New Risk • Jun 23
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.4% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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 Interest payments are not well covered by earnings (0.01x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$1.63b market cap, or US$51.4m). Upcoming Dividend • Jun 10
Upcoming dividend of NT$0.46 per share Eligible shareholders must have bought the stock before 17 June 2026. Payment date: 16 July 2026. Payout ratio is on the higher end at 84%, however this is supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Taiwanese dividend payers (4.9%). Lower than average of industry peers (3.3%). Reported Earnings • May 14
First quarter 2026 earnings released: EPS: NT$0.17 (vs NT$0.16 in 1Q 2025) First quarter 2026 results: EPS: NT$0.17 (up from NT$0.16 in 1Q 2025). Revenue: NT$1.72b (up 4.5% from 1Q 2025). Net income: NT$8.18m (up 5.7% from 1Q 2025). Profit margin: 0.5% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. New Risk • May 14
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.01x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.01x net interest cover). Minor Risk Market cap is less than US$100m (NT$1.73b market cap, or US$54.8m). Reported Earnings • Feb 26
Full year 2025 earnings released: EPS: NT$0.54 (vs NT$0.27 in FY 2024) Full year 2025 results: EPS: NT$0.54 (up from NT$0.27 in FY 2024). Revenue: NT$6.97b (up 1.8% from FY 2024). Net income: NT$25.6m (up 100% from FY 2024). Profit margin: 0.4% (up from 0.2% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Aankondiging • Feb 26
Eslite Spectrum Corporation, Annual General Meeting, May 28, 2026 Eslite Spectrum Corporation, Annual General Meeting, May 28, 2026. Location: 2 floor no,98, yen ch`ang rd., sinyi district, taipei city Taiwan New Risk • Nov 13
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.02x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.02x net interest cover). Minor Risk Market cap is less than US$100m (NT$1.90b market cap, or US$60.9m). Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: NT$0.11 (vs NT$0.22 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.11 (down from NT$0.22 in 3Q 2024). Revenue: NT$1.74b (up 5.2% from 3Q 2024). Net income: NT$5.06m (down 52% from 3Q 2024). Profit margin: 0.3% (down from 0.6% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$0.07 (vs NT$0.28 loss in 2Q 2024) Second quarter 2025 results: EPS: NT$0.07 (up from NT$0.28 loss in 2Q 2024). Revenue: NT$1.68b (flat on 2Q 2024). Net income: NT$3.19m (up NT$16.3m from 2Q 2024). Profit margin: 0.2% (up from net loss in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 10
Upcoming dividend of NT$0.20 per share Eligible shareholders must have bought the stock before 17 June 2025. Payment date: 17 July 2025. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (4.6%). Aankondiging • May 29
Eslite Spectrum Corporation Approves Election of Su-Ying, Ko as Independent Director Eslite Spectrum Corporation announced at annual general meeting held on May 28, 2025, the shareholders elected Su-Ying, Ko as independent director of the company. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$0.16 (vs NT$0.19 loss in 1Q 2024) First quarter 2025 results: EPS: NT$0.16 (up from NT$0.19 loss in 1Q 2024). Revenue: NT$1.65b (up 1.8% from 1Q 2024). Net income: NT$7.74m (up NT$16.6m from 1Q 2024). Profit margin: 0.5% (up from net loss in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Aankondiging • May 06
Eslite Spectrum Corporation to Report Q1, 2025 Results on May 13, 2025 Eslite Spectrum Corporation announced that they will report Q1, 2025 results on May 13, 2025 Reported Earnings • Mar 05
Full year 2024 earnings released: EPS: NT$0.27 (vs NT$2.73 loss in FY 2023) Full year 2024 results: EPS: NT$0.27 (up from NT$2.73 loss in FY 2023). Revenue: NT$6.85b (up 3.0% from FY 2023). Net income: NT$12.8m (up NT$142.0m from FY 2023). Profit margin: 0.2% (up from net loss in FY 2023). 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 5% per year, which means it is significantly lagging earnings. Aankondiging • Mar 03
Eslite Spectrum Corporation, Annual General Meeting, May 28, 2025 Eslite Spectrum Corporation, Annual General Meeting, May 28, 2025, at 09:30 Taipei Standard Time. Location: 2 floor no,98, yen ch`ang rd., sinyi district, taipei city Taiwan Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.23 (vs NT$1.99 loss in 3Q 2023) Third quarter 2024 results: EPS: NT$0.23 (up from NT$1.99 loss in 3Q 2023). Revenue: NT$1.66b (down 4.7% from 3Q 2023). Net income: NT$10.5m (up NT$104.8m from 3Q 2023). Profit margin: 0.6% (up from net loss in 3Q 2023). 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 4% per year, which means it is significantly lagging earnings. Aankondiging • Nov 05
Eslite Spectrum Corporation to Report Q3, 2024 Results on Nov 12, 2024 Eslite Spectrum Corporation announced that they will report Q3, 2024 results on Nov 12, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: NT$0.28 loss per share (vs NT$0.94 loss in 2Q 2023) Second quarter 2024 results: NT$0.28 loss per share (improved from NT$0.94 loss in 2Q 2023). Revenue: NT$1.66b (up 14% from 2Q 2023). Net loss: NT$13.2m (loss narrowed 71% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Aankondiging • Aug 03
Eslite Spectrum Corporation to Report Q2, 2024 Results on Aug 12, 2024 Eslite Spectrum Corporation announced that they will report Q2, 2024 results on Aug 12, 2024 Reported Earnings • May 19
First quarter 2024 earnings released: NT$0.19 loss per share (vs NT$0.45 loss in 1Q 2023) First quarter 2024 results: NT$0.19 loss per share (improved from NT$0.45 loss in 1Q 2023). Revenue: NT$1.62b (up 12% from 1Q 2023). Net loss: NT$8.89m (loss narrowed 59% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 1% per year. Aankondiging • May 15
Eslite Spectrum Corporation Announces Remuneration Committee Members Changes Eslite Spectrum Corporation announced appointment of Jen-Lu Yao as Independent Director, Member of the Remuneration Committee. Name of the previous position holder: Shih-Chun Hsu. Resume of the previous position holder: Independent director of Eslite Spectrum Corporation. Reason for the change: The original member resigned, so a new member was appointed. Effective date of the new member: May 14, 2024. Original term: June 7, 2023 ~ May 29, 2026. Aankondiging • May 09
Eslite Spectrum Corporation to Report Q1, 2024 Results on May 14, 2024 Eslite Spectrum Corporation announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 14, 2024 Reported Earnings • Feb 28
Full year 2023 earnings released: NT$2.73 loss per share (vs NT$3.97 loss in FY 2022) Full year 2023 results: NT$2.73 loss per share (improved from NT$3.97 loss in FY 2022). Revenue: NT$6.64b (up 19% from FY 2022). Net loss: NT$129.2m (loss narrowed 31% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Aankondiging • Feb 24
Eslite Spectrum Corporation, Annual General Meeting, May 28, 2024 Eslite Spectrum Corporation, Annual General Meeting, May 28, 2024. Location: 2F., No.98, Yanchang Rd. Taipei City Taiwan Agenda: To consider the 2023 Business Report; to consider the 2023 Audit Committee's Review Report; to consider the report of Amendment to the Rules of Procedure for Board of Directors Meetings; to consider the adoption of the 2023 Business Report and Financial Statements; to consider the adoption of the 2023 Deficit Compensation; and to consider the proposal to Release Directors from Non-competition Restrictions. Reported Earnings • Nov 15
Third quarter 2023 earnings released: NT$1.99 loss per share (vs NT$1.08 loss in 3Q 2022) Third quarter 2023 results: NT$1.99 loss per share (further deteriorated from NT$1.08 loss in 3Q 2022). Revenue: NT$1.74b (up 22% from 3Q 2022). Net loss: NT$94.3m (loss widened 84% from 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. New Risk • Aug 13
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 83% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 69% per year over the past 5 years. Minor Risks High level of debt (83% net debt to equity). Market cap is less than US$100m (NT$2.98b market cap, or US$93.5m). Reported Earnings • Aug 12
Second quarter 2023 earnings released: NT$0.94 loss per share (vs NT$1.62 loss in 2Q 2022) Second quarter 2023 results: NT$0.94 loss per share (improved from NT$1.62 loss in 2Q 2022). Revenue: NT$1.47b (up 18% from 2Q 2022). Net loss: NT$44.7m (loss narrowed 42% from 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 05
Full year 2022 earnings released: NT$3.97 loss per share (vs NT$4.82 loss in FY 2021) Full year 2022 results: NT$3.97 loss per share (improved from NT$4.82 loss in FY 2021). Revenue: NT$5.58b (up 19% from FY 2021). Net loss: NT$188.3m (loss narrowed 18% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. 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. 11 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent 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: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 15
Second quarter 2022 earnings released: NT$1.61 loss per share (vs NT$2.09 loss in 2Q 2021) Second quarter 2022 results: NT$1.61 loss per share (up from NT$2.09 loss in 2Q 2021). Revenue: NT$1.24b (up 16% from 2Q 2021). Net loss: NT$76.5m (loss narrowed 23% from 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Buying Opportunity • Jun 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be NT$65.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.5% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • May 16
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be NT$65.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.5% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • May 13
First quarter 2022 earnings released: NT$1.46 loss per share (vs NT$0.59 loss in 1Q 2021) First quarter 2022 results: NT$1.46 loss per share (down from NT$0.59 loss in 1Q 2021). Revenue: NT$1.25b (up 8.1% from 1Q 2021). Net loss: NT$69.4m (loss widened 147% from 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. 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. 11 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent 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: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Feb 28
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: NT$4.82 loss per share (down from NT$1.16 profit in FY 2020). Revenue: NT$4.68b (up 3.0% from FY 2020). Net loss: NT$228.5m (down NT$283.6m from profit in FY 2020). Revenue exceeded analyst estimates by 1.6%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Aankondiging • Feb 26
The Eslite Spectrum Corporation, Annual General Meeting, May 27, 2022 The Eslite Spectrum Corporation, Annual General Meeting, May 27, 2022. Location: No.98, Yanchang Rd.,Xinyi Dist. Taipei Taiwan Agenda: To consider the adoption of the 2021 Business Report and Financial Statements; to consider the adoption of the 2021 Profit and Loss Appropriation; to consider the 2021 Business Report; and to consider the 2021 Audit Committee's Review Report. Reported Earnings • Nov 11
Third quarter 2021 earnings released: NT$1.98 loss per share (vs NT$0.75 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: NT$1.03b (down 9.2% from 3Q 2020). Net loss: NT$93.9m (down 364% from profit in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 12
Second quarter 2021 earnings released: NT$2.09 loss per share (vs NT$0.47 loss in 2Q 2020) The company reported a soft second quarter result with increased losses and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: NT$1.07b (up 3.4% from 2Q 2020). Net loss: NT$99.0m (loss widened 343% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Jun 11
Upcoming dividend of NT$0.84 per share Eligible shareholders must have bought the stock before 18 June 2021. Payment date: 12 July 2021. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (3.8%). Aankondiging • May 29
The Eslite Spectrum Corporation Announces Cash Dividend, Payable on July 12, 2021 The Eslite Spectrum Corporation announced cash dividend of TWD 39,807,306, payable on July 12, 2021. Ex-rights (ex-dividend) record date is June 26, 2021. Reported Earnings • May 13
First quarter 2021 earnings released: NT$0.59 loss per share (vs NT$0.15 profit in 1Q 2020) The company reported a soft first quarter result with weaker earnings and weaker control over costs, although revenues improved. First quarter 2021 results: Revenue: NT$1.16b (up 1.4% from 1Q 2020). Net loss: NT$28.1m (down 493% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Aankondiging • Feb 27
The Eslite Spectrum Corporation, Annual General Meeting, May 28, 2021 The Eslite Spectrum Corporation, Annual General Meeting, May 28, 2021. Location: eslite Xinyi Store 6F Audiovisual No. 11, Songgao Rd., Xinyi Dist. Taipei Taiwan Agenda: To consider and approve the 2020 Business report; to consider and approve the 2020 Audit Committee's review report; to consider and approve the report on the 2020 Distributions of the Remunerations to Employees and Directors; to consider and approve the report on the 2020 Cash Dividend Distribution; to consider and approve the adoption of the 2020 Business Report and Financial Statements; to consider and approve the adoption of the Proposal for Distribution of 2020 Earnings; and to consider and approve other business. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS NT$1.16 (vs NT$4.92 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$4.54b (down 15% from FY 2019). Net income: NT$55.1m (down 76% from FY 2019). Profit margin: 1.2% (down from 4.4% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 21
New 90-day low: NT$73.60 The company is down 6.0% from its price of NT$78.00 on 23 October 2020. The Taiwanese market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Multiline Retail industry, which is down 3.0% over the same period. Is New 90 Day High Low • Dec 03
New 90-day high: NT$81.00 The company is up 9.0% from its price of NT$74.10 on 04 September 2020. The Taiwanese market is also up 9.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Multiline Retail industry, which is down 1.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.75 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$1.13b (down 13% from 3Q 2019). Net income: NT$35.5m (down 43% from 3Q 2019). Profit margin: 3.1% (down from 4.8% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings.