Upcoming Dividend • 8h
Upcoming dividend of NT$0.20 per share Eligible shareholders must have bought the stock before 25 August 2026. Payment date: 29 September 2026. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of Taiwanese dividend payers (5.1%). Lower than average of industry peers (4.4%). Reported Earnings • Aug 16
Second quarter 2026 earnings released: EPS: NT$0.61 (vs NT$0.96 loss in 2Q 2025) Second quarter 2026 results: EPS: NT$0.61 (up from NT$0.96 loss in 2Q 2025). Revenue: NT$240.6m (up 7.7% from 2Q 2025). Net income: NT$36.3m (up NT$93.9m from 2Q 2025). Profit margin: 15% (up from net loss in 2Q 2025). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 30% 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. New Risk • Aug 15
New major risk - Revenue and earnings growth Earnings have declined by 3.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 3.5% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (6.8% net profit margin). Market cap is less than US$100m (NT$1.89b market cap, or US$59.1m). 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$46.35, the stock trades at a trailing P/E ratio of 46.7x. Average trailing P/E is 20x in the Auto Components industry in Taiwan. Total returns to shareholders of 1.2% over the past three years. Reported Earnings • May 13
First quarter 2026 earnings released: EPS: NT$0.76 (vs NT$0.30 in 1Q 2025) First quarter 2026 results: EPS: NT$0.76 (up from NT$0.30 in 1Q 2025). Revenue: NT$245.4m (up 39% from 1Q 2025). Net income: NT$45.6m (up 154% from 1Q 2025). Profit margin: 19% (up from 10% 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 46% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$36.05, the stock trades at a trailing P/E ratio of 68.1x. Average trailing P/E is 18x in the Auto Components industry in Taiwan. Total returns to shareholders of 40% over the past three years. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$33.30, the stock trades at a trailing P/E ratio of 62.9x. Average trailing P/E is 18x in the Auto Components industry in Taiwan. Total returns to shareholders of 30% over the past three years. Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: NT$0.53 (vs NT$2.09 in FY 2024) Full year 2025 results: EPS: NT$0.53 (down from NT$2.09 in FY 2024). Revenue: NT$802.5m (up 1.3% from FY 2024). Net income: NT$31.6m (down 74% from FY 2024). Profit margin: 3.9% (down from 16% 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 43% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Mar 11
Man Zai Industrial Co., Ltd., Annual General Meeting, May 25, 2026 Man Zai Industrial Co., Ltd., Annual General Meeting, May 25, 2026, at 09:00 Taipei Standard Time. Location: 2 floor no,78, shen yih s. rd., gueiren district, tainan city Taiwan New Risk • Dec 23
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 6.3% 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: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 335% Cash payout ratio: 160% Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Profit margins are more than 30% lower than last year (2.3% net profit margin). Market cap is less than US$100m (NT$1.89b market cap, or US$59.9m). Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: NT$0.57 (vs NT$0.12 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.57 (up from NT$0.12 in 3Q 2024). Revenue: NT$183.8m (up 1.1% from 3Q 2024). Net income: NT$34.1m (up 398% from 3Q 2024). Profit margin: 19% (up from 3.8% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Aug 13
Second quarter 2025 earnings released: NT$0.96 loss per share (vs NT$0.73 profit in 2Q 2024) Second quarter 2025 results: NT$0.96 loss per share (down from NT$0.73 profit in 2Q 2024). Revenue: NT$223.4m (down 3.7% from 2Q 2024). Net loss: NT$57.6m (down 234% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 10
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 17 July 2025. Payment date: 15 August 2025. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (4.8%). Announcement • Jun 20
Man Zai Industrial Co., Ltd. Announces Cash Dividend, Payable on August 15, 2025 Man Zai Industrial Co., Ltd. announced cash dividend of TWD 1.0 per share. Ex-rights (Ex-dividend) record date is July 25, 2025. Payment date of cash dividend distribution is August 15, 2025. Ex-rights (Ex-dividend) date: July 17, 2025. Announcement • May 01
Man Zai Industrial Co., Ltd. to Report Q1, 2025 Results on May 08, 2025 Man Zai Industrial Co., Ltd. announced that they will report Q1, 2025 results on May 08, 2025 New Risk • Apr 30
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 8.8% 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 (8.8% average weekly change). Market cap is less than US$100m (NT$2.00b market cap, or US$62.6m). Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$34.05, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 16x in the Auto Components industry in Taiwan. Total returns to shareholders of 115% over the past three years. Reported Earnings • Apr 24
Full year 2024 earnings released: EPS: NT$2.09 (vs NT$2.29 in FY 2023) Full year 2024 results: EPS: NT$2.09 (down from NT$2.29 in FY 2023). Revenue: NT$792.0m (down 5.3% from FY 2023). Net income: NT$123.6m (down 8.4% from FY 2023). Profit margin: 16% (in line with FY 2023). 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 20% per year. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$28.40, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 15x in the Auto Components industry in Taiwan. Total returns to shareholders of 72% over the past three years. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to NT$30.30, the stock trades at a trailing P/E ratio of 17.7x. Average trailing P/E is 18x in the Auto Components industry in Taiwan. Total returns to shareholders of 81% over the past three years. Announcement • Mar 07
Man Zai Industrial Co., Ltd., Annual General Meeting, May 23, 2025 Man Zai Industrial Co., Ltd., Annual General Meeting, May 23, 2025, at 09:00 Taipei Standard Time. Location: 2 floor no,78, shen yih s. rd., gueiren district, tainan city Taiwan Announcement • Feb 26
Man Zai Industrial Co., Ltd. to Report Fiscal Year 2024 Results on Mar 05, 2025 Man Zai Industrial Co., Ltd. announced that they will report fiscal year 2024 results on Mar 05, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.12 (vs NT$0.76 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.12 (down from NT$0.76 in 3Q 2023). Revenue: NT$181.7m (up 3.8% from 3Q 2023). Net income: NT$6.85m (down 85% from 3Q 2023). Profit margin: 3.8% (down from 26% 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 27% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Nov 01
Now 21% overvalued Over the last 90 days, the stock has fallen 5.3% to NT$46.80. The fair value is estimated to be NT$38.68, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.0% over the last 3 years. Earnings per share has grown by 40%. Announcement • Oct 29
Man Zai Industrial Co., Ltd. to Report Q3, 2024 Results on Nov 05, 2024 Man Zai Industrial Co., Ltd. announced that they will report Q3, 2024 results on Nov 05, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.77 (vs NT$0.97 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.77 (down from NT$0.97 in 2Q 2023). Revenue: NT$232.0m (down 9.4% from 2Q 2023). Net income: NT$43.1m (down 21% from 2Q 2023). Profit margin: 19% (down from 21% 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 40% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Aug 15
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 22 August 2024. Payment date: 26 September 2024. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Taiwanese dividend payers (4.4%). Lower than average of industry peers (3.3%). Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$44.60, the stock trades at a trailing P/E ratio of 16.7x. Average trailing P/E is 17x in the Auto Components industry in Taiwan. Total returns to shareholders of 178% over the past three years. Announcement • Jul 27
Man Zai Industrial Co., Ltd. to Report Q2, 2024 Results on Aug 05, 2024 Man Zai Industrial Co., Ltd. announced that they will report Q2, 2024 results on Aug 05, 2024 New Risk • Jul 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.17b (US$97.6m) 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. Share price has been volatile over the past 3 months (8.3% average weekly change). Market cap is less than US$100m (NT$3.17b market cap, or US$97.6m). Announcement • May 30
Man Zai Industrial Co., Ltd. Appoints Chien,Tzu-Hsun as Director Man Zai Industrial Co., Ltd. announced the appointment of CHIEN,TZU-HSUN as Director at its shareholders meeting held on May 28, 2024. Resume of the new position holder: Special Assistant to the Chairman, Man Zai Industrial Co., Ltd. Effective date of the new appointment: May 28, 2024. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$64.40, the stock trades at a trailing P/E ratio of 24.1x. Average trailing P/E is 20x in the Auto Components industry in Taiwan. Total returns to shareholders of 332% over the past three years. Reported Earnings • May 20
First quarter 2024 earnings released: EPS: NT$0.89 (vs NT$0.63 in 1Q 2023) First quarter 2024 results: EPS: NT$0.89 (up from NT$0.63 in 1Q 2023). Revenue: NT$193.1m (down 11% from 1Q 2023). Net income: NT$50.1m (up 43% from 1Q 2023). Profit margin: 26% (up from 16% 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 49% per year but the company’s share price has increased by 56% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 18
Man Zai Industrial Co., Ltd. Announces Dividend Distribution for the Year Ended December 31, 2023 Man Zai Industrial Co., Ltd. announced to change the dividend distribution for the year ended December 31, 2023. Appropriations of earnings in cash dividends to shareholders of TWD 1.0 per share. Total amount of cash dividends to shareholders of TWD 56,046,000. Date of the board of directors resolution is April 16, 2024. New Risk • Apr 10
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 8.2% 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 (8.2% 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$3.00b market cap, or US$93.9m). Reported Earnings • Mar 16
Full year 2023 earnings released: EPS: NT$2.41 (vs NT$2.49 in FY 2022) Full year 2023 results: EPS: NT$2.41 (down from NT$2.49 in FY 2022). Revenue: NT$836.1m (down 13% from FY 2022). Net income: NT$134.8m (down 3.5% from FY 2022). Profit margin: 16% (up from 14% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Announcement • Mar 05
Man Zai Industrial Co., Ltd., Annual General Meeting, May 28, 2024 Man Zai Industrial Co., Ltd., Annual General Meeting, May 28, 2024. Location: 11F, NO.189, Sec.1,Yongfu Road Tainan Cathay Landmark Tainan City Taiwan Agenda: To consider 2023 business report; to consider report on 2023 employees' and directors' remuneration; to consider report on 2023 profit distribution and cash dividend; to consider acknowledgment of the 2023 business report and financial statements; to consider acknowledgment of the 2023 earnings distribution; to consider amendment to the rules of procedure for shareholder meetings; to consider by-election of one director; to consider discussion to approve the lifting of non-competition restrictions for new director; and to consider other issues. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$58.30, the stock trades at a trailing P/E ratio of 29.7x. Average trailing P/E is 23x in the Auto Components industry in Taiwan. Total returns to shareholders of 267% over the past three years. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$49.50, the stock trades at a trailing P/E ratio of 25.2x. Average trailing P/E is 22x in the Auto Components industry in Taiwan. Total returns to shareholders of 224% over the past three years. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$45.30, the stock trades at a trailing P/E ratio of 23.1x. Average trailing P/E is 20x in the Auto Components industry in Taiwan. Total returns to shareholders of 198% over the past three years. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$46.90, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 17x in the Auto Components industry in Taiwan. Total returns to shareholders of 185% over the past three years. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$39.15, the stock trades at a trailing P/E ratio of 15.2x. Average trailing P/E is 16x in the Auto Components industry in Taiwan. Total returns to shareholders of 145% over the past three years. Valuation Update With 7 Day Price Move • Aug 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$49.70, the stock trades at a trailing P/E ratio of 19.3x. Average trailing P/E is 16x in the Auto Components industry in Taiwan. Total returns to shareholders of 220% over the past three years. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: NT$0.97 (vs NT$0.93 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.97 (up from NT$0.93 in 2Q 2022). Revenue: NT$256.0m (down 2.1% from 2Q 2022). Net income: NT$54.3m (up 4.8% from 2Q 2022). Profit margin: 21% (up from 20% 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 88% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. New Risk • Jul 19
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.08b (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: Major Risk Share price has been highly volatile over the past 3 months (10% 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$3.08b market cap, or US$99.1m). Upcoming Dividend • Jul 12
Upcoming dividend of NT$1.20 per share at 2.1% yield Eligible shareholders must have bought the stock before 19 July 2023. Payment date: 15 August 2023. Trailing yield: 2.1%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.1%). Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$68.80, the stock trades at a trailing P/E ratio of 27.6x. Average trailing P/E is 17x in the Auto Components industry in Taiwan. Total returns to shareholders of 382% over the past three years. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$62.40, the stock trades at a trailing P/E ratio of 25x. Average trailing P/E is 18x in the Auto Components industry in Taiwan. Total returns to shareholders of 343% over the past three years. Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$36.30, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 16x in the Auto Components industry in Taiwan. Total returns to shareholders of 155% over the past three years. Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: NT$2.49 (vs NT$0.53 in FY 2021) Full year 2022 results: EPS: NT$2.49 (up from NT$0.53 in FY 2021). Revenue: NT$964.1m (up 4.0% from FY 2021). Net income: NT$139.7m (up 367% from FY 2021). Profit margin: 14% (up from 3.2% in FY 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$29.25, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 15x in the Auto Components industry in Taiwan. Total returns to shareholders of 86% over the past three years. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$1.40 (vs NT$0.18 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.40 (up from NT$0.18 in 3Q 2021). Revenue: NT$295.5m (up 11% from 3Q 2021). Net income: NT$78.6m (up NT$68.3m from 3Q 2021). Profit margin: 27% (up from 3.9% in 3Q 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$1.40 (vs NT$0.18 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.40 (up from NT$0.18 in 3Q 2021). Revenue: NT$295.5m (up 11% from 3Q 2021). Net income: NT$78.6m (up NT$68.3m from 3Q 2021). Profit margin: 27% (up from 3.9% in 3Q 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 82% 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 • Nov 07
Investor sentiment improved over the past week After last week's 18% share price gain to NT$25.60, the stock trades at a trailing P/E ratio of 15.5x. Average trailing P/E is 15x in the Auto Components industry in Taiwan. Total returns to shareholders of 46% over the past three years. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$21.55, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 17x in the Auto Components industry in Taiwan. Total returns to shareholders of 16% over the past three years. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.92 (vs NT$0.18 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.92 (up from NT$0.18 in 2Q 2021). Revenue: NT$261.5m (up 3.0% from 2Q 2021). Net income: NT$51.8m (up 415% from 2Q 2021). Profit margin: 20% (up from 4.0% in 2Q 2021). The increase in margin was primarily driven by lower expenses. 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 16% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment improved over the past week After last week's 26% share price gain to NT$29.25, the stock trades at a trailing P/E ratio of 32.4x. Average trailing P/E is 20x in the Auto Components industry in Taiwan. Total returns to shareholders of 52% over the past three years. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improved over the past week After last week's 20% share price gain to NT$24.35, the stock trades at a trailing P/E ratio of 26.9x. Average trailing P/E is 19x in the Auto Components industry in Taiwan. Total returns to shareholders of 34% over the past three years. Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$19.60, the stock trades at a trailing P/E ratio of 21.7x. Average trailing P/E is 20x in the Auto Components industry in Taiwan. Total returns to shareholders of 7.1% over the past three years. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improved over the past week After last week's 23% share price gain to NT$24.65, the stock trades at a trailing P/E ratio of 27.3x. Average trailing P/E is 20x in the Auto Components industry in Taiwan. Total returns to shareholders of 34% over the past three years. Valuation Update With 7 Day Price Move • May 23
Investor sentiment improved over the past week After last week's 15% share price gain to NT$19.85, the stock trades at a trailing P/E ratio of 22x. Average trailing P/E is 19x in the Auto Components industry in Taiwan. Total returns to shareholders of 4.3% over the past three years. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.59 (vs NT$0.22 in 1Q 2021) First quarter 2022 results: EPS: NT$0.59 (up from NT$0.22 in 1Q 2021). Revenue: NT$221.6m (up 8.6% from 1Q 2021). Net income: NT$33.3m (up 165% from 1Q 2021). Profit margin: 15% (up from 6.2% in 1Q 2021). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 29% 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 • Nov 15
Third quarter 2021 earnings released: EPS NT$0.18 (vs NT$0.12 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$265.6m (up 6.8% from 3Q 2020). Net income: NT$10.3m (up 50% from 3Q 2020). Profit margin: 3.9% (up from 2.8% in 3Q 2020). 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 65 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improved over the past week After last week's 25% share price gain to NT$21.20, the stock trades at a trailing P/E ratio of 38.7x. Average trailing P/E is 17x in the Auto Components industry in Taiwan. Total returns to shareholders of 27% over the past three years. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improved over the past week After last week's 24% share price gain to NT$20.90, the stock trades at a trailing P/E ratio of 38.2x. Average trailing P/E is 17x in the Auto Components industry in Taiwan. Total loss to shareholders of 2.3% over the past three years. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.18 (vs NT$0.078 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$253.8m (up 33% from 2Q 2020). Net income: NT$10.1m (up 129% from 2Q 2020). Profit margin: 4.0% (up from 2.3% in 2Q 2020). 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 53 percentage points per year, which is a significant difference in performance. Reported Earnings • May 17
First quarter 2021 earnings released: EPS NT$0.22 (vs NT$0.031 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$204.0m (up 1.1% from 1Q 2020). Net income: NT$12.6m (up NT$14.3m from 1Q 2020). Profit margin: 6.2% (up from net loss in 1Q 2020). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 52% 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. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$0.19 (vs NT$0.32 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$811.1m (down 12% from FY 2019). Net income: NT$10.7m (down 42% from FY 2019). Profit margin: 1.3% (down from 2.0% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Mar 16
Man Zai Industrial Co., Ltd., Annual General Meeting, May 31, 2021 Man Zai Industrial Co., Ltd., Annual General Meeting, May 31, 2021. Is New 90 Day High Low • Feb 25
New 90-day high: NT$16.35 The company is up 6.0% from its price of NT$15.45 on 27 November 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 7.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.12 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$248.8m (up 9.0% from 3Q 2019). Net income: NT$6.86m (up 11% from 3Q 2019). Profit margin: 2.8% (up from 2.7% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 18% 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. Is New 90 Day High Low • Oct 08
New 90-day high: NT$16.80 The company is up 13% from its price of NT$14.90 on 10 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto Components industry, which is flat over the same period. 
