Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$468, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 16x in the Tech industry in Taiwan. Total returns to shareholders of 100% over the past three years. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$446, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 14x in the Tech industry in Taiwan. Total returns to shareholders of 70% over the past three years. Price Target Changed • Jul 17
Price target increased by 12% to NT$398 Up from NT$355, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of NT$395. Stock is up 30% over the past year. The company is forecast to post earnings per share of NT$22.78 for next year compared to NT$22.75 last year. お知らせ • Jun 12
Ennoconn Corporation (TWSE:6414) proposed to acquire an additional 67.78% stake in Kontron AG (XTRA:KTN) for approximately €980 million. Ennoconn Corporation (TWSE:6414) proposed to acquire an additional 67.78% stake in Kontron AG (XTRA:KTN) for approximately €980 million on June 10, 2026. The offer price shall amount to EUR 23.5 per share in cash. Hannes Niederhauser, CEO of Kontron, intends to remain invested in Kontron and will not accept the mandatory takeover offer in respect of the shares in Kontron held by him, representing approximately 2.2% of the share capital. Ennoconn Corporation though its subsidiaries Ennoconn Investment Holdings Co. Ltd and Ennoconn International Investment Co., Ltd, held 27.44% and 2.49%, respectively.
The completion of this offer is subject to regulatory approvals under various merger and investment control law. Upcoming Dividend • Jun 09
Upcoming dividend of NT$13.78 per share Eligible shareholders must have bought the stock before 16 June 2026. Payment date: 15 July 2026. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (2.7%). Declared Dividend • May 20
Dividend increased to NT$14.00 Dividend of NT$14.00 is 15% higher than last year. Ex-date: 16th June 2026 Payment date: 15th July 2026 Dividend yield will be 4.2%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (64% earnings payout ratio) and cash flows (30% cash payout ratio). 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. EPS is expected to grow by 16% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 18
First quarter 2026 earnings: EPS in line with analyst expectations despite revenue beat First quarter 2026 results: EPS: NT$5.00 (down from NT$6.02 in 1Q 2025). Revenue: NT$37.1b (up 7.7% from 1Q 2025). Net income: NT$751.8m (down 9.1% from 1Q 2025). Profit margin: 2.0% (down from 2.4% in 1Q 2025). Revenue exceeded analyst estimates by 6.3%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 23% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. New Risk • Apr 16
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 40% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Mar 31
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: NT$23.26 (up from NT$19.24 in FY 2024). Revenue: NT$142.3b (down 2.8% from FY 2024). Net income: NT$3.14b (up 19% from FY 2024). Profit margin: 2.2% (up from 1.8% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) exceeded analyst estimates by 7.7%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. お知らせ • Jan 30
Ennoconn Corporation, Annual General Meeting, May 29, 2026 Ennoconn Corporation, Annual General Meeting, May 29, 2026. Location: 4 floor no,10, chien k`ang rd., jhonghe district, new taipei city Taiwan New Risk • Dec 03
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 44% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Nov 17
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: EPS: NT$6.91 (up from NT$5.03 in 3Q 2024). Revenue: NT$33.6b (down 11% from 3Q 2024). Net income: NT$950.7m (up 38% from 3Q 2024). Profit margin: 2.8% (up from 1.8% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 14%. Earnings per share (EPS) exceeded analyst estimates by 31%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 17
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: NT$4.11 (up from NT$3.67 in 2Q 2024). Revenue: NT$34.7b (down 4.5% from 2Q 2024). Net income: NT$565.0m (up 12% from 2Q 2024). Profit margin: 1.6% (up from 1.4% in 2Q 2024). Revenue missed analyst estimates by 6.7%. Earnings per share (EPS) also missed analyst estimates by 14%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: NT$4.11 (up from NT$3.67 in 2Q 2024). Revenue: NT$34.7b (down 4.5% from 2Q 2024). Net income: NT$565.0m (up 12% from 2Q 2024). Profit margin: 1.6% (up from 1.4% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 6.3%. Earnings per share (EPS) also missed analyst estimates by 13%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 66% 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 • Jun 20
Upcoming dividend of NT$12.20 per share Eligible shareholders must have bought the stock before 27 June 2025. Payment date: 25 July 2025. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (3.7%). お知らせ • Jun 03
Ennoconn Corporation Approves Cash Dividend, Payable on July 25, 2025 Ennoconn Corporation Approved common stock dividend distribution to common share holders of TWD 1,677,984,584 (TWD 12.20 per share). Ex-rights (ex-dividend) trading date: June 27, 2025, Last date before book closure: June 30, 2025, Book closure starting date: July 1, 2025, Book closure ending date: July 5, 2025, Ex-rights (ex-dividend) record date: July 5, 2025, Payment date of common stock cash dividend distribution: July 25, 2025. Reported Earnings • May 15
First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2025 results: EPS: NT$6.02 (up from NT$4.64 in 1Q 2024). Revenue: NT$34.5b (up 5.3% from 1Q 2024). Net income: NT$827.3m (up 32% from 1Q 2024). Profit margin: 2.4% (up from 1.9% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.1%. Earnings per share (EPS) exceeded analyst estimates by 18%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. お知らせ • May 01
Ennoconn Corporation to Report Q1, 2025 Results on May 13, 2025 Ennoconn Corporation announced that they will report Q1, 2025 results on May 13, 2025 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$241, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Tech industry in Taiwan. Total returns to shareholders of 36% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$366 per share. Reported Earnings • Mar 30
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: NT$19.24 (up from NT$18.32 in FY 2023). Revenue: NT$146.4b (up 20% from FY 2023). Net income: NT$2.63b (up 21% from FY 2023). Profit margin: 1.8% (in line with FY 2023). Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) exceeded analyst estimates by 8.0%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Tech industry in Taiwan. 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. お知らせ • Mar 19
Ennoconn Corporation to Report Fiscal Year 2024 Results on Mar 28, 2025 Ennoconn Corporation announced that they will report fiscal year 2024 results on Mar 28, 2025 お知らせ • Jan 16
Ennoconn Corporation, Annual General Meeting, May 29, 2025 Ennoconn Corporation, Annual General Meeting, May 29, 2025. Location: 4 floor no,10, chien k`ang rd., jhonghe district, new taipei city Taiwan Buy Or Sell Opportunity • Jan 13
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.2% to NT$281. The fair value is estimated to be NT$360, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 33% in 2 years. Earnings are forecast to grow by 62% in the next 2 years. Reported Earnings • Nov 15
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: NT$5.03 (down from NT$5.97 in 3Q 2023). Revenue: NT$37.7b (up 26% from 3Q 2023). Net income: NT$690.7m (down 8.7% from 3Q 2023). Profit margin: 1.8% (down from 2.5% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) also missed analyst estimates by 7.1%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. お知らせ • Nov 02
Ennoconn Corporation to Report Q3, 2024 Results on Nov 13, 2024 Ennoconn Corporation announced that they will report Q3, 2024 results on Nov 13, 2024 Buy Or Sell Opportunity • Sep 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to NT$280. The fair value is estimated to be NT$354, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 31% in 2 years. Earnings are forecast to grow by 60% in the next 2 years. Reported Earnings • Aug 19
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: EPS: NT$3.70 (down from NT$4.67 in 2Q 2023). Revenue: NT$36.3b (up 25% from 2Q 2023). Net income: NT$502.6m (down 4.6% from 2Q 2023). Profit margin: 1.4% (down from 1.8% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) missed analyst estimates by 38%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. お知らせ • Aug 02
Ennoconn Corporation to Report Q2, 2024 Results on Aug 13, 2024 Ennoconn Corporation announced that they will report Q2, 2024 results on Aug 13, 2024 Upcoming Dividend • Jul 24
Upcoming dividend of NT$11.35 per share Eligible shareholders must have bought the stock before 31 July 2024. Payment date: 28 August 2024. Payout ratio is a comfortable 62% and the cash payout ratio is 80%. Trailing yield: 3.6%. Lower than top quartile of Taiwanese dividend payers (4.3%). Higher than average of industry peers (3.0%). Declared Dividend • Jul 03
Dividend reduced to NT$11.41 Dividend of NT$11.41 is 10% lower than last year. Ex-date: 31st July 2024 Payment date: 28th August 2024 Dividend yield will be 3.5%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (62% earnings payout ratio) and cash flows (78% cash payout ratio). The dividend has increased by an average of 23% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 68% over the next 3 years, which should provide support to the dividend and adequate earnings cover. お知らせ • Jul 02
Ennoconn Corporation Approves Common Stock Cash Dividend, Payable on August 28, 2024 Ennoconn Corporation approved common stock cash dividends to common share holders of TWD 1,559,072,498 (TWD 11.41 per share). Ex-rights (ex-dividend) trading date: July 31, 2024. Ex-rights (ex-dividend) record date: August 6, 2024. Payment date of common stock cash dividend distribution: August 28, 2024. Date of the resolution by the board of directors or shareholders meeting or decision by the Company: July 1, 2024. Reported Earnings • May 18
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: NT$4.67 (up from NT$4.64 in 1Q 2023). Revenue: NT$32.7b (up 15% from 1Q 2023). Net income: NT$627.4m (up 28% from 1Q 2023). Profit margin: 1.9% (up from 1.7% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. お知らせ • May 01
Ennoconn Corporation to Report Q1, 2024 Results on May 09, 2024 Ennoconn Corporation announced that they will report Q1, 2024 results on May 09, 2024 Reported Earnings • Apr 02
Full year 2023 earnings: EPS in line with analyst expectations despite revenue beat Full year 2023 results: EPS: NT$19.01 (up from NT$41.28 loss in FY 2022). Revenue: NT$121.6b (up 12% from FY 2022). Net income: NT$2.18b (up NT$6.55b from FY 2022). Profit margin: 1.8% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. お知らせ • Mar 08
Ennoconn Corporation, Annual General Meeting, May 31, 2024 Ennoconn Corporation, Annual General Meeting, May 31, 2024. Location: Ennoconn's meeting room 4F., No. 10, Jiankang Rd., Zhonghe Dist., New Taipei City New Tapei City Taiwan Agenda: To approve Report on the 5th domestic unsecured conversion bond issuance in 2023 Other announcements will be made after the resolution of the BOD of the company on March 29, 2024; to approve Amendment to the Company's Article of Incorporation Other announcements will be made after the resolution of the BOD of the company on March 29, 2024; and to discuss other matters. Reported Earnings • Nov 17
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: NT$5.97. Revenue: NT$30.0b (down 6.8% from 3Q 2022). Net income: NT$756.2m (up 16% from 3Q 2022). Profit margin: 2.5% (up from 2.0% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) exceeded analyst estimates by 13%. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Tech industry in Taiwan. Buying Opportunity • Oct 23
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be NT$316, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Oct 03
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be NT$332, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company became loss making. Upcoming Dividend • Jul 27
Upcoming dividend of NT$12.74 per share at 5.0% yield Eligible shareholders must have bought the stock before 03 August 2023. Payment date: 28 August 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 5.0%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.0%). お知らせ • May 31
Ennoconn Corporation Approves the Election of Huang-Hsu Tu as Independent Director and Members of the Audit Committee Ennoconn Corporation approved the election of Huang-Hsu Tu, General Manager of Pan German Universal Motors, Inc, as Independent director and members of the Audit Committee at 2023 Annual General Shareholders' Meeting held on May 30, 2023. Effective date of the new appointment is May 30, 2023. お知らせ • May 23
Ennoconn Corporation, Annual General Meeting, May 22, 2023 Ennoconn Corporation, Annual General Meeting, May 22, 2023. Agenda: To consider and approve the Profit distribution for 2022; to recognize the 2022 financial report; to re-elected Bernhard Chwatal as an independent member of the Supervisory Board; and any other matters that need to be specified. Price Target Changed • May 17
Price target increased by 9.4% to NT$274 Up from NT$250, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of NT$285. Stock is up 36% over the past year. The company is forecast to post earnings per share of NT$22.95 next year compared to a net loss per share of NT$41.28 last year. Major Estimate Revision • Apr 08
Consensus EPS estimates fall by 19% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from NT$22.74 to NT$18.46 per share. Revenue forecast steady at NT$125.5b. Net income forecast to grow 6.0% next year vs 1.4% decline forecast for Tech industry in Taiwan. Consensus price target broadly unchanged at NT$249. Share price was steady at NT$261 over the past week. Buying Opportunity • Mar 10
Now 20% undervalued Over the last 90 days, the stock is up 10%. The fair value is estimated to be NT$293, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 12%. Revenue is forecast to grow by 19% in 2 years. Earnings is forecast to grow by 21% in the next 2 years. Buying Opportunity • Feb 22
Now 22% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be NT$293, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 12%. Revenue is forecast to grow by 19% in 2 years. Earnings is forecast to grow by 21% in the next 2 years. お知らせ • Jan 12
Ennoconn Corporation Announces the Change of Chief Internal Auditor Ennoconn Corporation board of directors appointed Ms. Chrissy Wei, Manager /The ex-chief internal auditor of GOLDTek in pace of Mr. Nicolas Lu as chief internal auditor, effective date is January 11, 2023. Major Estimate Revision • Nov 17
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from NT$113.9b to NT$116.9b. EPS estimate fell from NT$19.51 to NT$17.55 per share. Net income forecast to grow 30% next year vs 5.8% decline forecast for Tech industry in Taiwan. Consensus price target down from NT$276 to NT$241. Share price was steady at NT$201 over the past week. Price Target Changed • Nov 16
Price target decreased to NT$248 Down from NT$276, the current price target is an average from 8 analysts. New target price is 24% above last closing price of NT$200. Stock is down 6.6% over the past year. The company is forecast to post earnings per share of NT$18.43 for next year compared to NT$13.91 last year. 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. 3 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Davis Wang was the last independent director to join the board, commencing their role in 2019. 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 12
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: NT$6.15 (up from NT$3.78 in 3Q 2021). Revenue: NT$32.2b (up 37% from 3Q 2021). Net income: NT$652.2m (up 79% from 3Q 2021). Profit margin: 2.0% (up from 1.6% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 9.0%. Earnings per share (EPS) also surpassed analyst estimates by 2.6%. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Major Estimate Revision • Aug 18
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from NT$15.56 to NT$19.51. Revenue forecast steady at NT$113.9b. Net income forecast to grow 35% next year vs 3.5% growth forecast for Tech industry in Taiwan. Consensus price target up from NT$263 to NT$281. Share price fell 5.2% to NT$230 over the past week. Reported Earnings • Aug 13
Second quarter 2022 earnings: EPS misses analyst expectations Second quarter 2022 results: EPS: NT$4.16 (up from NT$3.14 in 2Q 2021). Revenue: NT$26.8b (up 18% from 2Q 2021). Net income: NT$441.3m (up 46% from 2Q 2021). Profit margin: 1.6% (up from 1.3% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 14%. Over the next year, revenue is forecast to grow 13%, compared to a 3.9% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 7% per year. Buying Opportunity • Aug 12
Now 22% undervalued Over the last 90 days, the stock is up 18%. The fair value is estimated to be NT$296, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.3% over the last 3 years. Earnings per share has grown by 5.3%. Revenue is forecast to grow by 25% in 2 years. Earnings is forecast to grow by 35% in the next 2 years. Upcoming Dividend • Jul 22
Upcoming dividend of NT$7.00 per share Eligible shareholders must have bought the stock before 29 July 2022. Payment date: 25 August 2022. Payout ratio is a comfortable 47% but the company is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Taiwanese dividend payers (6.6%). Lower than average of industry peers (7.3%). Reported Earnings • May 17
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: NT$2.97 (up from NT$2.06 in 1Q 2021). Revenue: NT$24.3b (up 20% from 1Q 2021). Net income: NT$313.8m (up 60% from 1Q 2021). Profit margin: 1.3% (up from 1.0% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 29%. Over the next year, revenue is forecast to grow 16%, compared to a 5.4% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 2% per year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Davis Wang was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 02
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: NT$13.91 (up from NT$12.13 in FY 2020). Revenue: NT$96.6b (up 15% from FY 2020). Net income: NT$1.33b (up 20% from FY 2020). Profit margin: 1.4% (up from 1.3% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 19%, compared to a 8.3% growth forecast for the industry in Taiwan. 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 6% per year, which means it is significantly lagging earnings. お知らせ • Mar 10
Ennoconn Corporation Launches into the Industrial Metaverse Ennoconn Corporation launched into the Industrial Metaverse with an equally impressive contemporary company logo, branding, and all-encompassing content-rich website. Ennoconn’s redesigned website focuses on the digital transformation of cloud-based services and solutions, bundled with traditional DMS and SI solutions branded as Digitalization as a Service (DaaS). The comprehensive website brings this commitment and journey through the Industrial Metaverse to life. The site and all its energy, expertly crafted and designed by Reno, NV-based, Sliice Marketing, is for clients and partners ready to engage, transform, and revolutionize their go-to-market AIoT/AI/Cloud initiatives and business strategies. Right down to the logo, which symbolizes Ennoconn’s global partnerships and a commitment to extensive cloud services integration. The renovated branding and messaging accentuate Ennoconn’s position as the world leader within the DMS, SI, and emerging digital transformation services. New and existing partners and customers can immediately benefit from this site, actualizing their business transformation as they engage deeper and broader with Ennoconn’s Digitalization as a Service (DaaS) and total transformation methodology. お知らせ • Jan 06
Ennoconn Corporation announced that it expects to receive TWD 1.1073696 billion in funding from Google International LLC Ennoconn Corporation announced a private placement of 4,880,000 common shares at an issue price of TWD 226.92 per share for gross proceeds of TWD 1,107,369,600 on January 4, 2022. The transaction will include participation from Google International LLC. The transaction has been approved by the board of directors of the company. The transaction is expected to close in between January 5, 2022 and January 11, 2022. The shares are subject to a hold period of three years. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 21% share price gain to NT$276, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 11x in the Tech industry in Taiwan. Total returns to shareholders of 31% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$405 per share. お知らせ • Jan 01
Ennoconn Corporation announced that it has received TWD 975 million in funding On December 30, 2021, Ennoconn Corporation closed the transaction. The company issued 5,000,000 shares at a TWD 195 for gross proceeds of TWD 975,000,000 in the transaction. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment improved over the past week After last week's 15% share price gain to NT$244, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 10x in the Tech industry in Taiwan. Negligible returns to shareholders over past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$407 per share. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$3.78 (vs NT$3.01 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$23.4b (up 11% from 3Q 2020). Net income: NT$363.5m (up 32% from 3Q 2020). Profit margin: 1.6% (up from 1.3% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 2% per year. Upcoming Dividend • Sep 27
Upcoming dividend of NT$5.00 per share Eligible shareholders must have bought the stock before 04 October 2021. Payment date: 29 October 2021. Trailing yield: 2.5%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (5.2%). お知らせ • Aug 24
Ennoconn Corporation announced that it has received TWD 1.5 billion in funding from VIA Labs, Inc., MediaTek Capital Co., VIA Technologies, Inc. and another investor On August 23, 2021, Ennoconn Corporation closed the transaction. The transaction included participation from PHI Capital, VIA Labs, Inc., MediaTek Capital Co., VIA Technologies, Inc. The bonds will be convertible Shares at TWD 220.7, possible dilution of equity is around 6.56%. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$3.13 (vs NT$3.30 in 2Q 2020) The company reported a mediocre second quarter result with weaker profit margins, although earnings were flat and revenues improved. Second quarter 2021 results: Revenue: NT$22.8b (up 23% from 2Q 2020). Net income: NT$301.5m (flat on 2Q 2020). Profit margin: 1.3% (down from 1.6% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 6% per year. Price Target Changed • May 23
Price target decreased to NT$268 Down from NT$299, the current price target is an average from 6 analysts. New target price is 41% above last closing price of NT$190. Stock is up 13% over the past year. Price Target Changed • May 18
Price target decreased to NT$274 Down from NT$299, the current price target is an average from 6 analysts. New target price is 42% above last closing price of NT$193. Stock is up 13% over the past year. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$2.06 (vs NT$2.04 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: NT$20.2b (up 13% from 1Q 2020). Net income: NT$196.6m (up 5.7% from 1Q 2020). Profit margin: 1.0% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$12.13 (vs NT$12.03 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: NT$84.1b (up 3.2% from FY 2019). Net income: NT$1.11b (up 2.9% from FY 2019). Profit margin: 1.3% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Mar 08
New 90-day low: NT$234 The company is down 6.0% from its price of NT$249 on 08 December 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$466 per share. Is New 90 Day High Low • Jan 14
New 90-day high: NT$274 The company is up 16% from its price of NT$236 on 16 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Tech industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$326 per share.