New Risk • Apr 09
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.7% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (2.3% net profit margin). Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (NT$1.00b market cap, or US$31.6m). Aankondiging • Mar 16
ACULA Technology Corp., Annual General Meeting, Jun 17, 2026 ACULA Technology Corp., Annual General Meeting, Jun 17, 2026. Location: no,11 aly.21 ln.20, ta hsing rd., hsin chuang li, lujhu district, taoyuan city Taiwan Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$0.47 (vs NT$1.54 in FY 2024) Full year 2025 results: EPS: NT$0.47 (down from NT$1.54 in FY 2024). Revenue: NT$691.3m (down 5.0% from FY 2024). Net income: NT$15.7m (down 66% from FY 2024). Profit margin: 2.3% (down from 6.4% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. New Risk • Nov 29
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% 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: Minor Risks Profit margins are more than 30% lower than last year (3.0% net profit margin). Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (NT$1.13b market cap, or US$35.9m). Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: NT$0.04 (vs NT$0.17 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.04 (down from NT$0.17 in 3Q 2024). Revenue: NT$137.3m (down 8.4% from 3Q 2024). Net income: NT$1.33m (down 74% from 3Q 2024). Profit margin: 1.0% (down from 3.4% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 27
Upcoming dividend of NT$0.44 per share Eligible shareholders must have bought the stock before 03 September 2025. Payment date: 17 September 2025. Payout ratio is a comfortable 60% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (2.5%). Declared Dividend • Aug 09
Dividend of NT$0.52 announced Shareholders will receive a dividend of NT$0.52. Ex-date: 3rd September 2025 Payment date: 17th September 2025 Dividend yield will be 1.3%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (29% 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 7.0% per year over the past 9 years. However, payments have been volatile during that time. Earnings per share has grown by 37% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: NT$0.68 (vs NT$0.54 in 1Q 2024) First quarter 2025 results: EPS: NT$0.68 (up from NT$0.54 in 1Q 2024). Revenue: NT$228.0m (up 13% from 1Q 2024). Net income: NT$19.1m (up 27% from 1Q 2024). Profit margin: 8.4% (up from 7.5% in 1Q 2024). 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 but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to NT$62.40, the stock trades at a trailing P/E ratio of 37.4x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 142% over the past three years. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to NT$43.60, the stock trades at a trailing P/E ratio of 26.1x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 153% over the past three years. Reported Earnings • Mar 27
Full year 2024 earnings released: EPS: NT$1.67 (vs NT$0.53 in FY 2023) Full year 2024 results: EPS: NT$1.67 (up from NT$0.53 in FY 2023). Revenue: NT$728.1m (up 16% from FY 2023). Net income: NT$46.7m (up 214% from FY 2023). Profit margin: 6.4% (up from 2.4% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Mar 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (47% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Market cap is less than US$100m (NT$1.06b market cap, or US$32.1m). Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$35.25, the stock trades at a trailing P/E ratio of 30.8x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 101% over the past three years. Aankondiging • Mar 14
ACULA Technology Corp., Annual General Meeting, Jun 10, 2025 ACULA Technology Corp., Annual General Meeting, Jun 10, 2025. Location: no,11 aly.21 ln.20, ta hsing rd., hsin chuang li, lujhu district, taoyuan city Taiwan Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.18 (vs NT$0.28 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.18 (down from NT$0.28 in 3Q 2023). Revenue: NT$149.8m (up 1.9% from 3Q 2023). Net income: NT$5.12m (down 35% from 3Q 2023). Profit margin: 3.4% (down from 5.4% 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 5% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 19
Second quarter 2024 earnings released: EPS: NT$0.56 (vs NT$0.35 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.56 (up from NT$0.35 in 2Q 2023). Revenue: NT$194.9m (down 4.1% from 2Q 2023). Net income: NT$15.1m (up 61% from 2Q 2023). Profit margin: 7.8% (up from 4.6% in 2Q 2023). The increase in margin was driven by lower expenses. 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 38% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Aug 10
Dividend of NT$0.15 announced Shareholders will receive a dividend of NT$0.15. Ex-date: 26th August 2024 Payment date: 25th September 2024 Dividend yield will be 0.5%, which is lower than the industry average of 4.0%. Payout Ratios Payout ratio: 14%. Cash payout ratio: 22%. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$24.30, the stock trades at a trailing P/E ratio of 22.5x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 120% over the past three years. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.56 (vs NT$0.029 in 1Q 2023) First quarter 2024 results: EPS: NT$0.56 (up from NT$0.029 in 1Q 2023). Revenue: NT$202.1m (up 37% from 1Q 2023). Net income: NT$15.1m (up NT$14.3m from 1Q 2023). Profit margin: 7.5% (up from 0.5% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year whereas the company’s share price has increased by 35% per year. Aankondiging • Mar 27
ACULA Technology Corp., Annual General Meeting, Jun 13, 2024 ACULA Technology Corp., Annual General Meeting, Jun 13, 2024. New Risk • Mar 07
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 7.6% 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 Risk Share price has been highly volatile over the past 3 months (7.6% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (2.7% net profit margin). Market cap is less than US$100m (NT$922.1m market cap, or US$29.2m). Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$34.50, the stock trades at a trailing P/E ratio of 53.9x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 208% over the past three years. New Risk • Feb 02
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 5.7% 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: Minor Risks Share price has been volatile over the past 3 months (5.7% average weekly change). Profit margins are more than 30% lower than last year (2.7% net profit margin). Market cap is less than US$100m (NT$847.6m market cap, or US$27.1m). Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$33.95, the stock trades at a trailing P/E ratio of 53x. Average trailing P/E is 21x in the Electronic industry in Taiwan. Total returns to shareholders of 209% over the past three years. New Risk • Nov 17
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: 2.7% Last year net profit margin: 5.8% 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 (2.7% net profit margin). Market cap is less than US$100m (NT$748.8m market cap, or US$23.5m). Upcoming Dividend • Aug 17
Upcoming dividend of NT$0.35 per share at 1.0% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 20 September 2023. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of Taiwanese dividend payers (5.7%). Lower than average of industry peers (4.2%). New Risk • Aug 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (6.0% increase in shares outstanding). Market cap is less than US$100m (NT$714.6m market cap, or US$22.5m). Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: NT$0.39 (vs NT$0.52 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.39 (down from NT$0.52 in 2Q 2022). Revenue: NT$203.2m (down 3.1% from 2Q 2022). Net income: NT$9.40m (down 24% from 2Q 2022). Profit margin: 4.6% (down from 5.9% 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 86% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 28
Full year 2022 earnings released: EPS: NT$1.68 (vs NT$0.78 in FY 2021) Full year 2022 results: EPS: NT$1.68 (up from NT$0.78 in FY 2021). Revenue: NT$764.8m (down 4.3% from FY 2021). Net income: NT$40.3m (up 116% from FY 2021). Profit margin: 5.3% (up from 2.3% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$29.05, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 125% over the past three years. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improved over the past week After last week's 20% share price gain to NT$31.05, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 11x in the Electronic industry in Taiwan. Total returns to shareholders of 153% over the past three years. Reported Earnings • Nov 06
Third quarter 2022 earnings released: EPS: NT$0.75 (vs NT$0.29 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.75 (up from NT$0.29 in 3Q 2021). Revenue: NT$203.6m (up 3.3% from 3Q 2021). Net income: NT$18.0m (up 159% from 3Q 2021). Profit margin: 8.8% (up from 3.5% in 3Q 2021). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment improved over the past week After last week's 21% share price gain to NT$25.75, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 11x in the Electronic industry in Taiwan. Total returns to shareholders of 109% over the past three years. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$20.50, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 11x in the Electronic industry in Taiwan. Total returns to shareholders of 60% over the past three years. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$23.15, the stock trades at a trailing P/E ratio of 14.7x. Average trailing P/E is 11x in the Electronic industry in Taiwan. Total returns to shareholders of 81% over the past three years. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improved over the past week After last week's 16% share price gain to NT$33.05, the stock trades at a trailing P/E ratio of 21x. Average trailing P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 145% over the past three years. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.52 (vs NT$0.086 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.52 (up from NT$0.086 in 2Q 2021). Revenue: NT$209.7m (down 3.8% from 2Q 2021). Net income: NT$12.4m (up NT$10.4m from 2Q 2021). Profit margin: 5.9% (up from 0.9% in 2Q 2021). The increase in margin was driven by lower expenses. 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 27% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improved over the past week After last week's 15% share price gain to NT$27.40, the stock trades at a trailing P/E ratio of 23.9x. Average trailing P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 107% over the past three years. Upcoming Dividend • Jul 04
Upcoming dividend of NT$0.20 per share Eligible shareholders must have bought the stock before 11 July 2022. Payment date: 15 August 2022. Trailing yield: 0.8%. Lower than top quartile of Taiwanese dividend payers (6.7%). Lower than average of industry peers (4.9%). Reported Earnings • May 06
First quarter 2022 earnings released: EPS: NT$0.47 (vs NT$0.078 in 1Q 2021) First quarter 2022 results: EPS: NT$0.47 (up from NT$0.078 in 1Q 2021). Revenue: NT$214.8m (up 24% from 1Q 2021). Net income: NT$10.7m (up NT$8.91m from 1Q 2021). Profit margin: 5.0% (up from 1.0% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 52% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improved over the past week After last week's 21% share price gain to NT$25.00, the stock trades at a trailing P/E ratio of 30.5x. Average trailing P/E is 15x in the Electronic industry in Taiwan. Total returns to shareholders of 85% over the past three years. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improved over the past week After last week's 17% share price gain to NT$22.85, the stock trades at a trailing P/E ratio of 27.8x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 43% over the past three years. Reported Earnings • Mar 19
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$0.82 (up from NT$0.45 loss in FY 2020). Revenue: NT$799.0m (up 53% from FY 2020). Net income: NT$18.6m (up NT$28.8m from FY 2020). Profit margin: 2.3% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improved over the past week After last week's 16% share price gain to NT$23.80, the stock trades at a trailing P/E ratio of 45.5x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 85% over the past three years. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$0.09 (vs NT$0.16 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$218.0m (up 112% from 2Q 2020). Net income: NT$2.07m (up NT$5.69m from 2Q 2020). Profit margin: 0.9% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • May 06
First quarter 2021 earnings released: EPS NT$0.08 (vs NT$0.06 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$173.0m (up 37% from 1Q 2020). Net income: NT$1.78m (up NT$3.15m from 1Q 2020). Profit margin: 1.0% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. 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 1% per year, which means it has not declined as severely as earnings. Aankondiging • Mar 09
ACULA Technology Corp., Annual General Meeting, May 25, 2021 ACULA Technology Corp., Annual General Meeting, May 25, 2021. Reported Earnings • Mar 06
Full year 2020 earnings released: NT$0.45 loss per share (vs NT$0.83 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: NT$521.6m (down 25% from FY 2019). Net loss: NT$10.2m (down 154% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Jan 20
New 90-day low: NT$13.40 The company is down 2.0% from its price of NT$13.65 on 23 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 25% over the same period. Is New 90 Day High Low • Nov 12
New 90-day high: NT$14.50 The company is up 16% from its price of NT$12.55 on 14 August 2020. The Taiwanese market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is down 1.0% over the same period. Reported Earnings • Nov 10
Third quarter 2020 earnings released: NT$0.27 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: NT$123.2m (down 22% from 3Q 2019). Net loss: NT$6.23m (down 299% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth.