Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$40.15, the stock trades at a trailing P/E ratio of 31.3x. Average trailing P/E is 40x in the Electronic industry in Taiwan. Total returns to shareholders of 59% over the past three years. Reported Earnings • May 17
First quarter 2026 earnings released: EPS: NT$0.30 (vs NT$0.27 in 1Q 2025) First quarter 2026 results: EPS: NT$0.30 (up from NT$0.27 in 1Q 2025). Revenue: NT$628.5m (down 20% from 1Q 2025). Net income: NT$21.3m (up 12% from 1Q 2025). Profit margin: 3.4% (up from 2.4% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 6% per year and the company’s share price has also increased by 6% per year. Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: NT$1.25 (vs NT$0.96 in FY 2024) Full year 2025 results: EPS: NT$1.25 (up from NT$0.96 in FY 2024). Revenue: NT$2.69b (up 20% from FY 2024). Net income: NT$87.5m (up 31% from FY 2024). Profit margin: 3.2% (up from 3.0% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Mar 09
Fortune Information Systems Corp, Annual General Meeting, May 27, 2026 Fortune Information Systems Corp, Annual General Meeting, May 27, 2026. Location: 7 floor no,185, hsin hu 1st rd., neihu district, taipei city Taiwan Board Change • Dec 13
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 Jiann-Chyuan Wang was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$0.27 (vs NT$0.12 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.27 (up from NT$0.12 in 3Q 2024). Revenue: NT$611.2m (up 13% from 3Q 2024). Net income: NT$18.9m (up 122% from 3Q 2024). Profit margin: 3.1% (up from 1.6% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% 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 • Oct 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.05b (US$99.1m) 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: Minor Risks Dividend is not well covered by cash flows (221% cash payout ratio). Market cap is less than US$100m (NT$3.05b market cap, or US$99.1m). New Risk • Oct 14
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 221% Dividend yield: 2.0% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Sep 14
Second quarter 2025 earnings released: EPS: NT$0.23 (vs NT$0.19 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.23 (up from NT$0.19 in 2Q 2024). Revenue: NT$662.2m (up 11% from 2Q 2024). Net income: NT$16.3m (up 23% from 2Q 2024). Profit margin: 2.5% (up from 2.2% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$61.50, the stock trades at a trailing P/E ratio of 61.5x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 204% over the past three years. Reported Earnings • Aug 13
Second quarter 2025 earnings released: EPS: NT$0.23 (vs NT$0.19 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.23 (up from NT$0.19 in 2Q 2024). Revenue: NT$662.2m (up 11% from 2Q 2024). Net income: NT$16.3m (up 23% from 2Q 2024). Profit margin: 2.5% (up from 2.2% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Aug 10
Dividend of NT$0.90 announced Shareholders will receive a dividend of NT$0.90. Ex-date: 28th August 2025 Payment date: 25th September 2025 Dividend yield will be 1.7%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is not adequately covered by earnings (94% earnings payout ratio). However, it is well covered by cash flows (33% cash payout ratio). The dividend has increased by an average of 6.1% 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 grow by 4.5% to bring the payout ratio under control, which is similar to the EPS growth achieved over the last 5 years. Buy Or Sell Opportunity • Jun 19
Now 24% undervalued Over the last 90 days, the stock has risen 36% to NT$66.60. The fair value is estimated to be NT$87.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.8% over the last 3 years. Earnings per share has grown by 8.7%. Buy Or Sell Opportunity • May 19
Now 22% undervalued Over the last 90 days, the stock has risen 87% to NT$68.60. The fair value is estimated to be NT$88.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.8% over the last 3 years. Earnings per share has grown by 8.6%. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: NT$0.27 (vs NT$0.27 in 1Q 2024) First quarter 2025 results: EPS: NT$0.27 (in line with 1Q 2024). Revenue: NT$780.9m (up 56% from 1Q 2024). Net income: NT$19.0m (flat on 1Q 2024). Profit margin: 2.4% (down from 3.8% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 77% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • May 07
Fortune Information Systems Corp to Report Q1, 2025 Results on May 14, 2025 Fortune Information Systems Corp announced that they will report Q1, 2025 results on May 14, 2025 Aankondiging • Apr 25
WPG Holdings Limited (TWSE:3702) completed the acquisition of 47.67% stake in Fortune Information Systems Corp (TWSE:2468) for approximately TWD 830 million. WPG Holdings Limited (TWSE:3702) proposed to acquire 51% stake in Fortune Information Systems Corp (TWSE:2468) for approximately TWD 890 million in a tender offer transaction on February 28, 2025. The transaction is subject to approval of Financial Supervisory Commission. The deal is subject to minimum tender. WPG Holdings Limited will fund the acquisition using its own funds. A special committee was formed for the tender offer. The transaction is expected to complete on April 23, 2025. As of April 14, 2025, all conditions to the Tender Offer have been fulfilled.
Chao-An Tsai of PWC Legal acted as Legal advisor to WPG holdings limited.
WPG Holdings Limited (TWSE:3702) completed the acquisition of 47.67% stake in Fortune Information Systems Corp (TWSE:2468) for approximately TWD 830 million on April 23, 2025. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to NT$74.30, the stock trades at a trailing P/E ratio of 77.7x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 504% over the past three years. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$42.80, the stock trades at a trailing P/E ratio of 44.8x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 241% over the past three years. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to NT$53.90, the stock trades at a trailing P/E ratio of 56.4x. Average trailing P/E is 21x in the Electronic industry in Taiwan. Total returns to shareholders of 338% over the past three years. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$0.96 (vs NT$1.12 in FY 2023) Full year 2024 results: EPS: NT$0.96 (down from NT$1.12 in FY 2023). Revenue: NT$2.25b (down 3.9% from FY 2023). Net income: NT$66.9m (down 15% from FY 2023). Profit margin: 3.0% (down from 3.4% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$41.15, the stock trades at a trailing P/E ratio of 44.7x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 233% over the past three years. Aankondiging • Mar 04
Fortune Information Systems Corp to Report Fiscal Year 2024 Results on Mar 11, 2025 Fortune Information Systems Corp announced that they will report fiscal year 2024 results on Mar 11, 2025 New Risk • Feb 05
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 8.0% 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 Risk Share price has been highly volatile over the past 3 months (8.0% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$2.01b market cap, or US$61.1m). Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$28.60, the stock trades at a trailing P/E ratio of 31.1x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 126% over the past three years. New Risk • Dec 11
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 6.4% 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: 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 (6.4% average weekly change). Market cap is less than US$100m (NT$1.95b market cap, or US$60.0m). Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$26.00, the stock trades at a trailing P/E ratio of 28.3x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 107% over the past three years. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.12 (vs NT$0.21 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.12 (down from NT$0.21 in 3Q 2023). Revenue: NT$540.7m (up 12% from 3Q 2023). Net income: NT$8.49m (down 41% from 3Q 2023). Profit margin: 1.6% (down from 3.0% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 17% per year. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.19 (vs NT$0.39 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.19 (down from NT$0.39 in 2Q 2023). Revenue: NT$596.2m (down 23% from 2Q 2023). Net income: NT$13.2m (down 52% from 2Q 2023). Profit margin: 2.2% (down from 3.5% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 26% per year whereas the company’s share price has increased by 25% per year. Declared Dividend • Aug 11
Dividend increased to NT$0.80 Dividend of NT$0.80 is 33% higher than last year. Ex-date: 29th August 2024 Payment date: 25th September 2024 Dividend yield will be 3.3%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (66% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 13% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Aankondiging • Aug 10
Fortune Information Systems Corp Announces Cash Dividend Distribution, Payable on September 25, 2024 Fortune Information Systems Corp. announced Cash Dividend Distribution of TWD 55,968,999 (TWD 0.8 per share). Ex-rights (ex-dividend) trading date: August 29, 2024; Ex-rights (ex-dividend) record date: September 6 2024; Payment date of common stock cash dividend distribution: September 25, 2024. Aankondiging • Aug 02
Fortune Information Systems Corp to Report Q2, 2024 Results on Aug 09, 2024 Fortune Information Systems Corp announced that they will report Q2, 2024 results on Aug 09, 2024 Aankondiging • Jun 19
Fortune Information Systems Corp Announces Appointment of Lin Ying-Shan as Independent Director Fortune Information Systems Corp. announced the appointment of Lin Ying-Shan as independent director. Resume of the new position holder: General Manager, MILDEX OPTICAL INC. Reason for the change: by-election. Effective date of the new appointment is June 18, 2024. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.27 (vs NT$0.18 in 1Q 2023) First quarter 2024 results: EPS: NT$0.27 (up from NT$0.18 in 1Q 2023). Revenue: NT$499.8m (up 2.2% from 1Q 2023). Net income: NT$18.9m (up 49% from 1Q 2023). Profit margin: 3.8% (up from 2.6% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 31% per year whereas the company’s share price has increased by 26% per year. Aankondiging • May 03
Fortune Information Systems Corp to Report Q1, 2024 Results on May 09, 2024 Fortune Information Systems Corp announced that they will report Q1, 2024 results on May 09, 2024 Reported Earnings • Mar 31
Full year 2023 earnings released: EPS: NT$1.12 (vs NT$0.91 in FY 2022) Full year 2023 results: EPS: NT$1.12 (up from NT$0.91 in FY 2022). Revenue: NT$2.34b (up 3.0% from FY 2022). Net income: NT$78.4m (up 23% from FY 2022). Profit margin: 3.4% (up from 2.8% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 29% per year whereas the company’s share price has increased by 31% per year. Aankondiging • Mar 22
Fortune Information Systems Corp, Annual General Meeting, Jun 18, 2024 Fortune Information Systems Corp, Annual General Meeting, Jun 18, 2024. Board Change • Nov 28
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Director Zheng-Ning Gyang was the last 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 • Nov 17
Third quarter 2023 earnings released: EPS: NT$0.21 (vs NT$0.19 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.21 (up from NT$0.19 in 3Q 2022). Revenue: NT$484.5m (down 16% from 3Q 2022). Net income: NT$14.4m (up 6.6% from 3Q 2022). Profit margin: 3.0% (up from 2.3% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$31.00, the stock trades at a trailing P/E ratio of 30.6x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 152% over the past three years. Upcoming Dividend • Aug 30
Upcoming dividend of NT$0.60 per share at 2.0% yield Eligible shareholders must have bought the stock before 06 September 2023. Payment date: 26 September 2023. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Taiwanese dividend payers (5.6%). Lower than average of industry peers (4.2%). Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: NT$0.39 (vs NT$0.31 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.39 (up from NT$0.31 in 2Q 2022). Revenue: NT$777.8m (up 50% from 2Q 2022). Net income: NT$27.5m (up 26% from 2Q 2022). Profit margin: 3.5% (down from 4.2% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Jul 29
Fortune Information Systems Corp. Announces Retirement of Chang, Liang-Shih as Corporate Governance Officer Fortune Information Systems Corp. announced the Change in Corporate Governance Officer. Name, title, and resume of the previous position holder: Chang, Liang-Shih, Senior Vice President of Fortune Information Systems Corp. After the latest Board of Directors' resolution has been approved, a separate announcement will be made. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$35.80, the stock trades at a trailing P/E ratio of 38.2x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 150% over the past three years. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$32.30, the stock trades at a trailing P/E ratio of 34.5x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 127% over the past three years. Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$28.50, the stock trades at a trailing P/E ratio of 31.4x. Average trailing P/E is 14x in the Electronic industry in Taiwan. Total returns to shareholders of 147% over the past three years. Reported Earnings • Apr 01
Full year 2022 earnings released: EPS: NT$0.91 (vs NT$0.64 in FY 2021) Full year 2022 results: EPS: NT$0.91 (up from NT$0.64 in FY 2021). Revenue: NT$2.27b (up 5.7% from FY 2021). Net income: NT$63.5m (up 42% from FY 2021). Profit margin: 2.8% (up from 2.1% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improved over the past week After last week's 18% share price gain to NT$31.85, the stock trades at a trailing P/E ratio of 38.1x. Average trailing P/E is 11x in the Electronic industry in Taiwan. Total returns to shareholders of 178% over the past three years. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.19 (vs NT$0.15 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.19 (up from NT$0.15 in 3Q 2021). Revenue: NT$577.7m (up 13% from 3Q 2021). Net income: NT$13.5m (up 27% from 3Q 2021). Profit margin: 2.3% (up from 2.1% in 3Q 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 increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Director Wang Mei Juan was the last 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. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.19 (vs NT$0.15 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.19 (up from NT$0.15 in 3Q 2021). Revenue: NT$577.7m (up 13% from 3Q 2021). Net income: NT$13.5m (up 27% from 3Q 2021). Profit margin: 2.3% (up from 2.1% in 3Q 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 increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improved over the past week After last week's 25% share price gain to NT$26.75, the stock trades at a trailing P/E ratio of 33.6x. Average trailing P/E is 11x in the Electronic industry in Taiwan. Total returns to shareholders of 133% over the past three years. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improved over the past week After last week's 23% share price gain to NT$22.20, the stock trades at a trailing P/E ratio of 27.9x. Average trailing P/E is 11x in the Electronic industry in Taiwan. Total returns to shareholders of 95% over the past three years. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$15.20, the stock trades at a trailing P/E ratio of 19.1x. Average trailing P/E is 11x in the Electronic industry in Taiwan. Total returns to shareholders of 33% over the past three years. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment deteriorated over the past week After last week's 20% share price decline to NT$17.65, the stock trades at a trailing P/E ratio of 22.2x. Average trailing P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 54% over the past three years. Upcoming Dividend • Aug 30
Upcoming dividend of NT$0.40 per share Eligible shareholders must have bought the stock before 06 September 2022. Payment date: 26 September 2022. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Taiwanese dividend payers (6.5%). Lower than average of industry peers (4.5%). Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improved over the past week After last week's 26% share price gain to NT$16.35, the stock trades at a trailing P/E ratio of 24.1x. Average trailing P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 46% over the past three years. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.15 (vs NT$0.11 in 1Q 2021) First quarter 2022 results: EPS: NT$0.15 (up from NT$0.11 in 1Q 2021). Revenue: NT$522.3m (down 2.3% from 1Q 2021). Net income: NT$10.6m (up 34% from 1Q 2021). Profit margin: 2.0% (up from 1.5% in 1Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 6 highly experienced directors. 2 independent directors (4 non-independent directors). GM & Director Yu Hua Tang was the last director to join the board, commencing their role in 2013. 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 • Apr 01
Full year 2021 earnings released: EPS: NT$0.64 (vs NT$0.55 in FY 2020) Full year 2021 results: EPS: NT$0.64 (up from NT$0.55 in FY 2020). Revenue: NT$2.15b (flat on FY 2020). Net income: NT$44.7m (up 15% from FY 2020). Profit margin: 2.1% (up from 1.8% in FY 2020). 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 4% per year, which means it is well ahead of earnings. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.15 (vs NT$0.28 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$512.0m (down 24% from 3Q 2020). Net income: NT$10.7m (down 46% from 3Q 2020). Profit margin: 2.1% (down from 2.9% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.20 (vs NT$0.093 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$534.0m (up 15% from 2Q 2020). Net income: NT$13.9m (up 114% from 2Q 2020). Profit margin: 2.6% (up from 1.4% in 2Q 2020). 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 but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 12
Upcoming dividend of NT$0.40 per share Eligible shareholders must have bought the stock before 19 August 2021. Payment date: 15 September 2021. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (5.1%). In line with average of industry peers (3.1%). Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.11 (vs NT$0.20 in 1Q 2020) The company reported a poor first quarter result with weaker earnings and profit margins, although revenues were flat. First quarter 2021 results: Revenue: NT$534.6m (flat on 1Q 2020). Net income: NT$7.90m (down 45% from 1Q 2020). Profit margin: 1.5% (down from 2.7% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 3% per year and the company’s share price has also increased by 3% per year. Valuation Update With 7 Day Price Move • May 05
Investor sentiment improved over the past week After last week's 21% share price gain to NT$17.90, the stock trades at a trailing P/E ratio of 32.3x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 60% over the past three years. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS NT$0.55 (vs NT$0.66 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$2.16b (down 2.7% from FY 2019). Net income: NT$38.8m (down 16% from FY 2019). Profit margin: 1.8% (down from 2.1% 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 9% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 25
New 90-day low: NT$12.80 The company is down 2.0% from its price of NT$13.05 on 27 October 2020. The Taiwanese market is up 23% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 27% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.28 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$674.5m (up 9.6% from 3Q 2019). Net income: NT$19.8m (up 37% from 3Q 2019). Profit margin: 2.9% (up from 2.3% in 3Q 2019). The increase in margin was driven by higher revenue. 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 4% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Oct 29
New 90-day low: NT$12.85 The company is down 11% from its price of NT$14.50 on 31 July 2020. The Taiwanese market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is down 2.0% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: NT$13.25 The company is down 11% from its price of NT$14.85 on 24 June 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is flat over the same period.