Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$37.60, the stock trades at a trailing P/E ratio of 28x. Average trailing P/E is 26x in the Electrical industry in Taiwan. Total loss to shareholders of 22% over the past three years. Reported Earnings • May 16
First quarter 2026 earnings released First quarter 2026 results: Revenue: NT$165.4m (up 333% from 1Q 2025). Net income: NT$15.2m (up NT$26.6m from 1Q 2025). Profit margin: 9.2% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 9% per year. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$47.60, the stock trades at a trailing P/E ratio of 51.9x. Average trailing P/E is 29x in the Electrical industry in Taiwan. Total loss to shareholders of 5.4% over the past three years. Reported Earnings • Mar 17
Full year 2025 earnings released: EPS: NT$0.92 (vs NT$1.54 loss in FY 2024) Full year 2025 results: EPS: NT$0.92 (up from NT$1.54 loss in FY 2024). Revenue: NT$596.9m (up 238% from FY 2024). Net income: NT$57.1m (up NT$153.3m from FY 2024). Profit margin: 9.6% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Aankondiging • Mar 16
Changs Ascending Enterprise Co., Ltd., Annual General Meeting, Jun 26, 2026 Changs Ascending Enterprise Co., Ltd., Annual General Meeting, Jun 26, 2026. Location: 7 floor no,2, chung k`o rd., hsi tun district, taichung city Taiwan Board Change • Dec 29
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Ching-Kai Xiao was the last independent director to join the board, commencing their role in 2024. 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 • Nov 17
Third quarter 2025 earnings released: EPS: NT$0.69 (vs NT$0.28 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.69 (up from NT$0.28 loss in 3Q 2024). Revenue: NT$210.2m (up 311% from 3Q 2024). Net income: NT$42.8m (up NT$60.4m from 3Q 2024). Profit margin: 20% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has remained flat, which means it is well ahead of earnings. New Risk • Sep 26
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.01b (US$98.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-NT$148m free cash flow). Share price has been highly volatile over the past 3 months (9.6% average weekly change). Minor Risk Market cap is less than US$100m (NT$3.01b market cap, or US$98.7m). Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$0.30 (vs NT$0.57 loss in 2Q 2024) Second quarter 2025 results: EPS: NT$0.30 (up from NT$0.57 loss in 2Q 2024). Revenue: NT$162.6m (up NT$149.4m from 2Q 2024). Net income: NT$18.9m (up NT$54.3m from 2Q 2024). Profit margin: 12% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • May 15
First quarter 2025 earnings released: NT$0.18 loss per share (vs NT$0.41 loss in 1Q 2024) First quarter 2025 results: NT$0.18 loss per share (improved from NT$0.41 loss in 1Q 2024). Revenue: NT$38.2m (up 69% from 1Q 2024). Net loss: NT$11.4m (loss narrowed 56% from 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 8% per year, which means it is performing significantly worse than earnings. New Risk • May 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 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: 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$1.77b market cap, or US$58.5m). Aankondiging • May 06
Changs Ascending Enterprise Co., Ltd. to Report Q1, 2025 Results on May 13, 2025 Changs Ascending Enterprise Co., Ltd. announced that they will report Q1, 2025 results on May 13, 2025 Reported Earnings • Apr 02
Full year 2024 earnings released: NT$1.54 loss per share (vs NT$0 in FY 2023) Full year 2024 results: NT$1.54 loss per share (further deteriorated from NT$0 in FY 2023). Revenue: NT$176.7m (down 47% from FY 2023). Net loss: NT$96.2m (down NT$96.2m from profit in FY 2023). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Aankondiging • Mar 17
Changs Ascending Enterprise Co., Ltd., Annual General Meeting, Jun 20, 2025 Changs Ascending Enterprise Co., Ltd., Annual General Meeting, Jun 20, 2025. Location: 7 floor no,2, chung k`o rd., hsi tun district, taichung city Taiwan Aankondiging • Mar 07
Changs Ascending Enterprise Co., Ltd. to Report Q4, 2024 Results on Mar 14, 2025 Changs Ascending Enterprise Co., Ltd. announced that they will report Q4, 2024 results on Mar 14, 2025 New Risk • Nov 27
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: Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Revenue is less than US$5m (NT$150m revenue, or US$4.6m). Market cap is less than US$100m (NT$2.14b market cap, or US$65.7m). Reported Earnings • Nov 19
Third quarter 2024 earnings released: NT$0.28 loss per share (vs NT$0.25 loss in 3Q 2023) Third quarter 2024 results: NT$0.28 loss per share (further deteriorated from NT$0.25 loss in 3Q 2023). Revenue: NT$51.1m (up 75% from 3Q 2023). Net loss: NT$17.6m (loss widened 13% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Aankondiging • Nov 13
Changs Ascending Enterprise Co., Ltd. has filed a Follow-on Equity Offering. Changs Ascending Enterprise Co., Ltd. has filed a Follow-on Equity Offering.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 2,500,000
Security Name: Shares
Security Type: Common Stock
Securities Offered: 7,500,000
Transaction Features: Reserved Share Offering Aankondiging • Nov 05
Changs Ascending Enterprise Co., Ltd. to Report Q3, 2024 Results on Nov 12, 2024 Changs Ascending Enterprise Co., Ltd. announced that they will report Q3, 2024 results on Nov 12, 2024 Buy Or Sell Opportunity • Sep 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to NT$23.35. The fair value is estimated to be NT$29.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 49% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Aug 17
Second quarter 2024 earnings released: NT$0.57 loss per share (vs NT$0.24 profit in 2Q 2023) Second quarter 2024 results: NT$0.57 loss per share (down from NT$0.24 profit in 2Q 2023). Revenue: NT$13.2m (down 90% from 2Q 2023). Net loss: NT$35.4m (down 345% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Aankondiging • Aug 03
Changs Ascending Enterprise Co., Ltd. to Report Q2, 2024 Results on Aug 12, 2024 Changs Ascending Enterprise Co., Ltd. announced that they will report Q2, 2024 results on Aug 12, 2024 Reported Earnings • May 19
First quarter 2024 earnings released: NT$0.41 loss per share (vs NT$0.16 profit in 1Q 2023) First quarter 2024 results: NT$0.41 loss per share (down from NT$0.16 profit in 1Q 2023). Revenue: NT$22.6m (down 78% from 1Q 2023). Net loss: NT$25.6m (down 368% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Aankondiging • May 08
Changs Ascending Enterprise Co., Ltd. to Report Q1, 2024 Results on May 14, 2024 Changs Ascending Enterprise Co., Ltd. announced that they will report Q1, 2024 results on May 14, 2024 Reported Earnings • Apr 03
Full year 2023 earnings released Full year 2023 results: Revenue: NT$333.0m (up 61% from FY 2022). Net income: NT$8.0k (up NT$24.5m from FY 2022). Profit margin: 0% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Aankondiging • Mar 15
Changs Ascending Enterprise Co., Ltd. Announces Resignation of Chen,Jia-Jun as Independent Director Changs Ascending Enterprise Co., Ltd. announced the resignation of Chen,Jia-Jun as Independent Director. Reason for the change: Busy work schedule. Aankondiging • Mar 14
Changs Ascending Enterprise Co., Ltd., Annual General Meeting, Jun 19, 2024 Changs Ascending Enterprise Co., Ltd., Annual General Meeting, Jun 19, 2024. Location: Conference Room 701, 7th Floor, Taiwan Science Park Association Central Park Office 7th Floor, No. 2, Zhongke Road, Xitun District Taichung City Taiwan Agenda: To consider 112 Annual Business Report; to consider 112 Annual Audit Committee Reviews Final Account Report; to consider Report on the revision of the Company's; to consider Rules of Procedure for Board of meeting; to consider Reasons for raising corporate bonds and reports on related matters; to consider 112 Annual Business Report and Financial Statements (including Consolidated Financial Statements) Case; to 112 Annual appropriation of profit or loss. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: NT$0.24 (vs NT$0.38 loss in 2Q 2022) Second quarter 2023 results: EPS: NT$0.24 (up from NT$0.38 loss in 2Q 2022). Revenue: NT$138.1m (up NT$117.5m from 2Q 2022). Net income: NT$14.5m (up NT$37.2m from 2Q 2022). Profit margin: 11% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. New Risk • Jul 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.09b (US$99.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.7% average weekly change). Minor Risks Shareholders have been diluted in the past year (6.1% increase in shares outstanding). Market cap is less than US$100m (NT$3.09b market cap, or US$99.4m). Board Change • Nov 16
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. 6 experienced directors. No highly experienced 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: Insufficient board refreshment. Reported Earnings • Nov 12
Third quarter 2022 earnings released: NT$0.08 loss per share (vs NT$0.37 loss in 3Q 2021) Third quarter 2022 results: NT$0.08 loss per share (improved from NT$0.37 loss in 3Q 2021). Revenue: NT$44.9m (up 46% from 3Q 2021). Net loss: NT$4.70m (loss narrowed 79% from 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 30% 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 • May 16
First quarter 2022 earnings released: NT$0.13 loss per share (vs NT$0.50 loss in 1Q 2021) First quarter 2022 results: NT$0.13 loss per share (up from NT$0.50 loss in 1Q 2021). Net loss: NT$7.49m (loss narrowed 75% from 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 11% per year. Board Change • Apr 27
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. 6 experienced directors. No highly experienced 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: Insufficient board refreshment. Reported Earnings • Nov 15
Third quarter 2021 earnings released: NT$0.37 loss per share (vs NT$0.49 loss in 3Q 2020) Third quarter 2021 results: Net loss: NT$21.9m (loss narrowed 25% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: NT$0.34 loss per share (vs NT$0.18 loss in 2Q 2020) Second quarter 2021 results: Net loss: NT$19.9m (loss widened 83% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • May 17
First quarter 2021 earnings released: NT$0.50 loss per share (vs NT$0.18 loss in 1Q 2020) The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: NT$12.1m (down 77% from 1Q 2020). Net loss: NT$29.6m (loss widened 174% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 26
Full year 2020 earnings released: NT$1.00 loss per share (vs NT$0.52 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: NT$145.3m (down 56% from FY 2019). Net loss: NT$59.4m (loss widened 97% from FY 2019). Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Aankondiging • Mar 17
Changs Ascending Enterprise Co., Ltd., Annual General Meeting, Jun 03, 2021 Changs Ascending Enterprise Co., Ltd., Annual General Meeting, Jun 03, 2021. Is New 90 Day High Low • Mar 09
New 90-day low: NT$31.90 The company is down 19% from its price of NT$39.55 on 09 December 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 6.0% over the same period. Is New 90 Day High Low • Jan 30
New 90-day low: NT$33.10 The company is down 3.0% from its price of NT$34.00 on 02 November 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 8.0% over the same period. Is New 90 Day High Low • Nov 25
New 90-day high: NT$42.10 The company is up 42% from its price of NT$29.70 on 27 August 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 6.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: NT$0.49 loss per share The company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2020 results: Revenue: NT$23.7m (down 73% from 3Q 2019). Net loss: NT$29.0m (loss widened 265% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Nov 02
New 90-day high: NT$34.00 The company is up 14% from its price of NT$29.90 on 04 August 2020. The Taiwanese market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 13% over the same period. Is New 90 Day High Low • Sep 25
New 90-day low: NT$28.25 The company is down 6.0% from its price of NT$30.15 on 24 June 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 9.0% over the same period. 
