Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: NT$0.34 (vs NT$1.32 in FY 2024) Full year 2025 results: EPS: NT$0.34 (down from NT$1.32 in FY 2024). Revenue: NT$860.5m (up 17% from FY 2024). Net income: NT$13.3m (down 74% from FY 2024). Profit margin: 1.5% (down from 7.0% 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 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. Annonce • Jan 19
Avertronics Inc., Annual General Meeting, May 15, 2026 Avertronics Inc., Annual General Meeting, May 15, 2026. Location: 1 floor no,10, kung yeh rd., nan tun district, taichung city Taiwan Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$0.23 (vs NT$0.42 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.23 (down from NT$0.42 in 3Q 2024). Revenue: NT$233.7m (up 15% from 3Q 2024). Net income: NT$8.92m (down 45% from 3Q 2024). Profit margin: 3.8% (down from 8.0% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$25.30, the stock trades at a trailing P/E ratio of 29.2x. Average trailing P/E is 21x in the Electronic industry in Taiwan. Total returns to shareholders of 14% over the past three years. Reported Earnings • Aug 17
Second quarter 2025 earnings released: NT$0.29 loss per share (vs NT$0.17 profit in 2Q 2024) Second quarter 2025 results: NT$0.29 loss per share (down from NT$0.17 profit in 2Q 2024). Revenue: NT$193.4m (up 23% from 2Q 2024). Net loss: NT$11.4m (down 273% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$29.55, the stock trades at a trailing P/E ratio of 22.2x. Average trailing P/E is 20x in the Electronic industry in Taiwan. Total returns to shareholders of 41% over the past three years. New Risk • Jul 11
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 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 6.2% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (NT$967.5m market cap, or US$33.1m). Upcoming Dividend • Jun 12
Upcoming dividend of NT$0.85 per share Eligible shareholders must have bought the stock before 19 June 2025. Payment date: 18 July 2025. Payout ratio is a comfortable 64% but the company is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Taiwanese dividend payers (5.2%). In line with average of industry peers (3.3%). Reported Earnings • May 19
First quarter 2025 earnings released: EPS: NT$0.18 (vs NT$0.18 in 1Q 2024) First quarter 2025 results: EPS: NT$0.18 (up from NT$0.18 in 1Q 2024). Revenue: NT$201.7m (up 50% from 1Q 2024). Net income: NT$7.11m (up 3.2% from 1Q 2024). Profit margin: 3.5% (down from 5.1% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 3% 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 20% After last week's 20% share price decline to NT$26.35, the stock trades at a trailing P/E ratio of 19.9x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 12% over the past three years. New Risk • Apr 01
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.6% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 Risk Earnings have declined by 4.8% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.3% average weekly change). Market cap is less than US$100m (NT$1.26b market cap, or US$37.9m). Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$1.32 (vs NT$0.25 in FY 2023) Full year 2024 results: EPS: NT$1.32 (up from NT$0.25 in FY 2023). Revenue: NT$738.2m (up 21% from FY 2023). Net income: NT$51.5m (up 429% from FY 2023). Profit margin: 7.0% (up from 1.6% 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 47% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Annonce • Mar 13
Avertronics Inc., Annual General Meeting, May 26, 2025 Avertronics Inc., Annual General Meeting, May 26, 2025, at 09:00 Taipei Standard Time. Location: 1 floor no,10, kung yeh rd., nan tun district, taichung city Taiwan Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$39.45, the stock trades at a trailing P/E ratio of 79.8x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 47% over the past three years. Reported Earnings • Nov 20
Third quarter 2024 earnings released: EPS: NT$0.42 (vs NT$0.16 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.42 (up from NT$0.16 in 3Q 2023). Revenue: NT$203.3m (up 37% from 3Q 2023). Net income: NT$16.2m (up 158% from 3Q 2023). Profit margin: 8.0% (up from 4.2% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.17 (vs NT$0.34 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.17 (down from NT$0.34 in 2Q 2023). Revenue: NT$157.7m (down 2.3% from 2Q 2023). Net income: NT$6.58m (down 50% from 2Q 2023). Profit margin: 4.2% (down from 8.2% in 2Q 2023). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 04
Upcoming dividend of NT$0.30 per share Eligible shareholders must have bought the stock before 11 July 2024. Payment date: 02 August 2024. Payout ratio is a comfortable 73% but the company is paying out more than the cash it is generating. Trailing yield: 1.2%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (2.6%). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.18 (vs NT$0.019 in 1Q 2023) First quarter 2024 results: EPS: NT$0.18 (up from NT$0.019 in 1Q 2023). Revenue: NT$134.2m (down 22% from 1Q 2023). Net income: NT$6.89m (up NT$6.17m from 1Q 2023). Profit margin: 5.1% (up from 0.4% in 1Q 2023). The increase in margin was driven by lower expenses. 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 4% per year, which means it has not declined as severely as earnings. Annonce • Mar 15
Avertronics Inc., Annual General Meeting, May 27, 2024 Avertronics Inc., Annual General Meeting, May 27, 2024. Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: NT$0.25 (vs NT$2.06 in FY 2022) Full year 2023 results: EPS: NT$0.25 (down from NT$2.06 in FY 2022). Revenue: NT$611.2m (down 42% from FY 2022). Net income: NT$9.74m (down 88% from FY 2022). Profit margin: 1.6% (down from 7.7% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. New Risk • Feb 02
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: Minor Risks Dividend is not well covered by earnings (228% payout ratio). Share price has been volatile over the past 3 months (5.9% average weekly change). Profit margins are more than 30% lower than last year (4.0% net profit margin). Market cap is less than US$100m (NT$988.7m market cap, or US$31.7m). Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: NT$0.16 (vs NT$1.12 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.16 (down from NT$1.12 in 3Q 2022). Revenue: NT$148.9m (down 54% from 3Q 2022). Net income: NT$6.29m (down 86% from 3Q 2022). Profit margin: 4.2% (down from 14% in 3Q 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 whereas the company’s share price has remained flat. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: NT$0.34 (vs NT$0.55 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.34 (down from NT$0.55 in 2Q 2022). Revenue: NT$161.4m (down 36% from 2Q 2022). Net income: NT$13.2m (down 39% from 2Q 2022). Profit margin: 8.2% (down from 8.5% 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 17% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 26
Upcoming dividend of NT$1.70 per share at 6.6% yield Eligible shareholders must have bought the stock before 03 July 2023. Payment date: 21 July 2023. Payout ratio is on the higher end at 88%, however this is supported by cash flows. Trailing yield: 6.6%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (4.2%). Reported Earnings • Mar 24
Full year 2022 earnings released: EPS: NT$2.06 (vs NT$2.10 in FY 2021) Full year 2022 results: EPS: NT$2.06. Revenue: NT$1.05b (down 1.7% from FY 2021). Net income: NT$80.4m (up 4.8% from FY 2021). Profit margin: 7.7% (up from 7.2% in FY 2021). The increase in margin was driven by lower expenses. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$1.12 (vs NT$0.67 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.12 (up from NT$0.67 in 3Q 2021). Revenue: NT$321.1m (up 19% from 3Q 2021). Net income: NT$43.6m (up 78% from 3Q 2021). Profit margin: 14% (up from 9.1% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% 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$1.12 (vs NT$0.67 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.12 (up from NT$0.67 in 3Q 2021). Revenue: NT$321.1m (up 19% from 3Q 2021). Net income: NT$43.6m (up 78% from 3Q 2021). Profit margin: 14% (up from 9.1% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$22.90, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 11x in the Electronic industry in Taiwan. Total returns to shareholders of 47% over the past three years. Reported Earnings • Aug 12
Second quarter 2022 earnings released: EPS: NT$0.55 (vs NT$0.56 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.55. Revenue: NT$253.2m (down 7.6% from 2Q 2021). Net income: NT$21.5m (up 8.7% from 2Q 2021). Profit margin: 8.5% (up from 7.2% in 2Q 2021). The increase in margin was driven by lower expenses. Buying Opportunity • Jul 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be NT$28.02, 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 grown by 27%. Upcoming Dividend • Jul 07
Upcoming dividend of NT$1.70 per share Eligible shareholders must have bought the stock before 14 July 2022. Payment date: 05 August 2022. Payout ratio is on the higher end at 92%, and the cash payout ratio is above 100%. Trailing yield: 7.2%. Within top quartile of Taiwanese dividend payers (6.8%). Higher than average of industry peers (5.1%). Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.17 (vs NT$0.39 in 1Q 2021) First quarter 2022 results: EPS: NT$0.17 (down from NT$0.39 in 1Q 2021). Revenue: NT$234.0m (down 4.4% from 1Q 2021). Net income: NT$6.45m (down 53% from 1Q 2021). Profit margin: 2.8% (down from 5.6% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improved over the past week After last week's 16% share price gain to NT$32.15, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 168% over the past three years. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS NT$0.67 (vs NT$0.51 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$269.7m (up 15% from 3Q 2020). Net income: NT$24.5m (up 39% from 3Q 2020). Profit margin: 9.1% (up from 7.5% in 3Q 2020). 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 24% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.56 (vs NT$0.35 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$273.9m (up 43% from 2Q 2020). Net income: NT$19.8m (up 61% from 2Q 2020). Profit margin: 7.2% (up from 6.4% 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 1% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 21
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 28 July 2021. Payment date: 13 August 2021. Trailing yield: 4.0%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (3.0%). Reported Earnings • May 17
First quarter 2021 earnings released: EPS NT$0.39 (vs NT$0.077 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$244.8m (up 69% from 1Q 2020). Net income: NT$13.8m (up 468% from 1Q 2020). Profit margin: 5.6% (up from 1.7% in 1Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$25.90, the stock trades at a trailing P/E ratio of 20.3x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 71% over the past year. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improved over the past week After last week's 17% share price gain to NT$37.55, the stock trades at a trailing P/E ratio of 29.4x. Average trailing P/E is 20x in the Electronic industry in Taiwan. Total returns to shareholders of 162% over the past year. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS NT$1.28 (vs NT$1.05 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$830.3m (up 6.7% from FY 2019). Net income: NT$43.5m (up 36% from FY 2019). Profit margin: 5.2% (up from 4.1% in FY 2019). The increase in margin was driven by higher revenue. Annonce • Mar 11
Avertronics Inc., Annual General Meeting, May 25, 2021 Avertronics Inc., Annual General Meeting, May 25, 2021. Is New 90 Day High Low • Feb 20
New 90-day high: NT$32.60 The company is up 63% from its price of NT$19.95 on 20 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 24% over the same period. Is New 90 Day High Low • Feb 03
New 90-day high: NT$29.40 The company is up 55% from its price of NT$19.00 on 05 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 24% over the same period. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improved over the past week After last week's 18% share price gain to NT$28.35, the stock is trading at a trailing P/E ratio of 23.4x, up from the previous P/E ratio of 19.8x. This compares to an average P/E of 18x in the Electronic industry in Taiwan. Total returns to shareholders over the past three years are 151%. Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment improved over the past week After last week's 20% share price gain to NT$24.20, the stock is trading at a trailing P/E ratio of 19.9x, up from the previous P/E ratio of 16.7x. This compares to an average P/E of 18x in the Electronic industry in Taiwan. Total returns to shareholders over the past three years are 114%. Is New 90 Day High Low • Jan 08
New 90-day high: NT$22.00 The company is up 13% from its price of NT$19.45 on 08 October 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 22% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.50 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$234.5m (up 18% from 3Q 2019). Net income: NT$17.6m (up 148% from 3Q 2019). Profit margin: 7.5% (up from 3.6% in 3Q 2019). 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 13% per year, which means it is significantly lagging earnings growth.