New Risk • May 11
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.3% Last year net profit margin: 8.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 16% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (133% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.3% net profit margin). Reported Earnings • May 11
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$4.35 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00 (down from NT$4.35 in 1Q 2025). Revenue: NT$4.10b (down 9.9% from 1Q 2025). Net income: NT$204.6m (down 69% from 1Q 2025). Profit margin: 5.0% (down from 15% in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. New Risk • Mar 22
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 47% 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 11% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (424% cash payout ratio). Large one-off items impacting financial results. Upcoming Dividend • Mar 20
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 27 March 2026. Payment date: 30 April 2026. Payout ratio is a comfortable 67% but the company is paying out more than the cash it is generating. Trailing yield: 6.1%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (4.5%). Declared Dividend • Mar 05
Dividend reduced to NT$4.00 Dividend of NT$4.00 is 2.2% lower than last year. Ex-date: 27th March 2026 Payment date: 30th April 2026 Dividend yield will be 5.8%, which is higher than the industry average of 5.0%. Sustainability & Growth Dividend is covered by earnings (67% earnings payout ratio) but not covered by cash flows (434% cash payout ratio). The dividend has increased by an average of 23% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 4.1% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 04
Full year 2025 earnings released: EPS: NT$6.18 (vs NT$7.51 in FY 2024) Full year 2025 results: EPS: NT$6.18 (down from NT$7.51 in FY 2024). Revenue: NT$15.4b (up 8.6% from FY 2024). Net income: NT$949.5m (down 8.9% from FY 2024). Profit margin: 6.2% (down from 7.3% 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 33% 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. Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: NT$1.37 (vs NT$0.50 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$1.37 (up from NT$0.50 loss in 3Q 2024). Revenue: NT$2.80b (down 2.6% from 3Q 2024). Net income: NT$212.0m (up NT$280.8m from 3Q 2024). Profit margin: 7.6% (up from net loss in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 44% 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. Buy Or Sell Opportunity • Aug 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to NT$60.70. The fair value is estimated to be NT$76.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Earnings per share has declined by 46%. New Risk • Aug 05
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 93% The company is paying a dividend despite having no free cash flows. Dividend yield: 6.5% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 93% Paying a dividend despite having no free cash flows. Earnings have declined by 3.9% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Reported Earnings • Aug 05
Second quarter 2025 earnings released: NT$2.15 loss per share (vs NT$2.32 profit in 2Q 2024) Second quarter 2025 results: NT$2.15 loss per share (down from NT$2.32 profit in 2Q 2024). Revenue: NT$3.33b (up 6.1% from 2Q 2024). Net loss: NT$329.2m (down 203% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Aankondiging • May 30
Advanced International Multitech Co., Ltd. Approves Cash Dividend for 2024 Advanced International Multitech Co., Ltd. at its Annual General meeting held on May 29, 2025, approved the cash dividend is TWD 4.08867709 per share for 2024. Reported Earnings • May 10
First quarter 2025 earnings released: EPS: NT$4.35 (vs NT$3.02 in 1Q 2024) First quarter 2025 results: EPS: NT$4.35 (up from NT$3.02 in 1Q 2024). Revenue: NT$4.55b (up 20% from 1Q 2024). Net income: NT$662.3m (up 59% from 1Q 2024). Profit margin: 15% (up from 11% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Aankondiging • May 01
Advanced International Multitech Co., Ltd. to Report Q1, 2025 Results on May 09, 2025 Advanced International Multitech Co., Ltd. announced that they will report Q1, 2025 results on May 09, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$62.20, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 15x in the Leisure industry in Taiwan. Total loss to shareholders of 2.7% over the past three years. Upcoming Dividend • Mar 20
Upcoming dividend of NT$4.09 per share Eligible shareholders must have bought the stock before 27 March 2025. Payment date: 02 May 2025. Payout ratio is a comfortable 55% but the company is not cash flow positive. Trailing yield: 5.0%. Within top quartile of Taiwanese dividend payers (4.6%). Higher than average of industry peers (3.2%). Reported Earnings • Mar 14
Full year 2024 earnings released: EPS: NT$7.51 (vs NT$0.50 in FY 2023) Full year 2024 results: EPS: NT$7.51 (up from NT$0.50 in FY 2023). Revenue: NT$14.2b (flat on FY 2023). Net income: NT$1.04b (up NT$973.7m from FY 2023). Profit margin: 7.3% (up from 0.5% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Aankondiging • Mar 03
Advanced International Multitech Co., Ltd., Annual General Meeting, May 29, 2025 Advanced International Multitech Co., Ltd., Annual General Meeting, May 29, 2025. Location: no,115, hsueh fu rd., siaogang district, kaohsiung city Taiwan Declared Dividend • Mar 01
Dividend increased to NT$4.10 Dividend of NT$4.10 is 156% higher than last year. Ex-date: 27th March 2025 Payment date: 2nd May 2025 Dividend yield will be 5.2%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (31% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Aankondiging • Feb 28
Advanced International Multitech Co., Ltd. Announces Cash Dividend, Payable on May 2, 2025 Advanced International Multitech Co., Ltd. announced the cash dividend of TWD 4.1 per share, totaling TWD 624,017,594. Ex-rights (Ex-dividend) date is March 27, 2025. Last date before book closure is March 28, 2025. Ex-rights (Ex-dividend) record date is April 4, 2025. Payment date of cash dividend distribution is May 2, 2025. Aankondiging • Feb 20
Advanced International Multitech Co., Ltd. to Report Fiscal Year 2024 Results on Feb 27, 2025 Advanced International Multitech Co., Ltd. announced that they will report fiscal year 2024 results at 12:00 PM, Taipei Standard Time on Feb 27, 2025 Reported Earnings • Nov 14
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: NT$2.88b (up 11% from 3Q 2023). Net loss: NT$68.8m (loss narrowed 82% from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has remained flat, which means it is well ahead of earnings. New Risk • Nov 14
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% 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 (22% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: NT$2.32 (vs NT$1.14 in 2Q 2023) Second quarter 2024 results: EPS: NT$2.32 (up from NT$1.14 in 2Q 2023). Revenue: NT$3.14b (up 1.0% from 2Q 2023). Net income: NT$319.3m (up 105% from 2Q 2023). Profit margin: 10% (up from 5.0% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Aankondiging • Jul 26
Advanced International Multitech Co., Ltd. to Report Q2, 2024 Results on Aug 02, 2024 Advanced International Multitech Co., Ltd. announced that they will report Q2, 2024 results on Aug 02, 2024 Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$3.02 (vs NT$1.87 in 1Q 2023) First quarter 2024 results: EPS: NT$3.02 (up from NT$1.87 in 1Q 2023). Revenue: NT$3.78b (down 24% from 1Q 2023). Net income: NT$415.8m (up 64% from 1Q 2023). Profit margin: 11% (up from 5.1% in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Aankondiging • Apr 17
Advanced International Multitech Co., Ltd. (TPEX:8938) agreed to acquire remaining 48.35% stake in Launch Technologies Co., Ltd. (TPEX:8420) for TWD1.1 billion. Advanced International Multitech Co., Ltd. (TPEX:8938) agreed to acquire remaining 48.35% stake in Launch Technologies Co., Ltd. (TPEX:8420) for TWD1.1 billion on April 15, 2024. Transaction is expected to close with Advanced International Multitech Co., Ltd. (TPEX:8938) board approval. The transaction is expected to close on September 30, 2024. Aankondiging • Apr 16
Advanced International Multitech Co., Ltd. announced that it expects to receive TWD 144.18845 million in funding Advanced International Multitech Co., Ltd. announced a private placement of 14,418,845 at a price of TWD 10 per share for the gross proceeds of TWD 144,188,450 on April 14, 2024. The transaction has been approved by the shareholders of the company. Upcoming Dividend • Mar 20
Upcoming dividend of NT$1.60 per share Eligible shareholders must have bought the stock before 27 March 2024. Payment date: 30 April 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (4.8%). Lower than average of industry peers (3.8%). Aankondiging • Mar 14
Advanced International Multitech Co., Ltd., Annual General Meeting, May 27, 2024 Advanced International Multitech Co., Ltd., Annual General Meeting, May 27, 2024. New Risk • Mar 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 115% 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: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). Shareholders have been diluted in the past year (2.5% increase in shares outstanding). Reported Earnings • Mar 05
Full year 2023 earnings released: EPS: NT$0.50 (vs NT$16.92 in FY 2022) Full year 2023 results: EPS: NT$0.50 (down from NT$16.92 in FY 2022). Revenue: NT$14.3b (down 33% from FY 2022). Net income: NT$69.0m (down 97% from FY 2022). Profit margin: 0.5% (down from 11% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 7% per year. Declared Dividend • Mar 02
Dividend reduced to NT$1.60 Dividend of NT$1.60 is 82% lower than last year. Ex-date: 27th March 2024 Payment date: 30th April 2024 Dividend yield will be 2.2%, which is lower than the industry average of 5.0%. Sustainability & Growth Dividend is not covered by earnings (222% earnings payout ratio). However, it is well covered by cash flows (36% cash payout ratio). The dividend has increased by an average of 15% 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 147% 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 01
Advanced International Multitech Co., Ltd. Announces Cash Dividend, Payable on April 30, 2024 Advanced International Multitech Co., Ltd. announced cash dividend from earnings is TWD 0.5 per share, totaling TWD 68,785,636, cash dividend from capital surplus is TWD 1.1 per share, totaling TWD 151,328,400. Ex-rights (Ex-dividend) date is March 27, 2024; Ex-rights (Ex-dividend) record date is April 02, 2024; Payment date of cash dividend distribution is April 30, 2024. Reported Earnings • Aug 05
Second quarter 2023 earnings released: EPS: NT$1.14 (vs NT$4.59 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.14 (down from NT$4.59 in 2Q 2022). Revenue: NT$3.11b (down 44% from 2Q 2022). Net income: NT$156.1m (down 74% from 2Q 2022). Profit margin: 5.0% (down from 11% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 42% per year whereas the company’s share price has increased by 37% per year. Upcoming Dividend • Mar 22
Upcoming dividend of NT$8.97 per share at 8.2% yield Eligible shareholders must have bought the stock before 29 March 2023. Payment date: 04 May 2023. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 8.2%. Within top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (4.8%). Reported Earnings • Mar 01
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: NT$16.92 (up from NT$10.01 in FY 2021). Revenue: NT$21.4b (up 27% from FY 2021). Net income: NT$2.24b (up 66% from FY 2021). Profit margin: 11% (up from 8.0% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 12%. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$111, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Leisure industry in Taiwan. Total returns to shareholders of 261% over the past three years. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. 1 highly experienced director. 2 independent directors (5 non-independent directors). Vice Chairman & Deputy CEO Liu An Hao was the last director to join the board, commencing their role in 2007. 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 06
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: NT$4.74 (up from NT$1.87 in 3Q 2021). Revenue: NT$4.98b (up 35% from 3Q 2021). Net income: NT$627.4m (up 148% from 3Q 2021). Profit margin: 13% (up from 6.9% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 6.4%. Earnings per share (EPS) exceeded analyst estimates by 33%. Revenue is expected to decline by 5.6% p.a. on average during the next 2 years, while revenues in the Leisure industry in Taiwan are expected to grow by 4.9%. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 02
Investor sentiment improved over the past week After last week's 16% share price gain to NT$111, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 12x in the Leisure industry in Taiwan. Total returns to shareholders of 217% over the past three years. Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: NT$4.59 (vs NT$2.77 in 2Q 2021) Second quarter 2022 results: EPS: NT$4.59 (up from NT$2.77 in 2Q 2021). Revenue: NT$5.52b (up 27% from 2Q 2021). Net income: NT$607.0m (up 62% from 2Q 2021). Profit margin: 11% (up from 8.6% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$73.50, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 13x in the Leisure industry in Taiwan. Total returns to shareholders of 113% over the past three years. Upcoming Dividend • Jun 15
Upcoming dividend of NT$5.50 per share Eligible shareholders must have bought the stock before 22 June 2022. Payment date: 20 July 2022. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 6.3%. Within top quartile of Taiwanese dividend payers (6.1%). Higher than average of industry peers (4.2%). Aankondiging • Jun 01
Advanced International Multitech Co., Ltd. Announces Cash Dividend for the Year 2021, Payable on July 20, 2022 Advanced International Multitech Co., Ltd. announced cash dividend of TWD 727,835,471 or TWD 5.50 for each common share for 2021. Ex-rights (ex-dividend) date is June 22, 2022, ex-rights (ex-dividend) record date is June 28, 2020, and the payment date of cash dividend distribution is July 20, 2022. Reported Earnings • May 12
First quarter 2022 earnings released: EPS: NT$3.64 (vs NT$2.23 in 1Q 2021) First quarter 2022 results: EPS: NT$3.64 (up from NT$2.23 in 1Q 2021). Revenue: NT$4.98b (up 24% from 1Q 2021). Net income: NT$481.5m (up 60% from 1Q 2021). Profit margin: 9.7% (up from 7.5% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. 1 highly experienced director. 2 independent directors (5 non-independent directors). Vice Chairman & Deputy CEO Liu An Hao was the last director to join the board, commencing their role in 2007. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Aankondiging • Feb 27
Advanced International Multitech Co., Ltd., Annual General Meeting, May 31, 2022 Advanced International Multitech Co., Ltd., Annual General Meeting, May 31, 2022. Location: Kaohsiung Municipal Social Education Center No.115,Syuefu Rd.,Siaogang District Kaohsiung City Taiwan Agenda: To report 2021 Business Report; to report 2021 Audit Committee’s Review Report; to report employees, directors and supervisors' remuneration of 2021; to report the amendment of some clauses of Codes of Ethical Conduct A, Ethical Corporate Management Best Practice Principles A, Procedures for Ethical Management and Guidelines for Conduct A Management of Operation of Board Meeting A Rules Governing Share Buyback and Transfer to Employees; to report the fourth tranche of the share buy-back and transfer to employees programme; and to discuss other matters. Reported Earnings • Feb 27
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: NT$10.01 (up from NT$5.03 in FY 2020). Revenue: NT$16.9b (up 40% from FY 2020). Net income: NT$1.35b (up 98% from FY 2020). Profit margin: 8.0% (up from 5.6% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.6%. Over the next year, revenue is expected to shrink by 4.5% compared to a 11% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 29% per year whereas the company’s share price has increased by 26% per year. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$1.87 (vs NT$1.86 in 3Q 2020) The company reported a mediocre third quarter result with weaker profit margins, although earnings were flat and revenues improved. Third quarter 2021 results: Revenue: NT$3.68b (up 14% from 3Q 2020). Net income: NT$253.0m (flat on 3Q 2020). Profit margin: 6.9% (down from 7.8% in 3Q 2020). 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 increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Sep 23
Price target increased to NT$95.50 Up from NT$82.50, the current price target is provided by 1 analyst. New target price is 33% above last closing price of NT$72.00. Stock is up 93% over the past year. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$75.60, the stock trades at a trailing P/E ratio of 8.4x. Average forward P/E is 13x in the Leisure industry in Taiwan. Total returns to shareholders of 143% over the past three years. Reported Earnings • Aug 06
Second quarter 2021 earnings released: EPS NT$2.77 (vs NT$0.26 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$4.36b (up 109% from 2Q 2020). Net income: NT$374.9m (up NT$339.7m from 2Q 2020). Profit margin: 8.6% (up from 1.7% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improved over the past week After last week's 20% share price gain to NT$87.50, the stock trades at a trailing P/E ratio of 13.5x. Average forward P/E is 15x in the Leisure industry in Taiwan. Total returns to shareholders of 172% over the past three years. Upcoming Dividend • Jul 21
Upcoming dividend of NT$2.70 per share Eligible shareholders must have bought the stock before 28 July 2021. Payment date: 20 August 2021. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (2.8%). Valuation Update With 7 Day Price Move • May 14
Investor sentiment deteriorated over the past week After last week's 25% share price decline to NT$64.00, the stock trades at a trailing P/E ratio of 9.9x. Average forward P/E is 13x in the Leisure industry in Taiwan. Total returns to shareholders of 86% over the past three years. Reported Earnings • May 08
First quarter 2021 earnings released: EPS NT$2.23 (vs NT$0.79 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$4.01b (up 49% from 1Q 2020). Net income: NT$301.9m (up 182% from 1Q 2020). Profit margin: 7.5% (up from 4.0% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment improved over the past week After last week's 18% share price gain to NT$84.60, the stock trades at a trailing P/E ratio of 16.8x. Average forward P/E is 16x in the Leisure industry in Taiwan. Total returns to shareholders of 153% over the past three years. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improved over the past week After last week's 17% share price gain to NT$74.30, the stock trades at a trailing P/E ratio of 14.8x. Average forward P/E is 16x in the Leisure industry in Taiwan. Total returns to shareholders of 96% over the past three years. Aankondiging • Feb 27
Advanced International Multitech Co., Ltd., Annual General Meeting, May 31, 2021 Advanced International Multitech Co., Ltd., Annual General Meeting, May 31, 2021. Location: No.115,Syuefu Rd. Siaogang District Kaohsiung City Taiwan Agenda: To report 2020 Business; to report employees, directors and supervisors' remuneration of 2020;to report the amendment of Procedures for Ethical Management and Guidelines for Conduct; to accept 2020 Business Report and Financial Statements; to accept 2020 dividend distribution; To revise some clauses of the company's Article; and to consider the any other matters that need to be specified. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS NT$5.03 (vs NT$4.55 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$12.1b (up 2.7% from FY 2019). Net income: NT$680.7m (up 11% from FY 2019). Profit margin: 5.6% (up from 5.2% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Analyst Estimate Surprise Post Earnings • Feb 27
Revenue beats expectations Revenue exceeded analyst estimates by 0.003%. Over the next year, revenue is forecast to grow 35%, compared to a 15% growth forecast for the Leisure industry in Taiwan. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improved over the past week After last week's 16% share price gain to NT$50.10, the stock is trading at a trailing P/E ratio of 11.7x, up from the previous P/E ratio of 10x. This compares to an average P/E of 24x in the Leisure industry in Taiwan. Total returns to shareholders over the past three years are 94%. Is New 90 Day High Low • Feb 18
New 90-day high: NT$44.20 The company is up 1.0% from its price of NT$43.75 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 Leisure industry, which is up 5.0% over the same period. Is New 90 Day High Low • Nov 10
New 90-day high: NT$41.30 The company is up 34% from its price of NT$30.80 on 12 August 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Leisure industry, which is up 8.0% over the same period. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS NT$1.86 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$3.24b (up 45% from 3Q 2019). Net income: NT$251.0m (up 233% from 3Q 2019). Profit margin: 7.8% (up from 3.4% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 1% per year.