Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$1.70 (vs NT$0.17 in FY 2024) Full year 2025 results: EPS: NT$1.70 (up from NT$0.17 in FY 2024). Revenue: NT$1.68b (up 56% from FY 2024). Net income: NT$103.5m (up NT$93.5m from FY 2024). Profit margin: 6.2% (up from 0.9% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$56.30, the stock trades at a trailing P/E ratio of 44.1x. Average trailing P/E is 22x in the Tech industry in Taiwan. Total returns to shareholders of 132% over the past three years. Annuncio • Mar 11
Panram International Corp., Annual General Meeting, Jun 12, 2026 Panram International Corp., Annual General Meeting, Jun 12, 2026, at 09:00 Taipei Standard Time. Location: no,1-2, kung chien n. rd., keelung city Taiwan Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$53.30, the stock trades at a trailing P/E ratio of 41.8x. Average trailing P/E is 22x in the Tech industry in Taiwan. Total returns to shareholders of 146% over the past three years. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$54.10, the stock trades at a trailing P/E ratio of 42.4x. Average trailing P/E is 21x in the Tech industry in Taiwan. Total returns to shareholders of 169% over the past three years. Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$41.30, the stock trades at a trailing P/E ratio of 32.4x. Average trailing P/E is 22x in the Tech industry in Taiwan. Total returns to shareholders of 104% over the past three years. New Risk • Nov 12
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 34% 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 (9.4% average weekly change). Earnings have declined by 15% per year over the past 5 years. High level of non-cash earnings (34% accrual ratio). Minor Risk Market cap is less than US$100m (NT$3.02b market cap, or US$97.0m). Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$0.44 (vs NT$0.49 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.44 (up from NT$0.49 loss in 3Q 2024). Revenue: NT$422.3m (up 58% from 3Q 2024). Net income: NT$26.6m (up NT$56.3m from 3Q 2024). Profit margin: 6.3% (up from net loss in 3Q 2024). 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. New Risk • Oct 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 8.6% 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 Share price has been highly volatile over the past 3 months (8.6% average weekly change). Earnings have declined by 14% per year over the past 5 years. High level of non-cash earnings (28% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (1.8% net profit margin). Market cap is less than US$100m (NT$2.73b market cap, or US$89.1m). Reported Earnings • Aug 17
Second quarter 2025 earnings released: NT$0.29 loss per share (vs NT$0.55 loss in 2Q 2024) Second quarter 2025 results: NT$0.29 loss per share (improved from NT$0.55 loss in 2Q 2024). Revenue: NT$312.4m (up 53% from 2Q 2024). Net loss: NT$17.5m (loss narrowed 48% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Jun 30
Now 21% undervalued Over the last 90 days, the stock has risen 14% to NT$32.65. The fair value is estimated to be NT$41.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Earnings per share has declined by 53%. Declared Dividend • Jun 13
Dividend reduced to NT$0.50 Dividend of NT$0.50 is 81% lower than last year. Ex-date: 27th June 2025 Payment date: 21st July 2025 Dividend yield will be 1.4%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 5.5% per year over the past 10 years. However, payments have been volatile during that time. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$0.13 (vs NT$0.21 in 1Q 2024) First quarter 2025 results: EPS: NT$0.13 (down from NT$0.21 in 1Q 2024). Revenue: NT$291.7m (up 8.1% from 1Q 2024). Net income: NT$8.18m (down 35% from 1Q 2024). Profit margin: 2.8% (down from 4.7% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Annuncio • Apr 27
Panram International Corp. to Report Q1, 2025 Results on May 05, 2025 Panram International Corp. announced that they will report Q1, 2025 results on May 05, 2025 New Risk • Apr 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 144% 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 Risks Share price has been highly volatile over the past 3 months (9.2% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Dividend per share is over 10x cash flows per share. Earnings have declined by 6.4% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.9% net profit margin). Market cap is less than US$100m (NT$1.79b market cap, or US$54.0m). Annuncio • Mar 17
Panram International Corp., Annual General Meeting, Jun 11, 2025 Panram International Corp., Annual General Meeting, Jun 11, 2025. Location: no,1-2, kung chien n. rd., keelung city Taiwan New Risk • Mar 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 6.4% 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 Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 343% Earnings have declined by 2.5% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Market cap is less than US$100m (NT$1.57b market cap, or US$47.7m). Reported Earnings • Nov 18
Third quarter 2024 earnings released: NT$0.49 loss per share (vs NT$1.08 profit in 3Q 2023) Third quarter 2024 results: NT$0.49 loss per share (down from NT$1.08 profit in 3Q 2023). Revenue: NT$267.4m (down 31% from 3Q 2023). Net loss: NT$29.7m (down 145% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 7% per year. New Risk • Nov 06
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 7.1% 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: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 278% Cash payout ratio: 194% Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Profit margins are more than 30% lower than last year (4.6% net profit margin). Market cap is less than US$100m (NT$1.31b market cap, or US$40.6m). Valuation Update With 7 Day Price Move • Nov 05
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$21.45, the stock trades at a trailing P/E ratio of 23x. Average trailing P/E is 21x in the Tech industry in Taiwan. Total returns to shareholders of 18% over the past three years. Annuncio • Nov 02
Panram International Corp. to Report Q3, 2024 Results on Nov 11, 2024 Panram International Corp. announced that they will report Q3, 2024 results on Nov 11, 2024 Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$26.10, the stock trades at a trailing P/E ratio of 28x. Average trailing P/E is 20x in the Tech industry in Taiwan. Total returns to shareholders of 39% over the past three years. Reported Earnings • Aug 14
Second quarter 2024 earnings released: NT$0.55 loss per share (vs NT$0.78 profit in 2Q 2023) Second quarter 2024 results: NT$0.55 loss per share (down from NT$0.78 profit in 2Q 2023). Revenue: NT$203.9m (down 43% from 2Q 2023). Net loss: NT$33.3m (down 170% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 11% per year. New Risk • Aug 14
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: 4.6% Last year net profit margin: 12% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 276% Cash payout ratio: 191% Minor Risks Profit margins are more than 30% lower than last year (4.6% net profit margin). Market cap is less than US$100m (NT$1.95b market cap, or US$60.6m). Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$37.25, the stock trades at a trailing P/E ratio of 16.5x. Average trailing P/E is 25x in the Tech industry in Taiwan. Total returns to shareholders of 62% over the past three years. Upcoming Dividend • Jul 03
Upcoming dividend of NT$2.60 per share Eligible shareholders must have bought the stock before 10 July 2024. Payment date: 31 July 2024. The company is paying out more than 100% of its profits and is paying out 99% of its cash flow. Trailing yield: 5.8%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.8%). New Risk • Jul 02
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 115% Cash payout ratio: 107% Dividend yield: 5.8% 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 Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 115% Cash payout ratio: 107% Minor Risk Market cap is less than US$100m (NT$2.71b market cap, or US$83.1m). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.21 (vs NT$0.56 in 1Q 2023) First quarter 2024 results: EPS: NT$0.21 (down from NT$0.56 in 1Q 2023). Revenue: NT$269.8m (down 32% from 1Q 2023). Net income: NT$12.7m (down 63% from 1Q 2023). Profit margin: 4.7% (down from 8.7% in 1Q 2023). The decrease in margin was driven by lower 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 21% per year, which means it is significantly lagging earnings growth. Annuncio • Apr 12
Panram International Corp., Annual General Meeting, Jun 24, 2024 Panram International Corp., Annual General Meeting, Jun 24, 2024. Reported Earnings • Mar 16
Full year 2023 earnings released: EPS: NT$2.61 (vs NT$3.48 in FY 2022) Full year 2023 results: EPS: NT$2.61 (down from NT$3.48 in FY 2022). Revenue: NT$1.52b (down 13% from FY 2022). Net income: NT$159.2m (down 25% from FY 2022). Profit margin: 11% (down from 12% 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 31% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. New Risk • Oct 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 5.9% 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 (5.9% average weekly change). Market cap is less than US$100m (NT$2.43b market cap, or US$75.7m). Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: NT$0.78 (vs NT$0.89 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.78 (down from NT$0.89 in 2Q 2022). Revenue: NT$356.4m (down 16% from 2Q 2022). Net income: NT$47.5m (down 13% from 2Q 2022). Profit margin: 13% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 06
Upcoming dividend of NT$2.40 per share at 6.4% yield Eligible shareholders must have bought the stock before 13 July 2023. Payment date: 02 August 2023. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 6.4%. Within top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (3.7%). Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: NT$3.48 (vs NT$1.64 in FY 2021) Full year 2022 results: EPS: NT$3.48 (up from NT$1.64 in FY 2021). Revenue: NT$1.76b (down 4.7% from FY 2021). Net income: NT$212.0m (up 112% from FY 2021). Profit margin: 12% (up from 5.4% 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 14% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
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. 4 experienced directors. 5 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Qingyi Liu was the last independent director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improved over the past week After last week's 16% share price gain to NT$23.75, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 13x in the Tech industry in Taiwan. Total returns to shareholders of 12% over the past three years. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.89 (vs NT$0.081 loss in 2Q 2021) Second quarter 2022 results: EPS: NT$0.89 (up from NT$0.081 loss in 2Q 2021). Revenue: NT$425.0m (up 9.0% from 2Q 2021). Net income: NT$54.5m (up NT$59.4m from 2Q 2021). Profit margin: 13% (up from net loss in 2Q 2021). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% 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. Upcoming Dividend • Jun 28
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 05 July 2022. Payment date: 26 July 2022. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of Taiwanese dividend payers (6.3%). Lower than average of industry peers (7.1%). Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.62 (vs NT$0.33 in 1Q 2021) First quarter 2022 results: EPS: NT$0.62 (up from NT$0.33 in 1Q 2021). Revenue: NT$417.7m (down 18% from 1Q 2021). Net income: NT$37.5m (up 88% from 1Q 2021). Profit margin: 9.0% (up from 3.9% in 1Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 4% 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. 9 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Qingyi Liu was the last independent director to join the board, commencing their role in 2014. 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 • Apr 03
Full year 2021 earnings released: EPS: NT$1.64 (vs NT$1.96 in FY 2020) Full year 2021 results: EPS: NT$1.64 (down from NT$1.96 in FY 2020). Revenue: NT$1.84b (down 2.5% from FY 2020). Net income: NT$99.9m (down 17% from FY 2020). Profit margin: 5.4% (down from 6.3% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.32 (vs NT$0.69 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$406.3m (down 14% from 3Q 2020). Net income: NT$19.4m (down 54% from 3Q 2020). Profit margin: 4.8% (down from 8.9% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 18
Second quarter 2021 earnings released: NT$0.08 loss per share (vs NT$0.078 profit in 2Q 2020) The company reported a soft second quarter result with weaker earnings and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: NT$390.0m (up 9.4% from 2Q 2020). Net loss: NT$4.96m (down 204% from profit in 2Q 2020). 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 20% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$22.80, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 16x in the Tech industry in Taiwan. Total returns to shareholders of 93% over the past three years. Upcoming Dividend • Aug 10
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 17 August 2021. Payment date: 06 September 2021. Trailing yield: 4.2%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (5.2%). Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.33 (vs NT$0.92 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$508.5m (down 3.3% from 1Q 2020). Net income: NT$19.9m (down 64% from 1Q 2020). Profit margin: 3.9% (down from 11% in 1Q 2020). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 40% 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 • May 13
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$23.70, the stock trades at a trailing P/E ratio of 12.1x. Average trailing P/E is 16x in the Tech industry in Taiwan. Total returns to shareholders of 61% over the past three years. Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment improved over the past week After last week's 24% share price gain to NT$37.50, the stock trades at a trailing P/E ratio of 19.1x. Average trailing P/E is 18x in the Tech industry in Taiwan. Total returns to shareholders of 173% over the past three years. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$1.96 (vs NT$2.37 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$1.89b (up 21% from FY 2019). Net income: NT$119.6m (down 17% from FY 2019). Profit margin: 6.3% (down from 9.3% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 08
New 90-day high: NT$31.05 The company is up 30% from its price of NT$23.90 on 08 October 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is up 7.0% over the same period. Valuation Update With 7 Day Price Move • Dec 04
Market bids up stock over the past week After last week's 17% share price gain to NT$30.80, the stock is trading at a trailing P/E ratio of 15x, up from the previous P/E ratio of 12.9x. This compares to an average P/E of 15x in the Tech industry in Taiwan. Total returns to shareholders over the past three years are 95%. Is New 90 Day High Low • Nov 16
New 90-day high: NT$24.70 The company is up 1.0% from its price of NT$24.45 on 18 August 2020. The Taiwanese market is up 2.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Tech industry, which is down 6.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.70 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: NT$474.3m (up 15% from 3Q 2019). Net income: NT$42.4m (down 28% from 3Q 2019). Profit margin: 8.9% (down from 14% 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 58% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth.