Reported Earnings • May 14
First quarter 2026 earnings released: EPS: NT$0.12 (vs NT$0.18 in 1Q 2025) First quarter 2026 results: EPS: NT$0.12 (down from NT$0.18 in 1Q 2025). Revenue: NT$213.2m (up 8.4% from 1Q 2025). Net income: NT$3.66m (down 33% from 1Q 2025). Profit margin: 1.7% (down from 2.8% 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 4% per year whereas the company’s share price has fallen by 1% per year. New Risk • May 06
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.5% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 Earnings have declined by 36% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (NT$2.08b market cap, or US$66.0m). Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$71.30, the stock trades at a trailing P/E ratio of 45.7x. Average trailing P/E is 19x in the Professional Services industry in Taiwan. Total loss to shareholders of 7.9% over the past three years. Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: NT$1.58 (vs NT$0.54 in FY 2024) Full year 2025 results: EPS: NT$1.58 (up from NT$0.54 in FY 2024). Revenue: NT$909.1m (up 8.5% from FY 2024). Net income: NT$48.0m (up 209% from FY 2024). Profit margin: 5.3% (up from 1.8% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Aankondiging • Mar 06
BTL Inc., Annual General Meeting, Jun 09, 2026 BTL Inc., Annual General Meeting, Jun 09, 2026. Location: 1 floor no,399, jui kuang rd., neihu district, taipei city Taiwan New Risk • Feb 23
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 6.9% 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 Earnings have declined by 41% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (NT$1.94b market cap, or US$61.7m). Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$76.20, the stock trades at a trailing P/E ratio of 74.8x. Average trailing P/E is 17x in the Professional Services industry in Asia. Total returns to shareholders of 8.5% over the past three years. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$0.71 (vs NT$0.15 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.71 (up from NT$0.15 loss in 3Q 2024). Revenue: NT$232.8m (up 2.7% from 3Q 2024). Net income: NT$21.6m (up NT$25.6m from 3Q 2024). Profit margin: 9.3% (up from net loss in 3Q 2024). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. New Risk • Aug 31
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 128% 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: Major Risk Earnings have declined by 44% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.06b market cap, or US$67.4m). New Risk • Aug 29
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 6.4% 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 Earnings have declined by 44% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Market cap is less than US$100m (NT$2.06b market cap, or US$67.4m). Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$0.28 (vs NT$0.40 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.28 (down from NT$0.40 in 2Q 2024). Revenue: NT$239.8m (up 9.4% from 2Q 2024). Net income: NT$8.61m (down 22% from 2Q 2024). Profit margin: 3.6% (down from 5.0% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Jul 01
Upcoming dividend of NT$0.30 per share Eligible shareholders must have bought the stock before 08 July 2025. Payment date: 31 July 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 0.7%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (5.6%). Reported Earnings • May 12
Full year 2024 earnings released: EPS: NT$0.54 (vs NT$1.96 loss in FY 2023) Full year 2024 results: EPS: NT$0.54 (up from NT$1.96 loss in FY 2023). Revenue: NT$838.2m (up 19% from FY 2023). Net income: NT$15.5m (up NT$69.0m from FY 2023). Profit margin: 1.8% (up from net loss in FY 2023). 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 65 percentage points per year, which is a significant difference in performance. Aankondiging • Mar 04
BTL Inc., Annual General Meeting, Jun 11, 2025 BTL Inc., Annual General Meeting, Jun 11, 2025, at 09:00 Taipei Standard Time. Location: 1 floor no,399, jui kuang rd., neihu district, taipei city Taiwan New Risk • Dec 23
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 Earnings have declined by 44% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Shareholders have been diluted in the past year (9.0% increase in shares outstanding). Market cap is less than US$100m (NT$1.55b market cap, or US$47.5m). Reported Earnings • Nov 17
Third quarter 2024 earnings released: NT$0.15 loss per share (vs NT$0.63 loss in 3Q 2023) Third quarter 2024 results: NT$0.15 loss per share (improved from NT$0.63 loss in 3Q 2023). Revenue: NT$226.6m (up 35% from 3Q 2023). Net loss: NT$4.08m (loss narrowed 77% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. New Risk • Oct 29
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 9.0% 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: Major Risk Earnings have declined by 41% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (9.0% increase in shares outstanding). Market cap is less than US$100m (NT$1.77b market cap, or US$55.0m). Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: NT$0.40 (vs NT$0.071 loss in 2Q 2023) Second quarter 2024 results: EPS: NT$0.40 (up from NT$0.071 loss in 2Q 2023). Revenue: NT$219.2m (up 24% from 2Q 2023). Net income: NT$11.1m (up NT$13.0m from 2Q 2023). Profit margin: 5.0% (up from net loss in 2Q 2023). 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 64 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 10
Full year 2023 earnings released: NT$2.16 loss per share (vs NT$5.87 profit in FY 2022) Full year 2023 results: NT$2.16 loss per share (down from NT$5.87 profit in FY 2022). Revenue: NT$702.8m (down 21% from FY 2022). Net loss: NT$53.5m (down 140% from profit in FY 2022). Aankondiging • Feb 29
BTL Inc., Annual General Meeting, Jun 07, 2024 BTL Inc., Annual General Meeting, Jun 07, 2024. New Risk • Aug 12
New major risk - Revenue and earnings growth Revenue has declined by 8.5% over the past year. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 8.5% over the past year. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (7.4% net profit margin). Shareholders have been diluted in the past year (10.0% increase in shares outstanding). Market cap is less than US$100m (NT$1.68b market cap, or US$52.6m). Reported Earnings • Aug 11
Second quarter 2023 earnings released: NT$0.08 loss per share (vs NT$1.61 profit in 2Q 2022) Second quarter 2023 results: NT$0.08 loss per share (down from NT$1.61 profit in 2Q 2022). Revenue: NT$177.5m (down 23% from 2Q 2022). Net loss: NT$1.97m (down 105% from profit in 2Q 2022). Upcoming Dividend • Jun 30
Upcoming dividend of NT$2.73 per share at 4.1% yield Eligible shareholders must have bought the stock before 07 July 2023. Payment date: 31 July 2023. Payout ratio is a comfortable 70% but the company is not cash flow positive. Trailing yield: 4.1%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (1.4%). Reported Earnings • May 13
First quarter 2023 earnings released: NT$0.26 loss per share (vs NT$1.31 profit in 1Q 2022) First quarter 2023 results: NT$0.26 loss per share (down from NT$1.31 profit in 1Q 2022). Revenue: NT$176.5m (down 16% from 1Q 2022). Net loss: NT$6.10m (down 120% from profit in 1Q 2022). Reported Earnings • Mar 06
Full year 2022 earnings released: EPS: NT$5.87 (vs NT$5.62 in FY 2021) Full year 2022 results: EPS: NT$5.87 (up from NT$5.62 in FY 2021). Revenue: NT$888.2m (up 7.7% from FY 2021). Net income: NT$134.9m (up 4.5% from FY 2021). Profit margin: 15% (in line with FY 2021). Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$99.90, the stock trades at a trailing P/E ratio of 15.2x. Average trailing P/E is 24x in the Professional Services industry in Asia. Total loss to shareholders of 19% over the past year. Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: NT$2.14 (vs NT$1.45 in 3Q 2021) Third quarter 2022 results: EPS: NT$2.14 (up from NT$1.45 in 3Q 2021). Revenue: NT$250.9m (up 15% from 3Q 2021). Net income: NT$49.1m (up 47% from 3Q 2021). Profit margin: 20% (up from 15% in 3Q 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improved over the past week After last week's 23% share price gain to NT$98.80, the stock trades at a trailing P/E ratio of 17.6x. Average trailing P/E is 23x in the Professional Services industry in Asia. Total returns to shareholders of 20% over the past year. Aankondiging • Mar 23
BTL Inc., Annual General Meeting, Jun 20, 2022 BTL Inc., Annual General Meeting, Jun 20, 2022. 
