Buy Or Sell Opportunity • May 20
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 25% to NT$72.60. The fair value is estimated to be NT$59.64, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 17%. Reported Earnings • May 09
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$2.29 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00 (down from NT$2.29 in 1Q 2025). Revenue: NT$735.2m (down 1.3% from 1Q 2025). Net income: NT$156.4m (down 16% from 1Q 2025). Profit margin: 21% (down from 25% in 1Q 2025). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$70.60, the stock trades at a trailing P/E ratio of 12.3x. Average trailing P/E is 43x in the Semiconductor industry in Taiwan. Total returns to shareholders of 147% over the past three years. Buy Or Sell Opportunity • Mar 31
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.6% to NT$56.80. The fair value is estimated to be NT$71.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 23%. Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$5.77 (vs NT$7.07 in FY 2024) Full year 2025 results: EPS: NT$5.77 (down from NT$7.07 in FY 2024). Revenue: NT$3.01b (up 2.4% from FY 2024). Net income: NT$472.8m (down 18% from FY 2024). Profit margin: 16% (down from 20% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. 공시 • Mar 10
Ubright Optronics Corporation, Annual General Meeting, Jun 04, 2026 Ubright Optronics Corporation, Annual General Meeting, Jun 04, 2026. Location: no,80, hsin kuang e. rd., jen shan li, dasi district, taoyuan city Taiwan Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: NT$2.37 (vs NT$1.25 in 3Q 2024) Third quarter 2025 results: EPS: NT$2.37 (up from NT$1.25 in 3Q 2024). Revenue: NT$772.2m (up 5.4% from 3Q 2024). Net income: NT$194.7m (up 91% from 3Q 2024). Profit margin: 25% (up from 14% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 24% per year. New Risk • Aug 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% 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 Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 132% Cash payout ratio: 121% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (12% net profit margin). New Risk • Aug 14
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 132% Cash payout ratio: 123% Dividend yield: 9.4% 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: 132% Cash payout ratio: 123% Minor Risk Profit margins are more than 30% lower than last year (12% net profit margin). Reported Earnings • Aug 14
Second quarter 2025 earnings released: NT$0.85 loss per share (vs NT$2.00 profit in 2Q 2024) Second quarter 2025 results: NT$0.85 loss per share (down from NT$2.00 profit in 2Q 2024). Revenue: NT$780.6m (up 8.0% from 2Q 2024). Net loss: NT$69.8m (down 143% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 24% per year. Upcoming Dividend • Jul 15
Upcoming dividend of NT$5.99 per share Eligible shareholders must have bought the stock before 22 July 2025. Payment date: 22 August 2025. Payout ratio and cash payout ratio are on the higher end at 81% and 96% respectively. Trailing yield: 7.7%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.2%). Declared Dividend • Jun 27
Dividend increased to NT$6.00 Dividend of NT$6.00 is 102% higher than last year. Ex-date: 22nd July 2025 Payment date: 22nd August 2025 Dividend yield will be 7.8%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (81% earnings payout ratio) but not adequately covered by cash flows (96% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 46% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: NT$2.29 (vs NT$1.95 in 1Q 2024) First quarter 2025 results: EPS: NT$2.29 (up from NT$1.95 in 1Q 2024). Revenue: NT$744.9m (up 22% from 1Q 2024). Net income: NT$186.9m (up 18% from 1Q 2024). Profit margin: 25% (in line with 1Q 2024). Over the last 3 years on average, earnings per share has increased by 26% per year and the company’s share price has also increased by 26% per year. 공시 • Apr 22
Ubright Optronics Corporation to Report Q1, 2025 Results on Apr 29, 2025 Ubright Optronics Corporation announced that they will report Q1, 2025 results on Apr 29, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$66.10, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 111% 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 6.4% 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: Minor Risks Dividend is not well covered by cash flows (110% cash payout ratio). Share price has been volatile over the past 3 months (6.4% average weekly change). Reported Earnings • Mar 23
Full year 2024 earnings released: EPS: NT$7.07 (vs NT$4.22 in FY 2023) Full year 2024 results: EPS: NT$7.07 (up from NT$4.22 in FY 2023). Revenue: NT$2.94b (up 18% from FY 2023). Net income: NT$575.6m (up 70% from FY 2023). Profit margin: 20% (up from 14% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$1.25 (vs NT$1.81 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.25 (down from NT$1.81 in 3Q 2023). Revenue: NT$732.4m (up 4.1% from 3Q 2023). Net income: NT$101.9m (down 30% from 3Q 2023). Profit margin: 14% (down from 21% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 22% per year. 공시 • Oct 29
Ubright Optronics Corporation to Report Q3, 2024 Results on Nov 05, 2024 Ubright Optronics Corporation announced that they will report Q3, 2024 results on Nov 05, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$2.00 (vs NT$1.58 in 2Q 2023) Second quarter 2024 results: EPS: NT$2.00 (up from NT$1.58 in 2Q 2023). Revenue: NT$722.8m (up 9.8% from 2Q 2023). Net income: NT$162.8m (up 28% from 2Q 2023). Profit margin: 23% (up from 19% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$60.30, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 26x in the Semiconductor industry in Taiwan. Total returns to shareholders of 105% over the past three years. New Risk • Aug 05
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 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (37% accrual ratio). 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 (7.0% average weekly change). 공시 • Jul 17
Ubright Optronics Corporation to Report Q2, 2024 Results on Jul 24, 2024 Ubright Optronics Corporation announced that they will report Q2, 2024 results on Jul 24, 2024 Declared Dividend • Jul 15
Dividend of NT$2.98 announced Shareholders will receive a dividend of NT$2.98. Ex-date: 1st August 2024 Payment date: 23rd August 2024 Dividend yield will be 4.3%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (50% earnings payout ratio) and cash flows (85% cash payout ratio). The dividend has increased by an average of 6.9% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 21% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$1.95 (vs NT$0.11 in 1Q 2023) First quarter 2024 results: EPS: NT$1.95 (up from NT$0.11 in 1Q 2023). Revenue: NT$611.2m (up 38% from 1Q 2023). Net income: NT$158.5m (up NT$149.4m from 1Q 2023). Profit margin: 26% (up from 2.1% in 1Q 2023). The increase in margin was driven by higher 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. Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$67.70, the stock trades at a trailing P/E ratio of 16.1x. Average trailing P/E is 31x in the Semiconductor industry in Taiwan. Total returns to shareholders of 112% over the past three years. 공시 • Apr 28
Ubright Optronics Corporation to Report Q1, 2024 Results on May 06, 2024 Ubright Optronics Corporation announced that they will report Q1, 2024 results on May 06, 2024 Buy Or Sell Opportunity • Apr 15
Now 20% undervalued Over the last 90 days, the stock has risen 7.3% to NT$58.80. The fair value is estimated to be NT$73.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Earnings per share has grown by 3.8%. Reported Earnings • Mar 25
Full year 2023 earnings released: EPS: NT$4.22 (vs NT$3.59 in FY 2022) Full year 2023 results: EPS: NT$4.22 (up from NT$3.59 in FY 2022). Revenue: NT$2.50b (up 9.0% from FY 2022). Net income: NT$339.5m (up 18% from FY 2022). Profit margin: 14% (up from 13% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 9% per year. 공시 • Feb 23
Ubright Optronics Corporation Appoints Wu Hsin-Chieh as CEO Ubright Optronics Corporation announced appointment of Wu Hsin-Chieh /Chairman as CEO to assist the General Manager in Expediting the Development of Various Business Operations. Effective date is February 21, 2024. 공시 • Feb 22
Ubright Optronics Corporation, Annual General Meeting, Jun 03, 2024 Ubright Optronics Corporation, Annual General Meeting, Jun 03, 2024. Location: No.80, Xinguang E. Rd, Renshan Vil., Daxi Dist., Taoyuan City 335 Taoyuan Taiwan Agenda: To approve the 2023 Business Report; to approve the Audit Committee's Review Report on the 2023; to approve the Report on the 2023 Remuneration for Employees and Directors; to approve the 2023 Earnings Appropriation of Cash Dividend Report; to consider the Acknowledgment of the Company's 2023 Business Report and Financial Statements; to consider the Acknowledgment of the Company's 2023 Earnings Appropriation Statement; and to consider other matters if any. New Risk • Oct 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 7.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.9% average weekly change). Minor Risk Dividend is not well covered by earnings (108% payout ratio). Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: NT$1.58 (vs NT$1.49 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.58 (up from NT$1.49 in 2Q 2022). Revenue: NT$658.2m (down 5.5% from 2Q 2022). Net income: NT$126.9m (up 6.7% from 2Q 2022). Profit margin: 19% (up from 17% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 18% per year. Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$41.60, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 106% over the past three years. Upcoming Dividend • Jul 25
Upcoming dividend of NT$2.91 per share at 8.0% yield Eligible shareholders must have bought the stock before 01 August 2023. Payment date: 24 August 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 8.0%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.3%). Reported Earnings • Mar 22
Full year 2022 earnings released: EPS: NT$3.59 (vs NT$3.66 in FY 2021) Full year 2022 results: EPS: NT$3.59 (down from NT$3.66 in FY 2021). Revenue: NT$2.29b (down 23% from FY 2021). Net income: NT$287.5m (down 1.5% from FY 2021). Profit margin: 13% (up from 9.8% 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 41% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$1.00 (vs NT$1.01 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.00 (down from NT$1.01 in 3Q 2021). Revenue: NT$409.8m (down 47% from 3Q 2021). Net income: NT$80.2m (down 1.0% from 3Q 2021). Profit margin: 20% (up from 11% 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 45% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$1.00 (vs NT$1.01 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.00 (down from NT$1.01 in 3Q 2021). Revenue: NT$409.8m (down 47% from 3Q 2021). Net income: NT$80.2m (down 1.0% from 3Q 2021). Profit margin: 20% (up from 11% 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 45% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$1.49 (vs NT$0.90 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.49 (up from NT$0.90 in 2Q 2021). Revenue: NT$696.8m (down 6.5% from 2Q 2021). Net income: NT$118.9m (up 66% from 2Q 2021). Profit margin: 17% (up from 9.6% 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 43% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 27
Upcoming dividend of NT$3.32 per share Eligible shareholders must have bought the stock before 03 August 2022. Payment date: 24 August 2022. Payout ratio is on the higher end at 85%, however this is supported by cash flows. Trailing yield: 9.1%. Within top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (3.7%). Reported Earnings • May 02
First quarter 2022 earnings: EPS in line with expectations, revenues disappoint First quarter 2022 results: EPS: NT$1.10 (up from NT$0.87 in 1Q 2021). Revenue: NT$692.2m (flat on 1Q 2021). Net income: NT$88.3m (up 28% from 1Q 2021). Profit margin: 13% (up from 10.0% in 1Q 2021). Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$1.01 (vs NT$0.71 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: NT$771.6m (down 2.8% from 3Q 2020). Net income: NT$81.0m (up 45% from 3Q 2020). Profit margin: 11% (up from 7.0% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$0.90 (vs NT$0.56 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$745.3m (up 13% from 2Q 2020). Net income: NT$71.7m (up 63% from 2Q 2020). Profit margin: 9.6% (up from 6.7% in 2Q 2020). The increase in margin was driven by higher revenue. 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 19% per year. Upcoming Dividend • Jul 27
Upcoming dividend of NT$2.19 per share Eligible shareholders must have bought the stock before 03 August 2021. Payment date: 24 August 2021. Trailing yield: 5.5%. Within top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (2.2%). Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.87 (vs NT$0.29 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$692.9m (up 43% from 1Q 2020). Net income: NT$69.3m (up 209% from 1Q 2020). Profit margin: 10.0% (up from 4.6% 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 22% per year whereas the company’s share price has increased by 23% per year. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$36.95, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 117% over the past three years. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$2.53 (vs NT$1.22 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$2.73b (up 16% from FY 2019). Net income: NT$199.5m (up 111% from FY 2019). Profit margin: 7.3% (up from 4.0% 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 22% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improved over the past week After last week's 16% share price gain to NT$45.30, the stock is trading at a trailing P/E ratio of 29.5x, up from the previous P/E ratio of 25.5x. This compares to an average P/E of 29x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 157%. Is New 90 Day High Low • Dec 08
New 90-day high: NT$44.65 The company is up 44% from its price of NT$31.05 on 09 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 22% over the same period. Valuation Update With 7 Day Price Move • Nov 28
Market bids up stock over the past week After last week's 21% share price gain to NT$41.30, the stock is trading at a trailing P/E ratio of 26.9x, up from the previous P/E ratio of 22.3x. This compares to an average P/E of 24x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 117%. Valuation Update With 7 Day Price Move • Nov 24
Market bids up stock over the past week After last week's 17% share price gain to NT$36.25, the stock is trading at a trailing P/E ratio of 23.7x, up from the previous P/E ratio of 20.3x. This compares to an average P/E of 23x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 86%. Is New 90 Day High Low • Nov 20
New 90-day high: NT$34.25 The company is up 33% from its price of NT$25.75 on 21 August 2020. The Taiwanese market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 16% over the same period.