Reported Earnings • May 09
First quarter 2026 earnings released: EPS: NT$0.28 (vs NT$0.037 in 1Q 2025) First quarter 2026 results: EPS: NT$0.28 (up from NT$0.037 in 1Q 2025). Revenue: NT$642.6m (up 27% from 1Q 2025). Net income: NT$20.0m (up NT$17.3m from 1Q 2025). Profit margin: 3.1% (up from 0.5% in 1Q 2025). 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 54 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 14
Full year 2025 earnings released: NT$0.84 loss per share (vs NT$1.21 profit in FY 2024) Full year 2025 results: NT$0.84 loss per share (down from NT$1.21 profit in FY 2024). Revenue: NT$1.86b (down 19% from FY 2024). Net loss: NT$61.2m (down 169% from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Announcement • Mar 13
Aeon Motor Co.,Ltd., Annual General Meeting, Jun 15, 2026 Aeon Motor Co.,Ltd., Annual General Meeting, Jun 15, 2026. Location: 2-1 floor no,26, nan k`o 3rd rd., tainan city Taiwan Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: NT$0.13 (vs NT$1.33 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.13 (down from NT$1.33 in 3Q 2024). Revenue: NT$454.0m (down 50% from 3Q 2024). Net income: NT$9.21m (down 91% from 3Q 2024). Profit margin: 2.0% (down from 11% in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. New Risk • Oct 13
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.8% 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. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 31% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.05b market cap, or US$66.9m). Upcoming Dividend • Sep 16
Upcoming dividend of NT$0.51 per share Eligible shareholders must have bought the stock before 23 September 2025. Payment date: 14 October 2025. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (5.2%). Reported Earnings • Aug 09
Second quarter 2025 earnings released: NT$0.63 loss per share (vs NT$0.10 profit in 2Q 2024) Second quarter 2025 results: NT$0.63 loss per share (down from NT$0.10 profit in 2Q 2024). Revenue: NT$496.1m (up 13% from 2Q 2024). Net loss: NT$45.9m (down NT$53.4m from profit in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Reported Earnings • May 08
First quarter 2025 earnings released: EPS: NT$0.04 (vs NT$0.49 loss in 1Q 2024) First quarter 2025 results: EPS: NT$0.04 (up from NT$0.49 loss in 1Q 2024). Revenue: NT$507.6m (up 11% from 1Q 2024). Net income: NT$2.73m (up NT$38.7m from 1Q 2024). Profit margin: 0.5% (up from net loss in 1Q 2024). The move to profitability 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 60 percentage points per year, which is a significant difference in performance. Announcement • May 01
Aeon Motor Co.,Ltd. to Report Q1, 2025 Results on May 07, 2025 Aeon Motor Co.,Ltd. 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$24.00, the stock trades at a trailing P/E ratio of 19.9x. Average trailing P/E is 11x in the Auto industry in Taiwan. Total loss to shareholders of 55% over the past three years. Reported Earnings • Mar 23
Full year 2024 earnings released: EPS: NT$1.21 (vs NT$0.062 loss in FY 2023) Full year 2024 results: EPS: NT$1.21 (up from NT$0.062 loss in FY 2023). Revenue: NT$2.29b (up 6.8% from FY 2023). Net income: NT$88.1m (up NT$92.6m from FY 2023). Profit margin: 3.8% (up from net loss in FY 2023). The move to profitability 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 67 percentage points per year, which is a significant difference in performance. Announcement • Mar 06
Aeon Motor Co.,Ltd. to Report Q4, 2024 Results on Mar 13, 2025 Aeon Motor Co.,Ltd. announced that they will report Q4, 2024 results on Mar 13, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$1.33 (vs NT$1.20 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.33 (up from NT$1.20 in 3Q 2023). Revenue: NT$909.8m (down 3.9% from 3Q 2023). Net income: NT$97.5m (up 11% from 3Q 2023). Profit margin: 11% (up from 9.3% in 3Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.10 (vs NT$0.14 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.10 (down from NT$0.14 in 2Q 2023). Revenue: NT$439.9m (up 15% from 2Q 2023). Net income: NT$7.47m (down 27% from 2Q 2023). Profit margin: 1.7% (down from 2.7% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Announcement • Aug 02
Aeon Motor Co.,Ltd. to Report Q2, 2024 Results on Aug 08, 2024 Aeon Motor Co.,Ltd. announced that they will report Q2, 2024 results on Aug 08, 2024 New Risk • Jun 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 423,100% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 11% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Market cap is less than US$100m (NT$2.33b market cap, or US$72.0m). Reported Earnings • May 18
First quarter 2024 earnings released: NT$0.49 loss per share (vs NT$0.68 loss in 1Q 2023) First quarter 2024 results: NT$0.49 loss per share (improved from NT$0.68 loss in 1Q 2023). Revenue: NT$457.5m (up 35% from 1Q 2023). Net loss: NT$35.9m (loss narrowed 27% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 55% 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. Reported Earnings • Mar 29
Full year 2023 earnings released: NT$0.06 loss per share (vs NT$3.76 profit in FY 2022) Full year 2023 results: NT$0.06 loss per share (down from NT$3.76 profit in FY 2022). Revenue: NT$2.14b (down 37% from FY 2022). Net loss: NT$4.53m (down 102% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 38% 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. Announcement • Mar 14
Aeon Motor Co.,Ltd., Annual General Meeting, Jun 20, 2024 Aeon Motor Co.,Ltd., Annual General Meeting, Jun 20, 2024. Location: 2F-1, No. 26, Nanke 3rd Rd., Xinshi Dist Tainan City Taiwan Agenda: To consider 2023 Business report; to consider 2023 Audit Committee's Review Report; to consider Amendment to the articles of the ¡§Rules of Procedure for Board of Directors Meetings; and to transact such other business matters. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: NT$1.20 (vs NT$1.23 in 3Q 2022) Third quarter 2023 results: EPS: NT$1.20 (down from NT$1.23 in 3Q 2022). Revenue: NT$946.5m (up 4.6% from 3Q 2022). Net income: NT$87.8m (down 2.5% from 3Q 2022). Profit margin: 9.3% (in line with 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 06
Upcoming dividend of NT$1.50 per share at 4.0% yield Eligible shareholders must have bought the stock before 13 September 2023. Payment date: 13 October 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.0%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (2.5%). New Risk • Aug 14
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 116% Paying a dividend despite having no free cash flows. High level of non-cash earnings (24% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (4.0% net profit margin). Market cap is less than US$100m (NT$2.67b market cap, or US$83.3m). New Risk • Aug 12
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 116% The company is paying a dividend despite having no free cash flows. Dividend yield: 4.1% 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 Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 116% Paying a dividend despite having no free cash flows. Minor Risks Profit margins are more than 30% lower than last year (4.0% net profit margin). Market cap is less than US$100m (NT$2.67b market cap, or US$83.6m). Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: NT$0.14 (vs NT$0.92 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.14 (down from NT$0.92 in 2Q 2022). Revenue: NT$381.9m (down 55% from 2Q 2022). Net income: NT$10.2m (down 85% from 2Q 2022). Profit margin: 2.7% (down from 8.0% in 2Q 2022). The decrease in margin was driven by lower 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 7% per year, which means it is well ahead of earnings. Reported Earnings • Apr 01
Full year 2022 earnings released: EPS: NT$3.76 (vs NT$4.72 in FY 2021) Full year 2022 results: EPS: NT$3.76 (down from NT$4.72 in FY 2021). Revenue: NT$3.38b (down 6.4% from FY 2021). Net income: NT$274.9m (down 22% from FY 2021). Profit margin: 8.1% (down from 9.7% 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 30% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: NT$1.23 (vs NT$1.69 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.23 (down from NT$1.69 in 3Q 2021). Revenue: NT$904.7m (down 16% from 3Q 2021). Net income: NT$90.0m (down 27% from 3Q 2021). Profit margin: 10.0% (down from 12% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 13
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 20 September 2022. Payment date: 14 October 2022. Payout ratio is a comfortable 66% and this is well supported by cash flows. Trailing yield: 6.0%. Lower than top quartile of Taiwanese dividend payers (6.6%). Higher than average of industry peers (5.3%). Reported Earnings • Aug 12
Second quarter 2022 earnings released: EPS: NT$0.92 (vs NT$1.04 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.92 (down from NT$1.04 in 2Q 2021). Revenue: NT$846.0m (up 7.6% from 2Q 2021). Net income: NT$67.3m (down 11% from 2Q 2021). Profit margin: 8.0% (down from 9.6% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 13
First quarter 2022 earnings released: EPS: NT$1.02 (vs NT$1.08 in 1Q 2021) First quarter 2022 results: EPS: NT$1.02 (down from NT$1.08 in 1Q 2021). Revenue: NT$893.9m (up 18% from 1Q 2021). Net income: NT$74.3m (down 7.4% from 1Q 2021). Profit margin: 8.3% (down from 11% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS NT$1.69 (vs NT$1.71 in 3Q 2020) The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: NT$1.08b (down 3.6% from 3Q 2020). Net income: NT$123.4m (down 3.4% from 3Q 2020). Profit margin: 12% (in line with 3Q 2020). 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 15% per year. Upcoming Dividend • Sep 10
Upcoming dividend of NT$2.04 per share Eligible shareholders must have bought the stock before 17 September 2021. Payment date: 18 October 2021. Trailing yield: 5.0%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (6.7%). Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS NT$1.03 (vs NT$0.45 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$785.9m (up 28% from 2Q 2020). Net income: NT$75.7m (up 128% from 2Q 2020). Profit margin: 9.6% (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 13% per year whereas the company’s share price has increased by 15% per year. Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment improved over the past week After last week's 21% share price gain to NT$53.30, the stock trades at a trailing P/E ratio of 16.7x. Average trailing P/E is 13x in the Auto industry in Taiwan. Total returns to shareholders of 86% over the past three years. Reported Earnings • Mar 26
Full year 2020 earnings released: EPS NT$3.19 (vs NT$1.89 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$3.23b (up 34% from FY 2019). Net income: NT$237.5m (up 69% from FY 2019). Profit margin: 7.4% (up from 5.9% in FY 2019). 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 whereas the company’s share price has increased by 9% per year. Is New 90 Day High Low • Jan 04
New 90-day high: NT$37.25 The company is up 17% from its price of NT$31.85 on 07 October 2020. The Taiwanese market is also up 17% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Auto industry, which is up 19% over the same period. Is New 90 Day High Low • Dec 12
New 90-day high: NT$34.05 The company is up 6.0% from its price of NT$32.25 on 11 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto industry, which is up 12% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$1.71 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$1.12b (up 90% from 3Q 2019). Net income: NT$127.7m (up 222% from 3Q 2019). Profit margin: 11% (up from 6.8% 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 3% per year whereas the company’s share price has fallen by 2% per year. Is New 90 Day High Low • Oct 13
New 90-day high: NT$33.35 The company is up 14% from its price of NT$29.23 on 15 July 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto industry, which is up 1.0% over the same period.