Price Target Changed • May 08
Price target increased by 13% to NT$260 Up from NT$230, the current price target is provided by 1 analyst. New target price is 44% above last closing price of NT$181. Stock is up 311% over the past year. The company is forecast to post earnings per share of NT$4.26 for next year compared to NT$2.70 last year. Major Estimate Revision • May 08
Consensus EPS estimates fall by 11%, revenue upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from NT$25.7b to NT$27.8b. EPS estimate fell from NT$4.78 to NT$4.26 per share. Net income forecast to grow 61% next year vs 41% growth forecast for Electronic industry in Taiwan. Consensus price target up from NT$230 to NT$260. Share price rose 3.7% to NT$181 over the past week. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$172, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 719% over the past three years. Annonce • Apr 02
Dynamic Holding Co., Ltd., Annual General Meeting, Jun 26, 2026 Dynamic Holding Co., Ltd., Annual General Meeting, Jun 26, 2026. Location: b1 floor no,108, sec.1 nan k`an rd., lujhu district, taoyuan city Taiwan Reported Earnings • Mar 14
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: NT$2.70 (down from NT$3.78 in FY 2024). Revenue: NT$19.5b (up 9.4% from FY 2024). Net income: NT$749.0m (down 29% from FY 2024). Profit margin: 3.9% (down from 5.9% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) missed analyst estimates by 34%. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 110% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$156, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 900% over the past three years. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$145, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 843% over the past three years. Reported Earnings • Nov 15
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: EPS: NT$0.51 (down from NT$0.93 in 3Q 2024). Revenue: NT$4.84b (up 1.9% from 3Q 2024). Net income: NT$141.6m (down 45% from 3Q 2024). Profit margin: 2.9% (down from 5.4% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 53%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 90% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$112, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 582% over the past three years. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$111, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 500% over the past three years. Reported Earnings • Aug 07
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: NT$0.93 (down from NT$1.23 in 2Q 2024). Revenue: NT$4.63b (up 9.5% from 2Q 2024). Net income: NT$258.4m (down 24% from 2Q 2024). Profit margin: 5.6% (down from 8.0% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 9.1%. Earnings per share (EPS) also surpassed analyst estimates by 43%. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 66% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$79.00, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 348% over the past three years. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$57.30, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 15x in the Electronic industry in Taiwan. Total returns to shareholders of 225% over the past three years. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$48.00, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 15x in the Electronic industry in Taiwan. Total returns to shareholders of 122% over the past three years. New Risk • Jun 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 8.9% 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 (11% operating cash flow to total debt). High level of non-cash earnings (29% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.9% average weekly change). Upcoming Dividend • May 20
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 27 May 2025. Payment date: 23 June 2025. Payout ratio is a comfortable 40% but the company is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (5.2%). In line with average of industry peers (3.4%). Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.96 (vs NT$1.02 in 1Q 2024) First quarter 2025 results: EPS: NT$0.96 (down from NT$1.02 in 1Q 2024). Revenue: NT$4.56b (up 9.2% from 1Q 2024). Net income: NT$265.8m (down 6.0% from 1Q 2024). Profit margin: 5.8% (down from 6.8% in 1Q 2024). The decrease in margin was driven by higher expenses. 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 23% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$44.90, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 128% over the past three years. Annonce • Apr 19
Dynamic Holding Co., Ltd. to Report Q1, 2025 Results on Apr 28, 2025 Dynamic Holding Co., Ltd. announced that they will report Q1, 2025 results on Apr 28, 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$38.85, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 74% over the past three years. Reported Earnings • Mar 15
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: NT$3.78 (up from NT$3.61 in FY 2023). Revenue: NT$17.8b (up 13% from FY 2023). Net income: NT$1.05b (up 4.7% from FY 2023). Profit margin: 5.9% (down from 6.4% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) also missed analyst estimates by 14%. Over the last 3 years on average, earnings per share has increased by 32% per year whereas the company’s share price has increased by 34% per year. New Risk • Mar 11
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 72% 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 Risks Earnings are forecast to decline by an average of 72% per year for the foreseeable future. High level of non-cash earnings (27% accrual ratio). Minor Risks High level of debt (100% net debt to equity). Paying a dividend despite having no free cash flows. Annonce • Feb 27
Dynamic Holding Co., Ltd., Annual General Meeting, May 22, 2025 Dynamic Holding Co., Ltd., Annual General Meeting, May 22, 2025. Location: b1 floor no,108, sec.1 nan k`an rd., lujhu district, taoyuan city Taiwan Annonce • Feb 19
Dynamic Holding Co., Ltd. to Report Fiscal Year 2024 Results on Feb 26, 2025 Dynamic Holding Co., Ltd. announced that they will report fiscal year 2024 results on Feb 26, 2025 Reported Earnings • Nov 13
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: NT$0.93 (down from NT$1.51 in 3Q 2023). Revenue: NT$4.75b (up 13% from 3Q 2023). Net income: NT$257.4m (down 39% from 3Q 2023). Profit margin: 5.4% (down from 10.0% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.6%. Earnings per share (EPS) missed analyst estimates by 22%. Revenue is forecast to grow 9.5% p.a. on average 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 38% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Oct 21
Dynamic Holding Co., Ltd. to Report Q3, 2024 Results on Oct 27, 2024 Dynamic Holding Co., Ltd. announced that they will report Q3, 2024 results on Oct 27, 2024 Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$76.30, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 15x in the Electronic industry in Taiwan. Total returns to shareholders of 268% over the past three years. Reported Earnings • Aug 02
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: NT$1.23 (up from NT$0.85 in 2Q 2023). Revenue: NT$4.23b (up 16% from 2Q 2023). Net income: NT$340.2m (up 44% from 2Q 2023). Profit margin: 8.0% (up from 6.5% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) exceeded analyst estimates by 15%. Revenue is forecast to grow 8.7% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 04
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 11 July 2024. Payment date: 08 August 2024. Payout ratio is a comfortable 35% but the company is not cash flow positive. Trailing yield: 2.4%. Lower than top quartile of Taiwanese dividend payers (4.2%). In line with average of industry peers (2.6%). Declared Dividend • Jun 15
Dividend increased to NT$1.50 Dividend of NT$1.50 is 88% higher than last year. Ex-date: 11th July 2024 Payment date: 8th August 2024 Dividend yield will be 2.4%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (35% 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 increased by an average of 55% per year over the past 3 years and payments have been stable during that time. EPS is expected to grow by 8.5% over the next year, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • May 10
Consensus EPS estimates fall by 21% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from NT$5.43 to NT$4.31 per share. Revenue forecast steady at NT$17.8b. Net income forecast to grow 52% next year vs 33% growth forecast for Electronic industry in Taiwan. Consensus price target down from NT$81.00 to NT$70.00. Share price fell 2.7% to NT$62.10 over the past week. Reported Earnings • May 03
First quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2024 results: EPS: NT$0.34 (down from NT$0.34 in 1Q 2023). Revenue: NT$3.68b (flat on 1Q 2023). Net income: NT$95.5m (flat on 1Q 2023). Profit margin: 2.6% (in line with 1Q 2023). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$61.20, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Electronic industry in Taiwan. Total returns to shareholders of 202% over the past three years. Board Change • Apr 18
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Vincent Weng 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. New Risk • Apr 17
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 High level of debt (71% net debt to equity). Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.5% average weekly change). Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$79.80, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 315% over the past three years. Reported Earnings • Mar 03
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: NT$3.61 (up from NT$1.97 in FY 2022). Revenue: NT$15.7b (up 2.7% from FY 2022). Net income: NT$1.00b (up 83% from FY 2022). Profit margin: 6.4% (up from 3.6% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 10%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 58% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Feb 28
Dynamic Holding Co., Ltd., Annual General Meeting, May 16, 2024 Dynamic Holding Co., Ltd., Annual General Meeting, May 16, 2024. Location: B1, No. 108, Section 1, Nankan Road, Luzhu District, Taoyuan City China Agenda: To consider 2023 Business Report; to consider 2023 Audit Committee Audit Report; to consider 2023 Annual Cash Dividend Distribution Report; to consider The Distribution Report of Compensation of the Employees and Directors for the Year 2023; to consider Mainland investment situation report. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$92.40, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 373% over the past three years. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$93.40, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 382% over the past three years. Reported Earnings • Nov 08
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: NT$1.51 (up from NT$0.44 in 3Q 2022). Revenue: NT$4.21b (up 9.4% from 3Q 2022). Net income: NT$419.3m (up 244% from 3Q 2022). Profit margin: 10.0% (up from 3.2% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 9.8%. Earnings per share (EPS) exceeded analyst estimates by 96%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 9.0% 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 increased by 63% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Nov 04
Dynamic Holding Co., Ltd. Announces Change of Corporate Governance Officer Dynamic Holding Co., Ltd. announced the appointment of Cindy Hsieh, Accounting Manager of the Company as Corporate Governance Officer. Name, title, and resume of the previous position holder: Jean Liu, President and Spokesperson of the Company. Reason for the change: Position adjustment. Effective date: November 3, 2023. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$99.70, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 457% over the past three years. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$77.30, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 331% over the past three years. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$68.80, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 262% over the past three years. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to NT$40.55, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 15x in the Electronic industry in Taiwan. Total returns to shareholders of 125% over the past three years. Reported Earnings • Aug 06
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: NT$0.85 (up from NT$0.63 in 2Q 2022). Revenue: NT$3.65b (up 1.8% from 2Q 2022). Net income: NT$236.5m (up 36% from 2Q 2022). Profit margin: 6.5% (up from 4.8% in 2Q 2022). Revenue missed analyst estimates by 14%. Earnings per share (EPS) exceeded analyst estimates by 57%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 7.9% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$32.55, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 80% over the past three years. Upcoming Dividend • Jul 06
Upcoming dividend of NT$0.80 per share at 2.6% yield Eligible shareholders must have bought the stock before 13 July 2023. Payment date: 10 August 2023. Payout ratio is a comfortable 47% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (4.2%). Annonce • Jun 14
Dynamic Holding Co., Ltd. Declares Cash Dividend, Payable on August 10, 2023 Dynamic Holding Co., Ltd. declares cash dividend of TWD 0.8 per share, payable on August 10, 2023. Ex-rights (ex-dividend) trading date is July 13, 2023 and record date is July 20, 2023. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$21.35, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 37% over the past three years. Reported Earnings • Mar 18
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: NT$1.97 (up from NT$1.70 in FY 2021). Revenue: NT$15.3b (down 2.9% from FY 2021). Net income: NT$547.2m (up 16% from FY 2021). Profit margin: 3.6% (up from 3.0% in FY 2021). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.9%. Revenue is forecast to grow 9.6% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Price Target Changed • Nov 16
Price target decreased to NT$24.00 Down from NT$30.00, the current price target is provided by 1 analyst. New target price is 37% above last closing price of NT$17.55. Stock is down 20% over the past year. The company is forecast to post earnings per share of NT$2.14 for next year compared to NT$1.70 last year. Reported Earnings • Nov 07
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: NT$0.44 (down from NT$0.56 in 3Q 2021). Revenue: NT$3.85b (down 6.6% from 3Q 2021). Net income: NT$122.0m (down 21% from 3Q 2021). Profit margin: 3.2% (down from 3.8% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) missed analyst estimates by 8.3%. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 1% per year. Annonce • Oct 22
Dynamic Holding Co., Ltd. Announces Management Changes Dynamic Holding Co., Ltd. announced the appoints new members to remuneration committees. They are Mr. Vincent Weng, Independent Director of Dynamic Electronics Co., Ltd, Mr. Yi-Chia Chiu, Independent Director of Dynamic Electronics Co., Ltd, Mr. Vincent Lin, Independent Director of Dynamic Electronics Co., Ltd. and Ms. Cheryl Chien, Independent Director of Dynamic Electronics Co., Ltd. Effective date of the new member is October 20, 2022. Major Estimate Revision • Aug 20
Consensus revenue estimates fall by 11% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from NT$17.3b to NT$15.4b. EPS estimate fell from NT$2.57 to NT$2.14 per share. Net income forecast to grow 2.7% next year vs 4.6% growth forecast for Electronic industry in Taiwan. Consensus price target down from NT$30.00 to NT$24.00. Share price was steady at NT$20.30 over the past week. Reported Earnings • Aug 08
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: EPS: NT$0.63 (up from NT$0.55 in 2Q 2021). Revenue: NT$3.59b (down 8.4% from 2Q 2021). Net income: NT$173.7m (up 14% from 2Q 2021). Profit margin: 4.8% (up from 3.9% in 2Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 8.5%. Earnings per share (EPS) exceeded analyst estimates by 45%. Over the next year, revenue is forecast to grow 14%, compared to a 8.7% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 18% per year. Price Target Changed • Aug 05
Price target increased to NT$30.00 Up from NT$26.50, the current price target is provided by 1 analyst. New target price is 51% above last closing price of NT$19.90. Stock is down 14% over the past year. The company is forecast to post earnings per share of NT$2.57 for next year compared to NT$1.70 last year. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment deteriorated over the past week After last week's 21% share price decline to NT$20.00, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Electronic industry in Taiwan. Total returns to shareholders of 101% over the past three years. Upcoming Dividend • Jul 05
Upcoming dividend of NT$0.70 per share Eligible shareholders must have bought the stock before 12 July 2022. Payment date: 08 August 2022. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Taiwanese dividend payers (6.7%). Lower than average of industry peers (5.0%). Annonce • Jun 26
Dynamic Electronics Co., Ltd. Announces Dividend Distribution Changes Dynamic Electronics Co., Ltd. announced cash dividend of cash dividend of TWD 194,262,852, TWD 0.7 is distributed per share, after the change dividend of TWD 194,262,852, TWD 0.69994541 is distributed per share. Reason for the change: As the company issued the second domestic unsecured convertible bonds and its creditors applied for conversion of common shares, which affected the total number of outstanding shares. According to the resolution of the board of directors on 2022 02 23, the chairman was authorized to adjust the cash dividend payout ratio. Board Change • May 12
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 Vincent Weng 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 • May 11
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: NT$0.60 (up from NT$0.062 in 1Q 2021). Revenue: NT$4.09b (up 15% from 1Q 2021). Net income: NT$165.3m (up NT$148.0m from 1Q 2021). Profit margin: 4.0% (up from 0.5% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.8%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Over the next year, revenue is forecast to grow 9.2%, compared to a 10.0% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 33% per year whereas the company’s share price has increased by 30% per year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Wenxin Weng 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 • Feb 24
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: NT$1.70 (down from NT$2.58 in FY 2020). Revenue: NT$15.8b (up 25% from FY 2020). Net income: NT$470.5m (down 31% from FY 2020). Profit margin: 3.0% (down from 5.4% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates by 5.3%. Over the next year, revenue is forecast to grow 9.9%, compared to a 8.7% growth forecast for the industry in Taiwan. 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 31% per year, which means it is significantly lagging earnings growth. Board Change • Dec 15
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Wenxin Weng 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 • Nov 04
Third quarter 2021 earnings released: EPS NT$0.56 (vs NT$0.13 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$4.12b (up 23% from 3Q 2020). Net income: NT$154.7m (up 323% from 3Q 2020). Profit margin: 3.8% (up from 1.1% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 67% 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 • Aug 26
Investor sentiment improved over the past week After last week's 16% share price gain to NT$23.30, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 121% over the past three years. Reported Earnings • Aug 04
Second quarter 2021 earnings released: EPS NT$0.55 (vs NT$0.41 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$3.92b (up 44% from 2Q 2020). Net income: NT$152.2m (up 46% from 2Q 2020). Profit margin: 3.9% (up from 3.8% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 29
Upcoming dividend of NT$0.40 per share Eligible shareholders must have bought the stock before 05 August 2021. Payment date: 10 September 2021. Trailing yield: 1.8%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (3.0%). Executive Departure • Jul 23
Independent Director Heng-Yih Liu has left the company On the 20th of July, Heng-Yih Liu's tenure as Independent Director ended after 6.2 years in the role. We don't have any record of a personal shareholding under Heng-Yih's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 4.58 years. Executive Departure • Jul 22
Independent Director Vivien Liu has left the company On the 20th of July, Vivien Liu's tenure as Independent Director ended after 3.1 years in the role. We don't have any record of a personal shareholding under Vivien's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 4.58 years. Reported Earnings • May 09
First quarter 2021 earnings released: EPS NT$0.06 (vs NT$2.17 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: NT$3.56b (up 17% from 1Q 2020). Net income: NT$17.3m (down 97% from 1Q 2020). Profit margin: 0.5% (down from 18% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 05
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$20.25, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 103% over the past three years. Analyst Estimate Surprise Post Earnings • Mar 01
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 0.05%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Over the next year, revenue is forecast to grow 11%, compared to a 16% growth forecast for the Electronic industry in Taiwan. Annonce • Feb 27
Dynamic Electronics Co., Ltd., Annual General Meeting, May 28, 2021 Dynamic Electronics Co., Ltd., Annual General Meeting, May 28, 2021. Location: Monarch Skyline Hotel, Purple Cloud Hall 1 B1, No.108. Sec 1, Nankan Rd, Luzhu Dist. Taoyuan City Taiwan Agenda: To consider the Business report of financial year 2020; to consider the audit Committee's review report of financial year 2020; to consider Cash dividends issuance of the surplus in year 2020; to consider Issuance of employee compensation and directors' compensation of year 2020; to consider Implementation of Investments in the PRC; to consider Amendments to some of the provisions of the ”Ethical Management Policy”; to consider Implementation results of the capital reduction and loss make-up case passed at the special shareholders meeting in 2020 and the Sound Business Plan; to consider Adoption of 2020 Business Report and Financial Statements; and to consider other matters. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS NT$2.58 (vs NT$0.62 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$12.6b (down 8.0% from FY 2019). Net income: NT$679.1m (up 337% from FY 2019). Profit margin: 5.4% (up from 1.1% in FY 2019). The increase in margin was driven by lower 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 19% per year, which means it is significantly lagging earnings growth.