Valuation Update With 7 Day Price Move • 1h
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$770, the stock trades at a trailing P/E ratio of 54x. Average trailing P/E is 27x in the Electronic industry in Taiwan. Total returns to shareholders of 2,109% over the past three years. Reported Earnings • Aug 14
Second quarter 2026 earnings released: EPS: NT$6.10 (vs NT$1.99 in 2Q 2025) Second quarter 2026 results: EPS: NT$6.10 (up from NT$1.99 in 2Q 2025). Revenue: NT$2.86b (up 125% from 2Q 2025). Net income: NT$543.2m (up 210% from 2Q 2025). Profit margin: 19% (up from 14% in 2Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has increased by 163% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$725, the stock trades at a trailing P/E ratio of 71.4x. Average trailing P/E is 33x in the Electronic industry in Taiwan. Total returns to shareholders of 1,859% over the past three years. Upcoming Dividend • Jul 02
Upcoming dividend of NT$3.91 per share Eligible shareholders must have bought the stock before 09 July 2026. Payment date: 31 July 2026. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (1.3%). Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$806, the stock trades at a trailing P/E ratio of 78.4x. Average trailing P/E is 40x in the Electronic industry in Taiwan. Total returns to shareholders of 1,936% over the past three years. New Risk • May 31
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. 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 14% per year over the past 5 years. High level of non-cash earnings (22% accrual ratio). Reported Earnings • May 13
First quarter 2026 earnings released: EPS: NT$3.00 (vs NT$1.02 in 1Q 2025) First quarter 2026 results: EPS: NT$3.00 (up from NT$1.02 in 1Q 2025). Revenue: NT$1.95b (up 131% from 1Q 2025). Net income: NT$282.0m (up 213% from 1Q 2025). Profit margin: 14% (up from 11% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has increased by 163% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$409, the stock trades at a trailing P/E ratio of 50.5x. Average trailing P/E is 25x in the Electronic industry in Taiwan. Total returns to shareholders of 920% over the past three years. Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: NT$8.13 (vs NT$1.48 in FY 2024) Full year 2025 results: EPS: NT$8.13 (up from NT$1.48 in FY 2024). Revenue: NT$5.08b (up 95% from FY 2024). Net income: NT$716.2m (up 476% from FY 2024). Profit margin: 14% (up from 4.8% 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 69% per year but the company’s share price has increased by 103% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$323, the stock trades at a trailing P/E ratio of 51.7x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 705% over the past three years. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$252, the stock trades at a trailing P/E ratio of 40.3x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 532% over the past three years. 공고 • Jan 14
Ta Liang Technology Co., Ltd., Annual General Meeting, May 12, 2026 Ta Liang Technology Co., Ltd., Annual General Meeting, May 12, 2026. Location: no,68, feng t`ieh rd., bade district, taoyuan city Taiwan Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$234, the stock trades at a trailing P/E ratio of 37.5x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 500% over the past three years. Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: NT$2.44 (vs NT$0.52 in 3Q 2024) Third quarter 2025 results: EPS: NT$2.44 (up from NT$0.52 in 3Q 2024). Revenue: NT$1.41b (up 96% from 3Q 2024). Net income: NT$215.0m (up 396% from 3Q 2024). Profit margin: 15% (up from 6.0% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 66% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$194, the stock trades at a trailing P/E ratio of 45.1x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 405% over the past three years. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$174, the stock trades at a trailing P/E ratio of 40.5x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 314% over the past three years. Upcoming Dividend • Aug 21
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 28 August 2025. Payment date: 18 September 2025. Payout ratio is a comfortable 23% but the company is not cash flow positive. Trailing yield: 0.4%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (2.7%). Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: NT$1.99 (vs NT$0.31 in 2Q 2024) Second quarter 2025 results: EPS: NT$1.99 (up from NT$0.31 in 2Q 2024). Revenue: NT$1.27b (up 159% from 2Q 2024). Net income: NT$175.1m (up NT$149.5m from 2Q 2024). Profit margin: 14% (up from 5.2% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 57% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$149, the stock trades at a trailing P/E ratio of 57.1x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 227% over the past three years. Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$110, the stock trades at a trailing P/E ratio of 42.1x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 98% over the past three years. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$1.02 (vs NT$0.20 loss in 1Q 2024) First quarter 2025 results: EPS: NT$1.02 (up from NT$0.20 loss in 1Q 2024). Revenue: NT$843.8m (up 112% from 1Q 2024). Net income: NT$90.0m (up NT$106.0m from 1Q 2024). Profit margin: 11% (up from net loss in 1Q 2024). The move to profitability was driven by higher revenue. 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. New Risk • May 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 10% 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 (10% average weekly change). Earnings have declined by 24% per year over the past 5 years. High level of non-cash earnings (21% accrual ratio). Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$84.80, the stock trades at a trailing P/E ratio of 60.2x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 70% over the past three years. 공고 • May 01
Ta Liang Technology Co., Ltd. to Report Q1, 2025 Results on May 12, 2025 Ta Liang Technology Co., Ltd. announced that they will report Q1, 2025 results on May 12, 2025 공고 • Apr 18
Ta Liang Technology Co., Ltd. Announces Cash Dividends for the Period from January 1, 2024 to December 31, 2024 Ta Liang Technology Co., Ltd. announced cash dividends of TWD 1 per share to shareholders and Total amount of cash distributed to shareholders is TWD 88,252,787 for the period from January 1, 2024 to December 31, 2024. 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$65.90, the stock trades at a trailing P/E ratio of 46.8x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 24% over the past three years. Reported Earnings • Mar 14
Full year 2024 earnings released: EPS: NT$1.48 (vs NT$0.15 in FY 2023) Full year 2024 results: EPS: NT$1.48 (up from NT$0.15 in FY 2023). Revenue: NT$2.60b (up 101% from FY 2023). Net income: NT$124.4m (up NT$111.6m from FY 2023). Profit margin: 4.8% (up from 1.0% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. 공고 • Mar 13
Ta Liang Technology Co., Ltd., Annual General Meeting, May 29, 2025 Ta Liang Technology Co., Ltd., Annual General Meeting, May 29, 2025, at 09:30 Taipei Standard Time. Location: no,68, feng t`ieh rd., bade district, taoyuan city Taiwan 공고 • Mar 12
Ta Liang Technology Co., Ltd. announced that it expects to receive TWD 500 million in funding Ta Liang Technology Co., Ltd. announced a private placement to issue Zero Coupon Series 2 Domestic Convertible Unsecured Bonds for gross proceeds of TWD 500,000,000 on March 10, 2025. The transaction has been approved by shareholders, bears zero coupon rate and matures after 3 years. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.52 (vs NT$0.11 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.52 (up from NT$0.11 in 3Q 2023). Revenue: NT$721.3m (up 134% from 3Q 2023). Net income: NT$43.3m (up 367% from 3Q 2023). Profit margin: 6.0% (up from 3.0% in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. New Risk • Nov 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.9% 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 Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 16% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (6.9% increase in shares outstanding). 공고 • Nov 03
Ta Liang Technology Co., Ltd. to Report Q3, 2024 Results on Nov 11, 2024 Ta Liang Technology Co., Ltd. announced that they will report Q3, 2024 results on Nov 11, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.31 (vs NT$0.071 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.31 (up from NT$0.071 in 2Q 2023). Revenue: NT$490.2m (up 91% from 2Q 2023). Net income: NT$25.6m (up 337% from 2Q 2023). Profit margin: 5.2% (up from 2.3% in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. 공고 • Aug 03
Ta Liang Technology Co., Ltd. to Report Q2, 2024 Results on Aug 12, 2024 Ta Liang Technology Co., Ltd. announced that they will report Q2, 2024 results on Aug 12, 2024 New Risk • Jul 30
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 8.7% 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 (8.7% average weekly change). Earnings have declined by 13% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.4% net profit margin). Upcoming Dividend • Jul 04
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 11 July 2024. Payment date: 02 August 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 0.7%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (2.6%). Reported Earnings • May 19
First quarter 2024 earnings released: NT$0.19 loss per share (vs NT$0.28 loss in 1Q 2023) First quarter 2024 results: NT$0.19 loss per share (improved from NT$0.28 loss in 1Q 2023). Revenue: NT$398.8m (up 55% from 1Q 2023). Net loss: NT$16.1m (loss narrowed 30% from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. 공고 • May 11
TA LIANG TECHNOLOGY(Lianshui) CO., LTD Announces Change of Executive Director, Effective June 1, 2024 Ta Liang Technology Co., Ltd. announced on behalf of subsidiary TA LIANG TECHNOLOGY(Lianshui) CO., LTD of change of Executive Director. Date of the board of directors resolution or date of occurrence of the change is May 9, 2024. Name of the previous position holder: Chen, Shang-Shu. Resume of the previous position holder: TA LIANG TECHNOLOGY(Lianshui) CO., LTD Executive Director. Name of the new position holder: Chien, Chen-Chi. Resume of the new position holder: TA LIANG TECHNOLOGY(Lianshui) CO., LTD General Manager. Reason for the change: Resignation. Effective date of the new appointment is June 1, 2024. 공고 • May 03
Ta Liang Technology Co., Ltd. to Report Q1, 2024 Results on May 10, 2024 Ta Liang Technology Co., Ltd. announced that they will report Q1, 2024 results on May 10, 2024 Reported Earnings • Mar 10
Full year 2023 earnings released: EPS: NT$0.16 (vs NT$3.79 in FY 2022) Full year 2023 results: EPS: NT$0.16 (down from NT$3.79 in FY 2022). Revenue: NT$1.29b (down 46% from FY 2022). Net income: NT$12.8m (down 96% from FY 2022). Profit margin: 1.0% (down from 13% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. 공고 • Mar 09
Ta Liang Technology Co., Ltd., Annual General Meeting, May 30, 2024 Ta Liang Technology Co., Ltd., Annual General Meeting, May 30, 2024. Location: No.68, Fengtian Rd., Bade Dist Taoyuan City Taiwan Agenda: To consider 2023 Business Report; to consider Audit Committee's review of the 2023 Business Report, Parent Company Only Financial Statements, Consolidated Financial Statements and Earnings Distribution; to consider Report on 2023 employees' and directors' remuneration; and to consider other matters. New Risk • Feb 02
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 5.4% 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: Major Risk Earnings have declined by 6.0% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (5.4% average weekly change). New Risk • Oct 21
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 5.8% 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 2.3% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (5.8% average weekly change). Upcoming Dividend • Aug 30
Upcoming dividend of NT$2.00 per share at 4.9% yield Eligible shareholders must have bought the stock before 06 September 2023. Payment date: 27 September 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 4.9%. Lower than top quartile of Taiwanese dividend payers (5.6%). Higher than average of industry peers (4.2%). New Risk • Aug 14
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.09b (US$96.5m) This is considered a minor 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 Risk Earnings have declined by 2.3% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Market cap is less than US$100m (NT$3.09b market cap, or US$96.5m). New Risk • Aug 11
New major risk - Revenue and earnings growth Earnings have declined by 2.3% 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 Risk Earnings have declined by 2.3% per year over the past 5 years. Minor Risk Paying a dividend despite being loss-making. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: NT$0.08 (vs NT$2.72 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.08 (down from NT$2.72 in 2Q 2022). Revenue: NT$256.2m (down 63% from 2Q 2022). Net income: NT$5.85m (down 97% from 2Q 2022). Profit margin: 2.3% (down from 32% in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 01
Full year 2022 earnings released: EPS: NT$3.91 (vs NT$5.51 in FY 2021) Full year 2022 results: EPS: NT$3.91 (down from NT$5.51 in FY 2021). Revenue: NT$2.37b (down 47% from FY 2021). Net income: NT$313.1m (down 29% from FY 2021). Profit margin: 13% (up from 9.9% 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 27% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Dec 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 8.3%. The fair value is estimated to be NT$54.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 36%. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.21 (vs NT$1.99 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.21 (down from NT$1.99 in 3Q 2021). Revenue: NT$521.0m (down 57% from 3Q 2021). Net income: NT$17.1m (down 89% from 3Q 2021). Profit margin: 3.3% (down from 13% in 3Q 2021). The decrease in margin was driven by lower revenue. 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 5% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent Director Xing Chao Tan was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.21 (vs NT$1.99 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.21 (down from NT$1.99 in 3Q 2021). Revenue: NT$521.0m (down 57% from 3Q 2021). Net income: NT$17.1m (down 89% from 3Q 2021). Profit margin: 3.3% (down from 13% in 3Q 2021). The decrease in margin was driven by lower revenue. 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 3% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Sep 01
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be NT$64.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 39%. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$2.71 (vs NT$1.52 in 2Q 2021) Second quarter 2022 results: EPS: NT$2.71 (up from NT$1.52 in 2Q 2021). Revenue: NT$690.8m (down 47% from 2Q 2021). Net income: NT$217.7m (up 79% from 2Q 2021). Profit margin: 32% (up from 9.3% 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 39% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Aug 02
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be NT$65.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 32%. Upcoming Dividend • Jul 26
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 02 August 2022. Payment date: 19 August 2022. Payout ratio is a comfortable 71% but the company is not cash flow positive. Trailing yield: 7.4%. Within top quartile of Taiwanese dividend payers (6.6%). Higher than average of industry peers (4.6%). Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$49.30, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 49% over the past three years. Buying Opportunity • Jul 01
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 29%. The fair value is estimated to be NT$65.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 32%. Reported Earnings • May 17
First quarter 2022 earnings released: EPS: NT$1.13 (vs NT$1.01 in 1Q 2021) First quarter 2022 results: EPS: NT$1.13 (up from NT$1.01 in 1Q 2021). Revenue: NT$751.2m (down 22% from 1Q 2021). Net income: NT$90.2m (up 11% from 1Q 2021). Profit margin: 12% (up from 8.4% in 1Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent Director Xing Chao Tan was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 27
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: NT$5.51 (up from NT$5.23 in FY 2020). Revenue: NT$4.44b (up 83% from FY 2020). Net income: NT$441.3m (up 5.3% from FY 2020). Profit margin: 9.9% (down from 17% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 51%. 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. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improved over the past week After last week's 20% share price gain to NT$112, the stock trades at a trailing P/E ratio of 13.6x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 236% over the past three years. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$1.99 (vs NT$0.54 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$1.21b (up 75% from 3Q 2020). Net income: NT$159.6m (up 268% from 3Q 2020). Profit margin: 13% (up from 6.2% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 16% 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 • Aug 09
Second quarter 2021 earnings released: EPS NT$1.52 (vs NT$0.82 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: NT$1.31b (up 130% from 2Q 2020). Net income: NT$121.6m (up 85% from 2Q 2020). Profit margin: 9.3% (down from 12% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improved over the past week After last week's 17% share price gain to NT$77.00, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 98% over the past three years. Upcoming Dividend • Jun 02
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 09 June 2021. Payment date: 30 June 2021. Trailing yield: 4.5%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (3.1%). Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$56.80, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 15x in the Electronic industry in Taiwan. Total returns to shareholders of 40% over the past three years. Reported Earnings • May 05
First quarter 2021 earnings released: EPS NT$1.01 (vs NT$0.18 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$958.0m (up 197% from 1Q 2020). Net income: NT$81.0m (up 455% from 1Q 2020). Profit margin: 8.4% (up from 4.5% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improved over the past week After last week's 26% share price gain to NT$79.40, the stock trades at a trailing P/E ratio of 15.2x. Average trailing P/E is 20x in the Electronic industry in Taiwan. Total returns to shareholders of 84% over the past three years. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS NT$5.23 (vs NT$2.22 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$2.43b (up 25% from FY 2019). Net income: NT$419.1m (up 136% from FY 2019). Profit margin: 17% (up from 9.1% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 20
New 90-day high: NT$48.60 The company is up 10.0% from its price of NT$44.35 on 20 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 24% over the same period. 공고 • Jan 26
Taliang Technology Co., Ltd., Annual General Meeting, May 25, 2021 Taliang Technology Co., Ltd., Annual General Meeting, May 25, 2021. Is New 90 Day High Low • Dec 09
New 90-day high: NT$46.20 The company is up 6.0% from its price of NT$43.70 on 10 September 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 12% over the same period. Reported Earnings • Nov 06
Third quarter 2020 earnings released: EPS NT$0.54 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: NT$694.7m (up 62% from 3Q 2019). Net income: NT$43.4m (up 15% from 3Q 2019). Profit margin: 6.2% (down from 8.8% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings.