Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$187, the stock trades at a trailing P/E ratio of 12.1x. Average trailing P/E is 40x in the Electronic industry in Taiwan. Total returns to shareholders of 584% over the past three years. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$168, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 39x in the Electronic industry in Taiwan. Total returns to shareholders of 519% over the past three years. Reported Earnings • May 19
First quarter 2026 earnings released: EPS: NT$3.53 (vs NT$1.47 in 1Q 2025) First quarter 2026 results: EPS: NT$3.53 (up from NT$1.47 in 1Q 2025). Revenue: NT$1.02b (up 17% from 1Q 2025). Net income: NT$639.7m (up 141% from 1Q 2025). Profit margin: 63% (up from 31% in 1Q 2025). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 65% per year whereas the company’s share price has increased by 70% per year. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$143, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 31x in the Electronic industry in Taiwan. Total returns to shareholders of 421% over the past three years. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$118, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 26x in the Electronic industry in Taiwan. Total returns to shareholders of 317% over the past three years. New Risk • Mar 26
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% 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 (25% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (9.1% average weekly change). Aankondiging • Mar 25
WUS Printed Circuit Co., Ltd., Annual General Meeting, Jun 12, 2026 WUS Printed Circuit Co., Ltd., Annual General Meeting, Jun 12, 2026, at 09:00 Taipei Standard Time. Location: no,600-7, chia ch`ang rd., nanzih district, kaohsiung city Taiwan Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$113, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 25x in the Electronic industry in Taiwan. Total returns to shareholders of 302% over the past three years. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$113, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 314% over the past three years. Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$107, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 21x in the Electronic industry in Taiwan. Total returns to shareholders of 333% over the past three years. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$5.19 (vs NT$1.04 in 3Q 2024) Third quarter 2025 results: EPS: NT$5.19 (up from NT$1.04 in 3Q 2024). Revenue: NT$974.0m (up 14% from 3Q 2024). Net income: NT$941.8m (up 398% from 3Q 2024). Profit margin: 97% (up from 22% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has increased by 60% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 26
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 Risks Share price has been highly volatile over the past 3 months (8.6% average weekly change). High level of non-cash earnings (20% accrual ratio). Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: NT$4.15 (vs NT$0.97 in 2Q 2024) Second quarter 2025 results: EPS: NT$4.15 (up from NT$0.97 in 2Q 2024). Revenue: NT$774.5m (up 4.1% from 2Q 2024). Net income: NT$753.0m (up 328% from 2Q 2024). Profit margin: 97% (up from 24% in 2Q 2024). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 13
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$89.30, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 21x in the Electronic industry in Taiwan. Total returns to shareholders of 233% over the past three years. Declared Dividend • Jun 27
Dividend of NT$0.50 announced Dividend of NT$0.50 is the same as last year. Ex-date: 10th July 2025 Payment date: 31st July 2025 Dividend yield will be 1.0%, which is lower than the industry average of 4.0%. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$54.30, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 97% over the past three years. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$1.46 (vs NT$0.99 in 1Q 2024) First quarter 2025 results: EPS: NT$1.46 (up from NT$0.99 in 1Q 2024). Revenue: NT$871.0m (up 7.6% from 1Q 2024). Net income: NT$265.8m (up 48% from 1Q 2024). Profit margin: 31% (up from 22% in 1Q 2024). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Aankondiging • May 03
WUS Printed Circuit Co., Ltd. to Report Q1, 2025 Results on May 12, 2025 WUS Printed Circuit Co., Ltd. announced that they will report Q1, 2025 results on May 12, 2025 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$33.65, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 24% over the past three years. Aankondiging • Mar 28
WUS Printed Circuit Co., Ltd., Annual General Meeting, Jun 19, 2025 WUS Printed Circuit Co., Ltd., Annual General Meeting, Jun 19, 2025, at 09:00 Taipei Standard Time. Location: no,600-7, chia ch`ang rd., nanzih district, kaohsiung city Taiwan Reported Earnings • Mar 28
Full year 2024 earnings released: EPS: NT$4.28 (vs NT$4.61 in FY 2023) Full year 2024 results: EPS: NT$4.28 (down from NT$4.61 in FY 2023). Revenue: NT$3.33b (down 5.2% from FY 2023). Net income: NT$777.3m (down 7.0% from FY 2023). Profit margin: 23% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Aankondiging • Mar 19
WUS Printed Circuit Co., Ltd. to Report Fiscal Year 2024 Results on Mar 26, 2025 WUS Printed Circuit Co., Ltd. announced that they will report fiscal year 2024 results on Mar 26, 2025 Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$1.04 (vs NT$0.68 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.04 (up from NT$0.68 in 3Q 2023). Revenue: NT$856.4m (down 3.9% from 3Q 2023). Net income: NT$189.1m (up 53% from 3Q 2023). Profit margin: 22% (up from 14% in 3Q 2023). 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 22% per year, which means it is significantly lagging earnings growth. Aankondiging • Nov 02
WUS Printed Circuit Co., Ltd. to Report Q3, 2024 Results on Nov 11, 2024 WUS Printed Circuit Co., Ltd. announced that they will report Q3, 2024 results on Nov 11, 2024 Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: NT$0.97 (vs NT$0.016 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.97 (up from NT$0.016 in 2Q 2023). Revenue: NT$743.9m (down 20% from 2Q 2023). Net income: NT$176.0m (up NT$173.0m from 2Q 2023). Profit margin: 24% (up from 0.3% in 2Q 2023). 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 19% per year. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$42.30, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 62% over the past three years. Aankondiging • Aug 03
WUS Printed Circuit Co., Ltd. to Report Q2, 2024 Results on Aug 12, 2024 WUS Printed Circuit Co., Ltd. announced that they will report Q2, 2024 results on Aug 12, 2024 Upcoming Dividend • Jul 01
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 08 July 2024. Payment date: 31 July 2024. Payout ratio is a comfortable 8.6% but the company is not cash flow positive. Trailing yield: 0.9%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (2.6%). Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$58.70, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 25x in the Electronic industry in Taiwan. Total returns to shareholders of 117% over the past three years. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$0.99 (vs NT$0.20 loss in 1Q 2023) First quarter 2024 results: EPS: NT$0.99 (up from NT$0.20 loss in 1Q 2023). Revenue: NT$809.1m (flat on 1Q 2023). Net income: NT$179.1m (up NT$214.8m from 1Q 2023). Profit margin: 22% (up from net loss in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Apr 11
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 389% 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 0.9% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Large one-off items impacting financial results. Reported Earnings • Mar 29
Full year 2023 earnings released: EPS: NT$4.61 (vs NT$2.81 in FY 2022) Full year 2023 results: EPS: NT$4.61 (up from NT$2.81 in FY 2022). Revenue: NT$3.52b (down 32% from FY 2022). Net income: NT$835.6m (up 64% from FY 2022). Profit margin: 24% (up from 9.9% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Aankondiging • Mar 27
WUS Printed Circuit Co., Ltd., Annual General Meeting, Jun 18, 2024 WUS Printed Circuit Co., Ltd., Annual General Meeting, Jun 18, 2024. Location: No. 600-7, Jiachang Rd. Nanzi Dist. Kaohsiung City Taiwan Agenda: To consider the 2023 Business Report; to consider the audit Committee's Review Report on the 2023 Financial Statements; to consider the distribution of 2023 remuneration for employees and directors of the Board; ; to consider the acknowledgment of 2023 business report and financial statements; and to consider the acknowledgment of 2023 earnings distribution proposal. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$41.45, the stock trades at a trailing P/E ratio of 54.9x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 54% over the past three years. New Risk • Jan 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 5.4% 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 2.3% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (5.4% average weekly change). Profit margins are more than 30% lower than last year (3.7% net profit margin). New Risk • Nov 19
New major risk - Revenue and earnings growth Earnings have declined by 2.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 2.3% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Profit margins are more than 30% lower than last year (3.7% net profit margin). Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: NT$0.02 (vs NT$0.71 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.02 (down from NT$0.71 in 2Q 2022). Revenue: NT$931.2m (down 34% from 2Q 2022). Net income: NT$2.99m (down 98% from 2Q 2022). Profit margin: 0.3% (down from 9.2% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has remained flat and the company’s share price has also remained flat. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to NT$35.00, the stock trades at a trailing P/E ratio of 20.2x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 14% over the past three years. Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$33.75, the stock trades at a trailing P/E ratio of 19.5x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 10% over the past three years. Upcoming Dividend • Jul 05
Upcoming dividend of NT$0.50 per share at 1.8% yield Eligible shareholders must have bought the stock before 12 July 2023. Payment date: 15 August 2023. Payout ratio is a comfortable 29% but the company is paying out more than the cash it is generating. Trailing yield: 1.8%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (4.2%). Buying Opportunity • Apr 14
Now 20% undervalued Over the last 90 days, the stock is up 7.5%. The fair value is estimated to be NT$36.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last 3 years. Earnings per share has grown by 11%. Reported Earnings • Mar 31
Full year 2022 earnings released: EPS: NT$2.81 (vs NT$2.94 in FY 2021) Full year 2022 results: EPS: NT$2.81 (down from NT$2.94 in FY 2021). Revenue: NT$5.13b (down 4.1% from FY 2021). Net income: NT$510.6m (down 4.3% from FY 2021). Profit margin: 9.9% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.96 (vs NT$0.95 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.96 (up from NT$0.95 in 3Q 2021). Revenue: NT$1.21b (down 18% from 3Q 2021). Net income: NT$175.0m (up 1.3% from 3Q 2021). Profit margin: 14% (up from 12% 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 8% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. 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 (6 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$0.96 (vs NT$0.95 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.96 (up from NT$0.95 in 3Q 2021). Revenue: NT$1.21b (down 18% from 3Q 2021). Net income: NT$175.0m (up 1.3% from 3Q 2021). Profit margin: 14% (up from 12% 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 8% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: NT$0.71 (vs NT$0.60 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.71 (up from NT$0.60 in 2Q 2021). Revenue: NT$1.40b (up 12% from 2Q 2021). Net income: NT$128.7m (up 17% from 2Q 2021). Profit margin: 9.2% (up from 8.7% 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 3% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 05
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 12 July 2022. Payment date: 29 July 2022. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 3.6%. Lower than top quartile of Taiwanese dividend payers (6.7%). Lower than average of industry peers (5.0%). Reported Earnings • May 17
First quarter 2022 earnings released: EPS: NT$0.89 (vs NT$0.58 in 1Q 2021) First quarter 2022 results: EPS: NT$0.89 (up from NT$0.58 in 1Q 2021). Revenue: NT$1.43b (up 22% from 1Q 2021). Net income: NT$161.1m (up 53% from 1Q 2021). Profit margin: 11% (up from 9.0% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 3% per year. 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 (6 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. Aankondiging • Mar 31
WUS Printed Circuit Co., Ltd., Annual General Meeting, Jun 15, 2022 WUS Printed Circuit Co., Ltd., Annual General Meeting, Jun 15, 2022. Reported Earnings • Mar 28
Full year 2021 earnings released: EPS: NT$2.94 (vs NT$2.14 in FY 2020) Full year 2021 results: EPS: NT$2.94 (up from NT$2.14 in FY 2020). Revenue: NT$5.35b (up 12% from FY 2020). Net income: NT$533.6m (up 29% from FY 2020). Profit margin: 10.0% (up from 8.7% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 6% per year. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improved over the past week After last week's 25% share price gain to NT$37.75, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 151% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.95 (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$1.47b (up 26% from 3Q 2020). Net income: NT$172.8m (up 49% from 3Q 2020). Profit margin: 12% (up from 9.9% 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 6% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Aug 23
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 30 August 2021. Payment date: 17 September 2021. Trailing yield: 5.2%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.3%). Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$0.60 (vs NT$0.63 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$1.25b (down 4.3% from 2Q 2020). Net income: NT$109.6m (down 4.4% from 2Q 2020). Profit margin: 8.7% (down from 8.8% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 16% per year. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.58 (vs NT$0.44 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$1.17b (up 7.4% from 1Q 2020). Net income: NT$105.3m (up 33% from 1Q 2020). Profit margin: 9.0% (up from 7.2% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 14
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$27.00, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 55% over the past three years. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improved over the past week After last week's 19% share price gain to NT$38.25, the stock trades at a trailing P/E ratio of 17.9x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 111% over the past three years. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS NT$2.14 (vs NT$2.83 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$4.78b (down 6.1% from FY 2019). Net income: NT$414.1m (down 25% from FY 2019). Profit margin: 8.7% (down from 11% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 04
New 90-day high: NT$32.75 The company is up 7.0% from its price of NT$30.70 on 06 October 2020. The Taiwanese market is up 17% 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$0.61 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$1.17b (down 11% from 3Q 2019). Net income: NT$116.3m (down 31% from 3Q 2019). Profit margin: 9.9% (down from 13% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Nov 02
New 90-day low: NT$28.50 The company is down 20% from its price of NT$35.44 on 04 August 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 4.0% over the same period. Is New 90 Day High Low • Oct 08
New 90-day low: NT$30.30 The company is down 13% from its price of NT$34.78 on 10 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is down 6.0% over the same period. Is New 90 Day High Low • Oct 05
New 90-day low: NT$31.00 The company is down 16% from its price of NT$37.00 on 07 July 2020. The Taiwanese market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is down 6.0% over the same period.