Buy Or Sell Opportunity • Jun 09
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to NT$130. The fair value is estimated to be NT$108, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.6% over the last 3 years. Earnings per share has grown by 2.9%. Upcoming Dividend • Jun 08
Upcoming dividend of NT$9.00 per share Eligible shareholders must have bought the stock before 12 June 2026. Payment date: 10 July 2026. The company is paying out more than 100% of its profits and is paying out 80% of its cash flow. Trailing yield: 7.3%. Within top quartile of Taiwanese dividend payers (4.8%). Higher than average of industry peers (1.7%). Declared Dividend • May 25
Dividend of NT$9.00 announced Shareholders will receive a dividend of NT$9.00. Ex-date: 12th June 2026 Payment date: 10th July 2026 Dividend yield will be 7.5%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (106% earnings payout ratio). However, it is covered by cash flows (80% cash payout ratio). The dividend has increased by an average of 6.1% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 18% to bring the payout ratio under control. However, EPS has declined by 10% over the last 5 years so the company would need to reverse this trend. Reported Earnings • May 05
First quarter 2026 earnings released: EPS: NT$2.00 (vs NT$3.95 in 1Q 2025) First quarter 2026 results: EPS: NT$2.00 (down from NT$3.95 in 1Q 2025). Revenue: NT$1.03b (down 15% from 1Q 2025). Net income: NT$167.9m (down 32% from 1Q 2025). Profit margin: 16% (down from 21% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • Mar 02
Nishoku Technology Inc., Annual General Meeting, May 27, 2026 Nishoku Technology Inc., Annual General Meeting, May 27, 2026, at 09:00 Taipei Standard Time. Location: no,40, szu yuan rd., sinjhuang district, new taipei city Taiwan New Risk • Feb 27
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: 14% Last year net profit margin: 20% 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 Earnings have declined by 1.5% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (94% cash payout ratio). Profit margins are more than 30% lower than last year (14% net profit margin). Reported Earnings • Feb 27
Full year 2025 earnings released: EPS: NT$9.78 (vs NT$13.85 in FY 2024) Full year 2025 results: EPS: NT$9.78 (down from NT$13.85 in FY 2024). Revenue: NT$4.47b (up 5.0% from FY 2024). Net income: NT$615.3m (down 29% from FY 2024). Profit margin: 14% (down from 20% 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 4% per year whereas the company’s share price has increased by 8% per year. Reported Earnings • Nov 03
Third quarter 2025 earnings released: EPS: NT$4.02 (vs NT$1.59 in 3Q 2024) Third quarter 2025 results: EPS: NT$4.02 (up from NT$1.59 in 3Q 2024). Revenue: NT$1.11b (flat on 3Q 2024). Net income: NT$253.2m (up 155% from 3Q 2024). Profit margin: 23% (up from 8.9% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jul 26
Second quarter 2025 earnings released: NT$1.83 loss per share (vs NT$2.84 profit in 2Q 2024) Second quarter 2025 results: NT$1.83 loss per share (down from NT$2.84 profit in 2Q 2024). Revenue: NT$1.12b (up 14% from 2Q 2024). Net loss: NT$115.2m (down 165% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • May 26
Dividend increased to NT$10.00 Dividend of NT$10.00 is 33% higher than last year. Ex-date: 12th June 2025 Payment date: 9th July 2025 Dividend yield will be 7.1%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (74% earnings payout ratio) but not adequately covered by cash flows (99% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 14% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 28
First quarter 2025 earnings released: EPS: NT$3.95 (vs NT$4.33 in 1Q 2024) First quarter 2025 results: EPS: NT$3.95 (down from NT$4.33 in 1Q 2024). Revenue: NT$1.21b (up 32% from 1Q 2024). Net income: NT$248.5m (down 8.4% from 1Q 2024). Profit margin: 21% (down from 30% 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 6% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • Apr 18
Nishoku Technology Inc. to Report Q1, 2025 Results on Apr 25, 2025 Nishoku Technology Inc. announced that they will report Q1, 2025 results on Apr 25, 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$119, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 17x in the Machinery industry in Taiwan. Total returns to shareholders of 85% over the past three years. Buy Or Sell Opportunity • Apr 07
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.0% to NT$130. The fair value is estimated to be NT$172, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.4% over the last 3 years. Earnings per share has grown by 3.1%. Reported Earnings • Mar 05
Full year 2024 earnings released: EPS: NT$13.85 (vs NT$7.77 in FY 2023) Full year 2024 results: EPS: NT$13.85 (up from NT$7.77 in FY 2023). Revenue: NT$4.26b (up 21% from FY 2023). Net income: NT$869.1m (up 78% from FY 2023). Profit margin: 20% (up from 14% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • Mar 04
Nishoku Technology Inc., Annual General Meeting, May 29, 2025 Nishoku Technology Inc., Annual General Meeting, May 29, 2025, at 09:00 Taipei Standard Time. Location: no,40, szu yuan rd., sinjhuang district, new taipei city Taiwan Annuncio • Feb 20
Nishoku Technology Inc. to Report Fiscal Year 2024 Results on Feb 27, 2025 Nishoku Technology Inc. announced that they will report fiscal year 2024 results on Feb 27, 2025 New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 05
Third quarter 2024 earnings released: EPS: NT$1.59 (vs NT$2.82 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.59 (down from NT$2.82 in 3Q 2023). Revenue: NT$1.12b (up 20% from 3Q 2023). Net income: NT$99.4m (down 44% from 3Q 2023). Profit margin: 8.9% (down from 19% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Annuncio • Oct 25
Nishoku Technology Inc. to Report Q3, 2024 Results on Nov 01, 2024 Nishoku Technology Inc. announced that they will report Q3, 2024 results on Nov 01, 2024 Reported Earnings • Aug 03
Second quarter 2024 earnings released: EPS: NT$2.84 (vs NT$4.36 in 2Q 2023) Second quarter 2024 results: EPS: NT$2.84 (down from NT$4.36 in 2Q 2023). Revenue: NT$978.7m (up 11% from 2Q 2023). Net income: NT$178.3m (down 35% from 2Q 2023). Profit margin: 18% (down from 31% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Annuncio • Jul 24
Nishoku Technology Inc. to Report Q2, 2024 Results on Jul 31, 2024 Nishoku Technology Inc. announced that they will report Q2, 2024 results on Jul 31, 2024 Upcoming Dividend • Jun 08
Upcoming dividend of NT$7.50 per share Eligible shareholders must have bought the stock before 14 June 2024. Payment date: 12 July 2024. Payout ratio is a comfortable 63% but the company is paying out more than the cash it is generating. Trailing yield: 5.2%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.4%). Declared Dividend • May 25
Dividend reduced to NT$7.50 Dividend of NT$7.50 is 25% lower than last year. Ex-date: 14th June 2024 Payment date: 12th July 2024 Dividend yield will be 5.3%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not adequately covered by earnings (97% earnings payout ratio). However, it is covered by cash flows (75% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 7.2% to bring the payout ratio under control, which is less than the 22% EPS growth achieved over the last 5 years. New Risk • May 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 19% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 125% Cash payout ratio: 100% Minor Risk Shareholders have been diluted in the past year (19% increase in shares outstanding). Buy Or Sell Opportunity • May 02
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 45% to NT$150. The fair value is estimated to be NT$123, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 17% over the last 3 years. Earnings per share has declined by 8.2%. Reported Earnings • May 01
First quarter 2024 earnings released: EPS: NT$4.33 (vs NT$0.28 in 1Q 2023) First quarter 2024 results: EPS: NT$4.33 (up from NT$0.28 in 1Q 2023). Revenue: NT$920.0m (up 35% from 1Q 2023). Net income: NT$271.3m (up NT$254.0m from 1Q 2023). Profit margin: 30% (up from 2.5% in 1Q 2023). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Apr 23
Full year 2023 earnings released: EPS: NT$7.77 (vs NT$11.32 in FY 2022) Full year 2023 results: EPS: NT$7.77 (down from NT$11.32 in FY 2022). Revenue: NT$3.51b (down 11% from FY 2022). Net income: NT$487.1m (down 31% from FY 2022). Profit margin: 14% (down from 18% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Annuncio • Mar 01
Nishoku Technology Inc., Annual General Meeting, Jun 13, 2024 Nishoku Technology Inc., Annual General Meeting, Jun 13, 2024. Location: Amazing Hall Xinzhuang Branch Theatre C1 Address GNo.40,Siyuan Rd.,Xinzhuang Dist., New Taipei City Taiwan Agenda: To consider 2023 Business report; Audit Committee's Review report; Report of all endorsements and guarantees tendered in 2023; Report on 2023 Directors and Employees remunerations; Report on the Distributions of the Cash Dividends for 2023; Report on implemtation of private placement of securities in 2023; and to discuss other matters. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$120, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 20x in the Machinery industry in Taiwan. Total returns to shareholders of 33% over the past three years. Reported Earnings • Oct 29
Third quarter 2023 earnings released: EPS: NT$2.82 (vs NT$5.52 in 3Q 2022) Third quarter 2023 results: EPS: NT$2.82 (down from NT$5.52 in 3Q 2022). Revenue: NT$930.9m (down 18% from 3Q 2022). Net income: NT$176.7m (down 49% from 3Q 2022). Profit margin: 19% (down from 31% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Aug 06
Second quarter 2023 earnings released: EPS: NT$4.35 (vs NT$2.96 in 2Q 2022) Second quarter 2023 results: EPS: NT$4.35 (up from NT$2.96 in 2Q 2022). Revenue: NT$885.8m (up 5.5% from 2Q 2022). Net income: NT$273.0m (up 47% from 2Q 2022). Profit margin: 31% (up from 22% in 2Q 2022). The increase in margin was primarily 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 1% per year. Upcoming Dividend • Jun 09
Upcoming dividend of NT$10.00 per share at 11% yield Eligible shareholders must have bought the stock before 16 June 2023. Payment date: 14 July 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 11%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.2%). Annuncio • May 31
Nishoku Technology Inc. Announces Cash Dividend, Payable on July 14, 2023 Nishoku Technology Inc. announced cash dividend from earnings of TWD 630,242,290 (TWD 10 per share). Ex-rights (ex-dividend) trading date is June 16, 2023. Ex-rights (ex-dividend) record date is June 24, 2023. Cash dividend will be paid on July 14, 2023. Reported Earnings • May 06
First quarter 2023 earnings released: EPS: NT$0.28 (vs NT$2.28 in 1Q 2022) First quarter 2023 results: EPS: NT$0.28 (down from NT$2.28 in 1Q 2022). Revenue: NT$679.3m (down 28% from 1Q 2022). Net income: NT$17.3m (down 88% from 1Q 2022). Profit margin: 2.5% (down from 15% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of 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. 4 experienced directors. 5 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Horng Chang Lin was the last independent director to join the board, commencing their role in 2019. 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 01
Third quarter 2022 earnings released: EPS: NT$5.52 (vs NT$2.26 in 3Q 2021) Third quarter 2022 results: EPS: NT$5.52 (up from NT$2.26 in 3Q 2021). Revenue: NT$1.13b (up 6.8% from 3Q 2021). Net income: NT$346.2m (up 145% from 3Q 2021). Profit margin: 31% (up from 13% in 3Q 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 07
Second quarter 2022 earnings released: EPS: NT$2.96 (vs NT$1.20 in 2Q 2021) Second quarter 2022 results: EPS: NT$2.96 (up from NT$1.20 in 2Q 2021). Revenue: NT$839.7m (down 28% from 2Q 2021). Net income: NT$185.4m (up 148% from 2Q 2021). Profit margin: 22% (up from 6.4% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 22% per year and the company’s share price has also increased by 22% per year. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$75.00, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 14x in the Machinery industry in Taiwan. Total returns to shareholders of 110% over the past three years. Upcoming Dividend • Jun 08
Upcoming dividend of NT$9.00 per share Eligible shareholders must have bought the stock before 15 June 2022. Payment date: 13 July 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 11%. Within top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (3.2%). Reported Earnings • May 02
First quarter 2022 earnings released: EPS: NT$2.28 (vs NT$3.49 in 1Q 2021) First quarter 2022 results: EPS: NT$2.28 (down from NT$3.49 in 1Q 2021). Revenue: NT$939.0m (down 33% from 1Q 2021). Net income: NT$142.9m (down 34% from 1Q 2021). Profit margin: 15% (in line with 1Q 2021). 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 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 28
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: NT$9.70 (down from NT$11.58 in FY 2020). Revenue: NT$4.83b (flat on FY 2020). Net income: NT$606.7m (down 16% from FY 2020). Profit margin: 13% (down from 15% in FY 2020). Revenue exceeded analyst estimates by 32%. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Annuncio • Feb 27
Nishoku Technology Inc., Annual General Meeting, Jun 15, 2022 Nishoku Technology Inc., Annual General Meeting, Jun 15, 2022. Reported Earnings • Jul 30
Second quarter 2021 earnings released: EPS NT$1.20 (vs NT$3.77 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$1.17b (up 6.1% from 2Q 2020). Net income: NT$74.9m (down 68% from 2Q 2020). Profit margin: 6.4% (down from 21% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 11
Upcoming dividend of NT$10.00 per share Eligible shareholders must have bought the stock before 18 June 2021. Payment date: 16 July 2021. Trailing yield: 7.2%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (2.6%). Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$114, the stock trades at a trailing P/E ratio of 7.9x. Average forward P/E is 11x in the Machinery industry in Taiwan. Total returns to shareholders of 52% over the past three years. Reported Earnings • May 01
First quarter 2021 earnings released: EPS NT$3.49 (vs NT$0.62 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$1.40b (up 125% from 1Q 2020). Net income: NT$217.9m (up 461% from 1Q 2020). Profit margin: 16% (up from 6.2% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Annuncio • Mar 02
Nishoku Technology Inc., Annual General Meeting, Jun 17, 2021 Nishoku Technology Inc., Annual General Meeting, Jun 17, 2021. Analyst Estimate Surprise Post Earnings • Feb 28
Revenue beats expectations Revenue exceeded analyst estimates by 2.7%. Over the next year, revenue is expected to shrink by 1.8% compared to a 28% growth forecast for the Machinery industry in Taiwan. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS NT$11.57 (vs NT$5.42 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$4.81b (up 22% from FY 2019). Net income: NT$721.4m (up 114% from FY 2019). Profit margin: 15% (up from 8.5% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 23
New 90-day high: NT$126 The company is up 10.0% from its price of NT$114 on 25 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 18% over the same period. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improved over the past week After last week's 18% share price gain to NT$120, the stock is trading at a trailing P/E ratio of 12x, up from the previous P/E ratio of 10.2x. This compares to an average P/E of 19x in the Machinery industry in Taiwan. Total returns to shareholders over the past three years are 68%. Is New 90 Day High Low • Feb 01
New 90-day low: NT$102 The company is down 3.0% from its price of NT$105 on 03 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 18% over the same period. Is New 90 Day High Low • Nov 26
New 90-day high: NT$117 The company is up 28% from its price of NT$91.10 on 28 August 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 3.0% over the same period. Reported Earnings • Nov 01
Third quarter earnings released Over the last 12 months the company has reported total profits of NT$620.6m, up 89% from the prior year. Total revenue was NT$4.46b over the last 12 months, up 16% from the prior year. Is New 90 Day High Low • Oct 26
New 90-day high: NT$116 The company is up 73% from its price of NT$66.90 on 28 July 2020. The Taiwanese market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 7.0% over the same period. Is New 90 Day High Low • Oct 07
New 90-day high: NT$106 The company is up 69% from its price of NT$62.70 on 09 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 2.0% over the same period.