New Risk • Jun 03
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 158% The company is paying a dividend despite having no free cash flows. Dividend yield: 6.8% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 158% Paying a dividend despite having no free cash flows. High level of non-cash earnings (21% accrual ratio). Minor Risk High level of debt (61% net debt to equity). Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$91.90, the stock trades at a trailing P/E ratio of 20x. Average trailing P/E is 22x in the Tech industry in Taiwan. Total returns to shareholders of 521% over the past three years. Reported Earnings • May 19
First quarter 2026 earnings released: EPS: NT$1.33 (vs NT$0.48 in 1Q 2025) First quarter 2026 results: EPS: NT$1.33 (up from NT$0.48 in 1Q 2025). Revenue: NT$839.4m (up 21% from 1Q 2025). Net income: NT$123.0m (up 183% from 1Q 2025). Profit margin: 15% (up from 6.3% 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 54% per year but the company’s share price has increased by 76% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$81.40, the stock trades at a trailing P/E ratio of 21.8x. Average trailing P/E is 22x in the Tech industry in Taiwan. Total returns to shareholders of 463% over the past three years. New Risk • Apr 01
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% 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 Risk High level of non-cash earnings (20% accrual ratio). Minor Risks High level of debt (60% net debt to equity). Paying a dividend despite having no free cash flows. 공시 • Mar 13
In Win Development Inc., Annual General Meeting, Jun 23, 2026 In Win Development Inc., Annual General Meeting, Jun 23, 2026. Location: no,108, sec.1 nan k`an rd., lujhu district, taoyuan city Taiwan Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$3.77 (vs NT$4.12 in FY 2024) Full year 2025 results: EPS: NT$3.77 (down from NT$4.12 in FY 2024). Revenue: NT$3.22b (up 12% from FY 2024). Net income: NT$346.0m (down 6.1% from FY 2024). Profit margin: 11% (down from 13% 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 59% per year but the company’s share price has increased by 70% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$1.36 (vs NT$0.84 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.36 (up from NT$0.84 in 3Q 2024). Revenue: NT$861.1m (up 27% from 3Q 2024). Net income: NT$125.6m (up 69% from 3Q 2024). Profit margin: 15% (up from 11% 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 70% per year but the company’s share price has increased by 78% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$0.37 (vs NT$1.03 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.37 (down from NT$1.03 in 2Q 2024). Revenue: NT$837.0m (up 11% from 2Q 2024). Net income: NT$33.5m (down 63% from 2Q 2024). Profit margin: 4.0% (down from 12% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 67% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 08
Upcoming dividend of NT$2.17 per share Eligible shareholders must have bought the stock before 15 August 2025. Payment date: 29 August 2025. Payout ratio is a comfortable 64% but the company is paying out more than the cash it is generating. Trailing yield: 2.3%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.6%). New Risk • May 30
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 141% Dividend yield: 2.3% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Dividend is not well covered by cash flows (141% cash payout ratio). Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.48 (vs NT$1.15 in 1Q 2024) First quarter 2025 results: EPS: NT$0.48 (down from NT$1.15 in 1Q 2024). Revenue: NT$692.8m (down 3.4% from 1Q 2024). Net income: NT$43.5m (down 57% from 1Q 2024). Profit margin: 6.3% (down from 14% in 1Q 2024). The decrease in margin was primarily 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 81% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$92.50, the stock trades at a trailing P/E ratio of 22.9x. Average trailing P/E is 19x in the Tech industry in Taiwan. Total returns to shareholders of 497% over the past three years. Buy Or Sell Opportunity • May 13
Now 21% overvalued Over the last 90 days, the stock has fallen 3.1% to NT$84.10. The fair value is estimated to be NT$69.48, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Meanwhile, the company has become profitable. 공시 • May 01
In Win Development Inc. to Report Q1, 2025 Results on May 08, 2025 In Win Development Inc. announced that they will report Q1, 2025 results on May 08, 2025 Buy Or Sell Opportunity • Apr 04
Now 22% overvalued Over the last 90 days, the stock has fallen 5.7% to NT$86.40. The fair value is estimated to be NT$70.92, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$86.40, the stock trades at a trailing P/E ratio of 21.2x. Average trailing P/E is 19x in the Tech industry in Taiwan. Total returns to shareholders of 443% over the past three years. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$111, the stock trades at a trailing P/E ratio of 27.3x. Average trailing P/E is 20x in the Tech industry in Taiwan. Total returns to shareholders of 603% over the past three years. Reported Earnings • Mar 14
Full year 2024 earnings released: EPS: NT$4.12 (vs NT$1.02 in FY 2023) Full year 2024 results: EPS: NT$4.12 (up from NT$1.02 in FY 2023). Revenue: NT$2.88b (up 22% from FY 2023). Net income: NT$368.4m (up 307% from FY 2023). Profit margin: 13% (up from 3.8% 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 119% per year but the company’s share price has only increased by 83% per year, which means it is significantly lagging earnings growth. New Risk • Mar 11
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 6.3% 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 High level of debt (42% net debt to equity). Share price has been volatile over the past 3 months (6.3% average weekly change). 공시 • Mar 07
In Win Development Inc., Annual General Meeting, Jun 19, 2025 In Win Development Inc., Annual General Meeting, Jun 19, 2025. Location: no,108, sec.1 nan k`an rd., lujhu district, taoyuan city Taiwan Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.84 (vs NT$0.71 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.84 (up from NT$0.71 in 3Q 2023). Revenue: NT$678.6m (up 3.9% from 3Q 2023). Net income: NT$74.4m (up 18% from 3Q 2023). Profit margin: 11% (up from 9.6% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 128% per year but the company’s share price has only increased by 75% per year, which means it is significantly lagging earnings growth. 공시 • Oct 30
In Win Development Inc. to Report Q3, 2024 Results on Nov 08, 2024 In Win Development Inc. announced that they will report Q3, 2024 results on Nov 08, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$1.03 (vs NT$0.081 loss in 2Q 2023) Second quarter 2024 results: EPS: NT$1.03 (up from NT$0.081 loss in 2Q 2023). Revenue: NT$757.2m (up 43% from 2Q 2023). Net income: NT$91.2m (up NT$98.4m from 2Q 2023). Profit margin: 12% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 130% per year but the company’s share price has only increased by 89% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$94.10, the stock trades at a trailing P/E ratio of 35.2x. Average trailing P/E is 20x in the Tech industry in Taiwan. Total returns to shareholders of 467% over the past three years. 공시 • Aug 02
In Win Development Inc. to Report Q2, 2024 Results on Aug 08, 2024 In Win Development Inc. announced that they will report Q2, 2024 results on Aug 08, 2024 Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$134, the stock trades at a trailing P/E ratio of 50x. Average trailing P/E is 23x in the Tech industry in Taiwan. Total returns to shareholders of 756% over the past three years. Buy Or Sell Opportunity • Jun 05
Now 23% undervalued Over the last 90 days, the stock has risen 87% to NT$147. The fair value is estimated to be NT$190, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to NT$110, the stock trades at a trailing P/E ratio of 41.2x. Average trailing P/E is 23x in the Tech industry in Taiwan. Total returns to shareholders of 583% over the past three years. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$1.15 (vs NT$0.49 loss in 1Q 2023) First quarter 2024 results: EPS: NT$1.15 (up from NT$0.49 loss in 1Q 2023). Revenue: NT$717.0m (up 54% from 1Q 2023). Net income: NT$102.3m (up NT$146.1m from 1Q 2023). Profit margin: 14% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has only increased by 80% per year, which means it is significantly lagging earnings growth. 공시 • May 01
In Win Development Inc. to Report Q1, 2024 Results on May 10, 2024 In Win Development Inc. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 10, 2024 Buy Or Sell Opportunity • Apr 22
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.9% to NT$76.10. The fair value is estimated to be NT$98.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to NT$81.10, the stock trades at a trailing P/E ratio of 79.3x. Average trailing P/E is 24x in the Tech industry in Taiwan. Total returns to shareholders of 392% over the past three years. 공시 • Mar 22
In Win Development Inc., Annual General Meeting, Jun 12, 2024 In Win Development Inc., Annual General Meeting, Jun 12, 2024. Reported Earnings • Mar 16
Full year 2023 earnings released: EPS: NT$1.02 (vs NT$0.62 in FY 2022) Full year 2023 results: EPS: NT$1.02 (up from NT$0.62 in FY 2022). Revenue: NT$2.37b (down 1.2% from FY 2022). Net income: NT$90.6m (up 66% from FY 2022). Profit margin: 3.8% (up from 2.3% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 71% per year, which means it is significantly lagging earnings growth. New Risk • Nov 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 76% 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 Risks Interest payments are not well covered by earnings (0.6x net interest cover). Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin). Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: NT$0.71 (vs NT$0.75 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.71 (down from NT$0.75 in 3Q 2022). Revenue: NT$653.0m (up 2.7% from 3Q 2022). Net income: NT$63.0m (down 4.8% from 3Q 2022). Profit margin: 9.6% (in line with 3Q 2022). Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 48% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 12
Second quarter 2023 earnings released: NT$0.08 loss per share (vs NT$0.20 profit in 2Q 2022) Second quarter 2023 results: NT$0.08 loss per share (down from NT$0.20 profit in 2Q 2022). Revenue: NT$529.7m (down 13% from 2Q 2022). Net loss: NT$7.19m (down 141% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$27.70, the stock trades at a trailing P/E ratio of 74.1x. Average trailing P/E is 23x in the Tech industry in Taiwan. Total returns to shareholders of 56% over the past three years. New Risk • Jul 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 6.2% 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 Interest payments are not well covered by earnings (0.4x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Market cap is less than US$100m (NT$1.84b market cap, or US$59.0m). Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to NT$20.75, the stock trades at a trailing P/E ratio of 55.5x. Average trailing P/E is 20x in the Tech industry in Taiwan. Total returns to shareholders of 3.8% over the past three years. Reported Earnings • Mar 31
Full year 2022 earnings released: EPS: NT$0.62 (vs NT$0.98 loss in FY 2021) Full year 2022 results: EPS: NT$0.62 (up from NT$0.98 loss in FY 2021). Revenue: NT$2.40b (up 3.7% from FY 2021). Net income: NT$54.7m (up NT$141.8m from FY 2021). Profit margin: 2.3% (up from net loss in FY 2021). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. 1 independent director (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.20 (vs NT$0.23 loss in 2Q 2021) Second quarter 2022 results: EPS: NT$0.20 (up from NT$0.23 loss in 2Q 2021). Revenue: NT$611.4m (up 5.5% from 2Q 2021). Net income: NT$17.8m (up NT$38.5m from 2Q 2021). Profit margin: 2.9% (up from net loss in 2Q 2021). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 38% 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 • May 16
First quarter 2022 earnings released: NT$0.25 loss per share (vs NT$0.32 loss in 1Q 2021) First quarter 2022 results: NT$0.25 loss per share (up from NT$0.32 loss in 1Q 2021). Revenue: NT$609.6m (up 13% from 1Q 2021). Net loss: NT$22.3m (loss narrowed 20% from 1Q 2021). 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 3% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. 1 independent director (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 01
Full year 2021 earnings released: NT$0.98 loss per share (vs NT$0.86 loss in FY 2020) Full year 2021 results: NT$0.98 loss per share (down from NT$0.86 loss in FY 2020). Revenue: NT$2.31b (up 4.9% from FY 2020). Net loss: NT$87.1m (loss widened 14% from FY 2020). 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 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$0.13 (vs NT$0.15 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$630.0m (up 3.5% from 3Q 2020). Net income: NT$11.9m (up NT$25.6m from 3Q 2020). Profit margin: 1.9% (up from net loss in 3Q 2020). 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. Reported Earnings • Aug 15
Second quarter 2021 earnings released: NT$0.23 loss per share (vs NT$0.059 loss in 2Q 2020) The company reported a poor second quarter result with increased losses, weaker revenues and weaker control over costs. Second quarter 2021 results: Revenue: NT$579.6m (down 2.5% from 2Q 2020). Net loss: NT$20.7m (loss widened 294% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • May 14
First quarter 2021 earnings released: NT$0.32 loss per share (vs NT$0.11 loss in 1Q 2020) The company reported a soft first quarter result with increased losses and weaker control over costs, although revenues improved. First quarter 2021 results: Revenue: NT$540.7m (up 3.7% from 1Q 2020). Net loss: NT$28.0m (loss widened 190% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 26
Full year 2020 earnings released: NT$0.86 loss per share (vs NT$1.73 loss in FY 2019) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: NT$2.20b (up 6.9% from FY 2019). Net loss: NT$76.4m (loss narrowed 50% from FY 2019). 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. Is New 90 Day High Low • Jan 15
New 90-day low: NT$15.65 The company is down 13% from its price of NT$18.05 on 16 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 14% over the same period. Reported Earnings • Nov 12
Third quarter 2020 earnings released: NT$0.15 loss per share The company reported a solid third quarter result with reduced losses and improved revenues and control over expenses. Third quarter 2020 results: Revenue: NT$608.5m (up 8.6% from 3Q 2019). Net loss: NT$13.7m (loss narrowed 38% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 29
New 90-day low: NT$16.90 The company is down 6.0% from its price of NT$18.05 on 31 July 2020. The Taiwanese market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is down 2.0% over the same period.