New Risk • May 19
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 155% 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 Share price has been highly volatile over the past 3 months (36% average weekly change). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.26b market cap, or US$39.9m). 공시 • Mar 30
Horng Tong Enterprise Co., Ltd., Annual General Meeting, Jun 16, 2026 Horng Tong Enterprise Co., Ltd., Annual General Meeting, Jun 16, 2026, at 10:00 Taipei Standard Time. Location: 3-3 floor no,8, sec.1 chung hsing rd., wugu district, new taipei city Taiwan New Risk • Mar 13
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 19% 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 (19% average weekly change). Earnings have declined by 27% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Market cap is less than US$100m (NT$907.7m market cap, or US$28.4m). New Risk • Mar 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 27% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (NT$554.1m market cap, or US$17.7m). New Risk • Feb 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 7.0% 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 Risks Earnings have declined by 27% per year over the past 5 years. Shareholders have been substantially diluted in the past year (46% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Market cap is less than US$100m (NT$546.5m market cap, or US$17.2m). Reported Earnings • Apr 26
Full year 2024 earnings released: NT$1.29 loss per share (vs NT$1.37 loss in FY 2023) Full year 2024 results: NT$1.29 loss per share. Revenue: NT$598.1m (up 4.0% from FY 2023). Net loss: NT$76.0m (loss widened 37% from FY 2023). 공시 • Mar 31
Horng Tong Enterprise Co., Ltd., Annual General Meeting, Jun 23, 2025 Horng Tong Enterprise Co., Ltd., Annual General Meeting, Jun 23, 2025, at 10:00 Taipei Standard Time. Location: 3-3 floor no,8, sec.1 chung hsing rd., wugu district, new taipei city Taiwan New Risk • Mar 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 28% per year over the past 5 years. Shareholders have been substantially diluted in the past year (46% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (NT$875.9m market cap, or US$26.6m). New Risk • Feb 21
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 46% This is considered a major 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 (18% average weekly change). Earnings have declined by 28% per year over the past 5 years. Shareholders have been substantially diluted in the past year (46% increase in shares outstanding). Minor Risk Market cap is less than US$100m (NT$895.0m market cap, or US$27.3m). New Risk • Nov 06
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: NT$308.7m (US$9.54m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 28% per year over the past 5 years. Market cap is less than US$10m (NT$308.7m market cap, or US$9.54m). Minor Risk Share price has been volatile over the past 3 months (7.3% average weekly change). New Risk • Jul 09
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 7.2% 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 Earnings have declined by 16% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Market cap is less than US$100m (NT$391.3m market cap, or US$12.0m). Reported Earnings • Apr 25
Full year 2023 earnings released: NT$0.82 loss per share (vs NT$1.18 loss in FY 2022) Full year 2023 results: NT$0.82 loss per share (improved from NT$1.18 loss in FY 2022). Revenue: NT$574.9m (up 14% from FY 2022). Net loss: NT$55.5m (loss narrowed 2.5% from FY 2022). 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 7% per year, which means it has not declined as severely as earnings. 공시 • Mar 27
Horng Tong Enterprise Co., Ltd., Annual General Meeting, Jun 12, 2024 Horng Tong Enterprise Co., Ltd., Annual General Meeting, Jun 12, 2024. New Risk • Feb 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings have declined by 2.1% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (38% increase in shares outstanding). Market cap is less than US$100m (NT$811.5m market cap, or US$25.7m). New Risk • Aug 12
New major risk - Revenue and earnings growth Earnings have declined by 2.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 2.1% per year over the past 5 years. Shareholders have been substantially diluted in the past year (54% increase in shares outstanding). Minor Risk Market cap is less than US$100m (NT$425.3m market cap, or US$13.3m). Reported Earnings • May 02
Full year 2022 earnings released: NT$1.18 loss per share (vs NT$1.63 loss in FY 2021) Full year 2022 results: NT$1.18 loss per share (improved from NT$1.63 loss in FY 2021). Revenue: NT$504.5m (down 23% from FY 2021). Net loss: NT$56.9m (loss narrowed 26% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 13
Full year 2021 earnings released: NT$1.63 loss per share (vs NT$0.073 profit in FY 2020) Full year 2021 results: NT$1.63 loss per share (down from NT$0.073 profit in FY 2020). Revenue: NT$656.9m (down 15% from FY 2020). Net loss: NT$76.8m (down NT$80.1m from profit in FY 2020). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 18
First half 2021 earnings released: NT$0.71 loss per share (vs NT$0.087 profit in 1H 2020) The company reported a poor first half result with weaker earnings, revenues and control over costs. First half 2021 results: Revenue: NT$336.2m (down 7.4% from 1H 2020). Net loss: NT$33.6m (down NT$37.5m from profit in 1H 2020). Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 13
Full year 2020 earnings released: EPS NT$0.07 (vs NT$0.14 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: NT$771.4m (up 6.9% from FY 2019). Net income: NT$3.32m (down 38% from FY 2019). Profit margin: 0.4% (down from 0.7% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 27% share price gain to NT$11.80, the stock trades at a trailing P/E ratio of 64x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 12% over the past three years. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improved over the past week After last week's 25% share price gain to NT$10.50, the stock is trading at a trailing P/E ratio of 56.9x, up from the previous P/E ratio of 45.6x. 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 11%. Is New 90 Day High Low • Jan 05
New 90-day high: NT$10.75 The company is up 4.0% from its price of NT$10.35 on 08 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 20% over the same period. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 17% share price gain to NT$9.57, the stock is trading at a trailing P/E ratio of 51.9x, up from the previous P/E ratio of 44.5x. This compares to an average P/E of 17x in the Electronic industry in Taiwan. Total returns to shareholders over the past three years are 23%. Is New 90 Day High Low • Dec 19
New 90-day low: NT$8.40 The company is down 24% from its price of NT$11.00 on 18 September 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 10.0% over the same period. Is New 90 Day High Low • Dec 04
New 90-day low: NT$8.45 The company is down 22% from its price of NT$10.90 on 04 September 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 8.0% over the same period. Is New 90 Day High Low • Nov 09
New 90-day low: NT$8.65 The company is down 35% from its price of NT$13.40 on 11 August 2020. The Taiwanese market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is down 4.0% over the same period. Is New 90 Day High Low • Oct 23
New 90-day low: NT$9.30 The company is down 33% from its price of NT$13.85 on 24 July 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is flat over the same period. Is New 90 Day High Low • Sep 28
New 90-day low: NT$10.40 The company is down 24% from its price of NT$13.75 on 30 June 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is down 4.0% over the same period.