Reported Earnings • May 12
First quarter 2026 earnings released: EPS: NT$0.48 (vs NT$1.04 in 1Q 2025) First quarter 2026 results: EPS: NT$0.48 (down from NT$1.04 in 1Q 2025). Revenue: NT$283.7m (down 6.7% from 1Q 2025). Net income: NT$15.2m (down 54% from 1Q 2025). Profit margin: 5.3% (down from 11% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • May 06
Koge Micro Tech Co., Ltd. announces Annual dividend, payable on August 07, 2026 Koge Micro Tech Co., Ltd. announced Annual dividend of TWD 2.0000 per share payable on August 07, 2026, ex-date on July 16, 2026 and record date on July 17, 2026. Reported Earnings • Mar 17
Full year 2025 earnings released: EPS: NT$2.01 (vs NT$2.81 in FY 2024) Full year 2025 results: EPS: NT$2.01 (down from NT$2.81 in FY 2024). Revenue: NT$1.22b (up 3.9% from FY 2024). Net income: NT$63.5m (down 28% from FY 2024). Profit margin: 5.2% (down from 7.6% 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 9% per year whereas the company’s share price has fallen by 12% per year. Announcement • Mar 16
Koge Micro Tech Co., Ltd., Annual General Meeting, Jun 18, 2026 Koge Micro Tech Co., Ltd., Annual General Meeting, Jun 18, 2026. Location: b2 floor no,716, chung cheng rd., jhonghe district, new taipei city Taiwan New Risk • Nov 13
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 123% Cash payout ratio: 252% Dividend yield: 4.7% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain 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: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 123% Cash payout ratio: 252% Earnings have declined by 22% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (4.5% net profit margin). Market cap is less than US$100m (NT$1.35b market cap, or US$43.4m). Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: NT$0.45 (vs NT$1.10 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.45 (down from NT$1.10 in 3Q 2024). Revenue: NT$283.6m (down 21% from 3Q 2024). Net income: NT$14.2m (down 59% from 3Q 2024). Profit margin: 5.0% (down from 9.7% in 3Q 2024). The decrease in margin was driven by lower 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 11% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 17
Second quarter 2025 earnings released: NT$0.34 loss per share (vs NT$0.73 profit in 2Q 2024) Second quarter 2025 results: NT$0.34 loss per share (down from NT$0.73 profit in 2Q 2024). Revenue: NT$290.6m (down 7.8% from 2Q 2024). Net loss: NT$10.8m (down 147% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: NT$1.03 (vs NT$0.50 in 1Q 2024) First quarter 2025 results: EPS: NT$1.03 (up from NT$0.50 in 1Q 2024). Revenue: NT$304.1m (up 26% from 1Q 2024). Net income: NT$32.7m (up 109% from 1Q 2024). Profit margin: 11% (up from 6.5% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 17
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 24 April 2025. Payment date: 16 May 2025. Payout ratio is a comfortable 71% but the company is paying out more than the cash it is generating. Trailing yield: 4.4%. Lower than top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (3.2%). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$42.75, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 17x in the Machinery industry in Taiwan. Total loss to shareholders of 25% over the past three years. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$2.81 (vs NT$1.06 in FY 2023) Full year 2024 results: EPS: NT$2.81 (up from NT$1.06 in FY 2023). Revenue: NT$1.17b (up 12% from FY 2023). Net income: NT$88.7m (up 167% from FY 2023). Profit margin: 7.6% (up from 3.2% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Declared Dividend • Mar 15
Dividend reduced to NT$2.00 Dividend of NT$2.00 is 20% lower than last year. Ex-date: 24th April 2025 Payment date: 16th May 2025 Dividend yield will be 3.8%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (105% earnings payout ratio) nor is it adequately covered by cash flows (99% cash payout ratio). The dividend has decreased over the past 76 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 16% to bring the payout ratio under control. However, EPS has declined by 12% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$1.10 (vs NT$0.93 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.10 (up from NT$0.93 in 3Q 2023). Revenue: NT$358.3m (up 11% from 3Q 2023). Net income: NT$34.8m (up 20% from 3Q 2023). Profit margin: 9.7% (in line with 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.73 (vs NT$0.25 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.73 (up from NT$0.25 in 2Q 2023). Revenue: NT$315.1m (up 13% from 2Q 2023). Net income: NT$22.9m (up 188% from 2Q 2023). Profit margin: 7.3% (up from 2.8% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 43% 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. Buy Or Sell Opportunity • Aug 12
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 3.8% to NT$55.10. The fair value is estimated to be NT$44.30, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Earnings per share has declined by 41%. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.50 (vs NT$0.18 loss in 1Q 2023) First quarter 2024 results: EPS: NT$0.50 (up from NT$0.18 loss in 1Q 2023). Revenue: NT$241.2m (up 16% from 1Q 2023). Net income: NT$15.6m (up NT$21.3m from 1Q 2023). Profit margin: 6.5% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 11
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 18 April 2024. Payment date: 17 May 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 4.4%. Lower than top quartile of Taiwanese dividend payers (4.5%). Higher than average of industry peers (2.5%). Reported Earnings • Mar 26
Full year 2023 earnings released: EPS: NT$1.06 (vs NT$4.76 in FY 2022) Full year 2023 results: EPS: NT$1.06 (down from NT$4.76 in FY 2022). Revenue: NT$1.04b (down 20% from FY 2022). Net income: NT$33.2m (down 78% from FY 2022). Profit margin: 3.2% (down from 12% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 33% 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. Announcement • Mar 21
Koge Micro Tech Co., Ltd., Annual General Meeting, Jun 20, 2024 Koge Micro Tech Co., Ltd., Annual General Meeting, Jun 20, 2024. New Risk • Nov 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 46% 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: Major Risks Dividend is not well covered by earnings and cash flows. Dividend per share is over 5x earnings per share. Cash payout ratio: 174% Earnings have declined by 8.3% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.0% net profit margin). Market cap is less than US$100m (NT$1.75b market cap, or US$55.3m). New Risk • Aug 10
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.5% Last year net profit margin: 13% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 250% Cash payout ratio: 172% Earnings have declined by 4.9% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (4.5% net profit margin). Market cap is less than US$100m (NT$1.79b market cap, or US$56.4m). Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: NT$0.25 (vs NT$1.94 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.25 (down from NT$1.94 in 2Q 2022). Revenue: NT$279.9m (down 29% from 2Q 2022). Net income: NT$7.94m (down 87% from 2Q 2022). Profit margin: 2.8% (down from 15% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 5% per year. Upcoming Dividend • Apr 13
Upcoming dividend of NT$3.80 per share at 5.9% yield Eligible shareholders must have bought the stock before 20 April 2023. Payment date: 19 May 2023. Payout ratio is on the higher end at 80%, however this is supported by cash flows. Trailing yield: 5.9%. Within top quartile of Taiwanese dividend payers (5.7%). Higher than average of industry peers (3.0%). Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$1.80 (vs NT$1.49 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.80 (up from NT$1.49 in 3Q 2021). Revenue: NT$343.5m (down 12% from 3Q 2021). Net income: NT$56.6m (up 22% from 3Q 2021). Profit margin: 17% (up from 12% in 3Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$1.80 (vs NT$1.49 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.80 (up from NT$1.49 in 3Q 2021). Revenue: NT$343.5m (down 12% from 3Q 2021). Net income: NT$56.6m (up 22% from 3Q 2021). Profit margin: 17% (up from 12% in 3Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 07
Second quarter 2022 earnings released: EPS: NT$2.03 (vs NT$1.17 in 2Q 2021) Second quarter 2022 results: EPS: NT$2.03 (up from NT$1.17 in 2Q 2021). Revenue: NT$396.5m (up 8.8% from 2Q 2021). Net income: NT$60.6m (up 75% from 2Q 2021). Profit margin: 15% (up from 9.5% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • May 06
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: NT$1.44 (up from NT$1.03 in 1Q 2021). Revenue: NT$329.2m (up 27% from 1Q 2021). Net income: NT$42.4m (up 39% from 1Q 2021). Profit margin: 13% (up from 12% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 1% per year. Upcoming Dividend • Apr 04
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 11 April 2022. Payment date: 13 May 2022. Payout ratio is on the higher end at 80%, however this is supported by cash flows. Trailing yield: 5.5%. Lower than top quartile of Taiwanese dividend payers (5.6%). Higher than average of industry peers (3.1%). Announcement • Apr 02
Koge Micro Tech Co., Ltd., Annual General Meeting, Jun 22, 2022 Koge Micro Tech Co., Ltd., Annual General Meeting, Jun 22, 2022. Upcoming Dividend • Aug 17
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 24 August 2021. Payment date: 15 September 2021. Trailing yield: 5.9%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (2.7%). Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$1.17 (vs NT$1.26 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$364.5m (up 27% from 2Q 2020). Net income: NT$34.6m (down 7.8% from 2Q 2020). Profit margin: 9.5% (down from 13% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 12% per year. Reported Earnings • May 09
First quarter 2021 earnings released: EPS NT$1.03 (vs NT$0.52 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$259.2m (up 68% from 1Q 2020). Net income: NT$30.6m (up 99% from 1Q 2020). Profit margin: 12% (up from 10.0% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 11% per year. Reported Earnings • Mar 24
Full year 2020 earnings released: EPS NT$4.93 (vs NT$4.58 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: NT$1.19b (up 6.2% from FY 2019). Net income: NT$146.3m (up 7.2% from FY 2019). Profit margin: 12% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 11% per year. Is New 90 Day High Low • Feb 17
New 90-day high: NT$71.00 The company is up 1.0% from its price of NT$70.00 on 19 November 2020. The Taiwanese market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 13% over the same period. Is New 90 Day High Low • Dec 31
New 90-day low: NT$67.80 The company is down 3.0% from its price of NT$70.20 on 30 September 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 18% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$2.25 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$414.1m (up 34% from 3Q 2019). Net income: NT$66.4m (up 60% from 3Q 2019). Profit margin: 16% (up from 14% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings.