New Risk • May 19
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: NT$311.6m (US$9.84m) This is considered a major 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. This is currently the only risk that has been identified for the company. Reported Earnings • May 11
First quarter 2026 earnings released: EPS: NT$0.063 (vs NT$0.079 loss in 1Q 2025) First quarter 2026 results: EPS: NT$0.063 (up from NT$0.079 loss in 1Q 2025). Revenue: NT$72.6m (up 13% from 1Q 2025). Net income: NT$2.58m (up NT$5.81m from 1Q 2025). Profit margin: 3.6% (up from net loss in 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 14
Full year 2025 earnings released: NT$0.38 loss per share (vs NT$0.29 loss in FY 2024) Full year 2025 results: NT$0.38 loss per share (further deteriorated from NT$0.29 loss in FY 2024). Revenue: NT$264.9m (down 29% from FY 2024). Net loss: NT$15.6m (loss widened 30% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 107 percentage points per year, which is a significant difference in performance. Aankondiging • Mar 13
Papago Inc., Annual General Meeting, Jun 12, 2026 Papago Inc., Annual General Meeting, Jun 12, 2026. Location: 2 floor no,399, jui kuang rd., neihu district, taipei city Taiwan Reported Earnings • Nov 16
Third quarter 2025 earnings released: NT$0.16 loss per share (vs NT$0.04 profit in 3Q 2024) Third quarter 2025 results: NT$0.16 loss per share (down from NT$0.04 profit in 3Q 2024). Revenue: NT$59.6m (down 40% from 3Q 2024). Net loss: NT$6.58m (down 498% from profit in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 141 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 17
Second quarter 2025 earnings released: NT$0.19 loss per share (vs NT$0.12 loss in 2Q 2024) Second quarter 2025 results: NT$0.19 loss per share (further deteriorated from NT$0.12 loss in 2Q 2024). Revenue: NT$60.4m (down 37% from 2Q 2024). Net loss: NT$7.87m (loss widened 68% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 136 percentage points per year, which is a significant difference in performance. Reported Earnings • May 15
First quarter 2025 earnings released: NT$0.08 loss per share (vs NT$0.021 profit in 1Q 2024) First quarter 2025 results: NT$0.08 loss per share (down from NT$0.021 profit in 1Q 2024). Revenue: NT$64.0m (down 29% from 1Q 2024). Net loss: NT$3.23m (down 472% from profit in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 27
Full year 2024 earnings released: NT$0.29 loss per share (vs NT$0.11 profit in FY 2023) Full year 2024 results: NT$0.29 loss per share (down from NT$0.11 profit in FY 2023). Revenue: NT$371.6m (down 5.5% from FY 2023). Net loss: NT$12.0m (down 371% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Aankondiging • Mar 13
Papago Inc., Annual General Meeting, Jun 16, 2025 Papago Inc., Annual General Meeting, Jun 16, 2025, at 09:00 Taipei Standard Time. Location: 1 floor no,399, jui kuang rd., neihu district, taipei city Taiwan Reported Earnings • Nov 19
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: NT$99.6m (up 11% from 3Q 2023). Net income: NT$2.42m (up 168% from 3Q 2023). Profit margin: 2.4% (up from 1.0% in 3Q 2023). Reported Earnings • Aug 18
Second quarter 2024 earnings released: NT$0.11 loss per share (vs NT$0.042 profit in 2Q 2023) Second quarter 2024 results: NT$0.11 loss per share (down from NT$0.042 profit in 2Q 2023). Revenue: NT$95.8m (down 3.0% from 2Q 2023). Net loss: NT$4.70m (down 376% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.02 (vs NT$0.025 in 1Q 2023) First quarter 2024 results: EPS: NT$0.02 (down from NT$0.025 in 1Q 2023). Revenue: NT$90.1m (down 4.7% from 1Q 2023). Net income: NT$867.0k (down 14% from 1Q 2023). Profit margin: 1.0% (in line with 1Q 2023). Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. New Risk • Apr 03
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 33% 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 (0.9% net profit margin). Market cap is less than US$100m (NT$554.1m market cap, or US$17.3m). Reported Earnings • Mar 30
Full year 2023 earnings released: EPS: NT$0.11 (vs NT$0.07 in FY 2022) Full year 2023 results: EPS: NT$0.11 (up from NT$0.07 in FY 2022). Revenue: NT$393.4m (up 3.8% from FY 2022). Net income: NT$4.43m (up 54% from FY 2022). Profit margin: 1.1% (up from 0.8% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Aankondiging • Mar 22
Papago Inc., Annual General Meeting, Jun 26, 2024 Papago Inc., Annual General Meeting, Jun 26, 2024. New Risk • Dec 09
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 33% 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 (0.9% net profit margin). Market cap is less than US$100m (NT$574.5m market cap, or US$18.3m). New Risk • Aug 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 39% 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 (0.7% net profit margin). Market cap is less than US$100m (NT$560.2m market cap, or US$17.6m). New Risk • Aug 14
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: 0.7% Last year net profit margin: 10% 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: Minor Risks Profit margins are more than 30% lower than last year (0.7% net profit margin). Market cap is less than US$100m (NT$615.4m market cap, or US$19.2m). Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: NT$0.05 (vs NT$0.015 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.05 (up from NT$0.015 in 2Q 2022). Revenue: NT$98.8m (up 8.5% from 2Q 2022). Net income: NT$1.70m (up 179% from 2Q 2022). Profit margin: 1.7% (up from 0.7% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. New Risk • Jul 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 242% 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. Market cap is less than US$100m (NT$629.7m market cap, or US$20.1m). Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: NT$0.01 (vs NT$0.89 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$0.01 (up from NT$0.89 loss in 3Q 2021). Revenue: NT$102.1m (up 67% from 3Q 2021). Net income: NT$405.0k (up NT$36.7m from 3Q 2021). Profit margin: 0.4% (up from net loss in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improved over the past week After last week's 19% share price gain to NT$11.50, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 15x in the Software industry in Taiwan. Total loss to shareholders of 33% over the past three years. Reported Earnings • Aug 19
Second quarter 2022 earnings released: EPS: NT$0.01 (vs NT$1.14 loss in 2Q 2021) Second quarter 2022 results: EPS: NT$0.01 (up from NT$1.14 loss in 2Q 2021). Revenue: NT$91.0m (up 30% from 2Q 2021). Net income: NT$609.0k (up NT$47.1m from 2Q 2021). Profit margin: 0.7% (up from net loss in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 04
Full year 2021 earnings released: NT$0.71 loss per share (vs NT$5.00 loss in FY 2020) Full year 2021 results: NT$0.71 loss per share (up from NT$5.00 loss in FY 2020). Revenue: NT$351.5m (down 14% from FY 2020). Net loss: NT$28.9m (loss narrowed 86% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. Reported Earnings • Nov 18
Third quarter 2021 earnings released: NT$0.89 loss per share (vs NT$1.26 loss in 3Q 2020) The company reported a soft third quarter result with weaker revenues and control over costs, although losses reduced. Third quarter 2021 results: Revenue: NT$61.1m (down 42% from 3Q 2020). Net loss: NT$36.3m (loss narrowed 30% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 22
Second quarter 2021 earnings released: NT$1.13 loss per share (vs NT$1.40 loss in 2Q 2020) The company reported a decent second quarter result with reduced losses and improved control over expenses, although revenues were weaker. Second quarter 2021 results: Revenue: NT$70.3m (down 3.2% from 2Q 2020). Net loss: NT$46.5m (loss narrowed 19% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Reported Earnings • May 17
First quarter 2021 earnings released: NT$0.31 loss per share (vs NT$1.18 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: NT$110.6m (up 48% from 1Q 2020). Net loss: NT$12.5m (loss narrowed 74% from 1Q 2020). 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 26% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 01
Full year 2020 earnings released: NT$5.00 loss per share (vs NT$4.16 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$407.7m (down 35% from FY 2019). Net loss: NT$204.3m (loss widened 20% from FY 2019). 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 25% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 19
New 90-day low: NT$9.96 The company is down 13% from its price of NT$11.50 on 22 October 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is down 1.0% over the same period. Reported Earnings • Nov 17
Third quarter 2020 earnings released: NT$1.26 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$105.0m (down 42% from 3Q 2019). Net loss: NT$51.7m (loss widened 46% from 3Q 2019). 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 21% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 12
New 90-day low: NT$10.80 The company is down 34% from its price of NT$16.27 on 14 August 2020. The Taiwanese market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is down 5.0% over the same period. Is New 90 Day High Low • Oct 05
New 90-day low: NT$8.07 The company is down 23% from its price of NT$10.45 on 07 July 2020. The Taiwanese market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is down 10.0% over the same period. Is New 90 Day High Low • Sep 25
New 90-day low: NT$8.51 The company is down 13% from its price of NT$9.73 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 Software industry, which is down 6.0% over the same period.