New Risk • Aug 17
New major risk - Revenue and earnings growth Earnings have declined by 5.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 5.2% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (151% cash payout ratio). Market cap is less than US$100m (NT$833.1m market cap, or US$26.1m). Declared Dividend • Aug 10
Dividend of NT$2.00 announced Shareholders will receive a dividend of NT$2.00. Ex-date: 7th September 2026 Payment date: 30th September 2026 Dividend yield will be 5.5%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (86% earnings payout ratio) but not covered by cash flows (138% cash payout ratio). The dividend has increased by an average of 14% per year over the past 7 years. However, payments have been volatile during that time. Earnings per share has grown by 22% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$52.20, the stock trades at a trailing P/E ratio of 21.9x. Average trailing P/E is 40x in the Electronic industry in Taiwan. Total returns to shareholders of 48% over the past three years. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to NT$46.20, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 30x in the Electronic industry in Taiwan. Total returns to shareholders of 25% over the past three years. New Risk • May 05
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: 7.5% Last year net profit margin: 11% 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: Minor Risks Dividend is not well covered by cash flows (138% cash payout ratio). Share price has been volatile over the past 3 months (12% average weekly change). Profit margins are more than 30% lower than last year (7.5% net profit margin). Market cap is less than US$100m (NT$809.3m market cap, or US$25.6m). New Risk • Apr 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 9.1% 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 Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). 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 (9.1% average weekly change). Market cap is less than US$100m (NT$1.11b market cap, or US$35.1m). Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to NT$41.40, the stock trades at a trailing P/E ratio of 18.2x. Average trailing P/E is 29x in the Electronic industry in Taiwan. Total returns to shareholders of 12% over the past three years. Annuncio • Mar 30
Cen Link Co., Ltd., Annual General Meeting, Jun 23, 2026 Cen Link Co., Ltd., Annual General Meeting, Jun 23, 2026, at 10:00 Taipei Standard Time. Location: 10 floor no,173, sec.2 ta t`ung rd., sijhih district, new taipei city Taiwan New Risk • Mar 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. 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 2025 fiscal period end). 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$755.1m market cap, or US$24.1m). Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$41.15, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 45% over the past three years. Upcoming Dividend • Sep 01
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 08 September 2025. Payment date: 30 September 2025. Payout ratio is a comfortable 65% and the cash payout ratio is 89%. Trailing yield: 5.9%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.5%). Declared Dividend • Aug 13
Dividend increased to NT$2.00 Dividend of NT$2.00 is 33% higher than last year. Ex-date: 8th September 2025 Payment date: 30th September 2025 Dividend yield will be 6.1%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (53% earnings payout ratio) and cash flows (59% cash payout ratio). The dividend has increased by an average of 11% per year over the past 6 years. However, payments have been volatile during that time. Earnings per share has grown by 22% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Jun 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 8.8% 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 (8.8% average weekly change). Market cap is less than US$100m (NT$750.5m market cap, or US$25.4m). Buy Or Sell Opportunity • Apr 10
Now 24% overvalued Over the last 90 days, the stock has fallen 12% to NT$30.10. The fair value is estimated to be NT$24.21, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Earnings per share has grown by 2.8%. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$30.70, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 65% over the past three years. Annuncio • Mar 18
Cen Link Co., Ltd., Annual General Meeting, Jun 18, 2025 Cen Link Co., Ltd., Annual General Meeting, Jun 18, 2025. Location: 10 floor no,173, sec.2 ta t`ung rd., sijhih district, new taipei city Taiwan New Risk • Feb 24
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. 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 2024 fiscal period end). 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$784.5m market cap, or US$23.9m). New Risk • Nov 07
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: 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 (6.6% average weekly change). Market cap is less than US$100m (NT$722.3m market cap, or US$22.4m). Buy Or Sell Opportunity • Nov 01
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to NT$31.50. The fair value is estimated to be NT$25.13, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Earnings per share has grown by 2.8%. Buy Or Sell Opportunity • Oct 08
Now 22% overvalued Over the last 90 days, the stock has fallen 2.4% to NT$30.70. The fair value is estimated to be NT$25.21, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Earnings per share has grown by 2.8%. Buy Or Sell Opportunity • Sep 20
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at NT$30.50. The fair value is estimated to be NT$25.23, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Earnings per share has grown by 2.8%. Upcoming Dividend • Aug 29
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 05 September 2024. Payment date: 30 September 2024. Payout ratio is a comfortable 70% and the cash payout ratio is 92%. Trailing yield: 4.5%. Within top quartile of Taiwanese dividend payers (4.3%). Higher than average of industry peers (2.7%). Declared Dividend • Aug 09
Dividend reduced to NT$1.50 Dividend of NT$1.50 is 25% lower than last year. Ex-date: 5th September 2024 Payment date: 30th September 2024 Dividend yield will be 4.5%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (70% earnings payout ratio) and cash flows (42% cash payout ratio). The dividend has increased by an average of 20% per year over the past 5 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 22% to shift the payout ratio to a potentially unsustainable range, which is more than the 1.2% EPS decline seen over the last 5 years. Reported Earnings • Apr 20
Full year 2023 earnings released: EPS: NT$1.83 (vs NT$4.70 in FY 2022) Full year 2023 results: EPS: NT$1.83 (down from NT$4.70 in FY 2022). Revenue: NT$599.5m (down 28% from FY 2022). Net income: NT$41.5m (down 61% from FY 2022). Profit margin: 6.9% (down from 13% 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 26% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$28.80, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 83% over the past three years. New Risk • Apr 19
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 8.0% 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 Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). 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 (8.0% average weekly change). Market cap is less than US$100m (NT$651.1m market cap, or US$20.0m). Annuncio • Mar 21
Cen Link Co., Ltd., Annual General Meeting, Jun 20, 2024 Cen Link Co., Ltd., Annual General Meeting, Jun 20, 2024. New Risk • Feb 29
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 7.4% 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 Risk Share price has been highly volatile over the past 3 months (7.4% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). 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$576.5m market cap, or US$18.2m). New Risk • Feb 26
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). 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 (7.2% average weekly change). Market cap is less than US$100m (NT$584.4m market cap, or US$18.5m). Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$25.40, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 92% over the past three years. New Risk • Dec 01
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 5.8% 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 (5.8% average weekly change). Market cap is less than US$100m (NT$553.9m market cap, or US$17.6m). Buying Opportunity • Nov 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be NT$26.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Earnings per share has grown by 55%. Buying Opportunity • Nov 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be NT$26.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Earnings per share has grown by 55%. Upcoming Dividend • Aug 17
Upcoming dividend of NT$2.00 per share at 7.1% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 28 September 2023. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 7.1%. Within top quartile of Taiwanese dividend payers (5.7%). Higher than average of industry peers (4.2%). Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: NT$0.81 (vs NT$0.97 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.81 (down from NT$0.97 in 2Q 2022). Revenue: NT$168.5m (down 20% from 2Q 2022). Net income: NT$18.3m (down 17% from 2Q 2022). Profit margin: 11% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to NT$33.65, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 123% over the past three years. Reported Earnings • Apr 23
Full year 2022 earnings released: EPS: NT$4.70 (vs NT$2.57 in FY 2021) Full year 2022 results: EPS: NT$4.70 (up from NT$2.57 in FY 2021). Revenue: NT$834.5m (down 5.9% from FY 2021). Net income: NT$106.2m (up 83% from FY 2021). Profit margin: 13% (up from 6.5% 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 63% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$41.90, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 14x in the Electronic industry in Taiwan. Total returns to shareholders of 204% over the past three years. Upcoming Dividend • Aug 18
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 25 August 2022. Payment date: 30 September 2022. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Taiwanese dividend payers (6.4%). Lower than average of industry peers (4.4%). Reported Earnings • Aug 16
First half 2022 earnings released: EPS: NT$2.24 (vs NT$1.00 in 1H 2021) First half 2022 results: EPS: NT$2.24 (up from NT$1.00 in 1H 2021). Revenue: NT$410.2m (down 1.7% from 1H 2021). Net income: NT$46.0m (up 124% from 1H 2021). Profit margin: 11% (up from 4.9% in 1H 2021). The increase in margin was driven by lower expenses. 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 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 27
Full year 2021 earnings released: EPS: NT$2.82 (vs NT$0.95 in FY 2020) Full year 2021 results: EPS: NT$2.82 (up from NT$0.95 in FY 2020). Revenue: NT$887.2m (up 37% from FY 2020). Net income: NT$58.0m (up 197% from FY 2020). Profit margin: 6.5% (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 increased by 1% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • Apr 02
Cen Link Co., Ltd., Annual General Meeting, Jun 22, 2022 Cen Link Co., Ltd., Annual General Meeting, Jun 22, 2022. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improved over the past week After last week's 15% share price gain to NT$24.10, the stock trades at a trailing P/E ratio of 13.6x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 50% over the past year. Upcoming Dividend • Aug 19
Upcoming dividend of NT$0.90 per share Eligible shareholders must have bought the stock before 26 August 2021. Payment date: 30 September 2021. Trailing yield: 4.3%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (3.2%). Valuation Update With 7 Day Price Move • May 11
Investor sentiment improved over the past week After last week's 16% share price gain to NT$22.70, the stock trades at a trailing P/E ratio of 23.9x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 31% over the past year. Reported Earnings • May 02
Full year 2020 earnings released: EPS NT$0.95 (vs NT$1.25 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: NT$646.2m (up 11% from FY 2019). Net income: NT$19.6m (down 24% from FY 2019). Profit margin: 3.0% (down from 4.4% in FY 2019). The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Feb 24
New 90-day high: NT$17.25 The company is up 6.0% from its price of NT$16.30 on 25 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 27% over the same period. Is New 90 Day High Low • Dec 11
New 90-day low: NT$15.40 The company is down 1.0% from its price of NT$15.50 on 11 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 13% over the same period.