Upcoming Dividend • Jun 02
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 09 June 2026. Payment date: 07 July 2026. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 2.1%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (1.0%). Reported Earnings • May 07
First quarter 2026 earnings released: EPS: NT$0.33 (vs NT$0.39 in 1Q 2025) First quarter 2026 results: EPS: NT$0.33 (down from NT$0.39 in 1Q 2025). Revenue: NT$273.2m (down 25% from 1Q 2025). Net income: NT$20.4m (down 14% from 1Q 2025). Profit margin: 7.5% (up from 6.5% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. Annuncio • Mar 06
Shian Yih Electronic Industry Co.,Ltd, Annual General Meeting, May 25, 2026 Shian Yih Electronic Industry Co.,Ltd, Annual General Meeting, May 25, 2026. Location: no,22, kung yeh rd., nan tun district, taichung city Taiwan Reported Earnings • Mar 06
Full year 2025 earnings released: EPS: NT$0.30 (vs NT$1.35 in FY 2024) Full year 2025 results: EPS: NT$0.30 (down from NT$1.35 in FY 2024). Revenue: NT$1.30b (down 18% from FY 2024). Net income: NT$18.1m (down 78% from FY 2024). Profit margin: 1.4% (down from 5.2% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. New Risk • Mar 06
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: 1.4% Last year net profit margin: 5.2% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 9.8% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (183% payout ratio). Profit margins are more than 30% lower than last year (1.4% net profit margin). Market cap is less than US$100m (NT$1.26b market cap, or US$39.9m). Board Change • Feb 25
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 7 new directors. 1 experienced director. 4 highly experienced directors. 3 independent directors (6 non-independent directors). Supervisor Shi Zheng Feng is the most experienced director on the board, commencing their role in 2013. Independent Director Lan Ying Huang 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. Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: NT$0.39 (vs NT$0.88 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.39 (up from NT$0.88 loss in 3Q 2024). Revenue: NT$265.5m (down 31% from 3Q 2024). Net income: NT$23.9m (up NT$77.4m from 3Q 2024). Profit margin: 9.0% (up from net loss in 3Q 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 09
Second quarter 2025 earnings released: NT$1.25 loss per share (vs NT$0.37 profit in 2Q 2024) Second quarter 2025 results: NT$1.25 loss per share (down from NT$0.37 profit in 2Q 2024). Revenue: NT$366.6m (down 2.6% from 2Q 2024). Net loss: NT$76.3m (down 435% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 46% 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. Upcoming Dividend • Jul 23
Upcoming dividend of NT$0.80 per share Eligible shareholders must have bought the stock before 30 July 2025. Payment date: 28 August 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.2%). Declared Dividend • Jun 21
Dividend reduced to NT$0.80 Dividend of NT$0.80 is 53% lower than last year. Ex-date: 30th July 2025 Payment date: 28th August 2025 Dividend yield will be 3.4%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (101% earnings payout ratio). However, it is well covered by cash flows (16% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 12% to bring the payout ratio under control. However, EPS has declined by 16% over the last 5 years so the company would need to reverse this trend. Annuncio • May 27
Shian Yih Electronic Industry Co.,Ltd Approves Election of Board Members Shian Yih Electronic Industry Co. Ltd. held its 2025 Annual Shareholders' Meeting on May 26, 2025. The company appointed Director:Corporate power investments limited Representative:Wang, Hui-Min; Director:Cheng Yu Investment Co. Ltd. Representative: Teng, Chia-Wen; Director: Yao, Pai-Chou; Director: Chang, Yu-Chang; Director: Wang, Jih-Chun; Independent Director: Chang, Chia-Hsing; Independent Director: Lin, Yu-Sheng; Independent Director: Huang, Lan-Ying. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: NT$0.39 (vs NT$0.95 in 1Q 2024) First quarter 2025 results: EPS: NT$0.39 (down from NT$0.95 in 1Q 2024). Revenue: NT$365.3m (down 13% from 1Q 2024). Net income: NT$23.8m (down 59% from 1Q 2024). Profit margin: 6.5% (down from 14% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Annuncio • Apr 27
Shian Yih Electronic Industry Co.,Ltd to Report Q1, 2025 Results on May 08, 2025 Shian Yih Electronic Industry Co.,Ltd announced that they will report Q1, 2025 results on May 08, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$22.80, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 19% over the past three years. Reported Earnings • Mar 09
Full year 2024 earnings released: EPS: NT$1.35 (vs NT$2.43 in FY 2023) Full year 2024 results: EPS: NT$1.35 (down from NT$2.43 in FY 2023). Revenue: NT$1.58b (down 24% from FY 2023). Net income: NT$82.6m (down 45% from FY 2023). Profit margin: 5.2% (down from 7.1% in FY 2023). The decrease in margin was driven by lower revenue. 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 9% per year, which means it is well ahead of earnings. Annuncio • Feb 27
Shian Yih Electronic Industry Co.,Ltd, Annual General Meeting, May 26, 2025 Shian Yih Electronic Industry Co.,Ltd, Annual General Meeting, May 26, 2025, at 09:00 Taipei Standard Time. Location: no,22, kung yeh rd., nan tun district, taichung city Taiwan Annuncio • Feb 15
Shian Yih Electronic Industry Co.,Ltd to Report Q4, 2024 Results on Feb 25, 2025 Shian Yih Electronic Industry Co.,Ltd announced that they will report Q4, 2024 results on Feb 25, 2025 Reported Earnings • Nov 12
Third quarter 2024 earnings released: NT$0.88 loss per share (vs NT$1.54 profit in 3Q 2023) Third quarter 2024 results: NT$0.88 loss per share (down from NT$1.54 profit in 3Q 2023). Revenue: NT$385.3m (down 41% from 3Q 2023). Net loss: NT$53.6m (down 157% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 8% per year. Annuncio • Oct 26
Shian Yih Electronic Industry Co.,Ltd to Report Q3, 2024 Results on Nov 07, 2024 Shian Yih Electronic Industry Co.,Ltd announced that they will report Q3, 2024 results on Nov 07, 2024 Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: NT$0.37 (vs NT$0.68 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.37 (down from NT$0.68 in 2Q 2023). Revenue: NT$376.3m (down 23% from 2Q 2023). Net income: NT$22.8m (down 45% from 2Q 2023). Profit margin: 6.1% (down from 8.5% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Annuncio • Jul 27
Shian Yih Electronic Industry Co.,Ltd to Report Q2, 2024 Results on Aug 08, 2024 Shian Yih Electronic Industry Co.,Ltd announced that they will report Q2, 2024 results on Aug 08, 2024 Upcoming Dividend • Jul 25
Upcoming dividend of NT$1.70 per share Eligible shareholders must have bought the stock before 01 August 2024. Payment date: 28 August 2024. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 5.2%. Within top quartile of Taiwanese dividend payers (4.3%). Higher than average of industry peers (2.0%). Declared Dividend • Jun 14
Dividend reduced to NT$1.70 Dividend of NT$1.70 is 15% lower than last year. Ex-date: 1st August 2024 Payment date: 28th August 2024 Dividend yield will be 5.2%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (33% cash payout ratio). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. Earnings per share has grown by 15% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annuncio • Jun 14
Shian Yih Electronic Industry Co.,Ltd Announces Cash Dividend, Payable on August 28, 2024 Shian Yih Electronic Industry Co.,Ltd announced cash dividend of TWD 103,997,519 (TWD 1.7 per share) of common stock. Ex-rights (Ex-dividend) date: August 1, 2024. Ex-rights (Ex-dividend) record date: August 9, 2024. Payment date of cash dividend distribution: August 28, 2024. Date of the resolution by the board of directors or shareholders’ meeting, or of the decision by the company: June 12, 2024. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.95 (vs NT$0.023 in 1Q 2023) First quarter 2024 results: EPS: NT$0.95 (up from NT$0.023 in 1Q 2023). Revenue: NT$417.8m (down 8.6% from 1Q 2023). Net income: NT$58.0m (up NT$56.6m from 1Q 2023). Profit margin: 14% (up from 0.3% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Annuncio • Apr 28
Shian Yih Electronic Industry Co.,Ltd to Report Q1, 2024 Results on May 09, 2024 Shian Yih Electronic Industry Co.,Ltd announced that they will report Q1, 2024 results on May 09, 2024 Reported Earnings • Mar 21
Full year 2023 earnings released: EPS: NT$2.43 (vs NT$3.02 in FY 2022) Full year 2023 results: EPS: NT$2.43 (down from NT$3.02 in FY 2022). Revenue: NT$2.08b (down 7.0% from FY 2022). Net income: NT$148.8m (down 20% from FY 2022). Profit margin: 7.1% (down from 8.3% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. New Risk • Nov 18
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: 6.7% Last year net profit margin: 10.0% 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 Share price has been highly volatile over the past 3 months (7.8% average weekly change). Minor Risks Dividend is not well covered by earnings (100% payout ratio). Profit margins are more than 30% lower than last year (6.7% net profit margin). Market cap is less than US$100m (NT$1.95b market cap, or US$61.6m). Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$35.30, the stock trades at a trailing P/E ratio of 17.6x. Average trailing P/E is 23x in the Semiconductor industry in Taiwan. Total returns to shareholders of 98% over the past three years. Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: NT$0.68 (vs NT$1.07 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.68 (down from NT$1.07 in 2Q 2022). Revenue: NT$487.4m (down 21% from 2Q 2022). Net income: NT$41.5m (down 37% from 2Q 2022). Profit margin: 8.5% (down from 11% 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 37% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 20
Upcoming dividend of NT$2.00 per share at 7.1% yield Eligible shareholders must have bought the stock before 27 July 2023. Payment date: 25 August 2023. Payout ratio is on the higher end at 83%, however this is supported by cash flows. Trailing yield: 7.1%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.2%). Reported Earnings • Mar 23
Full year 2022 earnings released: EPS: NT$3.02 (vs NT$1.38 in FY 2021) Full year 2022 results: EPS: NT$3.02 (up from NT$1.38 in FY 2021). Revenue: NT$2.24b (up 8.6% from FY 2021). Net income: NT$185.0m (up 119% from FY 2021). Profit margin: 8.3% (up from 4.1% in FY 2021). The increase in margin was driven by higher revenue. 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 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$1.25 (vs NT$0.43 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.25 (up from NT$0.43 in 3Q 2021). Revenue: NT$590.5m (up 11% from 3Q 2021). Net income: NT$76.2m (up 191% from 3Q 2021). Profit margin: 13% (up from 4.9% in 3Q 2021). 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 only increased by 5% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Zhao Wen Hua was the last independent director to join the board, commencing their role in 2013. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$1.25 (vs NT$0.43 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.25 (up from NT$0.43 in 3Q 2021). Revenue: NT$590.5m (up 11% from 3Q 2021). Net income: NT$76.2m (up 191% from 3Q 2021). Profit margin: 13% (up from 4.9% in 3Q 2021). 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 only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$1.07 (vs NT$0.051 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.07 (up from NT$0.051 in 2Q 2021). Revenue: NT$614.6m (up 21% from 2Q 2021). Net income: NT$65.3m (up NT$62.2m from 2Q 2021). Profit margin: 11% (up from 0.6% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improved over the past week After last week's 21% share price gain to NT$26.90, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 12x in the Semiconductor industry in Taiwan. Total returns to shareholders of 42% over the past three years. Upcoming Dividend • Jul 20
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 27 July 2022. Payment date: 26 August 2022. Payout ratio is a comfortable 62% but the company is not cash flow positive. Trailing yield: 5.1%. Lower than top quartile of Taiwanese dividend payers (6.8%). Higher than average of industry peers (3.7%). Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improved over the past week After last week's 23% share price gain to NT$27.65, the stock trades at a trailing P/E ratio of 14.4x. Average trailing P/E is 14x in the Semiconductor industry in Taiwan. Total returns to shareholders of 51% over the past three years. Reported Earnings • May 17
First quarter 2022 earnings released: EPS: NT$0.65 (vs NT$0.11 in 1Q 2021) First quarter 2022 results: EPS: NT$0.65 (up from NT$0.11 in 1Q 2021). Revenue: NT$531.6m (up 17% from 1Q 2021). Net income: NT$39.8m (up 487% from 1Q 2021). Profit margin: 7.5% (up from 1.5% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 8 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Zhao Hua was the last independent director to join the board, commencing their role in 2013. 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 31
Full year 2021 earnings released: EPS: NT$1.38 (vs NT$0.84 in FY 2020) Full year 2021 results: EPS: NT$1.38 (up from NT$0.84 in FY 2020). Revenue: NT$2.06b (up 22% from FY 2020). Net income: NT$84.6m (up 65% from FY 2020). Profit margin: 4.1% (up from 3.0% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.43 (vs NT$0.14 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$529.9m (up 19% from 3Q 2020). Net income: NT$26.2m (up 217% from 3Q 2020). Profit margin: 4.9% (up from 1.9% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 19
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 26 August 2021. Payment date: 27 September 2021. Trailing yield: 4.4%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (2.2%). Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$0.05 (vs NT$0.23 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$508.6m (up 28% from 2Q 2020). Net income: NT$3.14m (down 78% from 2Q 2020). Profit margin: 0.6% (down from 3.5% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • May 13
First quarter 2021 earnings released: EPS NT$0.11 (vs NT$0.03 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$453.0m (up 24% from 1Q 2020). Net income: NT$6.78m (up 275% from 1Q 2020). Profit margin: 1.5% (up from 0.5% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Annuncio • Mar 20
Shian Yih Electronic Industry Co.,Ltd, Annual General Meeting, Jun 16, 2021 Shian Yih Electronic Industry Co.,Ltd, Annual General Meeting, Jun 16, 2021. Reported Earnings • Mar 18
Full year 2020 earnings released: EPS NT$0.84 (vs NT$2.29 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$1.70b (down 11% from FY 2019). Net income: NT$51.4m (down 63% from FY 2019). Profit margin: 3.0% (down from 7.4% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 24
New 90-day high: NT$21.85 The company is up 2.0% from its price of NT$21.50 on 26 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 33% over the same period. Is New 90 Day High Low • Feb 01
New 90-day low: NT$20.40 The company is down 6.0% from its price of NT$21.75 on 04 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 35% over the same period. Is New 90 Day High Low • Jan 12
New 90-day low: NT$21.00 The company is down 1.0% from its price of NT$21.20 on 15 October 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 28% over the same period. Is New 90 Day High Low • Dec 18
New 90-day high: NT$21.80 The company is up 3.0% from its price of NT$21.25 on 18 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 17% over the same period. Reported Earnings • Nov 12
Third quarter 2020 earnings released: EPS NT$0.13 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$444.1m (down 15% from 3Q 2019). Net income: NT$8.24m (down 76% from 3Q 2019). Profit margin: 1.9% (down from 6.6% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. 
