New Risk • Jun 05
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 9.3% 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 Earnings have declined by 55% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.3% average weekly change). Market cap is less than US$100m (NT$2.28b market cap, or US$72.5m). Reported Earnings • May 12
First quarter 2026 earnings released: EPS: NT$0.30 (vs NT$0.11 loss in 1Q 2025) First quarter 2026 results: EPS: NT$0.30 (up from NT$0.11 loss in 1Q 2025). Revenue: NT$316.7m (up 6.9% from 1Q 2025). Net income: NT$17.2m (up NT$23.5m from 1Q 2025). Profit margin: 5.4% (up from net loss in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 1% per year. Reported Earnings • Mar 25
Full year 2025 earnings released: NT$0.97 loss per share (vs NT$0.30 loss in FY 2024) Full year 2025 results: NT$0.97 loss per share (further deteriorated from NT$0.30 loss in FY 2024). Revenue: NT$1.20b (up 1.2% from FY 2024). Net loss: NT$55.8m (loss widened 280% from FY 2024). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Mar 16
Feng Ching Metal Corporation, Annual General Meeting, Jun 23, 2026 Feng Ching Metal Corporation, Annual General Meeting, Jun 23, 2026, at 09:00 Taipei Standard Time. Location: 30- floor no,38, hsin kuang rd., lingya district, kaohsiung city Taiwan New Risk • Dec 04
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 6.4% 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$110m free cash flow). Earnings have declined by 54% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (NT$1.10b market cap, or US$35.0m). Reported Earnings • Nov 12
Third quarter 2025 earnings released: NT$0.004 loss per share (vs NT$0.40 loss in 3Q 2024) Third quarter 2025 results: NT$0.004 loss per share (improved from NT$0.40 loss in 3Q 2024). Revenue: NT$279.8m (down 4.5% from 3Q 2024). Net loss: NT$251.0k (loss narrowed 99% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 17
Second quarter 2025 earnings released: NT$0.97 loss per share (vs NT$0.61 profit in 2Q 2024) Second quarter 2025 results: NT$0.97 loss per share (down from NT$0.61 profit in 2Q 2024). Revenue: NT$303.8m (down 9.5% from 2Q 2024). Net loss: NT$55.6m (down 293% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has fallen by 1% per year. Reported Earnings • May 15
First quarter 2025 earnings released: NT$0.11 loss per share (vs NT$0.028 profit in 1Q 2024) First quarter 2025 results: NT$0.11 loss per share (down from NT$0.028 profit in 1Q 2024). Revenue: NT$296.2m (up 36% from 1Q 2024). Net loss: NT$6.23m (down NT$7.53m from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has increased by 1% per year. Reported Earnings • Mar 30
Full year 2024 earnings released: NT$0.30 loss per share (vs NT$0.54 loss in FY 2023) Full year 2024 results: NT$0.30 loss per share (improved from NT$0.54 loss in FY 2023). Revenue: NT$1.19b (up 34% from FY 2023). Net loss: NT$14.7m (loss narrowed 42% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Mar 18
Feng Ching Metal Corporation, Annual General Meeting, Jun 25, 2025 Feng Ching Metal Corporation, Annual General Meeting, Jun 25, 2025, at 09:00 Taipei Standard Time. Location: 30- floor no,38, hsin kuang rd., lingya district, kaohsiung city Taiwan New Risk • Mar 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 6.1% 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$137m free cash flow). Earnings have declined by 23% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (NT$1.27b market cap, or US$38.6m). New Risk • Jan 03
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 22% 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 Risks Less than 1 year of cash runway based on free cash flow trend (-NT$137m free cash flow). Earnings have declined by 23% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (NT$1.02b market cap, or US$31.0m). New Risk • Dec 09
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$137m 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 Risks Less than 1 year of cash runway based on free cash flow trend (-NT$137m free cash flow). Earnings have declined by 23% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$921.5m market cap, or US$28.4m). Reported Earnings • Nov 18
Third quarter 2024 earnings released: NT$0.40 loss per share (vs NT$0.24 profit in 3Q 2023) Third quarter 2024 results: NT$0.40 loss per share (down from NT$0.24 profit in 3Q 2023). Revenue: NT$292.8m (up 30% from 3Q 2023). Net loss: NT$18.9m (down 269% from profit in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.61 (vs NT$0.38 loss in 2Q 2023) Second quarter 2024 results: EPS: NT$0.61 (up from NT$0.38 loss in 2Q 2023). Revenue: NT$335.8m (up 51% from 2Q 2023). Net income: NT$28.8m (up NT$46.8m from 2Q 2023). Profit margin: 8.6% (up from net loss in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.03 (vs NT$0.12 in 1Q 2023) First quarter 2024 results: EPS: NT$0.03 (down from NT$0.12 in 1Q 2023). Revenue: NT$218.2m (up 5.8% from 1Q 2023). Net income: NT$1.30m (down 77% from 1Q 2023). Profit margin: 0.6% (down from 2.7% in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 107 percentage points per year, which is a significant difference in performance. New Risk • Apr 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 6.7% 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 Earnings have declined by 9.3% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (NT$1.05b market cap, or US$32.4m). Reported Earnings • Apr 03
Full year 2023 earnings released: NT$0.54 loss per share (vs NT$1.57 loss in FY 2022) Full year 2023 results: NT$0.54 loss per share (improved from NT$1.57 loss in FY 2022). Revenue: NT$887.4m (down 4.3% from FY 2022). Net loss: NT$25.4m (loss narrowed 65% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Announcement • Mar 30
Feng Ching Metal Corporation, Annual General Meeting, Jun 20, 2024 Feng Ching Metal Corporation, Annual General Meeting, Jun 20, 2024. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$0.24 (vs NT$0.36 loss in 3Q 2022) Third quarter 2023 results: EPS: NT$0.24 (up from NT$0.36 loss in 3Q 2022). Revenue: NT$224.5m (down 2.4% from 3Q 2022). Net income: NT$11.2m (up NT$28.0m from 3Q 2022). Profit margin: 5.0% (up from net loss in 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. New Risk • Oct 04
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 6.0% 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 Earnings have declined by 5.3% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Market cap is less than US$100m (NT$765.5m market cap, or US$23.7m). New Risk • Aug 14
New major risk - Revenue and earnings growth Earnings have declined by 5.3% 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 5.3% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$847.9m market cap, or US$26.5m). Reported Earnings • Aug 13
Second quarter 2023 earnings released: NT$0.38 loss per share (vs NT$0.53 loss in 2Q 2022) Second quarter 2023 results: NT$0.38 loss per share (improved from NT$0.53 loss in 2Q 2022). Revenue: NT$222.0m (down 2.1% from 2Q 2022). Net loss: NT$17.9m (loss narrowed 27% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Reported Earnings • Nov 16
Third quarter 2022 earnings released: NT$0.36 loss per share (vs NT$0.084 profit in 3Q 2021) Third quarter 2022 results: NT$0.36 loss per share (down from NT$0.084 profit in 3Q 2021). Revenue: NT$230.0m (down 9.3% from 3Q 2021). Net loss: NT$16.8m (down NT$20.6m from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Third quarter 2022 earnings released: NT$0.36 loss per share (vs NT$0.084 profit in 3Q 2021) Third quarter 2022 results: NT$0.36 loss per share (down from NT$0.084 profit in 3Q 2021). Revenue: NT$230.0m (down 9.3% from 3Q 2021). Net loss: NT$16.8m (down NT$20.6m from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 16
Second quarter 2022 earnings released: NT$0.53 loss per share (vs NT$0.60 profit in 2Q 2021) Second quarter 2022 results: NT$0.53 loss per share (down from NT$0.60 profit in 2Q 2021). Revenue: NT$226.7m (down 13% from 2Q 2021). Net loss: NT$24.6m (down 189% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 05
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 12 July 2022. Payment date: 05 August 2022. Trailing yield: 5.6%. Lower than top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (3.8%). Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.23 (vs NT$1.49 in 1Q 2021) First quarter 2022 results: EPS: NT$0.23 (down from NT$1.49 in 1Q 2021). Revenue: NT$210.5m (down 2.3% from 1Q 2021). Net income: NT$10.8m (down 84% from 1Q 2021). Profit margin: 5.2% (down from 32% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 107% 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 13
Third quarter 2021 earnings released: EPS NT$0.08 (vs NT$0.27 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$253.6m (up 19% from 3Q 2020). Net income: NT$3.87m (down 69% from 3Q 2020). Profit margin: 1.5% (down from 5.8% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 113% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$0.60 (vs NT$0.084 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$260.0m (up 55% from 2Q 2020). Net income: NT$27.7m (up NT$23.8m from 2Q 2020). Profit margin: 11% (up from 2.3% 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 80% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improved over the past week After last week's 22% share price gain to NT$23.15, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 16x in the Electrical industry in Taiwan. Total returns to shareholders of 81% over the past three years. Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorated over the past week After last week's 21% share price decline to NT$16.40, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 13x in the Electrical industry in Taiwan. Total returns to shareholders of 26% over the past three years. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$1.49 (vs NT$0.33 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$215.4m (up 54% from 1Q 2020). Net income: NT$68.2m (up NT$83.4m from 1Q 2020). Profit margin: 32% (up from net loss in 1Q 2020). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$0.10 (vs NT$0.22 loss in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$754.4m (down 16% from FY 2019). Net income: NT$5.50m (up NT$15.7m from FY 2019). Profit margin: 0.7% (up from net loss in FY 2019). The move to profitability 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 83 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 01
New 90-day high: NT$20.00 The company is up 36% from its price of NT$14.75 on 03 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 8.0% over the same period. Is New 90 Day High Low • Jan 21
New 90-day low: NT$14.05 The company is down 5.0% from its price of NT$14.75 on 23 October 2020. The Taiwanese market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 8.0% over the same period. Upcoming Dividend • Dec 31
Upcoming Dividend of NT$2.00 Per Share Will be paid on the 22nd of January to those who are registered shareholders by the 7th of January. The company last paid an ordinary dividend in May 2012. The average dividend yield among industry peers is 3.3%. Is New 90 Day High Low • Dec 09
New 90-day high: NT$12.75 The company is up 28% from its price of NT$9.99 on 11 September 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 7.0% over the same period. Is New 90 Day High Low • Nov 24
New 90-day high: NT$12.60 The company is up 40% from its price of NT$9.00 on 26 August 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 6.0% over the same period. Reported Earnings • Nov 04
Third quarter 2020 earnings released: EPS NT$0.21 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$212.5m (down 10% from 3Q 2019). Net income: NT$12.3m (up NT$23.0m from 3Q 2019). Profit margin: 5.8% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 87% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Oct 12
New 90-day high: NT$12.50 The company is up 49% from its price of NT$8.40 on 14 July 2020. The Taiwanese market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 11% over the same period. Is New 90 Day High Low • Sep 22
New 90-day high: NT$11.50 The company is up 41% from its price of NT$8.15 on 24 June 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 15% over the same period.