Reported Earnings • May 12
First quarter 2026 earnings released: EPS: NT$0.088 (vs NT$0.017 loss in 1Q 2025) First quarter 2026 results: EPS: NT$0.088 (up from NT$0.017 loss in 1Q 2025). Revenue: NT$69.8m (up 21% from 1Q 2025). Net income: NT$5.19m (up NT$6.17m from 1Q 2025). Profit margin: 7.4% (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 47% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. 공시 • Mar 12
Mustang Industrial Corp., Annual General Meeting, Jun 23, 2026 Mustang Industrial Corp., Annual General Meeting, Jun 23, 2026. Location: 2 floor no,28 ln.420, min an rd., sinjhuang district, new taipei city Taiwan Reported Earnings • Mar 12
Full year 2025 earnings released: NT$0.17 loss per share (vs NT$0.23 profit in FY 2024) Full year 2025 results: NT$0.17 loss per share (down from NT$0.23 profit in FY 2024). Revenue: NT$233.3m (down 16% from FY 2024). Net loss: NT$10.2m (down 178% from profit in FY 2024). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Mar 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.6% to NT$14.15. The fair value is estimated to be NT$17.81, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Earnings per share has grown by 73%. Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: NT$0.05 (vs NT$0.015 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.05 (up from NT$0.015 loss in 3Q 2024). Revenue: NT$56.9m (down 21% from 3Q 2024). Net income: NT$2.92m (up NT$3.82m from 3Q 2024). Profit margin: 5.1% (up from net loss in 3Q 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 73% 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 • Aug 13
Second quarter 2025 earnings released: NT$0.23 loss per share (vs NT$0.16 profit in 2Q 2024) Second quarter 2025 results: NT$0.23 loss per share (down from NT$0.16 profit in 2Q 2024). Revenue: NT$61.9m (down 23% from 2Q 2024). Net loss: NT$13.6m (down 245% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 14
First quarter 2025 earnings released: NT$0.02 loss per share (vs NT$0.023 loss in 1Q 2024) First quarter 2025 results: NT$0.02 loss per share (improved from NT$0.023 loss in 1Q 2024). Revenue: NT$57.9m (up 8.0% from 1Q 2024). Net loss: NT$984.0k (loss narrowed 27% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. 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$11.30, the stock trades at a trailing P/E ratio of 50.3x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total loss to shareholders of 4.2% over the past three years. Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$0.22 (vs NT$0.20 loss in FY 2023) Full year 2024 results: EPS: NT$0.22 (up from NT$0.20 loss in FY 2023). Revenue: NT$276.7m (down 23% from FY 2023). Net income: NT$13.2m (up NT$25.2m from FY 2023). Profit margin: 4.8% (up from net loss in FY 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. 공시 • Mar 13
Mustang Industrial Corp., Annual General Meeting, Jun 23, 2025 Mustang Industrial Corp., Annual General Meeting, Jun 23, 2025. Location: 2 floor no,28 ln.420, min an rd., sinjhuang district, new taipei city Taiwan Reported Earnings • Nov 18
Third quarter 2024 earnings released: NT$0.02 loss per share (vs NT$0.12 profit in 3Q 2023) Third quarter 2024 results: NT$0.02 loss per share (down from NT$0.12 profit in 3Q 2023). Revenue: NT$72.3m (down 27% from 3Q 2023). Net loss: NT$899.0k (down 113% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. New Risk • Sep 10
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 7.9% 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 67% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.9% average weekly change). Market cap is less than US$100m (NT$1.12b market cap, or US$34.9m). Reported Earnings • Aug 18
Second quarter 2024 earnings released: EPS: NT$0.16 (vs NT$0.01 loss in 2Q 2023) Second quarter 2024 results: EPS: NT$0.16 (up from NT$0.01 loss in 2Q 2023). Revenue: NT$80.9m (down 11% from 2Q 2023). Net income: NT$9.38m (up NT$9.97m from 2Q 2023). Profit margin: 12% (up from net loss in 2Q 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Jul 18
Now 20% undervalued Over the last 90 days, the stock has risen 9.4% to NT$15.15. The fair value is estimated to be NT$18.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Earnings per share has declined by 26%. Reported Earnings • Mar 20
Full year 2023 earnings released: NT$0.20 loss per share (vs NT$0.34 loss in FY 2022) Full year 2023 results: NT$0.20 loss per share (improved from NT$0.34 loss in FY 2022). Revenue: NT$357.9m (down 7.3% from FY 2022). Net loss: NT$12.0m (loss narrowed 40% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. 공시 • Mar 15
Mustang Industrial Corp., Annual General Meeting, Jun 24, 2024 Mustang Industrial Corp., Annual General Meeting, Jun 24, 2024. Reported Earnings • Aug 12
Second quarter 2023 earnings released: NT$0.01 loss per share (vs NT$0.13 loss in 2Q 2022) Second quarter 2023 results: NT$0.01 loss per share (improved from NT$0.13 loss in 2Q 2022). Revenue: NT$91.1m (up 10% from 2Q 2022). Net loss: NT$593.0k (loss narrowed 92% from 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 111 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 28
Full year 2022 earnings released: NT$0.34 loss per share (vs NT$0.007 profit in FY 2021) Full year 2022 results: NT$0.34 loss per share (down from NT$0.007 profit in FY 2021). Revenue: NT$386.2m (down 23% from FY 2021). Net loss: NT$19.9m (down NT$20.4m from profit in FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 123 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 12
Third quarter 2022 earnings released: NT$0.08 loss per share (vs NT$0.20 profit in 3Q 2021) Third quarter 2022 results: NT$0.08 loss per share (down from NT$0.20 profit in 3Q 2021). Revenue: NT$89.6m (down 42% from 3Q 2021). Net loss: NT$4.63m (down 139% from profit in 3Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 111 percentage points per year, which is a significant difference in performance. Reported Earnings • May 16
First quarter 2022 earnings released: NT$0.07 loss per share (vs NT$0.056 loss in 1Q 2021) First quarter 2022 results: NT$0.07 loss per share (down from NT$0.056 loss in 1Q 2021). Revenue: NT$111.0m (down 16% from 1Q 2021). Net loss: NT$3.89m (loss widened 19% from 1Q 2021). 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. Reported Earnings • Mar 28
Full year 2021 earnings released: EPS: NT$0.01 (vs NT$0.018 in FY 2020) Full year 2021 results: EPS: NT$0.01 (down from NT$0.018 in FY 2020). Revenue: NT$500.0m (down 19% from FY 2020). Net income: NT$449.0k (down 58% from FY 2020). Profit margin: 0.1% (down from 0.2% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS NT$0.20 (vs NT$0.11 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$154.7m (up 14% from 3Q 2020). Net income: NT$11.8m (up NT$18.3m from 3Q 2020). Profit margin: 7.6% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Upcoming Dividend • Oct 14
Upcoming dividend of NT$0.40 per share Eligible shareholders must have bought the stock before 21 October 2021. Payment date: 05 November 2021. Trailing yield: 0.8%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.5%). Reported Earnings • May 17
First quarter 2021 earnings released: NT$0.05 loss per share (vs NT$0.11 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: NT$132.3m (down 24% from 1Q 2020). Net loss: NT$3.28m (down 151% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 21
Upcoming dividend of NT$0.10 per share Eligible shareholders must have bought the stock before 28 April 2021. Payment date: 02 June 2021. Trailing yield: 0.8%. Lower than top quartile of Taiwanese dividend payers (4.7%). Lower than average of industry peers (2.9%). Reported Earnings • Mar 27
Full year 2020 earnings released: EPS NT$0.02 (vs NT$0.72 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$617.0m (down 25% from FY 2019). Net income: NT$1.07m (down 98% from FY 2019). Profit margin: 0.2% (down from 5.9% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Mar 03
New 90-day high: NT$11.55 The company is up 4.0% from its price of NT$11.15 on 03 December 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 19% over the same period. Is New 90 Day High Low • Dec 23
New 90-day high: NT$11.30 The company is up 1.0% from its price of NT$11.20 on 25 September 2020. The Taiwanese market is up 12% 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. Reported Earnings • Nov 14
Third quarter 2020 earnings released: NT$0.11 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: NT$136.2m (down 32% from 3Q 2019). Net loss: NT$6.45m (down 133% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings.