Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$101, the stock trades at a trailing P/E ratio of 59.1x. Average trailing P/E is 24x in the Tech industry in Taiwan. Total returns to shareholders of 447% over the past three years. Reported Earnings • May 16
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$0.18 loss in 1Q 2025) First quarter 2026 results: EPS: NT$1.00 (up from NT$0.18 loss in 1Q 2025). Revenue: NT$276.5m (up NT$254.7m from 1Q 2025). Net income: NT$75.5m (up NT$86.7m from 1Q 2025). Profit margin: 27% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has increased by 75% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Mar 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 41% 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 10% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.2% net profit margin). Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$0.31 (vs NT$0.60 in FY 2024) Full year 2025 results: EPS: NT$0.31 (down from NT$0.60 in FY 2024). Revenue: NT$263.9m (up 179% from FY 2024). Net income: NT$18.9m (down 49% from FY 2024). Profit margin: 7.2% (down from 39% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 72% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Mar 05
TienPin United Enterprise CO., LTD., Annual General Meeting, Jun 24, 2026 TienPin United Enterprise CO., LTD., Annual General Meeting, Jun 24, 2026. Location: 19 floor building. b no,659, pan nan rd., jhonghe district, new taipei city Taiwan Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: NT$0.80 (vs NT$0.62 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.80 (up from NT$0.62 in 3Q 2024). Revenue: NT$84.0m (up 263% from 3Q 2024). Net income: NT$49.3m (up 30% from 3Q 2024). Profit margin: 59% (down from 164% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has increased by 77% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 17
Second quarter 2025 earnings released: NT$0.16 loss per share (vs NT$0.16 profit in 2Q 2024) Second quarter 2025 results: NT$0.16 loss per share (down from NT$0.16 profit in 2Q 2024). Revenue: NT$31.5m (up 21% from 2Q 2024). Net loss: NT$10.1m (down 203% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 15
First quarter 2025 earnings released: NT$0.18 loss per share (vs NT$0.088 loss in 1Q 2024) First quarter 2025 results: NT$0.18 loss per share (further deteriorated from NT$0.088 loss in 1Q 2024). Revenue: NT$21.7m (up 12% from 1Q 2024). Net loss: NT$11.3m (loss widened 106% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has increased by 62% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Apr 30
TienPin United Enterprise CO., LTD. to Report Q1, 2025 Results on May 08, 2025 TienPin United Enterprise CO., LTD. announced that they will report Q1, 2025 results on May 08, 2025 New Risk • Apr 02
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 341% 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: Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Large one-off items impacting financial results. Revenue is less than US$5m (NT$95m revenue, or US$2.9m). Reported Earnings • Mar 21
Full year 2024 earnings released: EPS: NT$0.60 (vs NT$0.48 in FY 2023) Full year 2024 results: EPS: NT$0.60 (up from NT$0.48 in FY 2023). Revenue: NT$94.8m (down 7.8% from FY 2023). Net income: NT$32.4m (up 9.0% from FY 2023). Profit margin: 34% (up from 29% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 82% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Mar 05
TienPin United Enterprise CO., LTD., Annual General Meeting, Jun 26, 2025 TienPin United Enterprise CO., LTD., Annual General Meeting, Jun 26, 2025. Location: 1 floor no,13-21, t`ieh fu, sansia district, new taipei city Taiwan Annonce • Feb 20
TienPin United Enterprise CO., LTD. to Report Fiscal Year 2024 Results on Mar 04, 2025 TienPin United Enterprise CO., LTD. announced that they will report fiscal year 2024 results on Mar 04, 2025 Board Change • Dec 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Teng Wang Chun was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.62 (vs NT$0.055 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.62 (up from NT$0.055 in 3Q 2023). Revenue: NT$23.2m (flat on 3Q 2023). Net income: NT$38.0m (up NT$34.6m from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 74% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Oct 30
TienPin United Enterprise CO., LTD. to Report Q3, 2024 Results on Nov 05, 2024 TienPin United Enterprise CO., LTD. announced that they will report Q3, 2024 results on Nov 05, 2024 New Risk • Oct 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.21b (US$99.7m) 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 Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risks Large one-off items impacting financial results. Revenue is less than US$5m (NT$98m revenue, or US$3.1m). Market cap is less than US$100m (NT$3.21b market cap, or US$99.7m). Reported Earnings • Aug 13
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: NT$25.9m (up 7.2% from 2Q 2023). Net income: NT$9.72m (up NT$9.66m from 2Q 2023). Profit margin: 38% (up from 0.3% in 2Q 2023). Annonce • Jul 24
TienPin United Enterprise CO., LTD. to Report Q2, 2024 Results on Jul 31, 2024 TienPin United Enterprise CO., LTD. announced that they will report Q2, 2024 results on Jul 31, 2024 Reported Earnings • May 19
First quarter 2024 earnings released: NT$0.09 loss per share (vs NT$0.073 profit in 1Q 2023) First quarter 2024 results: NT$0.09 loss per share (down from NT$0.073 profit in 1Q 2023). Revenue: NT$19.5m (down 24% from 1Q 2023). Net loss: NT$5.46m (down 221% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Annonce • Apr 28
TienPin United Enterprise CO., LTD. to Report Q1, 2024 Results on May 07, 2024 TienPin United Enterprise CO., LTD. announced that they will report Q1, 2024 results on May 07, 2024 Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$26.95, the stock trades at a trailing P/E ratio of 55.9x. Average trailing P/E is 23x in the Tech industry in Taiwan. Total returns to shareholders of 65% over the past three years. New Risk • Mar 26
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 48% 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 Share price has been highly volatile over the past 3 months (8.8% average weekly change). Minor Risks Large one-off items impacting financial results. Revenue is less than US$5m (NT$103m revenue, or US$3.2m). Market cap is less than US$100m (NT$1.76b market cap, or US$55.1m). Reported Earnings • Mar 21
Full year 2023 earnings released: EPS: NT$0.48 (vs NT$0.035 loss in FY 2022) Full year 2023 results: EPS: NT$0.48 (up from NT$0.035 loss in FY 2022). Revenue: NT$102.8m (down 21% from FY 2022). Net income: NT$29.8m (up NT$31.9m from FY 2022). Profit margin: 29% (up from net loss in FY 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$33.60, the stock trades at a trailing P/E ratio of 63.1x. Average trailing P/E is 23x in the Tech industry in Taiwan. Total returns to shareholders of 83% over the past three years. Annonce • Mar 06
TienPin United Enterprise CO., LTD., Annual General Meeting, Jun 28, 2024 TienPin United Enterprise CO., LTD., Annual General Meeting, Jun 28, 2024. Location: Worship Hall, o. 13-21, Tianfu, Sanxia Dist., New Taipei City Taiwan Agenda: To consider Annual business report of the company for the year 112; to consider Supervisory board's review of the financial statements for the year 112; and to consider other matters. New Risk • Dec 07
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 5.7% 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: Minor Risks Share price has been volatile over the past 3 months (5.7% average weekly change). Large one-off items impacting financial results. Revenue is less than US$5m (NT$138m revenue, or US$4.4m). Market cap is less than US$100m (NT$1.63b market cap, or US$51.8m). 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$24.00, the stock trades at a trailing P/E ratio of 45.1x. Average trailing P/E is 21x in the Tech industry in Taiwan. Total returns to shareholders of 103% over the past three years. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$0.06 (vs NT$0.31 loss in 3Q 2022) Third quarter 2023 results: EPS: NT$0.06 (up from NT$0.31 loss in 3Q 2022). Revenue: NT$23.2m (down 40% from 3Q 2022). Net income: NT$3.37m (up NT$22.4m from 3Q 2022). Profit margin: 14% (up from net loss in 3Q 2022). 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 18% per year, which means it is well ahead of earnings. Reported Earnings • Apr 01
Full year 2022 earnings released: NT$0.03 loss per share (vs NT$0.68 profit in FY 2021) Full year 2022 results: NT$0.03 loss per share (down from NT$0.68 profit in FY 2021). Revenue: NT$130.6m (up 73% from FY 2021). Net loss: NT$2.13m (down 105% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Reported Earnings • Nov 16
Third quarter 2022 earnings released: NT$0.31 loss per share (vs NT$0.70 loss in 3Q 2021) Third quarter 2022 results: NT$0.31 loss per share (improved from NT$0.70 loss in 3Q 2021). Revenue: NT$38.8m (up 69% from 3Q 2021). Net loss: NT$19.0m (loss narrowed 56% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Third quarter 2022 earnings released: NT$0.31 loss per share (vs NT$0.70 loss in 3Q 2021) Third quarter 2022 results: NT$0.31 loss per share (improved from NT$0.70 loss in 3Q 2021). Revenue: NT$38.8m (up 69% from 3Q 2021). Net loss: NT$19.0m (loss narrowed 56% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2022 earnings released: NT$0.67 loss per share (vs NT$1.42 profit in 2Q 2021) Second quarter 2022 results: NT$0.67 loss per share (down from NT$1.42 profit in 2Q 2021). Revenue: NT$25.5m (up 51% from 2Q 2021). Net loss: NT$41.5m (down 147% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 30
Investor sentiment improved over the past week After last week's 17% share price gain to NT$29.40, the stock trades at a trailing P/E ratio of 23.4x. Average trailing P/E is 13x in the Tech industry in Taiwan. Total returns to shareholders of 93% over the past three years. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.54 (vs NT$0.042 loss in 1Q 2021) First quarter 2022 results: EPS: NT$0.54 (up from NT$0.042 loss in 1Q 2021). Revenue: NT$23.4m (up 53% from 1Q 2021). Net income: NT$33.3m (up NT$35.8m from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improved over the past week After last week's 15% share price gain to NT$25.80, the stock trades at a trailing P/E ratio of 38x. Average trailing P/E is 13x in the Tech industry in Taiwan. Total returns to shareholders of 64% over the past three years. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improved over the past week After last week's 18% share price gain to NT$20.55, the stock trades at a trailing P/E ratio of 30.3x. Average trailing P/E is 14x in the Tech industry in Taiwan. Total returns to shareholders of 37% over the past three years. Reported Earnings • Mar 30
Full year 2021 earnings released: EPS: NT$0.68 (vs NT$0.46 in FY 2020) Full year 2021 results: EPS: NT$0.68 (up from NT$0.46 in FY 2020). Revenue: NT$75.4m (up 76% from FY 2020). Net income: NT$41.9m (up 46% from FY 2020). Profit margin: 56% (down from 67% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$1.42 (vs NT$0.027 in 2Q 2020) Second quarter 2021 results: Net income: NT$87.6m (up NT$85.9m from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment improved over the past week After last week's 19% share price gain to NT$19.40, the stock trades at a trailing P/E ratio of 40.6x. Average trailing P/E is 16x in the Tech industry in Taiwan. Total loss to shareholders of 3.1% over the past three years. Valuation Update With 7 Day Price Move • May 29
Investor sentiment improved over the past week After last week's 19% share price gain to NT$19.00, the stock trades at a trailing P/E ratio of 49.3x. Average trailing P/E is 16x in the Tech industry in Taiwan. Total returns to shareholders of 3.9% over the past three years. Reported Earnings • May 17
First quarter 2021 earnings released: NT$0.04 loss per share (vs NT$0.055 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: NT$15.3m (up 25% from 1Q 2020). Net loss: NT$2.58m (loss narrowed 24% from 1Q 2020). 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 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$0.46 (vs NT$0.078 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$42.9m (down 25% from FY 2019). Net income: NT$28.7m (up 493% from FY 2019). Profit margin: 67% (up from 8.5% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improved over the past week After last week's 22% share price gain to NT$15.95, the stock is trading at a trailing P/E ratio of 49x, up from the previous P/E ratio of 40.3x. This compares to an average P/E of 15x in the Tech industry in Taiwan. Total return to shareholders over the past three years is a loss of 32%. Is New 90 Day High Low • Feb 20
New 90-day high: NT$12.75 The company is up 9.0% from its price of NT$11.75 on 19 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 11% over the same period. Is New 90 Day High Low • Jan 20
New 90-day low: NT$11.50 The company is down 8.0% from its price of NT$12.45 on 20 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 14% over the same period. Is New 90 Day High Low • Nov 18
New 90-day low: NT$11.70 The company is down 3.0% from its price of NT$12.05 on 20 August 2020. The Taiwanese market is up 6.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Tech industry, which is down 4.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.08 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$8.10m (down 4.4% from 3Q 2019). Net income: NT$5.02m (up NT$11.9m from 3Q 2019). Profit margin: 62% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. 
