Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$148, the stock trades at a trailing P/E ratio of 33.9x. Average forward P/E is 20x in the Electrical industry in Taiwan. Total returns to shareholders of 56% over the past three years. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$126, the stock trades at a trailing P/E ratio of 29.1x. Average trailing P/E is 27x in the Electrical industry in Taiwan. Total returns to shareholders of 15% over the past three years. Reported Earnings • Mar 15
Full year 2025 earnings released: EPS: NT$4.34 (vs NT$4.55 in FY 2024) Full year 2025 results: EPS: NT$4.34. Revenue: NT$2.63b (up 22% from FY 2024). Net income: NT$189.5m (up 2.1% from FY 2024). Profit margin: 7.2% (down from 8.6% in FY 2024). The decrease in margin was driven by higher expenses. New Risk • Mar 13
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 0.3% per year over the past 5 years. High level of non-cash earnings (35% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Annuncio • Jan 21
VSO Electronics Co., Ltd., Annual General Meeting, May 12, 2026 VSO Electronics Co., Ltd., Annual General Meeting, May 12, 2026. Location: 13 floor no,95, sec.2 chung hsiao e. rd., taipei city Taiwan New Risk • Nov 20
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 8.6% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.6% average weekly change). Earnings have declined by 0.3% per year over the past 5 years. High level of non-cash earnings (35% accrual ratio). Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$1.57 (vs NT$1.07 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.57 (up from NT$1.07 in 3Q 2024). Revenue: NT$727.0m (up 27% from 3Q 2024). Net income: NT$68.3m (up 60% from 3Q 2024). Profit margin: 9.4% (up from 7.5% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$119, the stock trades at a trailing P/E ratio of 25.4x. Average trailing P/E is 27x in the Electrical industry in Taiwan. Total returns to shareholders of 75% over the past three years. Valuation Update With 7 Day Price Move • Sep 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$142, the stock trades at a trailing P/E ratio of 30.5x. Average trailing P/E is 23x in the Electrical industry in Taiwan. Total returns to shareholders of 22% over the past year. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: NT$0.78 (vs NT$0.99 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.78 (down from NT$0.99 in 2Q 2024). Revenue: NT$647.9m (up 25% from 2Q 2024). Net income: NT$33.9m (down 14% from 2Q 2024). Profit margin: 5.2% (down from 7.6% in 2Q 2024). The decrease in margin was driven by higher expenses. New Risk • Jul 11
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 8.2% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.2% average weekly change). Earnings have declined by 2.8% per year over the past 5 years. High level of non-cash earnings (49% accrual ratio). Upcoming Dividend • Jun 24
Upcoming dividend of NT$2.01 per share Eligible shareholders must have bought the stock before 01 July 2025. Payment date: 21 July 2025. Payout ratio is a comfortable 38% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (2.8%). Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$129, the stock trades at a trailing P/E ratio of 25.7x. Average trailing P/E is 20x in the Electrical industry in Taiwan. Total returns to shareholders of 4.0% over the past year. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$1.12 (vs NT$0.64 in 1Q 2024) First quarter 2025 results: EPS: NT$1.12 (up from NT$0.64 in 1Q 2024). Revenue: NT$578.6m (up 38% from 1Q 2024). Net income: NT$46.9m (up 93% from 1Q 2024). Profit margin: 8.1% (up from 5.8% in 1Q 2024). The increase in margin was driven by higher revenue. Annuncio • May 03
VSO Electronics Co., Ltd. to Report Q1, 2025 Results on May 12, 2025 VSO Electronics Co., Ltd. announced that they will report Q1, 2025 results on May 12, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$106, the stock trades at a trailing P/E ratio of 23.7x. Average trailing P/E is 17x in the Electrical industry in Taiwan. Total returns to shareholders of 44% over the past year. Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$4.78 (vs NT$3.05 in FY 2023) Full year 2024 results: EPS: NT$4.78 (up from NT$3.05 in FY 2023). Revenue: NT$2.16b (up 19% from FY 2023). Net income: NT$185.6m (up 62% from FY 2023). Profit margin: 8.6% (up from 6.3% in FY 2023). The increase in margin was driven by higher revenue. Annuncio • Mar 01
VSO Electronics Co., Ltd. Announces the Retirement of Roger Tsai as CEO, Effective March 31, 2025 VSO Electronics Co., Ltd. announced the retirement of Roger Tsai as CEO of the Company, effective March 31, 2025. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$152, the stock trades at a trailing P/E ratio of 54.1x. Average trailing P/E is 21x in the Electrical industry in Taiwan. Total returns to shareholders of 104% over the past year. Annuncio • Jan 17
VSO Electronics Co., Ltd., Annual General Meeting, May 12, 2025 VSO Electronics Co., Ltd., Annual General Meeting, May 12, 2025. Location: 13 floor no,95, sec.2 chung hsiao e. rd., taipei city Taiwan New Risk • Dec 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 8.2% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.2% average weekly change). Earnings have declined by 4.9% per year over the past 5 years. High level of non-cash earnings (22% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (6.0% net profit margin). Shareholders have been diluted in the past year (11% increase in shares outstanding). Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$149, the stock trades at a trailing P/E ratio of 52.7x. Average trailing P/E is 24x in the Electrical industry in Taiwan. Total returns to shareholders of 86% over the past year. Reported Earnings • Nov 19
Third quarter 2024 earnings released: EPS: NT$1.12 (vs NT$0.63 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.12 (up from NT$0.63 in 3Q 2023). Revenue: NT$572.3m (up 24% from 3Q 2023). Net income: NT$42.8m (up 81% from 3Q 2023). Profit margin: 7.5% (up from 5.1% in 3Q 2023). The increase in margin was driven by higher revenue. New Risk • Nov 09
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 11% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.5% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Profit margins are more than 30% lower than last year (5.3% net profit margin). Shareholders have been diluted in the past year (11% increase in shares outstanding). New Risk • Nov 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 8.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.8% average weekly change). Earnings have declined by 0.5% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (5.3% net profit margin). Valuation Update With 7 Day Price Move • Oct 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$127, the stock trades at a trailing P/E ratio of 49.2x. Average trailing P/E is 25x in the Electrical industry in Taiwan. Total returns to shareholders of 64% over the past year. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$107, the stock trades at a trailing P/E ratio of 41.2x. Average trailing P/E is 25x in the Electrical industry in Taiwan. Total returns to shareholders of 36% over the past year. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$1.04 (vs NT$0.49 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.04 (up from NT$0.49 in 2Q 2023). Revenue: NT$519.0m (up 40% from 2Q 2023). Net income: NT$39.4m (up 114% from 2Q 2023). Profit margin: 7.6% (up from 5.0% in 2Q 2023). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$109, the stock trades at a trailing P/E ratio of 53.6x. Average trailing P/E is 28x in the Electrical industry in Taiwan. Total returns to shareholders of 46% over the past year. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$123, the stock trades at a trailing P/E ratio of 60.3x. Average trailing P/E is 29x in the Electrical industry in Taiwan. Total returns to shareholders of 50% over the past year. Upcoming Dividend • Jun 05
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 12 June 2024. Payment date: 05 July 2024. Payout ratio is on the higher end at 76%, however this is supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Taiwanese dividend payers (4.3%). Lower than average of industry peers (2.5%). Reported Earnings • May 21
First quarter 2024 earnings released: EPS: NT$0.64 (vs NT$1.07 in 1Q 2023) First quarter 2024 results: EPS: NT$0.64 (down from NT$1.07 in 1Q 2023). Revenue: NT$420.0m (down 7.2% from 1Q 2023). Net income: NT$24.2m (down 39% from 1Q 2023). Profit margin: 5.8% (down from 8.8% in 1Q 2023). The decrease in margin was driven by lower revenue. Buy Or Sell Opportunity • May 14
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 28% to NT$96.90. The fair value is estimated to be NT$79.03, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Reported Earnings • Apr 09
Full year 2023 earnings released: EPS: NT$3.05 (vs NT$9.90 in FY 2022) Full year 2023 results: EPS: NT$3.05 (down from NT$9.90 in FY 2022). Revenue: NT$1.82b (down 20% from FY 2022). Net income: NT$114.3m (down 68% from FY 2022). Profit margin: 6.3% (down from 16% in FY 2022). The decrease in margin was driven by lower revenue. New Risk • Feb 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 6.4% over the past year. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Short dividend paying track record (1 year of continuous dividend payments). Market cap is less than US$100m (NT$2.86b market cap, or US$90.6m). Annuncio • Jan 11
VSO Electronics Co., Ltd., Annual General Meeting, May 15, 2024 VSO Electronics Co., Ltd., Annual General Meeting, May 15, 2024. New Risk • Aug 14
New major risk - Revenue and earnings growth Revenue has declined by 6.4% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 Revenue has declined by 6.4% over the past year. Minor Risks Short dividend paying track record (less than a year of continuous dividend payments). Market cap is less than US$100m (NT$2.69b market cap, or US$84.2m). New Risk • Jun 21
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.06b (US$98.8m) 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: Major Risk High level of non-cash earnings (24% accrual ratio). Minor Risks Short dividend paying track record (less than a year of continuous dividend payments). Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (NT$3.06b market cap, or US$98.8m). Valuation Update With 7 Day Price Move • May 15
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$103, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 15x in the Electrical industry in Taiwan. Reported Earnings • Apr 11
Full year 2022 earnings released: EPS: NT$10.89 (vs NT$3.47 in FY 2021) Full year 2022 results: EPS: NT$10.89 (up from NT$3.47 in FY 2021). Revenue: NT$2.27b (up 7.3% from FY 2021). Net income: NT$360.3m (up 237% from FY 2021). Profit margin: 16% (up from 5.0% in FY 2021). The increase in margin was primarily driven by higher revenue. Buying Opportunity • Mar 28
Now 20% undervalued Over the last 90 days, the stock is up 30%. The fair value is estimated to be NT$163, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$133, the stock trades at a trailing P/E ratio of 21.1x. Average trailing P/E is 15x in the Electrical industry in Taiwan. Annuncio • Jan 14
VSO Electronics Co., Ltd., Annual General Meeting, May 11, 2023 VSO Electronics Co., Ltd., Annual General Meeting, May 11, 2023.