Reported Earnings • Mar 15
Full year 2025 earnings released: NT$0.44 loss per share (vs NT$0.73 loss in FY 2024) Full year 2025 results: NT$0.44 loss per share (improved from NT$0.73 loss in FY 2024). Net loss: NT$22.5m (loss narrowed 3.6% from FY 2024). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Annuncio • Mar 10
Trust-Search Corp.,Ltd., Annual General Meeting, Jun 23, 2026 Trust-Search Corp.,Ltd., Annual General Meeting, Jun 23, 2026. Location: b1 floor no,132, chi ho rd., shihlin district, taipei city Taiwan New Risk • Nov 20
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 6.7% 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: Major Risks Shareholders have been substantially diluted in the past year (78% increase in shares outstanding). Revenue is less than US$1m (NT$5.2m revenue, or US$165k). Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (NT$643.5m market cap, or US$20.6m). Reported Earnings • Nov 15
Third quarter 2025 earnings released: NT$0.04 loss per share (vs NT$0.25 loss in 3Q 2024) Third quarter 2025 results: NT$0.04 loss per share (improved from NT$0.25 loss in 3Q 2024). Net loss: NT$2.17m (loss narrowed 73% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 12% per year. Reported Earnings • Aug 15
Second quarter 2025 earnings released: NT$0.23 loss per share (vs NT$0.19 loss in 2Q 2024) Second quarter 2025 results: NT$0.23 loss per share (further deteriorated from NT$0.19 loss in 2Q 2024). Net loss: NT$12.0m (loss widened 93% from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • May 17
First quarter 2025 earnings released: NT$0.16 loss per share (vs NT$0.18 loss in 1Q 2024) First quarter 2025 results: NT$0.16 loss per share (improved from NT$0.18 loss in 1Q 2024). Net loss: NT$5.30m (loss narrowed 8.0% from 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. New Risk • May 02
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 78% This is considered a major 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 Risks Shareholders have been substantially diluted in the past year (78% increase in shares outstanding). Revenue is less than US$1m (NT$3.9m revenue, or US$127k). Minor Risks Share price has been volatile over the past 3 months (9.8% average weekly change). Market cap is less than US$100m (NT$757.9m market cap, or US$24.6m). Reported Earnings • Mar 21
Full year 2024 earnings released: NT$0.73 loss per share (vs NT$0.93 loss in FY 2023) Full year 2024 results: NT$0.73 loss per share (improved from NT$0.93 loss in FY 2023). Net loss: NT$23.4m (loss narrowed 22% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Annuncio • Mar 14
Trust-Search Corp.,Ltd., Annual General Meeting, Jun 18, 2025 Trust-Search Corp.,Ltd., Annual General Meeting, Jun 18, 2025, at 09:00 Taipei Standard Time. Location: b1 floor no,132, chi ho rd., shihlin district, taipei city Taiwan New Risk • Jan 10
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 36% 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 Revenue is less than US$1m (NT$1.7m revenue, or US$50k). Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Shareholders have been diluted in the past year (36% increase in shares outstanding). Market cap is less than US$100m (NT$563.4m market cap, or US$17.1m). Reported Earnings • Nov 18
Third quarter 2024 earnings released: NT$0.18 loss per share (vs NT$0.12 loss in 3Q 2023) Third quarter 2024 results: NT$0.18 loss per share (further deteriorated from NT$0.12 loss in 3Q 2023). Net loss: NT$8.07m (loss widened 50% from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 12% per year. Reported Earnings • Aug 18
Second quarter 2024 earnings released: NT$0.14 loss per share (vs NT$0.13 loss in 2Q 2023) Second quarter 2024 results: NT$0.14 loss per share (further deteriorated from NT$0.13 loss in 2Q 2023). Net loss: NT$6.21m (loss widened 14% from 2Q 2023). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • May 19
First quarter 2024 earnings released: NT$0.13 loss per share (vs NT$0.20 loss in 1Q 2023) First quarter 2024 results: NT$0.13 loss per share (improved from NT$0.20 loss in 1Q 2023). Net loss: NT$5.76m (loss narrowed 33% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Annuncio • Apr 04
Trust-Search Corp.,Ltd., Annual General Meeting, Jun 19, 2024 Trust-Search Corp.,Ltd., Annual General Meeting, Jun 19, 2024. Reported Earnings • Mar 27
Full year 2023 earnings released: NT$0.68 loss per share (vs NT$0.34 loss in FY 2022) Full year 2023 results: NT$0.68 loss per share (further deteriorated from NT$0.34 loss in FY 2022). Net loss: NT$29.9m (loss widened 102% from FY 2022). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 15
Third quarter 2023 earnings released: NT$0.12 loss per share (vs NT$0.077 loss in 3Q 2022) Third quarter 2023 results: NT$0.12 loss per share (further deteriorated from NT$0.077 loss in 3Q 2022). Net loss: NT$5.40m (loss widened 60% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. New Risk • Nov 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 7.5% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.5% average weekly change). Revenue is less than US$1m (NT$1.7m revenue, or US$53k). Minor Risk Market cap is less than US$100m (NT$478.5m market cap, or US$14.9m). New Risk • Jul 22
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 6.2% 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: Major Risk Revenue is less than US$1m (NT$1.3m revenue, or US$42k). Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Market cap is less than US$100m (NT$491.6m market cap, or US$15.7m). Reported Earnings • Mar 26
Full year 2022 earnings released: NT$0.34 loss per share (vs NT$0.33 loss in FY 2021) Full year 2022 results: NT$0.34 loss per share (further deteriorated from NT$0.33 loss in FY 2021). Revenue: NT$57.4m (down 86% from FY 2021). Net loss: NT$14.8m (loss widened 2.8% from FY 2021). 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 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 16
Third quarter 2022 earnings released: NT$0.07 loss per share (vs NT$0.013 loss in 3Q 2021) Third quarter 2022 results: NT$0.07 loss per share (further deteriorated from NT$0.013 loss in 3Q 2021). Revenue: NT$122.0k (down 100% from 3Q 2021). Net loss: NT$3.37m (loss widened 489% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 13
Third quarter 2022 earnings released: NT$0.07 loss per share (vs NT$0.013 loss in 3Q 2021) Third quarter 2022 results: NT$0.07 loss per share (further deteriorated from NT$0.013 loss in 3Q 2021). Revenue: NT$122.0k (down 100% from 3Q 2021). Net loss: NT$3.37m (loss widened 489% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Buying Opportunity • Nov 07
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be NT$13.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 25% over the last 3 years. Earnings per share has grown by 38%. Buying Opportunity • Oct 21
Now 21% undervalued Over the last 90 days, the stock is up 7.9%. The fair value is estimated to be NT$14.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 25% over the last 3 years. Earnings per share has grown by 38%. Buying Opportunity • Sep 08
Now 21% undervalued Over the last 90 days, the stock is up 4.2%. The fair value is estimated to be NT$15.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 25% over the last 3 years. Earnings per share has grown by 38%. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.02 (vs NT$0.033 loss in 2Q 2021) Second quarter 2022 results: EPS: NT$0.02 (up from NT$0.033 loss in 2Q 2021). Net income: NT$1.23m (up NT$2.67m from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Buying Opportunity • Jul 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.0%. The fair value is estimated to be NT$14.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 26% over the last 3 years. Earnings per share has grown by 34%. Reported Earnings • May 12
First quarter 2022 earnings released: NT$0.07 loss per share (vs NT$0.13 loss in 1Q 2021) First quarter 2022 results: NT$0.07 loss per share (up from NT$0.13 loss in 1Q 2021). Revenue: NT$57.1m (down 41% from 1Q 2021). Net loss: NT$3.24m (loss narrowed 41% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 19
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: NT$0.33 loss per share (up from NT$1.01 loss in FY 2020). Revenue: NT$421.2m (up 19% from FY 2020). Net loss: NT$14.3m (loss narrowed 68% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Annuncio • Jan 28
Trust-Search Corp.,Ltd., Annual General Meeting, Apr 21, 2022 Trust-Search Corp.,Ltd., Annual General Meeting, Apr 21, 2022. Reported Earnings • Nov 18
Third quarter 2021 earnings released: NT$0.01 loss per share (vs NT$0.038 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: NT$120.8m (up 87% from 3Q 2020). Net loss: NT$572.0k (loss narrowed 65% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: NT$0.03 loss per share (vs NT$0.21 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: NT$116.5m (up 25% from 2Q 2020). Net loss: NT$1.45m (loss narrowed 84% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 17
First quarter 2021 earnings released: NT$0.13 loss per share (vs NT$0.009 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: NT$96.2m (down 20% from 1Q 2020). Net loss: NT$5.47m (down NT$5.87m from profit in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 22% per year whereas the company’s share price has fallen by 19% per year. Reported Earnings • Apr 01
Full year 2020 earnings released: NT$1.01 loss per share (vs NT$1.04 loss in FY 2019) The company reported a soft full year result with weaker revenues and control over costs, although losses reduced. Full year 2020 results: Revenue: NT$352.8m (down 25% from FY 2019). Net loss: NT$44.1m (loss narrowed 3.3% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Mar 12
New 90-day high: NT$18.15 The company is up 24% from its price of NT$14.65 on 10 December 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 9.0% over the same period. Reported Earnings • Nov 17
Third quarter 2020 earnings released: NT$0.04 loss per share The company reported a decent third quarter result with reduced losses and improved control over expenses, although revenues were weaker. Third quarter 2020 results: Revenue: NT$64.7m (down 33% from 3Q 2019). Net loss: NT$1.65m (loss narrowed 84% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. 
