New Risk • May 14
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 9.1% 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: Major Risks Less than 1 year of cash runway based on free cash flow trend (-NT$58m free cash flow). Negative equity (-NT$19m). Minor Risks Share price has been volatile over the past 3 months (9.1% average weekly change). Revenue is less than US$5m (NT$120m revenue, or US$4.0m). Market cap is less than US$100m (NT$522.2m market cap, or US$17.3m). New Risk • May 08
New major risk - Negative shareholders equity The company has negative equity. Total equity: -NT$19m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-NT$58m free cash flow). Negative equity (-NT$19m). Minor Risks Revenue is less than US$5m (NT$120m revenue, or US$3.9m). Market cap is less than US$100m (NT$467.4m market cap, or US$15.4m). Announcement • Apr 01
TopGreen Technology Co., Ltd., Annual General Meeting, Jun 20, 2025 TopGreen Technology Co., Ltd., Annual General Meeting, Jun 20, 2025, at 09:00 Taipei Standard Time. Location: no,18 ln.412, sec.1 chieh shou rd., sansia district, new taipei city Taiwan New Risk • Mar 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. 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: Major Risks Less than 1 year of cash runway based on free cash flow trend (-NT$32m free cash flow). Share price has been highly volatile over the past 3 months (8.9% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Revenue is less than US$5m (NT$131m revenue, or US$4.0m). Market cap is less than US$100m (NT$576.4m market cap, or US$17.5m). New Risk • Jan 03
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: Major Risk Less than 1 year of cash runway based on free cash flow trend (-NT$32m free cash flow). 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 (7.0% increase in shares outstanding). Revenue is less than US$5m (NT$131m revenue, or US$4.0m). Market cap is less than US$100m (NT$634.7m market cap, or US$19.3m). New Risk • Oct 23
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.0% 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: Major Risk Less than 1 year of cash runway based on free cash flow trend (-NT$32m free cash flow). Minor Risks Shareholders have been diluted in the past year (7.0% increase in shares outstanding). Revenue is less than US$5m (NT$131m revenue, or US$4.1m). Market cap is less than US$100m (NT$525.1m market cap, or US$16.4m). New Risk • Aug 18
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -NT$32m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-NT$32m free cash flow). Minor Risks Share price has been volatile over the past 3 months (8.2% average weekly change). Revenue is less than US$5m (NT$131m revenue, or US$4.1m). Market cap is less than US$100m (NT$454.8m market cap, or US$14.1m). Reported Earnings • Apr 28
Full year 2023 earnings released: NT$1.68 loss per share (vs NT$0.32 profit in FY 2022) Full year 2023 results: NT$1.68 loss per share (down from NT$0.32 profit in FY 2022). Revenue: NT$112.0m (down 25% from FY 2022). Net loss: NT$90.6m (down NT$107.7m from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Mar 20
TopGreen Technology Co., Ltd., Annual General Meeting, Jun 21, 2024 TopGreen Technology Co., Ltd., Annual General Meeting, Jun 21, 2024. Location: No.18, Ln. 412, Sec. 1, Jieshou Rd.,Sanxia Dist., New Taipei City New Taipei City Taiwan Agenda: To discuss the 2023 business report and financial statements; to discuss the Proposal for 2023 deficit compensation; and to discuss other matters. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$10.35, the stock trades at a trailing P/E ratio of 60.8x. Average trailing P/E is 22x in the Machinery industry in Taiwan. Total loss to shareholders of 47% over the past three years. New Risk • Mar 01
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: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (29% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Share price has been volatile over the past 3 months (6.7% average weekly change). Revenue is less than US$5m (NT$111m revenue, or US$3.5m). Market cap is less than US$100m (NT$517.9m market cap, or US$16.4m). Valuation Update With 7 Day Price Move • Sep 18
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$12.30, the stock trades at a trailing P/E ratio of 72.3x. Average trailing P/E is 18x in the Machinery industry in Taiwan. Total returns to shareholders of 74% over the past three years. Valuation Update With 7 Day Price Move • Aug 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$11.65, the stock trades at a trailing P/E ratio of 36.6x. Average trailing P/E is 17x in the Machinery industry in Taiwan. Total returns to shareholders of 56% over the past three years. 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. 7 highly experienced directors. 1 independent director (9 non-independent directors). Supervisor Yu Lin was the last director to join the board, commencing their role in 2007. 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 • Aug 16
First half 2022 earnings released: NT$0.67 loss per share (vs NT$0.61 loss in 1H 2021) First half 2022 results: NT$0.67 loss per share (down from NT$0.61 loss in 1H 2021). Revenue: NT$82.5m (up 5.3% from 1H 2021). Net loss: NT$36.4m (loss widened 10% from 1H 2021). Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 26% per year. Reported Earnings • May 02
Full year 2021 earnings released: NT$1.23 loss per share (vs NT$2.64 loss in FY 2020) Full year 2021 results: NT$1.23 loss per share (up from NT$2.64 loss in FY 2020). Revenue: NT$150.2m (up 17% from FY 2020). Net loss: NT$66.2m (loss narrowed 54% from FY 2020). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
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. 7 highly experienced directors. 1 independent director (9 non-independent directors). Supervisor Yu Lin was the last director to join the board, commencing their role in 2007. 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 • Apr 28
Full year 2020 earnings released: NT$2.64 loss per share (vs NT$2.02 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: NT$128.2m (down 28% from FY 2019). Net loss: NT$142.6m (loss widened 31% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Mar 06
New 90-day high: NT$16.20 The company is up 33% from its price of NT$12.20 on 04 December 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 12% over the same period. Is New 90 Day High Low • Oct 26
New 90-day high: NT$8.26 The company is up 16% from its price of NT$7.10 on 27 July 2020. The Taiwanese market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 7.0% over the same period. 