Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$107, the stock trades at a trailing P/E ratio of 60.6x. Average trailing P/E is 38x in the Electronic industry in Taiwan. Total returns to shareholders of 60% over the past three years. New Risk • May 09
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: 6.2% Last year net profit margin: 9.2% 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 9.6% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (102% payout ratio). Share price has been volatile over the past 3 months (9.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.2% net profit margin). Reported Earnings • May 09
First quarter 2026 earnings released: EPS: NT$0.41 (vs NT$0.79 in 1Q 2025) First quarter 2026 results: EPS: NT$0.41 (down from NT$0.79 in 1Q 2025). Revenue: NT$316.0m (up 4.9% from 1Q 2025). Net income: NT$18.6m (down 48% from 1Q 2025). Profit margin: 5.9% (down from 12% in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. New Risk • Apr 28
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 9.0% 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 Earnings have declined by 6.7% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (9.0% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$83.00, the stock trades at a trailing P/E ratio of 38.7x. Average trailing P/E is 29x in the Electronic industry in Taiwan. Total returns to shareholders of 50% over the past three years. New Risk • Apr 14
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% 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 6.7% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$2.15 (vs NT$2.39 in FY 2024) Full year 2025 results: EPS: NT$2.15 (down from NT$2.39 in FY 2024). Revenue: NT$1.28b (up 11% from FY 2024). Net income: NT$96.6m (down 10% from FY 2024). Profit margin: 7.6% (down from 9.3% 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 25% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Buy Or Sell Opportunity • Mar 10
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to NT$59.40. The fair value is estimated to be NT$47.96, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has declined by 31%. New Risk • Feb 28
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 7.0% 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 Earnings have declined by 4.9% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.0% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NT$3.07b market cap, or US$97.8m). Aankondiging • Feb 12
Niching Industrial Corporation, Annual General Meeting, May 28, 2026 Niching Industrial Corporation, Annual General Meeting, May 28, 2026, at 10:00 Taipei Standard Time. Location: 2 floor no,60, t`ieh pao st., hsi tun district, taichung city Taiwan Valuation Update With 7 Day Price Move • Dec 26
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$67.70, the stock trades at a trailing P/E ratio of 27.8x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 24% over the past three years. Buy Or Sell Opportunity • Dec 23
Now 28% overvalued The stock has been flat over the last 90 days, currently trading at NT$59.40. The fair value is estimated to be NT$46.42, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has declined by 31%. New Risk • Nov 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% 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 4.9% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.9% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.40b market cap, or US$76.5m). Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: NT$0.43 (vs NT$0.16 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.43 (up from NT$0.16 in 3Q 2024). Revenue: NT$306.9m (flat on 3Q 2024). Net income: NT$19.3m (up 166% from 3Q 2024). Profit margin: 6.3% (up from 2.4% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 31% 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. New Risk • Sep 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 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 92% Cash payout ratio: 159% Earnings have declined by 3.6% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (NT$2.84b market cap, or US$92.5m). Valuation Update With 7 Day Price Move • Sep 02
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$69.60, the stock trades at a trailing P/E ratio of 32.1x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 54% over the past three years. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$58.70, the stock trades at a trailing P/E ratio of 27x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 22% over the past three years. Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: NT$0.41 (vs NT$0.73 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.41 (down from NT$0.73 in 2Q 2024). Revenue: NT$322.6m (up 7.0% from 2Q 2024). Net income: NT$18.7m (down 44% from 2Q 2024). Profit margin: 5.8% (down from 11% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 35% 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. Upcoming Dividend • Jul 17
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 24 July 2025. Payment date: 26 August 2025. Payout ratio is on the higher end at 80%, and the cash payout ratio is above 100%. Trailing yield: 3.8%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.0%). Declared Dividend • Jul 03
Dividend of NT$2.00 announced Shareholders will receive a dividend of NT$2.00. Ex-date: 24th July 2025 Payment date: 26th August 2025 Dividend yield will be 3.8%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (80% earnings payout ratio) but not covered by cash flows (356% cash payout ratio). The dividend has increased by an average of 7.4% 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 decline by 11% to shift the payout ratio to a potentially unsustainable range, which is more than the 3.3% EPS decline seen over the last 5 years. Reported Earnings • May 08
First quarter 2025 earnings released: EPS: NT$0.79 (vs NT$0.69 in 1Q 2024) First quarter 2025 results: EPS: NT$0.79 (up from NT$0.69 in 1Q 2024). Revenue: NT$301.2m (up 27% from 1Q 2024). Net income: NT$35.7m (up 15% from 1Q 2024). Profit margin: 12% (down from 13% in 1Q 2024). The decrease in margin was driven by higher expenses. 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 5% per year, which means it is well ahead of earnings. 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$51.30, the stock trades at a trailing P/E ratio of 21.5x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 13% over the past three years. Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$2.39 (vs NT$2.12 in FY 2023) Full year 2024 results: EPS: NT$2.39 (up from NT$2.12 in FY 2023). Revenue: NT$1.15b (up 18% from FY 2023). Net income: NT$107.5m (up 15% from FY 2023). Profit margin: 9.3% (in line with FY 2023). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Aankondiging • Mar 14
Niching Industrial Corporation, Annual General Meeting, Jun 12, 2025 Niching Industrial Corporation, Annual General Meeting, Jun 12, 2025. Location: 2 floor no,60, t`ieh pao st., hsi tun district, taichung city Taiwan New Risk • Jan 15
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.28b (US$99.5m) This is considered a minor 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. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 137% Paying a dividend despite having no free cash flows. Minor Risks Profit margins are more than 30% lower than last year (6.8% net profit margin). Market cap is less than US$100m (NT$3.28b market cap, or US$99.5m). Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.16 (vs NT$0.84 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.16 (down from NT$0.84 in 3Q 2023). Revenue: NT$304.5m (up 17% from 3Q 2023). Net income: NT$7.27m (down 81% from 3Q 2023). Profit margin: 2.4% (down from 15% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.73 (vs NT$0.70 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.73 (up from NT$0.70 in 2Q 2023). Revenue: NT$301.4m (up 16% from 2Q 2023). Net income: NT$33.0m (up 4.2% from 2Q 2023). Profit margin: 11% (down from 12% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 38% per year, which means it is well ahead of earnings. Declared Dividend • Jul 06
Dividend of NT$2.30 announced Shareholders will receive a dividend of NT$2.30. Ex-date: 23rd July 2024 Payment date: 22nd August 2024 Dividend yield will be 1.9%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is not adequately covered by earnings (98% earnings payout ratio) nor is it covered by cash flows (dividend approximately 7x free cash flows). The dividend has increased by an average of 13% 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 9.1% to bring the payout ratio under control, which is more than the 6.0% EPS growth achieved over the last 5 years. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: NT$0.70 (vs NT$0.53 in 1Q 2023) First quarter 2024 results: EPS: NT$0.70 (up from NT$0.53 in 1Q 2023). Revenue: NT$238.1m (up 13% from 1Q 2023). Net income: NT$31.1m (up 46% from 1Q 2023). Profit margin: 13% (up from 10% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 48% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$124, the stock trades at a trailing P/E ratio of 58.2x. Average trailing P/E is 25x in the Electronic industry in Taiwan. Total returns to shareholders of 227% over the past three years. New Risk • Apr 10
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 6.6% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 139% Cash payout ratio: 112% Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Profit margins are more than 30% lower than last year (9.6% net profit margin). Aankondiging • Mar 12
Niching Industrial Corporation, Annual General Meeting, Jun 13, 2024 Niching Industrial Corporation, Annual General Meeting, Jun 13, 2024. Reported Earnings • Mar 09
Full year 2023 earnings released: EPS: NT$2.16 (vs NT$5.01 in FY 2022) Full year 2023 results: EPS: NT$2.16 (down from NT$5.01 in FY 2022). Revenue: NT$976.4m (down 7.9% from FY 2022). Net income: NT$93.5m (down 52% from FY 2022). Profit margin: 9.6% (down from 19% in FY 2022). The decrease in margin was primarily driven by lower revenue. 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 40% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Nov 13
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: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 139% Cash payout ratio: 149% 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 (12% net profit margin). Shareholders have been diluted in the past year (13% increase in shares outstanding). Reported Earnings • Nov 04
Third quarter 2023 earnings released: EPS: NT$0.86 (vs NT$1.52 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.86 (down from NT$1.52 in 3Q 2022). Revenue: NT$259.3m (up 11% from 3Q 2022). Net income: NT$38.0m (down 36% from 3Q 2022). Profit margin: 15% (down from 26% in 3Q 2022). The decrease in margin was driven by higher expenses. 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 45% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Oct 10
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 5.9% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 114% Cash payout ratio: 329% Minor Risks Share price has been volatile over the past 3 months (5.9% average weekly change). Shareholders have been diluted in the past year (13% increase in shares outstanding). New Risk • Aug 11
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.15b (US$99.1m) This is considered a minor 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. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 114% Cash payout ratio: 329% Minor Risks Shareholders have been diluted in the past year (13% increase in shares outstanding). Market cap is less than US$100m (NT$3.15b market cap, or US$99.1m). New Risk • Aug 06
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 114% Cash payout ratio: 329% Dividend yield: 5.1% 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 Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 114% Cash payout ratio: 329% Minor Risk Shareholders have been diluted in the past year (13% increase in shares outstanding). Reported Earnings • Aug 05
Second quarter 2023 earnings released: EPS: NT$0.72 (vs NT$1.58 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.72 (down from NT$1.58 in 2Q 2022). Revenue: NT$260.3m (down 12% from 2Q 2022). Net income: NT$31.7m (down 49% from 2Q 2022). Profit margin: 12% (down from 21% 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 19% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$86.30, the stock trades at a trailing P/E ratio of 22.9x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 154% over the past three years. Upcoming Dividend • Jul 17
Upcoming dividend of NT$3.80 per share at 5.0% yield Eligible shareholders must have bought the stock before 24 July 2023. Payment date: 25 August 2023. Payout ratio is on the higher end at 90%, however this is supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (4.1%). New Risk • Jul 06
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.12b (US$99.6m) This is considered a minor 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. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (90% payout ratio). Shareholders have been diluted in the past year (13% increase in shares outstanding). Market cap is less than US$100m (NT$3.12b market cap, or US$99.6m). Valuation Update With 7 Day Price Move • May 23
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$74.80, the stock trades at a trailing P/E ratio of 16.8x. Average trailing P/E is 15x in the Electronic industry in Taiwan. Total returns to shareholders of 113% over the past three years. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improved over the past week After last week's 31% share price gain to NT$77.00, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 11x in the Electronic industry in Taiwan. Total returns to shareholders of 185% over the past three years. Reported Earnings • Nov 06
Third quarter 2022 earnings released: EPS: NT$1.52 (vs NT$1.11 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.52 (up from NT$1.11 in 3Q 2021). Revenue: NT$232.7m (down 25% from 3Q 2021). Net income: NT$59.5m (up 38% from 3Q 2021). Profit margin: 26% (up from 14% in 3Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 21% per year. Reported Earnings • Aug 04
Second quarter 2022 earnings released: EPS: NT$1.58 (vs NT$0.73 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.58 (up from NT$0.73 in 2Q 2021). Revenue: NT$295.0m (down 9.1% from 2Q 2021). Net income: NT$62.0m (up 116% from 2Q 2021). Profit margin: 21% (up from 8.8% 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 20% per year whereas the company’s share price has increased by 17% per year. Upcoming Dividend • Jul 11
Upcoming dividend of NT$2.30 per share Eligible shareholders must have bought the stock before 18 July 2022. Payment date: 19 August 2022. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of Taiwanese dividend payers (6.7%). Lower than average of industry peers (4.8%). Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment improved over the past week After last week's 20% share price gain to NT$64.30, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 221% over the past three years. Reported Earnings • May 06
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: NT$1.30 (up from NT$0.68 in 1Q 2021). Revenue: NT$295.1m (up 2.1% from 1Q 2021). Net income: NT$50.8m (up 90% from 1Q 2021). Profit margin: 17% (up from 9.3% in 1Q 2021). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 9.6%. 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. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improved over the past week After last week's 17% share price gain to NT$58.50, the stock trades at a trailing P/E ratio of 17x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 187% over the past three years. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$65.60, the stock trades at a trailing P/E ratio of 21.6x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 274% over the past three years. Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment improved over the past week After last week's 16% share price gain to NT$48.30, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 176% over the past three years. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$1.10 (vs NT$0.70 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$309.5m (up 27% from 3Q 2020). Net income: NT$43.2m (up 57% from 3Q 2020). Profit margin: 14% (up from 11% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$0.74 (vs NT$0.72 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: NT$324.5m (up 45% from 2Q 2020). Net income: NT$28.7m (up 1.6% from 2Q 2020). Profit margin: 8.8% (down from 13% 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 22% per year whereas the company’s share price has increased by 18% per year. Upcoming Dividend • Jul 03
Upcoming dividend of NT$1.80 per share Eligible shareholders must have bought the stock before 09 July 2021. Payment date: 13 August 2021. Trailing yield: 4.8%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (3.0%). Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improved over the past week After last week's 21% share price gain to NT$48.70, the stock trades at a trailing P/E ratio of 17.9x. Average trailing P/E is 20x in the Electronic industry in Taiwan. Total returns to shareholders of 112% over the past three years. Aankondiging • Mar 21
Niching Industrial Corporation, Annual General Meeting, Jun 16, 2021 Niching Industrial Corporation, Annual General Meeting, Jun 16, 2021. Reported Earnings • Mar 19
Full year 2020 earnings released: EPS NT$2.72 (vs NT$2.68 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: NT$964.5m (up 20% from FY 2019). Net income: NT$106.4m (up 1.6% from FY 2019). Profit margin: 11% (down from 13% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 24
New 90-day high: NT$39.50 The company is up 10.0% from its price of NT$35.95 on 26 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 27% over the same period. Is New 90 Day High Low • Dec 17
New 90-day high: NT$38.35 The company is up 7.0% from its price of NT$36.00 on 18 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 11% over the same period. Reported Earnings • Nov 08
Third quarter 2020 earnings released: EPS NT$0.70 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: NT$243.1m (up 17% from 3Q 2019). Net income: NT$27.5m (up 6.4% from 3Q 2019). Profit margin: 11% (down from 12% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Sep 24
New 90-day low: NT$34.15 The company is down 13% from its price of NT$39.45 on 24 June 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is flat over the same period.