Reported Earnings • Aug 13
Second quarter 2026 earnings: EPS misses analyst expectations Second quarter 2026 results: EPS: NT$0.63 (up from NT$0.99 loss in 2Q 2025). Revenue: NT$1.47b (up 19% from 2Q 2025). Net income: NT$68.8m (up NT$177.0m from 2Q 2025). Profit margin: 4.7% (up from net loss in 2Q 2025). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 28%. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 45% 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 • Jul 24
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$71.40, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 11x in the Auto Components industry in Taiwan. Total returns to shareholders of 32% over the past three years. Major Estimate Revision • Jul 23
Consensus EPS estimates increase by 29%, revenue downgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from NT$6.21b to NT$6.07b. EPS estimate rose from NT$2.71 to NT$3.50. Net income forecast to grow 303% next year vs 38% growth forecast for Auto Components industry in Taiwan. Consensus price target of NT$83.13 unchanged from last update. Share price rose 5.2% to NT$69.30 over the past week. Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$68.40, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 11x in the Auto Components industry in Taiwan. Total returns to shareholders of 11% over the past three years. Reported Earnings • May 19
First quarter 2026 earnings released: EPS: NT$0.37 (vs NT$0.80 in 1Q 2025) First quarter 2026 results: EPS: NT$0.37 (down from NT$0.80 in 1Q 2025). Revenue: NT$1.35b (up 8.2% from 1Q 2025). Net income: NT$40.4m (down 54% from 1Q 2025). Profit margin: 3.0% (down from 7.0% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 6.0% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$66.90, the stock trades at a trailing P/E ratio of 49.3x. Average trailing P/E is 17x in the Auto Components industry in Taiwan. Total returns to shareholders of 33% over the past three years. Upcoming Dividend • Apr 02
Upcoming dividend of NT$0.68 per share Eligible shareholders must have bought the stock before 09 April 2026. Payment date: 13 May 2026. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 2.7%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (4.4%). Declared Dividend • Mar 14
Dividend reduced to NT$0.68 Dividend of NT$0.68 is 55% lower than last year. Ex-date: 9th April 2026 Payment date: 13th May 2026 Dividend yield will be 1.2%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (256% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 4.6% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 185% to bring the payout ratio under control. However, EPS has declined by 1.8% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$1.36 (vs NT$2.56 in FY 2024) Full year 2025 results: EPS: NT$1.36 (down from NT$2.56 in FY 2024). Revenue: NT$4.98b (up 3.7% from FY 2024). Net income: NT$149.0m (down 42% from FY 2024). Profit margin: 3.0% (down from 5.3% 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 53% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$0.94 (vs NT$0.35 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.94 (up from NT$0.35 in 3Q 2024). Revenue: NT$1.27b (down 1.3% from 3Q 2024). Net income: NT$103.6m (up 177% from 3Q 2024). Profit margin: 8.2% (up from 2.9% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Aug 15
Second quarter 2025 earnings released: NT$0.99 loss per share (vs NT$1.15 profit in 2Q 2024) Second quarter 2025 results: NT$0.99 loss per share (down from NT$1.15 profit in 2Q 2024). Revenue: NT$1.24b (down 1.7% from 2Q 2024). Net loss: NT$108.2m (down 203% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Jul 12
First quarter 2025 earnings released: EPS: NT$0.80 (vs NT$1.47 in 1Q 2024) First quarter 2025 results: EPS: NT$0.80 (down from NT$1.47 in 1Q 2024). Revenue: NT$1.25b (up 19% from 1Q 2024). Net income: NT$87.9m (down 35% from 1Q 2024). Profit margin: 7.0% (down from 13% in 1Q 2024). 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 4% per year, which means it is well ahead of earnings. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: NT$0.80 (vs NT$1.47 in 1Q 2024) First quarter 2025 results: EPS: NT$0.80 (down from NT$1.47 in 1Q 2024). Revenue: NT$1.25b (up 19% from 1Q 2024). Net income: NT$87.9m (down 35% from 1Q 2024). Profit margin: 7.0% (down from 13% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Announcement • May 07
GLOBAL TEK FABRICATION CO., Ltd. to Report Q1, 2025 Results on May 14, 2025 GLOBAL TEK FABRICATION CO., Ltd. announced that they will report Q1, 2025 results on May 14, 2025 Upcoming Dividend • Apr 10
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 17 April 2025. Payment date: 14 May 2025. Payout ratio is a comfortable 59% but the company is paying out more than the cash it is generating. Trailing yield: 2.8%. Lower than top quartile of Taiwanese dividend payers (6.1%). Lower than average of industry peers (4.7%). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$55.10, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 15x in the Auto Components industry in Taiwan. Total returns to shareholders of 41% over the past three years. New Risk • Mar 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 26% 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: Minor Risks Dividend is not well covered by cash flows (158% cash payout ratio). Large one-off items impacting financial results. Shareholders have been diluted in the past year (21% increase in shares outstanding). Reported Earnings • Mar 18
Full year 2024 earnings released: EPS: NT$2.56 (vs NT$3.04 in FY 2023) Full year 2024 results: EPS: NT$2.56 (down from NT$3.04 in FY 2023). Revenue: NT$4.80b (up 14% from FY 2023). Net income: NT$256.4m (down 2.2% from FY 2023). Profit margin: 5.3% (down from 6.2% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Declared Dividend • Mar 15
Dividend increased to NT$1.50 Dividend of NT$1.50 is 4.8% higher than last year. Ex-date: 17th April 2025 Payment date: 14th May 2025 Dividend yield will be 1.9%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (52% earnings payout ratio) but not adequately covered by cash flows (98% cash payout ratio). The dividend has increased by an average of 4.6% per year over the past 8 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 42% to shift the payout ratio to a potentially unsustainable range, which is more than the 6.5% EPS decline seen over the last 5 years. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$81.70, the stock trades at a trailing P/E ratio of 33.9x. Average trailing P/E is 18x in the Auto Components industry in Taiwan. Total returns to shareholders of 102% over the past three years. New Risk • Mar 12
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 6.1% 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 Dividend is not well covered by cash flows (98% cash payout ratio). Share price has been volatile over the past 3 months (6.1% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Announcement • Mar 06
GLOBAL TEK FABRICATION CO., Ltd. to Report Fiscal Year 2024 Results on Mar 13, 2025 GLOBAL TEK FABRICATION CO., Ltd. announced that they will report fiscal year 2024 results on Mar 13, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.35 (vs NT$1.47 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.35 (down from NT$1.47 in 3Q 2023). Revenue: NT$1.29b (up 22% from 3Q 2023). Net income: NT$37.5m (down 72% from 3Q 2023). Profit margin: 2.9% (down from 13% 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 1% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Nov 08
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: 1.7% 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: 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 (7.3% average weekly change). Shareholders have been diluted in the past year (24% increase in shares outstanding). Announcement • Nov 02
GLOBAL TEK FABRICATION CO., Ltd. to Report Q3, 2024 Results on Nov 11, 2024 GLOBAL TEK FABRICATION CO., Ltd. announced that they will report Q3, 2024 results on Nov 11, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$1.15 (vs NT$1.01 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.15 (up from NT$1.01 in 2Q 2023). Revenue: NT$1.26b (up 24% from 2Q 2023). Net income: NT$105.5m (up 27% from 2Q 2023). Profit margin: 8.4% (up from 8.1% 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 12% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$74.80, the stock trades at a trailing P/E ratio of 20.4x. Average trailing P/E is 17x in the Auto Components industry in Taiwan. Total returns to shareholders of 76% over the past three years. Announcement • Aug 03
GLOBAL TEK FABRICATION CO., Ltd. to Report Q2, 2024 Results on Aug 12, 2024 GLOBAL TEK FABRICATION CO., Ltd. announced that they will report Q2, 2024 results on Aug 12, 2024 Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$105, the stock trades at a trailing P/E ratio of 28.5x. Average trailing P/E is 19x in the Auto Components industry in Taiwan. Total returns to shareholders of 140% over the past three years. New Risk • Jun 17
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 6.8% 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 Share price has been volatile over the past 3 months (6.8% average weekly change). Shareholders have been diluted in the past year (11% increase in shares outstanding). Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$99.40, the stock trades at a trailing P/E ratio of 27.1x. Average trailing P/E is 20x in the Auto Components industry in Taiwan. Total returns to shareholders of 150% over the past three years. New Risk • Jun 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 33% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Shareholders have been diluted in the past year (11% increase in shares outstanding). Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$63.50, the stock trades at a trailing P/E ratio of 17.3x. Average trailing P/E is 21x in the Auto Components industry in Taiwan. Total returns to shareholders of 50% over the past three years. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$1.47 (vs NT$0.76 in 1Q 2023) First quarter 2024 results: EPS: NT$1.47 (up from NT$0.76 in 1Q 2023). Revenue: NT$1.05b (down 7.6% from 1Q 2023). Net income: NT$134.3m (up 116% from 1Q 2023). Profit margin: 13% (up from 5.5% 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 21% 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 • Apr 18
Upcoming dividend of NT$1.43 per share Eligible shareholders must have bought the stock before 25 April 2024. Payment date: 17 May 2024. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Taiwanese dividend payers (4.6%). Lower than average of industry peers (3.3%). Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: NT$3.04 (vs NT$5.74 in FY 2022) Full year 2023 results: EPS: NT$3.04 (down from NT$5.74 in FY 2022). Revenue: NT$4.21b (down 16% from FY 2022). Net income: NT$262.3m (down 38% from FY 2022). Profit margin: 6.2% (down from 8.5% in FY 2022). 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 fallen by 5% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 16
Dividend reduced to NT$1.44 Dividend of NT$1.44 is 32% lower than last year. Ex-date: 25th April 2024 Payment date: 17th May 2024 Dividend yield will be 2.8%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (57% earnings payout ratio) and cash flows (74% cash payout ratio). The dividend has increased by an average of 11% per year over the past 7 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 37% to shift the payout ratio to a potentially unsustainable range, which is more than the 1.7% EPS decline seen over the last 5 years. Reported Earnings • Aug 29
Second quarter 2023 earnings released: EPS: NT$1.00 (vs NT$1.44 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.00 (down from NT$1.44 in 2Q 2022). Revenue: NT$1.02b (down 8.8% from 2Q 2022). Net income: NT$82.8m (down 20% from 2Q 2022). Profit margin: 8.1% (down from 9.3% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. New Risk • Jul 07
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 8.0% 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 (8.0% average weekly change). Minor Risks Dividend is not well covered by cash flows (187% cash payout ratio). Shareholders have been diluted in the past year (15% increase in shares outstanding). Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$72.60, the stock trades at a trailing P/E ratio of 16.5x. Average forward P/E is 19x in the Auto Components industry in Taiwan. Total returns to shareholders of 107% over the past three years. Upcoming Dividend • Apr 20
Upcoming dividend of NT$2.10 per share at 3.4% yield Eligible shareholders must have bought the stock before 27 April 2023. Payment date: 19 May 2023. Payout ratio is a comfortable 37% but the company is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (5.7%). In line with average of industry peers (3.2%). Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$63.90, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 18x in the Auto Components industry in Taiwan. Total returns to shareholders of 102% over the past three years. Reported Earnings • Mar 30
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: NT$5.74 (up from NT$2.35 in FY 2021). Revenue: NT$4.99b (up 16% from FY 2021). Net income: NT$422.9m (up 154% from FY 2021). Profit margin: 8.5% (up from 3.9% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: NT$2.30 (up from NT$1.07 in 3Q 2021). Revenue: NT$1.36b (up 20% from 3Q 2021). Net income: NT$168.1m (up 119% from 3Q 2021). Profit margin: 12% (up from 6.8% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) also surpassed analyst estimates by 106%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 8.1% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Nov 13
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: NT$2.30 (up from NT$1.07 in 3Q 2021). Revenue: NT$1.36b (up 20% from 3Q 2021). Net income: NT$168.1m (up 119% from 3Q 2021). Profit margin: 12% (up from 6.8% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) also surpassed analyst estimates by 106%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 8.2% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 18
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: NT$1.44 (up from NT$0.29 in 2Q 2021). Revenue: NT$1.12b (up 8.0% from 2Q 2021). Net income: NT$103.6m (up 401% from 2Q 2021). Profit margin: 9.3% (up from 2.0% in 2Q 2021). Revenue exceeded analyst estimates by 9.2%. Earnings per share (EPS) also surpassed analyst estimates by 176%. Over the next year, revenue is forecast to grow 11%, compared to a 16% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 2% per year. Upcoming Dividend • Jul 21
Upcoming dividend of NT$1.18 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 18 August 2022. Payout ratio is a comfortable 51% but the company is not cash flow positive. Trailing yield: 2.4%. Lower than top quartile of Taiwanese dividend payers (6.7%). Lower than average of industry peers (2.8%). Reported Earnings • May 14
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: NT$1.72 (up from NT$0.78 in 1Q 2021). Revenue: NT$1.30b (up 15% from 1Q 2021). Net income: NT$123.2m (up 128% from 1Q 2021). Profit margin: 9.5% (up from 4.8% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.8%. Earnings per share (EPS) also surpassed analyst estimates by 62%. Over the next year, revenue is forecast to grow 9.6%, compared to a 9.7% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Apr 01
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: NT$2.35 (up from NT$1.49 in FY 2020). Revenue: NT$4.31b (up 23% from FY 2020). Net income: NT$166.8m (up 67% from FY 2020). Profit margin: 3.9% (up from 2.8% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) also surpassed analyst estimates by 39%. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$1.07 (vs NT$0.36 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$1.13b (up 24% from 3Q 2020). Net income: NT$76.8m (up 214% from 3Q 2020). Profit margin: 6.8% (up from 2.7% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$0.29 (vs NT$0.13 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$1.04b (up 54% from 2Q 2020). Net income: NT$20.7m (up NT$29.0m from 2Q 2020). Profit margin: 2.0% (up from net loss in 2Q 2020). The move to profitability was 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 3% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 22
Upcoming dividend of NT$1.19 per share Eligible shareholders must have bought the stock before 29 July 2021. Payment date: 18 August 2021. Trailing yield: 2.5%. Lower than top quartile of Taiwanese dividend payers (4.9%). In line with average of industry peers (2.3%). Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.78 (vs NT$0.84 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: NT$1.13b (up 20% from 1Q 2020). Net income: NT$54.1m (down 3.8% from 1Q 2020). Profit margin: 4.8% (down from 5.9% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS NT$1.49 (vs NT$3.29 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$3.52b (down 8.1% from FY 2019). Net income: NT$99.9m (down 54% from FY 2019). Profit margin: 2.8% (down from 5.7% 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 21% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improved over the past week After last week's 24% share price gain to NT$69.30, the stock is trading at a trailing P/E ratio of 49.5x, up from the previous P/E ratio of 40x. This compares to an average P/E of 27x in the Auto Components industry in Taiwan. Total returns to shareholders over the past three years are 11%. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improved over the past week After last week's 21% share price gain to NT$71.30, the stock is trading at a trailing P/E ratio of 51x, up from the previous P/E ratio of 42.3x. This compares to an average P/E of 29x in the Auto Components industry in Taiwan. Total returns to shareholders over the past three years are 1.7%. Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment improved over the past week After last week's 16% share price gain to NT$58.80, the stock is trading at a trailing P/E ratio of 42x, up from the previous P/E ratio of 36.4x. This compares to an average P/E of 29x in the Auto Components industry in Taiwan. Total return to shareholders over the past three years is a loss of 11%. Is New 90 Day High Low • Jan 14
New 90-day high: NT$58.80 The company is up 60% from its price of NT$36.65 on 16 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto Components industry, which is up 18% over the same period. Valuation Update With 7 Day Price Move • Dec 31
Investor sentiment improved over the past week After last week's 17% share price gain to NT$58.00, the stock is trading at a trailing P/E ratio of 41.5x, up from the previous P/E ratio of 35.4x. This compares to an average P/E of 29x in the Auto Components industry in Taiwan. Total return to shareholders over the past three years is a loss of 16%. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment improved over the past week After last week's 15% share price gain to NT$47.30, the stock is trading at a trailing P/E ratio of 33.8x, up from the previous P/E ratio of 29.3x. This compares to an average P/E of 27x in the Auto Components industry in Taiwan. Total return to shareholders over the past three years is a loss of 32%. Is New 90 Day High Low • Dec 17
New 90-day high: NT$42.00 The company is up 13% from its price of NT$37.30 on 18 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto Components industry, which is up 12% over the same period. Is New 90 Day High Low • Nov 24
New 90-day high: NT$38.95 The company is up 6.0% from its price of NT$36.65 on 26 August 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 9.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.36 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$913.8m (down 11% from 3Q 2019). Net income: NT$24.5m (down 68% from 3Q 2019). Profit margin: 2.7% (down from 7.4% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has fallen by 22% per year, which means it is performing significantly worse than earnings. Analyst Estimate Surprise Post Earnings • Nov 15
Revenue and earnings miss expectations Revenue missed analyst estimates by 20%. Earnings per share (EPS) also missed analyst estimates by 72%. Is New 90 Day High Low • Oct 27
New 90-day high: NT$38.30 The company is up 1.0% from its price of NT$38.05 on 29 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 10.0% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: NT$35.80 The company is down 10.0% from its price of NT$39.95 on 24 June 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 2.0% over the same period.