Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$66.00, the stock trades at a trailing P/E ratio of 25.1x. Average trailing P/E is 24x in the Tech industry in Taiwan. Total loss to shareholders of 6.3% over the past three years. Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$2.63 (vs NT$4.10 loss in FY 2024) Full year 2025 results: EPS: NT$2.63 (up from NT$4.10 loss in FY 2024). Revenue: NT$7.57b (up 61% from FY 2024). Net income: NT$127.4m (up NT$325.4m from FY 2024). Profit margin: 1.7% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Aankondiging • Mar 13
TUL Corporation, Annual General Meeting, Jun 15, 2026 TUL Corporation, Annual General Meeting, Jun 15, 2026. Location: 1 floor no,431, pao ch`ang rd., sijhih district, new taipei city Taiwan New Risk • Nov 21
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.03b (US$96.3m) 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 Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risk Market cap is less than US$100m (NT$3.03b market cap, or US$96.3m). New Risk • Nov 15
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.4x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: NT$0.53 (vs NT$1.06 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.53 (up from NT$1.06 loss in 3Q 2024). Revenue: NT$1.87b (up 134% from 3Q 2024). Net income: NT$25.8m (up NT$77.0m from 3Q 2024). Profit margin: 1.4% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$0.88 (vs NT$1.01 loss in 2Q 2024) Second quarter 2025 results: EPS: NT$0.88 (up from NT$1.01 loss in 2Q 2024). Revenue: NT$2.14b (up 98% from 2Q 2024). Net income: NT$42.4m (up NT$91.2m from 2Q 2024). Profit margin: 2.0% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Reported Earnings • May 10
First quarter 2025 earnings released: EPS: NT$0.13 (vs NT$0.68 loss in 1Q 2024) First quarter 2025 results: EPS: NT$0.13 (up from NT$0.68 loss in 1Q 2024). Revenue: NT$1.68b (up 27% from 1Q 2024). Net income: NT$6.52m (up NT$39.4m from 1Q 2024). Profit margin: 0.4% (up from net loss in 1Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. New Risk • Mar 31
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.15b (US$94.8m) 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 Earnings have declined by 26% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$3.15b market cap, or US$94.8m). Board Change • Mar 20
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Kung-Jeng Wang was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 20
Full year 2024 earnings released: NT$4.10 loss per share (vs NT$2.84 loss in FY 2023) Full year 2024 results: NT$4.10 loss per share (further deteriorated from NT$2.84 loss in FY 2023). Revenue: NT$4.70b (down 13% from FY 2023). Net loss: NT$198.0m (loss widened 44% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. Aankondiging • Mar 14
TUL Corporation, Annual General Meeting, Jun 20, 2025 TUL Corporation, Annual General Meeting, Jun 20, 2025. Location: 1 floor no,431, pao ch`ang rd., sijhih district, new taipei city Taiwan New Risk • Jan 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.26b (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: Major Risk Earnings have declined by 14% 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$3.26b market cap, or US$99.0m). Reported Earnings • Nov 18
Third quarter 2024 earnings released: NT$1.06 loss per share (vs NT$0.56 loss in 3Q 2023) Third quarter 2024 results: NT$1.06 loss per share (further deteriorated from NT$0.56 loss in 3Q 2023). Revenue: NT$801.6m (down 37% from 3Q 2023). Net loss: NT$51.1m (loss widened 87% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 13
Second quarter 2024 earnings released: NT$1.01 loss per share (vs NT$0.87 loss in 2Q 2023) Second quarter 2024 results: NT$1.01 loss per share (further deteriorated from NT$0.87 loss in 2Q 2023). Revenue: NT$1.08b (up 3.5% from 2Q 2023). Net loss: NT$48.8m (loss widened 17% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. New Risk • Aug 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.20b (US$98.1m) 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Market cap is less than US$100m (NT$3.20b market cap, or US$98.1m). Reported Earnings • May 19
First quarter 2024 earnings released: NT$0.68 loss per share (vs NT$0.059 loss in 1Q 2023) First quarter 2024 results: NT$0.68 loss per share (further deteriorated from NT$0.059 loss in 1Q 2023). Revenue: NT$1.32b (flat on 1Q 2023). Net loss: NT$32.9m (loss widened NT$30.1m from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. Aankondiging • Mar 19
TUL Corporation, Annual General Meeting, Jun 13, 2024 TUL Corporation, Annual General Meeting, Jun 13, 2024. Reported Earnings • Mar 19
Full year 2023 earnings released: NT$2.84 loss per share (vs NT$1.79 loss in FY 2022) Full year 2023 results: NT$2.84 loss per share (further deteriorated from NT$1.79 loss in FY 2022). Revenue: NT$5.41b (up 9.8% from FY 2022). Net loss: NT$137.3m (loss widened 59% from FY 2022). 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 10% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 14
Third quarter 2023 earnings released: NT$0.56 loss per share (vs NT$2.80 loss in 3Q 2022) Third quarter 2023 results: NT$0.56 loss per share (improved from NT$2.80 loss in 3Q 2022). Revenue: NT$1.27b (up 118% from 3Q 2022). Net loss: NT$27.3m (loss narrowed 80% from 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Aug 05
Second quarter 2023 earnings released: NT$0.87 loss per share (vs NT$1.08 loss in 2Q 2022) Second quarter 2023 results: NT$0.87 loss per share (improved from NT$1.08 loss in 2Q 2022). Revenue: NT$1.05b (up 12% from 2Q 2022). Net loss: NT$41.9m (loss narrowed 20% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Buying Opportunity • Jul 28
Now 20% undervalued Over the last 90 days, the stock is up 32%. The fair value is estimated to be NT$122, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Meanwhile, the company became loss making. New Risk • Jul 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.3% 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: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 124% Paying a dividend despite having no free cash flows. Minor Risk Share price has been volatile over the past 3 months (6.3% average weekly change). Reported Earnings • Mar 29
Full year 2022 earnings released: NT$1.78 loss per share (vs NT$24.00 profit in FY 2021) Full year 2022 results: NT$1.78 loss per share (down from NT$24.00 profit in FY 2021). Revenue: NT$4.93b (down 44% from FY 2021). Net loss: NT$86.3m (down 108% from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment improved over the past week After last week's 22% share price gain to NT$81.00, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 12x in the Tech industry in Taiwan. Total returns to shareholders of 50% over the past three years. Reported Earnings • Nov 06
Third quarter 2022 earnings released: NT$2.80 loss per share (vs NT$3.93 profit in 3Q 2021) Third quarter 2022 results: NT$2.80 loss per share (down from NT$3.93 profit in 3Q 2021). Revenue: NT$581.0m (down 70% from 3Q 2021). Net loss: NT$135.2m (down 177% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$44.25, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 12x in the Tech industry in Taiwan. Total loss to shareholders of 20% over the past three years. Reported Earnings • Aug 06
Second quarter 2022 earnings released: NT$1.08 loss per share (vs NT$7.19 profit in 2Q 2021) Second quarter 2022 results: NT$1.08 loss per share (down from NT$7.19 profit in 2Q 2021). Revenue: NT$938.7m (down 54% from 2Q 2021). Net loss: NT$52.1m (down 116% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improved over the past week After last week's 21% share price gain to NT$69.60, the stock trades at a trailing P/E ratio of 3x. Average trailing P/E is 13x in the Tech industry in Taiwan. Total returns to shareholders of 6.3% over the past three years. Upcoming Dividend • Jul 06
Upcoming dividend of NT$11.00 per share Eligible shareholders must have bought the stock before 13 July 2022. Payment date: 19 August 2022. Payout ratio is a comfortable 46% but the company is paying out more than the cash it is generating. Trailing yield: 15%. Within top quartile of Taiwanese dividend payers (6.6%). Higher than average of industry peers (7.6%). Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$69.00, the stock trades at a trailing P/E ratio of 3x. Average trailing P/E is 12x in the Tech industry in Taiwan. Total loss to shareholders of 13% over the past three years. Reported Earnings • May 02
First quarter 2022 earnings released: EPS: NT$3.38 (vs NT$3.04 in 1Q 2021) First quarter 2022 results: EPS: NT$3.38 (up from NT$3.04 in 1Q 2021). Revenue: NT$2.20b (up 60% from 1Q 2021). Net income: NT$162.9m (up 20% from 1Q 2021). Profit margin: 7.4% (down from 9.9% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 128% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$120, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 14x in the Tech industry in Taiwan. Total returns to shareholders of 66% over the past three years. Reported Earnings • Mar 19
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$24.00 (up from NT$0.77 in FY 2020). Revenue: NT$8.79b (up 133% from FY 2020). Net income: NT$1.08b (up NT$1.05b from FY 2020). Profit margin: 12% (up from 0.8% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. 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$192, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 15x in the Tech industry in Taiwan. Total returns to shareholders of 309% over the past three years. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$3.93 (vs NT$0.61 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$1.95b (up 73% from 3Q 2020). Net income: NT$176.2m (up NT$151.4m from 3Q 2020). Profit margin: 9.0% (up from 2.2% 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 54% per year but the company’s share price has only increased by 49% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improved over the past week After last week's 26% share price gain to NT$169, the stock trades at a trailing P/E ratio of 14.7x. Average trailing P/E is 15x in the Tech industry in Taiwan. Total returns to shareholders of 241% over the past three years. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$7.19 (vs NT$0.091 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$2.02b (up 163% from 2Q 2020). Net income: NT$322.8m (up NT$325.9m from 2Q 2020). Profit margin: 16% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improved over the past week After last week's 16% share price gain to NT$163, the stock trades at a trailing P/E ratio of 35.5x. Average trailing P/E is 16x in the Tech industry in Taiwan. Total returns to shareholders of 36% over the past three years. Upcoming Dividend • Aug 02
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 09 August 2021. Payment date: 06 September 2021. Trailing yield: 0.3%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (5.2%). Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$143, the stock trades at a trailing P/E ratio of 31.1x. Average trailing P/E is 16x in the Tech industry in Taiwan. Total returns to shareholders of 44% over the past three years. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improved over the past week After last week's 17% share price gain to NT$155, the stock trades at a trailing P/E ratio of 33.8x. Average trailing P/E is 16x in the Tech industry in Taiwan. Total returns to shareholders of 27% over the past three years. Valuation Update With 7 Day Price Move • May 05
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$189, the stock trades at a trailing P/E ratio of 41x. Average trailing P/E is 18x in the Tech industry in Taiwan. Total returns to shareholders of 25% over the past three years. Reported Earnings • May 01
First quarter 2021 earnings released: EPS NT$3.04 (vs NT$0.69 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$1.38b (up 138% from 1Q 2020). Net income: NT$136.3m (up NT$159.1m from 1Q 2020). Profit margin: 9.9% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 19
Full year 2020 earnings released: EPS NT$0.77 (vs NT$2.44 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$3.78b (up 25% from FY 2019). Net income: NT$29.2m (up NT$110.3m from FY 2019). Profit margin: 0.8% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 89% per year but the company’s share price has only fallen by 30% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Dec 24
New 90-day high: NT$136 The company is up 177% from its price of NT$49.00 on 25 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is up 7.0% over the same period. Is New 90 Day High Low • Dec 05
New 90-day high: NT$112 The company is up 114% from its price of NT$52.10 on 04 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is up 1.0% over the same period. Is New 90 Day High Low • Nov 06
New 90-day high: NT$60.70 The company is up 27% from its price of NT$47.90 on 07 August 2020. The Taiwanese market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is down 4.0% over the same period. Reported Earnings • Nov 06
Third quarter 2020 earnings released: EPS NT$0.61 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$1.13b (up 34% from 3Q 2019). Net income: NT$24.8m (up NT$30.7m from 3Q 2019). Profit margin: 2.2% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 85% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings.