Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$21.00, the stock trades at a trailing P/E ratio of 31.1x. Average trailing P/E is 27x in the Electronic industry in Taiwan. Total returns to shareholders of 19% over the past three years. New Risk • Apr 07
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.1% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$463.5m market cap, or US$14.5m). Reported Earnings • Mar 17
Full year 2025 earnings released: EPS: NT$0.70 (vs NT$0.49 in FY 2024) Full year 2025 results: EPS: NT$0.70 (up from NT$0.49 in FY 2024). Revenue: NT$456.5m (up 19% from FY 2024). Net income: NT$18.4m (up 50% from FY 2024). Profit margin: 4.0% (up from 3.2% 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 19% 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. Annonce • Mar 12
Bull Will Co., Ltd., Annual General Meeting, Jun 24, 2026 Bull Will Co., Ltd., Annual General Meeting, Jun 24, 2026. Location: 7 floor no,178, sec.3 min ch`uan e. rd., taipei city Taiwan Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: NT$0.23 (vs NT$0.018 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.23 (up from NT$0.018 in 3Q 2024). Revenue: NT$103.6m (down 4.0% from 3Q 2024). Net income: NT$6.12m (up NT$5.67m from 3Q 2024). Profit margin: 5.9% (up from 0.4% in 3Q 2024). 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 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 15
Second quarter 2025 earnings released: NT$0.07 loss per share (vs NT$0.16 profit in 2Q 2024) Second quarter 2025 results: NT$0.07 loss per share (down from NT$0.16 profit in 2Q 2024). Revenue: NT$133.5m (up 37% from 2Q 2024). Net loss: NT$1.71m (down 144% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Declared Dividend • Aug 08
Dividend of NT$0.099 announced Shareholders will receive a dividend of NT$0.099. Ex-date: 21st August 2025 Payment date: 25th September 2025 Dividend yield will be 0.6%, which is lower than the industry average of 4.0%. Payout Ratios Payout ratio: 17%. Cash payout ratio: 16%. Reported Earnings • May 18
First quarter 2025 earnings released: EPS: NT$0.30 (vs NT$0.22 in 1Q 2024) First quarter 2025 results: EPS: NT$0.30 (up from NT$0.22 in 1Q 2024). Revenue: NT$113.0m (up 39% from 1Q 2024). Net income: NT$7.51m (up 42% from 1Q 2024). Profit margin: 6.6% (up from 6.5% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 12% per year. Annonce • May 06
Bull Will Co., Ltd. to Report Q1, 2025 Results on May 13, 2025 Bull Will Co., Ltd. announced that they will report Q1, 2025 results on May 13, 2025 New Risk • Mar 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% 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 Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.2% net profit margin). Market cap is less than US$100m (NT$450.4m market cap, or US$13.6m). Buy Or Sell Opportunity • Mar 20
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at NT$19.05. The fair value is estimated to be NT$15.56, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Earnings per share has grown by 7.3%. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$0.51 (vs NT$1.05 in FY 2023) Full year 2024 results: EPS: NT$0.51 (down from NT$1.05 in FY 2023). Revenue: NT$382.3m (down 12% from FY 2023). Net income: NT$12.3m (down 48% from FY 2023). Profit margin: 3.2% (down from 5.5% in FY 2023). The decrease in margin was driven by lower 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 22% per year, which means it is significantly lagging earnings. Annonce • Mar 14
Bull Will Co., Ltd., Annual General Meeting, Jun 17, 2025 Bull Will Co., Ltd., Annual General Meeting, Jun 17, 2025, at 09:00 Taipei Standard Time. Location: no,327, t`i ting ta tao, neihu district, taipei city Taiwan Annonce • Mar 04
Bull Will Co., Ltd. to Report Fiscal Year 2024 Results on Mar 11, 2025 Bull Will Co., Ltd. announced that they will report fiscal year 2024 results on Mar 11, 2025 Reported Earnings • Nov 19
Third quarter 2024 earnings released: EPS: NT$0.02 (vs NT$0.41 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.02 (down from NT$0.41 in 3Q 2023). Revenue: NT$107.9m (up 3.5% from 3Q 2023). Net income: NT$450.0k (down 95% from 3Q 2023). Profit margin: 0.4% (down from 8.7% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Annonce • Nov 02
Bull Will Co., Ltd. to Report Q3, 2024 Results on Nov 11, 2024 Bull Will Co., Ltd. announced that they will report Q3, 2024 results on Nov 11, 2024 Upcoming Dividend • Aug 27
Upcoming dividend of NT$0.22 per share Eligible shareholders must have bought the stock before 03 September 2024. Payment date: 08 October 2024. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of Taiwanese dividend payers (4.4%). Lower than average of industry peers (2.8%). Reported Earnings • Aug 18
Second quarter 2024 earnings released: EPS: NT$0.18 (vs NT$0.47 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.18 (down from NT$0.47 in 2Q 2023). Revenue: NT$97.4m (down 15% from 2Q 2023). Net income: NT$3.86m (down 60% from 2Q 2023). Profit margin: 4.0% (down from 8.4% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Annonce • Aug 07
Bull Will Co., Ltd. to Report Q2, 2024 Results on Aug 14, 2024 Bull Will Co., Ltd. announced that they will report Q2, 2024 results on Aug 14, 2024 Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.25 (vs NT$0.14 in 1Q 2023) First quarter 2024 results: EPS: NT$0.25 (up from NT$0.14 in 1Q 2023). Revenue: NT$81.5m (down 25% from 1Q 2023). Net income: NT$5.31m (up 91% from 1Q 2023). Profit margin: 6.5% (up from 2.6% 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 38% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Annonce • May 09
Bull Will Co., Ltd. to Report Q1, 2024 Results on May 14, 2024 Bull Will Co., Ltd. announced that they will report Q1, 2024 results on May 14, 2024 Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: NT$1.15 (vs NT$1.09 in FY 2022) Full year 2023 results: EPS: NT$1.15 (up from NT$1.09 in FY 2022). Revenue: NT$432.5m (down 28% from FY 2022). Net income: NT$23.7m (up 13% from FY 2022). Profit margin: 5.5% (up from 3.5% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Annonce • Mar 15
Bull Will Co., Ltd. announced that it expects to receive TWD 80 million in funding Bull Will Co., Ltd. announced a private placement of 8,000,000 common shares at a price of TWD 10 per share for gross proceeds of TWD 80,000,000 on March 13, 2024. The transaction has been approved by the shareholders of the company. The shares are restricted to a hold period of 3 years. Annonce • Mar 14
Bull Will Co., Ltd., Annual General Meeting, Jun 25, 2024 Bull Will Co., Ltd., Annual General Meeting, Jun 25, 2024. Location: TAIPEI CO-SPACE, Address:2F., No.12, Zhouzi St., Neihu Dist. Taipei City Taiwan Agenda: To consider the report on the business of 2023; to consider the report on the Audit Committee's review report of 2023; to consider the report the Status of Loaning of Company Funds of 2023; to consider the report the implementation of investments in China of 2023; to consider the report of the implementation of the Company's 2023 private equity offering program; to consider the report on 2023 remuneration of distribution for directors and employees; to consider the report on compensation of Directors for the Year 2023; to consider the 2023 Earnings Distribution of cash dividend; to consider the amendment to the Company's Rules of Procedure for Board of Directors Meetings; to consider the amendments to the Articles of Incorporation; and to consider the other matters. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$20.15, the stock trades at a trailing P/E ratio of 22.5x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 24% over the past three years. New Risk • Dec 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 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 cash flows (126% cash payout ratio). Share price has been volatile over the past 3 months (5.9% average weekly change). Shareholders have been diluted in the past year (4.7% increase in shares outstanding). Market cap is less than US$100m (NT$511.6m market cap, or US$16.3m). Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$23.30, the stock trades at a trailing P/E ratio of 25.7x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 74% over the past three years. Reported Earnings • Nov 16
Third quarter 2023 earnings released: EPS: NT$0.45 (vs NT$0.36 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.45 (up from NT$0.36 in 3Q 2022). Revenue: NT$104.2m (down 29% from 3Q 2022). Net income: NT$9.08m (up 32% from 3Q 2022). Profit margin: 8.7% (up from 4.7% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: NT$0.49 (vs NT$0.49 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.49 (in line with 2Q 2022). Revenue: NT$114.6m (down 42% from 2Q 2022). Net income: NT$9.67m (up 5.8% from 2Q 2022). Profit margin: 8.4% (up from 4.6% in 2Q 2022). The increase in margin was driven by lower expenses. 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 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improves as stock rises 45% After last week's 45% share price gain to NT$20.35, the stock trades at a trailing P/E ratio of 25.7x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 99% over the past three years. Upcoming Dividend • Jul 14
Upcoming dividend of NT$0.69 per share at 3.2% yield Eligible shareholders must have bought the stock before 21 July 2023. Payment date: 25 August 2023. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (4.2%). New Risk • Jul 13
New minor risk - Dividend sustainability The company has a short dividend paying track record. Continuous dividend paying years: 1 Dividend yield: 3.2% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. 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: Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Shareholders have been diluted in the past year (8.6% increase in shares outstanding). Market cap is less than US$100m (NT$432.2m market cap, or US$13.9m). Annonce • May 19
Bull Will Co., Ltd. Increases the Cash Dividend for the Second Half of 2022 Bull Will Co., Ltd. increased the cash dividend to TWD 0.7 per share for the second half of 2022 or TWD 14,093,594 in total. Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: NT$0.38 (vs NT$0.015 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$0.38 (up from NT$0.015 loss in 3Q 2021). Revenue: NT$147.6m (up 87% from 3Q 2021). Net income: NT$6.88m (up NT$7.11m from 3Q 2021). Profit margin: 4.7% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Hsi-Yan Li was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improved over the past week After last week's 18% share price gain to NT$22.10, the stock trades at a trailing P/E ratio of 21.1x. Average trailing P/E is 11x in the Electronic industry in Taiwan. Total returns to shareholders of 9.8% over the past three years. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$22.25, the stock trades at a trailing P/E ratio of 21.3x. Average trailing P/E is 11x in the Electronic industry in Taiwan. Total loss to shareholders of 11% over the past three years. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.51 (vs NT$0.25 loss in 2Q 2021) Second quarter 2022 results: EPS: NT$0.51 (up from NT$0.25 loss in 2Q 2021). Revenue: NT$198.8m (up 227% from 2Q 2021). Net income: NT$9.15m (up NT$13.0m from 2Q 2021). Profit margin: 4.6% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.41 (vs NT$0.056 in 1Q 2021) First quarter 2022 results: EPS: NT$0.41 (up from NT$0.056 in 1Q 2021). Revenue: NT$139.8m (up 160% from 1Q 2021). Net income: NT$7.09m (up NT$6.22m from 1Q 2021). Profit margin: 5.1% (up from 1.6% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 5 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Hsi-Yan Li was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Apr 15
Inaugural dividend of NT$0.19 per share Eligible shareholders must have bought the stock before 22 April 2022. Payment date: 27 May 2022. This is the first dividend for Bull Will since going public. The average dividend yield among industry peers is 3.9%. Reported Earnings • Apr 03
Full year 2021 earnings released: EPS: NT$0.03 (vs NT$0.52 in FY 2020) Full year 2021 results: EPS: NT$0.03 (down from NT$0.52 in FY 2020). Revenue: NT$371.2m (up 98% from FY 2020). Net income: NT$532.0k (down 93% from FY 2020). Profit margin: 0.1% (down from 4.3% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 39% per year, which means it is well ahead of earnings. Annonce • Apr 02
Bull Will Co., Ltd., Annual General Meeting, Jun 24, 2022 Bull Will Co., Ltd., Annual General Meeting, Jun 24, 2022. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improved over the past week After last week's 19% share price gain to NT$32.00, the stock trades at a trailing P/E ratio of 64.6x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 79% over the past three years. Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment improved over the past week After last week's 32% share price gain to NT$38.70, the stock trades at a trailing P/E ratio of 75.2x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 148% over the past three years. Reported Earnings • Nov 18
Third quarter 2021 earnings released: NT$0.02 loss per share (vs NT$0.20 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: NT$78.8m (up 90% from 3Q 2020). Net loss: NT$234.0k (loss narrowed 92% from 3Q 2020). 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 35% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment deteriorated over the past week After last week's 22% share price decline to NT$24.20, the stock trades at a trailing P/E ratio of 73.1x. Average trailing P/E is 15x in the Electronic industry in Taiwan. Total returns to shareholders of 38% 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 25% share price gain to NT$20.80, the stock trades at a trailing P/E ratio of 62.8x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Negligible returns to shareholders over past three years. Reported Earnings • Aug 18
Second quarter 2021 earnings released: NT$0.25 loss per share (vs NT$0.03 loss in 2Q 2020) The company reported a soft second quarter result with increased losses and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: NT$60.8m (up 4.8% from 2Q 2020). Net loss: NT$3.88m (loss widened NT$3.42m from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment improved over the past week After last week's 16% share price gain to NT$19.15, the stock trades at a trailing P/E ratio of 34.7x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total loss to shareholders of 3.7% over the past three years. Annonce • Jul 15
The Securities and Futures Investors Protection Center Appeal to the Taiwan High Court Regarding Case Against Bull Will Co., Ltd The Securities and Futures Investors Protection Center appeal to the Taiwan High Court regarding Bull Will Co., Ltd., and its directors, supervisors and managers. Parties to the legal matter: (Plaintiff) The Securities and Futures Investors Protection Center, (Defendant) Bull Will Co., Ltd., and its the directors, supervisors and managers. Name of the court or punishing agency of the legal matter: Taiwan Shilin District Court. Reference/Case number of relevant documents of the legal matter: 106 Jin Zi No. 2. Date of occurrence of the event: July 14, 2021. Details of occurrence (including the matter under dispute): The Securities and Futures Investors Protection Center are not satisfied with the Taiwan Shilin court verdict and accordingly appealed to the Taiwan High Court. Handling procedure: the company was informed by lawyers, Securities and Futures Investors Protection Centre of Taiwan had filed an appeal to the Taiwan High Court. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.056 (vs NT$0.025 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$53.7m (up 64% from 1Q 2020). Net income: NT$868.0k (up 128% from 1Q 2020). Profit margin: 1.6% (up from 1.2% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS NT$0.52 (vs NT$4.70 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$187.5m (down 4.2% from FY 2019). Net income: NT$8.07m (down 89% from FY 2019). Profit margin: 4.3% (down from 37% in FY 2019). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment improved over the past week After last week's 15% share price gain to NT$17.85, the stock is trading at a trailing P/E ratio of 76.5x, up from the previous P/E ratio of 66.4x. This compares to an average P/E of 18x in the Electronic industry in Taiwan. Total return to shareholders over the past three years is a loss of 35%. Is New 90 Day High Low • Mar 07
New 90-day high: NT$15.50 The company is up 6.0% from its price of NT$14.60 on 07 December 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 17% over the same period. Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment improved over the past week After last week's 15% share price gain to NT$14.55, the stock is trading at a trailing P/E ratio of 62.4x, up from the previous P/E ratio of 54.2x. This compares to an average P/E of 18x in the Electronic industry in Taiwan. Total return to shareholders over the past three years is a loss of 32%. Is New 90 Day High Low • Dec 30
New 90-day low: NT$13.50 The company is down 13% from its price of NT$15.55 on 30 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 16% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: NT$0.20 loss per share The company reported a decent third quarter result with reduced losses and improved control over expenses, although revenues were weaker. Third quarter 2020 results: Revenue: NT$41.6m (down 18% from 3Q 2019). Net loss: NT$3.08m (loss narrowed 47% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings.