Announcement • Apr 09
Power Master Energy Co.,Ltd., Annual General Meeting, Jun 26, 2026 Power Master Energy Co.,Ltd., Annual General Meeting, Jun 26, 2026, at 10:30 Taipei Standard Time. Location: no,542, chung cheng rd., sinjhuang district, new taipei city Taiwan New Risk • Apr 09
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: 1.7% 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: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 46% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). 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$992.4m market cap, or US$31.3m). New Risk • Mar 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 9.5% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. 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). Share price has been highly volatile over the past 3 months (9.5% average weekly change). Earnings have declined by 46% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Market cap is less than US$100m (NT$1.07b market cap, or US$33.7m). New Risk • Mar 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. 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). Earnings have declined by 46% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (9.1% average weekly change). Market cap is less than US$100m (NT$959.6m market cap, or US$30.6m). New Risk • Dec 31
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 8.5% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. 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). Share price has been highly volatile over the past 3 months (8.5% average weekly change). Earnings have declined by 46% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$1.18b market cap, or US$37.6m). New Risk • Dec 15
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.9% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 46% per year over the past 5 years. 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$889.9m market cap, or US$28.5m). New Risk • May 08
New major risk - Revenue and earnings growth Earnings have declined by 23% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 23% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$1.40b market cap, or US$46.3m). New Risk • Apr 10
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 9.0% 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 Risks Interest payments are not well covered by earnings (0.3x net interest cover). High level of non-cash earnings (31% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (9.0% average weekly change). Market cap is less than US$100m (NT$1.44b market cap, or US$43.7m). Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to NT$14.35, the stock trades at a trailing P/E ratio of 21.2x. Average trailing P/E is 16x in the Electrical industry in Taiwan. Total loss to shareholders of 67% over the past three years. Announcement • Mar 28
Power Master II Holdings. Co., Ltd., Annual General Meeting, Jun 25, 2025 Power Master II Holdings. Co., Ltd., Annual General Meeting, Jun 25, 2025, at 10:30 Taipei Standard Time. Location: no,542, chung cheng rd., sinjhuang district, new taipei city Taiwan New Risk • Mar 03
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 Interest payments are not well covered by earnings (0.3x net interest cover). High level of non-cash earnings (31% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (NT$1.54b market cap, or US$46.8m). New Risk • Nov 19
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 7.2% 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 Interest payments are not well covered by earnings (0.3x net interest cover). High level of non-cash earnings (31% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Market cap is less than US$100m (NT$2.06b market cap, or US$63.6m). Upcoming Dividend • Aug 29
Upcoming dividend of NT$0.21 per share Eligible shareholders must have bought the stock before 05 September 2024. Payment date: 16 October 2024. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 0.7%. Lower than top quartile of Taiwanese dividend payers (4.3%). Lower than average of industry peers (2.4%). Declared Dividend • Aug 10
Dividend of NT$0.21 announced Shareholders will receive a dividend of NT$0.21. Ex-date: 5th September 2024 Payment date: 16th October 2024 Dividend yield will be 0.8%, which is lower than the industry average of 3.1%. New Risk • Jun 30
New major risk - Revenue and earnings growth Revenue has declined by 42% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 Interest payments are not well covered by earnings (1.3x net interest cover). Revenue has declined by 42% over the past year. High level of non-cash earnings (21% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). 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$2.49b market cap, or US$76.6m). Announcement • Apr 03
Power Master II Holdings. Co., Ltd., Annual General Meeting, Jun 26, 2024 Power Master II Holdings. Co., Ltd., Annual General Meeting, Jun 26, 2024. Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$35.75, the stock trades at a trailing P/E ratio of 33.3x. Average trailing P/E is 23x in the Electrical industry in Taiwan. Total loss to shareholders of 5.3% over the past year. 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 Interest payments are not well covered by earnings (1.3x net interest cover). High level of non-cash earnings (21% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Paying a dividend despite having no free cash flows. Market cap is less than US$100m (NT$2.48b market cap, or US$78.4m). New Risk • Oct 22
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.3x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.3x net interest cover). High level of non-cash earnings (21% accrual ratio). Minor Risk Market cap is less than US$100m (NT$2.82b market cap, or US$87.1m). Reported Earnings • Aug 16
First half 2023 earnings released: EPS: NT$0.48 (vs NT$1.16 in 1H 2022) First half 2023 results: EPS: NT$0.48 (down from NT$1.16 in 1H 2022). Revenue: NT$1.39b (down 50% from 1H 2022). Net income: NT$36.3m (down 51% from 1H 2022). Profit margin: 2.6% (down from 2.7% in 1H 2022). New Risk • Jun 15
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 12% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). High level of non-cash earnings (33% accrual ratio). Minor Risks Shareholders have been diluted in the past year (17% increase in shares outstanding). Market cap is less than US$100m (NT$3.04b market cap, or US$98.9m). New Risk • Jun 12
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 40% 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 (40% accrual ratio). Minor Risks Shareholders have been diluted in the past year (17% increase in shares outstanding). Market cap is less than US$100m (NT$2.95b market cap, or US$95.9m). Reported Earnings • Aug 15
First half 2022 earnings released First half 2022 results: EPS: NT$1.16. Net income: NT$74.2m (up NT$74.2m from 1H 2021). 
