Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$125, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 34x in the Electronic industry in Taiwan. Total returns to shareholders of 224% over the past three years. Reported Earnings • May 13
First quarter 2026 earnings released: EPS: NT$3.00 (vs NT$1.82 in 1Q 2025) First quarter 2026 results: EPS: NT$3.00 (up from NT$1.82 in 1Q 2025). Revenue: NT$4.84b (up 41% from 1Q 2025). Net income: NT$228.2m (up 65% from 1Q 2025). Profit margin: 4.7% (up from 4.0% in 1Q 2025). 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 increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$7.54 (vs NT$6.55 in FY 2024) Full year 2025 results: EPS: NT$7.54 (up from NT$6.55 in FY 2024). Revenue: NT$17.5b (up 42% from FY 2024). Net income: NT$573.7m (up 15% from FY 2024). Profit margin: 3.3% (down from 4.0% 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 5% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Mar 11
Macnica Galaxy Inc., Annual General Meeting, May 26, 2026 Macnica Galaxy Inc., Annual General Meeting, May 26, 2026, at 09:00 Taipei Standard Time. Location: 6 floor no,207-1, sec.3 pei hsin rd., sindian district, new taipei city Taiwan New Risk • Nov 17
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (32% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: NT$3.17 (vs NT$1.43 in 3Q 2024) Third quarter 2025 results: EPS: NT$3.17 (up from NT$1.43 in 3Q 2024). Revenue: NT$4.79b (up 47% from 3Q 2024). Net income: NT$241.4m (up 121% from 3Q 2024). Profit margin: 5.0% (up from 3.3% 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 2% per year but the company’s share price has increased by 31% per year, which means it is well ahead of earnings. New Risk • Sep 12
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (21% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.0% average weekly change). Reported Earnings • Aug 17
Second quarter 2025 earnings released: NT$0.30 loss per share (vs NT$1.80 profit in 2Q 2024) Second quarter 2025 results: NT$0.30 loss per share (down from NT$1.80 profit in 2Q 2024). Revenue: NT$5.31b (up 70% from 2Q 2024). Net loss: NT$22.9m (down 117% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 31% per year, which means it is well ahead of earnings. Declared Dividend • Aug 14
Dividend increased to NT$3.80 Dividend of NT$3.80 is 52% higher than last year. Ex-date: 28th August 2025 Payment date: 19th September 2025 Dividend yield will be 4.0%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (51% 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 15% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 30% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Aug 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$108, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 20x in the Electronic industry in Taiwan. Total returns to shareholders of 226% over the past three years. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$1.82 (vs NT$0.93 in 1Q 2024) First quarter 2025 results: EPS: NT$1.82 (up from NT$0.93 in 1Q 2024). Revenue: NT$3.49b (up 37% from 1Q 2024). Net income: NT$138.2m (up 95% from 1Q 2024). Profit margin: 4.0% (up from 2.8% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 44% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$113, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 279% over the past three years. Buy Or Sell Opportunity • May 05
Now 21% undervalued Over the last 90 days, the stock has risen 26% to NT$89.10. The fair value is estimated to be NT$113, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.9% over the last 3 years. Earnings per share has declined by 9.0%. Annonce • Apr 29
Macnica Galaxy Inc. to Report Q1, 2025 Results on May 06, 2025 Macnica Galaxy Inc. announced that they will report Q1, 2025 results on May 06, 2025 Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to NT$102, the stock trades at a trailing P/E ratio of 15.5x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 239% over the past three years. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$103, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 217% over the past three years. Buy Or Sell Opportunity • Mar 31
Now 22% undervalued Over the last 90 days, the stock has risen 20% to NT$99.30. The fair value is estimated to be NT$127, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.9% over the last 3 years. Earnings per share has declined by 9.2%. Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: NT$6.55 (vs NT$4.18 in FY 2023) Full year 2024 results: EPS: NT$6.55 (up from NT$4.18 in FY 2023). Revenue: NT$12.3b (down 7.7% from FY 2023). Net income: NT$490.0m (up 54% from FY 2023). Profit margin: 4.0% (up from 2.4% in FY 2023). The increase in margin was driven by lower expenses. 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 39% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$96.00, the stock trades at a trailing P/E ratio of 18.5x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 202% over the past three years. Annonce • Mar 13
Macnica Galaxy Inc., Annual General Meeting, May 27, 2025 Macnica Galaxy Inc., Annual General Meeting, May 27, 2025, at 09:00 Taipei Standard Time. Location: 6 floor no,207-1, sec.3 pei hsin rd., sindian district, new taipei city Taiwan Annonce • Mar 12
Macnica Galaxy Inc. Announces New Placement of Wu Wei-Kuo as CEO Macnica Galaxy Inc. announced the new placement of CEO. Name, title, and resume of the new position holder: Wu Wei-Kuo, Macnica Galaxy Inc. Chairman and General Manager. Effective date: March 11, 2025. In response to the company's business development and management needs, a new CEO position was added and approved by the board of directors. Annonce • Mar 04
Macnica Galaxy Inc. to Report Q4, 2024 Results on Mar 11, 2025 Macnica Galaxy Inc. announced that they will report Q4, 2024 results on Mar 11, 2025 Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$85.50, the stock trades at a trailing P/E ratio of 16.5x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 198% over the past three years. New Risk • Feb 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 7.9% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.9% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$89.70, the stock trades at a trailing P/E ratio of 17.3x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 189% over the past three years. New Risk • Dec 12
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. 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 (6.2% average weekly change). Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$1.43 (vs NT$1.44 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.43 (down from NT$1.44 in 3Q 2023). Revenue: NT$3.27b (down 7.8% from 3Q 2023). Net income: NT$109.0m (flat on 3Q 2023). Profit margin: 3.3% (up from 3.1% in 3Q 2023). 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 but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Annonce • Nov 02
Macnica Galaxy Inc. to Report Q3, 2024 Results on Nov 11, 2024 Macnica Galaxy Inc. announced that they will report Q3, 2024 results on Nov 11, 2024 Declared Dividend • Aug 07
Dividend reduced to NT$2.50 Dividend of NT$2.50 is 42% lower than last year. Ex-date: 22nd August 2024 Payment date: 13th September 2024 Dividend yield will be 4.0%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (56% earnings payout ratio) and cash flows (6% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 9.8% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annonce • Jul 27
Macnica Galaxy Inc. to Report Q2, 2024 Results on Aug 05, 2024 Macnica Galaxy Inc. announced that they will report Q2, 2024 results at 9:00 AM, Taipei Standard Time on Aug 05, 2024 New Risk • Jun 05
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 69% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks High level of debt (69% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$86.70, the stock trades at a trailing P/E ratio of 19.3x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 274% over the past three years. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.93 (vs NT$0.62 in 1Q 2023) First quarter 2024 results: EPS: NT$0.93 (up from NT$0.62 in 1Q 2023). Revenue: NT$2.55b (down 24% from 1Q 2023). Net income: NT$71.1m (up 52% from 1Q 2023). Profit margin: 2.8% (up from 1.4% in 1Q 2023). The increase in margin was driven by lower expenses. 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 39% per year, which means it is tracking significantly ahead of earnings growth. Annonce • May 08
Macnica Galaxy Inc. Announces Change of Principal Accounting Officer Macnica Galaxy Inc. announced change of Principal accounting officer. Name, title, and resume of the previous position holder: Juan Cheng-Chi, Senior Finance Manager. Name, title, and resume of the new position holder: Lu Ai-Mei, Senior accounting manager. Reason for the change: Post adjustment. Effective date: June 1, 2024. Annonce • May 02
Macnica Galaxy Inc. to Report Q1, 2024 Results on May 07, 2024 Macnica Galaxy Inc. announced that they will report Q1, 2024 results on May 07, 2024 Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$74.40, the stock trades at a trailing P/E ratio of 17.8x. Average trailing P/E is 25x in the Electronic industry in Taiwan. Total returns to shareholders of 205% over the past three years. New Risk • Mar 22
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 73% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.3% average weekly change). Minor Risks High level of debt (73% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (2.4% net profit margin). Reported Earnings • Mar 16
Full year 2023 earnings released: EPS: NT$4.18 (vs NT$7.60 in FY 2022) Full year 2023 results: EPS: NT$4.18 (down from NT$7.60 in FY 2022). Revenue: NT$13.4b (down 11% from FY 2022). Net income: NT$318.4m (down 45% from FY 2022). Profit margin: 2.4% (down from 3.9% 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 17% per year whereas the company’s share price has increased by 19% per year. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$51.30, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 114% over the past three years. Annonce • Mar 14
Macnica Galaxy Inc., Annual General Meeting, May 30, 2024 Macnica Galaxy Inc., Annual General Meeting, May 30, 2024. Valuation Update With 7 Day Price Move • Feb 29
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$54.80, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 127% over the past three years. New Risk • Nov 18
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: 2.7% Last year net profit margin: 3.9% 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: Major Risk Debt is not well covered by operating cash flow (4.0% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (231% cash payout ratio). Profit margins are more than 30% lower than last year (2.7% net profit margin). Market cap is less than US$100m (NT$3.11b market cap, or US$97.9m). New Risk • Aug 24
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.12b (US$98.3m) 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (NT$3.12b market cap, or US$98.3m). Upcoming Dividend • Aug 17
Upcoming dividend of NT$4.30 per share at 9.4% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 15 September 2023. Payout ratio is on the higher end at 76% but the company is not cash flow positive. Trailing yield: 9.4%. Within top quartile of Taiwanese dividend payers (5.7%). Higher than average of industry peers (4.2%). Buying Opportunity • Aug 14
Now 21% undervalued Over the last 90 days, the stock is up 9.1%. The fair value is estimated to be NT$56.84, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 38%. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: NT$1.13 (vs NT$1.90 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.13 (down from NT$1.90 in 2Q 2022). Revenue: NT$3.51b (down 6.6% from 2Q 2022). Net income: NT$85.7m (down 41% from 2Q 2022). Profit margin: 2.4% (down from 3.9% 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 38% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Annonce • Aug 09
Macnica Galaxy Inc. Announces Cash Dividend Distribution, Payable on September 15, 2023 Macnica Galaxy Inc. announced cash dividend distribution of TWD 4.3. Ex-rights (Ex-dividend) date is August 24, 2023. Ex-rights (Ex-dividend) record date is August 30, 2023. Payment date of cash dividend distribution is September 15, 2023. Valuation Update With 7 Day Price Move • May 11
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$41.90, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 14x in the Electronic industry in Taiwan. Total returns to shareholders of 132% over the past three years. Reported Earnings • Mar 22
Full year 2022 earnings released: EPS: NT$7.60 (vs NT$5.56 in FY 2021) Full year 2022 results: EPS: NT$7.60 (up from NT$5.56 in FY 2021). Revenue: NT$15.0b (up 5.1% from FY 2021). Net income: NT$578.5m (up 37% from FY 2021). Profit margin: 3.9% (up from 3.0% 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 52% per year whereas the company’s share price has increased by 48% per year. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$2.09 (vs NT$1.42 in 3Q 2021) Third quarter 2022 results: EPS: NT$2.09 (up from NT$1.42 in 3Q 2021). Revenue: NT$3.90b (up 9.1% from 3Q 2021). Net income: NT$159.1m (up 48% from 3Q 2021). Profit margin: 4.1% (up from 3.0% 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 51% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 18
Upcoming dividend of NT$3.35 per share Eligible shareholders must have bought the stock before 25 August 2022. Payment date: 16 September 2022. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 8.1%. Within top quartile of Taiwanese dividend payers (6.4%). Higher than average of industry peers (4.4%). Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: NT$1.90 (vs NT$1.50 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.90 (up from NT$1.50 in 2Q 2021). Revenue: NT$3.76b (flat on 2Q 2021). Net income: NT$144.7m (up 27% from 2Q 2021). Profit margin: 3.9% (up from 3.0% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Annonce • Aug 10
Macnica Galaxy Inc. Announces Dividend Distribution, Payable on September 16, 2022 Macnica Galaxy Inc. announced dividend distribution of TWD 3.35 per share. Ex-rights (Ex-dividend) date is August 25, 2022. Ex-rights (Ex-dividend) record date is August 31, 2022. Payment date of cash dividend distribution is September 16, 2022. Annonce • May 27
Macnica Galaxy Inc. Approves Cash Dividend Macnica Galaxy Inc., at its AGM, held on May 26, 2022, approved Cash dividend of TWD 3.35 cash per share for shareholders. Reported Earnings • May 13
First quarter 2022 earnings released: EPS: NT$1.78 (vs NT$0.87 in 1Q 2021) First quarter 2022 results: EPS: NT$1.78 (up from NT$0.87 in 1Q 2021). Revenue: NT$3.60b (up 2.5% from 1Q 2021). Net income: NT$135.4m (up 104% from 1Q 2021). Profit margin: 3.8% (up from 1.9% in 1Q 2021). 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 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 30
Full year 2021 earnings released: EPS: NT$5.56 (vs NT$2.61 in FY 2020) Full year 2021 results: EPS: NT$5.56 (up from NT$2.61 in FY 2020). Revenue: NT$14.3b (up 39% from FY 2020). Net income: NT$423.3m (up 113% from FY 2020). Profit margin: 3.0% (up from 1.9% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 16% share price gain to NT$40.50, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 84% over the past three years. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS NT$1.41 (vs NT$0.34 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$3.58b (up 19% from 3Q 2020). Net income: NT$107.7m (up 320% from 3Q 2020). Profit margin: 3.0% (up from 0.9% 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 13% per year whereas the company’s share price has increased by 14% per year. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$33.55, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 15x in the Electronic industry in Taiwan. Total returns to shareholders of 78% over the past three years. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improved over the past week After last week's 22% share price gain to NT$41.30, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 98% over the past three years. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$1.50 (vs NT$1.02 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: NT$3.75b (up 69% from 2Q 2020). Net income: NT$114.3m (up 48% from 2Q 2020). Profit margin: 3.0% (down from 3.5% 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 4% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 20
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 27 July 2021. Payment date: 25 August 2021. Trailing yield: 4.8%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (2.9%). Reported Earnings • May 14
First quarter 2021 earnings released: EPS NT$0.87 (vs NT$0.69 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: NT$3.51b (up 75% from 1Q 2020). Net income: NT$66.2m (up 27% from 1Q 2020). Profit margin: 1.9% (down from 2.6% 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 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. Reported Earnings • Mar 26
Full year 2020 earnings released: EPS NT$2.61 (vs NT$1.68 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$10.2b (up 19% from FY 2019). Net income: NT$198.8m (up 55% from FY 2019). Profit margin: 1.9% (up from 1.5% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Mar 19
Macnica Galaxy Inc., Annual General Meeting, Jun 10, 2021 Macnica Galaxy Inc., Annual General Meeting, Jun 10, 2021. Is New 90 Day High Low • Jan 18
New 90-day low: NT$27.15 The company is down 24% from its price of NT$35.60 on 21 October 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 25% over the same period. Is New 90 Day High Low • Dec 08
New 90-day low: NT$27.45 The company is down 20% from its price of NT$34.50 on 09 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 12% over the same period. Is New 90 Day High Low • Nov 22
New 90-day low: NT$28.10 The company is down 5.0% from its price of NT$29.70 on 24 August 2020. The Taiwanese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 5.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.34 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: NT$3.00b (up 30% from 3Q 2019). Net income: NT$25.6m (down 47% from 3Q 2019). Profit margin: 0.9% (down from 2.1% 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 4% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 13
Market pulls back on stock over the past week After last week's 18% share price decline to NT$31.10, the stock is trading at a trailing P/E ratio of 12.5x, down from the previous P/E ratio of 15.3x. 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 85%. Is New 90 Day High Low • Nov 04
New 90-day high: NT$39.00 The company is up 57% from its price of NT$24.85 on 06 August 2020. The Taiwanese market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is down 5.0% over the same period. Is New 90 Day High Low • Oct 15
New 90-day high: NT$36.40 The company is up 46% from its price of NT$24.95 on 17 July 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is down 4.0% over the same period.