New Risk • Mar 13
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (9.5% average weekly change). Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$1.41 (vs NT$0.16 loss in FY 2024) Full year 2025 results: EPS: NT$1.41 (up from NT$0.16 loss in FY 2024). Revenue: NT$20.1b (up 15% from FY 2024). Net income: NT$787.9m (up NT$878.4m from FY 2024). Profit margin: 3.9% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$22.35, the stock trades at a trailing P/E ratio of 18.6x. Average trailing P/E is 21x in the Tech industry in Taiwan. Total returns to shareholders of 5.0% over the past three years. Annonce • Mar 05
Elitegroup Computer Systems Co.,Ltd., Annual General Meeting, May 27, 2026 Elitegroup Computer Systems Co.,Ltd., Annual General Meeting, May 27, 2026, at 09:00 Taipei Standard Time. Location: 18 floor no,22, sec.3 chung shan n. rd., jhongshan district, taipei city Taiwan New Risk • Feb 24
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 9.2% 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 (9.2% average weekly change). Minor Risk Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$28.80, the stock trades at a trailing P/E ratio of 24x. Average trailing P/E is 21x in the Tech industry in Taiwan. Total returns to shareholders of 52% over the past three years. Annonce • Jan 06
Elitegroup Computer Systems Co.,Ltd. Announces Board Changes for ECS HOLDING (HK) Co., Limited ECS HOLDING (HK) Co., Limited announced the change of natural-person directors. Chen, Ming-Hsing and Chou, Shi-Chang resigned from their positions as natural-person directors. The Vice Chairman of Elitegroup Computer Systems Co. Ltd. and The General Manager of Elitegroup Computer Systems Co. Ltd. were the previous position holders. Chen, Chia-Sheng and Li, Chin-Te have been appointed as new natural-person directors. Chen, Chia-Sheng is the General Manager of Elitegroup Computer Systems Co. Ltd. Li, Chin-Te is the CFO and Senior Vice General Manager of Elitegroup Computer Systems Co. Ltd. The effective date of the new appointment is January 5, 2026. The turnover rate of directors of the same term is 100%. The change brings forth a significant impact on shareholders' rights or the price of the securities on public companies. Annonce • Dec 20
Elitegroup Computer Systems Co., Ltd. Appoints Chin-Te Li as Accounting Officer, Effective December 19, 2025 Elitegroup Computer Systems Co. Ltd. announced the appointment of Chin-Te Li as accounting officer, effective December 19, 2025. Chin-Te Li is the chief financial officer and senior deputy general manager of ECS. The new position holder was approved by the Audit Committee and by the Board of Directors on December 19, 2025. New Risk • Dec 16
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: Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$25.15, the stock trades at a trailing P/E ratio of 21x. Average trailing P/E is 21x in the Tech industry in Taiwan. Total returns to shareholders of 24% over the past three years. New Risk • Nov 26
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 214% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$0.51 (vs NT$0.049 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.51 (up from NT$0.049 loss in 3Q 2024). Revenue: NT$5.63b (up 19% from 3Q 2024). Net income: NT$286.4m (up NT$313.7m from 3Q 2024). Profit margin: 5.1% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. 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 2% per year, which means it has not declined as severely as earnings. New Risk • Aug 26
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 1,427% 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 (2.0% net profit margin). Reported Earnings • Aug 14
Second quarter 2025 earnings released: NT$0.10 loss per share (vs NT$0.053 profit in 2Q 2024) Second quarter 2025 results: NT$0.10 loss per share (down from NT$0.053 profit in 2Q 2024). Revenue: NT$5.37b (up 7.7% from 2Q 2024). Net loss: NT$54.9m (down 287% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 29
Upcoming dividend of NT$0.21 per share Eligible shareholders must have bought the stock before 05 August 2025. Payment date: 29 August 2025. Payout ratio is a comfortable 27% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.6%). New Risk • Jul 17
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 0% Dividend yield: 5.3% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Dividend is not well covered by cash flows (0% cash payout ratio). Profit margins are more than 30% lower than last year (2.5% net profit margin). Declared Dividend • Jul 11
Dividend reduced to NT$0.21 Dividend of NT$0.21 is 79% lower than last year. Ex-date: 5th August 2025 Payment date: 29th August 2025 Dividend yield will be 1.1%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (27% 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 decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 27% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • May 15
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 8.8% 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 (8.8% average weekly change). Profit margins are more than 30% lower than last year (2.5% net profit margin). Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$1.02 (vs NT$0.075 in 1Q 2024) First quarter 2025 results: EPS: NT$1.02 (up from NT$0.075 in 1Q 2024). Revenue: NT$3.55b (up 2.8% from 1Q 2024). Net income: NT$571.2m (up NT$529.4m from 1Q 2024). Profit margin: 16% (up from 1.2% in 1Q 2024). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Annonce • Apr 30
Elitegroup Computer Systems Co.,Ltd. to Report Q1, 2025 Results on May 07, 2025 Elitegroup Computer Systems Co.,Ltd. announced that they will report Q1, 2025 results on May 07, 2025 Annonce • Feb 25
Elitegroup Computer Systems Co.,Ltd., Annual General Meeting, May 29, 2025 Elitegroup Computer Systems Co.,Ltd., Annual General Meeting, May 29, 2025, at 09:00 Taipei Standard Time. Location: 18 floor no,22, sec.3 chung shan n. rd., jhongshan district, taipei city Taiwan Annonce • Feb 15
Elitegroup Computer Systems Co.,Ltd. Announces Change of Financial Officer for Golden Elite Technology(SHENZHEN) LTD Elitegroup Computer Systems Co.,Ltd. announced change of the financial officer on behalf of the subsidiary-Golden Elite Technology(SHENZHEN) LTD. Name, title, and resume of the previous position holder: Hsu,Hsien-Chin /associate vice president /the financial officer of Golden Elite Technology (SHENZHEN) LTD. Name, title, and resume of the new position holder: Lee,Chu-Yuan /associate vice president /the associate vice president of finance department in Golden Elite Technology (SHENZHEN) LTD. Reason for the change: Position adjustment Effective date is February 14, 2025. New Risk • Nov 15
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: 1.9% Last year net profit margin: 3.2% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 163% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.9% net profit margin). Reported Earnings • Nov 15
Third quarter 2024 earnings released: NT$0.05 loss per share (vs NT$0.50 profit in 3Q 2023) Third quarter 2024 results: NT$0.05 loss per share (down from NT$0.50 profit in 3Q 2023). Revenue: NT$4.74b (up 6.4% from 3Q 2023). Net loss: NT$27.3m (down 110% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Annonce • Oct 25
Elitegroup Computer Systems Co.,Ltd. to Report Q3, 2024 Results on Nov 01, 2024 Elitegroup Computer Systems Co.,Ltd. announced that they will report Q3, 2024 results on Nov 01, 2024 Annonce • Aug 30
Elitegroup Computer Systems Co.,Ltd. Announces the Resignation of Ming-Hsing Chen as Independent Director, Convener and Member of the Audit Committee, Member of the Remuneration and Sustainable Development Committee Elitegroup Computer Systems Co.,Ltd. announced the resignation of the Ming-Hsing Chen as independent director, convener and member of the Audit Committee, member of the Remuneration and Sustainable Development Committee. Resume of the previous position holder: Indendent director of ECS. Date of occurrence of the change: August 29, 2024. Annonce • Aug 29
Elitegroup Computer Systems Co.,Ltd. Announces the Appointment of Wkang-Hsiang Wang as Representative of the Institutional Director Elitegroup Computer Systems Co.,Ltd. announced the appointment of Wkang-Hsiang Wang as representative of the institutional director, effective August 28, 2024. Resume of the new position holder: Chairman of Tatung Company. Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: NT$0.06 (vs NT$0.78 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.06 (down from NT$0.78 in 2Q 2023). Revenue: NT$4.99b (down 24% from 2Q 2023). Net income: NT$29.4m (down 93% from 2Q 2023). Profit margin: 0.6% (down from 6.7% in 2Q 2023). 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 10% per year, which means it is significantly lagging earnings growth. Annonce • Aug 10
Elitegroup Computer Systems Co.,Ltd. Announces Corporate Governance Officer Changes Elitegroup Computer Systems Co.,Ltd. announced change of the Company's Corporate Governance Officer. Name, title, and resume of the previous position holder: Yi-Hsuan Chen/Senior manager of Legal, IPR & ESG Division in ECS. Name, title, and resume of the new position holder: Yi-Ching Chung/Vice President of Finance & Accounting Center, CFO, and Spokesperson in ECS. Reason for the change is Position adjustment. Effective date is August 8, 2024. Annonce • Aug 01
Elitegroup Computer Systems Co.,Ltd. to Report Q2, 2024 Results on Aug 08, 2024 Elitegroup Computer Systems Co.,Ltd. announced that they will report Q2, 2024 results on Aug 08, 2024 Upcoming Dividend • Jul 22
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 29 July 2024. Payment date: 23 August 2024. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Taiwanese dividend payers (4.3%). In line with average of industry peers (3.0%). Annonce • Jun 14
Elitegroup Computer Systems Co.,Ltd. Announces Cash Dividends, payable on August 23, 2024 Elitegroup Computer Systems Co.,Ltd. announced Cash dividends of TWD 557,402,968 (TWD 1 distributed per share). Ex-rights (ex-dividend) trading date: July 29, 2024. Ex-rights (ex-dividend) record date: August 4, 2024. Payment date of common stock cash dividend distribution: August 23, 2024. New Risk • Jun 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 6.5% 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 (6.5% average weekly change). Large one-off items impacting financial results. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$0.07 (vs NT$0.01 in 1Q 2023) First quarter 2024 results: EPS: NT$0.07 (up from NT$0.01 in 1Q 2023). Revenue: NT$3.46b (down 22% from 1Q 2023). Net income: NT$41.8m (up NT$36.5m from 1Q 2023). Profit margin: 1.2% (up from 0.1% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Annonce • May 02
Elitegroup Computer Systems Co.,Ltd. to Report Q1, 2024 Results on May 09, 2024 Elitegroup Computer Systems Co.,Ltd. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 09, 2024 Annonce • Apr 04
Elitegroup Computer Systems Co.,Ltd. Announces the Resignation of I-Fen Kao, Corporate Governance Officer and Chief Legal Officer Elitegroup Computer Systems Co.,Ltd. announced the resignation of I-Fen Kao, the Company's vice president, corporate governance officer, chief legal officer, effective April 3, 2024. New Risk • Feb 29
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 30% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Feb 28
Full year 2023 earnings released: EPS: NT$1.82 (vs NT$1.57 in FY 2022) Full year 2023 results: EPS: NT$1.82 (up from NT$1.57 in FY 2022). Revenue: NT$19.7b (down 37% from FY 2022). Net income: NT$1.01b (up 16% from FY 2022). Profit margin: 5.1% (up from 2.8% 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 73% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Annonce • Feb 23
Elitegroup Computer Systems Co.,Ltd., Annual General Meeting, May 30, 2024 Elitegroup Computer Systems Co.,Ltd., Annual General Meeting, May 30, 2024. Location: No. 22, Zhungshan N. Rd., 3rd Sec., The 10th floor of North Design Building Taipei Taiwan Agenda: To consider and approve Business Report of 2023; Audit Committee auditing report and report of communication between Audit Committee and internal audit officer; Distributions of Employee and Director Compensation for 2023; Distributions of Cash Dividends for 2023; Report on the transaction between related parties for 2023; and to discuss other matters. Annonce • Jan 16
Elitegroup Computer Systems Co.,Ltd. Announces Resignation of Yen-Chang Lee as Vice President Elitegroup Computer Systems Co.,Ltd. announced resignation of Yen-chang Lee as Vice President. Effective date is January 15, 2024. Annonce • Nov 17
Elitegroup Computer Systems Co.,Ltd. Announces Resignation of Chin-Fu Ho as Independent Director of the Company as A Member of the Audit?Remuneration and Sustainable Development Committee Elitegroup Computer Systems Co.,Ltd. announced the resignation of Chin-Fu Ho, Independent Director of the Company as a member of the Audit?Remuneration and Sustainable Development Committee. Date of occurrence of the changes is November 15, 2023. Reported Earnings • Nov 16
Third quarter 2023 earnings released: EPS: NT$0.50 (vs NT$0.74 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.50 (down from NT$0.74 in 3Q 2022). Revenue: NT$4.45b (down 41% from 3Q 2022). Net income: NT$277.0m (down 33% from 3Q 2022). Profit margin: 6.2% (up from 5.4% 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 73% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Annonce • Nov 15
Elitegroup Computer Systems Co.,Ltd. Announces Resignation of Chih-Hung Shih as Natural-Person Director Elitegroup Computer Systems Co.,Ltd. announced resignation of Chih-Hung Shih as Natural-person director. Annonce • Sep 29
Elitegroup Computer Systems Co.,Ltd., Golden Elite Technology (Shenzhen) Ltd., Annual General Meeting, Sep 28, 2023 Elitegroup Computer Systems Co.,Ltd., Golden Elite Technology (Shenzhen) Ltd., Annual General Meeting, Sep 28, 2023. Agenda: To consider approved of the 2022 Financial Statements; and to consider other business issues. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to NT$40.10, the stock trades at a trailing P/E ratio of 28.1x. Average trailing P/E is 21x in the Tech industry in Taiwan. Total returns to shareholders of 214% over the past three years. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: NT$0.78 (vs NT$0.62 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.78 (up from NT$0.62 in 2Q 2022). Revenue: NT$6.52b (down 40% from 2Q 2022). Net income: NT$436.1m (up 27% from 2Q 2022). Profit margin: 6.7% (up from 3.2% 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 74% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Annonce • Jun 21
Elitegroup Computer Systems Co.,Ltd. Announces Board Changes Elitegroup Computer Systems Co.,Ltd. announced that the reassignment of an institutional director representative to ECS's Board; one-third of the board directors were changed. Title and name of the previous position holder: Song Ming Investment Co.,Ltd. Representative: Hsiao-Tung Yang. Resume of the previous position holder: Pou Chen Grpup Vice General Manager. Title and name of the new position holder: Song Ming Investment Co. Ltd. Representative: Chia-wen Yen. Resume of the new position holder: Pou Chen Group Associate Vice President. Reason for the change: reassignment of the representative of an institutional director. Annonce • Jun 01
Elitegroup Computer Systems Co.,Ltd. Appoints Wen-Hsiung Chan as Member of Audit Committee Elitegroup Computer Systems Co.,Ltd. announced the appointment of Wen-Hsiung Chan as member of Audit Committee. Resume of the new position holder: eChem Solutions Corp. Chairman and CEO. Effective date of the new member is May 30, 2023. Annonce • May 31
Elitegroup Computer Systems Co.,Ltd. Elects Wen-Hsiung Chan as Independent Director Elitegroup Computer Systems Co.,Ltd. announced that at its Annual General Meeting held on May 30, 2023, approved the election of Wen-Hsiung Chan as Independent Director. Resume of the new position holder: eChem Solutions Corp. Chairman and CEO. Effective date of the new appointment is May 30, 2023. Annonce • May 09
Elitegroup Computer Systems Co.,Ltd. Appoints Yachi Chiang as A Member of the Fifth Remuneration Committee Elitegroup Computer Systems Co.,Ltd. appointed Dr. Yachi Chiang as a member of the fifth Remuneration Committee. Resume of the new position holder: National Taiwan Ocean University Associate Professor. Effective date of the new member: May 8, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of NT$0.80 per share Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 04 May 2023. The company last paid an ordinary dividend in March 2012. The average dividend yield among industry peers is 5.3%. Reported Earnings • Mar 01
Full year 2022 earnings released: EPS: NT$1.57 (vs NT$0.13 in FY 2021) Full year 2022 results: EPS: NT$1.57 (up from NT$0.13 in FY 2021). Revenue: NT$31.4b (down 1.8% from FY 2021). Net income: NT$875.3m (up NT$803.8m from FY 2021). Profit margin: 2.8% (up from 0.2% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.74 (vs NT$0.15 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.74 (up from NT$0.15 in 3Q 2021). Revenue: NT$7.55b (down 10.0% from 3Q 2021). Net income: NT$410.2m (up 397% from 3Q 2021). Profit margin: 5.4% (up from 1.0% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.74 (vs NT$0.15 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.74 (up from NT$0.15 in 3Q 2021). Revenue: NT$7.55b (down 10.0% from 3Q 2021). Net income: NT$410.2m (up 397% from 3Q 2021). Profit margin: 5.4% (up from 1.0% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Annonce • Nov 08
Elitegroup Computer Systems Co.,Ltd. Announces I-Wen Chung as Chief Executive Officer Elitegroup Computer Systems Co.,Ltd. announced I-Wen Chung, ECS Chairman, as chief executive officer, effective November 7, 2022. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$21.50, the stock trades at a trailing P/E ratio of 16.7x. Average trailing P/E is 12x in the Tech industry in Taiwan. Total returns to shareholders of 63% over the past three years. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improved over the past week After last week's 21% share price gain to NT$25.60, the stock trades at a trailing P/E ratio of 19.9x. Average trailing P/E is 12x in the Tech industry in Taiwan. Total returns to shareholders of 113% over the past three years. Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: NT$0.62 (vs NT$0.17 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.62 (up from NT$0.17 in 2Q 2021). Revenue: NT$10.8b (up 45% from 2Q 2021). Net income: NT$343.9m (up 254% from 2Q 2021). Profit margin: 3.2% (up from 1.3% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Annonce • Aug 06
Elitegroup Computer Systems Co.,Ltd. Appoints Yin Shen Chin as Corporate Sustainability Committee Elitegroup Computer Systems Co.,Ltd. appointed:Yin Shen Chin in Corporate sustainability committee. Effective date August 8, 2022. Annonce • Jul 30
Elitegroup Computer Systems Co.,Ltd. Announces Executive Changes Elitegroup Computer Systems Co.,Ltd. announced reassignment of an institutional director representative. Title and name of the previous position holder: Song Ming Investment Co. Ltd. Representative: HUAN-JHANG YU; Resume of the previous position holder: Representative of Corporate Director of Elitegroup Computer Systems Co.,Ltd. Head of Strategy Investment Department of Pou Chen Corp. Executive Director and CFO of YUE YUEN INDUSTRIAL (HOLDINGS) LIMITED; Title and name of the new position holder: Song Ming Investment Co. Ltd. Representative: YANG, HSIAO-TUNG; Resume of the new position holder: Pou Chen Grpup Vice General Manager. Effective date of the new appointment is July 29, 2022. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$18.55, the stock trades at a trailing P/E ratio of 22x. Average trailing P/E is 12x in the Tech industry in Taiwan. Total returns to shareholders of 66% over the past three years. Reported Earnings • May 15
First quarter 2022 earnings released: EPS: NT$0.32 (vs NT$0.40 loss in 1Q 2021) First quarter 2022 results: EPS: NT$0.32 (up from NT$0.40 loss in 1Q 2021). Revenue: NT$7.46b (up 14% from 1Q 2021). Net income: NT$177.2m (up NT$399.3m from 1Q 2021). Profit margin: 2.4% (up from net loss in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
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. 4 non-independent directors. Independent Director Liang-Cha Lin was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Apr 23
Elitegroup Computer Systems Co.,Ltd. Announces the Resignation of Ming-Hung Hsieh, Senior Associate Vice President, Effective April 22, 2022 Elitegroup Computer Systems Co.,Ltd. announced the resignation of Ming-Hung Hsieh, Senior Associate Vice President, effective April 22, 2022. Board Change • Apr 11
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. 4 non-independent directors. Independent Director Liang-Cha Lin was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Apr 03
Elitegroup Computer Systems Co.,Ltd. Announces Board Changes Elitegroup Computer Systems Co.,Ltd. announced board changes. Title and name of the previous position holder: Song Ming Investment Co. Ltd. Representative: Pan-Tsu Wu. Resume of the previous position holder: Representative of Corporate Director of Elitegroup Computer Systems Co.,Ltd. Representative of Corporate Director of Pou Chen Corp. Title and name of the new position holder: Song Ming Investment Co. Ltd. Representative: HUAN-CHANG YU.Resume of the new position holder: Associate Vice President of Strategy Investment Department of Pou Chen Corp. Executive Director and CFO of YUE YUEN INDUSTRIAL (HOLDINGS) LIMITED. Effective date of the new appointment is April 1, 2022. Reported Earnings • Mar 17
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: NT$0.13 (up from NT$0.11 in FY 2020). Revenue: NT$31.9b (up 23% from FY 2020). Net income: NT$71.5m (up 15% from FY 2020). Profit margin: 0.2% (in line with FY 2020). Revenue exceeded analyst estimates by 1.5%. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.15 (vs NT$0.20 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$8.40b (up 23% from 3Q 2020). Net income: NT$82.6m (down 25% from 3Q 2020). Profit margin: 1.0% (down from 1.6% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 03
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 10 September 2021. Payment date: 15 October 2021. Trailing yield: 4.1%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (5.3%). Reported Earnings • Aug 19
Second quarter 2021 earnings released: EPS NT$0.17 (vs NT$0.36 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$7.44b (down 3.6% from 2Q 2020). Net income: NT$97.1m (down 52% from 2Q 2020). Profit margin: 1.3% (down from 2.6% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 68% 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 • May 18
First quarter 2021 earnings released: NT$0.40 loss per share (vs NT$0.34 loss in 1Q 2020) The company reported a solid first quarter result with improved revenues and control over costs, although losses increased. First quarter 2021 results: Revenue: NT$6.51b (up 61% from 1Q 2020). Net loss: NT$222.1m (loss widened 16% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS NT$0.11 (vs NT$0.082 in FY 2019) The company reported a mediocre full year result with weaker revenues, although profit margins were flat and earnings improved. Full year 2020 results: Revenue: NT$26.0b (down 8.1% from FY 2019). Net income: NT$62.1m (up 36% from FY 2019). Profit margin: 0.2% (in line with FY 2019). 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 22% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 20
New 90-day high: NT$29.60 The company is up 66% from its price of NT$17.80 on 20 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is up 11% over the same period.