Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to NT$24.90, the stock trades at a trailing P/E ratio of 15.8x. Average trailing P/E is 26x in the Machinery industry in Taiwan. Total returns to shareholders of 110% over the past three years. Upcoming Dividend • Jul 20
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 27 July 2026. Payment date: 25 August 2026. Payout ratio is on the higher end at 76% but the company is not cash flow positive. Trailing yield: 4.0%. Lower than top quartile of Taiwanese dividend payers (5.1%). Higher than average of industry peers (1.8%). 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$41.50, the stock trades at a trailing P/E ratio of 26.4x. Average trailing P/E is 27x in the Machinery industry in Taiwan. Total returns to shareholders of 237% over the past three years. New Risk • May 09
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 31% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (31% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (3.2% net profit margin). Market cap is less than US$100m (NT$1.42b market cap, or US$45.3m). Valuation Update With 7 Day Price Move • May 04
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$38.80, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 31x in the Machinery industry in Taiwan. Total returns to shareholders of 215% over the past three years. Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: NT$2.12 (vs NT$1.09 in FY 2024) Full year 2025 results: EPS: NT$2.12 (up from NT$1.09 in FY 2024). Revenue: NT$1.98b (up 82% from FY 2024). Net income: NT$80.7m (up 95% from FY 2024). Profit margin: 4.1% (up from 3.8% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 50% per year, which means it is significantly lagging earnings growth. Announcement • Mar 10
Taiwan Benefit Company, Annual General Meeting, Jun 26, 2026 Taiwan Benefit Company, Annual General Meeting, Jun 26, 2026. Location: 4 floor no,2-1, sec.1 chi nan rd., taipei city Taiwan New Risk • Feb 06
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: 1.8% 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. Profit margins are more than 30% lower than last year (3.4% net profit margin). Market cap is less than US$100m (NT$1.72b market cap, or US$54.4m). New Risk • Nov 21
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). Profit margins are more than 30% lower than last year (3.4% net profit margin). Market cap is less than US$100m (NT$1.84b market cap, or US$58.6m). Reported Earnings • Nov 05
Third quarter 2025 earnings released: EPS: NT$0.33 (vs NT$0.22 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.33 (up from NT$0.22 in 3Q 2024). Revenue: NT$456.9m (up 71% from 3Q 2024). Net income: NT$12.6m (up 51% from 3Q 2024). Profit margin: 2.8% (down from 3.1% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 68% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 12
Second quarter 2025 earnings released: EPS: NT$0.017 (vs NT$0.50 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.017 (down from NT$0.50 in 2Q 2024). Revenue: NT$303.6m (up 18% from 2Q 2024). Net income: NT$655.0k (down 97% from 2Q 2024). Profit margin: 0.2% (down from 7.4% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has only increased by 81% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 05
Upcoming dividend of NT$0.80 per share Eligible shareholders must have bought the stock before 12 August 2025. Payment date: 10 September 2025. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (2.8%). Declared Dividend • Jul 10
Dividend increased to NT$0.80 Dividend of NT$0.80 is 300% higher than last year. Ex-date: 12th August 2025 Payment date: 10th September 2025 Dividend yield will be 1.2%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is well covered by both earnings (47% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 3.4% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 26% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$0.16 (vs NT$0.47 loss in 1Q 2024) First quarter 2025 results: EPS: NT$0.16 (up from NT$0.47 loss in 1Q 2024). Revenue: NT$273.5m (up 249% from 1Q 2024). Net income: NT$5.91m (up NT$23.8m from 1Q 2024). Profit margin: 2.2% (up from net loss in 1Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 83% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$61.00, the stock trades at a trailing P/E ratio of 56x. Average trailing P/E is 17x in the Machinery industry in Taiwan. Total returns to shareholders of 411% over the past three years. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$46.65, the stock trades at a trailing P/E ratio of 42.8x. Average trailing P/E is 16x in the Machinery industry in Taiwan. Total returns to shareholders of 283% over the past three years. Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$61.60, the stock trades at a trailing P/E ratio of 56.5x. Average trailing P/E is 20x in the Machinery industry in Taiwan. Total returns to shareholders of 402% over the past three years. Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$1.09 (vs NT$0.12 loss in FY 2023) Full year 2024 results: EPS: NT$1.09 (up from NT$0.12 loss in FY 2023). Revenue: NT$1.09b (up 81% from FY 2023). Net income: NT$41.5m (up NT$46.0m from FY 2023). Profit margin: 3.8% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has increased by 79% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 11
Taiwan Benefit Company, Annual General Meeting, Jun 19, 2025 Taiwan Benefit Company, Annual General Meeting, Jun 19, 2025. Location: 4 floor no,2-1, sec.1 chi nan rd., taipei city Taiwan Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$64.80, the stock trades at a trailing P/E ratio of 58.7x. Average trailing P/E is 21x in the Machinery industry in Taiwan. Total returns to shareholders of 445% over the past three years. Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$43.85, the stock trades at a trailing P/E ratio of 39.7x. Average trailing P/E is 19x in the Machinery industry in Taiwan. Total returns to shareholders of 263% over the past three years. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$36.85, the stock trades at a trailing P/E ratio of 33.4x. Average trailing P/E is 20x in the Machinery industry in Taiwan. Total returns to shareholders of 197% over the past three years. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.22 (vs NT$0.41 loss in 3Q 2023) Third quarter 2024 results: EPS: NT$0.22 (up from NT$0.41 loss in 3Q 2023). Revenue: NT$267.3m (up 189% from 3Q 2023). Net income: NT$8.34m (up NT$23.7m from 3Q 2023). Profit margin: 3.1% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Sep 03
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 70% to NT$40.90. The fair value is estimated to be NT$33.44, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.0% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Aug 19
Now 31% overvalued after recent price rise Over the last 90 days, the stock has risen 187% to NT$43.75. The fair value is estimated to be NT$33.28, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.0% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.50 (vs NT$0.20 loss in 2Q 2023) Second quarter 2024 results: EPS: NT$0.50 (up from NT$0.20 loss in 2Q 2023). Revenue: NT$256.5m (up 58% from 2Q 2023). Net income: NT$18.9m (up NT$26.5m from 2Q 2023). Profit margin: 7.4% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 25
Upcoming dividend of NT$0.20 per share Eligible shareholders must have bought the stock before 01 August 2024. Payment date: 30 August 2024. Trailing yield: 0.5%. Lower than top quartile of Taiwanese dividend payers (4.3%). Lower than average of industry peers (2.4%). New Risk • Jun 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 6.9% 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 (6.9% average weekly change). Market cap is less than US$100m (NT$1.01b market cap, or US$31.3m). Reported Earnings • May 19
First quarter 2024 earnings released: NT$0.47 loss per share (vs NT$0.37 loss in 1Q 2023) First quarter 2024 results: NT$0.47 loss per share (further deteriorated from NT$0.37 loss in 1Q 2023). Revenue: NT$78.5m (down 7.0% from 1Q 2023). Net loss: NT$17.9m (loss widened 26% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • Apr 03
Taiwan Benefit Company, Annual General Meeting, Jun 24, 2024 Taiwan Benefit Company, Annual General Meeting, Jun 24, 2024. Reported Earnings • Mar 21
Full year 2023 earnings released: NT$0.12 loss per share (vs NT$0.55 loss in FY 2022) Full year 2023 results: NT$0.12 loss per share (improved from NT$0.55 loss in FY 2022). Revenue: NT$601.4m (up 3.3% from FY 2022). Net loss: NT$4.56m (loss narrowed 78% from FY 2022). 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 5% per year, which means it is well ahead of earnings. New Risk • Nov 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 5.4% 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: Minor Risks Share price has been volatile over the past 3 months (5.4% average weekly change). Market cap is less than US$100m (NT$563.0m market cap, or US$17.8m). Reported Earnings • Aug 17
Second quarter 2023 earnings released: NT$0.20 loss per share (vs NT$0.24 loss in 2Q 2022) Second quarter 2023 results: NT$0.20 loss per share (improved from NT$0.24 loss in 2Q 2022). Revenue: NT$162.7m (down 3.0% from 2Q 2022). Net loss: NT$7.61m (loss narrowed 17% from 2Q 2022). 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. 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. 11 experienced directors. No highly experienced directors. 2 independent directors (7 non-independent directors). was the last director to join the board, commencing their role in . 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 • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.11 (vs NT$0.28 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$0.11 (up from NT$0.28 loss in 3Q 2021). Revenue: NT$100.8m (down 15% from 3Q 2021). Net income: NT$4.20m (up NT$14.8m from 3Q 2021). Profit margin: 4.2% (up from net loss in 3Q 2021). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 27
Upcoming dividend of NT$0.25 per share Eligible shareholders must have bought the stock before 04 October 2022. Payment date: 01 November 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (7.0%). Lower than average of industry peers (3.7%). Reported Earnings • Aug 15
Second quarter 2022 earnings released: NT$0.24 loss per share (vs NT$0.23 loss in 2Q 2021) Second quarter 2022 results: NT$0.24 loss per share (down from NT$0.23 loss in 2Q 2021). Revenue: NT$167.7m (flat on 2Q 2021). Net loss: NT$9.18m (loss widened 7.3% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging 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. 11 experienced directors. No highly experienced directors. 2 independent directors (7 non-independent directors). was the last director to join the board, commencing their role in . 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 • Mar 30
Full year 2021 earnings released: EPS: NT$0.27 (vs NT$0.47 in FY 2020) Full year 2021 results: EPS: NT$0.27 (down from NT$0.47 in FY 2020). Revenue: NT$715.1m (up 41% from FY 2020). Net income: NT$10.2m (down 43% from FY 2020). Profit margin: 1.4% (down from 3.5% in FY 2020). Over the last 3 years on average, earnings per share has increased by 42% 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 • Nov 13
Third quarter 2021 earnings released: NT$0.28 loss per share (vs NT$0.19 loss in 3Q 2020) The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: NT$118.4m (down 12% from 3Q 2020). Net loss: NT$10.6m (loss widened 47% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 23
Upcoming dividend of NT$0.30 per share Eligible shareholders must have bought the stock before 30 September 2021. Payment date: 29 October 2021. Trailing yield: 2.5%. Lower than top quartile of Taiwanese dividend payers (5.3%). In line with average of industry peers (2.6%). Reported Earnings • Aug 18
Second quarter 2021 earnings released: NT$0.22 loss per share (vs NT$1.92 profit in 2Q 2020) The company reported a mediocre second quarter result with weaker earnings and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: NT$168.1m (up 82% from 2Q 2020). Net loss: NT$8.55m (down 112% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 17
First quarter 2021 earnings released: EPS NT$0.03 (vs NT$0.77 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$218.8m (up 202% from 1Q 2020). Net income: NT$1.16m (up NT$30.3m from 1Q 2020). Profit margin: 0.5% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improved over the past week After last week's 22% share price gain to NT$18.50, the stock trades at a trailing P/E ratio of 39.5x. Average trailing P/E is 19x in the Machinery industry in Taiwan. Total returns to shareholders of 54% over the past three years. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improved over the past week After last week's 22% share price gain to NT$16.20, the stock trades at a trailing P/E ratio of 34.5x. Average trailing P/E is 20x in the Machinery industry in Taiwan. Total returns to shareholders of 15% over the past three years. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$0.47 (vs NT$1.62 loss in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: NT$506.8m (flat on FY 2019). Net income: NT$17.8m (up NT$79.5m from FY 2019). Profit margin: 3.5% (up from net loss in FY 2019). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Jan 29
New 90-day low: NT$11.20 The company is down 3.0% from its price of NT$11.60 on 30 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 22% over the same period. Is New 90 Day High Low • Dec 22
New 90-day high: NT$12.55 The company is up 13% from its price of NT$11.10 on 24 September 2020. The Taiwanese market is also up 13% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Machinery industry, which is up 16% over the same period. Reported Earnings • Nov 13
Third quarter 2020 earnings released: NT$0.19 loss per share The company reported a solid third quarter result with reduced losses and improved revenues and control over expenses. Third quarter 2020 results: Revenue: NT$134.6m (up 7.7% from 3Q 2019). Net loss: NT$7.21m (loss narrowed 46% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. 
