Buy Or Sell Opportunity • May 15
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 68% to NT$390. The fair value is estimated to be NT$320, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.6% over the last 3 years. Earnings per share has declined by 34%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 28% per annum over the same time period. Price Target Changed • May 11
Price target increased by 9.1% to NT$310 Up from NT$284, the current price target is an average from 15 analysts. New target price is 12% below last closing price of NT$351. Stock is up 57% over the past year. The company is forecast to post earnings per share of NT$8.80 for next year compared to NT$4.31 last year. Major Estimate Revision • May 09
Consensus EPS estimates increase by 30% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from NT$27.4b to NT$28.4b. EPS estimate increased from NT$6.76 to NT$8.76 per share. Net income forecast to grow 91% next year vs 71% growth forecast for Machinery industry in Taiwan. Consensus price target up from NT$284 to NT$301. Share price rose 2.2% to NT$320 over the past week. New Risk • Apr 15
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 8.4% 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. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Apr 14
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 29% to NT$275. The fair value is estimated to be NT$220, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.6% over the last 3 years. Earnings per share has declined by 34%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 29% per annum over the same time period. Major Estimate Revision • Mar 09
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from NT$26.2b to NT$27.4b. EPS estimate increased from NT$6.18 to NT$6.90 per share. Net income forecast to grow 55% next year vs 54% growth forecast for Machinery industry in Taiwan. Consensus price target up from NT$218 to NT$255. Share price fell 13% to NT$220 over the past week. Announcement • Mar 02
Hiwin Technologies Corporation, Annual General Meeting, May 27, 2026 Hiwin Technologies Corporation, Annual General Meeting, May 27, 2026. Location: 4 floor no,129, an huo rd., taichung city Taiwan Reported Earnings • Feb 27
Full year 2025 earnings released: EPS: NT$4.31 (vs NT$5.57 in FY 2024) Full year 2025 results: EPS: NT$4.31 (down from NT$5.57 in FY 2024). Revenue: NT$24.3b (flat on FY 2024). Net income: NT$1.53b (down 23% from FY 2024). Profit margin: 6.3% (down from 8.1% in FY 2024). Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 34% 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. Price Target Changed • Feb 27
Price target increased by 8.1% to NT$229 Up from NT$211, the current price target is an average from 16 analysts. New target price is approximately in line with last closing price of NT$230. Stock is down 27% over the past year. The company is forecast to post earnings per share of NT$6.28 for next year compared to NT$4.31 last year. Buy Or Sell Opportunity • Feb 25
Now 21% undervalued Over the last 90 days, the stock has risen 20% to NT$226. The fair value is estimated to be NT$286, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.8% over the last 3 years. Earnings per share has declined by 39%. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to grow by 90% in the next 2 years. Buy Or Sell Opportunity • Jan 30
Now 21% undervalued Over the last 90 days, the stock has risen 11% to NT$249. The fair value is estimated to be NT$313, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.8% over the last 3 years. Earnings per share has declined by 39%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 86% in the next 2 years. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$234, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 36x in the Machinery industry in Taiwan. Total returns to shareholders of 22% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$310 per share. New Risk • Nov 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: 5.8% Last year net profit margin: 8.3% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 13
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: NT$1.26 (down from NT$1.88 in 3Q 2024). Revenue: NT$6.00b (down 5.2% from 3Q 2024). Net income: NT$445.9m (down 33% from 3Q 2024). Profit margin: 7.4% (down from 11% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 16%. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Major Estimate Revision • Nov 12
Consensus EPS estimates fall by 23% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$24.5b to NT$24.0b. EPS estimate also fell from NT$5.30 per share to NT$4.08 per share. Net income forecast to grow 20% next year vs 54% growth forecast for Machinery industry in Taiwan. Consensus price target broadly unchanged at NT$217. Share price fell 5.5% to NT$206 over the past week. Buy Or Sell Opportunity • Nov 04
Now 23% undervalued Over the last 90 days, the stock has risen 3.8% to NT$217. The fair value is estimated to be NT$281, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.1% over the last 3 years. Earnings per share has declined by 39%. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to grow by 67% in the next 2 years. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: NT$0.38 (down from NT$1.65 in 2Q 2024). Revenue: NT$5.93b (down 4.2% from 2Q 2024). Net income: NT$135.2m (down 77% from 2Q 2024). Profit margin: 2.3% (down from 9.4% in 2Q 2024). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) also missed analyst estimates by 65%. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Machinery industry in Taiwan. 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 2% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Aug 13
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$25.4b to NT$24.2b. EPS estimate also fell from NT$5.62 per share to NT$4.68 per share. Net income forecast to shrink 5.4% next year vs 38% growth forecast for Machinery industry in Taiwan . Consensus price target down from NT$232 to NT$225. Share price was steady at NT$209 over the past week. Buy Or Sell Opportunity • Aug 06
Now 20% undervalued Over the last 90 days, the stock has risen 2.0% to NT$209. The fair value is estimated to be NT$262, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.6% over the last 3 years. Earnings per share has declined by 38%. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to grow by 37% in the next 2 years. Buy Or Sell Opportunity • Jul 22
Now 21% undervalued Over the last 90 days, the stock has risen 12% to NT$209. The fair value is estimated to be NT$263, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.6% over the last 3 years. Earnings per share has declined by 38%. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to grow by 41% in the next 2 years. Upcoming Dividend • Jul 11
Upcoming dividend of NT$2.40 per share Eligible shareholders must have bought the stock before 17 July 2025. Payment date: 15 August 2025. Payout ratio is a comfortable 41% but the company is paying out more than the cash it is generating. Trailing yield: 1.2%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (2.9%). Buy Or Sell Opportunity • Jul 07
Now 22% undervalued Over the last 90 days, the stock has risen 4.0% to NT$207. The fair value is estimated to be NT$263, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.6% over the last 3 years. Earnings per share has declined by 38%. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to grow by 41% in the next 2 years. Declared Dividend • Jun 27
Dividend reduced to NT$2.40 Dividend of NT$2.40 is 4.0% lower than last year. Ex-date: 17th July 2025 Payment date: 15th August 2025 Dividend yield will be 1.1%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (41% earnings payout ratio) but not covered by cash flows (454% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 67% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 29
Hiwin Technologies Corporation Approves Board Elections Hiwin Technologies Corporation announced at annual general meeting held on May 28, 2025, approved election of Eric Y.T. Chuo, Cheng-Lun Lee and Shou-Yu Chuo as directors and Zheng-He Jiang, Cheng-Yuan Chen and Hui-Show Li as independent directors of the company. Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$242, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 26x in the Machinery industry in Taiwan. Total returns to shareholders of 19% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$178 per share. Price Target Changed • May 12
Price target decreased by 17% to NT$244 Down from NT$295, the current price target is an average from 15 analysts. New target price is 9.0% above last closing price of NT$224. Stock is down 4.9% over the past year. The company is forecast to post earnings per share of NT$5.98 for next year compared to NT$5.57 last year. Reported Earnings • May 12
First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2025 results: EPS: NT$1.36 (up from NT$1.12 in 1Q 2024). Revenue: NT$5.84b (up 6.0% from 1Q 2024). Net income: NT$482.8m (up 22% from 1Q 2024). Profit margin: 8.3% (up from 7.2% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) exceeded analyst estimates by 12%. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Major Estimate Revision • May 10
Consensus EPS estimates fall by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$26.9b to NT$25.9b. EPS estimate also fell from NT$7.66 per share to NT$6.21 per share. Net income forecast to grow 24% next year vs 34% growth forecast for Machinery industry in Taiwan. Consensus price target down from NT$295 to NT$276. Share price fell 7.6% to NT$208 over the past week. Announcement • May 01
Hiwin Technologies Corporation to Report Q1, 2025 Results on May 09, 2025 Hiwin Technologies Corporation announced that they will report Q1, 2025 results on May 09, 2025 Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$223, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 20x in the Machinery industry in Taiwan. Total returns to shareholders of 6.2% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$249 per share. Buy Or Sell Opportunity • Apr 08
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 33% to NT$199. The fair value is estimated to be NT$254, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.0% over the last 3 years. Earnings per share has declined by 34%. For the next 3 years, revenue is forecast to grow by 9.9% per annum. Earnings are also forecast to grow by 24% per annum over the same time period. Reported Earnings • Mar 03
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: NT$5.57 (down from NT$5.75 in FY 2023). Revenue: NT$24.4b (down 1.0% from FY 2023). Net income: NT$1.97b (down 3.1% from FY 2023). Profit margin: 8.1% (down from 8.3% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.1%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Price Target Changed • Feb 27
Price target increased by 8.7% to NT$298 Up from NT$274, the current price target is an average from 16 analysts. New target price is approximately in line with last closing price of NT$313. Stock is up 30% over the past year. The company is forecast to post earnings per share of NT$6.06 for next year compared to NT$5.75 last year. Announcement • Feb 27
Hiwin Technologies Corporation, Annual General Meeting, May 28, 2025 Hiwin Technologies Corporation, Annual General Meeting, May 28, 2025. Location: 4 floor no,129, an huo rd., taichung city Taiwan Announcement • Feb 19
Hiwin Technologies Corporation to Report Fiscal Year 2024 Results on Feb 26, 2025 Hiwin Technologies Corporation announced that they will report fiscal year 2024 results on Feb 26, 2025 Buy Or Sell Opportunity • Feb 05
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to NT$315. The fair value is estimated to be NT$255, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.9% over the last 3 years. Earnings per share has declined by 29%. Revenue is forecast to grow by 23% in 2 years. Earnings are forecast to grow by 70% in the next 2 years. Buy Or Sell Opportunity • Dec 24
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 50% to NT$323. The fair value is estimated to be NT$259, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.9% over the last 3 years. Earnings per share has declined by 29%. Revenue is forecast to grow by 24% in 2 years. Earnings are forecast to grow by 70% in the next 2 years. Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$294, the stock trades at a forward P/E ratio of 38x. Average forward P/E is 23x in the Machinery industry in Taiwan. Total returns to shareholders of 6.5% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$258 per share. New Risk • Dec 17
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 6.4% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 15
Third quarter 2024 earnings: EPS exceeds analyst expectations Third quarter 2024 results: EPS: NT$1.88 (up from NT$1.78 in 3Q 2023). Revenue: NT$6.33b (down 3.5% from 3Q 2023). Net income: NT$664.5m (up 5.3% from 3Q 2023). Profit margin: 11% (in line with 3Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 16%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 29% 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 • Nov 05
Hiwin Technologies Corporation to Report Q3, 2024 Results on Nov 12, 2024 Hiwin Technologies Corporation announced that they will report Q3, 2024 results on Nov 12, 2024 Buy Or Sell Opportunity • Oct 28
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to NT$240. The fair value is estimated to be NT$198, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.3% over the last 3 years. Earnings per share has declined by 23%. Revenue is forecast to grow by 19% in 2 years. Earnings are forecast to grow by 68% in the next 2 years. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$249, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 25x in the Machinery industry in Taiwan. Total loss to shareholders of 15% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$193 per share. Buy Or Sell Opportunity • Oct 11
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 3.8% to NT$234. The fair value is estimated to be NT$193, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.3% over the last 3 years. Earnings per share has declined by 23%. Revenue is forecast to grow by 19% in 2 years. Earnings are forecast to grow by 68% in the next 2 years. Reported Earnings • Aug 15
Second quarter 2024 earnings: EPS misses analyst expectations Second quarter 2024 results: EPS: NT$1.65 (down from NT$1.77 in 2Q 2023). Revenue: NT$6.18b (down 6.1% from 2Q 2023). Net income: NT$582.1m (down 7.0% from 2Q 2023). Profit margin: 9.4% (in line with 2Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.6%. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Announcement • Aug 06
Hiwin Technologies Corporation to Report Q2, 2024 Results on Aug 13, 2024 Hiwin Technologies Corporation announced that they will report Q2, 2024 results on Aug 13, 2024 Upcoming Dividend • Jul 03
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 10 July 2024. Payment date: 08 August 2024. Payout ratio is a comfortable 45% and the cash payout ratio is 99%. Trailing yield: 1.2%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (2.4%). Declared Dividend • Jun 03
Dividend of NT$2.50 announced Shareholders will receive a dividend of NT$2.50. Ex-date: 10th July 2024 Payment date: 8th August 2024 Dividend yield will be 1.1%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is well covered by both earnings (45% earnings payout ratio) and cash flows (45% cash payout ratio). The dividend has increased by an average of 1.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 91% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 01
Hiwin Technologies Corporation Approves Cash Dividend, Payable on August 8, 2024 Hiwin Technologies Corporation approved cash dividend of TWD 884,480,600 will be distributed. Date of the resolution by the board of directors or shareholders meeting or decision by the company is May 31, 2024. Ex-rights (ex-dividend) trading date is July 10, 2024. Ex-rights (ex-dividend) record date is July 16, 2024. Payment date of common stock cash dividend distribution is August 8, 2024. Reported Earnings • May 11
First quarter 2024 earnings: EPS misses analyst expectations First quarter 2024 results: EPS: NT$1.12 (down from NT$1.26 in 1Q 2023). Revenue: NT$5.51b (down 4.0% from 1Q 2023). Net income: NT$395.3m (down 11% from 1Q 2023). Profit margin: 7.2% (down from 7.8% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 10%. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Machinery industry in Taiwan. 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 10% per year. Announcement • May 02
Hiwin Technologies Corporation to Report Q1, 2024 Results on May 10, 2024 Hiwin Technologies Corporation announced that they will report Q1, 2024 results on May 10, 2024 New Risk • Mar 27
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 6.2% 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: Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Profit margins are more than 30% lower than last year (8.3% net profit margin). Reported Earnings • Feb 29
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: NT$5.75 (down from NT$12.98 in FY 2022). Revenue: NT$24.6b (down 16% from FY 2022). Net income: NT$2.03b (down 55% from FY 2022). Profit margin: 8.3% (down from 15% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 10%. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Announcement • Feb 28
Hiwin Technologies Corporation, Annual General Meeting, May 31, 2024 Hiwin Technologies Corporation, Annual General Meeting, May 31, 2024. Location: 5F,No.129, Anhe Rd., Xitun Dist., Taichung City 407022, Taiwan Taichung City Taiwan Agenda: To report the business of 2023; to consider audit Committee review the 2023 report; to report the bonus to employees and the remuneration to directors of 2023; to report the earnings distribution cash dividends of 2023; to ratify 2023 financial results; to ratify 2023 earnings distribution; to consider amendment to the Rules of Procedure for Shareholders Meetings; and to consider other issues. Major Estimate Revision • Feb 28
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$27.4b to NT$26.2b. EPS estimate also fell from NT$9.41 per share to NT$7.80 per share. Net income forecast to grow 34% next year vs 26% growth forecast for Machinery industry in Taiwan. Consensus price target up from NT$244 to NT$260. Share price was steady at NT$255 over the past week. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$257, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 27x in the Machinery industry in Taiwan. Total loss to shareholders of 31% over the past three years. New Risk • Nov 21
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: 8.8% Last year net profit margin: 15% 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 (90% payout ratio). Profit margins are more than 30% lower than last year (8.8% net profit margin). Major Estimate Revision • Nov 14
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from NT$6.88 to NT$6.17 per share. Revenue forecast steady at NT$24.7b. Net income forecast to shrink 8.0% next year vs 24% growth forecast for Machinery industry in Taiwan . Consensus price target broadly unchanged at NT$247. Share price rose 2.9% to NT$210 over the past week. Price Target Changed • Aug 18
Price target decreased by 7.2% to NT$266 Down from NT$287, the current price target is an average from 16 analysts. New target price is 35% above last closing price of NT$198. Stock is down 10% over the past year. The company is forecast to post earnings per share of NT$7.12 for next year compared to NT$12.98 last year. Reported Earnings • Aug 13
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: NT$1.77 (down from NT$3.60 in 2Q 2022). Revenue: NT$6.58b (down 20% from 2Q 2022). Net income: NT$625.8m (down 49% from 2Q 2022). Profit margin: 9.5% (down from 15% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Major Estimate Revision • Aug 11
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$25.7b to NT$24.6b. EPS estimate also fell from NT$7.92 per share to NT$6.87 per share. Net income forecast to shrink 23% next year vs 23% growth forecast for Machinery industry in Taiwan . Consensus price target down from NT$287 to NT$272. Share price fell 6.0% to NT$196 over the past week. Upcoming Dividend • Jun 29
Upcoming dividend of NT$5.50 per share at 2.3% yield Eligible shareholders must have bought the stock before 06 July 2023. Payment date: 04 August 2023. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.1%). Announcement • Jun 01
Hiwin Technologies Corporation Approves the Cash Dividend, Payable on August 4, 2023 Hiwin Technologies Corporation approved the cash dividend of TWD 1,945,857,320, at the AGM held on May 31, 2023. Ex-rights (ex-dividend) trading date is July 6, 2023. Ex-rights (ex-dividend) record date is July 12, 2023. Payment date of cash dividend distribution is August 4, 2023. Major Estimate Revision • May 11
Consensus EPS estimates fall by 19%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from NT$25.2b to NT$26.0b. EPS estimate fell from NT$8.72 to NT$7.05 per share. Net income forecast to shrink 39% next year vs 4.0% growth forecast for Machinery industry in Taiwan . Consensus price target broadly unchanged at NT$289. Share price was steady at NT$232 over the past week. Major Estimate Revision • Mar 14
Consensus EPS estimates increase by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from NT$24.4b to NT$25.2b. EPS estimate increased from NT$7.45 to NT$8.72 per share. Net income forecast to shrink 31% next year vs 9.2% growth forecast for Machinery industry in Taiwan . Consensus price target up from NT$271 to NT$288. Share price fell 8.2% to NT$242 over the past week. Major Estimate Revision • Mar 08
Consensus EPS estimates increase by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from NT$24.3b to NT$24.7b. EPS estimate increased from NT$6.96 to NT$7.98 per share. Net income forecast to shrink 35% next year vs 9.8% growth forecast for Machinery industry in Taiwan . Consensus price target up from NT$252 to NT$285. Share price rose 5.4% to NT$262 over the past week. Reported Earnings • Mar 01
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: NT$12.98 (up from NT$10.37 in FY 2021). Revenue: NT$29.3b (up 7.5% from FY 2021). Net income: NT$4.48b (up 27% from FY 2021). Profit margin: 15% (up from 13% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 5.0%. Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Price Target Changed • Feb 21
Price target increased by 7.9% to NT$248 Up from NT$230, the current price target is an average from 13 analysts. New target price is approximately in line with last closing price of NT$248. Stock is down 9.3% over the past year. The company is forecast to post earnings per share of NT$13.56 for next year compared to NT$10.36 last year. Price Target Changed • Feb 07
Price target increased by 12% to NT$230 Up from NT$205, the current price target is an average from 13 analysts. New target price is approximately in line with last closing price of NT$232. Stock is down 14% over the past year. The company is forecast to post earnings per share of NT$13.69 for next year compared to NT$10.36 last year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Director Jhen-Yuan Chen was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 09
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: NT$4.13 (up from NT$3.98 in 3Q 2021). Revenue: NT$7.92b (up 5.2% from 3Q 2021). Net income: NT$1.43b (up 5.2% from 3Q 2021). Profit margin: 18% (in line with 3Q 2021). Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) exceeded analyst estimates by 6.5%. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Buying Opportunity • Oct 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 29%. The fair value is estimated to be NT$201, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 23%. Revenue is forecast to grow by 3.9% in 2 years. Earnings is forecast to grow by 0.7% in the next 2 years. Buying Opportunity • Sep 28
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 27%. The fair value is estimated to be NT$224, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 23%. Revenue is forecast to grow by 5.6% in 2 years. Earnings is forecast to grow by 2.2% in the next 2 years. Announcement • Aug 31
Hiwin Technologies Corp. has completed a Follow-on Equity Offering in the amount of TWD 2.08 billion. Hiwin Technologies Corp. has completed a Follow-on Equity Offering in the amount of TWD 2.08 billion.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 13,000,000
Price\Range: TWD 160
Transaction Features: Rights Offering Reported Earnings • Aug 13
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: NT$3.60 (up from NT$3.09 in 2Q 2021). Revenue: NT$8.24b (up 17% from 2Q 2021). Net income: NT$1.23b (up 17% from 2Q 2021). Profit margin: 15% (in line with 2Q 2021). Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) missed analyst estimates by 3.3%. Over the next year, revenue is forecast to grow 5.2%, compared to a 9.0% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Price Target Changed • Aug 11
Price target decreased to NT$259 Down from NT$280, the current price target is an average from 13 analysts. New target price is 24% above last closing price of NT$210. Stock is down 36% over the past year. The company is forecast to post earnings per share of NT$14.82 for next year compared to NT$10.36 last year. Upcoming Dividend • Jul 05
Upcoming dividend of NT$4.50 per share Eligible shareholders must have bought the stock before 12 July 2022. Payment date: 08 August 2022. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Taiwanese dividend payers (6.7%). Lower than average of industry peers (3.4%). Announcement • Jun 29
Hiwin Technologies Corp. Announces Changes to Audit Committee Hiwin Technologies Corp. announced that the board of directors of the company to appoint members of the third term of Company's Audit committee. Name of the functional committees:Audit committee. Name of the previous position holder: (1) Cheng-Ho Chiang, (2) Ching-Hui Chen, (3) Li-Ming Tu. Resume of the previous position holder: (1) Cheng-Ho Chiang: Independent director of Hiwin Technologies Corporation, (2) Ching-Hui Chen: Independent director of Hiwin Technologies Corporation, (3) Li-Ming Tu: Independent director of Hiwin Technologies Corporation. Name of the new position holder: (1) Cheng-Ho Chiang, (2) Jhen-Yuan Chen, (3) Hui-Hsiu Li. Resume of the new position holder: (1) Cheng-Ho Chiang: Independent director of Hiwin Technologies Corporation, (2) Jhen-Yuan Chen: Independent director of Hiwin Technologies Corporation, (3) Hui-Hsiu Li: Independent director of Hiwin Technologies Corporation. The term of the Compensation Committee members shall be the same as that of the Board of Directors. Effective date of the new member is June 27, 2022.