New Risk • May 13
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (25% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • May 13
First quarter 2026 earnings released: EPS: NT$3.00 (vs NT$0.63 in 1Q 2025) First quarter 2026 results: EPS: NT$3.00 (up from NT$0.63 in 1Q 2025). Revenue: NT$1.43b (up 51% from 1Q 2025). Net income: NT$357.1m (up NT$297.9m from 1Q 2025). Profit margin: 25% (up from 6.3% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 34% per year whereas the company’s share price has fallen by 32% per year. Announcement • Mar 11
Alexander Marine Co., Ltd., Annual General Meeting, Jun 08, 2026 Alexander Marine Co., Ltd., Annual General Meeting, Jun 08, 2026, at 10:30 Taipei Standard Time. Location: 1 floor no,1, chin fu rd., cianjhen district, kaohsiung city Taiwan