Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment deteriorates as stock falls 33% After last week's 33% share price decline to NT$21.55, the stock trades at a trailing P/E ratio of 32.4x. Average trailing P/E is 22x in the Renewable Energy industry in Taiwan. Total loss to shareholders of 15% over the past three years. Reported Earnings • Apr 16
Full year 2025 earnings released: EPS: NT$0.62 (vs NT$0.009 in FY 2024) Full year 2025 results: EPS: NT$0.62 (up from NT$0.009 in FY 2024). Revenue: NT$2.80b (up 247% from FY 2024). Net income: NT$68.1m (up NT$67.2m from FY 2024). Profit margin: 2.4% (up from 0.1% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 21% 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. 공시 • Mar 26
YIHO International Co., Ltd., Annual General Meeting, Jun 23, 2026 YIHO International Co., Ltd., Annual General Meeting, Jun 23, 2026. Location: 28 floor no,55, chung cheng 3rd rd., sinsing district, kaohsiung city Taiwan New Risk • Mar 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.9x net interest cover). Earnings have declined by 17% per year over the past 5 years. High level of non-cash earnings (21% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Profit margins are more than 30% lower than last year (0.5% net profit margin). Market cap is less than US$100m (NT$1.95b market cap, or US$62.0m). Board Change • Feb 26
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. 7 experienced directors. 2 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Zheng Su was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. New Risk • Apr 07
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: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). Earnings have declined by 8.3% per year over the past 5 years. High level of non-cash earnings (21% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Profit margins are more than 30% lower than last year (0.1% net profit margin). Market cap is less than US$100m (NT$1.90b market cap, or US$57.5m). Reported Earnings • Mar 28
Full year 2024 earnings released: EPS: NT$0.01 (vs NT$0.59 in FY 2023) Full year 2024 results: EPS: NT$0.01 (down from NT$0.59 in FY 2023). Revenue: NT$806.4m (up 4.9% from FY 2023). Net income: NT$879.0k (down 99% from FY 2023). Profit margin: 0.1% (down from 7.8% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. 공시 • Mar 21
YIHO International Co., Ltd., Annual General Meeting, Jun 19, 2025 YIHO International Co., Ltd., Annual General Meeting, Jun 19, 2025. Location: 28 floor no,55, chung cheng 3rd rd., sinsing district, kaohsiung city Taiwan New Risk • Feb 25
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.6x net interest cover). High level of non-cash earnings (38% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Profit margins are more than 30% lower than last year (5.7% net profit margin). Market cap is less than US$100m (NT$2.62b market cap, or US$79.9m). Upcoming Dividend • Aug 30
Upcoming dividend of NT$0.10 per share Eligible shareholders must have bought the stock before 06 September 2024. Payment date: 22 October 2024. Trailing yield: 0.4%. Lower than top quartile of Taiwanese dividend payers (4.3%). Lower than average of industry peers (2.4%). New Risk • Aug 19
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.7% Last year net profit margin: 9.3% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.6x net interest cover). Share price has been highly volatile over the past 3 months (11% average weekly change). High level of non-cash earnings (38% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (5.7% net profit margin). Market cap is less than US$100m (NT$2.88b market cap, or US$89.9m). New Risk • Aug 13
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 39% 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 Interest payments are not well covered by earnings (1.6x net interest cover). Share price has been highly volatile over the past 3 months (11% average weekly change). High level of non-cash earnings (39% accrual ratio). Minor Risk Market cap is less than US$100m (NT$2.86b market cap, or US$88.4m). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to NT$27.20, the stock trades at a trailing P/E ratio of 44.7x. Average trailing P/E is 34x in the Renewable Energy industry in Taiwan. Negligible returns to shareholders over past year. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$29.45, the stock trades at a trailing P/E ratio of 48.4x. Average trailing P/E is 36x in the Renewable Energy industry in Taiwan. Total returns to shareholders of 2.1% over the past year. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$28.10, the stock trades at a trailing P/E ratio of 46.2x. Average trailing P/E is 34x in the Renewable Energy industry in Taiwan. Total returns to shareholders of 13% over the past year. New Risk • Jun 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 50% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.20b market cap, or US$67.9m). Reported Earnings • Jun 04
Full year 2023 earnings released: EPS: NT$0.61 (vs NT$0.11 in FY 2022) Full year 2023 results: EPS: NT$0.61 (up from NT$0.11 in FY 2022). Revenue: NT$768.9m (up 99% from FY 2022). Net income: NT$59.8m (up NT$50.2m from FY 2022). Profit margin: 7.8% (up from 2.5% in FY 2022). The increase in margin was driven by higher revenue. 공시 • Apr 10
YIHO International Co., Ltd., Annual General Meeting, Jun 24, 2024 YIHO International Co., Ltd., Annual General Meeting, Jun 24, 2024. New Risk • Feb 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (8.3% operating cash flow to total debt). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (11% increase in shares outstanding). Market cap is less than US$100m (NT$2.35b market cap, or US$74.3m). Reported Earnings • Aug 13
First half 2023 earnings released First half 2023 results: EPS: NT$0.41. Net income: NT$39.9m (up NT$39.9m from 1H 2022). New Risk • Jul 14
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 6.7% 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 Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (6.7% average weekly change). Profit margins are more than 30% lower than last year (2.5% net profit margin). Shareholders have been diluted in the past year (11% increase in shares outstanding). Market cap is less than US$100m (NT$2.95b market cap, or US$95.4m).