Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$67.30, the stock trades at a trailing P/E ratio of 14.5x. Average forward P/E is 18x in the Electrical industry in Taiwan. Total returns to shareholders of 75% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$42.83 per share. New Risk • Jul 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 9.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks 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 (9.5% average weekly change). Declared Dividend • Jun 27
Dividend of NT$2.80 announced Shareholders will receive a dividend of NT$2.80. Ex-date: 13th July 2026 Payment date: 31st July 2026 Dividend yield will be 4.8%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by both earnings (64% earnings payout ratio) and cash flows (50% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 3.2% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 15
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$0.86 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00 (up from NT$0.86 in 1Q 2025). Revenue: NT$910.1m (up 23% from 1Q 2025). Net income: NT$90.7m (up 34% from 1Q 2025). Profit margin: 10.0% (in line with 1Q 2025). Revenue is forecast to grow 13% 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 3% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 24
Price target increased by 9.3% to NT$109 Up from NT$100, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of NT$106. Stock is up 104% over the past year. The company posted earnings per share of NT$3.92 last year. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$101, the stock trades at a trailing P/E ratio of 22.9x. Average forward P/E is 21x in the Electrical industry in Taiwan. Total returns to shareholders of 173% over the past three years. Annuncio • Mar 13
CviLux Corporation, Annual General Meeting, Jun 17, 2026 CviLux Corporation, Annual General Meeting, Jun 17, 2026. Location: 1 floor no,29 ln.3, sec.1 chung cheng e. rd., danshuei district, new taipei city Taiwan Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$3.92 (vs NT$4.66 in FY 2024) Full year 2025 results: EPS: NT$3.92. Revenue: NT$3.36b (up 5.2% from FY 2024). Net income: NT$338.8m (flat on FY 2024). Profit margin: 10% (in line with FY 2024). Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Electrical industry in Taiwan. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$82.40, the stock trades at a trailing P/E ratio of 20.6x. Average forward P/E is 22x in the Electrical industry in Taiwan. Total returns to shareholders of 124% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$33.14 per share. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$110, the stock trades at a trailing P/E ratio of 27.3x. Average forward P/E is 22x in the Electrical industry in Taiwan. Total returns to shareholders of 222% over the past three years. Upcoming Dividend • Nov 20
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 27 November 2025. Payment date: 19 December 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.7%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (2.5%). Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: NT$1.35 (vs NT$0.62 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.35 (up from NT$0.62 in 3Q 2024). Revenue: NT$874.4m (down 1.0% from 3Q 2024). Net income: NT$115.4m (up 109% from 3Q 2024). Profit margin: 13% (up from 6.2% in 3Q 2024). Revenue is forecast to grow 9.9% 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 6% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. New Risk • Oct 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (106% payout ratio). Share price has been volatile over the past 3 months (6.9% average weekly change). Valuation Update With 7 Day Price Move • Oct 16
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$63.20, the stock trades at a trailing P/E ratio of 23.1x. Average forward P/E is 24x in the Electrical industry in Taiwan. Total returns to shareholders of 146% over the past three years. Upcoming Dividend • Oct 15
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 22 October 2025. Payment date: 07 November 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 5.0%. Lower than top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (2.8%). Price Target Changed • Sep 25
Price target increased by 20% to NT$66.00 Up from NT$55.00, the current price target is provided by 1 analyst. New target price is 27% above last closing price of NT$52.10. Stock is down 16% over the past year. The company posted earnings per share of NT$3.96 last year. Price Target Changed • Aug 16
Price target decreased by 12% to NT$55.00 Down from NT$62.50, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of NT$56.50. Stock is down 20% over the past year. The company posted earnings per share of NT$3.96 last year. Reported Earnings • Aug 12
Second quarter 2025 earnings released: EPS: NT$0.43 (vs NT$1.40 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.43 (down from NT$1.40 in 2Q 2024). Revenue: NT$850.8m (up 6.0% from 2Q 2024). Net income: NT$38.9m (down 66% from 2Q 2024). Profit margin: 4.6% (down from 14% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.1% 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 fallen by 11% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$49.60, the stock trades at a trailing P/E ratio of 13.9x. Average forward P/E is 20x in the Electrical industry in Taiwan. Total returns to shareholders of 50% over the past three years. Upcoming Dividend • Jul 02
Upcoming dividend of NT$2.86 per share Eligible shareholders must have bought the stock before 09 July 2025. Payment date: 01 August 2025. Payout ratio is on the higher end at 77%, however this is supported by cash flows. Trailing yield: 5.9%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.7%). Annuncio • Jun 20
CviLux Corporation Approves Cash Dividend for 2024, Payable on August 1, 2025 CviLux Corporation at its 2025 Annual General Meeting of Shareholders held on June 19, 2025, approved a cash dividend distribution totaling TWD 258,379,621 or TWD 2.8 per share for the year 2024. Payment date of common stock cash dividend distribution of August 1, 2025 with Ex-rights (ex-dividend) trading date of July 9, 2025 and Ex-rights (ex-dividend) record date of July 15, 2025. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: NT$0.73 (vs NT$1.05 in 1Q 2024) First quarter 2025 results: EPS: NT$0.73 (down from NT$1.05 in 1Q 2024). Revenue: NT$738.2m (up 9.7% from 1Q 2024). Net income: NT$67.5m (down 19% from 1Q 2024). Profit margin: 9.1% (down from 12% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% 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 fallen by 10% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Annuncio • May 01
CviLux Corporation to Report Q1, 2025 Results on May 08, 2025 CviLux Corporation announced that they will report Q1, 2025 results on May 08, 2025 Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$45.95, the stock trades at a trailing P/E ratio of 12.5x. Average forward P/E is 16x in the Electrical industry in Taiwan. Total returns to shareholders of 32% over the past three years. New Risk • Apr 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.17b (US$96.4m) 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (17% increase in shares outstanding). Market cap is less than US$100m (NT$3.17b market cap, or US$96.4m). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$38.30, the stock trades at a trailing P/E ratio of 10.4x. Average forward P/E is 14x in the Electrical industry in Taiwan. Total returns to shareholders of 2.1% over the past three years. Reported Earnings • Mar 18
Full year 2024 earnings released: EPS: NT$3.96 (vs NT$2.76 in FY 2023) Full year 2024 results: EPS: NT$3.96 (up from NT$2.76 in FY 2023). Revenue: NT$3.19b (up 7.8% from FY 2023). Net income: NT$338.5m (up 55% from FY 2023). Profit margin: 11% (up from 7.4% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% 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 fallen by 11% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Annuncio • Mar 14
CviLux Corporation, Annual General Meeting, Jun 19, 2025 CviLux Corporation, Annual General Meeting, Jun 19, 2025. Location: no,1 ln.3, sec.1 chung cheng e. rd., danshuei district, new taipei city Taiwan Buy Or Sell Opportunity • Feb 10
Now 20% undervalued Over the last 90 days, the stock has risen 1.2% to NT$51.00. The fair value is estimated to be NT$63.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has declined by 12%. 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 Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (16% increase in shares outstanding). Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: NT$0.62 (vs NT$1.40 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.62 (down from NT$1.40 in 3Q 2023). Revenue: NT$883.2m (up 7.5% from 3Q 2023). Net income: NT$55.2m (down 50% from 3Q 2023). Profit margin: 6.2% (down from 14% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% 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 fallen by 12% 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 • Oct 16
Price target decreased by 18% to NT$75.00 Down from NT$91.50, the current price target is an average from 2 analysts. New target price is 29% above last closing price of NT$58.20. Stock is up 57% over the past year. The company posted earnings per share of NT$2.76 last year. New Risk • Aug 19
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 9.9% 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: 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 (8.4% average weekly change). Shareholders have been diluted in the past year (9.9% increase in shares outstanding). Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: NT$1.40 (vs NT$0.84 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.40 (up from NT$0.84 in 2Q 2023). Revenue: NT$802.7m (up 5.8% from 2Q 2023). Net income: NT$114.0m (up 72% from 2Q 2023). Profit margin: 14% (up from 8.8% in 2Q 2023). Revenue is forecast to grow 20% 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 fallen by 9% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. New Risk • Aug 05
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 7.2% 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 (7.2% average weekly change). Annuncio • Aug 01
CviLux Corporation to Report Q2, 2024 Results on Aug 08, 2024 CviLux Corporation announced that they will report Q2, 2024 results at 9:00 AM, Taipei Standard Time on Aug 08, 2024 Upcoming Dividend • Jul 31
Upcoming dividend of NT$1.23 per share Eligible shareholders must have bought the stock before 07 August 2024. Payment date: 30 August 2024. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Taiwanese dividend payers (4.4%). Lower than average of industry peers (2.4%). Annuncio • Jul 12
CviLux Corporation Announces Cash Dividends, Payable on August 30, 2024 CviLux Corporation announced cash dividends of TWD 110,183,579 (TWD 1.38 per share) of common stock. Payment date of common stock cash dividend distribution on August 30, 2024. Ex-rights (ex-dividend) record date on August 13, 2024. Ex-rights (ex-dividend) trading date is August 07, 2024. Declared Dividend • Jul 12
Dividend reduced to NT$1.38 Dividend of NT$1.38 is 31% lower than last year. Ex-date: 7th August 2024 Payment date: 30th August 2024 Dividend yield will be 1.8%, which is lower than the industry average of 3.1%. Sustainability & Growth Dividend is well covered by both earnings (40% earnings payout ratio) and cash flows (16% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 5.6% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Jul 11
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 57% to NT$71.60. The fair value is estimated to be NT$57.67, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 9.1% over the last 3 years. Earnings per share has declined by 8.2%. Annuncio • Jul 11
CviLux Corporation Announces Change in Representative of the Company's Institutional Director CviLux Corporation appointed Kyle Chu, Director of Chuan Kai Investment Co.,Ltd. as representative of institutional director in place of Glen Chu. Effective date of the new appointment on August 30, 2024. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$58.50, the stock trades at a trailing P/E ratio of 17.1x. Average forward P/E is 21x in the Electrical industry in Taiwan. Total returns to shareholders of 65% over the past three years. New Risk • Jun 05
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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • May 11
First quarter 2024 earnings released: EPS: NT$1.05 (vs NT$0.36 in 1Q 2023) First quarter 2024 results: EPS: NT$1.05 (up from NT$0.36 in 1Q 2023). Revenue: NT$673.0m (flat on 1Q 2023). Net income: NT$83.6m (up 197% from 1Q 2023). Profit margin: 12% (up from 4.2% in 1Q 2023). Revenue is forecast to grow 17% 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 fallen by 8% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Annuncio • May 03
CviLux Corporation to Report Q1, 2024 Results on May 09, 2024 CviLux Corporation announced that they will report Q1, 2024 results on May 09, 2024 Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: NT$2.76 (vs NT$4.20 in FY 2022) Full year 2023 results: EPS: NT$2.76 (down from NT$4.20 in FY 2022). Revenue: NT$2.96b (down 21% from FY 2022). Net income: NT$217.9m (down 34% from FY 2022). Profit margin: 7.4% (down from 8.9% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 11% 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 3% per year whereas the company’s share price has increased by 2% per year. Annuncio • Mar 15
CviLux Corporation, Annual General Meeting, Jun 20, 2024 CviLux Corporation, Annual General Meeting, Jun 20, 2024. Location: No. 29, Lane 3, Section 1, Zhongzheng East Road, Tamsui District, New Taipei City Taiwan Agenda: To consider 2023 Business Status Report; to consider the Audit Committee reviewed the 2023 annual financial statements report and communicated with the internal audit manager; to consider 2023 Annual Report on Remuneration Distribution to Employees and Directors; to consider the Company's 2023 Annual Indirect Investment in Mainland China Implementation Report; to consider the Company's external endorsements and guarantees in 2023; to consider the company's capital loans to others in 2023; and to consider other matters. Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: NT$0.84 (vs NT$1.57 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.84 (down from NT$1.57 in 2Q 2022). Revenue: NT$758.3m (down 28% from 2Q 2022). Net income: NT$66.5m (down 46% from 2Q 2022). Profit margin: 8.8% (down from 12% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 01
Upcoming dividend of NT$2.00 per share at 4.9% yield Eligible shareholders must have bought the stock before 08 August 2023. Payment date: 31 August 2023. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 4.9%. Lower than top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (3.0%). Reported Earnings • Mar 24
Full year 2022 earnings released: EPS: NT$4.20 (vs NT$4.29 in FY 2021) Full year 2022 results: EPS: NT$4.20 (down from NT$4.29 in FY 2021). Revenue: NT$3.73b (down 10% from FY 2021). Net income: NT$331.5m (down 2.1% from FY 2021). Profit margin: 8.9% (up from 8.1% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 29% per year whereas the company’s share price has increased by 24% per year. Price Target Changed • Nov 16
Price target decreased to NT$46.50 Down from NT$51.00, the current price target is an average from 2 analysts. New target price is 43% above last closing price of NT$32.55. Stock is down 35% over the past year. The company posted earnings per share of NT$4.29 last year. Reported Earnings • Nov 06
Third quarter 2022 earnings released: EPS: NT$1.32 (vs NT$1.32 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.32 (up from NT$1.32 in 3Q 2021). Revenue: NT$917.9m (down 21% from 3Q 2021). Net income: NT$104.0m (flat on 3Q 2021). Profit margin: 11% (up from 8.9% in 3Q 2021). 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 10% growth forecast for the Electrical 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 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 07
Second quarter 2022 earnings released: EPS: NT$1.57 (vs NT$1.14 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.57 (up from NT$1.14 in 2Q 2021). Revenue: NT$1.06b (up 5.9% from 2Q 2021). Net income: NT$124.1m (up 38% from 2Q 2021). Profit margin: 12% (up from 9.0% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 8.9%, compared to a 24% 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 15% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 29
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 05 August 2022. Payment date: 29 August 2022. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 5.6%. Lower than top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (3.7%). Reported Earnings • May 09
First quarter 2022 earnings released: EPS: NT$1.09 (vs NT$0.90 in 1Q 2021) First quarter 2022 results: EPS: NT$1.09 (up from NT$0.90 in 1Q 2021). Revenue: NT$999.1m (up 13% from 1Q 2021). Net income: NT$85.7m (up 21% from 1Q 2021). Profit margin: 8.6% (up from 8.0% in 1Q 2021). The increase in margin was driven by higher revenue. 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 15% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target increased to NT$51.00 Up from NT$30.70, the current price target is provided by 1 analyst. New target price is 29% above last closing price of NT$39.50. Stock is down 18% over the past year. The company posted earnings per share of NT$4.29 last year. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$1.32 (vs NT$0.77 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$1.16b (up 41% from 3Q 2020). Net income: NT$103.9m (up 70% from 3Q 2020). Profit margin: 8.9% (up from 7.4% 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 16% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improved over the past week After last week's 16% share price gain to NT$44.65, the stock trades at a trailing P/E ratio of 13.4x. Average forward P/E is 16x in the Electrical industry in Taiwan. Total returns to shareholders of 125% over the past three years. Upcoming Dividend • Aug 24
Upcoming dividend of NT$1.40 per share Eligible shareholders must have bought the stock before 31 August 2021. Payment date: 17 September 2021. Trailing yield: 3.3%. Lower than top quartile of Taiwanese dividend payers (5.3%). In line with average of industry peers (3.3%). Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$1.13 (vs NT$1.17 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$1.00b (up 16% from 2Q 2020). Net income: NT$89.8m (down 4.4% from 2Q 2020). Profit margin: 9.0% (down from 11% 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 13% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.90 (vs NT$0.24 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$886.8m (up 49% from 1Q 2020). Net income: NT$70.7m (up 264% from 1Q 2020). Profit margin: 8.0% (up from 3.3% 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 11% per year whereas the company’s share price has increased by 12% per year. Valuation Update With 7 Day Price Move • May 12
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$35.20, the stock trades at a trailing P/E ratio of 13x. Average forward P/E is 14x in the Electrical industry in Taiwan. Total returns to shareholders of 62% over the past three years. Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improved over the past week After last week's 22% share price gain to NT$48.55, the stock trades at a trailing P/E ratio of 18x. Average forward P/E is 16x in the Electrical industry in Taiwan. Total returns to shareholders of 101% over the past three years. Reported Earnings • Mar 24
Full year 2020 earnings released: EPS NT$2.70 (vs NT$2.16 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: NT$3.13b (flat on FY 2019). Net income: NT$215.9m (up 23% from FY 2019). Profit margin: 6.9% (up from 5.6% in FY 2019). Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 10% per year. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improved over the past week After last week's 16% share price gain to NT$37.75, the stock is trading at a trailing P/E ratio of 15.5x, up from the previous P/E ratio of 13.4x. This compares to an average P/E of 17x in the Electrical industry in Taiwan. Total returns to shareholders over the past three years are 31%. Is New 90 Day High Low • Feb 20
New 90-day high: NT$37.05 The company is up 17% from its price of NT$31.80 on 20 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Electrical industry, which is up 12% over the same period. Is New 90 Day High Low • Dec 30
New 90-day high: NT$37.00 The company is up 25% from its price of NT$29.70 on 30 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 11% over the same period. Is New 90 Day High Low • Dec 15
New 90-day high: NT$36.70 The company is up 11% from its price of NT$33.05 on 15 September 2020. The Taiwanese market is also up 11% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Electrical industry, which is up 6.0% over the same period. Reported Earnings • Nov 08
Third quarter 2020 earnings released: EPS NT$0.77 The company reported a poor third quarter result with weaker earnings and profit margins, although revenues were flat. Third quarter 2020 results: Revenue: NT$826.1m (flat on 3Q 2019). Net income: NT$61.1m (down 16% from 3Q 2019). Profit margin: 7.4% (down from 8.8% in 3Q 2019). The decrease in margin was primarily driven by higher 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.