Reported Earnings • May 16
First quarter 2026 earnings released: NT$0.27 loss per share (vs NT$0.41 loss in 1Q 2025) First quarter 2026 results: NT$0.27 loss per share (improved from NT$0.41 loss in 1Q 2025). Revenue: NT$1.82b (down 14% from 1Q 2025). Net loss: NT$155.1m (loss narrowed 33% from 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 118 percentage points per year, which is a significant difference in performance. 공시 • Apr 16
Cheng Mei Materials Technology Corporation, Annual General Meeting, Jun 30, 2026 Cheng Mei Materials Technology Corporation, Annual General Meeting, Jun 30, 2026, at 09:00 Taipei Standard Time. Location: no,112, min sheng rd., hsin huo li, sinshih district, tainan city Taiwan New Risk • Apr 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 11% 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 (11% average weekly change). Earnings have declined by 67% per year over the past 5 years. New Risk • Mar 12
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 7.7% 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 Risk Share price has been volatile over the past 3 months (7.7% average weekly change). Reported Earnings • Mar 06
Full year 2025 earnings released: NT$2.58 loss per share (vs NT$0.47 loss in FY 2024) Full year 2025 results: NT$2.58 loss per share (further deteriorated from NT$0.47 loss in FY 2024). Revenue: NT$8.64b (down 3.2% from FY 2024). Net loss: NT$1.46b (loss widened 448% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 11
Third quarter 2025 earnings released: NT$0.39 loss per share (vs NT$0.41 loss in 3Q 2024) Third quarter 2025 results: NT$0.39 loss per share (improved from NT$0.41 loss in 3Q 2024). Revenue: NT$2.16b (down 7.3% from 3Q 2024). Net loss: NT$219.3m (loss narrowed 5.7% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 07
Second quarter 2025 earnings released: NT$1.32 loss per share (vs NT$0.012 loss in 2Q 2024) Second quarter 2025 results: NT$1.32 loss per share (further deteriorated from NT$0.012 loss in 2Q 2024). Revenue: NT$2.11b (down 16% from 2Q 2024). Net loss: NT$748.8m (loss widened NT$741.7m from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 110 percentage points per year, which is a significant difference in performance. Reported Earnings • May 08
First quarter 2025 earnings released: NT$0.41 loss per share (vs NT$0.006 profit in 1Q 2024) First quarter 2025 results: NT$0.41 loss per share (down from NT$0.006 profit in 1Q 2024). Revenue: NT$2.12b (up 11% from 1Q 2024). Net loss: NT$232.4m (down NT$235.8m from profit in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. 공시 • Apr 27
Cheng Mei Materials Technology Corporation to Report Q1, 2025 Results on May 05, 2025 Cheng Mei Materials Technology Corporation announced that they will report Q1, 2025 results on May 05, 2025 공시 • Apr 16
Cheng Mei Materials Technology Corporation announced a financing transaction Cheng Mei Materials Technology Corporation announced a private placement to issue Convertible Bonds on April 14, 2025. The transaction has been approved by shareholders of company. Reported Earnings • Mar 19
Full year 2024 earnings released: NT$0.47 loss per share (vs NT$0.99 loss in FY 2023) Full year 2024 results: NT$0.47 loss per share (improved from NT$0.99 loss in FY 2023). Revenue: NT$8.93b (down 3.4% from FY 2023). Net loss: NT$266.9m (loss narrowed 54% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance. 공시 • Mar 05
Cheng Mei Materials Technology Corporation to Report Q4, 2024 Results on Mar 12, 2025 Cheng Mei Materials Technology Corporation announced that they will report Q4, 2024 results on Mar 12, 2025 공시 • Feb 10
Cheng Mei Materials Technology Corporation Announces the Resignation of Wei-Chung Lian as President Cheng Mei Materials Technology Corporation announced the resignation of Wei-Chung Lian as President. Date of the board of directors resolution or date of occurrence of the change: February 9, 2025. Reason for president's resignation: Wei-Chung Lian has recently been subjected to malicious slander and baseless accusations by individuals claiming to represent foreign investment institutions, falsely alleging poor creditworthiness and other defamatory claims. Despite having taken all necessary measures to clarify the facts and defend my rights, the judicial process requires time to reach a conclusion. To prevent these malicious actors from abusing the judicial system and exploiting the legal proceedings to spread falsehoods, thereby causing undue harm to the Company and its investors, Wei-Chung Lian hereby tender resignation as President of the Company, effective immediately. 공시 • Jan 25
Cheng Mei Materials Technology Corporation Announces Resignation of Wei-Zhou Chen as Member of Sustainable Development Committee Cheng Mei Materials Technology Corporation announced resignation of Wei-Zhou Chen as Sustainable Development Committee member. New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Board Change • Dec 07
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 9 non-independent directors. Independent Director Heng-Zhen Ho was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. 공시 • Oct 26
Cheng Mei Materials Technology Corporation to Report Q3, 2024 Results on Nov 04, 2024 Cheng Mei Materials Technology Corporation announced that they will report Q3, 2024 results on Nov 04, 2024 공시 • Jul 29
Cheng Mei Materials Technology Corporation to Report Q2, 2024 Results on Aug 05, 2024 Cheng Mei Materials Technology Corporation announced that they will report Q2, 2024 results on Aug 05, 2024 공시 • Apr 30
Cheng Mei Materials Technology Corporation to Report Q1, 2024 Results on May 06, 2024 Cheng Mei Materials Technology Corporation announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 06, 2024 공시 • Mar 06
Cheng Mei Materials Technology Corporation Appoints Grace Sung as Chief Operating Officer Cheng Mei Materials Technology Corporation approved the appointment of Grace Sung as Chief Operating Officer, effective March 5, 2024. 공시 • Feb 27
Cheng Mei Materials Technology Corporation, Annual General Meeting, Jun 07, 2024 Cheng Mei Materials Technology Corporation, Annual General Meeting, Jun 07, 2024. Location: Audio Visual Conference Hall No.12, Zhongxin E. Rd., Xinshi Dist Tainan City Taiwan Agenda: To consider 2023 Business Report; to consider 2023 Audit Committee's Review Report. to consider Report on Acquisition of securities from related party of the Company; to consider Report on Remuneration to directors; to consider Amendment to the Company’s Articles of Incorporation; to consider Removal of the non-compete clause for directors. 공시 • Jan 30
Cheng Mei Materials Technology Corporation (TWSE:4960) acquired an unknown stake in Opals Chemical Technology Ltd. from Advanced Echem Materials Company Limited (TPEX:4749) for approximately TWD 310 million. Cheng Mei Materials Technology Corporation (TWSE:4960) acquired an unknown stake in Opals Chemical Technology Ltd. from Advanced Echem Materials Company Limited (TPEX:4749) for approximately TWD 310 million on January 29, 2024.
Cheng Mei Materials Technology Corporation (TWSE:4960) completed the acquisition of an unknown stake in Opals Chemical Technology Ltd. from Advanced Echem Materials Company Limited (TPEX:4749) on January 29, 2024. 공시 • Jun 30
Cheng Mei Materials Technology Corporation Announces Dividend Changes, Payable on August 11, 2023 Cheng Mei Materials Technology Corporation announced cash dividend changes from TWD 0.25493723 share to TWD 0.30026680 per share total cash dividend of TWD 171,864,534. With ex-dividend date of July 17, 2023, record date July 23, 2023 and distribution date is on August 11, 2023. Reported Earnings • May 16
First quarter 2023 earnings released: NT$0.30 loss per share (vs NT$0.21 profit in 1Q 2022) First quarter 2023 results: NT$0.30 loss per share (down from NT$0.21 profit in 1Q 2022). Revenue: NT$1.86b (down 33% from 1Q 2022). Net loss: NT$192.9m (down 259% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. 공시 • May 09
Cheng Mei Materials Technology Corporation Announces CFO Changes Cheng Mei Materials Technology Corporation announced name, title, and resume of the new position holder: acting spokesperson: Pei-Ming Huang, CFO of the Company. Name, title, and resume of the new position holder: spokesperson: Pei-Ming Huang, CFO of the Company. acting spokesperson: Lucius Ma, corporate governance officer of the Company. Effective date is May 8, 2023. Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to NT$11.55, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 14x in the Electronic industry in Taiwan. Total returns to shareholders of 65% over the past three years. Upcoming Dividend • Apr 07
Upcoming dividend of NT$1.50 per share at 2.0% yield Eligible shareholders must have bought the stock before 14 April 2023. Payment date: 28 April 2023. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Taiwanese dividend payers (5.8%). Lower than average of industry peers (4.5%). Reported Earnings • Feb 17
Full year 2022 earnings released: EPS: NT$0.69 (vs NT$1.15 in FY 2021) Full year 2022 results: EPS: NT$0.69 (down from NT$1.15 in FY 2021). Revenue: NT$9.50b (down 15% from FY 2021). Net income: NT$462.1m (down 39% from FY 2021). Profit margin: 4.9% (down from 6.9% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. 공시 • Dec 31
Cheng Mei Materials Technology Corporation Establishes the Sustainable Development Committee and Appoint Members of Sustainable Development Committee Cheng Mei Materials Technology Corporation appointed Jau-Yang Ho/Chairman of Cheng Mei Materials Tech Corp. Wei-Ting Liu/Independent director of Cheng Mei Materials Tech Corp. Juu-En Chang/Independent director of Cheng Mei Materials Tech Corp. Yi-Zhang Lin/Independent director of Cheng Mei Materials Tech Corp. Wei-Chung Lian/Acting President of Cheng Mei Materials Tech Corp., effective December 30, 2022. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Yi-Zhang Lin was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: NT$0.36 (vs NT$0.37 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.36 (down from NT$0.37 in 3Q 2021). Revenue: NT$1.90b (down 33% from 3Q 2021). Net income: NT$239.7m (down 2.3% from 3Q 2021). Profit margin: 13% (up from 8.7% 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 103% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: NT$0.32 (vs NT$0.34 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.32 (down from NT$0.34 in 2Q 2021). Revenue: NT$2.94b (up 6.9% from 2Q 2021). Net income: NT$215.8m (down 4.7% from 2Q 2021). Profit margin: 7.3% (down from 8.2% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 08
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 15 July 2022. Payment date: 15 August 2022. Trailing yield: 5.1%. Lower than top quartile of Taiwanese dividend payers (6.8%). In line with average of industry peers (4.9%). 공시 • Jun 30
Cheng Mei Materials Technology Corporation Announces Cash Dividend Changes, Payable on August 15, 2022 Cheng Mei Materials Technology Corporation announced cash dividend changes from TWD 0.5 share to TWD 0.50033227 per share total cash dividend of TWD 337,766,750. With ex-dividend date of July 15, 2022, record date July 23, 2022 and distribution date is on August 15, 2022. 공시 • Jun 24
Cheng Mei Materials Technology Corporation Appoints Wei-Chung Lien as Executive Vice President Cheng Mei Materials Technology Corporation appointed Wei-Chung Lien as Executive Vice President. Effective date of the new appointment is June 22, 2022. Reported Earnings • May 08
First quarter 2022 earnings released: EPS: NT$0.18 (vs NT$0.37 in 1Q 2021) First quarter 2022 results: EPS: NT$0.18 (down from NT$0.37 in 1Q 2021). Revenue: NT$2.78b (up 1.4% from 1Q 2021). Net income: NT$121.3m (down 51% from 1Q 2021). Profit margin: 4.4% (down from 9.1% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. 공시 • May 04
Cheng Mei Materials Technology Corporation Announces Executive Changes Cheng Mei Materials Technology Corporation announced Research and Development officer change of the company. Name, title, and resume of the previous position holder: LH, Lo, President of the Company, acting temporary Research and Development officer. Name, title, and resume of the new position holder: ZH, Guo, Delta Electronics Inc., Senior manager of R&D headquarters TPK Holding Co. Ltd., director of Nanosilver BU. Effective date is May 3, 2022. Research and Development officer new appointment will be submitted to the Board of Directors meeting for ratification. 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. 5 non-independent directors. Independent Director Wei-Ting Liu was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 공시 • Apr 12
Cheng Mei Materials Technology Corporation Change of Representative of Juristic Person Director Cheng Mei Materials Technology Corporation announced the change of representative of juristic person director. Name of the previous position holder: Wei-Lun Lu. Resume of the previous position holder: Representative of juristic person director of CMMT. Name of the new position holder: Ting-Chen Hsu. Resume of the new position holder: Member of the Board of Sharp Corp. Reason for the change: Ever Fortunes International Investment Co. Ltd. assigned a new representative of juristic person director. Effective date of the new appointment is April 11, 2022. 공시 • Apr 01
Cheng Mei Materials Technology Corporation Announces the Resignation of Steve Go, Independent Director, Member of Audit Committee and Remuneration Committee Cheng Mei Materials Technology Corporation announced the resignation of Steve Go, independent director of the Company. Mr. Go resigns from the role as an independent director of the Company. Therefore he is relieved from the position along with the member of audit committee and remuneration committee on March 31, 2022. Reported Earnings • Mar 19
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: NT$1.15 (up from NT$0.13 loss in FY 2020). Revenue: NT$11.1b (up 18% from FY 2020). Net income: NT$763.2m (up NT$848.7m from FY 2020). Profit margin: 6.9% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 10%. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. 공시 • Feb 18
Cheng Mei Materials Technology Corporation Appoints Steve Go as Member of Remuneration Committee Cheng Mei Materials Technology Corporation announced the appointment of Steve Go as member of Remuneration Committee of the company, with effect from February 17, 2022. 공시 • Dec 14
An unknown buyer agreed to acquire Chi Mei Materials Technology Investment Co., Ltd. from Cheng Mei Materials Technology Corporation (TWSE:4960) for approximately $180 million. An unknown buyer agreed to acquire Chi Mei Materials Technology Investment Co., Ltd. from Cheng Mei Materials Technology Corporation (TWSE:4960) for approximately $180 million on December 13, 2021. The transaction is expected to complete by the end of first-quarter 2022. The capital gain from the disposal will use the fund to step into development and production of separators of car-use battery cells and to replace old polarizer equipment. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$0.37 (vs NT$0.005 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$2.82b (up 18% from 3Q 2020). Net income: NT$245.4m (up NT$242.0m from 3Q 2020). Profit margin: 8.7% (up from 0.1% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 85% 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 06
Second quarter 2021 earnings released: EPS NT$0.34 (vs NT$0.01 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$2.75b (up 17% from 2Q 2020). Net income: NT$226.4m (up NT$233.2m from 2Q 2020). Profit margin: 8.2% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Executive Departure • Jun 02
Independent Director has left the company On the 24th of May, Kuo-Shih Huang's tenure as Independent Director ended after 2.1 years in the role. We don't have any record of a personal shareholding under Kuo-Shih's name. A total of 3 executives have left over the last 12 months. Valuation Update With 7 Day Price Move • May 16
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$11.65, the stock trades at a trailing P/E ratio of 21x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 15% over the past three years. Reported Earnings • May 11
First quarter 2021 earnings released: EPS NT$0.37 (vs NT$0.31 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$2.75b (up 41% from 1Q 2020). Net income: NT$249.2m (up NT$455.7m from 1Q 2020). Profit margin: 9.1% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. 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 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 27
Full year 2020 earnings released: NT$0.13 loss per share (vs NT$1.03 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: NT$9.46b (down 37% from FY 2019). Net loss: NT$85.6m (loss narrowed 88% from FY 2019). 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 4% per year, which means it is significantly lagging earnings growth. 공시 • Mar 13
Cheng Mei Materials Technology Corporation Replaces JZ, Wang with LH, Lo as Research and Development Officer, with Effect from March 12, 2021 Cheng Mei Materials Technology Corporation replaced JZ, Wang with LH, Lo as Research and Development Officer, with effect from March 12, 2021. 공시 • Mar 05
Cheng Mei Materials Technology Corporation Announces Resignation of Tai Chein, Remuneration Committee Member Cheng Mei Materials Technology Corporation announced resignation of Tai Chein, Remuneration committee member. Reason for the change: Personal career planning. 공시 • Jan 30
Cheng Mei Materials Technology Corporation, Annual General Meeting, Apr 30, 2021 Cheng Mei Materials Technology Corporation, Annual General Meeting, Apr 30, 2021. Location: No.12, Zhongxin E. Rd., Xinshi Dist., Audio Visual Conference Hall Tainan City Taiwan Agenda: To consider 2020 Business Report; to consider 2020 Audit Committee’s Review Report; to consider status report of the resolution of the shareholders meeting of the Company in 2020 of conducting the issuance of common shares through private placement, the issuance of new common shares through Global depositary receipt, the issuance of overseas, or domestic convertible bonds; to consider report of inspecting the liability conflict interest of former INED Yen-Sung, Chen and former CFO Ken Chen of the company; and to consider other matters. Is New 90 Day High Low • Nov 30
New 90-day high: NT$10.25 The company is up 12% from its price of NT$9.15 on 01 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 8.0% over the same period. Reported Earnings • Nov 10
Third quarter 2020 earnings released: EPS NT$0.01 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$2.39b (down 31% from 3Q 2019). Net income: NT$3.36m (up NT$251.0m from 3Q 2019). Profit margin: 0.1% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. 공시 • Nov 07
Cheng Mei Materials Technology Corporation Announces Change of President Cheng Mei Materials Technology Corporation announced that name and resume of the previous position holder: JY Ho, chairman and president of the company. Name and resume of the new position holder: LH Lo, Acting president of Cheng Mei Materials Technology Corp. Effective date of the new appointment November 6, 2020. Mr. JY Ho continues to serve as Chairman on 6, November 2020. Is New 90 Day High Low • Oct 19
New 90-day high: NT$9.90 The company is up 27% from its price of NT$7.78 on 21 July 2020. The Taiwanese market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is down 4.0% over the same period.