New Risk • Jun 17
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 90% The company is paying a dividend despite having no free cash flows. Dividend yield: 2.4% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 90% Paying a dividend despite having no free cash flows. High level of non-cash earnings (45% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (21% net profit margin). Reported Earnings • May 13
First quarter 2026 earnings released: EPS: NT$0.51 (vs NT$1.65 in 1Q 2025) First quarter 2026 results: EPS: NT$0.51 (down from NT$1.65 in 1Q 2025). Revenue: NT$88.3m (down 34% from 1Q 2025). Net income: NT$15.4m (down 69% from 1Q 2025). Profit margin: 17% (down from 37% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has increased by 100% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Mar 12
Upcoming dividend of NT$3.50 per share Eligible shareholders must have bought the stock before 19 March 2026. Payment date: 22 April 2026. Payout ratio is a comfortable 72% but the company is paying out more than the cash it is generating. Trailing yield: 2.0%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (1.3%). Reported Earnings • Mar 06
Full year 2025 earnings released: EPS: NT$3.89 (vs NT$5.69 in FY 2024) Full year 2025 results: EPS: NT$3.89 (down from NT$5.69 in FY 2024). Revenue: NT$435.9m (down 14% from FY 2024). Net income: NT$116.5m (down 22% from FY 2024). Profit margin: 27% (down from 29% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has increased by 105% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Feb 11
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 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 (6.9% average weekly change). Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$137, the stock trades at a trailing P/E ratio of 30.5x. Average trailing P/E is 33x in the Semiconductor industry in Taiwan. Total returns to shareholders of 770% over the past three years. New Risk • Nov 29
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 10x increase in shares outstanding. 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 Risk Shareholders have been substantially diluted in the past year (over 10x increase in shares outstanding). Minor Risk Dividend is not well covered by cash flows (dividend per share is over 6x cash flows per share). Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$1.13 (vs NT$1.22 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.13. Revenue: NT$86.8m (down 29% from 3Q 2024). Net income: NT$34.0m (up 6.9% from 3Q 2024). Profit margin: 39% (up from 26% in 3Q 2024). The increase in margin was driven by lower expenses. Buy Or Sell Opportunity • Sep 25
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 2.0% to NT$135. The fair value is estimated to be NT$111, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 75%. Upcoming Dividend • Aug 28
Upcoming dividend of NT$3.80 per share Eligible shareholders must have bought the stock before 04 September 2025. Payment date: 09 October 2025. Payout ratio is a comfortable 71% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.1%). Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$1.91 (vs NT$1.58 in 1Q 2024) First quarter 2025 results: EPS: NT$1.91 (up from NT$1.58 in 1Q 2024). Revenue: NT$133.0m (up 16% from 1Q 2024). Net income: NT$49.2m (up 39% from 1Q 2024). Profit margin: 37% (up from 31% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 75% per year whereas the company’s share price has increased by 73% per year. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$162, the stock trades at a trailing P/E ratio of 27.9x. Average trailing P/E is 23x in the Semiconductor industry in Taiwan. Total returns to shareholders of 433% 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$3.16b (US$96.1m) 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 Share price has been volatile over the past 3 months (7.9% average weekly change). Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (NT$3.16b market cap, or US$96.1m). 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$131, the stock trades at a trailing P/E ratio of 22.7x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 286% over the past three years. New Risk • Mar 22
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% 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 Share price has been volatile over the past 3 months (6.2% average weekly change). Shareholders have been diluted in the past year (16% increase in shares outstanding). Reported Earnings • Mar 14
Full year 2024 earnings released: EPS: NT$6.60 (vs NT$1.96 in FY 2023) Full year 2024 results: EPS: NT$6.60 (up from NT$1.96 in FY 2023). Revenue: NT$509.7m (up 41% from FY 2023). Net income: NT$149.9m (up 246% from FY 2023). Profit margin: 29% (up from 12% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 63% per year whereas the company’s share price has increased by 66% per year. Annuncio • Mar 07
Major-Power Technology Co., Ltd., Annual General Meeting, Jun 26, 2025 Major-Power Technology Co., Ltd., Annual General Meeting, Jun 26, 2025. Location: 2 floor no,1, kung yeh tung 2nd rd., hsinchu city Taiwan New Risk • Jan 03
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% 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 Share price has been volatile over the past 3 months (6.4% average weekly change). Shareholders have been diluted in the past year (17% increase in shares outstanding). New Risk • Dec 25
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.27b (US$99.9m) 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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$1.42 (vs NT$0.58 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.42 (up from NT$0.58 in 3Q 2023). Revenue: NT$122.4m (up 24% from 3Q 2023). Net income: NT$31.8m (up 158% from 3Q 2023). Profit margin: 26% (up from 13% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.26b (US$99.9m) 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: Major Risk Share price has been highly volatile over the past 3 months (9.3% average weekly change). Minor Risk Market cap is less than US$100m (NT$3.26b market cap, or US$99.9m). Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to NT$180, the stock trades at a trailing P/E ratio of 53.3x. Average trailing P/E is 29x in the Semiconductor industry in Taiwan. Total returns to shareholders of 451% over the past three years. Reported Earnings • Jul 23
First quarter 2024 earnings released: EPS: NT$1.58 (vs NT$0.14 in 1Q 2023) First quarter 2024 results: EPS: NT$1.58 (up from NT$0.14 in 1Q 2023). Revenue: NT$115.0m (up 75% from 1Q 2023). Net income: NT$35.4m (up NT$32.4m from 1Q 2023). Profit margin: 31% (up from 4.5% in 1Q 2023). The increase in margin was driven by higher revenue. 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 84% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$140, the stock trades at a trailing P/E ratio of 72.4x. Average trailing P/E is 30x in the Semiconductor industry in Taiwan. Total returns to shareholders of 353% over the past three years. Reported Earnings • Mar 17
Full year 2023 earnings released: EPS: NT$1.96 (vs NT$0.55 in FY 2022) Full year 2023 results: EPS: NT$1.96 (up from NT$0.55 in FY 2022). Revenue: NT$360.9m (up 49% from FY 2022). Net income: NT$43.3m (up 261% from FY 2022). Profit margin: 12% (up from 5.0% in FY 2022). The increase in margin was driven by higher revenue. 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 54% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 15
Upcoming dividend of NT$1.68 per share Eligible shareholders must have bought the stock before 22 March 2024. Payment date: 30 April 2024. Payout ratio is a comfortable 13% but the company is not cash flow positive. The company last paid an ordinary dividend in April 2020. The average dividend yield among industry peers is 2.4%. Annuncio • Mar 09
Major-Power Technology Co., Ltd., Annual General Meeting, May 24, 2024 Major-Power Technology Co., Ltd., Annual General Meeting, May 24, 2024. New Risk • Feb 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Share price has been volatile over the past 3 months (7.3% average weekly change). Profit margins are more than 30% lower than last year (3.5% net profit margin). Market cap is less than US$100m (NT$2.10b market cap, or US$66.5m). Upcoming Dividend • Aug 23
Upcoming dividend of NT$0.06 per share at 0.1% yield Eligible shareholders must have bought the stock before 30 August 2023. Payment date: 28 September 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 0.1%. Lower than top quartile of Taiwanese dividend payers (5.6%). Lower than average of industry peers (3.4%). New Risk • Aug 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). High level of non-cash earnings (20% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (3.5% net profit margin). Market cap is less than US$100m (NT$907.3m market cap, or US$28.4m). Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$44.80, the stock trades at a trailing P/E ratio of 78.7x. Average trailing P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 68% over the past three years. Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to NT$38.50, the stock trades at a trailing P/E ratio of 67.6x. Average trailing P/E is 19x in the Semiconductor industry in Taiwan. Total returns to shareholders of 45% over the past three years. Valuation Update With 7 Day Price Move • May 23
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$29.40, the stock trades at a trailing P/E ratio of 51.6x. Average trailing P/E is 17x in the Semiconductor industry in Taiwan. Total returns to shareholders of 29% over the past three years. Reported Earnings • Apr 13
Full year 2022 earnings released: EPS: NT$0.57 (vs NT$2.27 in FY 2021) Full year 2022 results: EPS: NT$0.57 (down from NT$2.27 in FY 2021). Revenue: NT$242.0m (down 33% from FY 2021). Net income: NT$12.0m (down 75% from FY 2021). Profit margin: 5.0% (down from 13% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$29.40, the stock trades at a trailing P/E ratio of 18.2x. Average trailing P/E is 13x in the Semiconductor industry in Taiwan. Total returns to shareholders of 27% over the past three years. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$23.00, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 13x in the Semiconductor industry in Taiwan. Total returns to shareholders of 4.6% over the past three years. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$20.10, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 10x in the Semiconductor industry in Taiwan. Total loss to shareholders of 11% over the past three years. Upcoming Dividend • Aug 23
Upcoming dividend of NT$1.54 per share Eligible shareholders must have bought the stock before 30 August 2022. Payment date: 30 September 2022. Payout ratio is on the higher end at 90%, however this is supported by cash flows. Trailing yield: 5.1%. Lower than top quartile of Taiwanese dividend payers (6.4%). Higher than average of industry peers (3.5%). Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment deteriorated over the past week After last week's 20% share price decline to NT$25.00, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 12x in the Semiconductor industry in Taiwan. Total returns to shareholders of 4.4% over the past three years. Reported Earnings • Apr 12
Full year 2021 earnings released: EPS: NT$2.40 (vs NT$0.61 in FY 2020) Full year 2021 results: EPS: NT$2.40 (up from NT$0.61 in FY 2020). Revenue: NT$362.4m (up 26% from FY 2020). Net income: NT$47.8m (up 337% from FY 2020). Profit margin: 13% (up from 3.8% in FY 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment improved over the past week After last week's 15% share price gain to NT$48.50, the stock trades at a trailing P/E ratio of 29.6x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 73% over the past year. Valuation Update With 7 Day Price Move • Nov 05
Investor sentiment improved over the past week After last week's 21% share price gain to NT$47.20, the stock trades at a trailing P/E ratio of 28.8x. Average trailing P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 86% over the past year. Valuation Update With 7 Day Price Move • Sep 02
Investor sentiment improved over the past week After last week's 15% share price gain to NT$43.20, the stock trades at a trailing P/E ratio of 25.5x. Average trailing P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 63% over the past year. Upcoming Dividend • Aug 23
Upcoming dividend of NT$0.60 per share Eligible shareholders must have bought the stock before 30 August 2021. Payment date: 30 September 2021. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (2.3%). Reported Earnings • Aug 18
First half 2021 earnings released: EPS NT$1.44 (vs NT$0.36 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: NT$201.7m (up 62% from 1H 2020). Net income: NT$27.6m (up 366% from 1H 2020). Profit margin: 14% (up from 4.7% in 1H 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improved over the past week After last week's 18% share price gain to NT$39.20, the stock trades at a trailing P/E ratio of 61.7x. Average trailing P/E is 24x in the Semiconductor industry in Taiwan. Total returns to shareholders of 6.0% over the past year. Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$32.45, the stock trades at a trailing P/E ratio of 51.1x. Average trailing P/E is 19x in the Semiconductor industry in Taiwan. Total returns to shareholders of 24% over the past year. Reported Earnings • Apr 15
Full year 2020 earnings released: EPS NT$0.63 (vs NT$0.47 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: NT$287.8m (up 70% from FY 2019). Net income: NT$10.9m (up 39% from FY 2019). Profit margin: 3.8% (down from 4.7% in FY 2019). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improved over the past week After last week's 22% share price gain to NT$46.60, the stock trades at a trailing P/E ratio of 71.9x. Average trailing P/E is 28x in the Semiconductor industry in Taiwan. Total returns to shareholders of 110% over the past year. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improved over the past week After last week's 17% share price gain to NT$33.65, the stock is trading at a trailing P/E ratio of 51.9x, up from the previous P/E ratio of 44.5x. This compares to an average P/E of 28x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past year are 24%. Is New 90 Day High Low • Feb 20
New 90-day high: NT$33.65 The company is up 14% from its price of NT$29.60 on 19 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 34% over the same period.