New Risk • May 22
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (12% average weekly change). High level of non-cash earnings (48% accrual ratio). Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 41% After last week's 41% share price gain to NT$1,230, the stock trades at a trailing P/E ratio of 76.2x. Average trailing P/E is 26x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 1,770% over the past three years. Reported Earnings • May 16
First quarter 2026 earnings released: EPS: NT$10.00 (vs NT$0.43 loss in 1Q 2025) First quarter 2026 results: EPS: NT$10.00 (up from NT$0.43 loss in 1Q 2025). Revenue: NT$1.00b (up 484% from 1Q 2025). Net income: NT$525.0m (up NT$543.4m from 1Q 2025). Profit margin: 52% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has increased by 139% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$389, the stock trades at a trailing P/E ratio of 78.3x. Average forward P/E is 12x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 516% over the past three years. Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$5.45 (vs NT$1.39 in FY 2024) Full year 2025 results: EPS: NT$5.45 (up from NT$1.39 in FY 2024). Revenue: NT$1.41b (up 28% from FY 2024). Net income: NT$241.2m (up 311% from FY 2024). Profit margin: 17% (up from 5.3% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has increased by 71% per year, which means it is tracking significantly ahead of earnings growth. 공시 • Mar 06
Lianyou Metals Co., Ltd., Annual General Meeting, May 26, 2026 Lianyou Metals Co., Ltd., Annual General Meeting, May 26, 2026. Location: 2 floor no,50, ching chin rd., fangliao township, pingtung county Taiwan Valuation Update With 7 Day Price Move • Dec 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$132, the stock trades at a trailing P/E ratio of 68.8x. Average forward P/E is 11x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 188% over the past three years. 공시 • Dec 17
Lianyou Metals Co., Ltd. has filed a Follow-on Equity Offering in the amount of TWD 100 million. Lianyou Metals Co., Ltd. has filed a Follow-on Equity Offering in the amount of TWD 100 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,500,000
Price\Range: TWD 10
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 8,500,000
Price\Range: TWD 10
Transaction Features: Reserved Share Offering New Risk • Nov 30
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (9.4% average weekly change). Earnings have declined by 3.7% per year over the past 5 years. High level of non-cash earnings (30% accrual ratio). Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: NT$1.25 (vs NT$0.17 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.25 (up from NT$0.17 in 3Q 2024). Revenue: NT$367.6m (up 28% from 3Q 2024). Net income: NT$55.0m (up NT$48.0m from 3Q 2024). Profit margin: 15% (up from 2.5% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 34% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings. 공시 • Aug 21
Lianyou Metals Co., Ltd. has filed a Follow-on Equity Offering. Lianyou Metals Co., Ltd. has filed a Follow-on Equity Offering.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 493,000
Price(minimum): TWD 43.86 New Risk • Mar 20
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 6.3% 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 No financial data reported. Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (NT$2.37b market cap, or US$71.9m). 공시 • Mar 12
Lianyou Metals Co., Ltd., Annual General Meeting, May 27, 2025 Lianyou Metals Co., Ltd., Annual General Meeting, May 27, 2025. Location: 2 floor no,50, ching chin rd., fangliao township, pingtung county Taiwan New Risk • Dec 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Market cap is less than US$100m (NT$1.94b market cap, or US$59.7m). 공시 • Mar 09
Lianyou Metals Co., Ltd., Annual General Meeting, May 24, 2024 Lianyou Metals Co., Ltd., Annual General Meeting, May 24, 2024. New Risk • Nov 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 13% 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 Risk No financial data reported. Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Shareholders have been diluted in the past year (13% increase in shares outstanding). Market cap is less than US$100m (NT$2.24b market cap, or US$69.1m).