dividends to shareholders is TWD 333,341,505. Ex-rights (Ex-dividend) record date: July 10, 2023. Payment date of cash dividend distribution: July 19, 2023 . Reported Earnings • Mar 29
Full year 2022 earnings released: EPS: NT$8.33 (vs NT$6.91 in FY 2021) Full year 2022 results: EPS: NT$8.33 (up from NT$6.91 in FY 2021). Revenue: NT$7.95b (up 29% from FY 2021). Net income: NT$554.2m (up 22% from FY 2021). Profit margin: 7.0% (down from 7.4% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 06
Third quarter 2022 earnings released: EPS: NT$2.17 (vs NT$1.86 in 3Q 2021) Third quarter 2022 results: EPS: NT$2.17 (up from NT$1.86 in 3Q 2021). Revenue: NT$2.08b (up 30% from 3Q 2021). Net income: NT$144.7m (up 18% from 3Q 2021). Profit margin: 7.0% (down from 7.7% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 08
Second quarter 2022 earnings released: EPS: NT$2.04 (vs NT$1.68 in 2Q 2021) Second quarter 2022 results: EPS: NT$2.04 (up from NT$1.68 in 2Q 2021). Revenue: NT$1.95b (up 33% from 2Q 2021). Net income: NT$136.0m (up 23% from 2Q 2021). Profit margin: 7.0% (down from 7.6% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 12
Upcoming dividend of NT$4.59 per share Eligible shareholders must have bought the stock before 19 July 2022. Payment date: 05 August 2022. Payout ratio is a comfortable 66% but the company is paying out more than the cash it is generating. Trailing yield: 6.1%. Lower than top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (5.1%). Annonce • Jun 25
Wistron Information Technology & Services Corporation Announces Cash Dividend for the Year 2021, Payable on August 5, 2022 Wistron Information Technology & Services Corporation announced cash dividend of TWD 304,773,405, TWD 4.6 per share. Type and monetary amount of dividend distribution after the change: Cash dividend of TWD 304,773,405, TWD 4.5873986 per share, at the shareholders meeting held on June 24, 2022. Ex-rights (Ex-dividend) date is July 19, 2022. Ex-rights (Ex-dividend) record date is July 25, 2022. Payment date of cash dividend distribution is August 5, 2022. Reported Earnings • May 09
First quarter 2022 earnings released: EPS: NT$1.66 (vs NT$1.64 in 1Q 2021) First quarter 2022 results: EPS: NT$1.66 (up from NT$1.64 in 1Q 2021). Revenue: NT$1.83b (up 34% from 1Q 2021). Net income: NT$109.8m (up 1.7% from 1Q 2021). Profit margin: 6.0% (down from 7.9% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 3% 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 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Ling Fang Yen 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 • Mar 11
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: NT$6.91 (down from NT$7.06 in FY 2020). Revenue: NT$6.18b (up 21% from FY 2020). Net income: NT$455.6m (down 2.2% from FY 2020). Profit margin: 7.4% (down from 9.1% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.1%. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Annonce • Mar 10
Wistron Information Technology & Services Corporation Proposes Dividend Distribution for the Year 2021 The board of Wistron Information Technology & Services Corporation proposes dividend distribution of TWD 4.6 per share for the year 2021. Total amount of cash dividends to shareholders is TWD 304,773,405. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$1.86 (vs NT$2.42 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$1.60b (up 19% from 3Q 2020). Net income: NT$122.8m (down 23% from 3Q 2020). Profit margin: 7.7% (down from 12% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 18% per year. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$1.68 (vs NT$2.22 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$1.46b (up 14% from 2Q 2020). Net income: NT$110.9m (down 24% from 2Q 2020). Profit margin: 7.6% (down from 11% 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 19% per year whereas the company’s share price has increased by 22% per year. Upcoming Dividend • Aug 05
Upcoming dividend of NT$4.98 per share Eligible shareholders must have bought the stock before 12 August 2021. Payment date: 31 August 2021. Trailing yield: 5.0%. Within top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (3.4%). Reported Earnings • May 08
First quarter 2021 earnings released: EPS NT$1.64 (vs NT$0.96 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$1.37b (up 20% from 1Q 2020). Net income: NT$108.0m (up 69% from 1Q 2020). Profit margin: 7.9% (up from 5.6% in 1Q 2020). 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 increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improved over the past week After last week's 17% share price gain to NT$110, the stock trades at a trailing P/E ratio of 15.6x, up from the previous P/E ratio of 13.3x. Average P/E is 15x in the IT industry in Taiwan. Total returns to shareholders over the past three years are 317%. Is New 90 Day High Low • Mar 13
New 90-day high: NT$107 The company is up 10.0% from its price of NT$97.10 on 11 December 2020. The Taiwanese market is up 14% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the IT industry, which is up 8.0% over the same period. Reported Earnings • Mar 12
Full year 2020 earnings released: EPS NT$7.06 (vs NT$6.23 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$5.10b (down 4.2% from FY 2019). Net income: NT$465.9m (up 13% from FY 2019). Profit margin: 9.1% (up from 7.8% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Analyst Estimate Surprise Post Earnings • Mar 12
Revenue misses expectations Revenue missed analyst estimates by 0.2%. Over the next year, revenue is forecast to grow 11%, compared to a 14% growth forecast for the IT industry in Taiwan. Annonce • Mar 12
Wistron Information Technology & Services Corporation Proposes Dividend Distribution for the Year 2020 The board of Wistron Information Technology & Services Corporation proposes dividend distribution of TWD 5.0 per share for the year 2020. Total amount of cash dividends to shareholders is TWD 328,751,615. Annonce • Mar 11
Wistron Information Technology & Services Corporation, Annual General Meeting, May 31, 2021 Wistron Information Technology & Services Corporation, Annual General Meeting, May 31, 2021. Location: 1F., No.15, Ln.168, Xingshan Rd. Neihu Dist. Tai Pei Taiwan Agenda: To consider the business report of 2020; to consider audit committee's review report; to consider report distribution of employees' profit sharing bonus and directors' remuneration; to report amendments to the code of integrity; to consider ratification of the Business Report and Financial Statements of 2020; to consider ratification of the proposal for distribution of 2020 profits; to consider approval of amendments to the rules for election of directors; to consider approval of amendments to the procedures for governing loaning of funds; to consider approval of release of the prohibition on Directors from participation in competitive business; and to consider election of one Independent Director of the 13th Board. Annonce • Dec 23
Wistron Information Technology & Services Corporation Announces Appointments of Members of Nominating Committee Wistron Information Technology & Services Corporation announced the establishment of Nominating Committee. Name and resume of the new position holder:Mr. Ching Hsiao, Chairman of Wistron ITS; Mr. Frank Lin, Director of Wistron ITS; Mr. Frank Juang, Independent Director of Wistron ITS; Mr. Allen Fan, Independent Director of Wistron ITS; Mr. C.K.Chiang, Independent Director of Wistron ITS. Effective date of new appointment is December 21, 2020. Is New 90 Day High Low • Dec 18
New 90-day high: NT$101 The company is up 11% from its price of NT$90.30 on 18 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$894 per share. Reported Earnings • Nov 10
Third quarter 2020 earnings released: EPS NT$2.42 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were flat. Third quarter 2020 results: Revenue: NT$1.34b (flat on 3Q 2019). Net income: NT$159.0m (up 40% from 3Q 2019). Profit margin: 12% (up from 8.4% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 58% per year, which means it is tracking significantly ahead of earnings growth.