Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$228, the stock trades at a trailing P/E ratio of 22.8x. Average trailing P/E is 29x in the Electronic industry in Taiwan. Total returns to shareholders of 99% over the past three years. New Risk • Jul 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 9.4% 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 Risk Earnings have declined by 15% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (394% cash payout ratio). Share price has been volatile over the past 3 months (9.4% average weekly change). Profit margins are more than 30% lower than last year (12% net profit margin). Shareholders have been diluted in the past year (25% increase in shares outstanding). Declared Dividend • Jun 25
Dividend of NT$8.00 announced Shareholders will receive a dividend of NT$8.00. Ex-date: 9th July 2026 Payment date: 10th August 2026 Dividend yield will be 2.6%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (80% earnings payout ratio) but not covered by cash flows (394% cash payout ratio). The dividend has increased by an average of 3.0% per year over the past 8 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 11% to shift the payout ratio to a potentially unsustainable range, which is similar to the EPS decline seen over the last 5 years. Reported Earnings • May 15
First quarter 2026 earnings released: EPS: NT$2.00 (vs NT$2.76 in 1Q 2025) First quarter 2026 results: EPS: NT$2.00 (down from NT$2.76 in 1Q 2025). Revenue: NT$909.6m (up 75% from 1Q 2025). Net income: NT$107.6m (down 6.2% from 1Q 2025). Profit margin: 12% (down from 22% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$307, the stock trades at a trailing P/E ratio of 30.2x. Average trailing P/E is 31x in the Electronic industry in Taiwan. Total returns to shareholders of 173% over the past three years. Reported Earnings • Mar 28
Full year 2025 earnings released: EPS: NT$10.13 (vs NT$11.14 in FY 2024) Full year 2025 results: EPS: NT$10.13 (down from NT$11.14 in FY 2024). Revenue: NT$2.91b (up 43% from FY 2024). Net income: NT$418.0m (down 9.6% from FY 2024). Profit margin: 14% (down from 23% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Annuncio • Mar 13
Top Bright Holding Co., Ltd., Annual General Meeting, Jun 23, 2026 Top Bright Holding Co., Ltd., Annual General Meeting, Jun 23, 2026. Location: 2 floor no,1, wu ch`uan rd., wugu district, new taipei city Taiwan Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$331, the stock trades at a trailing P/E ratio of 30.5x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 192% over the past three years. New Risk • Dec 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 8.5% 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 (8.5% average weekly change). Earnings have declined by 12% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (24% increase in shares outstanding). Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$282, the stock trades at a trailing P/E ratio of 26x. Average trailing P/E is 21x in the Electronic industry in Taiwan. Total returns to shareholders of 145% over the past three years. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: NT$2.93 (vs NT$2.30 in 3Q 2024) Third quarter 2025 results: EPS: NT$2.93 (up from NT$2.30 in 3Q 2024). Revenue: NT$747.2m (up 37% from 3Q 2024). Net income: NT$120.6m (up 26% from 3Q 2024). Profit margin: 16% (down from 18% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$303, the stock trades at a trailing P/E ratio of 29.6x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 186% over the past three years. New Risk • Sep 18
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 24% 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 Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 9.5% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (135% cash payout ratio). Shareholders have been diluted in the past year (24% increase in shares outstanding). Reported Earnings • Aug 31
Second quarter 2025 earnings released: EPS: NT$0.65 (vs NT$1.99 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.65 (down from NT$1.99 in 2Q 2024). Revenue: NT$513.1m (down 2.3% from 2Q 2024). Net income: NT$26.8m (down 68% from 2Q 2024). Profit margin: 5.2% (down from 16% in 2Q 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 32% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 28
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$326, the stock trades at a trailing P/E ratio of 22.5x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 180% over the past three years. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to NT$241, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 100% over the past three years. Declared Dividend • Jun 30
Dividend increased to NT$8.06 Dividend of NT$8.06 is 102% higher than last year. Ex-date: 11th July 2025 Payment date: 8th August 2025 Dividend yield will be 4.6%, 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 (78% cash payout ratio). The dividend has increased by an average of 3.4% per year over the past 7 years. However, payments have been volatile during that time. Earnings per share has grown by 6.4% 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 27
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$174, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 43% over the past three years. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$2.76 (vs NT$2.42 in 1Q 2024) First quarter 2025 results: EPS: NT$2.76 (up from NT$2.42 in 1Q 2024). Revenue: NT$518.4m (up 26% from 1Q 2024). Net income: NT$114.6m (up 14% from 1Q 2024). Profit margin: 22% (down from 24% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Annuncio • May 07
Top Bright Holding Co., Ltd. to Report Q1, 2025 Results on May 13, 2025 Top Bright Holding Co., Ltd. announced that they will report Q1, 2025 results on May 13, 2025 Annuncio • Apr 12
Top Bright Holding Co., Ltd. Announces Resignation of Tsui Chuan as Chief Internal Auditor, Effective April 11, 2025 Top Bright Holding Co., Ltd. announced the change of chief internal auditor. Name, title, and resume of the previous position holder is Kang Tsui Chuan/chief internal auditor. Effective date is April 11, 2025. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$135, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 8.5% over the past three years. New Risk • Apr 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 6.9% 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: Major Risk Earnings have declined by 3.7% per year over the past 5 years. 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). Annuncio • Mar 26
Top Bright Holding Co., Ltd. Approves the Change of Accounting Officer Top Bright Holding Co., Ltd. appointed Chen Yu-Ling as Accounting Officer in place of Fu Xiuyue, effective March 13, 2025. Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$11.14 (vs NT$10.23 in FY 2023) Full year 2024 results: EPS: NT$11.14 (up from NT$10.23 in FY 2023). Revenue: NT$2.04b (up 10% from FY 2023). Net income: NT$462.2m (up 8.9% from FY 2023). Profit margin: 23% (in line with FY 2023). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$149, the stock trades at a trailing P/E ratio of 13.7x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 9.7% over the past three years. Annuncio • Nov 23
Top Bright Holding Co., Ltd. Approves the Resignation of Cai Jierou as Chief Accounting Officer The board of directors of Top Bright Holding Co., Ltd. has approved the resignation of Cai Jierou as Chief accounting officer, effective from November 22, 2024, Reason for the change: CareerPlan. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$2.30 (vs NT$2.76 in 3Q 2023) Third quarter 2024 results: EPS: NT$2.30 (down from NT$2.76 in 3Q 2023). Revenue: NT$546.4m (up 14% from 3Q 2023). Net income: NT$95.5m (down 17% from 3Q 2023). Profit margin: 18% (down from 24% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Annuncio • Nov 06
Top Bright Holding Co., Ltd. to Report Q3, 2024 Results on Nov 13, 2024 Top Bright Holding Co., Ltd. announced that they will report Q3, 2024 results on Nov 13, 2024 Reported Earnings • Aug 29
Second quarter 2024 earnings released: EPS: NT$1.99 (vs NT$3.61 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.99 (down from NT$3.61 in 2Q 2023). Revenue: NT$525.3m (up 2.5% from 2Q 2023). Net income: NT$82.5m (down 45% from 2Q 2023). Profit margin: 16% (down from 29% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Annuncio • Aug 21
Top Bright Holding Co., Ltd. to Report Q2, 2024 Results on Aug 28, 2024 Top Bright Holding Co., Ltd. announced that they will report Q2, 2024 results on Aug 28, 2024 Upcoming Dividend • Jun 27
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 04 July 2024. Payment date: 09 August 2024. Payout ratio is a comfortable 37% but the company is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.6%). Reported Earnings • May 16
First quarter 2024 earnings released: EPS: NT$2.42 (vs NT$1.87 in 1Q 2023) First quarter 2024 results: EPS: NT$2.42 (up from NT$1.87 in 1Q 2023). Revenue: NT$411.9m (up 6.3% from 1Q 2023). Net income: NT$100.4m (up 30% from 1Q 2023). Profit margin: 24% (up from 20% in 1Q 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 9% per year. New Risk • Mar 19
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: 23% Last year net profit margin: 35% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (23% net profit margin). Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: NT$8.97 (vs NT$19.69 in FY 2022) Full year 2023 results: EPS: NT$8.97 (down from NT$19.69 in FY 2022). Revenue: NT$1.85b (down 20% from FY 2022). Net income: NT$424.5m (down 48% from FY 2022). Profit margin: 23% (down from 35% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Annuncio • Mar 16
Top Bright Holding Co., Ltd., Annual General Meeting, Jun 18, 2024 Top Bright Holding Co., Ltd., Annual General Meeting, Jun 18, 2024. Location: 2nd Floor, No. 1, Wuquan Road, Wugu District, New Taipei City (New Taipei City Industrial and Commercial Exhibition Center Conference Room) New Taipei City Taiwan Agenda: To consider 2023 Annual Business Report; The Audit Committee will review the 2023 final accounts report; 2023 Annual Report on Remuneration Distribution for Employees and Directors; Amendments to the report on the standards of Procedures of the Board of Directors; and to discuss other matters. New Risk • Nov 08
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 08
Third quarter 2023 earnings released: EPS: NT$2.58 (vs NT$5.44 in 3Q 2022) Third quarter 2023 results: EPS: NT$2.58 (down from NT$5.44 in 3Q 2022). Revenue: NT$480.0m (down 24% from 3Q 2022). Net income: NT$114.4m (down 49% from 3Q 2022). Profit margin: 24% (down from 36% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 07
Upcoming dividend of NT$2.00 per share at 2.0% yield Eligible shareholders must have bought the stock before 14 September 2023. Payment date: 28 September 2023. Payout ratio is a comfortable 17% and the cash payout ratio is 78%. Trailing yield: 2.0%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (4.1%). Reported Earnings • Sep 01
Second quarter 2023 earnings released: EPS: NT$2.89 (vs NT$3.34 in 2Q 2022) Second quarter 2023 results: EPS: NT$2.89 (down from NT$3.34 in 2Q 2022). Revenue: NT$512.4m (down 14% from 2Q 2022). Net income: NT$149.8m (down 14% from 2Q 2022). Profit margin: 29% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 12
Upcoming dividend of NT$2.00 per share at 2.0% yield Eligible shareholders must have bought the stock before 19 July 2023. Payment date: 18 August 2023. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (4.2%). Reported Earnings • May 26
Full year 2022 earnings released: EPS: NT$15.75 (vs NT$14.14 in FY 2021) Full year 2022 results: EPS: NT$15.75 (up from NT$14.14 in FY 2021). Revenue: NT$2.31b (down 13% from FY 2021). Net income: NT$816.6m (up 11% from FY 2021). Profit margin: 35% (up from 28% 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 19% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Shang-Chih Hou was the last independent director to join the board, commencing their role in 2020. 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 • Nov 13
Third quarter 2022 earnings released: EPS: NT$4.35 (vs NT$4.50 in 3Q 2021) Third quarter 2022 results: EPS: NT$4.35 (down from NT$4.50 in 3Q 2021). Revenue: NT$633.9m (down 13% from 3Q 2021). Net income: NT$225.5m (down 3.4% from 3Q 2021). Profit margin: 36% (up from 32% in 3Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • Nov 01
Upcoming dividend of NT$8.00 per share Eligible shareholders must have bought the stock before 08 November 2022. Payment date: 12 December 2022. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 7.6%. Within top quartile of Taiwanese dividend payers (7.4%). Higher than average of industry peers (4.9%). Reported Earnings • Aug 30
Second quarter 2022 earnings released: EPS: NT$3.33 (vs NT$2.90 in 2Q 2021) Second quarter 2022 results: EPS: NT$3.33 (up from NT$2.90 in 2Q 2021). Revenue: NT$595.9m (down 4.1% from 2Q 2021). Net income: NT$173.3m (up 15% from 2Q 2021). Profit margin: 29% (up from 24% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Annuncio • Aug 26
Top Bright Holding Co., Ltd. Appoints Kang Zaixin as Chief Information Security Officer Top Bright Holding Co., Ltd. announced the appointment of Kang Zaixin /Chief Financial Officer and Corporate Governance Supervisor of the company, as chief information security officer. Effective date is August 25, 2022. Board Change • Jul 03
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Shang-Chih Hou was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Annuncio • Apr 04
Top Bright Holding Co., Ltd. Announces the Suspension of Work to Cooperate with the Epidemic Prevention Policy on Behalf of the Subsidiaries Top Bright Holding Co., Ltd. announced that The company's subsidiaries in Kunshan, Suzhou, mainland China, TScale Electronics Mfg (KunShan) Co., Ltd./Longyoung Electronic (Kunshan) Co., Ltd., have temporarily suspended work from April 2 to April 6 due to cooperating with the local government's epidemic prevention policy. The company will closely observe the situation and cooperate with local government's policy to take measures to respond to the epidemic to ensure the safety and health of employees. Reported Earnings • Apr 01
Full year 2021 earnings released: EPS: NT$14.14 (vs NT$12.39 in FY 2020) Full year 2021 results: EPS: NT$14.14 (up from NT$12.39 in FY 2020). Revenue: NT$2.66b (up 13% from FY 2020). Net income: NT$733.2m (up 15% from FY 2020). Profit margin: 28% (in line with FY 2020). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$4.50 (vs NT$5.08 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$732.2m (up 1.6% from 3Q 2020). Net income: NT$233.3m (down 10% from 3Q 2020). Profit margin: 32% (down from 36% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 21% per year and the company’s share price has also increased by 21% per year. Reported Earnings • Sep 01
Second quarter 2021 earnings released: EPS NT$2.90 (vs NT$3.61 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$621.3m (up 2.6% from 2Q 2020). Net income: NT$150.4m (down 19% from 2Q 2020). Profit margin: 24% (down from 31% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 21% per year. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$111, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 79% over the past three years. Upcoming Dividend • Aug 09
Upcoming dividend of NT$8.00 per share Eligible shareholders must have bought the stock before 16 August 2021. Payment date: 09 September 2021. Trailing yield: 5.8%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (3.0%). Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$119, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 15x in the Electronic industry in Taiwan. Total returns to shareholders of 62% over the past three years. Reported Earnings • May 11
First quarter 2021 earnings released: EPS NT$3.14 (vs NT$1.74 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$583.9m (up 67% from 1Q 2020). Net income: NT$162.9m (up 83% from 1Q 2020). Profit margin: 28% (up from 26% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS NT$12.39 (vs NT$8.14 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$2.36b (up 27% from FY 2019). Net income: NT$636.2m (up 52% from FY 2019). Profit margin: 27% (up from 23% 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 21% per year whereas the company’s share price has increased by 18% per year. Annuncio • Mar 20
Top Bright Holding Co., Ltd., Annual General Meeting, Jun 10, 2021 Top Bright Holding Co., Ltd., Annual General Meeting, Jun 10, 2021. Location: 3F No. 631 Zhongzheng Road,Zhonghe District,New Taipei City 235 (RSL HOTEL TAIPEI ZHONGHE) Taiwan Taiwan Agenda: To report the business of 2020; to consider Audit Committee's review report; to report 2020 employees' profit sharing bonus and directors' compensation; to consider LONGYOUNG Electronics (Kunshan) Co., Ltd. plans to be listed on the A-shares in Mainland China. According to local laws and regulations, TOP BRIGHT HOLDING CO., LTD., LONGYOUNG Electronics (Kunshan) Co., Ltd. and LONG YOUNG (SAMOA) HOLDING Co., Ltd. intend to issue commitments report. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improved over the past week After last week's 16% share price gain to NT$153, the stock is trading at a trailing P/E ratio of 12.6x, up from the previous P/E ratio of 10.8x. This compares to an average P/E of 19x in the Electronic industry in Taiwan. Total returns to shareholders over the past three years are 93%. Is New 90 Day High Low • Mar 10
New 90-day high: NT$148 The company is up 1.0% from its price of NT$147 on 10 December 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 12% over the same period. Is New 90 Day High Low • Jan 20
New 90-day low: NT$125 The company is down 14% from its price of NT$145 on 22 October 2020. The Taiwanese market is up 22% 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. Is New 90 Day High Low • Jan 04
New 90-day low: NT$137 The company is down 5.0% from its price of NT$144 on 06 October 2020. The Taiwanese market is up 17% 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. Reported Earnings • Nov 10
Third quarter 2020 earnings released: EPS NT$5.08 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$720.8m (up 46% from 3Q 2019). Net income: NT$260.4m (up 76% from 3Q 2019). Profit margin: 36% (up from 30% in 3Q 2019). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Nov 09
Market bids up stock over the past week After last week's 18% share price gain to NT$171, the stock is trading at a trailing P/E ratio of 17.1x, up from the previous P/E ratio of 14.5x. This compares to an average P/E of 17x in the Electronic industry in Taiwan. Total returns to shareholders over the past year are 56%. Is New 90 Day High Low • Nov 04
New 90-day high: NT$164 The company is up 21% from its price of NT$136 on 06 August 2020. The Taiwanese market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$90.85 per share.