Annonce • Mar 12
Mitake Information Corporation, Annual General Meeting, Jun 18, 2026 Mitake Information Corporation, Annual General Meeting, Jun 18, 2026. Location: 11 floor no,350, sung chiang rd., jhongshan district, taipei city Taiwan Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: NT$4.74 (vs NT$5.56 in FY 2024) Full year 2025 results: EPS: NT$4.74 (down from NT$5.56 in FY 2024). Revenue: NT$2.96b (up 6.1% from FY 2024). Net income: NT$219.7m (down 15% from FY 2024). Profit margin: 7.4% (down from 9.2% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 5% 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 05
Third quarter 2025 earnings released: EPS: NT$1.68 (vs NT$1.30 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.68 (up from NT$1.30 in 3Q 2024). Revenue: NT$759.8m (up 9.4% from 3Q 2024). Net income: NT$78.1m (up 30% from 3Q 2024). Profit margin: 10% (up from 8.6% in 3Q 2024). The increase in margin was driven by higher revenue. 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 5% per year, which means it is well ahead of earnings. New Risk • Aug 19
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 97% Cash payout ratio: 171% Dividend yield: 6.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 97% Cash payout ratio: 171% High level of non-cash earnings (81% accrual ratio). Minor Risk Market cap is less than US$100m (NT$2.95b market cap, or US$97.9m). Reported Earnings • Aug 11
Second quarter 2025 earnings released: NT$0.25 loss per share (vs NT$1.33 profit in 2Q 2024) Second quarter 2025 results: NT$0.25 loss per share (down from NT$1.33 profit in 2Q 2024). Revenue: NT$715.0m (up 7.3% from 2Q 2024). Net loss: NT$11.5m (down 119% from profit in 2Q 2024). 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 5% per year, which means it is well ahead of earnings. New Risk • Aug 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$2.95b (US$99.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (39% accrual ratio). Minor Risks Dividend is not well covered by cash flows (111% cash payout ratio). Market cap is less than US$100m (NT$2.95b market cap, or US$99.0m). Upcoming Dividend • Jun 26
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 03 July 2025. Payment date: 25 July 2025. Payout ratio is a comfortable 70% but the company is paying out more than the cash it is generating. Trailing yield: 5.7%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.9%). Reported Earnings • May 08
First quarter 2025 earnings released: EPS: NT$1.45 (vs NT$1.31 in 1Q 2024) First quarter 2025 results: EPS: NT$1.45 (up from NT$1.31 in 1Q 2024). Revenue: NT$679.0m (up 1.1% from 1Q 2024). Net income: NT$67.0m (up 11% from 1Q 2024). Profit margin: 9.9% (in line with 1Q 2024). 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 9% per year, which means it is well ahead of earnings. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$5.56 (vs NT$4.21 in FY 2023) Full year 2024 results: EPS: NT$5.56 (up from NT$4.21 in FY 2023). Revenue: NT$2.79b (up 5.4% from FY 2023). Net income: NT$257.5m (up 32% from FY 2023). Profit margin: 9.2% (up from 7.4% 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 2% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Annonce • Mar 13
Mitake Information Corporation, Annual General Meeting, Jun 18, 2025 Mitake Information Corporation, Annual General Meeting, Jun 18, 2025. Location: 8 floor no,350, sung chiang rd., jhongshan district, taipei city Taiwan Reported Earnings • Nov 19
Third quarter 2024 earnings released: EPS: NT$1.30 (vs NT$1.30 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.30 (up from NT$1.30 in 3Q 2023). Revenue: NT$694.4m (flat on 3Q 2023). Net income: NT$60.0m (flat on 3Q 2023). Profit margin: 8.6% (down from 8.7% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Sep 10
Now 21% overvalued Over the last 90 days, the stock has fallen 2.7% to NT$63.80. The fair value is estimated to be NT$52.92, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.4% over the last 3 years. Earnings per share has grown by 6.7%. Buy Or Sell Opportunity • Aug 20
Now 21% overvalued Over the last 90 days, the stock has fallen 1.4% to NT$65.30. The fair value is estimated to be NT$53.89, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.4% over the last 3 years. Earnings per share has grown by 6.7%. New Risk • Aug 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 62% 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 (62% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$2.97b market cap, or US$92.0m). Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$1.32 (vs NT$1.10 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.32 (up from NT$1.10 in 2Q 2023). Revenue: NT$666.1m (up 5.5% from 2Q 2023). Net income: NT$61.6m (up 21% from 2Q 2023). Profit margin: 9.2% (up from 8.0% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 11
Upcoming dividend of NT$3.50 per share Eligible shareholders must have bought the stock before 18 July 2024. Payment date: 09 August 2024. Payout ratio is a comfortable 75% and the cash payout ratio is 76%. Trailing yield: 5.2%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (1.9%). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$1.31 (vs NT$0.84 in 1Q 2023) First quarter 2024 results: EPS: NT$1.31 (up from NT$0.84 in 1Q 2023). Revenue: NT$671.4m (up 13% from 1Q 2023). Net income: NT$60.5m (up 55% from 1Q 2023). Profit margin: 9.0% (up from 6.6% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year and the company’s share price has also increased by 13% per year. Reported Earnings • Mar 14
Full year 2023 earnings released: EPS: NT$4.21 (vs NT$6.19 in FY 2022) Full year 2023 results: EPS: NT$4.21 (down from NT$6.19 in FY 2022). Revenue: NT$2.65b (up 6.8% from FY 2022). Net income: NT$195.2m (down 32% from FY 2022). Profit margin: 7.4% (down from 12% 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 19% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Annonce • Mar 09
Mitake Information Corporation, Annual General Meeting, Jun 19, 2024 Mitake Information Corporation, Annual General Meeting, Jun 19, 2024. New Risk • Nov 14
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 7.9% Last year net profit margin: 12% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (90% payout ratio). Profit margins are more than 30% lower than last year (7.9% net profit margin). Market cap is less than US$100m (NT$2.78b market cap, or US$86.0m). Reported Earnings • Aug 08
Second quarter 2023 earnings released: EPS: NT$1.10 (vs NT$1.92 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.10 (down from NT$1.92 in 2Q 2022). Revenue: NT$631.5m (up 4.6% from 2Q 2022). Net income: NT$50.7m (down 43% from 2Q 2022). Profit margin: 8.0% (down from 15% 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 26% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 05
Upcoming dividend of NT$4.00 per share at 6.1% yield Eligible shareholders must have bought the stock before 12 July 2023. Payment date: 03 August 2023. Payout ratio is a comfortable 71% and this is well supported by cash flows. Trailing yield: 6.1%. Within top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (2.4%). Reported Earnings • Mar 18
Full year 2022 earnings released: EPS: NT$6.19 (vs NT$4.06 in FY 2021) Full year 2022 results: EPS: NT$6.19 (up from NT$4.06 in FY 2021). Revenue: NT$2.48b (up 12% from FY 2021). Net income: NT$286.6m (up 52% from FY 2021). Profit margin: 12% (up from 8.5% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$1.68 (vs NT$0.99 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.68 (up from NT$0.99 in 3Q 2021). Revenue: NT$612.1m (up 6.0% from 3Q 2021). Net income: NT$78.1m (up 70% from 3Q 2021). Profit margin: 13% (up from 7.9% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improved over the past week After last week's 15% share price gain to NT$54.80, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 15x in the Software industry in Taiwan. Total returns to shareholders of 2.0% over the past three years. Upcoming Dividend • Jun 23
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 30 June 2022. Payment date: 22 July 2022. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 6.0%. Lower than top quartile of Taiwanese dividend payers (6.4%). Higher than average of industry peers (3.0%). Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improved over the past week After last week's 22% share price gain to NT$58.60, the stock trades at a trailing P/E ratio of 14.4x. Average trailing P/E is 17x in the Software industry in Taiwan. Total returns to shareholders of 42% over the past three years. Upcoming Dividend • Sep 10
Upcoming dividend of NT$2.36 per share Eligible shareholders must have bought the stock before 17 September 2021. Payment date: 14 October 2021. Trailing yield: 5.1%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.6%). Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$0.83 (vs NT$0.39 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$535.3m (up 16% from 2Q 2020). Net income: NT$38.4m (up 129% from 2Q 2020). Profit margin: 7.2% (up from 3.6% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 14
First quarter 2021 earnings released: EPS NT$0.75 (vs NT$0.90 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: NT$486.2m (up 16% from 1Q 2020). Net income: NT$34.7m (down 6.7% from 1Q 2020). Profit margin: 7.1% (down from 8.9% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 20
Full year 2020 earnings released: EPS NT$2.75 (vs NT$4.48 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: NT$1.89b (up 13% from FY 2019). Net income: NT$121.9m (down 33% from FY 2019). Profit margin: 6.5% (down from 11% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 20% per year. Is New 90 Day High Low • Jan 28
New 90-day low: NT$47.60 The company is down 1.0% from its price of NT$48.20 on 30 October 2020. The Taiwanese market is up 23% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is flat over the same period. Is New 90 Day High Low • Nov 19
New 90-day low: NT$48.00 The company is down 7.0% from its price of NT$51.80 on 21 August 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is down 1.0% over the same period. Reported Earnings • Nov 12
Third quarter 2020 earnings released: EPS NT$0.60 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: NT$489.2m (up 13% from 3Q 2019). Net income: NT$27.6m (down 49% from 3Q 2019). Profit margin: 5.6% (down from 13% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 24% per year. Is New 90 Day High Low • Oct 22
New 90-day low: NT$48.80 The company is down 15% from its price of NT$57.40 on 24 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 Software industry, which is down 11% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: NT$49.60 The company is down 23% from its price of NT$64.30 on 24 June 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is down 5.0% over the same period.