New Risk • 9h
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (20% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (NT$2.67b market cap, or US$83.7m). Upcoming Dividend • Jul 01
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 08 July 2026. Payment date: 30 July 2026. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 7.3%. Within top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (1.3%). Declared Dividend • Jun 04
Dividend reduced to NT$2.00 Dividend of NT$2.00 is 13% lower than last year. Ex-date: 1st July 2026 Payment date: 23rd July 2026 Dividend yield will be 7.3%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is not covered by earnings (449% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 399% to bring the payout ratio under control. However, EPS has declined by 28% over the last 5 years so the company would need to reverse this trend. Reported Earnings • May 20
First quarter 2026 earnings released: EPS: NT$0.28 (vs NT$0.27 in 1Q 2025) First quarter 2026 results: EPS: NT$0.28 (up from NT$0.27 in 1Q 2025). Revenue: NT$779.9m (down 10% from 1Q 2025). Net income: NT$29.1m (up 4.9% from 1Q 2025). Profit margin: 3.7% (up from 3.2% in 1Q 2025). The increase in margin was driven by lower expenses. 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. Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$0.44 (vs NT$2.16 in FY 2024) Full year 2025 results: EPS: NT$0.44 (down from NT$2.16 in FY 2024). Revenue: NT$3.35b (down 14% from FY 2024). Net income: NT$45.8m (down 79% from FY 2024). Profit margin: 1.4% (down from 5.7% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 5% per year. Aankondiging • Mar 11
Sirtec International Co.,Ltd., Annual General Meeting, May 28, 2026 Sirtec International Co.,Ltd., Annual General Meeting, May 28, 2026. Location: 4 floor no,38, sec.1 chung hsiao w. rd., jhongjheng district, taipei city Taiwan Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$28.65, the stock trades at a trailing P/E ratio of 56x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 70% over the past three years. Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$0.91 (vs NT$0.10 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.91 (up from NT$0.10 in 3Q 2024). Revenue: NT$888.1m (down 19% from 3Q 2024). Net income: NT$93.8m (up NT$83.4m from 3Q 2024). Profit margin: 11% (up from 0.9% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 17
Second quarter 2025 earnings released: NT$1.02 loss per share (vs NT$0.57 profit in 2Q 2024) Second quarter 2025 results: NT$1.02 loss per share (down from NT$0.57 profit in 2Q 2024). Revenue: NT$781.3m (down 11% from 2Q 2024). Net loss: NT$105.4m (down 281% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 27
Upcoming dividend of NT$2.30 per share Eligible shareholders must have bought the stock before 02 July 2025. Payment date: 24 July 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 7.8%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (3.2%). Declared Dividend • Jun 13
Dividend of NT$2.30 announced Dividend of NT$2.30 is the same as last year. Ex-date: 2nd July 2025 Payment date: 24th July 2025 Dividend yield will be 7.9%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is not covered by earnings (178% earnings payout ratio). However, it is well covered by cash flows (41% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 98% to bring the payout ratio under control. However, EPS has declined by 9.2% over the last 5 years so the company would need to reverse this trend. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$0.27 (vs NT$1.14 in 1Q 2024) First quarter 2025 results: EPS: NT$0.27 (down from NT$1.14 in 1Q 2024). Revenue: NT$870.1m (flat on 1Q 2024). Net income: NT$27.7m (down 76% from 1Q 2024). Profit margin: 3.2% (down from 14% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. New Risk • May 01
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: 5.7% Last year net profit margin: 17% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (5.7% net profit margin). Market cap is less than US$100m (NT$2.98b market cap, or US$92.7m). Aankondiging • Apr 30
Sirtec International Co.,Ltd. to Report Q1, 2025 Results on May 07, 2025 Sirtec International Co.,Ltd. announced that they will report Q1, 2025 results on May 07, 2025 Aankondiging • Apr 18
Sirtec International Co.,Ltd. Announces Cash Dividend for the Year Ended December 31, 2024 Sirtec International Co.,Ltd announced a cash dividend of TWD 2.3 per share for the period from January 1, 2024 to December 31, 2024. Total amount of cash dividends to shareholders: TWD 236,992,000 . Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to NT$23.20, the stock trades at a trailing P/E ratio of 3.4x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 11% over the past three years. Aankondiging • Mar 14
Sirtec International Co.,Ltd., Annual General Meeting, May 28, 2025 Sirtec International Co.,Ltd., Annual General Meeting, May 28, 2025, at 09:00 Taipei Standard Time. Location: 4 floor no,38, sec.1 chung hsiao w. rd., jhongjheng district, taipei city Taiwan Aankondiging • Feb 28
Sirtec International Co.,Ltd. to Report Q4, 2024 Results on Mar 10, 2025 Sirtec International Co.,Ltd. announced that they will report Q4, 2024 results on Mar 10, 2025 New Risk • Dec 13
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.22b (US$99.0m) 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (NT$3.22b market cap, or US$99.0m). Reported Earnings • Nov 19
Third quarter 2024 earnings released: EPS: NT$0.10 (vs NT$0.013 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.10 (up from NT$0.013 in 3Q 2023). Revenue: NT$1.10b (up 56% from 3Q 2023). Net income: NT$10.4m (up NT$9.11m from 3Q 2023). Profit margin: 0.9% (up from 0.2% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 18
Second quarter 2024 earnings released: EPS: NT$0.57 (vs NT$0.41 loss in 2Q 2023) Second quarter 2024 results: EPS: NT$0.57 (up from NT$0.41 loss in 2Q 2023). Revenue: NT$881.6m (up 30% from 2Q 2023). Net income: NT$58.3m (up NT$100.7m from 2Q 2023). Profit margin: 6.6% (up from net loss in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Aankondiging • Aug 02
Sirtec International Co.,Ltd. to Report Q2, 2024 Results on Aug 09, 2024 Sirtec International Co.,Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 Upcoming Dividend • Jul 03
Upcoming dividend of NT$2.30 per share Eligible shareholders must have bought the stock before 10 July 2024. Payment date: 31 July 2024. Payout ratio is a comfortable 39% but the company is not cash flow positive. Trailing yield: 6.0%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.6%). Buy Or Sell Opportunity • May 20
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to NT$36.80. The fair value is estimated to be NT$30.64, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.2% over the last 3 years. Earnings per share has grown by 58%. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$1.14 (vs NT$0.78 in 1Q 2023) First quarter 2024 results: EPS: NT$1.14 (up from NT$0.78 in 1Q 2023). Revenue: NT$866.0m (up 12% from 1Q 2023). Net income: NT$117.3m (up 47% from 1Q 2023). Profit margin: 14% (up from 10% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Aankondiging • May 03
Sirtec International Co.,Ltd. to Report Q1, 2024 Results on May 10, 2024 Sirtec International Co.,Ltd. announced that they will report Q1, 2024 results on May 10, 2024 Buy Or Sell Opportunity • Apr 18
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to NT$35.50. The fair value is estimated to be NT$29.40, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.5% over the last 3 years, while earnings per share has been flat. Buy Or Sell Opportunity • Apr 02
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 20% to NT$36.30. The fair value is estimated to be NT$29.33, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.5% over the last 3 years, while earnings per share has been flat. New Risk • Mar 23
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 527% 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 20% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Reported Earnings • Mar 17
Full year 2023 earnings released: EPS: NT$5.48 (vs NT$0.60 loss in FY 2022) Full year 2023 results: EPS: NT$5.48 (up from NT$0.60 loss in FY 2022). Revenue: NT$3.32b (down 11% from FY 2022). Net income: NT$564.7m (up NT$626.1m from FY 2022). Profit margin: 17% (up from net loss in FY 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 3% per year. Aankondiging • Mar 15
Sirtec International Co.,Ltd., Annual General Meeting, May 30, 2024 Sirtec International Co.,Ltd., Annual General Meeting, May 30, 2024. New Risk • Nov 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 75% 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 Risks Dividend is not well covered by earnings and cash flows. Dividend per share is over 10x earnings per share. Paying a dividend despite having no free cash flows. Earnings have declined by 41% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.95b market cap, or US$93.2m). New Risk • Aug 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 49% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 453% Paying a dividend despite having no free cash flows. Earnings have declined by 39% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.76b market cap, or US$86.4m). Reported Earnings • Aug 13
Second quarter 2023 earnings released: NT$0.41 loss per share (vs NT$0.26 loss in 2Q 2022) Second quarter 2023 results: NT$0.41 loss per share (further deteriorated from NT$0.26 loss in 2Q 2022). Revenue: NT$679.7m (down 23% from 2Q 2022). Net loss: NT$42.4m (loss widened 62% from 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Jul 06
Upcoming dividend of NT$1.50 per share at 4.8% yield Eligible shareholders must have bought the stock before 13 July 2023. Payment date: 04 August 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.8%. Lower than top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (4.2%). Reported Earnings • May 12
First quarter 2023 earnings released: EPS: NT$0.78 (vs NT$0.30 loss in 1Q 2022) First quarter 2023 results: EPS: NT$0.78 (up from NT$0.30 loss in 1Q 2022). Revenue: NT$775.5m (down 18% from 1Q 2022). Net income: NT$80.0m (up NT$111.5m from 1Q 2022). Profit margin: 10% (up from net loss in 1Q 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 30
Full year 2022 earnings released: NT$0.60 loss per share (vs NT$0.28 loss in FY 2021) Full year 2022 results: NT$0.60 loss per share (further deteriorated from NT$0.28 loss in FY 2021). Revenue: NT$3.71b (down 3.5% from FY 2021). Net loss: NT$61.4m (loss widened 111% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. 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 (7 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 • Aug 15
Second quarter 2022 earnings released: NT$0.25 loss per share (vs NT$0.004 loss in 2Q 2021) Second quarter 2022 results: NT$0.25 loss per share (down from NT$0.004 loss in 2Q 2021). Revenue: NT$879.4m (flat on 2Q 2021). Net loss: NT$26.3m (loss widened NT$25.8m from 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 07
Upcoming dividend of NT$1.30 per share Eligible shareholders must have bought the stock before 14 July 2022. Payment date: 04 August 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 5.6%. Lower than top quartile of Taiwanese dividend payers (6.8%). In line with average of industry peers (5.1%). Reported Earnings • May 17
First quarter 2022 earnings released: NT$0.30 loss per share (vs NT$0.071 profit in 1Q 2021) First quarter 2022 results: NT$0.30 loss per share (down from NT$0.071 profit in 1Q 2021). Revenue: NT$940.5m (up 8.4% from 1Q 2021). Net loss: NT$31.4m (down NT$38.8m from profit in 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. 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 (7 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. Buying Opportunity • Apr 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 9.8%. The fair value is estimated to be NT$31.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 24% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Mar 30
Full year 2021 earnings released: NT$0.28 loss per share (vs NT$2.41 profit in FY 2020) Full year 2021 results: NT$0.28 loss per share (down from NT$2.41 profit in FY 2020). Revenue: NT$3.84b (up 6.9% from FY 2020). Net loss: NT$29.1m (down 112% from profit in FY 2020). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$28.10, the stock trades at a trailing P/E ratio of 36.3x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 39% over the past three years. Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment improved over the past week After last week's 19% share price gain to NT$30.85, the stock trades at a trailing P/E ratio of 39.9x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 62% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: NT$0.12 loss per share (vs NT$0.87 profit in 3Q 2020) The company reported a soft third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: NT$1.07b (up 11% from 3Q 2020). Net loss: NT$12.3m (down 114% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 5% per year. Upcoming Dividend • Jun 30
Upcoming dividend of NT$2.20 per share Eligible shareholders must have bought the stock before 07 July 2021. Payment date: 28 July 2021. Trailing yield: 7.2%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (3.0%). Reported Earnings • May 08
First quarter 2021 earnings released: EPS NT$0.07 (vs NT$0.083 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$867.6m (down 3.2% from 1Q 2020). Net income: NT$7.33m (down 15% from 1Q 2020). Profit margin: 0.8% (down from 1.0% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 26
Full year 2020 earnings released: EPS NT$2.40 (vs NT$2.22 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$3.60b (down 30% from FY 2019). Net income: NT$247.8m (up 8.3% from FY 2019). Profit margin: 6.9% (up from 4.5% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 17% per year. Is New 90 Day High Low • Dec 30
New 90-day high: NT$27.75 The company is up 6.0% from its price of NT$26.25 on 30 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 16% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.87 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$960.5m (down 28% from 3Q 2019). Net income: NT$89.9m (up 12% from 3Q 2019). Profit margin: 9.4% (up from 6.0% in 3Q 2019). The increase in margin was driven by lower expenses. 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 20% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 11
New 90-day low: NT$25.90 The company is down 2.0% from its price of NT$26.30 on 13 August 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Electronic industry, which is down 3.0% over the same period. 
