Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$28.00, the stock trades at a trailing P/E ratio of 31.3x. Average trailing P/E is 25x in the Telecom industry in Taiwan. Total returns to shareholders of 72% over the past three years. New Risk • Apr 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 32% 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 Dividend is not well covered by earnings (130% payout ratio). Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.81b market cap, or US$87.7m). Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$0.89 (vs NT$0.90 in FY 2024) Full year 2025 results: EPS: NT$0.89 (down from NT$0.90 in FY 2024). Revenue: NT$639.5m (up 30% from FY 2024). Net income: NT$103.4m (flat on FY 2024). Profit margin: 16% (down from 21% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 8% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Mar 12
Fullerton Technology Co., Ltd., Annual General Meeting, Jun 16, 2026 Fullerton Technology Co., Ltd., Annual General Meeting, Jun 16, 2026. Location: no,219, sec.3 chung hsing rd., sindian district, new taipei city Taiwan New Risk • Nov 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% 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 Dividend is not well covered by earnings (93% payout ratio). Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.74b market cap, or US$87.2m). Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: NT$0.08 (vs NT$0.009 loss in 2Q 2024) Second quarter 2025 results: EPS: NT$0.08 (up from NT$0.009 loss in 2Q 2024). Revenue: NT$158.6m (up 30% from 2Q 2024). Net income: NT$9.56m (up NT$10.6m from 2Q 2024). Profit margin: 6.0% (up from net loss in 2Q 2024). The move to profitability was driven by higher 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 9% per year, which means it is well ahead of earnings. Declared Dividend • Jun 19
Dividend of NT$1.15 announced Shareholders will receive a dividend of NT$1.15. Ex-date: 4th July 2025 Payment date: 30th July 2025 Dividend yield will be 4.8%, which is higher than the industry average of 3.9%. Sustainability & Growth Dividend is not covered by earnings (106% earnings payout ratio). However, it is covered by cash flows (79% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 18% to bring the payout ratio under control, which is more than the 6.4% EPS growth achieved over the last 5 years. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.03 (vs NT$0.029 in 1Q 2024) First quarter 2025 results: EPS: NT$0.03 (up from NT$0.029 in 1Q 2024). Revenue: NT$133.6m (up 8.0% from 1Q 2024). Net income: NT$3.50m (up 6.0% from 1Q 2024). Profit margin: 2.6% (down from 2.7% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Annonce • May 07
Fullerton Technology Co., Ltd. to Report Q1, 2025 Results on May 14, 2025 Fullerton Technology Co., Ltd. announced that they will report Q1, 2025 results on May 14, 2025 Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$0.90 (vs NT$0.90 in FY 2023) Full year 2024 results: EPS: NT$0.90. Revenue: NT$492.5m (down 2.7% from FY 2023). Net income: NT$103.5m (flat on FY 2023). Profit margin: 21% (in line with FY 2023). Annonce • Mar 13
Fullerton Technology Co., Ltd., Annual General Meeting, Jun 17, 2025 Fullerton Technology Co., Ltd., Annual General Meeting, Jun 17, 2025. Location: no,219, sec.3 chung hsing rd., sindian district, new taipei city Taiwan Buy Or Sell Opportunity • Feb 27
Now 22% undervalued Over the last 90 days, the stock has risen 10.0% to NT$24.85. The fair value is estimated to be NT$32.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.8% over the last 3 years. Earnings per share has declined by 9.9%. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$27.60, the stock trades at a trailing P/E ratio of 39.7x. Average trailing P/E is 35x in the Telecom industry in Taiwan. Total returns to shareholders of 76% over the past three years. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.80 (vs NT$1.01 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.80 (down from NT$1.01 in 3Q 2023). Revenue: NT$116.0m (down 9.2% from 3Q 2023). Net income: NT$92.1m (down 21% from 3Q 2023). Profit margin: 79% (down from 92% in 3Q 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Annonce • Nov 06
Fullerton Technology Co., Ltd. to Report Q3, 2024 Results on Nov 13, 2024 Fullerton Technology Co., Ltd. announced that they will report Q3, 2024 results on Nov 13, 2024 Reported Earnings • Aug 13
Second quarter 2024 earnings released: NT$0.01 loss per share (vs NT$0.003 loss in 2Q 2023) Second quarter 2024 results: NT$0.01 loss per share (further deteriorated from NT$0.003 loss in 2Q 2023). Revenue: NT$121.6m (down 6.8% from 2Q 2023). Net loss: NT$1.02m (loss widened 252% from 2Q 2023). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Annonce • Aug 01
Fullerton Technology Co., Ltd. to Report Q2, 2024 Results on Aug 08, 2024 Fullerton Technology Co., Ltd. announced that they will report Q2, 2024 results on Aug 08, 2024 Buy Or Sell Opportunity • Jul 23
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 2.7% to NT$23.05. The fair value is estimated to be NT$18.94, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.8% over the last 3 years. Earnings per share has grown by 9.8%. Declared Dividend • Jun 26
Dividend increased to NT$1.20 Dividend of NT$1.20 is 4.3% higher than last year. Ex-date: 8th July 2024 Payment date: 31st July 2024 Dividend yield will be 5.1%, which is higher than the industry average of 3.9%. Sustainability & Growth Dividend is not covered by earnings (131% earnings payout ratio) nor is it covered by cash flows (113% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 46% to bring the payout ratio under control, which is more than the 5.2% EPS growth achieved over the last 5 years. Buy Or Sell Opportunity • May 17
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 1.8% to NT$22.80. The fair value is estimated to be NT$18.94, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.8% over the last 3 years. Earnings per share has grown by 9.9%. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: NT$0.03 (vs NT$0.01 in 1Q 2023) First quarter 2024 results: EPS: NT$0.03 (up from NT$0.01 in 1Q 2023). Revenue: NT$123.7m (flat on 1Q 2023). Net income: NT$3.31m (up 189% from 1Q 2023). Profit margin: 2.7% (up from 0.9% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 10% per year and the company’s share price has also increased by 10% per year. Annonce • May 03
Fullerton Technology Co., Ltd. to Report Q1, 2024 Results on May 08, 2024 Fullerton Technology Co., Ltd. announced that they will report Q1, 2024 results on May 08, 2024 Reported Earnings • Mar 17
Full year 2023 earnings released: EPS: NT$0.90 (vs NT$0.83 in FY 2022) Full year 2023 results: EPS: NT$0.90 (up from NT$0.83 in FY 2022). Revenue: NT$506.2m (up 1.3% from FY 2022). Net income: NT$103.7m (up 8.0% from FY 2022). Profit margin: 21% (up from 19% in FY 2022). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Annonce • Mar 14
Fullerton Technology Co., Ltd., Annual General Meeting, Jun 19, 2024 Fullerton Technology Co., Ltd., Annual General Meeting, Jun 19, 2024. Location: Xindian Dist., Cultural Theater,3F Auditorium Taiwan Taiwan Agenda: To discuss 2023 Business report; to discuss Audit Committees Review Report; to discuss Report on the allocation of remuneration of employees and directors for 2023; to discuss )Report on the earnings distribution via cash dividend for 2023; and to discuss other matters. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$25.65, the stock trades at a trailing P/E ratio of 26.1x. Average trailing P/E is 24x in the Telecom industry in Taiwan. Total returns to shareholders of 79% over the past three years. New Risk • Nov 18
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: 22% Last year net profit margin: 33% 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: 117% Cash payout ratio: 151% Minor Risks Profit margins are more than 30% lower than last year (22% net profit margin). Market cap is less than US$100m (NT$2.33b market cap, or US$73.3m). Reported Earnings • Aug 14
Second quarter 2023 earnings released: NT$0.005 loss per share (vs NT$0.01 loss in 2Q 2022) Second quarter 2023 results: NT$0.005 loss per share (improved from NT$0.01 loss in 2Q 2022). Revenue: NT$130.4m (up 4.0% from 2Q 2022). Net loss: NT$289.0k (loss narrowed 75% from 2Q 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 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 30
Upcoming dividend of NT$1.15 per share at 5.8% yield Eligible shareholders must have bought the stock before 07 July 2023. Payment date: 28 July 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 5.8%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (4.0%). Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: NT$0.83 (vs NT$1.23 in FY 2021) Full year 2022 results: EPS: NT$0.83 (down from NT$1.23 in FY 2021). Revenue: NT$499.9m (down 17% from FY 2021). Net income: NT$96.0m (down 33% from FY 2021). Profit margin: 19% (down from 24% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Yong Hong Yu was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.92 (vs NT$0.77 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.92 (up from NT$0.77 in 3Q 2021). Revenue: NT$117.1m (down 25% from 3Q 2021). Net income: NT$106.7m (up 19% from 3Q 2021). Profit margin: 91% (up from 57% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 15
Second quarter 2022 earnings released: NT$0.01 loss per share (vs NT$0.031 loss in 2Q 2021) Second quarter 2022 results: NT$0.01 loss per share (up from NT$0.031 loss in 2Q 2021). Revenue: NT$125.4m (down 17% from 2Q 2021). Net loss: NT$1.16m (loss narrowed 67% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 27
Upcoming dividend of NT$1.25 per share Eligible shareholders must have bought the stock before 04 July 2022. Payment date: 29 July 2022. Payout ratio is on the higher end at 99%, however this is supported by cash flows. Trailing yield: 6.0%. Lower than top quartile of Taiwanese dividend payers (6.3%). Higher than average of industry peers (4.1%). Reported Earnings • May 16
First quarter 2022 earnings released: NT$0.05 loss per share (vs NT$0.071 loss in 1Q 2021) First quarter 2022 results: NT$0.05 loss per share (up from NT$0.071 loss in 1Q 2021). Revenue: NT$120.2m (down 22% from 1Q 2021). Net loss: NT$5.25m (loss narrowed 36% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Yong Hong Yu was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 28
Full year 2021 earnings released: EPS: NT$1.23 (vs NT$0.48 in FY 2020) Full year 2021 results: EPS: NT$1.23 (up from NT$0.48 in FY 2020). Revenue: NT$601.5m (down 7.9% from FY 2020). Net income: NT$142.4m (up 159% from FY 2020). Profit margin: 24% (up from 8.4% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 3% per year. Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment improved over the past week After last week's 24% share price gain to NT$21.45, the stock trades at a trailing P/E ratio of 35.2x. Average trailing P/E is 31x in the Telecom industry in Taiwan. Total returns to shareholders of 52% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.77 (vs NT$0.65 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: NT$155.3m (down 7.1% from 3Q 2020). Net income: NT$89.3m (up 19% from 3Q 2020). Profit margin: 57% (up from 45% in 3Q 2020). The increase in margin was 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 remained flat, which means it is well ahead of earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: NT$0.03 loss per share (vs NT$0.066 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: NT$151.9m (up 1.2% from 2Q 2020). Net loss: NT$3.53m (loss narrowed 54% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Aug 05
Upcoming dividend of NT$1.10 per share Eligible shareholders must have bought the stock before 12 August 2021. Payment date: 07 September 2021. Trailing yield: 6.1%. Within top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (3.6%). Reported Earnings • May 16
First quarter 2021 earnings released: NT$0.07 loss per share (vs NT$0.044 loss in 1Q 2020) The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: NT$153.4m (down 14% from 1Q 2020). Net loss: NT$8.15m (loss widened 62% from 1Q 2020). 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 10% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$0.48 (vs NT$0.68 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$653.0m (down 23% from FY 2019). Net income: NT$55.1m (down 30% from FY 2019). Profit margin: 8.4% (down from 9.3% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Mar 12
New 90-day high: NT$17.65 The company is up 1.0% from its price of NT$17.40 on 11 December 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Telecom industry, which is up 2.0% over the same period. Is New 90 Day High Low • Jan 29
New 90-day low: NT$17.05 The company is down 1.0% from its price of NT$17.20 on 30 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Telecom industry, which is up 1.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.65 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$167.2m (down 6.6% from 3Q 2019). Net income: NT$75.0m (down 15% from 3Q 2019). Profit margin: 45% (down from 49% in 3Q 2019). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Sep 24
New 90-day low: NT$17.10 The company is down 11% from its price of NT$19.25 on 24 June 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Telecom industry, which is down 5.0% over the same period.