Upcoming Dividend • Jun 03
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 10 June 2026. Payment date: 08 July 2026. Payout ratio is a comfortable 66% but the company is not cash flow positive. Trailing yield: 5.0%. Within top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (1.7%). Reported Earnings • May 16
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$1.02 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00. Revenue: NT$631.2m (up 5.9% from 1Q 2025). Net income: NT$68.5m (up 60% from 1Q 2025). Profit margin: 11% (up from 7.2% in 1Q 2025). The increase in margin was driven by higher revenue. New Risk • May 16
New major risk - Revenue and earnings growth Earnings have declined by 4.0% 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 Earnings have declined by 4.0% per year over the past 5 years. High level of non-cash earnings (25% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (NT$2.20b market cap, or US$69.7m). Buy Or Sell Opportunity • Apr 29
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 4.2% to NT$47.00. The fair value is estimated to be NT$39.15, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.9% over the last 3 years. Earnings per share has declined by 23%. Reported Earnings • Mar 17
Full year 2025 earnings released: EPS: NT$3.75 (vs NT$6.08 in FY 2024) Full year 2025 results: EPS: NT$3.75 (down from NT$6.08 in FY 2024). Revenue: NT$2.44b (up 1.4% from FY 2024). Net income: NT$168.9m (down 32% from FY 2024). Profit margin: 6.9% (down from 10% in FY 2024). The decrease in margin was driven by higher expenses. New Risk • Mar 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 28% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 98% Paying a dividend despite having no free cash flows. High level of non-cash earnings (28% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (6.9% net profit margin). Market cap is less than US$100m (NT$2.08b market cap, or US$65.1m). Announcement • Mar 10
Spec Products Corp., Annual General Meeting, May 25, 2026 Spec Products Corp., Annual General Meeting, May 25, 2026, at 09:00 Taipei Standard Time. Location: 3 floor no,358, sec.1 tung men rd., east district, tainan city Taiwan Board Change • Mar 02
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. 9 experienced directors. No highly experienced directors. 4 independent directors (5 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 16
Third quarter 2025 earnings released: EPS: NT$1.66 (vs NT$1.52 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.66 (up from NT$1.52 in 3Q 2024). Revenue: NT$603.8m (down 10% from 3Q 2024). Net income: NT$76.5m (up 23% from 3Q 2024). Profit margin: 13% (up from 9.2% in 3Q 2024). The increase in margin was driven by lower expenses. Reported Earnings • Aug 15
Second quarter 2025 earnings released: NT$0.30 loss per share (vs NT$1.71 profit in 2Q 2024) Second quarter 2025 results: NT$0.30 loss per share (down from NT$1.71 profit in 2Q 2024). Revenue: NT$615.4m (up 3.2% from 2Q 2024). Net loss: NT$13.7m (down 120% from profit in 2Q 2024). Upcoming Dividend • Jun 23
Upcoming dividend of NT$3.50 per share Eligible shareholders must have bought the stock before 30 June 2025. Payment date: 18 July 2025. Payout ratio is a comfortable 64% but the company is paying out more than the cash it is generating. Trailing yield: 7.0%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.9%). Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$1.02 (vs NT$1.65 in 1Q 2024) First quarter 2025 results: EPS: NT$1.02 (down from NT$1.65 in 1Q 2024). Revenue: NT$596.0m (up 2.6% from 1Q 2024). Net income: NT$42.9m (down 37% from 1Q 2024). Profit margin: 7.2% (down from 12% in 1Q 2024). The decrease in margin was driven by higher expenses. Reported Earnings • Apr 02
Full year 2024 earnings released: EPS: NT$6.08 (vs NT$5.72 in FY 2023) Full year 2024 results: EPS: NT$6.08 (up from NT$5.72 in FY 2023). Revenue: NT$2.41b (up 5.4% from FY 2023). Net income: NT$248.5m (up 19% from FY 2023). Profit margin: 10% (up from 9.2% in FY 2023). The increase in margin was driven by higher revenue. Buy Or Sell Opportunity • Apr 01
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at NT$54.60. The fair value is estimated to be NT$44.69, 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. Earnings per share has grown by 7.9%. Announcement • Mar 13
Spec Products Corp., Annual General Meeting, Jun 02, 2025 Spec Products Corp., Annual General Meeting, Jun 02, 2025. Location: 3 floor no,358, sec.1 tung men rd., east district, tainan city Taiwan Announcement • Feb 22
Spec Products Corp. has filed a Follow-on Equity Offering. Spec Products Corp. has filed a Follow-on Equity Offering.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 3,713,000
Price(minimum): TWD 33.06 Buy Or Sell Opportunity • Feb 05
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at NT$58.00. The fair value is estimated to be NT$47.57, 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. Earnings per share has grown by 7.9%. Buy Or Sell Opportunity • Dec 11
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 2.3% to NT$58.00. The fair value is estimated to be NT$48.03, 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. Earnings per share has grown by 7.9%. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$1.52 (vs NT$1.37 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.52 (up from NT$1.37 in 3Q 2023). Revenue: NT$671.5m (up 20% from 3Q 2023). Net income: NT$62.0m (up 23% from 3Q 2023). Profit margin: 9.2% (up from 9.0% in 3Q 2023). The increase in margin was driven by higher revenue. Buy Or Sell Opportunity • Nov 13
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 7.2% to NT$57.80. The fair value is estimated to be NT$47.65, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last year. Earnings per share has declined by 11%. Buy Or Sell Opportunity • Oct 28
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to NT$57.90. The fair value is estimated to be NT$48.13, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last year. Earnings per share has declined by 11%. Buy Or Sell Opportunity • Sep 16
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to NT$60.00. The fair value is estimated to be NT$48.63, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last year. Earnings per share has declined by 11%. Reported Earnings • May 02
Full year 2023 earnings released: EPS: NT$5.72 (vs NT$7.52 in FY 2022) Full year 2023 results: EPS: NT$5.72 (down from NT$7.52 in FY 2022). Revenue: NT$2.28b (down 20% from FY 2022). Net income: NT$209.1m (down 24% from FY 2022). Profit margin: 9.2% (in line with FY 2022). Buy Or Sell Opportunity • Apr 26
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at NT$54.80. The fair value is estimated to be NT$45.00, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last year. Earnings per share has grown by 29%. Announcement • Apr 14
Spec Products Corp., Annual General Meeting, Jun 28, 2024 Spec Products Corp., Annual General Meeting, Jun 28, 2024. Buy Or Sell Opportunity • Apr 01
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at NT$50.00. The fair value is estimated to be NT$41.37, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last year. Earnings per share has grown by 29%. Buy Or Sell Opportunity • Mar 08
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at NT$50.20. The fair value is estimated to be NT$41.67, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last year. Earnings per share has grown by 29%. Announcement • Feb 23
Spec Products Corp. has completed an IPO in the amount of TWD 157.5 million. Spec Products Corp. has completed an IPO in the amount of TWD 157.5 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 4,500,000
Price\Range: TWD 35 Buy Or Sell Opportunity • Feb 22
Now 31% overvalued The stock has been flat over the last 90 days, currently trading at NT$54.00. The fair value is estimated to be NT$41.24, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last year. Earnings per share has grown by 29%. 
