Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$49.45, the stock trades at a trailing P/E ratio of 46.7x. Average trailing P/E is 38x in the Electronic industry in Taiwan. Total returns to shareholders of 63% over the past three years. Reported Earnings • May 07
First quarter 2026 earnings released: EPS: NT$0.52 (vs NT$0.47 in 1Q 2025) First quarter 2026 results: EPS: NT$0.52 (up from NT$0.47 in 1Q 2025). Revenue: NT$5.42b (up 20% from 1Q 2025). Net income: NT$362.4m (up 9.1% from 1Q 2025). Profit margin: 6.7% (down from 7.4% in 1Q 2025). 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 increased by 13% per year, which means it is well ahead of earnings. Declared Dividend • Mar 12
Final dividend of NT$0.68 announced Shareholders will receive a dividend of NT$0.68. Ex-date: 17th June 2026 Payment date: 17th July 2026 Dividend yield will be 3.2%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is not covered by earnings (138% earnings payout ratio) nor is it adequately covered by cash flows (94% cash payout ratio). The dividend has increased by an average of 21% 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 53% to bring the payout ratio under control. However, EPS has declined by 8.2% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: NT$1.02 (vs NT$2.32 in FY 2024) Full year 2025 results: EPS: NT$1.02 (down from NT$2.32 in FY 2024). Revenue: NT$19.4b (up 12% from FY 2024). Net income: NT$716.1m (down 55% from FY 2024). Profit margin: 3.7% (down from 9.2% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. New Risk • Mar 11
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 138% Cash payout ratio: 94% Dividend yield: 6.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 138% Cash payout ratio: 94% Earnings have declined by 3.5% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (3.7% net profit margin). Aankondiging • Feb 13
Chang Wah Electromaterials Inc., Annual General Meeting, May 28, 2026 Chang Wah Electromaterials Inc., Annual General Meeting, May 28, 2026, at 10:00 Taipei Standard Time. Location: no,2, jen fa 6th rd., renwu district, kaohsiung city Taiwan Upcoming Dividend • Dec 11
Upcoming dividend of NT$0.71 per share Eligible shareholders must have bought the stock before 18 December 2025. Payment date: 16 January 2026. The company is paying out more than 100% of its profits and is paying out 87% of its cash flow. Trailing yield: 5.9%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (2.2%). Declared Dividend • Nov 07
Dividend increased to NT$0.71 Dividend of NT$0.71 is 1.4% higher than last year. Ex-date: 18th December 2025 Payment date: 16th January 2026 Dividend yield will be 6.0%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is not covered by earnings (102% earnings payout ratio). However, it is covered by cash flows (87% cash payout ratio). The dividend has increased by an average of 21% 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 13% to bring the payout ratio under control, which is more than the 5.1% EPS growth achieved over the last 5 years. Reported Earnings • Nov 06
Third quarter 2025 earnings released: EPS: NT$0.86 (vs NT$0.63 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.86 (up from NT$0.63 in 3Q 2024). Revenue: NT$4.99b (up 12% from 3Q 2024). Net income: NT$607.8m (up 38% from 3Q 2024). Profit margin: 12% (up from 9.8% in 3Q 2024). The increase in margin was driven by higher revenue. 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 13% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 08
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$48.15, the stock trades at a trailing P/E ratio of 27.9x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 88% over the past three years. Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: NT$0.16 (vs NT$0.74 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.16 (down from NT$0.74 in 2Q 2024). Revenue: NT$4.75b (up 12% from 2Q 2024). Net income: NT$109.8m (down 78% from 2Q 2024). Profit margin: 2.3% (down from 12% 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 19% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 12
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 19 June 2025. Payment date: 18 July 2025. The company is paying out more than 100% of its profits and is paying out 97% of its cash flow. Trailing yield: 6.5%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (3.3%). Declared Dividend • May 09
Dividend of NT$2.00 announced Shareholders will receive a dividend of NT$2.00. Ex-date: 19th June 2025 Payment date: 18th July 2025 Dividend yield will be 6.1%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is not covered by earnings (117% earnings payout ratio) nor is it adequately covered by cash flows (97% cash payout ratio). The dividend has increased by an average of 21% 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 30% to bring the payout ratio under control, which is more than the 10% EPS growth achieved over the last 5 years. Reported Earnings • May 08
First quarter 2025 earnings released: EPS: NT$0.47 (vs NT$0.48 in 1Q 2024) First quarter 2025 results: EPS: NT$0.47. Revenue: NT$4.50b (up 12% from 1Q 2024). Net income: NT$332.2m (up 3.9% from 1Q 2024). Profit margin: 7.4% (down from 8.0% in 1Q 2024). The decrease in margin was driven by higher expenses. Aankondiging • Apr 30
Chang Wah Electromaterials Inc. to Report Q1, 2025 Results on May 07, 2025 Chang Wah Electromaterials Inc. announced that they will report Q1, 2025 results on May 07, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$34.45, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 17% over the past three years. New Risk • Mar 20
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 117% Cash payout ratio: 93% Dividend yield: 6.0% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. 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 • Mar 19
Full year 2024 earnings released: EPS: NT$2.32 (vs NT$2.19 in FY 2023) Full year 2024 results: EPS: NT$2.32 (up from NT$2.19 in FY 2023). Revenue: NT$17.2b (up 4.5% from FY 2023). Net income: NT$1.59b (up 7.8% from FY 2023). Profit margin: 9.2% (up from 9.0% 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 14% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Aankondiging • Mar 05
Chang Wah Electromaterials Inc. to Report Fiscal Year 2024 Results on Mar 12, 2025 Chang Wah Electromaterials Inc. announced that they will report fiscal year 2024 results on Mar 12, 2025 Aankondiging • Feb 21
Chang Wah Electromaterials Inc., Annual General Meeting, May 29, 2025 Chang Wah Electromaterials Inc., Annual General Meeting, May 29, 2025, at 10:00 Taipei Standard Time. Location: no,2, jen fa 6th rd., renwu district, kaohsiung city Taiwan Board Change • Jan 07
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 Shu-Yang Yen 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. New Risk • Dec 27
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.7% 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: Minor Risks Dividend is not well covered by earnings (115% payout ratio). Shareholders have been diluted in the past year (4.7% increase in shares outstanding). 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. Upcoming Dividend • Dec 12
Upcoming dividend of NT$0.70 per share Eligible shareholders must have bought the stock before 19 December 2024. Payment date: 17 January 2025. The company is paying out more than 100% of its profits and is paying out 80% of its cash flow. Trailing yield: 4.7%. Within top quartile of Taiwanese dividend payers (4.5%). Higher than average of industry peers (2.8%). Declared Dividend • Nov 07
Dividend of NT$0.70 announced Shareholders will receive a dividend of NT$0.70. Ex-date: 19th December 2024 Payment date: 17th January 2025 Dividend yield will be 4.8%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is not covered by earnings (107% earnings payout ratio). However, it is covered by cash flows (74% cash payout ratio). The dividend has increased by an average of 21% 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 19% to bring the payout ratio under control, which is more than the 2.2% EPS growth achieved over the last 5 years. Reported Earnings • Nov 07
Third quarter 2024 earnings released: EPS: NT$0.63 (vs NT$0.50 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.63 (up from NT$0.50 in 3Q 2023). Revenue: NT$4.47b (up 9.7% from 3Q 2023). Net income: NT$439.2m (up 31% from 3Q 2023). Profit margin: 9.8% (up from 8.2% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. New Risk • Nov 06
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 6.7% 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 (6.7% average weekly change). Buy Or Sell Opportunity • Nov 01
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to NT$56.90. The fair value is estimated to be NT$45.59, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.4% over the last 3 years. Earnings per share has declined by 2.9%. Aankondiging • Oct 29
Chang Wah Electromaterials Inc. to Report Q3, 2024 Results on Nov 05, 2024 Chang Wah Electromaterials Inc. announced that they will report Q3, 2024 results on Nov 05, 2024 Buy Or Sell Opportunity • Aug 26
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to NT$57.80. The fair value is estimated to be NT$45.37, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.4% over the last 3 years. Earnings per share has declined by 2.9%. Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: NT$0.74 (vs NT$0.88 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.74 (down from NT$0.88 in 2Q 2023). Revenue: NT$4.25b (up 1.8% from 2Q 2023). Net income: NT$497.2m (down 16% from 2Q 2023). Profit margin: 12% (down from 14% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Aankondiging • Aug 07
Chang Wah Electromaterials Inc. Announces Changes in the President Chang Wah Electromaterials Inc. announced changes in the President. Name of the previous position holder: Canon, Huang. Resume of the previous position holder: President. Name of the new position holder: Thomas, Huang. Resume of the new position holder: Sales President and Head of Leadframe Division. Reason for the change: Retirement. Effective date of the new appointment: August 7, 2024. Aankondiging • Jul 30
Chang Wah Electromaterials Inc. to Report Q2, 2024 Results on Aug 06, 2024 Chang Wah Electromaterials Inc. announced that they will report Q2, 2024 results on Aug 06, 2024 Upcoming Dividend • Jun 17
Upcoming dividend of NT$1.96 per share Eligible shareholders must have bought the stock before 24 June 2024. Payment date: 19 July 2024. Payout ratio is on the higher end at 92%, however this is supported by cash flows. Trailing yield: 4.2%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.7%). Declared Dividend • May 15
Dividend increased to NT$2.00 Dividend of NT$2.00 is 11% higher than last year. Ex-date: 24th June 2024 Payment date: 19th July 2024 Dividend yield will be 5.2%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is not adequately covered by earnings (91% earnings payout ratio). However, it is covered by cash flows (61% cash payout ratio). The dividend has increased by an average of 21% 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 1.3% to bring the payout ratio under control, which is less than the 7.0% EPS growth achieved over the last 5 years. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: NT$0.48 (vs NT$0.32 in 1Q 2023) First quarter 2024 results: EPS: NT$0.48 (up from NT$0.32 in 1Q 2023). Revenue: NT$4.02b (down 3.5% from 1Q 2023). Net income: NT$319.8m (up 50% from 1Q 2023). Profit margin: 8.0% (up from 5.1% in 1Q 2023). The increase in margin was driven by lower expenses. 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 15% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • May 05
Chang Wah Electromaterials Inc. to Report Q1, 2024 Results on May 13, 2024 Chang Wah Electromaterials Inc. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 13, 2024 Reported Earnings • Mar 13
Full year 2023 earnings released: EPS: NT$2.19 (vs NT$3.16 in FY 2022) Full year 2023 results: EPS: NT$2.19 (down from NT$3.16 in FY 2022). Revenue: NT$16.5b (down 25% from FY 2022). Net income: NT$1.48b (down 32% from FY 2022). Profit margin: 9.0% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. New Risk • Feb 26
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Aankondiging • Feb 22
Chang Wah Electromaterials Inc., Annual General Meeting, May 31, 2024 Chang Wah Electromaterials Inc., Annual General Meeting, May 31, 2024. Location: No. 2, Renfa 6th Rd., Renwu Dist Kaohsiung City, Taiwan (R.O.C.) Kaohiusng Taiwan Agenda: To consider The Companys 2023 Annual Business Report; To consider Report by Audit Committee on review of the 2023 Annual Accounting Final Reports and Statements; To consider Report on the Distribution of Employees and Board Directors' Compensation; To consider Report on the collection of 2023 remuneration to the directors; To consider Report on the Earnings' Distribution. Upcoming Dividend • Dec 14
Upcoming dividend of NT$0.54 per share at 6.7% yield Eligible shareholders must have bought the stock before 21 December 2023. Payment date: 19 January 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 6.7%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (4.1%). Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: NT$0.88 (vs NT$0.79 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.88 (up from NT$0.79 in 2Q 2022). Revenue: NT$4.18b (down 28% from 2Q 2022). Net income: NT$592.3m (up 9.9% from 2Q 2022). Profit margin: 14% (up from 9.3% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 08
Upcoming dividend of NT$1.80 per share at 6.9% yield Eligible shareholders must have bought the stock before 15 June 2023. Payment date: 14 July 2023. Payout ratio is on the higher end at 97%, however this is supported by cash flows. Trailing yield: 6.9%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (4.3%). Reported Earnings • Mar 18
Full year 2022 earnings released: EPS: NT$3.16 (vs NT$2.54 in FY 2021) Full year 2022 results: EPS: NT$3.16 (up from NT$2.54 in FY 2021). Revenue: NT$21.9b (up 5.7% from FY 2021). Net income: NT$2.16b (up 25% from FY 2021). Profit margin: 9.9% (up from 8.3% 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 33% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Dec 08
Upcoming dividend of NT$0.73 per share Eligible shareholders must have bought the stock before 15 December 2022. Payment date: 13 January 2023. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 7.5%. Within top quartile of Taiwanese dividend payers (6.8%). Higher than average of industry peers (4.5%). Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 4 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Chi-Chuan Kong was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 06
Third quarter 2022 earnings released: EPS: NT$1.17 (vs NT$1.02 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.17 (up from NT$1.02 in 3Q 2021). Revenue: NT$5.51b (flat on 3Q 2021). Net income: NT$795.9m (up 13% from 3Q 2021). Profit margin: 14% (up from 13% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: NT$0.79 (vs NT$0.49 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.79 (up from NT$0.49 in 2Q 2021). Revenue: NT$5.82b (up 19% from 2Q 2021). Net income: NT$538.9m (up 60% from 2Q 2021). Profit margin: 9.3% (up from 6.9% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 28% per year. Upcoming Dividend • Jun 10
Upcoming dividend of NT$1.62 per share Eligible shareholders must have bought the stock before 17 June 2022. Payment date: 15 July 2022. Payout ratio is a comfortable 66% and this is well supported by cash flows. Trailing yield: 5.4%. Lower than top quartile of Taiwanese dividend payers (5.9%). Higher than average of industry peers (4.1%). Reported Earnings • May 09
First quarter 2022 earnings released: EPS: NT$0.86 (vs NT$0.36 in 1Q 2021) First quarter 2022 results: EPS: NT$0.86 (up from NT$0.36 in 1Q 2021). Revenue: NT$5.65b (up 23% from 1Q 2021). Net income: NT$592.0m (up 150% from 1Q 2021). Profit margin: 11% (up from 5.2% in 1Q 2021). The increase in margin was driven by higher revenue. 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 30% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
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. 6 non-independent directors. Independent Director Chi-Chuan Kong was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 19
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$2.54 (up from NT$1.56 in FY 2020). Revenue: NT$20.7b (up 26% from FY 2020). Net income: NT$1.73b (up 73% from FY 2020). Profit margin: 8.3% (up from 6.1% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Dec 02
Upcoming dividend of NT$0.38 per share Eligible shareholders must have bought the stock before 09 December 2021. Payment date: 14 January 2022. Trailing yield: 4.2%. Lower than top quartile of Taiwanese dividend payers (5.1%). Higher than average of industry peers (3.0%). Upcoming Dividend • Dec 02
Upcoming dividend of NT$0.38 per share Eligible shareholders must have bought the stock before 09 December 2021. Payment date: 14 January 2022. Trailing yield: 4.2%. Lower than top quartile of Taiwanese dividend payers (5.1%). Higher than average of industry peers (3.0%). Reported Earnings • Nov 09
Third quarter 2021 earnings released: EPS NT$1.02 (vs NT$0.65 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$5.47b (up 34% from 3Q 2020). Net income: NT$703.4m (up 69% from 3Q 2020). Profit margin: 13% (up from 10% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$0.49 (vs NT$0.35 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$4.90b (up 19% from 2Q 2020). Net income: NT$337.6m (up 51% from 2Q 2020). Profit margin: 6.9% (up from 5.4% in 2Q 2020). The increase in margin was driven by higher revenue. 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 41% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Aug 02
Upcoming dividend of NT$1.02 per share Eligible shareholders must have bought the stock before 09 August 2021. Payment date: 01 September 2021. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (3.0%). Valuation Update With 7 Day Price Move • May 14
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$31.45, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 166% over the past three years. Reported Earnings • May 08
First quarter 2021 earnings released: EPS NT$0.36 (vs NT$0.23 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$4.59b (up 21% from 1Q 2020). Net income: NT$237.0m (up 58% from 1Q 2020). Profit margin: 5.2% (up from 4.0% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Mar 19
Chang Wah Electromaterials Inc., Annual General Meeting, Jun 17, 2021 Chang Wah Electromaterials Inc., Annual General Meeting, Jun 17, 2021. Reported Earnings • Mar 18
Full year 2020 earnings released: EPS NT$1.56 (vs NT$1.72 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: NT$16.4b (up 6.2% from FY 2019). Net income: NT$997.3m (down 9.2% from FY 2019). Profit margin: 6.1% (down from 7.1% in FY 2019). 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 but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 18
Investor sentiment improved over the past week After last week's 21% share price gain to NT$38.10, the stock is trading at a trailing P/E ratio of 24.8x, up from the previous P/E ratio of 20.5x. 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 235%. Is New 90 Day High Low • Feb 17
New 90-day high: NT$34.65 The company is up 49% from its price of NT$23.20 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$32.15 The company is up 45% from its price of NT$22.20 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. Upcoming Dividend • Dec 10
Upcoming Dividend of NT$0.26 Per Share Will be paid on the 15th of January to those who are registered shareholders by the 17th of December. The trailing yield of 4.2% is below the top quartile of Taiwanese dividend payers (5.1%), but it is higher than industry peers (3.3%). Is New 90 Day High Low • Dec 09
New 90-day high: NT$30.90 The company is up 60% from its price of NT$19.30 on 10 September 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 12% over the same period. Valuation Update With 7 Day Price Move • Nov 30
Market bids up stock over the past week After last week's 21% share price gain to NT$29.15, the stock is trading at a trailing P/E ratio of 19x, up from the previous P/E ratio of 15.6x. 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 161%. Reported Earnings • Nov 10
Third quarter 2020 earnings released: EPS NT$0.65 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$4.08b (down 2.6% from 3Q 2019). Net income: NT$415.2m (up 28% from 3Q 2019). Profit margin: 10% (up from 7.7% in 3Q 2019). The increase in margin was driven by lower 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 15% per year.