New Risk • Jul 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.22b (US$99.2m) 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. Market cap is less than US$100m (NT$3.22b market cap, or US$99.2m). Upcoming Dividend • Jul 15
Upcoming dividend of NT$1.99 per share Eligible shareholders must have bought the stock before 22 July 2026. Payment date: 17 August 2026. Payout ratio is a comfortable 72% and this is well supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of Taiwanese dividend payers (5.0%). In line with average of industry peers (4.4%). Reported Earnings • May 19
First quarter 2026 earnings released: EPS: NT$0.48 (vs NT$0.50 in 1Q 2025) First quarter 2026 results: EPS: NT$0.48 (down from NT$0.50 in 1Q 2025). Revenue: NT$1.13b (up 14% from 1Q 2025). Net income: NT$38.3m (down 2.3% from 1Q 2025). Profit margin: 3.4% (down from 4.0% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • May 18
Now 20% overvalued Over the last 90 days, the stock has fallen 11% to NT$47.35. The fair value is estimated to be NT$39.33, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years, while earnings per share has been flat. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$58.80, the stock trades at a trailing P/E ratio of 21.2x. Average trailing P/E is 19x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 96% over the past three years. Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$2.81 (vs NT$2.87 in FY 2024) Full year 2025 results: EPS: NT$2.81. Revenue: NT$4.28b (up 11% from FY 2024). Net income: NT$221.5m (flat on FY 2024). Profit margin: 5.2% (down from 5.7% in FY 2024). The decrease in margin was driven by higher expenses. Annuncio • Mar 12
Yen Sun Technology Corporation, Annual General Meeting, May 28, 2026 Yen Sun Technology Corporation, Annual General Meeting, May 28, 2026, at 09:00 Taipei Standard Time. Location: no,400, jen yung rd., renwu district, kaohsiung city Taiwan New Risk • Mar 04
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 7.1% 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 (294% cash payout ratio). Share price has been volatile over the past 3 months (7.1% average weekly change). Profit margins are more than 30% lower than last year (5.3% net profit margin). Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$60.80, the stock trades at a trailing P/E ratio of 21.8x. Average trailing P/E is 17x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 167% over the past three years. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$51.20, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 17x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 120% over the past three years. Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: NT$0.78 (vs NT$0.79 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.78. Revenue: NT$1.04b (flat on 3Q 2024). Net income: NT$61.4m (flat on 3Q 2024). Profit margin: 5.9% (in line with 3Q 2024). Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$0.72 (vs NT$0.65 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.72 (up from NT$0.65 in 2Q 2024). Revenue: NT$1.17b (up 19% from 2Q 2024). Net income: NT$56.5m (up 14% from 2Q 2024). Profit margin: 4.8% (down from 5.1% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Aug 13
Now 21% overvalued Over the last 90 days, the stock has fallen 5.1% to NT$42.40. The fair value is estimated to be NT$35.07, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 8.8%. Upcoming Dividend • Jul 29
Upcoming dividend of NT$2.26 per share Eligible shareholders must have bought the stock before 05 August 2025. Payment date: 01 September 2025. Payout ratio is on the higher end at 84% but the company is not cash flow positive. Trailing yield: 5.3%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (4.5%). Buy Or Sell Opportunity • Jul 11
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to NT$43.00. The fair value is estimated to be NT$34.95, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 8.8%. Buy Or Sell Opportunity • Jun 26
Now 20% overvalued Over the last 90 days, the stock has fallen 7.1% to NT$42.10. The fair value is estimated to be NT$35.04, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 8.8%. Buy Or Sell Opportunity • Jun 04
Now 21% overvalued Over the last 90 days, the stock has fallen 12% to NT$42.65. The fair value is estimated to be NT$35.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 8.8%. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: NT$0.50 (vs NT$0.62 in 1Q 2024) First quarter 2025 results: EPS: NT$0.50 (down from NT$0.62 in 1Q 2024). Revenue: NT$986.8m (up 8.8% from 1Q 2024). Net income: NT$39.2m (down 16% from 1Q 2024). Profit margin: 4.0% (down from 5.2% 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 9% per year whereas the company’s share price has increased by 11% per year. Annuncio • May 01
Yen Sun Technology Corporation to Report Q1, 2025 Results on May 07, 2025 Yen Sun Technology Corporation announced that they will report Q1, 2025 results on May 07, 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$35.55, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 14x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 18% over the past three years. New Risk • Apr 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.07b (US$92.9m) 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 Dividend is not well covered by cash flows (dividend per share is over 24x cash flows per share). Market cap is less than US$100m (NT$3.07b market cap, or US$92.9m). Reported Earnings • Mar 23
Full year 2024 earnings released: EPS: NT$2.87 (vs NT$4.08 in FY 2023) Full year 2024 results: EPS: NT$2.87 (down from NT$4.08 in FY 2023). Revenue: NT$3.86b (up 6.4% from FY 2023). Net income: NT$220.8m (down 24% from FY 2023). Profit margin: 5.7% (down from 8.0% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 7% per year. Annuncio • Feb 27
Yen Sun Technology Corporation to Report Fiscal Year 2024 Results on Mar 06, 2025 Yen Sun Technology Corporation announced that they will report fiscal year 2024 results on Mar 06, 2025 Buy Or Sell Opportunity • Dec 03
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 5.0% to NT$48.30. The fair value is estimated to be NT$39.98, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 15%. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.79 (vs NT$0.95 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.79 (down from NT$0.95 in 3Q 2023). Revenue: NT$1.03b (up 3.6% from 3Q 2023). Net income: NT$60.9m (down 11% from 3Q 2023). Profit margin: 5.9% (down from 6.9% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 13% per year. Annuncio • Oct 25
Yen Sun Technology Corporation to Report Q3, 2024 Results on Nov 01, 2024 Yen Sun Technology Corporation announced that they will report Q3, 2024 results on Nov 01, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.65 (vs NT$0.86 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.65 (down from NT$0.86 in 2Q 2023). Revenue: NT$977.8m (up 1.4% from 2Q 2023). Net income: NT$49.6m (down 17% from 2Q 2023). Profit margin: 5.1% (down from 6.2% in 2Q 2023). 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 19% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Jul 30
Now 22% overvalued Over the last 90 days, the stock has fallen 19% to NT$51.10. The fair value is estimated to be NT$42.04, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 9.9%. Annuncio • Jul 30
Yen Sun Technology Corporation to Report Q2, 2024 Results on Aug 06, 2024 Yen Sun Technology Corporation announced that they will report Q2, 2024 results on Aug 06, 2024 Annuncio • Jun 01
Yen Sun Technology Corporation Announces Director Changes Yen Sun Technology Corporation announced Title and name of the previous position holder: (1)Director:CHEN,KUAN-HUNG; LI,YING-CHEN;XIE,TENG-LONG;CHEN,CHIEN-JUNG (2)Independent Director:FANG,ZHI-MIN;LI,WEN-BAR;CHEN,GUAN-LIANG. Resume of the previous position holder: (1) Director: CHEN,KUAN-HUNG/Chairman of Yen Sun Technology CORP. LI,YING-CHEN/Chairman of Litemax Electronics Inc. XIE,TENG-LONG/Deputy General Manager Of Bank of Taiwan. CHEN,CHIEN-JUNG /Director of Yen Sun Technology CORP. (2) Independent Director: FANG,ZHI-MIN/Associate Professor of the Department of Business Administration,NSYSU. LI,WEN-BAR/General Manager of First Securities. CHEN,GUAN-LIANG/CPA of PKF Taiwan. Title and name of the new position holder: (1) Director: CHEN,KUAN-HUNG;LI,YING-CHEN; Liyuan Investment Co.,Ltd Representative:XIE,TENG-LONG;CHEN,YI-CHUN (2)Independent Director:FANG,ZHI-MIN;CHEN,GUAN-LIANG;CHIU,CHI-CHUN. Resume of the new position holder: (1)Director: CHEN,KUAN-HUNG/Chairman of Yen Sun Technology CORP LI,YING-CHEN/Chairman of Litemax Electronics Inc. Liyuan Investment Co.,Ltd Representative:XIE,TENG-LONG/Deputy General Manager Of Bank of Taiwan CHEN,YI-CHUN/Special Assistant to CEO of Yen Sun Technology CORP. (2)Independent Director: FANG,ZHI-MIN/Associate Professor of the Department of Business Administration,NSYSU. CHEN,GUAN-LIANG/CPA of PKF Taiwan. CHIU,CHI-CHUN/Partners, CLASSIC AND SUPERIOR Attorney-at-Law. Reason for the change is term expired. Effective date of the new appointment is May 31, 2024. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.62 (vs NT$0.27 in 1Q 2023) First quarter 2024 results: EPS: NT$0.62 (up from NT$0.27 in 1Q 2023). Revenue: NT$907.2m (up 6.6% from 1Q 2023). Net income: NT$46.8m (up 154% from 1Q 2023). Profit margin: 5.2% (up from 2.2% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • Apr 12
Yen Sun Technology Corporation announced a financing transaction Yen Sun Technology Corporation announced a private placement to issue 20,000,000 common shares on April 10, 2024. The transaction has been approved by the shareholders of the company. Upcoming Dividend • Mar 22
Upcoming dividend of NT$2.97 per share Eligible shareholders must have bought the stock before 29 March 2024. Payment date: 26 April 2024. Payout ratio is a comfortable 74% but the company is paying out more than the cash it is generating. Trailing yield: 4.5%. Lower than top quartile of Taiwanese dividend payers (4.7%). Higher than average of industry peers (4.0%). New Risk • Mar 14
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 354% 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: Major Risk Share price has been highly volatile over the past 3 months (7.9% average weekly change). Minor Risks Dividend is not well covered by cash flows (313% cash payout ratio). Large one-off items impacting financial results. Shareholders have been diluted in the past year (8.9% increase in shares outstanding). Reported Earnings • Mar 12
Full year 2023 earnings released: EPS: NT$4.08 (vs NT$2.80 in FY 2022) Full year 2023 results: EPS: NT$4.08 (up from NT$2.80 in FY 2022). Revenue: NT$3.63b (flat on FY 2022). Net income: NT$291.8m (up 50% from FY 2022). Profit margin: 8.0% (up from 5.3% in FY 2022). 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. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$61.40, the stock trades at a trailing P/E ratio of 27.4x. Average trailing P/E is 17x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 148% over the past three years. Annuncio • Mar 06
Yen Sun Technology Corporation, Annual General Meeting, May 31, 2024 Yen Sun Technology Corporation, Annual General Meeting, May 31, 2024. Location: 1F, No.801 Chongde Rd, Zuoying District, Kaohsiung City, Taiwan Garden Villa Kaohsiung,1F Conference room Kaohsiung City Taiwan Agenda: To report 2023 business report; to Audit Committee’s review report of 2023 financial statements; to report the distribution of 2023 employee and director compensation; to report the cash dividends distribution of earnings and capital surplus for 2023; to Adoption of the 2023 business report and financial statements; to Adoption of the proposal for distribution of 2023 earnings; to To elect members of the Board of Directors; and to consider other matters if any. Annuncio • Mar 05
Yen Sun Technology Corporation Announces Cash Distribution for the Year 2023, Payable on April 26, 2024 Yen Sun Technology Corporation announced cash distribution from capital surplus: TWD 113,748,362 (TWD 1.5 per share) for the year 2023. The ex-rights date is March 29, 2024 Record date is on April 6, 2024. The payment date of the cash dividend distribution is on April 26, 2024. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$50.00, the stock trades at a trailing P/E ratio of 22.3x. Average trailing P/E is 16x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 99% over the past three years. New Risk • Oct 11
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 7.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.8% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 97% Cash payout ratio: 174% Minor Risks High level of debt (42% net debt to equity). Shareholders have been diluted in the past year (2.8% increase in shares outstanding). Market cap is less than US$100m (NT$3.15b market cap, or US$98.0m). New Risk • Sep 10
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.8% 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: 97% Cash payout ratio: 174% Minor Risks High level of debt (40% net debt to equity). Share price has been volatile over the past 3 months (7.7% average weekly change). Shareholders have been diluted in the past year (2.8% increase in shares outstanding). Upcoming Dividend • Aug 15
Upcoming dividend of NT$2.11 per share at 4.8% yield Eligible shareholders must have bought the stock before 22 August 2023. Payment date: 15 September 2023. Payout ratio is on the higher end at 97%, and the cash payout ratio is above 100%. Trailing yield: 4.8%. Lower than top quartile of Taiwanese dividend payers (5.7%). In line with average of industry peers (4.5%). New Risk • Aug 11
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 97% Cash payout ratio: 168% Dividend yield: 5.0% 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: 97% Cash payout ratio: 168% Minor Risks High level of debt (40% net debt to equity). Share price has been volatile over the past 3 months (7.3% average weekly change). Market cap is less than US$100m (NT$3.06b market cap, or US$96.2m). Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: NT$0.86 (vs NT$0.98 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.86 (down from NT$0.98 in 2Q 2022). Revenue: NT$963.9m (down 7.8% from 2Q 2022). Net income: NT$59.9m (down 12% from 2Q 2022). Profit margin: 6.2% (down from 6.5% 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 16% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$48.40, the stock trades at a trailing P/E ratio of 19.7x. Average trailing P/E is 16x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 210% over the past three years. 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 6.3% 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 High level of debt (44% net debt to equity). 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 (6.3% average weekly change). Market cap is less than US$100m (NT$3.05b market cap, or US$97.4m). Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$39.95, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 14x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 158% over the past three years. Reported Earnings • Mar 15
Full year 2022 earnings released: EPS: NT$2.80 (vs NT$2.86 in FY 2021) Full year 2022 results: EPS: NT$2.80 (down from NT$2.86 in FY 2021). Revenue: NT$3.64b (down 7.4% from FY 2021). Net income: NT$194.4m (down 1.3% from FY 2021). Profit margin: 5.3% (up from 5.0% 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 38% per year whereas the company’s share price has increased by 40% per year. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.79 (vs NT$0.72 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.79 (up from NT$0.72 in 3Q 2021). Revenue: NT$880.1m (down 13% from 3Q 2021). Net income: NT$54.7m (up 10% from 3Q 2021). Profit margin: 6.2% (up from 4.9% in 3Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
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 Wen-Bar Li was the last independent director to join the board, commencing their role in 2020. 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 13
Third quarter 2022 earnings released: EPS: NT$0.79 (vs NT$0.72 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.79 (up from NT$0.72 in 3Q 2021). Revenue: NT$880.1m (down 13% from 3Q 2021). Net income: NT$54.7m (up 10% from 3Q 2021). Profit margin: 6.2% (up from 4.9% in 3Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Oct 25
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be NT$30.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 48%. Buying Opportunity • Sep 28
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be NT$32.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 48%. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.98 (vs NT$0.72 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.98 (up from NT$0.72 in 2Q 2021). Revenue: NT$1.04b (up 5.3% from 2Q 2021). Net income: NT$67.8m (up 36% from 2Q 2021). Profit margin: 6.5% (up from 5.0% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 29
Upcoming dividend of NT$2.20 per share Eligible shareholders must have bought the stock before 05 August 2022. Payment date: 31 August 2022. Payout ratio is on the higher end at 80%, and the cash payout ratio is above 100%. Trailing yield: 7.1%. Within top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (4.9%). Reported Earnings • May 11
First quarter 2022 earnings released: EPS: NT$0.61 (vs NT$0.74 in 1Q 2021) First quarter 2022 results: EPS: NT$0.61 (down from NT$0.74 in 1Q 2021). Revenue: NT$940.5m (down 1.1% from 1Q 2021). Net income: NT$42.6m (down 17% from 1Q 2021). Profit margin: 4.5% (down from 5.4% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
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 Wen-Bar Li was the last independent director to join the board, commencing their role in 2020. 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 • Mar 12
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: NT$2.86 (up from NT$2.01 in FY 2020). Revenue: NT$3.93b (up 18% from FY 2020). Net income: NT$197.1m (up 41% from FY 2020). Profit margin: 5.0% (up from 4.2% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.6%. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment improved over the past week After last week's 17% share price gain to NT$42.60, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 13x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 104% over the past three years. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improved over the past week After last week's 16% share price gain to NT$42.05, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 13x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 187% over the past three years. Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment improved over the past week After last week's 17% share price gain to NT$39.10, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 13x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 167% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.72 (vs NT$0.67 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: NT$1.01b (up 14% from 3Q 2020). Net income: NT$49.6m (up 7.6% from 3Q 2020). Profit margin: 4.9% (down from 5.2% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS NT$0.72 (vs NT$0.44 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$992.0m (up 4.6% from 2Q 2020). Net income: NT$49.9m (up 64% from 2Q 2020). Profit margin: 5.0% (up from 3.2% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improved over the past week After last week's 15% share price gain to NT$32.50, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 12x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 94% over the past three years. Upcoming Dividend • Jun 14
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 21 June 2021. Payment date: 15 July 2021. Trailing yield: 4.9%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (3.7%). Reported Earnings • May 14
First quarter 2021 earnings released: EPS NT$0.74 (vs NT$0.25 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$951.2m (up 36% from 1Q 2020). Net income: NT$51.0m (up 197% from 1Q 2020). Profit margin: 5.4% (up from 2.5% 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 16% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$27.30, the stock trades at a trailing P/E ratio of 13.6x. Average trailing P/E is 13x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 62% over the past three years. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improved over the past week After last week's 15% share price gain to NT$31.50, the stock trades at a trailing P/E ratio of 15.7x, up from the previous P/E ratio of 13.6x. Average P/E is 15x in the Consumer Durables industry in Taiwan. Total returns to shareholders over the past three years are 73%. Annuncio • Mar 10
Yen Sun Technology Corporation, Annual General Meeting, May 31, 2021 Yen Sun Technology Corporation, Annual General Meeting, May 31, 2021. Reported Earnings • Mar 10
Full year 2020 earnings released: EPS NT$2.01 (vs NT$0.73 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$3.33b (up 12% from FY 2019). Net income: NT$139.4m (up 176% from FY 2019). Profit margin: 4.2% (up from 1.7% 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 9% per year whereas the company’s share price has increased by 13% per year. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improved over the past week After last week's 23% share price gain to NT$29.60, the stock is trading at a trailing P/E ratio of 19.4x, up from the previous P/E ratio of 15.8x. This compares to an average P/E of 17x in the Consumer Durables industry in Taiwan. Total returns to shareholders over the past three years are 59%. Is New 90 Day High Low • Feb 20
New 90-day high: NT$25.90 The company is up 37% from its price of NT$18.90 on 20 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 8.0% over the same period. Is New 90 Day High Low • Jan 04
New 90-day high: NT$25.40 The company is up 40% from its price of NT$18.20 on 07 October 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 10.0% over the same period. Is New 90 Day High Low • Dec 17
New 90-day high: NT$24.40 The company is up 26% from its price of NT$19.40 on 18 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 8.0% over the same period. Valuation Update With 7 Day Price Move • Dec 01
Market bids up stock over the past week After last week's 16% share price gain to NT$21.85, the stock is trading at a trailing P/E ratio of 14.3x, up from the previous P/E ratio of 12.4x. This compares to an average P/E of 17x in the Consumer Durables industry in Taiwan. Total returns to shareholders over the past three years are 22%. Is New 90 Day High Low • Nov 28
New 90-day high: NT$19.90 The company is up 7.0% from its price of NT$18.60 on 28 August 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Consumer Durables industry, which is up 3.0% over the same period. Reported Earnings • Nov 12
Third quarter 2020 earnings released: EPS NT$0.67 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$880.2m (up 31% from 3Q 2019). Net income: NT$46.1m (up 377% from 3Q 2019). Profit margin: 5.2% (up from 1.4% in 3Q 2019). The increase in margin was driven by higher revenue. 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 1% per year.