Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$202, the stock trades at a trailing P/E ratio of 48.3x. Average forward P/E is 32x in the Machinery industry in Taiwan. Total returns to shareholders of 78% over the past three years. New Risk • Jun 02
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 12% 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 (12% average weekly change). Earnings have declined by 4.1% per year over the past 5 years. High level of non-cash earnings (25% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (12% net profit margin). Valuation Update With 7 Day Price Move • May 14
Investor sentiment deteriorates as stock falls 27% After last week's 27% share price decline to NT$203, the stock trades at a trailing P/E ratio of 48.4x. Average forward P/E is 31x in the Machinery industry in Taiwan. Total returns to shareholders of 81% over the past three years. Reported Earnings • May 09
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$1.40 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00. Revenue: NT$604.4m (up 42% from 1Q 2025). Net income: NT$96.7m (up 17% from 1Q 2025). Profit margin: 16% (down from 19% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Machinery industry in Taiwan. New Risk • Apr 20
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 8.6% 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 Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.6% average weekly change). Profit margins are more than 30% lower than last year (13% net profit margin). Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$136, the stock trades at a trailing P/E ratio of 34.4x. Average forward P/E is 27x in the Machinery industry in Taiwan. Total returns to shareholders of 21% over the past three years. Aankondiging • Mar 12
ChenFull Precision Co., Ltd., Annual General Meeting, May 28, 2026 ChenFull Precision Co., Ltd., Annual General Meeting, May 28, 2026, at 09:00 Taipei Standard Time. Location: 8 floor no,99, sec.1 nan k`an rd., lujhu district, taoyuan city Taiwan Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: NT$3.95 (vs NT$5.66 in FY 2024) Full year 2025 results: EPS: NT$3.95 (down from NT$5.66 in FY 2024). Revenue: NT$1.82b (up 20% from FY 2024). Net income: NT$233.9m (down 30% from FY 2024). Profit margin: 13% (down from 22% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: NT$1.03 (vs NT$0.84 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.03 (up from NT$0.84 in 3Q 2024). Revenue: NT$486.2m (up 39% from 3Q 2024). Net income: NT$61.0m (up 22% from 3Q 2024). Profit margin: 13% (down from 14% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. New Risk • Sep 12
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 113% The company is paying a dividend despite having no free cash flows. Dividend yield: 3.9% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$136, the stock trades at a trailing P/E ratio of 30.8x. Average forward P/E is 19x in the Machinery industry in Taiwan. Total returns to shareholders of 103% over the past three years. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$0.21 (vs NT$1.76 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.21 (down from NT$1.76 in 2Q 2024). Revenue: NT$391.9m (down 3.3% from 2Q 2024). Net income: NT$12.3m (down 88% from 2Q 2024). Profit margin: 3.1% (down from 26% in 2Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 02
Upcoming dividend of NT$5.00 per share Eligible shareholders must have bought the stock before 09 July 2025. Payment date: 11 August 2025. Payout ratio is on the higher end at 84%, and the cash payout ratio is above 100%. Trailing yield: 4.1%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.8%). Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$1.40 (vs NT$1.09 in 1Q 2024) First quarter 2025 results: EPS: NT$1.40 (up from NT$1.09 in 1Q 2024). Revenue: NT$426.8m (up 36% from 1Q 2024). Net income: NT$82.9m (up 28% from 1Q 2024). Profit margin: 19% (down from 21% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to NT$120, the stock trades at a trailing P/E ratio of 21.2x. Average forward P/E is 21x in the Machinery industry in Taiwan. Total returns to shareholders of 79% over the past three years. Buy Or Sell Opportunity • Mar 27
Now 26% undervalued Over the last 90 days, the stock has risen 26% to NT$156. The fair value is estimated to be NT$210, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Earnings per share has declined by 10%. New Risk • Mar 19
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 6.1% 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 High level of non-cash earnings (39% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.1% average weekly change). Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to NT$153, the stock trades at a trailing P/E ratio of 26.9x. Average forward P/E is 24x in the Machinery industry in Taiwan. Total returns to shareholders of 112% over the past three years. Reported Earnings • Mar 14
Full year 2024 earnings released: EPS: NT$5.66 (vs NT$3.51 in FY 2023) Full year 2024 results: EPS: NT$5.66 (up from NT$3.51 in FY 2023). Revenue: NT$1.52b (up 13% from FY 2023). Net income: NT$335.1m (up 61% from FY 2023). Profit margin: 22% (up from 15% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Aankondiging • Mar 04
ChenFull Precision Co., Ltd., Annual General Meeting, May 23, 2025 ChenFull Precision Co., Ltd., Annual General Meeting, May 23, 2025. Location: 8 floor no,99, sec.1 nan k`an rd., lujhu district, taoyuan city Taiwan Price Target Changed • Jan 08
Price target increased by 20% to NT$165 Up from NT$138, the current price target is provided by 1 analyst. New target price is 29% above last closing price of NT$128. Stock is up 25% over the past year. The company posted earnings per share of NT$3.51 last year. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.84 (vs NT$1.49 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.84 (down from NT$1.49 in 3Q 2023). Revenue: NT$348.8m (down 6.5% from 3Q 2023). Net income: NT$49.9m (down 43% from 3Q 2023). Profit margin: 14% (down from 24% in 3Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 28% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Machinery industry in Taiwan. 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 6% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$141, the stock trades at a trailing P/E ratio of 29.9x. Average forward P/E is 25x in the Machinery industry in Taiwan. Total returns to shareholders of 94% over the past three years. New Risk • Sep 17
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 9.3% 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 (9.3% average weekly change). High level of non-cash earnings (34% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$125, the stock trades at a trailing P/E ratio of 26.6x. Average forward P/E is 26x in the Machinery industry in Taiwan. Total returns to shareholders of 4.5% over the past year. Reported Earnings • Aug 18
Second quarter 2024 earnings released: EPS: NT$1.76 (vs NT$0.95 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.76 (up from NT$0.95 in 2Q 2023). Revenue: NT$405.3m (up 16% from 2Q 2023). Net income: NT$104.0m (up 84% from 2Q 2023). Profit margin: 26% (up from 16% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Machinery industry in Taiwan. New Risk • Aug 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 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 High level of non-cash earnings (36% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.7% average weekly change). Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to NT$103, the stock trades at a trailing P/E ratio of 26.4x. Average forward P/E is 24x in the Machinery industry in Taiwan. Total loss to shareholders of 12% over the past year. Upcoming Dividend • Jul 09
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 16 July 2024. Payment date: 12 August 2024. Payout ratio is on the higher end at 77% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Taiwanese dividend payers (4.2%). In line with average of industry peers (2.4%). Price Target Changed • Jun 18
Price target increased by 17% to NT$126 Up from NT$108, the current price target is provided by 1 analyst. New target price is 15% above last closing price of NT$110. Stock is down 16% over the past year. The company posted earnings per share of NT$3.51 last year. Reported Earnings • May 20
First quarter 2024 earnings released: EPS: NT$1.09 (vs NT$0.70 in 1Q 2023) First quarter 2024 results: EPS: NT$1.09 (up from NT$0.70 in 1Q 2023). Revenue: NT$312.8m (up 2.0% from 1Q 2023). Net income: NT$64.6m (up 55% from 1Q 2023). Profit margin: 21% (up from 14% in 1Q 2023). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 32% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Machinery industry in Taiwan. New Risk • Mar 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 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 146% Dividend per share is over 6x cash flows per share. Revenue has declined by 24% over the past year. Minor Risk Share price has been volatile over the past 3 months (5.8% average weekly change). Reported Earnings • Mar 03
Full year 2023 earnings released: EPS: NT$3.51 (vs NT$6.11 in FY 2022) Full year 2023 results: EPS: NT$3.51 (down from NT$6.11 in FY 2022). Revenue: NT$1.35b (down 24% from FY 2022). Net income: NT$207.7m (down 42% from FY 2022). Profit margin: 15% (down from 20% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 28% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Machinery industry in Taiwan. Aankondiging • Feb 29
ChenFull Precision Co., Ltd., Annual General Meeting, May 29, 2024 ChenFull Precision Co., Ltd., Annual General Meeting, May 29, 2024. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$132, the stock trades at a trailing P/E ratio of 35.6x. Average forward P/E is 27x in the Machinery industry in Taiwan. Total returns to shareholders of 69% over the past year. Price Target Changed • Nov 23
Price target decreased by 14% to NT$114 Down from NT$133, the current price target is an average from 2 analysts. New target price is 6.5% above last closing price of NT$107. Stock is up 48% over the past year. The company posted earnings per share of NT$6.11 last year. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$127, the stock trades at a trailing P/E ratio of 29.4x. Average forward P/E is 22x in the Machinery industry in Taiwan. Total returns to shareholders of 74% over the past year. Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: NT$0.95 (vs NT$1.74 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.95 (down from NT$1.74 in 2Q 2022). Revenue: NT$350.6m (down 29% from 2Q 2022). Net income: NT$56.4m (down 45% from 2Q 2022). Profit margin: 16% (down from 21% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Machinery industry in Taiwan. Upcoming Dividend • Jun 30
Upcoming dividend of NT$5.40 per share at 4.3% yield Eligible shareholders must have bought the stock before 07 July 2023. Payment date: 10 August 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.3%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.1%). Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$109, the stock trades at a trailing P/E ratio of 18.1x. Average forward P/E is 14x in the Machinery industry in Taiwan. Total returns to shareholders of 47% over the past year. Reported Earnings • Mar 29
Full year 2022 earnings released: EPS: NT$6.11 (vs NT$4.90 in FY 2021) Full year 2022 results: EPS: NT$6.11 (up from NT$4.90 in FY 2021). Revenue: NT$1.78b (up 4.4% from FY 2021). Net income: NT$355.4m (up 39% from FY 2021). Profit margin: 20% (up from 15% in FY 2021). The increase in margin was primarily driven by higher revenue. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment deteriorated over the past week After last week's 21% share price decline to NT$66.80, the stock trades at a trailing P/E ratio of 12.3x. Average trailing P/E is 13x in the Machinery industry in Taiwan. Total loss to shareholders of 18% over the past year. Reported Earnings • Aug 15
Second quarter 2022 earnings released Second quarter 2022 results: EPS: NT$1.74. Net income: NT$103.0m (up NT$103.0m from 2Q 2021). Reported Earnings • May 16
First quarter 2022 earnings released First quarter 2022 results: EPS: NT$1.74. Revenue: NT$498.5m (flat on 1Q 2021). Net income: NT$96.2m (up NT$96.2m from 1Q 2021). Profit margin: 19% (up from null in 1Q 2021).