New Risk • Jun 12
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 12% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$171, the stock trades at a trailing P/E ratio of 54.5x. Average trailing P/E is 40x in the Electronic industry in Taiwan. Total returns to shareholders of 410% over the past three years. Upcoming Dividend • Jun 02
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 09 June 2026. Payment date: 03 July 2026. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 0.7%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (1.2%). Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$135, the stock trades at a trailing P/E ratio of 43.1x. Average trailing P/E is 37x in the Electronic industry in Taiwan. Total returns to shareholders of 293% over the past three years. Reported Earnings • May 12
First quarter 2026 earnings released: EPS: NT$2.00 (vs NT$0.073 loss in 1Q 2025) First quarter 2026 results: EPS: NT$2.00 (up from NT$0.073 loss in 1Q 2025). Revenue: NT$1.11b (up 33% from 1Q 2025). Net income: NT$280.3m (up NT$289.8m from 1Q 2025). Profit margin: 25% (up from net loss in 1Q 2025). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 05
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$70.80, the stock trades at a trailing P/E ratio of 79.4x. Average trailing P/E is 29x in the Electronic industry in Taiwan. Total returns to shareholders of 100% over the past three years. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$61.60, the stock trades at a trailing P/E ratio of 69.1x. Average trailing P/E is 27x in the Electronic industry in Taiwan. Total returns to shareholders of 89% over the past three years. Reported Earnings • Mar 28
Full year 2025 earnings released: EPS: NT$0.89 (vs NT$0.60 in FY 2024) Full year 2025 results: EPS: NT$0.89 (up from NT$0.60 in FY 2024). Revenue: NT$3.77b (up 9.8% from FY 2024). Net income: NT$115.4m (up 49% from FY 2024). Profit margin: 3.1% (up from 2.3% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 12% per year. Annonce • Mar 16
Taiwan Chinsan Electronic Industrial Co., Ltd., Annual General Meeting, Jun 08, 2026 Taiwan Chinsan Electronic Industrial Co., Ltd., Annual General Meeting, Jun 08, 2026, at 09:00 Taipei Standard Time. Location: 2 floor no,1 aly.11 ln.68, sec.1 kuang fu rd., sanchong district, new taipei city Taiwan New Risk • Nov 30
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 7.5% 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 (7.5% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (11% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 469% Paying a dividend despite having no free cash flows. Earnings have declined by 8.2% 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 (1.1% net profit margin). Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: NT$0.30 (vs NT$0.27 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.30 (up from NT$0.27 in 3Q 2024). Revenue: NT$1.02b (up 5.5% from 3Q 2024). Net income: NT$38.7m (up 11% from 3Q 2024). Profit margin: 3.8% (up from 3.6% 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 29% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. New Risk • Nov 04
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 8.6% 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 Risks Debt is not well covered by operating cash flow (6.2% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (8.6% average weekly change). Dividend is not well covered by earnings and cash flows. Dividend per share is over 5x earnings per share. Paying a dividend despite having no free cash flows. Earnings have declined by 3.9% 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 (1.0% net profit margin). New Risk • Sep 24
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 6.9% 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: Major Risks Debt is not well covered by operating cash flow (6.2% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Dividend per share is over 5x earnings per share. Paying a dividend despite having no free cash flows. Earnings have declined by 3.9% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.0% net profit margin). New Risk • Aug 31
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 6.2% 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 (6.2% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Dividend per share is over 5x earnings per share. Paying a dividend despite having no free cash flows. Earnings have declined by 3.9% 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 (1.0% net profit margin). Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$0.02 (vs NT$0.28 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.02 (down from NT$0.28 in 2Q 2024). Revenue: NT$913.1m (up 8.1% from 2Q 2024). Net income: NT$2.27m (down 94% from 2Q 2024). Profit margin: 0.2% (down from 4.3% in 2Q 2024). 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 6% per year, which means it has not declined as severely as earnings. Reported Earnings • May 14
First quarter 2025 earnings released: NT$0.07 loss per share (vs NT$0.03 loss in 1Q 2024) First quarter 2025 results: NT$0.07 loss per share (further deteriorated from NT$0.03 loss in 1Q 2024). Revenue: NT$836.2m (up 14% from 1Q 2024). Net loss: NT$9.50m (loss widened 146% from 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Annonce • May 06
Taiwan Chinsan Electronic Industrial Co., Ltd. to Report Q1, 2025 Results on May 13, 2025 Taiwan Chinsan Electronic Industrial Co., Ltd. announced that they will report Q1, 2025 results on May 13, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$30.75, the stock trades at a trailing P/E ratio of 51.4x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total loss to shareholders of 18% over the past three years. New Risk • Apr 06
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: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 251% Dividend per share is over 7x cash flows per share. Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Large one-off items impacting financial results. Upcoming Dividend • Apr 04
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 11 April 2025. Payment date: 07 May 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.2%. Lower than top quartile of Taiwanese dividend payers (4.9%). In line with average of industry peers (3.3%). Reported Earnings • Apr 01
Full year 2024 earnings released: EPS: NT$0.60 (vs NT$0.72 in FY 2023) Full year 2024 results: EPS: NT$0.60 (down from NT$0.72 in FY 2023). Revenue: NT$3.43b (up 7.4% from FY 2023). Net income: NT$77.4m (down 16% from FY 2023). Profit margin: 2.3% (down from 2.9% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$44.25, the stock trades at a trailing P/E ratio of 55.4x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 19% over the past three years. Annonce • Mar 18
Taiwan Chinsan Electronic Industrial Co., Ltd. to Report Q4, 2024 Final Results on Mar 25, 2025 Taiwan Chinsan Electronic Industrial Co., Ltd. announced that they will report Q4, 2024 final results on Mar 25, 2025 Annonce • Mar 14
Taiwan Chinsan Electronic Industrial Co., Ltd., Annual General Meeting, Jun 13, 2025 Taiwan Chinsan Electronic Industrial Co., Ltd., Annual General Meeting, Jun 13, 2025. Location: 2 floor no,1 aly.11 ln.68, sec.1 kuang fu rd., sanchong district, new taipei city Taiwan Annonce • Mar 06
Taiwan Chinsan Electronic Industrial Co., Ltd. to Report Fiscal Year 2024 Results on Mar 13, 2025 Taiwan Chinsan Electronic Industrial Co., Ltd. announced that they will report fiscal year 2024 results on Mar 13, 2025 Annonce • Feb 15
Taiwan Chinsan Electronic Industrial Co., Ltd. Announces Change in Chief Internal Auditor Taiwan Chinsan Electronic Industrial Co., Ltd. announced change in chief internal auditor. Date of occurrence of the change: February 14, 2025. Name, title, and resume of the previous position holder: CHIU WEI SHENG/Chief internal auditor of The Company. Name, title, and resume of the new position holder: CHEN LI CHIA/Internal audit of The Company. Type of change: position adjustment. Reason for the change: Internal position adjustment. Effective date: February 14, 2025. Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to NT$44.85, the stock trades at a trailing P/E ratio of 56.1x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 5.6% over the past three years. New Risk • Dec 04
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 6.3% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 150% Paying a dividend despite having no free cash flows. Minor Risk Share price has been volatile over the past 3 months (6.3% average weekly change). Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$42.10, the stock trades at a trailing P/E ratio of 52.7x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total loss to shareholders of 1.6% over the past three years. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.27 (vs NT$0.071 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.27 (up from NT$0.071 in 3Q 2023). Revenue: NT$963.7m (up 8.5% from 3Q 2023). Net income: NT$35.0m (up 281% from 3Q 2023). Profit margin: 3.6% (up from 1.0% in 3Q 2023). 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 9% per year, which means it has not declined as severely as earnings. Annonce • Nov 05
Taiwan Chinsan Electronic Industrial Co., Ltd. to Report Q3, 2024 Results on Nov 11, 2024 Taiwan Chinsan Electronic Industrial Co., Ltd. announced that they will report Q3, 2024 results on Nov 11, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.28 (vs NT$0.30 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.28 (down from NT$0.30 in 2Q 2023). Revenue: NT$844.9m (up 4.2% from 2Q 2023). Net income: NT$36.3m (down 7.7% from 2Q 2023). Profit margin: 4.3% (down from 4.9% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Annonce • Aug 05
Taiwan Chinsan Electronic Industrial Co., Ltd. to Report Q2, 2024 Results on Aug 12, 2024 Taiwan Chinsan Electronic Industrial Co., Ltd. announced that they will report Q2, 2024 results on Aug 12, 2024 Declared Dividend • Jun 14
Dividend reduced to NT$1.20 Dividend of NT$1.20 is 20% lower than last year. Ex-date: 27th June 2024 Payment date: 19th July 2024 Dividend yield will be 3.3%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is not covered by earnings (193% earnings payout ratio) nor is it adequately covered by cash flows (98% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 114% to bring the payout ratio under control, which is more than the 66% EPS growth achieved over the last 5 years. Annonce • Jun 14
Taiwan Chinsan Electronic Industrial Co., Ltd. Announces Dividend for 2023, Payable on July 19, 2024 Taiwan Chinsan Electronic Industrial Co., Ltd. announced dividend for 2023. Type and monetary amount of dividend distribution: Allocation of TWD 64,731,275 from its distributable earning for 2023 to pay a cash dividend of TWD 0.5 per share to shareholders. Allocation of TWD 90,623,784 from its capital reserves to pay a cash dividend of TWD 0.7 per share to shareholders; Ex-rights (Ex-dividend) date: June 27, 2024; Ex-rights (Ex-dividend) record date: July 4, 2024; Payment date of cash dividend distribution: July 19, 2024. Date of the resolution by the board of directors or shareholders meeting, or of the decision by the company: June 12, 2024. Reported Earnings • May 19
First quarter 2024 earnings released: NT$0.03 loss per share (vs NT$0.063 profit in 1Q 2023) First quarter 2024 results: NT$0.03 loss per share (down from NT$0.063 profit in 1Q 2023). Revenue: NT$735.7m (up 12% from 1Q 2023). Net loss: NT$3.86m (down 148% from profit in 1Q 2023). 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 7% per year, which means it has not declined as severely as earnings. Annonce • May 08
Taiwan Chinsan Electronic Industrial Co., Ltd. to Report Q1, 2024 Results on May 13, 2024 Taiwan Chinsan Electronic Industrial Co., Ltd. announced that they will report Q1, 2024 results on May 13, 2024 Reported Earnings • Mar 31
Full year 2023 earnings released: EPS: NT$0.72 (vs NT$0.81 in FY 2022) Full year 2023 results: EPS: NT$0.72 (down from NT$0.81 in FY 2022). Revenue: NT$3.19b (down 14% from FY 2022). Net income: NT$92.7m (down 11% from FY 2022). Profit margin: 2.9% (up from 2.8% in FY 2022). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Annonce • Mar 12
Taiwan Chinsan Electronic Industrial Co., Ltd., Annual General Meeting, May 27, 2024 Taiwan Chinsan Electronic Industrial Co., Ltd., Annual General Meeting, May 27, 2024. Location: 2F, No. 1, Alley11, Lane 68, Sec. 1 Kwang-Fu Road SanChung Dist New Taipei City Taiwan Agenda: To approve the 2023 Annual Business Report; to approve the Audit Committee reviews the financial statements and reports for the fiscal year 2023; to approve Report on Employee and Director Compensation; and to consider other matters. Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: NT$0.30 (vs NT$0.41 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.30 (down from NT$0.41 in 2Q 2022). Revenue: NT$810.9m (down 11% from 2Q 2022). Net income: NT$39.3m (down 26% from 2Q 2022). Profit margin: 4.9% (down from 5.8% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 19
Upcoming dividend of NT$1.50 per share at 2.6% yield Eligible shareholders must have bought the stock before 26 June 2023. Payment date: 19 July 2023. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (4.2%). Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.18 (vs NT$0.25 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.18 (down from NT$0.25 in 3Q 2021). Revenue: NT$901.1m (down 20% from 3Q 2021). Net income: NT$23.2m (down 29% from 3Q 2021). Profit margin: 2.6% (down from 2.9% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 94% 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 • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.18 (vs NT$0.25 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.18 (down from NT$0.25 in 3Q 2021). Revenue: NT$901.1m (down 20% from 3Q 2021). Net income: NT$23.2m (down 29% from 3Q 2021). Profit margin: 2.6% (down from 2.9% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 94% 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 15
Second quarter 2022 earnings released: EPS: NT$0.41 (vs NT$0.30 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.41 (up from NT$0.30 in 2Q 2021). Revenue: NT$911.6m (down 14% from 2Q 2021). Net income: NT$53.0m (up 34% from 2Q 2021). Profit margin: 5.8% (up from 3.7% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 30
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 07 July 2022. Payment date: 02 August 2022. Payout ratio is a comfortable 57% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Taiwanese dividend payers (6.4%). Lower than average of industry peers (4.6%). Reported Earnings • Mar 30
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: NT$1.24 (up from NT$0.083 in FY 2020). Revenue: NT$4.30b (up 15% from FY 2020). Net income: NT$161.1m (up NT$150.4m from FY 2020). Profit margin: 3.7% (up from 0.3% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 34%. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS NT$0.25 (vs NT$0.24 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: NT$1.13b (up 7.9% from 3Q 2020). Net income: NT$32.7m (up 4.0% from 3Q 2020). Profit margin: 2.9% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.31 (vs NT$0.47 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$1.06b (up 11% from 2Q 2020). Net income: NT$39.5m (down 33% from 2Q 2020). Profit margin: 3.7% (down from 6.2% in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Aug 02
Upcoming dividend of NT$0.70 per share Eligible shareholders must have bought the stock before 09 August 2021. Payment date: 01 September 2021. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (3.0%). Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.06 (vs NT$0.35 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$979.9m (up 38% from 1Q 2020). Net income: NT$7.08m (up NT$51.6m from 1Q 2020). Profit margin: 0.7% (up from net loss in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS NT$0.09 (vs NT$0.029 in FY 2019) The company reported a solid full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: NT$3.75b (flat on FY 2019). Net income: NT$10.7m (up 195% from FY 2019). Profit margin: 0.3% (up from 0.1% in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Dec 25
New 90-day high: NT$45.40 The company is up 32% from its price of NT$34.30 on 25 September 2020. The Taiwanese market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 19% over the same period. Valuation Update With 7 Day Price Move • Nov 24
Market bids up stock over the past week After last week's 17% share price gain to NT$45.20, the stock is trading at a trailing P/E ratio of 72.3x, up from the previous P/E ratio of 61.7x. This compares to an average P/E of 16x in the Electronic industry in Taiwan. Total return to shareholders over the past three years is a loss of 12%. Is New 90 Day High Low • Nov 21
New 90-day high: NT$42.25 The company is up 19% from its price of NT$35.39 on 21 August 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 5.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.25 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$1.05b (down 4.3% from 3Q 2019). Net income: NT$31.5m (up 61% from 3Q 2019). Profit margin: 3.0% (up from 1.8% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 101% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 27
New 90-day high: NT$37.60 The company is up 11% from its price of NT$33.98 on 29 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 1.0% over the same period. 