Upcoming Dividend • Jul 06
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 13 July 2026. Payment date: 14 August 2026. Payout ratio is on the higher end at 98% but the company is not cash flow positive. Trailing yield: 4.8%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (1.6%). Declared Dividend • Jun 17
Dividend of NT$2.00 announced Dividend of NT$2.00 is the same as last year. Ex-date: 13th July 2026 Payment date: 14th August 2026 Dividend yield will be 5.0%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not adequately covered by earnings (98% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has remained flat since 4 years ago. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 9.2% to bring the payout ratio under control. However, EPS has remained steady over the last 5 years so the company would need to improve on their historical growth rates. Board Change • Jun 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. Director & Accounting Supervisor Feng Yin Weng was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • May 16
First quarter 2026 earnings released: EPS: NT$0.40 (vs NT$0.57 in 1Q 2025) First quarter 2026 results: EPS: NT$0.40 (down from NT$0.57 in 1Q 2025). Revenue: NT$180.0m (up 7.1% from 1Q 2025). Net income: NT$13.3m (down 29% from 1Q 2025). Profit margin: 7.4% (down from 11% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. New Risk • Apr 12
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 91% The company is paying a dividend despite having no free cash flows. Dividend yield: 4.4% 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 Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 91% Paying a dividend despite having no free cash flows. Minor Risk Market cap is less than US$100m (NT$1.52b market cap, or US$47.7m). Reported Earnings • Mar 26
Full year 2025 earnings released: EPS: NT$2.20 (vs NT$2.38 in FY 2024) Full year 2025 results: EPS: NT$2.20 (down from NT$2.38 in FY 2024). Revenue: NT$825.4m (up 11% from FY 2024). Net income: NT$73.3m (down 7.6% from FY 2024). Profit margin: 8.9% (down from 11% 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 31% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Aankondiging • Mar 12
JDV Control Valves Co., Ltd., Annual General Meeting, Jun 15, 2026 JDV Control Valves Co., Ltd., Annual General Meeting, Jun 15, 2026. Location: no,3, ch`ing nien rd., yangmei district, taoyuan city Taiwan Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: NT$0.59 (vs NT$0.62 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.59 (down from NT$0.62 in 3Q 2024). Revenue: NT$230.7m (up 20% from 3Q 2024). Net income: NT$19.6m (down 4.3% from 3Q 2024). Profit margin: 8.5% (down from 11% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$0.37 (vs NT$0.55 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.37 (down from NT$0.55 in 2Q 2024). Revenue: NT$200.1m (flat on 2Q 2024). Net income: NT$12.2m (down 34% from 2Q 2024). Profit margin: 6.1% (down from 9.2% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 07
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 14 July 2025. Payment date: 15 August 2025. Payout ratio is on the higher end at 78%, however this is supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.9%). Declared Dividend • Jun 12
Dividend reduced to NT$2.00 Dividend of NT$2.00 is 20% lower than last year. Ex-date: 14th July 2025 Payment date: 15th August 2025 Dividend yield will be 3.8%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (78% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has remained flat since 3 years ago. However, payments have been volatile during that time. Earnings per share has grown by 8.2% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.57 (vs NT$0.38 in 1Q 2024) First quarter 2025 results: EPS: NT$0.57 (up from NT$0.38 in 1Q 2024). Revenue: NT$168.1m (flat on 1Q 2024). Net income: NT$18.9m (up 47% from 1Q 2024). Profit margin: 11% (up from 7.6% in 1Q 2024). 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. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$43.25, the stock trades at a trailing P/E ratio of 18.2x. Average trailing P/E is 16x in the Machinery industry in Taiwan. Total loss to shareholders of 5.8% over the past three years. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$2.38 (vs NT$4.06 in FY 2023) Full year 2024 results: EPS: NT$2.38 (down from NT$4.06 in FY 2023). Revenue: NT$743.3m (down 22% from FY 2023). Net income: NT$79.3m (down 41% from FY 2023). Profit margin: 11% (down from 14% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has increased by 1% per year. Aankondiging • Mar 07
JDV Control Valves Co., Ltd., Annual General Meeting, Jun 10, 2025 JDV Control Valves Co., Ltd., Annual General Meeting, Jun 10, 2025. Location: no,3, ch`ing nien rd., yangmei district, taoyuan city Taiwan New Risk • Jan 12
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 Market cap is less than US$100m (NT$1.67b market cap, or US$50.4m). Reported Earnings • Nov 19
Third quarter 2024 earnings released: EPS: NT$0.62 (vs NT$0.88 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.62 (down from NT$0.88 in 3Q 2023). Revenue: NT$192.7m (down 10% from 3Q 2023). Net income: NT$20.5m (down 30% from 3Q 2023). Profit margin: 11% (down from 14% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.55 (vs NT$1.17 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.55 (down from NT$1.17 in 2Q 2023). Revenue: NT$199.9m (down 22% from 2Q 2023). Net income: NT$18.4m (down 53% from 2Q 2023). Profit margin: 9.2% (down from 15% in 2Q 2023). The decrease in margin was driven by lower revenue. Upcoming Dividend • Jul 09
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 16 July 2024. Payment date: 15 August 2024. Payout ratio is on the higher end at 76%, and the cash payout ratio is above 100%. Trailing yield: 4.5%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.4%). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.38 (vs NT$1.15 in 1Q 2023) First quarter 2024 results: EPS: NT$0.38 (down from NT$1.15 in 1Q 2023). Revenue: NT$169.0m (down 27% from 1Q 2023). Net income: NT$12.8m (down 67% from 1Q 2023). Profit margin: 7.6% (down from 17% in 1Q 2023). The decrease in margin was driven by lower revenue. Aankondiging • Apr 11
JDV Control Valves Co., Ltd., Annual General Meeting, Jun 27, 2024 JDV Control Valves Co., Ltd., Annual General Meeting, Jun 27, 2024. Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: NT$4.06 (vs NT$4.41 in FY 2022) Full year 2023 results: EPS: NT$4.06. Revenue: NT$951.9m (up 3.2% from FY 2022). Net income: NT$135.2m (up 1.5% from FY 2022). Profit margin: 14% (in line with FY 2022). New Risk • Aug 20
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% 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 (24% accrual ratio). Minor Risks Dividend is not well covered by cash flows (319% cash payout ratio). Dividend is not well covered by cash flows (319% cash payout ratio). Shareholders have been diluted in the past year (13% increase in shares outstanding). Market cap is less than US$100m (NT$2.26b market cap, or US$70.9m). Upcoming Dividend • Jul 12
Upcoming dividend of NT$2.50 per share at 3.4% yield Eligible shareholders must have bought the stock before 19 July 2023. Payment date: 15 August 2023. Payout ratio is a comfortable 49% but the company is paying out more than the cash it is generating. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (5.5%). In line with average of industry peers (3.1%). Reported Earnings • May 20
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: NT$1.15 (up from NT$0.47 in 1Q 2022). Revenue: NT$231.6m (up 16% from 1Q 2022). Net income: NT$38.2m (up 175% from 1Q 2022). Profit margin: 17% (up from 7.0% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.0%. Earnings per share (EPS) also surpassed analyst estimates by 33%. Reported Earnings • Mar 30
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: NT$4.41 (up from NT$2.45 in FY 2021). Revenue: NT$922.6m (up 18% from FY 2021). Net income: NT$133.2m (up 86% from FY 2021). Profit margin: 14% (up from 9.1% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) exceeded analyst estimates by 8.1%. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$74.60, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 13x in the Machinery industry in Taiwan. Total returns to shareholders of 51% over the past year. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$57.60, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 13x in the Machinery industry in Taiwan. Total returns to shareholders of 13% over the past year. Simply Wall St's valuation model estimates the intrinsic value at NT$23.78 per share. Aankondiging • Apr 19
JDV Control Valves Co., Ltd., Annual General Meeting, Jun 30, 2022 JDV Control Valves Co., Ltd., Annual General Meeting, Jun 30, 2022. 
