Reported Earnings • May 16
First quarter 2026 earnings released: EPS: NT$0 (vs NT$0.12 loss in 1Q 2025) First quarter 2026 results: EPS: NT$0 (improved from NT$0.12 loss in 1Q 2025). Revenue: NT$447.7m (up 49% from 1Q 2025). Net loss: NT$44.0k (loss narrowed 100% from 1Q 2025). Profit margin: 0% (up from net loss in 1Q 2025). 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 149 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 28
Full year 2025 earnings released: NT$0.003 loss per share (vs NT$0.008 loss in FY 2024) Full year 2025 results: NT$0.003 loss per share (improved from NT$0.008 loss in FY 2024). Revenue: NT$1.41b (up 21% from FY 2024). Net loss: NT$618.0k (loss narrowed 58% from FY 2024). Profit margin: 0% (up from net loss in FY 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 144 percentage points per year, which is a significant difference in performance. Aankondiging • Mar 09
Key Ware Electronics Co., Ltd., Annual General Meeting, Jun 17, 2026 Key Ware Electronics Co., Ltd., Annual General Meeting, Jun 17, 2026. Location: no,128, to hua st., taoyuan district, taoyuan city Taiwan New Risk • Nov 29
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.7x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.7x net interest cover). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 36% per year over the past 5 years. Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: NT$0.01 (vs NT$0.18 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.01 (up from NT$0.18 loss in 3Q 2024). Revenue: NT$367.5m (up 23% from 3Q 2024). Net income: NT$1.36m (up NT$35.3m from 3Q 2024). Profit margin: 0.4% (up from net loss in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has increased by 41% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 11
Upcoming dividend of NT$0.15 per share Eligible shareholders must have bought the stock before 18 September 2025. Payment date: 15 October 2025. The company is not currently making a profit and is not cash flow positive. Trailing yield: 0.3%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (2.5%). New Risk • Aug 18
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (9.8% average weekly change). Earnings have declined by 37% per year over the past 5 years. Reported Earnings • Aug 17
Second quarter 2025 earnings released: NT$0.06 loss per share (vs NT$0.041 loss in 2Q 2024) Second quarter 2025 results: NT$0.06 loss per share (further deteriorated from NT$0.041 loss in 2Q 2024). Revenue: NT$335.3m (up 6.4% from 2Q 2024). Net loss: NT$10.7m (loss widened 34% from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 32% per year, which means it is well ahead of earnings. New Risk • Jun 24
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 8.8% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 35% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Market cap is less than US$100m (NT$2.03b market cap, or US$68.8m). New Risk • Jun 02
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 35% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$1.74b market cap, or US$58.1m). Reported Earnings • May 15
First quarter 2025 earnings released: NT$0.12 loss per share (vs NT$0.083 profit in 1Q 2024) First quarter 2025 results: NT$0.12 loss per share (down from NT$0.083 profit in 1Q 2024). Revenue: NT$301.1m (up 16% from 1Q 2024). Net loss: NT$23.7m (down 249% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Aankondiging • May 01
Key Ware Electronics Co., Ltd. to Report Q1, 2025 Results on May 09, 2025 Key Ware Electronics Co., Ltd. announced that they will report Q1, 2025 results on May 09, 2025 New Risk • Apr 12
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 32% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$1.54b market cap, or US$47.6m). Reported Earnings • Apr 02
Full year 2024 earnings released: NT$0.01 loss per share (vs NT$0.062 profit in FY 2023) Full year 2024 results: NT$0.01 loss per share (down from NT$0.062 profit in FY 2023). Revenue: NT$1.16b (up 8.9% from FY 2023). Net loss: NT$1.48m (down 113% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Aankondiging • Mar 10
Key Ware Electronics Co., Ltd., Annual General Meeting, Jun 19, 2025 Key Ware Electronics Co., Ltd., Annual General Meeting, Jun 19, 2025. Location: no,128, to hua st., taoyuan district, taoyuan city Taiwan Aankondiging • Feb 28
Key Ware Electronics Co., Ltd. to Report Q4, 2024 Results on Mar 07, 2025 Key Ware Electronics Co., Ltd. announced that they will report Q4, 2024 results on Mar 07, 2025 Reported Earnings • Nov 19
Third quarter 2024 earnings released: NT$0.18 loss per share (vs NT$0.13 loss in 3Q 2023) Third quarter 2024 results: NT$0.18 loss per share (further deteriorated from NT$0.13 loss in 3Q 2023). Revenue: NT$298.3m (up 3.7% from 3Q 2023). Net loss: NT$33.9m (loss widened 42% from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 17
Second quarter 2024 earnings released: NT$0.04 loss per share (vs NT$0.14 loss in 2Q 2023) Second quarter 2024 results: NT$0.04 loss per share (improved from NT$0.14 loss in 2Q 2023). Revenue: NT$315.1m (up 29% from 2Q 2023). Net loss: NT$7.97m (loss narrowed 71% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 29% 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. Aankondiging • Jul 26
Key Ware Electronics Co., Ltd. to Report Q2, 2024 Results on Aug 02, 2024 Key Ware Electronics Co., Ltd. announced that they will report Q2, 2024 results on Aug 02, 2024 Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.08 (vs NT$0.92 in 1Q 2023) First quarter 2024 results: EPS: NT$0.08 (down from NT$0.92 in 1Q 2023). Revenue: NT$260.6m (up 4.7% from 1Q 2023). Net income: NT$15.9m (down 91% from 1Q 2023). Profit margin: 6.1% (down from 71% in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Aankondiging • Apr 28
Key Ware Electronics Co., Ltd. to Report Q1, 2024 Results on May 03, 2024 Key Ware Electronics Co., Ltd. announced that they will report Q1, 2024 results on May 03, 2024 New Risk • Apr 08
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 167% 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: Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.56b market cap, or US$79.6m). Reported Earnings • Apr 03
Full year 2023 earnings released: EPS: NT$0.06 (vs NT$0.014 in FY 2022) Full year 2023 results: EPS: NT$0.06 (up from NT$0.014 in FY 2022). Revenue: NT$1.07b (down 27% from FY 2022). Net income: NT$11.9m (up 348% from FY 2022). Profit margin: 1.1% (up from 0.2% 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 17% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Aankondiging • Mar 09
Key Ware Electronics Co., Ltd., Annual General Meeting, Jun 21, 2024 Key Ware Electronics Co., Ltd., Annual General Meeting, Jun 21, 2024. Location: Boyann Hall, No. 128, Dehua Street, Taoyuan District, Taoyuan City Taiwan Agenda: To Report on the Company's Operating Conditions for the Year 2023; to Review of the Company's Financial Statements for the Year 2023 by the Audit Committee; to Report on the Company's Investment Situation in Mainland China for the Year 2023; to Report on the Handling of Endorsements and Guarantees by the Company for the Year 2023; to Report on the Distribution of Employee Compensation and Director's Remuneration for the Year 2023; to Report on the Implementation of the Company's Third Domestic Unsecured Convertible Bonds for the Year 2023; to consider Approval of the Company's Operating Report and Financial Statements (including Consolidated Financial Statements) for the Year 2023; to consider Approval of the Company's Profit Distribution Table for the Year 2023; and to consider other matters. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$15.50, the stock trades at a trailing P/E ratio of 15.7x. Average trailing P/E is 23x in the Machinery industry in Taiwan. Total returns to shareholders of 5.1% over the past three years. New Risk • Dec 09
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 325% 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: Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.11b market cap, or US$66.9m). Upcoming Dividend • Sep 05
Upcoming dividend of NT$0.10 per share at 0.9% yield Eligible shareholders must have bought the stock before 12 September 2023. Payment date: 09 November 2023. Trailing yield: 0.9%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.1%). Reported Earnings • Aug 17
Second quarter 2023 earnings released: NT$0.14 loss per share (vs NT$0.18 loss in 2Q 2022) Second quarter 2023 results: NT$0.14 loss per share (improved from NT$0.18 loss in 2Q 2022). Revenue: NT$243.8m (down 31% from 2Q 2022). Net loss: NT$27.5m (loss narrowed 19% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has remained flat. New Risk • Jul 20
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 42% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 7.7% per year over the past 5 years. Minor Risks High level of debt (42% net debt to equity). Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.26b market cap, or US$72.8m). Reported Earnings • Aug 19
Second quarter 2022 earnings released: NT$0.18 loss per share (vs NT$0.11 profit in 2Q 2021) Second quarter 2022 results: NT$0.18 loss per share (down from NT$0.11 profit in 2Q 2021). Revenue: NT$350.9m (down 14% from 2Q 2021). Net loss: NT$34.0m (down 274% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Aankondiging • Apr 07
Key Ware Electronics Co., Ltd., Annual General Meeting, Jun 22, 2022 Key Ware Electronics Co., Ltd., Annual General Meeting, Jun 22, 2022. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS NT$0.10 (vs NT$0.22 in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$407.6m (up 30% from 3Q 2020). Net income: NT$17.5m (down 55% from 3Q 2020). Profit margin: 4.3% (down from 12% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 23% per year. Upcoming Dividend • Sep 01
Upcoming dividend of NT$0.20 per share Eligible shareholders must have bought the stock before 08 September 2021. Payment date: 25 October 2021. Trailing yield: 1.2%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (2.7%). Reported Earnings • Aug 22
Second quarter 2021 earnings released: EPS NT$0.12 (vs NT$0.094 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$407.3m (up 40% from 2Q 2020). Net income: NT$19.5m (up 22% from 2Q 2020). Profit margin: 4.8% (down from 5.5% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 17
First quarter 2021 earnings released: EPS NT$0.03 (vs NT$0.044 in 1Q 2020) The company reported a mediocre first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: NT$360.8m (up 32% from 1Q 2020). Net income: NT$5.91m (down 20% from 1Q 2020). Profit margin: 1.6% (down from 2.7% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 12
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$14.65, the stock trades at a trailing P/E ratio of 28.4x. Average trailing P/E is 19x in the Machinery industry in Taiwan. Total returns to shareholders of 35% over the past three years. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improved over the past week After last week's 18% share price gain to NT$20.70, the stock trades at a trailing P/E ratio of 39.8x. Average trailing P/E is 20x in the Machinery industry in Taiwan. Total returns to shareholders of 79% over the past three years. Reported Earnings • Apr 02
Full year 2020 earnings released: EPS NT$0.52 (vs NT$0.41 in FY 2019) The company reported a solid full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: NT$1.26b (flat on FY 2019). Net income: NT$87.3m (up 26% from FY 2019). Profit margin: 6.9% (up from 5.5% in FY 2019). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Aankondiging • Mar 17
Key Ware Electronics Co., Ltd., Annual General Meeting, Jun 03, 2021 Key Ware Electronics Co., Ltd., Annual General Meeting, Jun 03, 2021. Is New 90 Day High Low • Jan 04
New 90-day high: NT$17.35 The company is up 48% from its price of NT$11.70 on 07 October 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 18% over the same period. Is New 90 Day High Low • Dec 10
New 90-day high: NT$14.95 The company is up 39% from its price of NT$10.75 on 11 September 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 10.0% over the same period. Valuation Update With 7 Day Price Move • Dec 01
Market bids up stock over the past week After last week's 19% share price gain to NT$14.75, the stock is trading at a trailing P/E ratio of 28.4x, up from the previous P/E ratio of 23.9x. This compares to an average P/E of 17x in the Machinery industry in Taiwan. Total returns to shareholders over the past three years are 41%. Is New 90 Day High Low • Nov 19
New 90-day high: NT$12.05 The company is up 12% from its price of NT$10.76 on 21 August 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 9.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.23 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$312.5m (down 7.2% from 3Q 2019). Net income: NT$38.7m (down 14% from 3Q 2019). Profit margin: 12% (down from 13% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Sep 22
New 90-day low: NT$10.55 The company is down 8.0% from its price of NT$11.49 on 24 June 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 8.0% over the same period.