New Risk • Aug 14
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.6x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.6x net interest cover). Minor Risk Market cap is less than US$100m (NT$375.0m market cap, or US$11.7m). Reported Earnings • May 15
First quarter 2026 earnings released: EPS: NT$0.75 (vs NT$0.97 loss in 1Q 2025) First quarter 2026 results: EPS: NT$0.75 (up from NT$0.97 loss in 1Q 2025). Revenue: NT$154.8m (up 9.5% from 1Q 2025). Net income: NT$7.52m (up NT$17.2m from 1Q 2025). Profit margin: 4.9% (up from net loss in 1Q 2025). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 26% per year whereas the company’s share price has increased by 30% per year. Reported Earnings • Mar 31
Full year 2025 earnings released: NT$2.00 loss per share (vs NT$0.84 profit in FY 2024) Full year 2025 results: NT$2.00 loss per share (down from NT$0.84 profit in FY 2024). Revenue: NT$628.9m (up 6.5% from FY 2024). Net loss: NT$20.0m (down 337% from profit in FY 2024). 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 2% per year, which means it is significantly lagging earnings growth. Annuncio • Mar 27
Chi Cheng Enterprise Co., Ltd., Annual General Meeting, Jun 23, 2026 Chi Cheng Enterprise Co., Ltd., Annual General Meeting, Jun 23, 2026. Location: no,111, chien erh rd., jhonghe district, new taipei city Taiwan Reported Earnings • Nov 14
Third quarter 2025 earnings released: NT$0.14 loss per share (vs NT$0.92 loss in 3Q 2024) Third quarter 2025 results: NT$0.14 loss per share (improved from NT$0.92 loss in 3Q 2024). Revenue: NT$153.1m (down 3.4% from 3Q 2024). Net loss: NT$1.42m (loss narrowed 85% from 3Q 2024). 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. New Risk • Aug 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 6.6% 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 Market cap is less than US$10m (NT$274.0m market cap, or US$8.97m). Minor Risk Share price has been volatile over the past 3 months (6.6% average weekly change). Reported Earnings • Aug 17
Second quarter 2025 earnings released: NT$1.72 loss per share (vs NT$0.99 profit in 2Q 2024) Second quarter 2025 results: NT$1.72 loss per share (down from NT$0.99 profit in 2Q 2024). Revenue: NT$160.8m (up 5.3% from 2Q 2024). Net loss: NT$17.2m (down 274% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. New Risk • Jul 24
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: NT$291.0m (US$9.91m) This is considered a major 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. New Risk • May 29
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.0x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.0x net interest cover). Minor Risks Share price has been volatile over the past 3 months (9.5% average weekly change). Market cap is less than US$100m (NT$346.0m market cap, or US$11.5m). Reported Earnings • May 18
First quarter 2025 earnings released: NT$0.97 loss per share (vs NT$0.77 profit in 1Q 2024) First quarter 2025 results: NT$0.97 loss per share (down from NT$0.77 profit in 1Q 2024). Revenue: NT$141.3m (up 3.7% from 1Q 2024). Net loss: NT$9.72m (down 227% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to NT$30.45, the stock trades at a trailing P/E ratio of 18.6x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total loss to shareholders of 6.2% over the past three years. Annuncio • Mar 28
Chi Cheng Enterprise Co., Ltd., Annual General Meeting, Jun 16, 2025 Chi Cheng Enterprise Co., Ltd., Annual General Meeting, Jun 16, 2025. Location: no,111, chien erh rd., jhonghe district, new taipei city Taiwan New Risk • Feb 14
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 8.0% 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 Interest payments are not well covered by earnings (2.2x net interest cover). Share price has been highly volatile over the past 3 months (8.0% average weekly change). Minor Risk Market cap is less than US$100m (NT$473.0m market cap, or US$14.5m). Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$47.30, the stock trades at a trailing P/E ratio of 28.9x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 15% over the past three years. Reported Earnings • Nov 19
Third quarter 2024 earnings released: NT$0.92 loss per share (vs NT$0.98 profit in 3Q 2023) Third quarter 2024 results: NT$0.92 loss per share (down from NT$0.98 profit in 3Q 2023). Revenue: NT$158.5m (up 23% from 3Q 2023). Net loss: NT$9.17m (down 193% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$40.25, the stock trades at a trailing P/E ratio of 16.7x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 23% over the past three years. Buy Or Sell Opportunity • Oct 28
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 35% to NT$50.30. The fair value is estimated to be NT$63.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Sep 03
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$73.00, the stock trades at a trailing P/E ratio of 20.6x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 133% over the past three years. Buy Or Sell Opportunity • Aug 26
Now 22% undervalued Over the last 90 days, the stock has risen 66% to NT$56.30. The fair value is estimated to be NT$71.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: NT$0.99 (vs NT$1.28 loss in 2Q 2023) Second quarter 2024 results: EPS: NT$0.99 (up from NT$1.28 loss in 2Q 2023). Revenue: NT$152.8m (up 47% from 2Q 2023). Net income: NT$9.90m (up NT$22.7m from 2Q 2023). Profit margin: 6.5% (up from net loss in 2Q 2023). The move to profitability 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 26% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$77.40, the stock trades at a trailing P/E ratio of 78.5x. Average trailing P/E is 25x in the Electronic industry in Taiwan. Total returns to shareholders of 121% over the past three years. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$52.30, the stock trades at a trailing P/E ratio of 53x. Average trailing P/E is 25x in the Electronic industry in Taiwan. Total returns to shareholders of 44% over the past three years. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$43.65, the stock trades at a trailing P/E ratio of 44.3x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 33% over the past three years. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.76 (vs NT$1.67 loss in 1Q 2023) First quarter 2024 results: EPS: NT$0.76 (up from NT$1.67 loss in 1Q 2023). Revenue: NT$136.2m (up 52% from 1Q 2023). Net income: NT$7.65m (up NT$24.3m from 1Q 2023). Profit margin: 5.6% (up from net loss in 1Q 2023). The move to profitability 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 fallen by 1% per year, which means it is significantly lagging earnings. Annuncio • Apr 11
Chi Cheng Enterprise Co., Ltd., Annual General Meeting, Jun 27, 2024 Chi Cheng Enterprise Co., Ltd., Annual General Meeting, Jun 27, 2024. New Risk • Apr 10
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: Major Risk Earnings have declined by 36% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Shareholders have been diluted in the past year (29% increase in shares outstanding). Market cap is less than US$100m (NT$547.4m market cap, or US$17.1m). New Risk • Apr 09
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 29% 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 Earnings have declined by 36% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (29% increase in shares outstanding). Market cap is less than US$100m (NT$457.2m market cap, or US$14.2m). Reported Earnings • Apr 03
Full year 2023 earnings released: NT$1.16 loss per share (vs NT$3.20 loss in FY 2022) Full year 2023 results: NT$1.16 loss per share (improved from NT$3.20 loss in FY 2022). Revenue: NT$446.8m (up 3.8% from FY 2022). Net loss: NT$11.6m (loss narrowed 64% from FY 2022). 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 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$0.98 (vs NT$0.85 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.98 (up from NT$0.85 in 3Q 2022). Revenue: NT$129.3m (up 18% from 3Q 2022). Net income: NT$9.84m (up 16% from 3Q 2022). Profit margin: 7.6% (down from 7.7% in 3Q 2022). The decrease in margin was driven by higher expenses. 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 3% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 13
Second quarter 2023 earnings released: NT$1.28 loss per share (vs NT$0.66 loss in 2Q 2022) Second quarter 2023 results: NT$1.28 loss per share (further deteriorated from NT$0.66 loss in 2Q 2022). Revenue: NT$103.8m (down 7.3% from 2Q 2022). Net loss: NT$12.8m (loss widened 108% from 2Q 2022). 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 1% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.85 (vs NT$0.068 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$0.85 (up from NT$0.068 loss in 3Q 2021). Revenue: NT$110.0m (flat on 3Q 2021). Net income: NT$8.49m (up NT$9.17m from 3Q 2021). Profit margin: 7.7% (up from net loss in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.85 (vs NT$0.068 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$0.85 (up from NT$0.068 loss in 3Q 2021). Revenue: NT$110.0m (flat on 3Q 2021). Net income: NT$8.49m (up NT$9.17m from 3Q 2021). Profit margin: 7.7% (up from net loss in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 18
Third quarter 2021 earnings released: NT$0.01 loss per share (vs NT$0.36 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$109.3m (up 7.7% from 3Q 2020). Net loss: NT$678.0k (loss narrowed 98% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 107 percentage points per year, which is a significant difference in performance. Reported Earnings • May 16
First quarter 2021 earnings released: NT$0.01 loss per share (vs NT$0.013 profit in 1Q 2020) The company reported a soft first quarter result with weaker earnings and weaker control over costs, although revenues improved. First quarter 2021 results: Revenue: NT$111.6m (up 6.1% from 1Q 2020). Net loss: NT$726.0k (down 153% from profit in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 112 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 30
Full year 2020 earnings released: NT$0.59 loss per share (vs NT$0.18 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: NT$402.4m (down 24% from FY 2019). Net loss: NT$65.0m (down 436% from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 12
New 90-day high: NT$2.98 The company is up 4.0% from its price of NT$2.87 on 11 December 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 16% over the same period. Is New 90 Day High Low • Jan 19
New 90-day low: NT$2.58 The company is down 8.0% from its price of NT$2.80 on 22 October 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 24% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: NT$0.36 loss per share The company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2020 results: Revenue: NT$101.4m (down 14% from 3Q 2019). Net loss: NT$39.3m (loss widened NT$38.3m from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Sep 24
New 90-day high: NT$5.17 The company is up 171% from its price of NT$1.91 on 24 June 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is flat over the same period.