Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$0.27 (vs NT$0.35 in FY 2024) Full year 2025 results: EPS: NT$0.27 (down from NT$0.35 in FY 2024). Revenue: NT$1.05b (down 14% from FY 2024). Net income: NT$16.4m (down 16% from FY 2024). Profit margin: 1.6% (in line with FY 2024). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Annuncio • Mar 05
ADO Optronics Corporation, Annual General Meeting, Jun 17, 2026 ADO Optronics Corporation, Annual General Meeting, Jun 17, 2026. Location: no,858, kuang fu rd., bade district, taoyuan city Taiwan New Risk • Nov 15
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% 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 Risk High level of non-cash earnings (25% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (0.7% net profit margin). Market cap is less than US$100m (NT$1.19b market cap, or US$38.5m). Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: NT$0.004 (vs NT$0.12 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.004 (down from NT$0.12 in 3Q 2024). Revenue: NT$248.9m (down 6.5% from 3Q 2024). Net income: NT$158.0k (down 98% from 3Q 2024). Profit margin: 0.1% (down from 2.4% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$0.04 (vs NT$0.052 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.04 (down from NT$0.052 in 2Q 2024). Revenue: NT$223.7m (down 23% from 2Q 2024). Net loss: NT$2.42m (down 187% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 31
Upcoming dividend of NT$0.25 per share Eligible shareholders must have bought the stock before 07 August 2025. Payment date: 10 September 2025. Payout ratio is a comfortable 74% and the cash payout ratio is 93%. Trailing yield: 1.2%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (2.9%). Declared Dividend • Jul 09
Dividend increased to NT$0.25 Dividend of NT$0.25 is 1,173% higher than last year. Ex-date: 7th August 2025 Payment date: 10th September 2025 Dividend yield will be 1.3%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (74% earnings payout ratio) but not adequately covered by cash flows (93% cash payout ratio). The dividend has increased by an average of 7.3% per year over the past 4 years. However, payments have been volatile during that time. Earnings per share has grown by 32% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.06 (vs NT$0.079 in 1Q 2024) First quarter 2025 results: EPS: NT$0.06 (down from NT$0.079 in 1Q 2024). Revenue: NT$220.7m (down 32% from 1Q 2024). Net income: NT$3.87m (down 8.2% from 1Q 2024). Profit margin: 1.8% (up from 1.3% in 1Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$18.05, the stock trades at a trailing P/E ratio of 55.2x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 25% over the past three years. Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: NT$0.36 (vs NT$0.28 in FY 2023) Full year 2024 results: EPS: NT$0.36 (up from NT$0.28 in FY 2023). Revenue: NT$1.22b (up 17% from FY 2023). Net income: NT$19.5m (up 32% from FY 2023). Profit margin: 1.6% (up from 1.4% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Annuncio • Mar 12
ADO Optronics Corporation, Annual General Meeting, Jun 10, 2025 ADO Optronics Corporation, Annual General Meeting, Jun 10, 2025. Location: no,858, kuang fu rd., bade district, taoyuan city Taiwan New Risk • Jan 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Profit margins are more than 30% lower than last year (1.1% net profit margin). Market cap is less than US$100m (NT$1.35b market cap, or US$41.1m). New Risk • Jan 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 11% 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 Profit margins are more than 30% lower than last year (1.1% net profit margin). Shareholders have been diluted in the past year (11% increase in shares outstanding). Market cap is less than US$100m (NT$1.37b market cap, or US$41.5m). Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.12 (vs NT$0.12 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.12 (up from NT$0.12 in 3Q 2023). Revenue: NT$266.3m (up 9.3% from 3Q 2023). Net income: NT$6.38m (up 1.3% from 3Q 2023). Profit margin: 2.4% (down from 2.6% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.05 (vs NT$0.14 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.05 (down from NT$0.14 in 2Q 2023). Revenue: NT$289.4m (up 25% from 2Q 2023). Net income: NT$2.77m (down 62% from 2Q 2023). Profit margin: 1.0% (down from 3.1% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Aug 06
Upcoming dividend of NT$0.02 per share Eligible shareholders must have bought the stock before 13 August 2024. Payment date: 16 September 2024. Payout ratio is a comfortable 6.1% but the company is not cash flow positive. Trailing yield: 0.1%. Lower than top quartile of Taiwanese dividend payers (4.7%). Lower than average of industry peers (3.1%). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.08 (vs NT$0.033 in 1Q 2023) First quarter 2024 results: EPS: NT$0.08 (up from NT$0.033 in 1Q 2023). Revenue: NT$324.4m (up 35% from 1Q 2023). Net income: NT$4.21m (up 145% from 1Q 2023). Profit margin: 1.3% (up from 0.7% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 18% 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 • Apr 02
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 34% 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 (12% average weekly change). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.4% net profit margin). Market cap is less than US$100m (NT$1.23b market cap, or US$38.2m). New Risk • Mar 26
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: 5.8% 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 (12% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (1.4% net profit margin). Market cap is less than US$100m (NT$1.25b market cap, or US$39.4m). Reported Earnings • Mar 26
Full year 2023 earnings released: EPS: NT$0.28 (vs NT$1.06 in FY 2022) Full year 2023 results: EPS: NT$0.28 (down from NT$1.06 in FY 2022). Revenue: NT$1.04b (up 8.2% from FY 2022). Net income: NT$14.7m (down 74% from FY 2022). Profit margin: 1.4% (down from 5.8% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Annuncio • Mar 19
ADO Optronics Corporation, Annual General Meeting, Jun 18, 2024 ADO Optronics Corporation, Annual General Meeting, Jun 18, 2024. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to NT$30.65, the stock trades at a trailing P/E ratio of 39.5x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 67% over the past three years. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$21.90, the stock trades at a trailing P/E ratio of 28.2x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 43% over the past three years. Upcoming Dividend • Aug 01
Upcoming dividend of NT$0.20 per share at 1.1% yield Eligible shareholders must have bought the stock before 08 August 2023. Payment date: 08 September 2023. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (4.1%). Buying Opportunity • Mar 02
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be NT$20.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Meanwhile, the company has become profitable. Buying Opportunity • Feb 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.8%. The fair value is estimated to be NT$19.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Meanwhile, the company has become profitable. Buying Opportunity • Nov 01
Now 21% undervalued Over the last 90 days, the stock is up 4.5%. The fair value is estimated to be NT$20.81, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Meanwhile, the company has become profitable. Upcoming Dividend • Jun 30
Upcoming dividend of NT$0.20 per share Eligible shareholders must have bought the stock before 07 July 2022. Payment date: 10 August 2022. Payout ratio is a comfortable 16% but the company is paying out more than the cash it is generating. Trailing yield: 1.3%. Lower than top quartile of Taiwanese dividend payers (6.4%). Lower than average of industry peers (4.6%). Reported Earnings • May 22
First quarter 2022 earnings released: EPS: NT$0.29 (vs NT$0.12 loss in 1Q 2021) First quarter 2022 results: EPS: NT$0.29 (up from NT$0.12 loss in 1Q 2021). Revenue: NT$230.8m (up 41% from 1Q 2021). Net income: NT$14.5m (up NT$20.3m from 1Q 2021). Profit margin: 6.3% (up from net loss in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS NT$0.40 (vs NT$0.057 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$305.9m (up 52% from 3Q 2020). Net income: NT$20.1m (up NT$17.2m from 3Q 2020). Profit margin: 6.6% (up from 1.4% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.33 (vs NT$0.98 in 2Q 2020) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$304.6m (up 46% from 2Q 2020). Net income: NT$16.4m (down 67% from 2Q 2020). Profit margin: 5.4% (down from 24% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 90% 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 • Jul 14
Investor sentiment improved over the past week After last week's 20% share price gain to NT$19.15, the stock trades at a trailing P/E ratio of 59.3x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 50% over the past three years. Reported Earnings • May 17
First quarter 2021 earnings released: NT$0.11 loss per share (vs NT$0.086 loss in 1Q 2020) The company reported a solid first quarter result with improved revenues and control over costs, although losses increased. First quarter 2021 results: Revenue: NT$163.5m (up 49% from 1Q 2020). Net loss: NT$5.81m (loss widened 34% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 99% 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 • May 13
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$15.15, the stock trades at a trailing P/E ratio of 43.1x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 13% over the past three years. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS NT$0.35 (vs NT$0.044 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$701.5m (up 8.8% from FY 2019). Net income: NT$17.8m (up NT$15.6m from FY 2019). Profit margin: 2.5% (up from 0.3% 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 80% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 18
New 90-day high: NT$16.20 The company is up 11% from its price of NT$14.65 on 20 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 22% over the same period. Is New 90 Day High Low • Jan 18
New 90-day low: NT$14.25 The company is down 6.0% from its price of NT$15.15 on 21 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 25% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.06 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: NT$200.9m (up 13% from 3Q 2019). Net income: NT$2.89m (down 85% from 3Q 2019). Profit margin: 1.4% (down from 11% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.