New Risk • Mar 23
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.14b (US$98.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (128% payout ratio). Profit margins are more than 30% lower than last year (5.4% net profit margin). Market cap is less than US$100m (NT$3.14b market cap, or US$98.1m). Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$1.10 (vs NT$2.21 in FY 2024) Full year 2025 results: EPS: NT$1.10 (down from NT$2.21 in FY 2024). Revenue: NT$3.01b (down 17% from FY 2024). Net income: NT$163.3m (down 50% from FY 2024). Profit margin: 5.4% (down from 9.1% 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 30% 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. Buy Or Sell Opportunity • Mar 11
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to NT$22.70. The fair value is estimated to be NT$18.82, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has declined by 23%. Declared Dividend • Mar 08
Dividend reduced to NT$1.20 Dividend of NT$1.20 is 20% lower than last year. Ex-date: 19th March 2026 Payment date: 17th April 2026 Dividend yield will be 5.3%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is not covered by earnings (128% earnings payout ratio). However, it is covered by cash flows (72% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 42% to bring the payout ratio under control. However, EPS has declined by 6.0% over the last 5 years so the company would need to reverse this trend. Annonce • Mar 06
Emerging Display Technologies Corp. announces Annual dividend, payable on April 17, 2026 Emerging Display Technologies Corp. announced Annual dividend of TWD 1.2000 per share payable on April 17, 2026, ex-date on March 19, 2026 and record date on March 21, 2026. Annonce • Mar 05
Emerging Display Technologies Corp., Annual General Meeting, May 20, 2026 Emerging Display Technologies Corp., Annual General Meeting, May 20, 2026, at 09:00 Taipei Standard Time. Location: 1 floor no,5, chung i rd., cianjhen district, kaohsiung city Taiwan Buy Or Sell Opportunity • Dec 12
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 6.4% to NT$22.35. The fair value is estimated to be NT$18.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has declined by 23%. Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$0.54 (vs NT$0.49 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.54 (up from NT$0.49 in 3Q 2024). Revenue: NT$765.5m (down 12% from 3Q 2024). Net income: NT$79.7m (up 9.8% from 3Q 2024). Profit margin: 10% (up from 8.3% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has remained flat, which means it is well ahead of earnings. New Risk • Oct 13
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.06b (US$99.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (133% payout ratio). Profit margins are more than 30% lower than last year (5.1% net profit margin). Market cap is less than US$100m (NT$3.06b market cap, or US$99.7m). Reported Earnings • Aug 17
Second quarter 2025 earnings released: NT$0.23 loss per share (vs NT$0.57 profit in 2Q 2024) Second quarter 2025 results: NT$0.23 loss per share (down from NT$0.57 profit in 2Q 2024). Revenue: NT$780.7m (down 17% from 2Q 2024). Net loss: NT$34.3m (down 140% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Annonce • May 29
Emerging Display Technologies Corp. Approves Distribution of 2024 Emerging Display Technologies Corp. approved proposal for distribution of 2024 profits a cash dividend of TWD 1.5 per share will be distributed to the common shareholders, at its shareholders meeting held on May 28, 2025. Annonce • Apr 22
Emerging Display Technologies Corp. to Report Q1, 2025 Results on Apr 29, 2025 Emerging Display Technologies Corp. announced that they will report Q1, 2025 results on Apr 29, 2025 New Risk • Apr 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.04b (US$92.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Apr 08
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 25% to NT$20.45. The fair value is estimated to be NT$26.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.2% over the last 3 years. Earnings per share has grown by 8.1%. Revenue is forecast to grow by 2.3% in a year. Earnings are forecast to decline by 27% in the next year. Upcoming Dividend • Mar 20
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 27 March 2025. Payment date: 18 April 2025. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 5.6%. Within top quartile of Taiwanese dividend payers (4.6%). Higher than average of industry peers (3.0%). Reported Earnings • Mar 14
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: NT$2.21 (down from NT$2.81 in FY 2023). Revenue: NT$3.61b (down 18% from FY 2023). Net income: NT$327.9m (down 22% from FY 2023). Profit margin: 9.1% (in line with FY 2023). Revenue missed analyst estimates by 7.3%. Earnings per share (EPS) exceeded analyst estimates by 5.2%. 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 13% per year. Annonce • Mar 03
Emerging Display Technologies Corp., Annual General Meeting, May 28, 2025 Emerging Display Technologies Corp., Annual General Meeting, May 28, 2025. Location: no,5, chung i rd., cianjhen district, kaohsiung city Taiwan Annonce • Feb 28
Emerging Display Technologies Corp. Proposes Dividend for the Year Ended December 31, 2024 Emerging Display Technologies Corp. proposed dividend for the year ended December 31, 2024 is TWD 1.5 per share. Total amount of cash distributed to shareholders is TWD 236,111,405. Annonce • Feb 20
Emerging Display Technologies Corp. to Report Fiscal Year 2024 Results on Feb 27, 2025 Emerging Display Technologies Corp. announced that they will report fiscal year 2024 results on Feb 27, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: NT$0.49 (down from NT$0.91 in 3Q 2023). Revenue: NT$870.6m (down 22% from 3Q 2023). Net income: NT$72.6m (down 47% from 3Q 2023). Profit margin: 8.3% (down from 12% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 7.6%. Earnings per share (EPS) exceeded analyst estimates by 40%. Revenue is forecast to stay flat during the next 2 years compared to a 14% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 12% per year. Annonce • Nov 06
Emerging Display Technologies Corp. Announces Establishment of Risk Management Committee and Members Emerging Display Technologies Corp. announced the establishment of the Company's Risk Management Committee and members. Name of the functional committees: Risk Management Committee; Name of the new position holder: Huang, Hui-Ling; Li, Chi-Cheng; Ting, Hung-Hsun. Resume of the new position holder: Huang, Hui-Ling/Legence Accounting Firm Accountant; Li, Chi-Cheng/Cheng Shiu University Professor; Ting, Hung-Hsun/Director & Accountant of Kensei Accounting Firm; Effective date of the new member: November 05, 2024. Annonce • Oct 29
Emerging Display Technologies Corp. to Report Q3, 2024 Results on Nov 05, 2024 Emerging Display Technologies Corp. announced that they will report Q3, 2024 results on Nov 05, 2024 New Risk • Sep 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 33% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 33% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Buy Or Sell Opportunity • Aug 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to NT$27.90. The fair value is estimated to be NT$34.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 24%. Reported Earnings • Aug 14
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: NT$0.57 (down from NT$0.86 in 2Q 2023). Revenue: NT$938.9m (down 22% from 2Q 2023). Net income: NT$85.4m (down 33% from 2Q 2023). Profit margin: 9.1% (down from 11% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 14%. Earnings per share (EPS) also missed analyst estimates by 15%. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Annonce • Jul 30
Emerging Display Technologies Corp. to Report Q2, 2024 Results on Aug 06, 2024 Emerging Display Technologies Corp. announced that they will report Q2, 2024 results on Aug 06, 2024 Declared Dividend • Jun 15
Dividend of NT$1.60 announced Dividend of NT$1.60 is the same as last year. Ex-date: 2nd July 2024 Payment date: 19th July 2024 Dividend yield will be 5.0%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (53% earnings payout ratio) and cash flows (42% cash payout ratio). The dividend has increased by an average of 20% per year over the past 9 years and payments have been stable during that time. Earnings per share has grown by 21% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 19
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: NT$0.79 (up from NT$0.60 in 1Q 2023). Revenue: NT$949.6m (down 16% from 1Q 2023). Net income: NT$117.3m (up 31% from 1Q 2023). Profit margin: 12% (up from 7.9% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 9.7%. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Annonce • Apr 24
Emerging Display Technologies Corp. to Report Q1, 2024 Results on Apr 30, 2024 Emerging Display Technologies Corp. announced that they will report Q1, 2024 results on Apr 30, 2024 Reported Earnings • Mar 12
Full year 2023 earnings released: EPS: NT$2.81 (vs NT$2.83 in FY 2022) Full year 2023 results: EPS: NT$2.81 (down from NT$2.83 in FY 2022). Revenue: NT$4.39b (down 6.5% from FY 2022). Net income: NT$418.2m (flat on FY 2022). Profit margin: 9.5% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 28% 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 • Jul 03
Upcoming dividend of NT$1.60 per share at 3.8% yield Eligible shareholders must have bought the stock before 10 July 2023. Payment date: 28 July 2023. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Taiwanese dividend payers (5.5%). In line with average of industry peers (4.2%). Annonce • Jun 14
Emerging Display Technologies Corp. Approves Cash Distribution for 2022 Emerging Display Technologies Corp. at its 2023 Annual Shareholders' Meeting held on June 13, 2023, approved proposal for distribution of 2022 profits a cash dividend of TWD 1.6 per share will be distributed to the common shareholders. New Risk • Jun 09
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 6.0% 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 (6.0% average weekly change). Reported Earnings • Mar 29
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: NT$2.83 (up from NT$1.60 in FY 2021). Revenue: NT$4.69b (up 12% from FY 2021). Net income: NT$420.0m (up 77% from FY 2021). Profit margin: 9.0% (up from 5.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.2%. Over the last 3 years on average, earnings per share has increased by 16% per year and the company’s share price has also increased by 16% per year. Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: NT$1.02 (up from NT$0.48 in 3Q 2021). Revenue: NT$1.28b (up 17% from 3Q 2021). Net income: NT$151.7m (up 112% from 3Q 2021). Profit margin: 12% (up from 6.5% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 26%. Revenue is forecast to grow 7.3% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 10% 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
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. 6 non-independent directors. Independent Director Whitney Huang was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buying Opportunity • Oct 11
Now 22% undervalued Over the last 90 days, the stock is up 5.0%. The fair value is estimated to be NT$25.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Earnings per share has grown by 4.6%. Buying Opportunity • Sep 01
Now 21% undervalued Over the last 90 days, the stock is up 17%. The fair value is estimated to be NT$27.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Earnings per share has grown by 4.6%. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: NT$0.79 (vs NT$0.40 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.79 (up from NT$0.40 in 2Q 2021). Revenue: NT$1.20b (up 15% from 2Q 2021). Net income: NT$117.2m (up 96% from 2Q 2021). Profit margin: 9.8% (up from 5.7% in 2Q 2021). The increase in margin was driven by higher revenue. 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 6% per year. Upcoming Dividend • Jul 06
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 13 July 2022. Payment date: 29 July 2022. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 6.1%. Lower than top quartile of Taiwanese dividend payers (6.6%). Higher than average of industry peers (4.9%). Annonce • Jun 24
Emerging Display Technologies Corp. Approves Cash Dividend, Payment Date Is Expected to Be on July 29, 2022 Emerging Display Technologies Corp. held its shareholders meeting on June 22, 2022, approved Cash dividends to common share holders is TWD 188,889,124 which is distributed TWD 1.2 per share. Ex-rights (ex-dividend) trading date is July 13, 2022. Ex-rights (ex-dividend) record date is July 19, 2022. payment date is expected to be on July 29, 2022. Annonce • Jun 18
Emerging Display Technologies Corp. Approves Cash Dividend for 2021 Emerging Display Technologies Corp. approved cash dividend of TWD 1.2 per share for 2021 at its shareholders meeting held on June 17, 2022. Reported Earnings • May 14
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: NT$0.52 (up from NT$0.34 in 1Q 2021). Revenue: NT$1.03b (up 8.8% from 1Q 2021). Net income: NT$77.8m (up 52% from 1Q 2021). Profit margin: 7.6% (up from 5.4% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 8.1%. Earnings per share (EPS) also missed analyst estimates by 36%. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 7% per year. 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. 6 non-independent directors. Independent Director Whitney Huang was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 30
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: NT$1.60 (up from NT$1.57 in FY 2020). Revenue: NT$4.18b (up 12% from FY 2020). Net income: NT$237.3m (up 1.6% from FY 2020). Profit margin: 5.7% (down from 6.2% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 8.1%. Earnings per share (EPS) also missed analyst estimates by 36%. 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 7% per year. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS NT$0.48 (vs NT$0.42 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$1.09b (up 13% from 3Q 2020). Net income: NT$71.6m (up 15% from 3Q 2020). Profit margin: 6.5% (up from 6.4% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 07
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 14 July 2021. Payment date: 30 July 2021. Trailing yield: 5.4%. Within top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (2.9%). Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$17.65, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 15x in the Electronic industry in Taiwan. Total returns to shareholders of 117% over the past three years. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improved over the past week After last week's 20% share price gain to NT$25.60, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 20x in the Electronic industry in Taiwan. Total returns to shareholders of 213% over the past three years. Reported Earnings • Mar 16
Full year 2020 earnings released: EPS NT$1.57 (vs NT$1.73 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$3.74b (down 9.0% from FY 2019). Net income: NT$233.5m (down 9.3% from FY 2019). Profit margin: 6.2% (down from 6.3% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Annonce • Mar 12
Emerging Display Technologies Corp. Proposes Distribution for 2020 Emerging Display Technologies Corp. proposes distribution of TWD 1.2 per share for 2020, total amount of cash distributed to shareholders was TWD 188,889,124. Annonce • Mar 11
Emerging Display Technologies Corp., Annual General Meeting, Jun 15, 2021 Emerging Display Technologies Corp., Annual General Meeting, Jun 15, 2021. Location: No.5, Central 1st Road, C.T.I.P. R. O. C. Kaohsiung Taiwan Agenda: To report the business of 2020; to consider supervisor's review report; to consider distribution of remuneration to employees and to directors and supervisors; to consider report on 2020 cash dividends of earnings distribution; to accept 2020 Business Report and Financial Statements; to approve the proposal for distribution of 2020 profits; to amendment to the Company's Articles of corporation; and to consider other matter. Is New 90 Day High Low • Mar 11
New 90-day high: NT$19.75 The company is up 6.0% from its price of NT$18.60 on 11 December 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 13% over the same period. Is New 90 Day High Low • Dec 29
New 90-day high: NT$19.60 The company is up 14% from its price of NT$17.25 on 30 September 2020. The Taiwanese market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 18% over the same period. Is New 90 Day High Low • Oct 13
New 90-day low: NT$16.90 The company is down 12% from its price of NT$19.30 on 15 July 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is down 4.0% over the same period. Is New 90 Day High Low • Sep 25
New 90-day low: NT$17.05 The company is down 18% from its price of NT$20.85 on 24 June 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is down 3.0% over the same period.