Board Change • Jun 25
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Yen-Shin Lai was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. New Risk • Jun 18
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 35% 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 cash flows (416% cash payout ratio). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$87.00, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 22x in the Electrical industry in Taiwan. Total returns to shareholders of 16% over the past three years. Upcoming Dividend • Jun 02
Upcoming dividend of NT$3.70 per share Eligible shareholders must have bought the stock before 09 June 2026. Payment date: 08 July 2026. Payout ratio is a comfortable 71% but the company is paying out more than the cash it is generating. Trailing yield: 3.5%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (2.4%). Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$104, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 19x in the Electrical industry in Taiwan. Total returns to shareholders of 34% over the past three years. Reported Earnings • May 06
First quarter 2026 earnings: EPS misses analyst expectations First quarter 2026 results: EPS: NT$1.00. Revenue: NT$7.78b (down 7.8% from 1Q 2025). Net income: NT$404.2m (flat on 1Q 2025). Profit margin: 5.2% (up from 4.8% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Electrical industry in Taiwan. Valuation Update With 7 Day Price Move • May 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$89.10, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 20x in the Electrical industry in Taiwan. Total returns to shareholders of 22% over the past three years. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$82.30, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 22x in the Electrical industry in Taiwan. Total returns to shareholders of 18% over the past three years. Declared Dividend • Mar 08
Dividend reduced to NT$3.70 Dividend of NT$3.70 is 38% lower than last year. Ex-date: 9th June 2026 Payment date: 8th July 2026 Dividend yield will be 4.1%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is not adequately covered by earnings (97% earnings payout ratio) nor is it covered by cash flows (177% 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. The company's earnings per share (EPS) would need to grow by 8.0% to bring the payout ratio under control. EPS is expected to grow by 45% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. New Risk • Mar 05
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: 6.1% Last year net profit margin: 9.0% 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: 97% Cash payout ratio: 177% Minor Risk Profit margins are more than 30% lower than last year (6.1% net profit margin). Reported Earnings • Mar 05
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: NT$5.20 (down from NT$8.34 in FY 2024). Revenue: NT$34.5b (down 7.3% from FY 2024). Net income: NT$2.08b (down 38% from FY 2024). Profit margin: 6.1% (down from 9.0% in FY 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 8.8% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Electrical 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 3% per year, which means it is well ahead of earnings. Price Target Changed • Mar 04
Price target decreased by 11% to NT$118 Down from NT$133, the current price target is an average from 2 analysts. New target price is 22% above last closing price of NT$97.10. Stock is down 24% over the past year. The company is forecast to post earnings per share of NT$5.79 for next year compared to NT$8.34 last year. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$94.80, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 21x in the Electrical industry in Taiwan. Total returns to shareholders of 44% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$56.31 per share. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$1.85 (vs NT$2.21 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.85 (down from NT$2.21 in 3Q 2024). Revenue: NT$9.04b (down 13% from 3Q 2024). Net income: NT$743.1m (down 16% from 3Q 2024). Profit margin: 8.2% (down from 8.6% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Major Estimate Revision • Sep 05
Consensus EPS estimates increase by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from NT$37.1b to NT$38.1b. EPS estimate increased from NT$5.58 to NT$6.64 per share. Net income forecast to grow 15% next year vs 28% growth forecast for Electrical industry in Taiwan. Consensus price target of NT$133 unchanged from last update. Share price was steady at NT$107 over the past week. New Risk • Aug 22
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 92% Cash payout ratio: 117% Dividend yield: 5.7% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. 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 Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 92% Cash payout ratio: 117% Minor Risk Share price has been volatile over the past 3 months (6.4% average weekly change). Major Estimate Revision • Aug 08
Consensus EPS estimates fall by 31% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$39.3b to NT$37.1b. EPS estimate also fell from NT$8.09 per share to NT$5.58 per share. Net income forecast to shrink 18% next year vs 15% growth forecast for Electrical industry in Taiwan . Consensus price target up from NT$128 to NT$133. Share price was steady at NT$111 over the past week. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$125, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 20x in the Electrical industry in Taiwan. Total returns to shareholders of 113% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$214 per share. New Risk • Jun 12
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 8.7% 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 Dividend is not well covered by cash flows (111% cash payout ratio). Share price has been volatile over the past 3 months (8.7% average weekly change). Upcoming Dividend • Jun 03
Upcoming dividend of NT$6.00 per share Eligible shareholders must have bought the stock before 10 June 2025. Payment date: 09 July 2025. Payout ratio is on the higher end at 79%, and the cash payout ratio is above 100%. Trailing yield: 4.9%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.3%). Valuation Update With 7 Day Price Move • May 19
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$124, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 17x in the Electrical industry in Taiwan. Total returns to shareholders of 100% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$210 per share. Major Estimate Revision • May 12
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$40.7b to NT$39.3b. EPS estimate also fell from NT$9.77 per share to NT$8.09 per share. Net income forecast to grow 3.5% next year vs 23% growth forecast for Electrical industry in Taiwan. Consensus price target down from NT$153 to NT$128. Share price was steady at NT$104 over the past week. Price Target Changed • May 07
Price target decreased by 10.0% to NT$144 Down from NT$160, the current price target is an average from 3 analysts. New target price is 45% above last closing price of NT$99.50. Stock is down 37% over the past year. The company is forecast to post earnings per share of NT$7.96 for next year compared to NT$8.34 last year. Reported Earnings • May 07
First quarter 2025 earnings released: EPS: NT$1.01 (vs NT$1.71 in 1Q 2024) First quarter 2025 results: EPS: NT$1.01 (down from NT$1.71 in 1Q 2024). Revenue: NT$8.44b (up 4.9% from 1Q 2024). Net income: NT$402.9m (down 41% from 1Q 2024). Profit margin: 4.8% (down from 8.5% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.5% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Electrical industry in Taiwan. 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 13% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • Apr 29
Chicony Power Technology Co., Ltd. to Report Q1, 2025 Results on May 06, 2025 Chicony Power Technology Co., Ltd. announced that they will report Q1, 2025 results on May 06, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$91.40, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 14x in the Electrical industry in Taiwan. Total returns to shareholders of 43% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$56.53 per share. Declared Dividend • Mar 06
Dividend of NT$6.00 announced Dividend of NT$6.00 is the same as last year. Ex-date: 10th June 2025 Payment date: 9th July 2025 Dividend yield will be 4.7%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (69% earnings payout ratio) but not covered by cash flows (301% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 25% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 05
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: NT$8.34 (up from NT$8.27 in FY 2023). Revenue: NT$37.2b (up 2.4% from FY 2023). Net income: NT$3.34b (up 1.4% from FY 2023). Profit margin: 9.0% (down from 9.1% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.3%. Revenue is forecast to grow 8.9% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Electrical industry in Taiwan. 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 16% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • Mar 04
Chicony Power Technology Co., Ltd., Annual General Meeting, May 26, 2025 Chicony Power Technology Co., Ltd., Annual General Meeting, May 26, 2025. Location: no,69, sec.2 kuang fu rd., sanchong district, new taipei city Taiwan Annuncio • Feb 22
Chicony Power Technology Co., Ltd. to Report Q4, 2024 Results on Mar 03, 2025 Chicony Power Technology Co., Ltd. announced that they will report Q4, 2024 results on Mar 03, 2025 Reported Earnings • Nov 06
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: NT$2.21 (down from NT$2.36 in 3Q 2023). Revenue: NT$10.4b (up 6.4% from 3Q 2023). Net income: NT$887.0m (down 5.8% from 3Q 2023). Profit margin: 8.6% (down from 9.7% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) missed analyst estimates by 3.1%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Electrical industry in Taiwan. 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 • Oct 26
Chicony Power Technology Co., Ltd. to Report Q3, 2024 Results on Nov 04, 2024 Chicony Power Technology Co., Ltd. announced that they will report Q3, 2024 results on Nov 04, 2024 Valuation Update With 7 Day Price Move • Sep 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$144, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 18x in the Electrical industry in Taiwan. Total returns to shareholders of 147% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$80.00 per share. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: NT$2.28 (vs NT$1.98 in 2Q 2023) Second quarter 2024 results: EPS: NT$2.28 (up from NT$1.98 in 2Q 2023). Revenue: NT$8.90b (down 4.0% from 2Q 2023). Net income: NT$912.0m (up 15% from 2Q 2023). Profit margin: 10% (up from 8.5% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Aug 08
Price target decreased by 15% to NT$153 Down from NT$180, the current price target is an average from 3 analysts. New target price is 21% above last closing price of NT$126. Stock is up 16% over the past year. The company is forecast to post earnings per share of NT$9.01 for next year compared to NT$8.27 last year. Major Estimate Revision • Aug 08
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$39.9b to NT$37.8b. EPS estimate also fell from NT$10.46 per share to NT$9.01 per share. Net income forecast to grow 13% next year vs 23% growth forecast for Electrical industry in Taiwan. Consensus price target down from NT$180 to NT$153. Share price fell 8.7% to NT$126 over the past week. Price Target Changed • Jun 06
Price target increased by 7.7% to NT$180 Up from NT$167, the current price target is an average from 2 analysts. New target price is 21% above last closing price of NT$149. Stock is up 75% over the past year. The company is forecast to post earnings per share of NT$10.46 for next year compared to NT$8.27 last year. Annuncio • May 30
Chicony Power Technology Co., Ltd. Announces Resignation of Pong, Cheng-Shen, Member of the Company's Audit Committee Chicony Power Technology Co., Ltd. announced resignation of Pong, Cheng-Shen, Independent Director, member of the Company's Audit Committee, Jing-Jan Retail Business Co., Ltd., Independent Director, Chicony Power Technology Co., Ltd. Upcoming Dividend • May 28
Upcoming dividend of NT$6.00 per share Eligible shareholders must have bought the stock before 04 June 2024. Payment date: 05 July 2024. Payout ratio is a comfortable 71% and this is well supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of Taiwanese dividend payers (4.3%). Higher than average of industry peers (2.4%). Reported Earnings • May 12
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: NT$1.70 (up from NT$1.47 in 1Q 2023). Revenue: NT$8.05b (down 3.0% from 1Q 2023). Net income: NT$680.9m (up 17% from 1Q 2023). Profit margin: 8.5% (up from 7.0% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) exceeded analyst estimates by 1.0%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • Apr 26
Chicony Power Technology Co., Ltd. to Report Q1, 2024 Results on May 02, 2024 Chicony Power Technology Co., Ltd. announced that they will report Q1, 2024 results on May 02, 2024 Annuncio • Mar 13
Chicony Power Technology Co., Ltd., Annual General Meeting, May 27, 2024 Chicony Power Technology Co., Ltd., Annual General Meeting, May 27, 2024. Buy Or Sell Opportunity • Mar 13
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 29% to NT$179. The fair value is estimated to be NT$143, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years. Earnings per share has grown by 12%. Revenue is forecast to grow by 22% in 2 years. Earnings are forecast to grow by 51% in the next 2 years. Buy Or Sell Opportunity • Feb 26
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 16% to NT$167. The fair value is estimated to be NT$136, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years. Earnings per share has grown by 12%. Revenue is forecast to grow by 22% in 2 years. Earnings are forecast to grow by 47% in the next 2 years. Buy Or Sell Opportunity • Jan 26
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 40% to NT$152. The fair value is estimated to be NT$125, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years. Earnings per share has grown by 12%. Revenue is forecast to grow by 23% in 2 years. Earnings are forecast to grow by 47% in the next 2 years. Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$142, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 18x in the Electrical industry in Taiwan. Total returns to shareholders of 157% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$124 per share. Reported Earnings • Nov 03
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: NT$2.36 (down from NT$2.44 in 3Q 2022). Revenue: NT$9.74b (down 9.8% from 3Q 2022). Net income: NT$941.6m (down 2.6% from 3Q 2022). Profit margin: 9.7% (in line with 3Q 2022). Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) exceeded analyst estimates by 7.3%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 13
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 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.6% average weekly change). Reported Earnings • Aug 04
Second quarter 2023 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2023 results: EPS: NT$1.98 (up from NT$1.95 in 2Q 2022). Revenue: NT$9.27b (down 9.7% from 2Q 2022). Net income: NT$790.0m (up 2.3% from 2Q 2022). Profit margin: 8.5% (up from 7.5% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 13% per year. Reported Earnings • Aug 04
Second quarter 2023 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2023 results: EPS: NT$1.98 (up from NT$1.95 in 2Q 2022). Revenue: NT$9.27b (down 9.7% from 2Q 2022). Net income: NT$790.0m (up 2.3% from 2Q 2022). Profit margin: 8.5% (up from 7.5% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 13% per year. Price Target Changed • Aug 04
Price target increased by 8.7% to NT$100.00 Up from NT$92.00, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of NT$101. Stock is up 40% over the past year. The company is forecast to post earnings per share of NT$7.65 for next year compared to NT$8.22 last year. Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to NT$111, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 18x in the Electrical industry in Taiwan. Total returns to shareholders of 92% over the past three years. Upcoming Dividend • Mar 22
Upcoming dividend of NT$5.90 per share at 7.1% yield Eligible shareholders must have bought the stock before 29 March 2023. Payment date: 03 May 2023. Payout ratio is a comfortable 72% and this is well supported by cash flows. Trailing yield: 7.1%. Within top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (3.3%). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Ching-Shan Hong 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 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: NT$2.44 (up from NT$2.09 in 3Q 2021). Revenue: NT$10.8b (up 6.6% from 3Q 2021). Net income: NT$966.3m (up 18% from 3Q 2021). Profit margin: 8.9% (up from 8.1% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) exceeded analyst estimates by 3.6%. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 06
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: EPS: NT$1.95 (up from NT$1.68 in 2Q 2021). Revenue: NT$10.3b (up 6.7% from 2Q 2021). Net income: NT$772.0m (up 17% from 2Q 2021). Profit margin: 7.5% (up from 6.9% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) exceeded analyst estimates by 2.1%. Over the next year, revenue is forecast to grow 5.3%, compared to a 24% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jul 13
Price target decreased to NT$90.00 Down from NT$97.33, the current price target is an average from 2 analysts. New target price is 28% above last closing price of NT$70.20. Stock is down 0.7% over the past year. The company is forecast to post earnings per share of NT$8.13 for next year compared to NT$7.22 last year. Reported Earnings • May 06
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: NT$1.93 (up from NT$1.49 in 1Q 2021). Revenue: NT$10.5b (up 5.1% from 1Q 2021). Net income: NT$757.1m (up 31% from 1Q 2021). Profit margin: 7.2% (up from 5.8% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Over the next year, revenue is forecast to grow 11%, compared to a 25% growth forecast for the 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 only increased by 10% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Ching-Shan Hung 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. Upcoming Dividend • Mar 31
Upcoming dividend of NT$5.20 per share Eligible shareholders must have bought the stock before 07 April 2022. Payment date: 11 May 2022. Payout ratio is a comfortable 72% but the company is not cash flow positive. Trailing yield: 6.3%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.4%). Annuncio • Mar 06
Chicony Power Technology Co., Ltd. Announces Cash Dividend, Payable on May 11, 2022 Chicony Power Technology Co., Ltd. announced a cash dividend of TWD 2,056,019,628, each common share is entitled to receive TWD 5.2. Ex-dividend of April 7, 2022, and record date of April 14, 2022. Cash dividend for common shares is scheduled to be paid on May 11, 2022. Reported Earnings • Mar 05
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$7.22 (up from NT$5.52 in FY 2020). Revenue: NT$40.4b (up 16% from FY 2020). Net income: NT$2.83b (up 32% from FY 2020). Profit margin: 7.0% (up from 6.1% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 9.7%, compared to a 23% growth forecast for the industry in Taiwan. 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 15% per year, which means it is significantly lagging earnings growth. Price Target Changed • Dec 10
Price target increased to NT$92.00 Up from NT$83.33, the current price target is an average from 3 analysts. New target price is 17% above last closing price of NT$78.80. Stock is up 6.2% over the past year. The company is forecast to post earnings per share of NT$7.02 for next year compared to NT$5.52 last year. Reported Earnings • Nov 05
Third quarter 2021 earnings released: EPS NT$2.09 (vs NT$1.89 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$10.1b (up 4.9% from 3Q 2020). Net income: NT$820.0m (up 12% from 3Q 2020). Profit margin: 8.1% (up from 7.6% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Executive Departure • Oct 07
Chief Technology Officer, Senior Deputy & GM Chung Ming Huang has left the company On the 30th of September, Chung Ming Huang's tenure as Chief Technology Officer, Senior Deputy & GM ended after 9.3 years in the role. We don't have any record of a personal shareholding under Chung Ming's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 9.25 years. Executive Departure • Aug 27
Independent Director Yow-Shiuan Fu has left the company On the 26th of August, Yow-Shiuan Fu's tenure as Independent Director ended after 8.6 years in the role. We don't have any record of a personal shareholding under Yow-Shiuan's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 9.08 years. Executive Departure • Aug 27
Independent Director Te-Chen Chiu has left the company On the 26th of August, Te-Chen Chiu's tenure as Independent Director ended after 8.6 years in the role. We don't have any record of a personal shareholding under Te-Chen's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 9.08 years. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$1.68 (vs NT$1.78 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$9.63b (up 4.2% from 2Q 2020). Net income: NT$659.7m (down 4.2% from 2Q 2020). Profit margin: 6.9% (down from 7.5% 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 28% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jun 16
Price target decreased to NT$81.25 Down from NT$88.75, the current price target is an average from 4 analysts. New target price is 18% above last closing price of NT$68.90. Stock is up 9.4% over the past year. Reported Earnings • May 05
First quarter 2021 earnings released: EPS NT$1.49 (vs NT$0.35 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$9.98b (up 49% from 1Q 2020). Net income: NT$579.4m (up 334% from 1Q 2020). Profit margin: 5.8% (up from 2.0% 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 22% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 01
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 08 April 2021. Payment date: 14 May 2021. Trailing yield: 4.8%. Within top quartile of Taiwanese dividend payers (4.8%). Higher than average of industry peers (3.6%). Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$5.52 (vs NT$4.51 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$34.9b (up 1.3% from FY 2019). Net income: NT$2.14b (up 24% from FY 2019). Profit margin: 6.1% (up from 5.0% in FY 2019). Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 11% per year. Annuncio • Mar 16
Chicony Power Technology Co., Ltd. Declares Cash Dividend, Payable on May 14, 2021 Chicony Power Technology Co., Ltd. declares cash dividend of TWD 1,568,588,736, each common share is entitled to receive TWD 4, payable on May 14, 2021. ex-dividend date is April 8, 2021 and record date is April 16, 2021. Price Target Changed • Mar 09
Price target raised to NT$87.50 Up from NT$81.60, the current price target is an average from 5 analysts. The new target price is 13% above the current share price of NT$77.70. As of last close, the stock is up 41% over the past year. Annuncio • Mar 04
Chicony Power Technology Co., Ltd., Annual General Meeting, Jun 10, 2021 Chicony Power Technology Co., Ltd., Annual General Meeting, Jun 10, 2021. Location: Chicony Power's conference room, No. 69, Sec. 2, Guangfu Rd., Sanchong New Taipei City Taiwan Agenda: To consider Business Report of the Company for the 2020 fiscal year; to consider Audit Report by the Audit Committee for the 2020 fiscal year; to consider Report on the distribution of remunerations to employees and directors for the 2020 fiscal year; and to consider other matters. 