Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$141, the stock trades at a trailing P/E ratio of 22.2x. Average trailing P/E is 26x in the Electrical industry in Taiwan. Total returns to shareholders of 80% over the past three years. Reported Earnings • May 11
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$1.59 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00. Revenue: NT$473.2m (up 21% from 1Q 2025). Net income: NT$143.8m (up 9.9% from 1Q 2025). Profit margin: 30% (down from 33% in 1Q 2025). The decrease in margin was driven by higher expenses. Declared Dividend • Mar 11
Dividend of NT$4.50 announced Dividend of NT$4.50 is the same as last year. Ex-date: 26th March 2026 Payment date: 24th April 2026 Dividend yield will be 4.4%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (78% earnings payout ratio) but not covered by cash flows (122% cash payout ratio). The dividend has increased by an average of 2.4% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 7.0% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: NT$1.83 (vs NT$1.47 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.83 (up from NT$1.47 in 3Q 2024). Revenue: NT$447.8m (up 17% from 3Q 2024). Net income: NT$150.3m (up 24% from 3Q 2024). Profit margin: 34% (up from 32% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$103, the stock trades at a trailing P/E ratio of 19.2x. Average trailing P/E is 24x in the Electrical industry in Taiwan. Total returns to shareholders of 45% over the past three years. Reported Earnings • Aug 10
Second quarter 2025 earnings released: EPS: NT$0.98 (vs NT$1.59 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.98 (down from NT$1.59 in 2Q 2024). Revenue: NT$436.0m (up 8.1% from 2Q 2024). Net income: NT$80.9m (down 38% from 2Q 2024). Profit margin: 19% (down from 32% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Aankondiging • May 29
P-Duke Technology Co.,Ltd. Elects Directors and Supervisors P-Duke Technology Co.,Ltd. at the AGM held on May 28, 2025 approved election for directors and supervisors:Director: Pen-Chung, Liao Lien-Hsing, Chen Pen-Lin, Liao Yueh-Hsiang, Liao Cheng-Ta, Tsai. Independent Director: Chia-Ming, Chang Kung-Yi, Lin Kun-Chu, Chen Chin-Chin, Liu. Reported Earnings • May 08
First quarter 2025 earnings released: EPS: NT$1.59 (vs NT$2.09 in 1Q 2024) First quarter 2025 results: EPS: NT$1.59 (down from NT$2.09 in 1Q 2024). Revenue: NT$392.2m (up 2.2% from 1Q 2024). Net income: NT$130.9m (down 24% from 1Q 2024). Profit margin: 33% (down from 45% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Aankondiging • May 01
P-Duke Technology Co.,Ltd. to Report Q1, 2025 Results on May 07, 2025 P-Duke Technology Co.,Ltd. announced that they will report Q1, 2025 results on May 07, 2025 Reported Earnings • Mar 14
Full year 2024 earnings released: EPS: NT$6.48 (vs NT$8.03 in FY 2023) Full year 2024 results: EPS: NT$6.48 (down from NT$8.03 in FY 2023). Revenue: NT$1.51b (down 21% from FY 2023). Net income: NT$532.1m (down 17% from FY 2023). Profit margin: 35% (up from 33% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 7% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Mar 13
Dividend reduced to NT$4.50 Dividend of NT$4.50 is 25% lower than last year. Ex-date: 27th March 2025 Payment date: 30th April 2025 Dividend yield will be 4.9%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is not adequately covered by earnings (96% earnings payout ratio) nor is it covered by cash flows (104% cash payout ratio). The dividend has increased by an average of 6.1% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 6.9% 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. Aankondiging • Mar 04
P-Duke Technology Co.,Ltd. to Report Fiscal Year 2024 Results on Mar 11, 2025 P-Duke Technology Co.,Ltd. announced that they will report fiscal year 2024 results on Mar 11, 2025 Aankondiging • Nov 30
P-Duke Technology Co.,Ltd. Announces Change of Accounting Officer and Financial Officer P-Duke Technology Co.,Ltd. announced the change of accounting officer and financial officer. Name, title, and resume of the previous position holder: (1)Acting spokesperson: Chen-Hua, Chi/Assistant manage of Finance Department (2)Accounting officer: Chen-Hua, Chi/Assistant manage of Finance Department (3)Financial officer: Chen-Hua, Chi/Assistant manage of Finance Department; Name, title, and resume of the new position holder: (1)Acting spokesperson: Cyong-Miao, Chen/Section Chief of Administration Department (2)Accounting officer: Pei-Yi, Lin/Section Chief of Finance Department (temporarily acting) (3)Financial officer:Pei-Yi, Lin/Section Chief of Finance Department (temporarily acting); Reason for the change: career planning; Effective date: December 01, 2024. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$1.47 (vs NT$2.66 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.47 (down from NT$2.66 in 3Q 2023). Revenue: NT$383.1m (down 27% from 3Q 2023). Net income: NT$121.0m (down 43% from 3Q 2023). Profit margin: 32% (down from 41% 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 8% per year whereas the company’s share price has increased by 7% per year. Aankondiging • Oct 31
P-Duke Technology Co.,Ltd. to Report Q3, 2024 Results on Nov 06, 2024 P-Duke Technology Co.,Ltd. announced that they will report Q3, 2024 results on Nov 06, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$1.59 (vs NT$2.50 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.59 (down from NT$2.50 in 2Q 2023). Revenue: NT$403.3m (down 19% from 2Q 2023). Net income: NT$130.6m (down 33% from 2Q 2023). Profit margin: 32% (down from 39% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Aankondiging • Jul 26
P-Duke Technology Co.,Ltd. to Report Q2, 2024 Results on Aug 02, 2024 P-Duke Technology 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$2.09 (vs NT$1.83 in 1Q 2023) First quarter 2024 results: EPS: NT$2.09 (up from NT$1.83 in 1Q 2023). Revenue: NT$383.7m (down 18% from 1Q 2023). Net income: NT$171.5m (up 21% from 1Q 2023). Profit margin: 45% (up from 31% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 01
Full year 2023 earnings released: EPS: NT$8.03 (vs NT$9.03 in FY 2022) Full year 2023 results: EPS: NT$8.03 (down from NT$9.03 in FY 2022). Revenue: NT$1.93b (up 6.8% from FY 2022). Net income: NT$638.6m (down 7.7% from FY 2022). Profit margin: 33% (down from 38% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 21
Upcoming dividend of NT$6.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 26 April 2024. Payout ratio is a comfortable 72% and this is well supported by cash flows. Trailing yield: 5.8%. Within top quartile of Taiwanese dividend payers (4.7%). Higher than average of industry peers (2.4%). Declared Dividend • Mar 11
Dividend increased to NT$6.00 Dividend of NT$6.00 is 50% higher than last year. Ex-date: 28th March 2024 Payment date: 26th April 2024 Dividend yield will be 8.3%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by both earnings (72% earnings payout ratio) and cash flows (71% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 6.1% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Nov 30
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.9% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (5.9% increase in shares outstanding). Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: NT$2.66 (vs NT$3.51 in 3Q 2022) Third quarter 2023 results: EPS: NT$2.66 (down from NT$3.51 in 3Q 2022). Revenue: NT$523.4m (up 4.2% from 3Q 2022). Net income: NT$212.2m (down 21% from 3Q 2022). Profit margin: 41% (down from 53% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: NT$2.50 (vs NT$2.21 in 2Q 2022) Second quarter 2023 results: EPS: NT$2.50 (up from NT$2.21 in 2Q 2022). Revenue: NT$495.8m (up 16% from 2Q 2022). Net income: NT$195.0m (up 16% from 2Q 2022). Profit margin: 39% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 30
Upcoming dividend of NT$1.98 per share at 6.5% yield Eligible shareholders must have bought the stock before 07 July 2023. Payment date: 09 August 2023. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 6.5%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.1%). Upcoming Dividend • Mar 30
Upcoming dividend of NT$3.99 per share at 4.5% yield Eligible shareholders must have bought the stock before 06 April 2023. Payment date: 11 May 2023. Payout ratio is a comfortable 66% and this is well supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of Taiwanese dividend payers (5.9%). Higher than average of industry peers (3.4%). Reported Earnings • Mar 17
Full year 2022 earnings released: EPS: NT$9.03 (vs NT$5.28 in FY 2021) Full year 2022 results: EPS: NT$9.03 (up from NT$5.28 in FY 2021). Revenue: NT$1.80b (up 20% from FY 2021). Net income: NT$691.8m (up 79% from FY 2021). Profit margin: 38% (up from 26% in FY 2021). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$2.21 (vs NT$1.34 in 2Q 2021) Second quarter 2022 results: EPS: NT$2.21 (up from NT$1.34 in 2Q 2021). Revenue: NT$428.8m (up 12% from 2Q 2021). Net income: NT$168.2m (up 76% from 2Q 2021). Profit margin: 39% (up from 25% in 2Q 2021). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 07
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 14 April 2022. Payment date: 20 May 2022. Payout ratio is on the higher end at 76%, however this is supported by cash flows. Trailing yield: 5.3%. Lower than top quartile of Taiwanese dividend payers (5.6%). Higher than average of industry peers (3.5%). Reported Earnings • Mar 19
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$5.28 (up from NT$4.41 in FY 2020). Revenue: NT$1.51b (up 24% from FY 2020). Net income: NT$387.1m (up 23% from FY 2020). Profit margin: 26% (in line with FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 11% 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. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$1.49 (vs NT$1.24 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$414.7m (up 21% from 3Q 2020). Net income: NT$111.1m (up 26% from 3Q 2020). Profit margin: 27% (up from 26% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$1.34 (vs NT$1.18 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: NT$383.1m (up 14% from 2Q 2020). Net income: NT$95.5m (up 14% from 2Q 2020). Profit margin: 25% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • May 13
First quarter 2021 earnings released: EPS NT$1.19 (vs NT$0.73 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$324.4m (up 45% from 1Q 2020). Net income: NT$84.5m (up 60% from 1Q 2020). Profit margin: 26% (up from 24% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 24
Upcoming dividend of NT$3.50 per share Eligible shareholders must have bought the stock before 31 March 2021. Payment date: 07 May 2021. Trailing yield: 4.8%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (3.5%). Reported Earnings • Feb 28
Full year 2020 earnings released: EPS NT$4.41 (vs NT$5.01 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$1.22b (down 4.3% from FY 2019). Net income: NT$315.3m (down 13% from FY 2019). Profit margin: 26% (down from 29% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 28
Revenue beats expectations Revenue exceeded analyst estimates by 0.8%. Over the next year, revenue is forecast to grow 6.4%, compared to a 11% growth forecast for the Electrical industry in Taiwan. Aankondiging • Feb 27
P-Duke Technology Co.,Ltd., Annual General Meeting, Jun 03, 2021 P-Duke Technology Co.,Ltd., Annual General Meeting, Jun 03, 2021. Is New 90 Day High Low • Feb 21
New 90-day high: NT$71.40 The company is up 9.0% from its price of NT$65.60 on 20 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 14% over the same period. Is New 90 Day High Low • Jan 14
New 90-day high: NT$69.40 The company is up 4.0% from its price of NT$66.50 on 16 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 10.0% over the same period. Is New 90 Day High Low • Dec 16
New 90-day high: NT$67.80 The company is up 1.0% from its price of NT$67.40 on 18 September 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 4.0% over the same period. Reported Earnings • Nov 10
Third quarter 2020 earnings released: EPS NT$1.24 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: NT$342.1m (up 1.3% from 3Q 2019). Net income: NT$88.1m (down 14% from 3Q 2019). Profit margin: 26% (down from 30% in 3Q 2019). The decrease in margin was driven by higher expenses. 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 3% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Oct 29
New 90-day low: NT$65.30 The company is down 1.0% from its price of NT$66.10 on 31 July 2020. The Taiwanese market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 13% over the same period. 
