Declared Dividend • Mar 14
Dividend increased to NT$3.00 Dividend of NT$3.00 is 11% higher than last year. Ex-date: 25th June 2026 Payment date: 23rd July 2026 Dividend yield will be 6.3%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (69% earnings payout ratio) and cash flows (46% cash payout ratio). The dividend has increased by an average of 37% per year over the past 7 years. However, payments have been volatile during that time. Earnings per share has grown by 31% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$4.01 (vs NT$3.83 in FY 2024) Full year 2025 results: EPS: NT$4.01 (up from NT$3.83 in FY 2024). Revenue: NT$7.51b (up 8.2% from FY 2024). Net income: NT$314.9m (up 4.8% from FY 2024). Profit margin: 4.2% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Aankondiging • Mar 13
AOPEN Incorporated announces Annual dividend, payable on July 23, 2026 AOPEN Incorporated announced Annual dividend of TWD 3.0000 per share payable on July 23, 2026, ex-date on June 25, 2026 and record date on June 28, 2026. Aankondiging • Mar 12
AOPEN Incorporated, Annual General Meeting, May 26, 2026 AOPEN Incorporated, Annual General Meeting, May 26, 2026, at 09:00 Taipei Standard Time. Location: 1 floor no,88, sec.1 hsin t`ai 5th rd., sijhih district, new taipei city Taiwan Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: NT$1.42 (vs NT$1.25 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.42 (up from NT$1.25 in 3Q 2024). Revenue: NT$1.99b (down 12% from 3Q 2024). Net income: NT$111.5m (up 13% from 3Q 2024). Profit margin: 5.6% (up from 4.4% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: NT$0.80 (vs NT$1.01 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.80 (down from NT$1.01 in 2Q 2024). Revenue: NT$1.77b (down 8.5% from 2Q 2024). Net income: NT$62.4m (down 21% from 2Q 2024). Profit margin: 3.5% (down from 4.1% in 2Q 2024). 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 whereas the company’s share price has increased by 11% per year. Upcoming Dividend • Jun 26
Upcoming dividend of NT$2.70 per share Eligible shareholders must have bought the stock before 03 July 2025. Payment date: 29 July 2025. Payout ratio is a comfortable 68% and the cash payout ratio is 80%. Trailing yield: 5.3%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.7%). Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$52.30, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 19x in the Tech industry in Taiwan. Total returns to shareholders of 93% over the past three years. Reported Earnings • May 11
First quarter 2025 earnings released: EPS: NT$1.11 (vs NT$0.97 in 1Q 2024) First quarter 2025 results: EPS: NT$1.11 (up from NT$0.97 in 1Q 2024). Revenue: NT$1.80b (up 14% from 1Q 2024). Net income: NT$87.5m (up 14% from 1Q 2024). Profit margin: 4.9% (up from 4.8% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 16% per year. Aankondiging • Apr 30
Aopen Inc. to Report Q1, 2025 Results on May 07, 2025 Aopen Inc. announced that they will report Q1, 2025 results on May 07, 2025 Buy Or Sell Opportunity • Apr 11
Now 20% overvalued Over the last 90 days, the stock has fallen 11% to NT$41.50. The fair value is estimated to be NT$34.57, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last 3 years. Earnings per share has grown by 20%. New Risk • Apr 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.15b (US$95.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$3.15b market cap, or US$95.4m). 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$40.05, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 18x in the Tech industry in Taiwan. Total returns to shareholders of 26% over the past three years. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$3.83 (vs NT$3.14 in FY 2023) Full year 2024 results: EPS: NT$3.83 (up from NT$3.14 in FY 2023). Revenue: NT$6.95b (up 23% from FY 2023). Net income: NT$300.5m (up 29% from FY 2023). Profit margin: 4.3% (up from 4.1% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 17% per year. Declared Dividend • Mar 14
Dividend increased to NT$2.70 Dividend of NT$2.70 is 35% higher than last year. Ex-date: 3rd July 2025 Payment date: 29th July 2025 Dividend yield will be 5.0%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (52% earnings payout ratio) and cash flows (16% cash payout ratio). The dividend has increased by an average of 37% per year over the past 6 years. However, payments have been volatile during that time. Earnings per share has grown by 75% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Aankondiging • Mar 05
Aopen Inc. to Report Fiscal Year 2024 Results on Mar 12, 2025 Aopen Inc. announced that they will report fiscal year 2024 results on Mar 12, 2025 New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: NT$1.25 (vs NT$0.94 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.25 (up from NT$0.94 in 3Q 2023). Revenue: NT$2.26b (up 35% from 3Q 2023). Net income: NT$98.3m (up 41% from 3Q 2023). Profit margin: 4.4% (up from 4.2% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Oct 30
Aopen Inc. to Report Q3, 2024 Results on Nov 06, 2024 Aopen Inc. announced that they will report Q3, 2024 results on Nov 06, 2024 Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$64.00, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 21x in the Tech industry in Taiwan. Total returns to shareholders of 215% over the past three years. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: NT$1.01 (vs NT$0.84 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.01 (up from NT$0.84 in 2Q 2023). Revenue: NT$1.93b (up 25% from 2Q 2023). Net income: NT$79.5m (up 32% from 2Q 2023). Profit margin: 4.1% (up from 3.9% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Jul 31
Aopen Inc. to Report Q2, 2024 Results on Aug 07, 2024 Aopen Inc. announced that they will report Q2, 2024 results on Aug 07, 2024 Upcoming Dividend • Jun 27
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 04 July 2024. Payment date: 01 August 2024. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.8%). Reported Earnings • May 10
First quarter 2024 earnings released: EPS: NT$0.98 (vs NT$0.74 in 1Q 2023) First quarter 2024 results: EPS: NT$0.98 (up from NT$0.74 in 1Q 2023). Revenue: NT$1.58b (up 36% from 1Q 2023). Net income: NT$76.5m (up 45% from 1Q 2023). Profit margin: 4.8% (up from 4.6% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Aankondiging • May 02
Aopen Inc. to Report Q1, 2024 Results on May 08, 2024 Aopen Inc. announced that they will report Q1, 2024 results on May 08, 2024 New Risk • Apr 27
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: 4.1% Last year net profit margin: 6.0% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (4.1% net profit margin). Shareholders have been diluted in the past year (9.8% increase in shares outstanding). Reported Earnings • Nov 04
Third quarter 2023 earnings released: EPS: NT$0.94 (vs NT$0.66 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.94 (up from NT$0.66 in 3Q 2022). Revenue: NT$1.68b (up 75% from 3Q 2022). Net income: NT$69.6m (up 47% from 3Q 2022). Profit margin: 4.2% (down from 5.0% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 63% per year, which means it is significantly lagging earnings growth. New Risk • Sep 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 9.8% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (49% accrual ratio). Minor Risks Dividend is not well covered by cash flows (253% cash payout ratio). Share price has been volatile over the past 3 months (6.8% average weekly change). Shareholders have been diluted in the past year (9.8% increase in shares outstanding). Reported Earnings • Aug 06
Second quarter 2023 earnings released: EPS: NT$0.84 (vs NT$0.94 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.84 (down from NT$0.94 in 2Q 2022). Revenue: NT$1.55b (up 77% from 2Q 2022). Net income: NT$60.3m (down 10% from 2Q 2022). Profit margin: 3.9% (down from 7.7% 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 104% per year but the company’s share price has only increased by 58% per year, which means it is significantly lagging earnings growth. New Risk • Jul 19
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: 2.1% 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 Risks Share price has been highly volatile over the past 3 months (8.3% average weekly change). High level of non-cash earnings (22% accrual ratio). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • Jul 12
Upcoming dividend of NT$1.50 per share at 2.0% yield Eligible shareholders must have bought the stock before 19 July 2023. Payment date: 22 August 2023. Trailing yield: 2.0%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.6%). Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$82.40, the stock trades at a trailing P/E ratio of 24.6x. Average trailing P/E is 19x in the Tech industry in Taiwan. Total returns to shareholders of 385% over the past three years. Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$96.00, the stock trades at a trailing P/E ratio of 28.7x. Average trailing P/E is 17x in the Tech industry in Taiwan. Total returns to shareholders of 567% over the past three years. Aankondiging • May 06
Aopen Inc. announced that it expects to receive TWD 400 million in funding from Acer Incorporated Aopen Inc. announced a private placement of shares from returning investor Acer Incorporated for gross proceeds of TWD 400,000,000 on May 4, 2023. The transaction was approved by the board of directors of the investor. Reported Earnings • Mar 18
Full year 2022 earnings released: EPS: NT$3.03 (vs NT$1.82 in FY 2021) Full year 2022 results: EPS: NT$3.03 (up from NT$1.82 in FY 2021). Revenue: NT$3.33b (up 29% from FY 2021). Net income: NT$216.6m (up 66% from FY 2021). Profit margin: 6.5% (up from 5.1% 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 115% per year whereas the company’s share price has increased by 116% per year. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$64.70, the stock trades at a trailing P/E ratio of 26x. Average trailing P/E is 13x in the Tech industry in Taiwan. Total returns to shareholders of 455% over the past three years. Reported Earnings • Nov 06
Third quarter 2022 earnings released: EPS: NT$0.66 (vs NT$1.08 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.66 (down from NT$1.08 in 3Q 2021). Revenue: NT$957.0m (up 29% from 3Q 2021). Net income: NT$47.5m (down 39% from 3Q 2021). Profit margin: 5.0% (down from 10% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 05
Investor sentiment improved over the past week After last week's 29% share price gain to NT$57.30, the stock trades at a trailing P/E ratio of 19.7x. Average trailing P/E is 12x in the Tech industry in Taiwan. Total returns to shareholders of 177% over the past three years. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$51.20, the stock trades at a trailing P/E ratio of 17.6x. Average trailing P/E is 12x in the Tech industry in Taiwan. Total returns to shareholders of 150% over the past three years. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment improved over the past week After last week's 31% share price gain to NT$58.30, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 12x in the Tech industry in Taiwan. Total returns to shareholders of 179% over the past three years. Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment improved over the past week After last week's 23% share price gain to NT$40.15, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 13x in the Tech industry in Taiwan. Total returns to shareholders of 90% over the past three years. Buying Opportunity • Sep 05
Now 21% undervalued Over the last 90 days, the stock is up 19%. The fair value is estimated to be NT$43.24, 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% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Aug 08
Second quarter 2022 earnings released: EPS: NT$0.94 (vs NT$0.16 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.94 (up from NT$0.16 in 2Q 2021). Revenue: NT$877.8m (up 53% from 2Q 2021). Net income: NT$67.3m (up NT$56.1m from 2Q 2021). Profit margin: 7.7% (up from 1.9% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$23.00, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 12x in the Tech industry in Taiwan. Negligible returns to shareholders over past three years. Reported Earnings • May 09
First quarter 2022 earnings released: EPS: NT$0.43 (vs NT$0.13 in 1Q 2021) First quarter 2022 results: EPS: NT$0.43 (up from NT$0.13 in 1Q 2021). Revenue: NT$719.0m (up 48% from 1Q 2021). Net income: NT$30.4m (up 228% from 1Q 2021). Profit margin: 4.2% (up from 1.9% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improved over the past week After last week's 25% share price gain to NT$37.95, the stock trades at a trailing P/E ratio of 20.8x. Average trailing P/E is 14x in the Tech industry in Taiwan. Total returns to shareholders of 51% over the past three years. Reported Earnings • Mar 17
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: NT$1.82 (up from NT$0.93 loss in FY 2020). Revenue: NT$2.57b (up 47% from FY 2020). Net income: NT$130.2m (up NT$196.7m from FY 2020). Profit margin: 5.1% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 24%. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment improved over the past week After last week's 17% share price gain to NT$50.60, the stock trades at a trailing P/E ratio of 34.9x. Average trailing P/E is 15x in the Tech industry in Taiwan. Total returns to shareholders of 166% over the past three years. Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment improved over the past week After last week's 25% share price gain to NT$30.40, the stock trades at a trailing P/E ratio of 21x. Average trailing P/E is 15x in the Tech industry in Taiwan. Total returns to shareholders of 57% over the past three years. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$1.08 (vs NT$0.39 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$739.8m (up 41% from 3Q 2020). Net income: NT$77.1m (up NT$104.7m from 3Q 2020). Profit margin: 10% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$0.16 (vs NT$0.013 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$574.7m (up 51% from 2Q 2020). Net income: NT$11.2m (up NT$10.3m from 2Q 2020). Profit margin: 1.9% (up from 0.2% 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 28% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • Mar 19
Full year 2020 earnings released: NT$0.93 loss per share (vs NT$2.35 loss in FY 2019) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: NT$1.76b (up 1.8% from FY 2019). Net loss: NT$66.5m (loss narrowed 60% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 12
New 90-day high: NT$17.25 The company is up 11% from its price of NT$15.50 on 14 October 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Tech industry, which is up 9.0% over the same period. Is New 90 Day High Low • Nov 19
New 90-day low: NT$14.05 The company is down 13% from its price of NT$16.10 on 21 August 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is flat over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: NT$0.39 loss per share The company reported a soft third quarter result with increased losses and weaker control over expenses, although revenues were improved. Third quarter 2020 results: Revenue: NT$525.5m (up 19% from 3Q 2019). Net loss: NT$27.6m (loss widened NT$24.9m from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 29
New 90-day low: NT$14.70 The company is down 1.0% from its price of NT$14.80 on 31 July 2020. The Taiwanese market is up 1.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Tech industry, which is down 2.0% over the same period.