Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to NT$109, the stock trades at a trailing P/E ratio of 33x. Average trailing P/E is 31x in the Electronic industry in Taiwan. Total returns to shareholders of 84% over the past three years. Declared Dividend • Jul 23
Dividend reduced to NT$1.20 Dividend of NT$1.20 is 20% lower than last year. Ex-date: 6th August 2026 Payment date: 31st August 2026 Dividend yield will be 0.9%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is well covered by both earnings (36% earnings payout ratio) and cash flows (31% cash payout ratio). The dividend has decreased over the past 86 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 59% to shift the payout ratio to a potentially unsustainable range, which is more than the 8.9% EPS decline seen over the last 5 years. New Risk • Jul 10
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 12% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 25% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (6.3% net profit margin). Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$192, the stock trades at a trailing P/E ratio of 58.4x. Average trailing P/E is 40x in the Electronic industry in Taiwan. Total returns to shareholders of 207% over the past three years. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$190, the stock trades at a trailing P/E ratio of 57.6x. Average trailing P/E is 41x in the Electronic industry in Taiwan. Total returns to shareholders of 196% over the past three years. New Risk • May 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 9.4% 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 25% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.4% average weekly change). Profit margins are more than 30% lower than last year (6.3% net profit margin). Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 35% After last week's 35% share price gain to NT$135, the stock trades at a trailing P/E ratio of 40.9x. Average trailing P/E is 36x in the Electronic industry in Taiwan. Total returns to shareholders of 111% over the past three years. New Risk • May 18
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.3% Last year net profit margin: 10% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 25% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (6.3% net profit margin). Reported Earnings • May 18
First quarter 2026 earnings released: EPS: NT$0.79 (vs NT$1.22 in 1Q 2025) First quarter 2026 results: EPS: NT$0.79 (down from NT$1.22 in 1Q 2025). Revenue: NT$1.44b (up 11% from 1Q 2025). Net income: NT$85.3m (down 36% from 1Q 2025). Profit margin: 5.9% (down from 10% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 13% per year. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$85.60, the stock trades at a trailing P/E ratio of 23x. Average trailing P/E is 27x in the Electronic industry in Taiwan. Total returns to shareholders of 18% over the past three years. Aankondiging • Mar 09
Kaimei Electronic Corp., Annual General Meeting, May 25, 2026 Kaimei Electronic Corp., Annual General Meeting, May 25, 2026, at 09:00 Taipei Standard Time. Location: 13 floor no,81, sec.1 hsin t`ai 5th rd., sijhih district, new taipei city Taiwan New Risk • Mar 09
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 7.4% 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 19% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.4% average weekly change). Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$78.40, the stock trades at a trailing P/E ratio of 20.4x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 8.4% over the past three years. New Risk • Feb 05
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.8% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 19% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$85.10, the stock trades at a trailing P/E ratio of 22.1x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 45% over the past three years. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$105, the stock trades at a trailing P/E ratio of 27.2x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 93% over the past three years. Buy Or Sell Opportunity • Jan 14
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 28% to NT$101. The fair value is estimated to be NT$81.27, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.8% over the last 3 years. Earnings per share has declined by 5.7%. Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$1.35 (vs NT$0.95 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.35 (up from NT$0.95 in 3Q 2024). Revenue: NT$1.43b (up 3.9% from 3Q 2024). Net income: NT$147.0m (up 42% from 3Q 2024). Profit margin: 10% (up from 7.5% in 3Q 2024). 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. Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$98.90, the stock trades at a trailing P/E ratio of 28.7x. Average trailing P/E is 21x in the Electronic industry in Taiwan. Total returns to shareholders of 87% over the past three years. New Risk • Nov 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 8.7% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.7% average weekly change). Earnings have declined by 17% per year over the past 5 years. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$95.20, the stock trades at a trailing P/E ratio of 27.6x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 101% over the past three years. New Risk • Oct 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 17% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.6% average weekly change). Valuation Update With 7 Day Price Move • Sep 18
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$67.70, 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 29% over the past three years. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: NT$0.19 (vs NT$1.79 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.19 (down from NT$1.79 in 2Q 2024). Revenue: NT$1.48b (up 1.7% from 2Q 2024). Net income: NT$21.1m (down 89% from 2Q 2024). Profit margin: 1.4% (down from 13% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 22% 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. Declared Dividend • Jul 23
Dividend increased to NT$1.50 Dividend of NT$1.50 is 88% higher than last year. Ex-date: 6th August 2025 Payment date: 29th August 2025 Dividend yield will be 2.6%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is well covered by both earnings (30% earnings payout ratio) and cash flows (28% 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 2.0% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Aankondiging • May 24
Kaimei Electronic Corp. Approves the Election of Shao-Chiao, Chen as Board of Directors Kaimei Electronic Corp. at its AGM held on May 23, 2025, approved the election of Shao-Chiao, Chen as board of directors. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$1.22 (vs NT$0.74 in 1Q 2024) First quarter 2025 results: EPS: NT$1.22 (up from NT$0.74 in 1Q 2024). Revenue: NT$1.29b (up 11% from 1Q 2024). Net income: NT$133.0m (up 66% from 1Q 2024). Profit margin: 10% (up from 6.9% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Board Change • Apr 29
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 Yu-Chang Lin was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Aankondiging • Apr 23
Kaimei Electronic Corp. to Report Q1, 2025 Results on Apr 30, 2025 Kaimei Electronic Corp. announced that they will report Q1, 2025 results on Apr 30, 2025 Buy Or Sell Opportunity • Apr 09
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 29% to NT$45.30. The fair value is estimated to be NT$60.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Earnings per share has declined by 49%. New Risk • Apr 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 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 10% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.5% average weekly change). New Risk • Apr 02
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.4% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 10% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$4.55 (vs NT$2.44 in FY 2023) Full year 2024 results: EPS: NT$4.55 (up from NT$2.44 in FY 2023). Revenue: NT$5.26b (up 9.4% from FY 2023). Net income: NT$494.7m (up 86% from FY 2023). Profit margin: 9.4% (up from 5.5% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Aankondiging • Mar 05
Kaimei Electronic Corp., Annual General Meeting, May 23, 2025 Kaimei Electronic Corp., Annual General Meeting, May 23, 2025, at 09:00 Taipei Standard Time. Location: 13 floor no,81, sec.1 hsin t`ai 5th rd., sijhih district, new taipei city Taiwan Aankondiging • Mar 04
Kaimei Electronic Corp. Appoints Sustainable Development Committee Members The Board of Directors of Kaimei Electronic Corp. resolved to appoint the Company's Sustainable Development Committee members. Wen-Liang, Liu: General Manager of the Company; Yen-Ju, Lee:Director of Sales Center of the Company; Wei-Ming, Tong: General Manager of the Company in Dongguan; Chi-Chuan, Lo: General Manager of the Company in Suzhou; Chien-Hua, Chiang: Deputy General Manager of the Company; Po-Fu, Chen: Deputy General Manager of RALEC Electronic Corporation. Effective date of the new member: March 3, 2025. The term of Sustainable Development Committee members is the same as that of the Board of Directors. Aankondiging • Feb 22
Kaimei Electronic Corp. to Report Fiscal Year 2024 Results on Mar 03, 2025 Kaimei Electronic Corp. announced that they will report fiscal year 2024 results on Mar 03, 2025 New Risk • Dec 25
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 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 6.0% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.1% average weekly change). Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$75.10, the stock trades at a trailing P/E ratio of 26.2x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total loss to shareholders of 37% over the past three years. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$0.95 (vs NT$1.28 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.95 (down from NT$1.28 in 3Q 2023). Revenue: NT$1.38b (up 10% from 3Q 2023). Net income: NT$103.5m (down 26% from 3Q 2023). Profit margin: 7.5% (down from 11% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Aankondiging • Nov 16
Kaimei Electronic Corp. Announces Board Changes Kaimei Electronic Corp. announced that name and resume of the previous position holder: Wei-Tsu,Chang,the Director of Product Manufacturing Centerof Kaimei Electronic Corp. with name and resume of the new position holder: Wen-Liang,Liu,the General Manager of Kaimei Electronic Corp. Reason for the change: Due to personal health. Effective date of the new appointment is November 15, 2024. Aankondiging • Nov 05
Kaimei Electronic Corp. to Report Q3, 2024 Results on Nov 12, 2024 Kaimei Electronic Corp. announced that they will report Q3, 2024 results on Nov 12, 2024 Reported Earnings • Aug 18
Second quarter 2024 earnings released: EPS: NT$1.79 (vs NT$1.66 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.79 (up from NT$1.66 in 2Q 2023). Revenue: NT$1.45b (up 15% from 2Q 2023). Net income: NT$194.1m (up 7.4% from 2Q 2023). Profit margin: 13% (in line with 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Aankondiging • Aug 06
Kaimei Electronic Corp. to Report Q2, 2024 Results on Aug 13, 2024 Kaimei Electronic Corp. announced that they will report Q2, 2024 results on Aug 13, 2024 Declared Dividend • Jul 22
Dividend reduced to NT$0.80 Dividend of NT$0.80 is 47% lower than last year. Ex-date: 6th August 2024 Payment date: 30th August 2024 Dividend yield will be 1.1%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is well covered by both earnings (33% earnings payout ratio) and cash flows (9% cash payout ratio). The dividend has increased by an average of 7.9% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 64% to shift the payout ratio to a potentially unsustainable range, which is more than the 41% EPS decline seen over the last 5 years. Aankondiging • Apr 24
Kaimei Electronic Corp. to Report Q1, 2024 Results on Apr 29, 2024 Kaimei Electronic Corp. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on Apr 29, 2024 Reported Earnings • Mar 29
Full year 2023 earnings released: EPS: NT$2.44 (vs NT$4.97 in FY 2022) Full year 2023 results: EPS: NT$2.44 (down from NT$4.97 in FY 2022). Revenue: NT$4.81b (down 18% from FY 2022). Net income: NT$265.5m (down 57% from FY 2022). Profit margin: 5.5% (down from 10% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year whereas the company’s share price has fallen by 27% per year. Aankondiging • Mar 13
Kaimei Electronic Corp., Annual General Meeting, May 29, 2024 Kaimei Electronic Corp., Annual General Meeting, May 29, 2024. Location: Conference Room,13F., No.81, Sec.1, Xintai 5th Rd Xizhi Dist New Taipei City Taiwan Agenda: To consider Year 2023 Business Report; to consider Year 2023 Audit Committee's Review Report; to consider The status of Year 2023 Earnings Distribution; to consider Report on 2023 employees' and directors' remuneration; to consider Year 2023 Business Report and Financial Statement; to consider Year 2023 Earnings Distribution. Reported Earnings • Aug 14
Second quarter 2023 earnings released: EPS: NT$1.66 (vs NT$1.58 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.66 (up from NT$1.58 in 2Q 2022). Revenue: NT$1.26b (down 20% from 2Q 2022). Net income: NT$180.7m (up 5.0% from 2Q 2022). Profit margin: 14% (up from 11% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 1% per year. Upcoming Dividend • Jul 31
Upcoming dividend of NT$1.50 per share at 2.3% yield Eligible shareholders must have bought the stock before 07 August 2023. Payment date: 30 August 2023. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (4.1%). Reported Earnings • Mar 29
Full year 2022 earnings released: EPS: NT$4.97 (vs NT$10.78 in FY 2021) Full year 2022 results: EPS: NT$4.97 (down from NT$10.78 in FY 2021). Revenue: NT$5.87b (down 24% from FY 2021). Net income: NT$612.1m (down 48% from FY 2021). Profit margin: 10% (down from 15% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$80.00, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Electronic industry in Taiwan. Total returns to shareholders of 55% over the past three years. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$71.50, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Electronic industry in Taiwan. Total returns to shareholders of 18% over the past three years. Price Target Changed • Nov 16
Price target decreased to NT$65.00 Down from NT$109, the current price target is provided by 1 analyst. New target price is 11% above last closing price of NT$58.30. Stock is down 50% over the past year. The company is forecast to post earnings per share of NT$7.10 for next year compared to NT$10.78 last year. Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: NT$1.58 (down from NT$3.56 in 3Q 2021). Revenue: NT$1.51b (down 30% from 3Q 2021). Net income: NT$178.2m (down 54% from 3Q 2021). Profit margin: 12% (down from 18% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) exceeded analyst estimates by 1.9%. Revenue is forecast to grow 3.2% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Buying Opportunity • Oct 28
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 27%. The fair value is estimated to be NT$64.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 44%. Revenue is forecast to decline by 9.1% in a year. Earnings is forecast to decline by 21% in the next year. Buying Opportunity • Oct 11
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be NT$63.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 44%. Revenue is forecast to decline by 9.1% in a year. Earnings is forecast to decline by 21% in the next year. Buying Opportunity • Sep 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be NT$72.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 44%. Revenue is forecast to decline by 9.1% in a year. Earnings is forecast to decline by 21% in the next year. Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment deteriorated over the past week After last week's 24% share price decline to NT$58.30, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 10x in the Electronic industry in Taiwan. Total loss to shareholders of 3.1% over the past three years. Upcoming Dividend • Aug 25
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 01 September 2022. Payment date: 16 September 2022. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Taiwanese dividend payers (6.5%). Lower than average of industry peers (4.4%). Reported Earnings • Aug 17
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: NT$1.27 (down from NT$2.66 in 2Q 2021). Revenue: NT$1.58b (down 26% from 2Q 2021). Net income: NT$172.0m (down 52% from 2Q 2021). Profit margin: 11% (down from 17% in 2Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) also missed analyst estimates by 11%. Over the next year, revenue is expected to shrink by 9.1% compared to a 7.6% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 16
Consensus revenue estimates fall by 11% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from NT$6.89b to NT$6.15b. EPS estimate fell from NT$7.02 to NT$5.68 per share. Net income forecast to shrink 34% next year vs 6.5% growth forecast for Electronic industry in Taiwan . Consensus price target down from NT$87.00 to NT$52.00. Share price rose 7.0% to NT$55.20 over the past week. Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improved over the past week After last week's 16% share price gain to NT$59.00, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Electronic industry in Taiwan. Total returns to shareholders of 17% over the past three years. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$46.15, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 9x in the Electronic industry in Taiwan. Total loss to shareholders of 12% over the past three years. Upcoming Dividend • Jun 22
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 22 July 2022. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (6.2%). Lower than average of industry peers (4.5%). Reported Earnings • May 16
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: NT$1.88 (up from NT$1.80 in 1Q 2021). Revenue: NT$1.51b (down 12% from 1Q 2021). Net income: NT$256.0m (up 5.0% from 1Q 2021). Profit margin: 17% (up from 14% in 1Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 100%. Earnings per share (EPS) exceeded analyst estimates by 33%. Over the next year, revenue is expected to shrink by 4.5% compared to a 9.7% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Board Change • Apr 27
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 new directors. No experienced directors. 3 highly experienced directors. 2 independent directors (3 non-independent directors). Director Yung-Ming Pan is the most experienced director on the board, commencing their role in 1987. Independent Director Huo-Sheng Wu was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Reported Earnings • Apr 01
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: NT$8.62 (up from NT$3.42 in FY 2020). Revenue: NT$7.72b (up 73% from FY 2020). Net income: NT$1.17b (up 108% from FY 2020). Profit margin: 15% (up from 13% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 5.5%. Over the next year, revenue is forecast to grow 7.8%, compared to a 11% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Buying Opportunity • Feb 24
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 24%. The fair value is estimated to be NT$111, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% per annum over the last 3 years. Earnings per share has declined by 71% per annum over the last 3 years. Buying Opportunity • Jan 25
Now 21% undervalued Over the last 90 days, the stock is up 3.1%. The fair value is estimated to be NT$111, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% per annum over the last 3 years. Earnings per share has declined by 71% per annum over the last 3 years. Price Target Changed • Jan 24
Price target decreased to NT$130 Down from NT$141, the current price target is an average from 2 analysts. New target price is 43% above last closing price of NT$90.50. Stock is down 15% over the past year. The company is forecast to post earnings per share of NT$8.18 for next year compared to NT$3.42 last year. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improved over the past week After last week's 21% share price gain to NT$112, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 210% over the past three years. Reported Earnings • Nov 16
Third quarter 2021 earnings released: EPS NT$2.85 (vs NT$0.92 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$2.14b (up 75% from 3Q 2020). Net income: NT$387.2m (up 202% from 3Q 2020). Profit margin: 18% (up from 11% in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Aug 25
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 01 September 2021. Payment date: 05 October 2021. Trailing yield: 1.9%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (3.2%). Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$2.66 (vs NT$1.33 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$2.12b (up 86% from 2Q 2020). Net income: NT$360.7m (up 102% from 2Q 2020). Profit margin: 17% (up from 16% in 2Q 2020). The increase in margin 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 84 percentage points per year, which is a significant difference in performance. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$1.80 (vs NT$0.82 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$1.72b (up 94% from 1Q 2020). Net income: NT$243.9m (up 122% from 1Q 2020). Profit margin: 14% (up from 13% in 1Q 2020). The increase in margin 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 77 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • May 04
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$106, the stock trades at a trailing P/E ratio of 31x. Average trailing P/E is 20x in the Electronic industry in Taiwan. Total returns to shareholders of 92% over the past three years. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$3.42 (vs NT$4.04 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$4.47b (down 1.8% from FY 2019). Net income: NT$562.6m (up 70% from FY 2019). Profit margin: 13% (up from 7.3% 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 48% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Aankondiging • Mar 16
Kaimei Electronic Corp., Annual General Meeting, May 31, 2021 Kaimei Electronic Corp., Annual General Meeting, May 31, 2021. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improved over the past week After last week's 22% share price gain to NT$135, the stock trades at a trailing P/E ratio of 40.4x, up from the previous P/E ratio of 33.2x. Average P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders over the past three years are 155%. Valuation Update With 7 Day Price Move • Feb 18
Investor sentiment improved over the past week After last week's 16% share price gain to NT$124, the stock is trading at a trailing P/E ratio of 37.2x, up from the previous P/E ratio of 32.1x. This compares to an average P/E of 18x in the Electronic industry in Taiwan. Total returns to shareholders over the past three years are 157%. Is New 90 Day High Low • Feb 17
New 90-day high: NT$118 The company is up 94% from its price of NT$60.60 on 19 November 2020. The Taiwanese market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 20% over the same period. Is New 90 Day High Low • Jan 25
New 90-day high: NT$107 The company is up 129% from its price of NT$46.70 on 27 October 2020. The Taiwanese market is up 23% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 27% over the same period. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 15% share price gain to NT$97.70, the stock is trading at a trailing P/E ratio of 29.3x, up from the previous P/E ratio of 25.5x. This compares to an average P/E of 17x in the Electronic industry in Taiwan. Total returns to shareholders over the past three years are 71%. Is New 90 Day High Low • Dec 30
New 90-day high: NT$91.90 The company is up 120% from its price of NT$41.80 on 30 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 16% over the same period. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 17% share price gain to NT$91.90, the stock is trading at a trailing P/E ratio of 27.6x, up from the previous P/E ratio of 23.5x. This compares to an average P/E of 17x in the Electronic industry in Taiwan. Total returns to shareholders over the past three years are 62%. Valuation Update With 7 Day Price Move • Dec 25
Investor sentiment improved over the past week After last week's 15% share price gain to NT$84.80, the stock is trading at a trailing P/E ratio of 25.5x, up from the previous P/E ratio of 22.1x. This compares to an average P/E of 17x in the Electronic industry in Taiwan. Total returns to shareholders over the past three years are 68%.