Upcoming Dividend • Mar 20
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 27 March 2026. Payment date: 27 April 2026. Payout ratio is on the higher end at 78%, and the cash payout ratio is above 100%. Trailing yield: 8.6%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.6%). New Risk • Mar 03
New major risk - Revenue and earnings growth Earnings have declined by 2.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 2.2% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (133% cash payout ratio). Profit margins are more than 30% lower than last year (3.6% net profit margin). Reported Earnings • Mar 03
Full year 2025 earnings released: EPS: NT$3.47 (vs NT$7.82 in FY 2024) Full year 2025 results: EPS: NT$3.47 (down from NT$7.82 in FY 2024). Revenue: NT$18.9b (down 20% from FY 2024). Net income: NT$670.7m (down 56% from FY 2024). Profit margin: 3.6% (down from 6.4% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$1.38 (vs NT$2.17 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.38 (down from NT$2.17 in 3Q 2024). Revenue: NT$5.15b (down 23% from 3Q 2024). Net income: NT$267.6m (down 36% from 3Q 2024). Profit margin: 5.2% (down from 6.2% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has remained flat. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: NT$0.04 (vs NT$1.89 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.04 (down from NT$1.89 in 2Q 2024). Revenue: NT$4.67b (down 23% from 2Q 2024). Net income: NT$8.48m (down 98% from 2Q 2024). Profit margin: 0.2% (down from 6.1% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 4% per year and the company’s share price has also increased by 4% per year. Buy Or Sell Opportunity • Jul 22
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to NT$43.90. The fair value is estimated to be NT$55.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.6% over the last 3 years. Earnings per share has grown by 8.0%. Upcoming Dividend • Jun 17
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 24 June 2025. Payment date: 21 July 2025. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 7.7%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (3.7%). Reported Earnings • May 13
First quarter 2025 earnings released: EPS: NT$1.13 (vs NT$1.18 in 1Q 2024) First quarter 2025 results: EPS: NT$1.13 (down from NT$1.18 in 1Q 2024). Revenue: NT$4.70b (down 6.3% from 1Q 2024). Net income: NT$218.4m (down 4.2% from 1Q 2024). Profit margin: 4.6% (up from 4.5% in 1Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 12% per year. Annonce • May 01
Sunrex Technology Corporation to Report Q1, 2025 Results on May 08, 2025 Sunrex Technology Corporation announced that they will report Q1, 2025 results on May 08, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$51.00, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 18x in the Tech industry in Taiwan. Total returns to shareholders of 57% over the past three years. Reported Earnings • Mar 09
Full year 2024 earnings released: EPS: NT$7.81 (vs NT$6.50 in FY 2023) Full year 2024 results: EPS: NT$7.81 (up from NT$6.50 in FY 2023). Revenue: NT$23.5b (up 8.9% from FY 2023). Net income: NT$1.51b (up 21% from FY 2023). Profit margin: 6.4% (up from 5.8% in FY 2023). 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 but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Feb 27
Sunrex Technology Corporation, Annual General Meeting, May 29, 2025 Sunrex Technology Corporation, Annual General Meeting, May 29, 2025. Location: 2 floor no,256, sec.2 ch`ung to rd., taichung city Taiwan Annonce • Feb 19
Sunrex Technology Corporation to Report Fiscal Year 2024 Results on Feb 26, 2025 Sunrex Technology Corporation announced that they will report fiscal year 2024 results on Feb 26, 2025 Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: NT$2.17 (vs NT$2.45 in 3Q 2023) Third quarter 2024 results: EPS: NT$2.17 (down from NT$2.45 in 3Q 2023). Revenue: NT$6.72b (up 12% from 3Q 2023). Net income: NT$419.5m (down 11% from 3Q 2023). Profit margin: 6.2% (down from 7.9% 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 7% per year whereas the company’s share price has increased by 12% per year. Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: NT$1.89 (vs NT$2.63 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.89 (down from NT$2.63 in 2Q 2023). Revenue: NT$6.03b (up 2.9% from 2Q 2023). Net income: NT$366.1m (down 28% from 2Q 2023). Profit margin: 6.1% (down from 8.7% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 7% per year. Annonce • Aug 02
Sunrex Technology Corporation to Report Q2, 2024 Results on Aug 09, 2024 Sunrex Technology Corporation announced that they will report Q2, 2024 results on Aug 09, 2024 Upcoming Dividend • Jul 02
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 09 July 2024. Payment date: 05 August 2024. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 5.0%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.8%). Reported Earnings • May 15
First quarter 2024 earnings released: EPS: NT$1.18 (vs NT$0.15 in 1Q 2023) First quarter 2024 results: EPS: NT$1.18 (up from NT$0.15 in 1Q 2023). Revenue: NT$5.02b (up 16% from 1Q 2023). Net income: NT$228.0m (up NT$198.4m from 1Q 2023). Profit margin: 4.5% (up from 0.7% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 6% per year. Annonce • May 03
Sunrex Technology Corporation to Report Q1, 2024 Results on May 09, 2024 Sunrex Technology Corporation announced that they will report Q1, 2024 results on May 09, 2024 Annonce • Mar 14
Sunrex Technology Corporation, Annual General Meeting, Jun 21, 2024 Sunrex Technology Corporation, Annual General Meeting, Jun 21, 2024. Reported Earnings • Mar 14
Full year 2023 earnings released: EPS: NT$6.50 (vs NT$7.48 in FY 2022) Full year 2023 results: EPS: NT$6.50 (down from NT$7.48 in FY 2022). Revenue: NT$21.6b (down 12% from FY 2022). Net income: NT$1.25b (down 13% from FY 2022). Profit margin: 5.8% (in line with 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 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 04
Upcoming dividend of NT$3.50 per share at 7.8% yield Eligible shareholders must have bought the stock before 11 July 2023. Payment date: 07 August 2023. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 7.8%. Within top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (3.8%). Valuation Update With 7 Day Price Move • May 16
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$40.25, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 15x in the Tech industry in Taiwan. Total returns to shareholders of 58% over the past three years. Reported Earnings • Mar 22
Full year 2022 earnings released: EPS: NT$7.48 (vs NT$5.31 in FY 2021) Full year 2022 results: EPS: NT$7.48 (up from NT$5.31 in FY 2021). Revenue: NT$24.6b (up 2.1% from FY 2021). Net income: NT$1.44b (up 41% from FY 2021). Profit margin: 5.9% (up from 4.3% in FY 2021). 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 24% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$3.20 (vs NT$1.39 in 3Q 2021) Third quarter 2022 results: EPS: NT$3.20 (up from NT$1.39 in 3Q 2021). Revenue: NT$7.38b (up 23% from 3Q 2021). Net income: NT$618.0m (up 130% from 3Q 2021). Profit margin: 8.4% (up from 4.5% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 6 highly experienced directors. No independent directors (11 non-independent directors). Director Xue Wen was the last director to join the board, commencing their role in 2010. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$3.20 (vs NT$1.39 in 3Q 2021) Third quarter 2022 results: EPS: NT$3.20 (up from NT$1.39 in 3Q 2021). Revenue: NT$7.38b (up 23% from 3Q 2021). Net income: NT$618.0m (up 130% from 3Q 2021). Profit margin: 8.4% (up from 4.5% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 50% 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$1.22 (vs NT$1.88 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.22 (down from NT$1.88 in 2Q 2021). Revenue: NT$5.00b (down 18% from 2Q 2021). Net income: NT$234.5m (down 36% from 2Q 2021). Profit margin: 4.7% (down from 5.9% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Buying Opportunity • Aug 11
Now 24% undervalued Over the last 90 days, the stock is up 5.0%. The fair value is estimated to be NT$50.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Earnings per share has grown by 69%. Upcoming Dividend • Aug 04
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 11 August 2022. Payment date: 07 September 2022. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 8.4%. Within top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (7.4%). Reported Earnings • May 17
First quarter 2022 earnings released: EPS: NT$1.35 (vs NT$1.00 in 1Q 2021) First quarter 2022 results: EPS: NT$1.35 (up from NT$1.00 in 1Q 2021). Revenue: NT$6.05b (up 16% from 1Q 2021). Net income: NT$259.6m (up 35% from 1Q 2021). Profit margin: 4.3% (up from 3.7% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 6 highly experienced directors. No independent directors (11 non-independent directors). Director Xue Wen was the last director to join the board, commencing their role in 2010. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS NT$1.88 (vs NT$2.11 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$6.13b (up 18% from 2Q 2020). Net income: NT$363.4m (down 10% from 2Q 2020). Profit margin: 5.9% (down from 7.8% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 16
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 23 July 2021. Payment date: 20 August 2021. Trailing yield: 3.6%. Lower than top quartile of Taiwanese dividend payers (4.9%). Lower than average of industry peers (5.0%). Valuation Update With 7 Day Price Move • May 24
Investor sentiment improved over the past week After last week's 17% share price gain to NT$55.50, the stock trades at a trailing P/E ratio of 7.1x. Average forward P/E is 10x in the Tech industry in Taiwan. Total returns to shareholders of 267% over the past three years. Reported Earnings • May 14
First quarter 2021 earnings released: EPS NT$1.00 (vs NT$0.43 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$5.23b (up 91% from 1Q 2020). Net income: NT$191.9m (up NT$273.6m from 1Q 2020). Profit margin: 3.7% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS NT$6.39 (vs NT$0.04 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$21.2b (up 65% from FY 2019). Net income: NT$1.22b (up NT$1.22b from FY 2019). Profit margin: 5.8% (up from 0.1% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Dec 22
New 90-day low: NT$61.00 The company is down 15% from its price of NT$71.90 on 23 September 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 5.0% over the same period. Is New 90 Day High Low • Dec 04
New 90-day low: NT$62.60 The company is down 11% from its price of NT$70.50 on 04 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is flat over the same period. Reported Earnings • Nov 10
Third quarter 2020 earnings released: EPS NT$2.57 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$6.54b (up 86% from 3Q 2019). Net income: NT$493.0m (up NT$457.2m from 3Q 2019). Profit margin: 7.5% (up from 1.0% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has increased by 54% per year, which means it is tracking significantly ahead of earnings growth.