Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$124, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 249% over the past three years. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$124, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 26x in the Electronic industry in Taiwan. Total returns to shareholders of 268% over the past three years. 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 7.9% 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: 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 (7.9% average weekly change). Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$7.55 (vs NT$6.42 in FY 2024) Full year 2025 results: EPS: NT$7.55 (up from NT$6.42 in FY 2024). Revenue: NT$6.21b (up 21% from FY 2024). Net income: NT$652.2m (up 28% from FY 2024). Profit margin: 11% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Feb 26
U.D. Electronic Corp., Annual General Meeting, May 27, 2026 U.D. Electronic Corp., Annual General Meeting, May 27, 2026. Location: b1 floor no,108, sec.1 nan k`an rd., lujhu district, taoyuan city Taiwan Buy Or Sell Opportunity • Feb 24
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 15% to NT$120. The fair value is estimated to be NT$99.07, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.7% over the last 3 years. Earnings per share has grown by 26%. New Risk • Jan 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 6.7% 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 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 (6.7% average weekly change). Buy Or Sell Opportunity • Jan 02
Now 31% overvalued after recent price rise Over the last 90 days, the stock has risen 32% to NT$127. The fair value is estimated to be NT$97.25, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.7% over the last 3 years. Earnings per share has grown by 26%. Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: NT$1.67 (vs NT$2.34 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.67 (down from NT$2.34 in 3Q 2024). Revenue: NT$1.50b (up 5.0% from 3Q 2024). Net income: NT$143.6m (down 23% from 3Q 2024). Profit margin: 9.5% (down from 13% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Nov 07
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 6.7% 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 Dividend is not well covered by cash flows (116% cash payout ratio). Share price has been volatile over the past 3 months (6.7% average weekly change). Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$1.65 (vs NT$1.47 in 2Q 2024) Second quarter 2025 results: EPS: NT$1.65 (up from NT$1.47 in 2Q 2024). Revenue: NT$1.54b (up 28% from 2Q 2024). Net income: NT$140.9m (up 22% from 2Q 2024). Profit margin: 9.1% (in line with 2Q 2024). 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 42% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 25
Upcoming dividend of NT$2.92 per share Eligible shareholders must have bought the stock before 01 August 2025. Payment date: 28 August 2025. Payout ratio is a comfortable 37% but the company is paying out more than the cash it is generating. Trailing yield: 3.1%. Lower than top quartile of Taiwanese dividend payers (5.3%). In line with average of industry peers (2.9%). Declared Dividend • Jun 26
Dividend increased to NT$3.00 Dividend of NT$3.00 is 23% higher than last year. Ex-date: 1st August 2025 Payment date: 28th August 2025 Dividend yield will be 3.0%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (37% earnings payout ratio) but not covered by cash flows (349% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 62% 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 • Jun 09
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$104, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 158% over the past three years. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$2.23 (vs NT$0.55 in 1Q 2024) First quarter 2025 results: EPS: NT$2.23 (up from NT$0.55 in 1Q 2024). Revenue: NT$1.49b (up 37% from 1Q 2024). Net income: NT$188.3m (up 334% from 1Q 2024). Profit margin: 13% (up from 4.0% 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 18% 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 01
U.D. Electronic Corp. to Report Q1, 2025 Results on May 08, 2025 U.D. Electronic Corp. announced that they will report Q1, 2025 results on May 08, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$71.20, the stock trades at a trailing P/E ratio of 11.2x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 75% over the past three years. Buy Or Sell Opportunity • Apr 08
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 23% to NT$71.20. The fair value is estimated to be NT$93.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.3% over the last 3 years. Earnings per share has grown by 13%. Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: NT$6.42 (vs NT$4.94 in FY 2023) Full year 2024 results: EPS: NT$6.42 (up from NT$4.94 in FY 2023). Revenue: NT$5.15b (down 16% from FY 2023). Net income: NT$511.2m (up 33% from FY 2023). Profit margin: 9.9% (up from 6.3% in FY 2023). The increase in margin was driven by lower 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 25% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Mar 03
U.D. Electronic Corp., Annual General Meeting, May 29, 2025 U.D. Electronic Corp., Annual General Meeting, May 29, 2025. Location: b1 floor no,108, sec.1 nan k`an rd., lujhu district, taoyuan city Taiwan Aankondiging • Feb 21
U.D. Electronic Corp. to Report Fiscal Year 2024 Results on Feb 27, 2025 U.D. Electronic Corp. announced that they will report fiscal year 2024 results on Feb 27, 2025 Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$83.30, the stock trades at a trailing P/E ratio of 17.6x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 116% over the past three years. New Risk • Jan 03
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.3% 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 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 (6.6% average weekly change). Shareholders have been diluted in the past year (2.3% increase in shares outstanding). Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$93.90, the stock trades at a trailing P/E ratio of 19.6x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 133% over the past three years. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$2.34 (vs NT$2.07 in 3Q 2023) Third quarter 2024 results: EPS: NT$2.34 (up from NT$2.07 in 3Q 2023). Revenue: NT$1.43b (down 19% from 3Q 2023). Net income: NT$186.4m (up 15% from 3Q 2023). Profit margin: 13% (up from 9.1% in 3Q 2023). The increase in margin was driven by lower 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 26% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Nov 09
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.5% 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 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). Shareholders have been diluted in the past year (2.5% increase in shares outstanding). Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$91.60, the stock trades at a trailing P/E ratio of 20.3x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 195% over the past three years. Reported Earnings • Aug 18
Second quarter 2024 earnings released: EPS: NT$1.47 (vs NT$1.49 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.47. Revenue: NT$1.21b (down 23% from 2Q 2023). Net income: NT$115.9m (flat on 2Q 2023). Profit margin: 9.6% (up from 7.4% in 2Q 2023). The increase in margin was driven by lower expenses. Aankondiging • Jul 26
U.D. Electronic Corp. to Report Q2, 2024 Results on Aug 02, 2024 U.D. Electronic Corp. announced that they will report Q2, 2024 results on Aug 02, 2024 Upcoming Dividend • Jul 25
Upcoming dividend of NT$2.45 per share Eligible shareholders must have bought the stock before 01 August 2024. Payment date: 28 August 2024. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (4.3%). Higher than average of industry peers (2.7%). Declared Dividend • Jun 27
Dividend increased to NT$2.47 Dividend of NT$2.47 is 8.8% higher than last year. Ex-date: 1st August 2024 Payment date: 28th August 2024 Dividend yield will be 3.3%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (54% earnings payout ratio) and cash flows (15% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 32% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Aankondiging • Jun 25
U.D. Electronic Corp. Announces Cash Dividend, Payable on August 28, 2024 U.D. Electronic Corp. at the shareholders meeting, or of the decision by the company on June 24, 2024, Cash dividends of TWD 194,450,859 (TWD 2.47 per share) of common stock. Ex-rights (Ex-dividend) date is August 01, 2024; Ex-rights (Ex-dividend) record date is August 07, 2024; Payment date of cash dividend distribution is August 28, 2024. Aankondiging • Jun 20
Dongguan U.D.E. Electronics Corp Announces Change of Director On June 19, 2024, U.D. Electronic Corp. announced for the change of director on behalf of the subsidiary, Dongguan U.D.E. Electronics Corp. Title and name of the previous position holder: Mr. Huang Ren-Jia. Resume of the previous position holder: Director of UDE. Title and name of the new position holder: Mr. Xiao Jun-Cai. Resume of the new position holder: Director of U.D.E. Reason for the change: New appointment. Effective date of the new appointment: June 19, 2024. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.55 (vs NT$0.95 in 1Q 2023) First quarter 2024 results: EPS: NT$0.55 (down from NT$0.95 in 1Q 2023). Revenue: NT$1.09b (down 25% from 1Q 2023). Net income: NT$43.4m (down 41% from 1Q 2023). Profit margin: 4.0% (down from 5.0% in 1Q 2023). The decrease in margin was driven by lower 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 41% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$72.40, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 205% over the past three years. Reported Earnings • Mar 24
Full year 2023 earnings released: EPS: NT$4.94 (vs NT$4.25 in FY 2022) Full year 2023 results: EPS: NT$4.94 (up from NT$4.25 in FY 2022). Revenue: NT$6.12b (down 3.1% from FY 2022). Net income: NT$384.7m (up 18% from FY 2022). Profit margin: 6.3% (up from 5.2% in FY 2022). The increase in margin was driven by lower expenses. 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 34% per year. New Risk • Feb 23
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 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 (5.7% average weekly change). Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$64.70, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 133% over the past three years. Reported Earnings • Nov 21
Third quarter 2023 earnings released: EPS: NT$2.07 (vs NT$0.99 in 3Q 2022) Third quarter 2023 results: EPS: NT$2.07 (up from NT$0.99 in 3Q 2022). Revenue: NT$1.77b (up 18% from 3Q 2022). Net income: NT$161.9m (up 112% from 3Q 2022). Profit margin: 9.1% (up from 5.1% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$72.00, the stock trades at a trailing P/E ratio of 17.8x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 143% over the past three years. Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: NT$1.49 (vs NT$1.28 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.49 (up from NT$1.28 in 2Q 2022). Revenue: NT$1.57b (down 7.9% from 2Q 2022). Net income: NT$115.2m (up 17% from 2Q 2022). Profit margin: 7.4% (up from 5.8% 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 32% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$62.20, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 128% over the past three years. New Risk • Jul 22
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 6.3% 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 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 (6.3% average weekly change). Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$49.35, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 93% over the past three years. Reported Earnings • Mar 29
Full year 2022 earnings released: EPS: NT$4.25 (vs NT$3.28 in FY 2021) Full year 2022 results: EPS: NT$4.25 (up from NT$3.28 in FY 2021). Revenue: NT$6.32b (up 2.5% from FY 2021). Net income: NT$327.4m (up 36% from FY 2021). Profit margin: 5.2% (up from 3.9% 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 49% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.99 (vs NT$1.44 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.99 (down from NT$1.44 in 3Q 2021). Revenue: NT$1.49b (down 14% from 3Q 2021). Net income: NT$76.5m (down 24% from 3Q 2021). Profit margin: 5.1% (down from 5.8% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Sep 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 30%. The fair value is estimated to be NT$37.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 54%. Reported Earnings • Aug 10
Second quarter 2022 earnings released: EPS: NT$1.28 (vs NT$1.16 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.28 (up from NT$1.16 in 2Q 2021). Revenue: NT$1.70b (up 7.8% from 2Q 2021). Net income: NT$98.5m (up 22% from 2Q 2021). Profit margin: 5.8% (up from 5.1% 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 54% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 11
Upcoming dividend of NT$2.29 per share Eligible shareholders must have bought the stock before 18 July 2022. Payment date: 12 August 2022. Payout ratio is a comfortable 54% but the company is not cash flow positive. Trailing yield: 6.1%. Lower than top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (4.8%). Reported Earnings • May 17
First quarter 2022 earnings released: EPS: NT$1.36 (vs NT$0.39 in 1Q 2021) First quarter 2022 results: EPS: NT$1.36 (up from NT$0.39 in 1Q 2021). Revenue: NT$1.65b (up 22% from 1Q 2021). Net income: NT$104.2m (up 282% from 1Q 2021). Profit margin: 6.3% (up from 2.0% 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 50% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improved over the past week After last week's 20% share price gain to NT$50.30, the stock trades at a trailing P/E ratio of 20.9x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 97% over the past three years. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improved over the past week After last week's 23% share price gain to NT$52.90, the stock trades at a trailing P/E ratio of 22x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 116% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$1.44 (vs NT$0.49 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$1.73b (up 29% from 3Q 2020). Net income: NT$100.0m (up 191% from 3Q 2020). Profit margin: 5.8% (up from 2.6% 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 16% per year whereas the company’s share price has increased by 18% per year. Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$41.40, the stock trades at a trailing P/E ratio of 25.6x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 74% over the past three years. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improved over the past week After last week's 34% share price gain to NT$52.20, the stock trades at a trailing P/E ratio of 32.3x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 103% over the past three years. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improved over the past week After last week's 21% share price gain to NT$38.95, the stock trades at a trailing P/E ratio of 24.1x. 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 • Aug 11
Second quarter 2021 earnings released: EPS NT$1.16 (vs NT$1.72 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$1.58b (up 7.9% from 2Q 2020). Net income: NT$80.9m (down 33% from 2Q 2020). Profit margin: 5.1% (down from 8.2% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 2% 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 • Aug 06
Investor sentiment improved over the past week After last week's 15% share price gain to NT$32.50, the stock trades at a trailing P/E ratio of 14.9x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 18% over the past three years. Upcoming Dividend • Jul 21
Upcoming dividend of NT$1.30 per share Eligible shareholders must have bought the stock before 28 July 2021. Payment date: 23 August 2021. Trailing yield: 4.3%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (3.0%). Reported Earnings • May 14
First quarter 2021 earnings released: EPS NT$0.39 (vs NT$0.42 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$1.36b (up 46% from 1Q 2020). Net income: NT$27.3m (up NT$56.6m from 1Q 2020). Profit margin: 2.0% (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 14% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 26
Full year 2020 earnings released: EPS NT$1.37 (vs NT$0.77 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$4.98b (up 6.9% from FY 2019). Net income: NT$95.4m (up 79% from FY 2019). Profit margin: 1.9% (up from 1.1% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Dec 01
New 90-day high: NT$34.60 The company is up 2.0% from its price of NT$34.00 on 02 September 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 7.0% over the same period. Reported Earnings • Nov 19
Third quarter 2020 earnings released: EPS NT$0.49 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: NT$1.34b (up 7.2% from 3Q 2019). Net income: NT$34.4m (down 17% from 3Q 2019). Profit margin: 2.6% (down from 3.3% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.49 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: NT$1.34b (up 7.2% from 3Q 2019). Net income: NT$34.4m (down 17% from 3Q 2019). Profit margin: 2.6% (down from 3.3% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 30
New 90-day low: NT$28.30 The company is down 15% from its price of NT$33.40 on 31 July 2020. The Taiwanese market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is down 3.0% over the same period.