Board Change • Aug 06
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Cheng-Hui Chuang was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Jul 01
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 07 July 2026. Payment date: 31 July 2026. 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 (4.9%). Higher than average of industry peers (1.6%). Declared Dividend • Jun 17
Dividend reduced to NT$0.50 Dividend of NT$0.50 is 78% lower than last year. Ex-date: 7th July 2026 Payment date: 31st July 2026 Dividend yield will be 2.1%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (22% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Reported Earnings • May 14
First quarter 2026 earnings released: EPS: NT$0.25 (vs NT$0.49 in 1Q 2025) First quarter 2026 results: EPS: NT$0.25 (down from NT$0.49 in 1Q 2025). Revenue: NT$277.3m (down 31% from 1Q 2025). Net income: NT$15.2m (down 49% from 1Q 2025). Profit margin: 5.5% (down from 7.3% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: NT$0.06 (vs NT$2.51 in FY 2024) Full year 2025 results: EPS: NT$0.06 (down from NT$2.51 in FY 2024). Revenue: NT$1.48b (down 5.0% from FY 2024). Net income: NT$3.41m (down 98% from FY 2024). Profit margin: 0.2% (down from 9.8% in FY 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. Announcement • Mar 10
Rodex Fasteners Corp., Annual General Meeting, Jun 15, 2026 Rodex Fasteners Corp., Annual General Meeting, Jun 15, 2026, at 10:00 Taipei Standard Time. Location: no,29, sung chiang n. rd., jhongli district, taoyuan city Taiwan Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: NT$0.53 (vs NT$0.12 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.53 (up from NT$0.12 loss in 3Q 2024). Revenue: NT$357.5m (down 14% from 3Q 2024). Net income: NT$31.9m (up NT$39.2m from 3Q 2024). Profit margin: 8.9% (up from net loss in 3Q 2024). 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 59 percentage points per year, which is a significant difference in performance. New Risk • Aug 13
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: 1.0% Last year net profit margin: 6.0% 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. Dividend per share is over 8x earnings per share. Paying a dividend despite having no free cash flows. Earnings have declined by 8.0% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (1.0% net profit margin). Market cap is less than US$100m (NT$1.89b market cap, or US$63.2m). Reported Earnings • Aug 13
Second quarter 2025 earnings released: NT$1.37 loss per share (vs NT$0.60 profit in 2Q 2024) Second quarter 2025 results: NT$1.37 loss per share (down from NT$0.60 profit in 2Q 2024). Revenue: NT$409.8m (up 11% from 2Q 2024). Net loss: NT$82.8m (down 329% from profit in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Declared Dividend • Jun 20
Dividend reduced to NT$2.30 Dividend of NT$2.30 is 23% lower than last year. Ex-date: 4th July 2025 Payment date: 30th July 2025 Dividend yield will be 6.6%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (103% 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 decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 14% to bring the payout ratio under control. However, EPS has declined by 1.6% over the last 5 years so the company would need to reverse this trend. Reported Earnings • May 08
First quarter 2025 earnings released: EPS: NT$0.49 (vs NT$0.77 in 1Q 2024) First quarter 2025 results: EPS: NT$0.49 (down from NT$0.77 in 1Q 2024). Revenue: NT$403.2m (up 17% from 1Q 2024). Net income: NT$29.6m (down 36% from 1Q 2024). Profit margin: 7.3% (down from 14% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 62% 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. New Risk • May 08
New major risk - Revenue and earnings growth Earnings have declined by 0.9% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 103% Paying a dividend despite having no free cash flows. Earnings have declined by 0.9% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$2.19b market cap, or US$72.3m). Announcement • Apr 19
Rodex Fasteners Corp. to Report Q1, 2025 Results on May 05, 2025 Rodex Fasteners Corp. announced that they will report Q1, 2025 results on May 05, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$32.90, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 17x in the Machinery industry in Taiwan. Total loss to shareholders of 1.9% over the past three years. Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$2.51 (vs NT$1.34 in FY 2023) Full year 2024 results: EPS: NT$2.51 (up from NT$1.34 in FY 2023). Revenue: NT$1.56b (up 1.7% from FY 2023). Net income: NT$152.4m (up 87% from FY 2023). Profit margin: 9.8% (up from 5.3% in FY 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 51% 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. Buy Or Sell Opportunity • Mar 17
Now 20% undervalued Over the last 90 days, the stock has risen 7.6% to NT$39.15. The fair value is estimated to be NT$48.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 21% over the last 3 years. Earnings per share has declined by 40%. Announcement • Mar 14
Rodex Fasteners Corp., Annual General Meeting, Jun 16, 2025 Rodex Fasteners Corp., Annual General Meeting, Jun 16, 2025, at 10:00 Taipei Standard Time. Location: no,29, sung chiang n. rd., jhongli district, taoyuan city Taiwan Announcement • Mar 01
Rodex Fasteners Corp. to Report Fiscal Year 2024 Results on Mar 10, 2025 Rodex Fasteners Corp. announced that they will report fiscal year 2024 results on Mar 10, 2025 New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$2.24b market cap, or US$69.0m). Reported Earnings • Nov 07
Third quarter 2024 earnings released: NT$0.12 loss per share (vs NT$0.92 profit in 3Q 2023) Third quarter 2024 results: NT$0.12 loss per share (down from NT$0.92 profit in 3Q 2023). Revenue: NT$415.5m (up 1.5% from 3Q 2023). Net loss: NT$7.25m (down 113% from profit in 3Q 2023). 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. Announcement • Oct 24
Rodex Fasteners Corp. to Report Q3, 2024 Results on Nov 04, 2024 Rodex Fasteners Corp. announced that they will report Q3, 2024 results on Nov 04, 2024 Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: NT$0.60 (vs NT$0.91 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.60 (down from NT$0.91 in 2Q 2023). Revenue: NT$370.5m (down 6.9% from 2Q 2023). Net income: NT$36.2m (down 34% from 2Q 2023). Profit margin: 9.8% (down from 14% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Aug 05
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.3% to NT$41.60. The fair value is estimated to be NT$53.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 9.8% over the last 3 years, while earnings per share has been flat. Announcement • Jul 27
Rodex Fasteners Corp. to Report Q2, 2024 Results on Aug 05, 2024 Rodex Fasteners Corp. announced that they will report Q2, 2024 results on Aug 05, 2024 Upcoming Dividend • Jun 28
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 05 July 2024. Payment date: 31 July 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 6.4%. Within top quartile of Taiwanese dividend payers (4.3%). Higher than average of industry peers (2.4%). Reported Earnings • May 15
First quarter 2024 earnings released: EPS: NT$0.76 (vs NT$0.32 in 1Q 2023) First quarter 2024 results: EPS: NT$0.76 (up from NT$0.32 in 1Q 2023). Revenue: NT$343.4m (down 8.3% from 1Q 2023). Net income: NT$46.4m (up 136% from 1Q 2023). Profit margin: 14% (up from 5.3% 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 2% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 28
Rodex Fasteners Corp. to Report Q1, 2024 Results on May 06, 2024 Rodex Fasteners Corp. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 06, 2024 Reported Earnings • Mar 09
Full year 2023 earnings released: EPS: NT$1.34 (vs NT$9.46 in FY 2022) Full year 2023 results: EPS: NT$1.34 (down from NT$9.46 in FY 2022). Revenue: NT$1.54b (down 44% from FY 2022). Net income: NT$81.3m (down 86% from FY 2022). Profit margin: 5.3% (down from 21% 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 19% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Mar 07
Rodex Fasteners Corp., Annual General Meeting, Jun 17, 2024 Rodex Fasteners Corp., Annual General Meeting, Jun 17, 2024. Location: No. 29 Sung Chiang North Rd. Chung Li Ind. Park 32062 Taiwan Taiwan Agenda: To consider the Company's 2023 Business Report; to consider the Company's 2023 employees' profit sharing bonus and Directors' compensation; to consider the Audit Committee's Review Report on the 2023 Financial Statements; and to discuss other matters. Reported Earnings • Nov 08
Third quarter 2023 earnings released: EPS: NT$0.92 (vs NT$4.04 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.92 (down from NT$4.04 in 3Q 2022). Revenue: NT$409.3m (down 49% from 3Q 2022). Net income: NT$55.8m (down 77% from 3Q 2022). Profit margin: 14% (down from 31% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. New Risk • Nov 08
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: 9.2% Last year net profit margin: 22% 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: Minor Risks Dividend is not well covered by earnings (209% payout ratio). Profit margins are more than 30% lower than last year (9.2% net profit margin). Market cap is less than US$100m (NT$2.61b market cap, or US$80.9m). Reported Earnings • Aug 08
Second quarter 2023 earnings released: EPS: NT$0.91 (vs NT$2.56 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.91 (down from NT$2.56 in 2Q 2022). Revenue: NT$398.1m (down 43% from 2Q 2022). Net income: NT$54.9m (down 65% from 2Q 2022). Profit margin: 14% (down from 22% 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 55% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$45.20, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 17x in the Machinery industry in Taiwan. Total returns to shareholders of 74% over the past three years. New Risk • Jun 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$2.82b (US$90.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. 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. Market cap is less than US$100m (NT$2.82b market cap, or US$90.6m). Upcoming Dividend • Jun 22
Upcoming dividend of NT$5.60 per share at 11% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 19 July 2023. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 11%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.0%). Reported Earnings • Mar 24
Full year 2022 earnings released: EPS: NT$9.46 (vs NT$4.10 in FY 2021) Full year 2022 results: EPS: NT$9.46 (up from NT$4.10 in FY 2021). Revenue: NT$2.73b (up 13% from FY 2021). Net income: NT$573.7m (up 131% from FY 2021). Profit margin: 21% (up from 10% in FY 2021). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$62.50, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 12x in the Machinery industry in Taiwan. Total returns to shareholders of 107% over the past three years. Buying Opportunity • Nov 10
Now 21% undervalued Over the last 90 days, the stock is up 25%. The fair value is estimated to be NT$91.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 30%. Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment improved over the past week After last week's 16% share price gain to NT$74.20, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 12x in the Machinery industry in Taiwan. Total returns to shareholders of 148% over the past three years. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improved over the past week After last week's 18% share price gain to NT$58.50, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 14x in the Machinery industry in Taiwan. Total returns to shareholders of 81% over the past three years. Reported Earnings • Aug 10
Second quarter 2022 earnings released: EPS: NT$2.56 (vs NT$0.77 in 2Q 2021) Second quarter 2022 results: EPS: NT$2.56 (up from NT$0.77 in 2Q 2021). Revenue: NT$696.1m (up 19% from 2Q 2021). Net income: NT$155.2m (up 231% from 2Q 2021). Profit margin: 22% (up from 8.0% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 30% 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 • Jun 30
Upcoming dividend of NT$3.50 per share Eligible shareholders must have bought the stock before 07 July 2022. Payment date: 27 July 2022. Payout ratio is a comfortable 59% but the company is not cash flow positive. Trailing yield: 8.2%. Within top quartile of Taiwanese dividend payers (6.4%). Higher than average of industry peers (3.2%). Reported Earnings • May 11
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: NT$2.33 (up from NT$0.45 in 1Q 2021). Revenue: NT$649.3m (up 26% from 1Q 2021). Net income: NT$141.1m (up 412% from 1Q 2021). Profit margin: 22% (up from 5.3% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) missed analyst estimates by 7.6%. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 3% per year. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS NT$1.56 (vs NT$0.23 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$646.5m (up 18% from 3Q 2020). Net income: NT$94.5m (up NT$80.3m from 3Q 2020). Profit margin: 15% (up from 2.6% 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 33% 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 11
Second quarter 2021 earnings released: EPS NT$0.78 (vs NT$0.50 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$585.5m (up 31% from 2Q 2020). Net income: NT$46.9m (up 56% from 2Q 2020). Profit margin: 8.0% (up from 6.7% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 21
Upcoming dividend of NT$1.90 per share Eligible shareholders must have bought the stock before 28 July 2021. Payment date: 12 August 2021. Trailing yield: 5.5%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (2.4%). Reported Earnings • May 11
First quarter 2021 earnings released: EPS NT$0.45 (vs NT$0.63 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$515.2m (down 8.0% from 1Q 2020). Net income: NT$27.6m (down 28% from 1Q 2020). Profit margin: 5.3% (down from 6.9% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 35% 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 • Mar 23
Full year 2020 earnings released: EPS NT$1.94 (vs NT$2.38 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$2.13b (down 12% from FY 2019). Net income: NT$117.5m (down 19% from FY 2019). Profit margin: 5.5% (down from 6.0% 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 28% 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. Is New 90 Day High Low • Jan 18
New 90-day low: NT$31.35 The company is down 4.0% from its price of NT$32.60 on 21 October 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 27% over the same period. Reported Earnings • Nov 10
Third quarter 2020 earnings released: EPS NT$0.23 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$550.0m (down 14% from 3Q 2019). Net income: NT$14.2m (down 68% from 3Q 2019). Profit margin: 2.6% (down from 7.0% 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 21% 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 17
New 90-day high: NT$33.00 The company is up 1.0% from its price of NT$32.60 on 17 July 2020. The Taiwanese market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 4.0% over the same period.