Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$24.25, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 16x in the IT industry in Taiwan. Negligible returns to shareholders over past three years. Reported Earnings • May 15
First quarter 2026 earnings released: EPS: NT$0.28 (vs NT$0.53 in 1Q 2025) First quarter 2026 results: EPS: NT$0.28 (down from NT$0.53 in 1Q 2025). Revenue: NT$1.89b (up 71% from 1Q 2025). Net income: NT$55.7m (down 46% from 1Q 2025). Profit margin: 2.9% (down from 9.4% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: NT$1.53 (vs NT$1.43 in FY 2024) Full year 2025 results: EPS: NT$1.53 (up from NT$1.43 in FY 2024). Revenue: NT$6.53b (up 34% from FY 2024). Net income: NT$302.6m (up 7.3% from FY 2024). Profit margin: 4.6% (down from 5.8% in FY 2024). The decrease in margin was driven by higher expenses. 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 22% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Mar 10
Mercuries Data Systems Ltd., Annual General Meeting, Jun 09, 2026 Mercuries Data Systems Ltd., Annual General Meeting, Jun 09, 2026. Location: b2 floor no,2 ln.150, sec.5 shen yih rd., sinyi district, taipei city Taiwan Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: NT$0.26 (vs NT$0.18 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.26 (up from NT$0.18 in 3Q 2024). Revenue: NT$860.4m (down 17% from 3Q 2024). Net income: NT$51.4m (up 43% from 3Q 2024). Profit margin: 6.0% (up from 3.5% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 11% growth forecast for the IT industry in Taiwan. 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 32% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Nov 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to NT$25.60. The fair value is estimated to be NT$32.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 11%. Buy Or Sell Opportunity • Oct 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to NT$25.45. The fair value is estimated to be NT$31.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 11%. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$0.32 (vs NT$0.30 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.32 (up from NT$0.30 in 2Q 2024). Revenue: NT$2.04b (up 148% from 2Q 2024). Net income: NT$63.2m (up 6.5% from 2Q 2024). Profit margin: 3.1% (down from 7.2% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 14% growth forecast for the IT industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Aug 11
Now 22% undervalued Over the last 90 days, the stock has risen 17% to NT$29.25. The fair value is estimated to be NT$37.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Earnings per share has grown by 13%. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$32.75, the stock trades at a trailing P/E ratio of 22.9x. Average forward P/E is 21x in the IT industry in Taiwan. Total returns to shareholders of 172% over the past three years. Upcoming Dividend • Jul 29
Upcoming dividend of NT$0.70 per share Eligible shareholders must have bought the stock before 05 August 2025. Payment date: 29 August 2025. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.8%). Buy Or Sell Opportunity • Jul 18
Now 23% undervalued Over the last 90 days, the stock has risen 25% to NT$29.60. The fair value is estimated to be NT$38.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Earnings per share has grown by 13%. Board Change • Jul 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 5 highly experienced directors. Independent Director La-Shin Chang was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$28.90, the stock trades at a trailing P/E ratio of 20.2x. Average forward P/E is 22x in the IT industry in Taiwan. Total returns to shareholders of 150% over the past three years. Aankondiging • Jun 10
Mercuries Data Systems Ltd. Appoints Chang, La-Shin as Independent Director, Effective June 9, 2025 Mercuries Data Systems Ltd. approved election of Directors as Independent Director: Chang, La-Shin for the term of office is from June 9, 2025 to June 8, 2028. with a duration of three years. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$0.53 (vs NT$0.53 in 1Q 2024) First quarter 2025 results: EPS: NT$0.53 (in line with 1Q 2024). Revenue: NT$1.11b (down 27% from 1Q 2024). Net income: NT$104.1m (flat on 1Q 2024). Profit margin: 9.4% (up from 6.9% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 28% p.a. on average during the next 2 years, compared to a 13% growth forecast for the IT industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • May 06
Mercuries Data Systems Ltd. to Report Q1, 2025 Results on May 13, 2025 Mercuries Data Systems Ltd. announced that they will report Q1, 2025 results at 9:00 AM, Taipei Standard Time on May 13, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$21.45, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 19x in the IT industry in Taiwan. Total returns to shareholders of 85% over the past three years. Aankondiging • Mar 11
Mercuries Data Systems Ltd., Annual General Meeting, Jun 09, 2025 Mercuries Data Systems Ltd., Annual General Meeting, Jun 09, 2025. Location: b2 floor no,2 ln.150, sec.5 shen yih rd., sinyi district, taipei city Taiwan Aankondiging • Feb 28
Mercuries Data Systems Ltd. to Report Fiscal Year 2024 Results on Mar 10, 2025 Mercuries Data Systems Ltd. announced that they will report fiscal year 2024 results on Mar 10, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.18 (vs NT$0.33 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.18 (down from NT$0.33 in 3Q 2023). Revenue: NT$1.04b (up 4.8% from 3Q 2023). Net income: NT$36.0m (down 41% from 3Q 2023). Profit margin: 3.5% (down from 6.2% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Nov 02
Mercuries Data Systems Ltd. to Report Q3, 2024 Results on Nov 11, 2024 Mercuries Data Systems Ltd. announced that they will report Q3, 2024 results on Nov 11, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.30 (vs NT$0.25 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.30 (up from NT$0.25 in 2Q 2023). Revenue: NT$823.1m (up 6.9% from 2Q 2023). Net income: NT$59.3m (up 31% from 2Q 2023). Profit margin: 7.2% (up from 5.9% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Aug 03
Mercuries Data Systems Ltd. to Report Q2, 2024 Results on Aug 12, 2024 Mercuries Data Systems Ltd. announced that they will report Q2, 2024 results on Aug 12, 2024 Declared Dividend • Jul 11
Dividend increased to NT$0.90 Dividend of NT$0.90 is 157% higher than last year. Ex-date: 19th July 2024 Payment date: 21st August 2024 Dividend yield will be 2.8%, which is lower than the industry average of 3.6%. Sustainability & Growth Dividend is covered by earnings (61% 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 15% per year over the past 9 years. However, payments have been volatile during that time. Earnings per share has grown by 20% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$35.35, the stock trades at a trailing P/E ratio of 25x. Average trailing P/E is 22x in the IT industry in Taiwan. Total returns to shareholders of 236% over the past three years. New Risk • Jun 15
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 6.5% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.5% average weekly change). Shareholders have been diluted in the past year (6.8% increase in shares outstanding). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.53 (vs NT$0.42 in 1Q 2023) First quarter 2024 results: EPS: NT$0.53 (up from NT$0.42 in 1Q 2023). Revenue: NT$1.52b (up 65% from 1Q 2023). Net income: NT$104.3m (up 34% from 1Q 2023). Profit margin: 6.9% (down from 8.5% in 1Q 2023). 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 34% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Mar 25
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.8% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Shareholders have been diluted in the past year (6.8% increase in shares outstanding). Aankondiging • Mar 13
Mercuries Data Systems Ltd., Annual General Meeting, May 30, 2024 Mercuries Data Systems Ltd., Annual General Meeting, May 30, 2024. Location: B2F, No.2, Lane 150, Sec.5, Sin-Yi Rd Taipei Taiwan Agenda: To consider and approve the 2023 business report; to consider and approve the audit committee report; to consider and approve the employee and director remuneration; to consider and approve the appropriation of cash dividends; to consider and approve the business operation report of 2023; and to consider and approve any other matters. New Risk • Nov 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 7.2% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (7.2% average weekly change). Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$30.20, the stock trades at a trailing P/E ratio of 27.7x. Average trailing P/E is 18x in the IT industry in Taiwan. Total returns to shareholders of 190% over the past three years. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$26.35, the stock trades at a trailing P/E ratio of 24.2x. Average trailing P/E is 19x in the IT industry in Taiwan. Total returns to shareholders of 161% over the past three years. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: NT$0.25 (vs NT$0.31 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.25 (down from NT$0.31 in 2Q 2022). Revenue: NT$770.3m (down 28% from 2Q 2022). Net income: NT$45.3m (down 20% from 2Q 2022). Profit margin: 5.9% (up from 5.3% in 2Q 2022). 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 increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 11
Upcoming dividend of NT$0.35 per share at 1.2% yield Eligible shareholders must have bought the stock before 18 July 2023. Payment date: 11 August 2023. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (3.7%). Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$32.45, the stock trades at a trailing P/E ratio of 28.2x. Average trailing P/E is 23x in the IT industry in Taiwan. Total returns to shareholders of 238% over the past three years. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$29.50, the stock trades at a trailing P/E ratio of 25.6x. Average trailing P/E is 24x in the IT industry in Taiwan. Total returns to shareholders of 212% over the past three years. Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$17.10, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 24x in the IT industry in Taiwan. Total returns to shareholders of 86% over the past three years. Reported Earnings • Mar 22
Full year 2022 earnings released: EPS: NT$1.04 (vs NT$0.81 in FY 2021) Full year 2022 results: EPS: NT$1.04 (up from NT$0.81 in FY 2021). Revenue: NT$3.79b (up 8.5% from FY 2021). Net income: NT$192.1m (up 29% from FY 2021). Profit margin: 5.1% (up from 4.3% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 18% per year. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.31 (vs NT$0.17 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.31 (up from NT$0.17 in 2Q 2021). Revenue: NT$1.07b (up 37% from 2Q 2021). Net income: NT$56.7m (up 87% from 2Q 2021). Profit margin: 5.3% (up from 3.9% 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 14% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 25
Upcoming dividend of NT$0.35 per share Eligible shareholders must have bought the stock before 01 August 2022. Payment date: 31 August 2022. Payout ratio is a comfortable 35% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of Taiwanese dividend payers (6.6%). Lower than average of industry peers (5.2%). Reported Earnings • May 05
First quarter 2022 earnings released: EPS: NT$0.31 (vs NT$0.13 in 1Q 2021) First quarter 2022 results: EPS: NT$0.31 (up from NT$0.13 in 1Q 2021). Revenue: NT$850.3m (up 24% from 1Q 2021). Net income: NT$57.9m (up 149% from 1Q 2021). Profit margin: 6.8% (up from 3.4% 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 9% per year whereas the company’s share price has increased by 7% per year. Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment improved over the past week After last week's 17% share price gain to NT$13.90, the stock trades at a trailing P/E ratio of 22.4x. Average trailing P/E is 16x in the IT industry in Taiwan. Total returns to shareholders of 41% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.28 (vs NT$0.26 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: NT$712.8m (down 1.8% from 3Q 2020). Net income: NT$50.6m (up 7.5% from 3Q 2020). Profit margin: 7.1% (up from 6.5% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 20
Upcoming dividend of NT$0.30 per share Eligible shareholders must have bought the stock before 27 August 2021. Payment date: 17 September 2021. Trailing yield: 2.9%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.8%). Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$0.16 (vs NT$0.29 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$781.0m (up 13% from 2Q 2020). Net income: NT$30.4m (down 43% from 2Q 2020). Profit margin: 3.9% (down from 7.7% in 2Q 2020). The decrease in margin was driven by higher expenses. 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 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 29
First quarter 2021 earnings released: EPS NT$0.13 (vs NT$0.028 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$683.8m (up 24% from 1Q 2020). Net income: NT$23.2m (up 343% from 1Q 2020). Profit margin: 3.4% (up from 1.0% 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 20% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 20
Full year 2020 earnings released: EPS NT$0.63 (vs NT$0.63 in FY 2019) The company reported a mediocre full year result with flat earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$3.02b (flat on FY 2019). Net income: NT$115.6m (flat on FY 2019). Profit margin: 3.8% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Nov 24
New 90-day high: NT$10.90 The company is up 3.0% from its price of NT$10.60 on 26 August 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the IT industry, which is down 1.0% over the same period. Reported Earnings • Nov 17
Third quarter 2020 earnings released: EPS NT$0.26 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$725.9m (up 15% from 3Q 2019). Net income: NT$47.0m (up 29% from 3Q 2019). Profit margin: 6.5% (up from 5.8% 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 26% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 10
Third quarter 2020 earnings released: EPS NT$0.26 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$725.9m (up 15% from 3Q 2019). Net income: NT$47.0m (up 29% from 3Q 2019). Profit margin: 6.5% (up from 5.8% 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 26% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth.