New Risk • Apr 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 89% 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 7.7% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.66b market cap, or US$51.8m). Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$2.22 (vs NT$1.80 in FY 2024) Full year 2025 results: EPS: NT$2.22 (up from NT$1.80 in FY 2024). Revenue: NT$3.01b (up 9.0% from FY 2024). Net income: NT$144.2m (up 23% from FY 2024). Profit margin: 4.8% (up from 4.2% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Annonce • Mar 12
Howteh Technology Co., Ltd., Annual General Meeting, Jun 11, 2026 Howteh Technology Co., Ltd., Annual General Meeting, Jun 11, 2026. Location: 6 floor no,25, sec.1 tun hua s. rd., taipei city Taiwan New Risk • Nov 29
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 91% 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 6.2% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.63b market cap, or US$52.1m). Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: NT$1.61 (vs NT$0.14 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.61 (up from NT$0.14 in 3Q 2024). Revenue: NT$733.6m (up 8.8% from 3Q 2024). Net income: NT$104.7m (up NT$95.7m from 3Q 2024). Profit margin: 14% (up from 1.3% in 3Q 2024). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Aug 16
Second quarter 2025 earnings released: NT$0.26 loss per share (vs NT$0.34 profit in 2Q 2024) Second quarter 2025 results: NT$0.26 loss per share (down from NT$0.34 profit in 2Q 2024). Revenue: NT$885.9m (up 25% from 2Q 2024). Net loss: NT$17.2m (down 177% from profit in 2Q 2024). 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 3% per year, which means it has not declined as severely as earnings. Declared Dividend • Jun 28
Dividend of NT$1.20 announced Dividend of NT$1.20 is the same as last year. Ex-date: 11th July 2025 Payment date: 5th August 2025 Dividend yield will be 5.3%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (81% earnings payout ratio) and cash flows (50% cash payout ratio). The dividend has increased by an average of 6.9% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 9.9% to shift the payout ratio to a potentially unsustainable range, which is more than the 3.0% EPS decline seen over the last 5 years. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.30 (vs NT$0.61 in 1Q 2024) First quarter 2025 results: EPS: NT$0.30 (down from NT$0.61 in 1Q 2024). Revenue: NT$637.3m (flat on 1Q 2024). Net income: NT$19.3m (down 52% from 1Q 2024). Profit margin: 3.0% (down from 6.3% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Annonce • May 01
Howteh Technology Co., Ltd. to Report Q1, 2025 Results on May 09, 2025 Howteh Technology Co., Ltd. announced that they will report Q1, 2025 results on May 09, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$21.00, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Negligible returns to shareholders over past three years. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$1.80 (vs NT$1.55 in FY 2023) Full year 2024 results: EPS: NT$1.80 (up from NT$1.55 in FY 2023). Revenue: NT$2.76b (flat on FY 2023). Net income: NT$117.0m (up 16% from FY 2023). Profit margin: 4.2% (up from 3.7% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Annonce • Mar 14
Howteh Technology Co., Ltd., Annual General Meeting, Jun 19, 2025 Howteh Technology Co., Ltd., Annual General Meeting, Jun 19, 2025, at 09:00 Taipei Standard Time. Location: 6 floor no,25, sec.1 tun hua s. rd., taipei city Taiwan Annonce • Mar 13
Howteh Technology Co., Ltd. Approves the Change of the Accounting Officer The Board of Directors of Howteh Technology Co., Ltd. approved the change of the accounting officer. Name, title, and resume of the previous position holder: Lan, Tzu-Chiao, Accounting Manager; Name, title, and resume of the new position holder: Chen, Yi-Ching, Accounting Section Manager (Acting); Reason for the change: resignation; Effective date: March 12, 2025. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.13 (vs NT$0.99 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.13 (down from NT$0.99 in 3Q 2023). Revenue: NT$674.1m (down 13% from 3Q 2023). Net income: NT$8.97m (down 86% from 3Q 2023). Profit margin: 1.3% (down from 8.4% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Annonce • Nov 06
Howteh Technology Co., Ltd. to Report Q3, 2024 Results on Nov 13, 2024 Howteh Technology Co., Ltd. announced that they will report Q3, 2024 results on Nov 13, 2024 Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: NT$0.35 (vs NT$0.60 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.35 (down from NT$0.60 in 2Q 2023). Revenue: NT$707.5m (down 2.3% from 2Q 2023). Net income: NT$22.5m (down 42% from 2Q 2023). Profit margin: 3.2% (down from 5.4% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 6% per year. Annonce • Aug 10
Howteh Technology Co., Ltd. Announces Change of the Corporate Governance Officer, Effective October 11, 2024 Howteh Technology Co., Ltd. announced the change of the corporate governance officer. Name, title, and resume of the previous position holder: Chang, Da-Chien, Vice General Manager, CFO, CGO. Name, title, and resume of the new position holder: Li, Kun-Cheng, Special Assistant to General Manager. Effective date: October 11, 2024. Upcoming Dividend • Jul 09
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 16 July 2024. Payment date: 05 August 2024. Payout ratio is a comfortable 61% but the company is paying out more than the cash it is generating. Trailing yield: 4.0%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.5%). Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$0.61 (vs NT$0.21 in 1Q 2023) First quarter 2024 results: EPS: NT$0.61 (up from NT$0.21 in 1Q 2023). Revenue: NT$631.6m (up 6.5% from 1Q 2023). Net income: NT$39.9m (up 195% from 1Q 2023). Profit margin: 6.3% (up from 2.3% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • Mar 22
Full year 2023 earnings released: EPS: NT$1.55 (vs NT$3.21 in FY 2022) Full year 2023 results: EPS: NT$1.55 (down from NT$3.21 in FY 2022). Revenue: NT$2.74b (down 15% from FY 2022). Net income: NT$100.8m (down 52% from FY 2022). Profit margin: 3.7% (down from 6.4% 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 3% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Mar 16
Howteh Technology Co., Ltd., Annual General Meeting, Jun 21, 2024 Howteh Technology Co., Ltd., Annual General Meeting, Jun 21, 2024. Location: 7th Floor, No. 25, Section 1, Dunhua South Road Tapei City Taiwan Agenda: To consider 2023 business report; to consider the Audit Committee's review report for 2023; to consider the report on the distribution of compensation to employees and directors of 2023; to consider the report on Loaning of Funds and Making of Endorsement and Guarantee in 2023; to consider the report on amendment to the Company's Rules of Procedure for Board of Directors Meetings; to ratify the business report and financial statements for 2023; to ratify the earnings distribution proposal for 2023; to amend the Company's Rules of Procedure for Shareholders' Meetings; to consider the comprehensive re-election of directors; and to consider the case of lifting the non-compete restriction on new directors of the Company. Buy Or Sell Opportunity • Feb 27
Now 20% undervalued Over the last 90 days, the stock has risen 7.0% to NT$29.10. The fair value is estimated to be NT$36.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.2% over the last 3 years. Earnings per share has grown by 14%. Buying Opportunity • Jan 16
Now 21% undervalued Over the last 90 days, the stock is up 2.3%. The fair value is estimated to be NT$33.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.2% over the last 3 years. Earnings per share has grown by 14%. Buying Opportunity • Dec 05
Now 21% undervalued Over the last 90 days, the stock is up 1.5%. The fair value is estimated to be NT$34.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.2% over the last 3 years. Earnings per share has grown by 14%. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$0.99 (vs NT$1.48 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.99 (down from NT$1.48 in 3Q 2022). Revenue: NT$771.6m (down 4.5% from 3Q 2022). Net income: NT$64.8m (down 33% from 3Q 2022). Profit margin: 8.4% (down from 12% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 16% per year. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: NT$0.60 (vs NT$1.20 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.60 (down from NT$1.20 in 2Q 2022). Revenue: NT$723.9m (down 25% from 2Q 2022). Net income: NT$39.0m (down 50% from 2Q 2022). Profit margin: 5.4% (down from 8.1% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 25
Upcoming dividend of NT$1.30 per share at 4.3% yield Eligible shareholders must have bought the stock before 01 August 2023. Payment date: 04 September 2023. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of Taiwanese dividend payers (5.5%). In line with average of industry peers (4.2%). Reported Earnings • Mar 28
Full year 2022 earnings released: EPS: NT$3.33 (vs NT$2.28 in FY 2021) Full year 2022 results: EPS: NT$3.33 (up from NT$2.28 in FY 2021). Revenue: NT$3.24b (down 13% from FY 2021). Net income: NT$208.8m (up 46% from FY 2021). Profit margin: 6.4% (up from 3.8% in FY 2021). 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 only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: NT$1.54 (vs NT$0.81 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.54 (up from NT$0.81 in 3Q 2021). Revenue: NT$807.9m (down 16% from 3Q 2021). Net income: NT$96.5m (up 90% from 3Q 2021). Profit margin: 12% (up from 5.3% in 3Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$1.32 (vs NT$0.37 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.32 (up from NT$0.37 in 2Q 2021). Revenue: NT$964.8m (up 7.3% from 2Q 2021). Net income: NT$78.0m (up 234% from 2Q 2021). Profit margin: 8.1% (up from 2.6% in 2Q 2021). 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 fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 08
Upcoming dividend of NT$0.90 per share Eligible shareholders must have bought the stock before 15 August 2022. Payment date: 14 September 2022. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (6.6%). Lower than average of industry peers (4.6%). Reported Earnings • May 10
First quarter 2022 earnings released: EPS: NT$0.89 (vs NT$0.64 in 1Q 2021) First quarter 2022 results: EPS: NT$0.89 (up from NT$0.64 in 1Q 2021). Revenue: NT$754.6m (down 8.6% from 1Q 2021). Net income: NT$52.8m (up 40% from 1Q 2021). Profit margin: 7.0% (up from 4.6% in 1Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 5% per year. Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improved over the past week After last week's 17% share price gain to NT$30.90, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 23% over the past three years. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS NT$0.86 (vs NT$0.65 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: NT$957.6m (up 32% from 3Q 2020). Net income: NT$50.9m (up 33% from 3Q 2020). Profit margin: 5.3% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 24
Investor sentiment deteriorated over the past week After last week's 21% share price decline to NT$28.60, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 3.6% over the past three years. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$0.40 (vs NT$0.29 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$898.8m (up 14% from 2Q 2020). Net income: NT$23.3m (up 34% from 2Q 2020). Profit margin: 2.6% (up from 2.2% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 09
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 16 August 2021. Payment date: 10 September 2021. Trailing yield: 2.9%. Lower than top quartile of Taiwanese dividend payers (5.0%). In line with average of industry peers (3.0%). Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment improved over the past week After last week's 23% share price gain to NT$31.50, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total loss to shareholders of 2.1% over the past three years. Reported Earnings • May 08
First quarter 2021 earnings released: EPS NT$0.64 (vs NT$0.32 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$825.4m (up 4.6% from 1Q 2020). Net income: NT$37.7m (up 102% from 1Q 2020). Profit margin: 4.6% (up from 2.4% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS NT$1.76 (vs NT$2.41 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$3.19b (down 18% from FY 2019). Net income: NT$104.2m (down 27% from FY 2019). Profit margin: 3.3% (down from 3.7% 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 5% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 20
New 90-day high: NT$25.80 The company is up 38% from its price of NT$18.65 on 23 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 25% over the same period. Valuation Update With 7 Day Price Move • Dec 14
Investor sentiment improved over the past week After last week's 16% share price gain to NT$23.95, the stock is trading at a trailing P/E ratio of 17.2x, up from the previous P/E ratio of 14.8x. This compares to an average P/E of 17x in the Electronic industry in Taiwan. Total returns to shareholders over the past three years are 93%. Is New 90 Day High Low • Nov 27
New 90-day high: NT$20.20 The company is up 1.0% from its price of NT$20.05 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 Electronic industry, which is up 6.0% over the same period. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS NT$0.65 The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2020 results: Revenue: NT$726.4m (down 31% from 3Q 2019). Net income: NT$38.2m (down 6.8% from 3Q 2019). Profit margin: 5.3% (up from 3.9% 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 3% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Sep 24
New 90-day low: NT$18.20 The company is down 15% from its price of NT$21.42 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 Electronic industry, which is flat over the same period.