Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$30.45, the stock trades at a trailing P/E ratio of 33x. Average trailing P/E is 26x in the Electrical industry in Taiwan. Total returns to shareholders of 16% over the past three years. Reported Earnings • May 11
First quarter 2026 earnings released: EPS: NT$0.15 (vs NT$0.17 loss in 1Q 2025) First quarter 2026 results: EPS: NT$0.15 (up from NT$0.17 loss in 1Q 2025). Revenue: NT$480.5m (up 14% from 1Q 2025). Net income: NT$16.0m (up NT$34.4m from 1Q 2025). Profit margin: 3.3% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 4% per year. Upcoming Dividend • Mar 23
Upcoming dividend of NT$0.30 per share Eligible shareholders must have bought the stock before 27 March 2026. Payment date: 30 April 2026. Payout ratio is a comfortable 54% but the company is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (2.5%). Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$0.60 (vs NT$0.35 in FY 2024) Full year 2025 results: EPS: NT$0.60 (up from NT$0.35 in FY 2024). Revenue: NT$1.76b (down 2.5% from FY 2024). Net income: NT$64.6m (up 70% from FY 2024). Profit margin: 3.7% (up from 2.1% in FY 2024). The increase in margin was driven by lower expenses. 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 6% per year, which means it has not declined as severely as earnings. Announcement • Mar 09
Excel Cell Electronic Co., Ltd., Annual General Meeting, May 29, 2026 Excel Cell Electronic Co., Ltd., Annual General Meeting, May 29, 2026. Location: no,20, kung yeh ou rd., nan tun district, taichung city Taiwan Declared Dividend • Mar 09
Dividend of NT$0.30 announced Dividend of NT$0.30 is the same as last year. Ex-date: 27th March 2026 Payment date: 30th April 2026 Dividend yield will be 1.4%, which is lower than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (54% earnings payout ratio) but 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 46 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 40% to shift the payout ratio to a potentially unsustainable range, which is more than the 8.5% EPS decline seen over the last 5 years. Announcement • Mar 07
Excel Cell Electronic Co., Ltd. announces Annual dividend, payable on April 30, 2026 Excel Cell Electronic Co., Ltd. announced Annual dividend of TWD 0.3000 per share payable on April 30, 2026, ex-date on March 27, 2026 and record date on March 30, 2026. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$23.60, the stock trades at a trailing P/E ratio of 42.1x. Average trailing P/E is 26x in the Electrical industry in Taiwan. Total loss to shareholders of 4.6% over the past three years. Reported Earnings • Nov 08
Third quarter 2025 earnings released: NT$0.07 loss per share (vs NT$0.14 profit in 3Q 2024) Third quarter 2025 results: NT$0.07 loss per share (down from NT$0.14 profit in 3Q 2024). Revenue: NT$434.7m (up 3.6% from 3Q 2024). Net loss: NT$7.65m (down 149% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 52% 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. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: NT$0.92 (vs NT$0.20 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.92 (up from NT$0.20 in 2Q 2024). Revenue: NT$469.6m (down 6.9% from 2Q 2024). Net income: NT$99.8m (up 346% from 2Q 2024). Profit margin: 21% (up from 4.4% in 2Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 59% 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. New Risk • May 06
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% 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 Risk Earnings have declined by 22% 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 (0.3% net profit margin). Market cap is less than US$100m (NT$1.99b market cap, or US$66.2m). Reported Earnings • May 06
First quarter 2025 earnings released: NT$0.17 loss per share (vs NT$0.12 profit in 1Q 2024) First quarter 2025 results: NT$0.17 loss per share (down from NT$0.12 profit in 1Q 2024). Revenue: NT$421.0m (flat on 1Q 2024). Net loss: NT$18.4m (down 238% from profit in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. Announcement • Apr 27
Excel Cell Electronic Co., Ltd. to Report Q1, 2025 Results on May 05, 2025 Excel Cell Electronic Co., Ltd. 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 19% After last week's 19% share price decline to NT$16.10, the stock trades at a trailing P/E ratio of 46.3x. Average trailing P/E is 17x in the Electrical industry in Taiwan. Total loss to shareholders of 26% over the past three years. Upcoming Dividend • Mar 20
Upcoming dividend of NT$0.30 per share Eligible shareholders must have bought the stock before 27 March 2025. Payment date: 02 May 2025. Payout ratio is on the higher end at 86% but the company is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (4.6%). Lower than average of industry peers (2.6%). Reported Earnings • Mar 08
Full year 2024 earnings released Full year 2024 results: Revenue: NT$1.81b (flat on FY 2023). Net income: NT$37.9m (up 7.5% from FY 2023). Profit margin: 2.1% (up from 2.0% in FY 2023). Declared Dividend • Feb 28
Dividend of NT$0.30 announced Dividend of NT$0.30 is the same as last year. Ex-date: 27th March 2025 Payment date: 2nd May 2025 Dividend yield will be 1.4%, which is lower than the industry average of 3.1%. Sustainability & Growth Dividend is not covered by earnings (100% earnings payout ratio) nor is it covered by cash flows (104% cash payout ratio). 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 11% to bring the payout ratio under control. However, EPS has declined by 29% over the last 5 years so the company would need to reverse this trend. Announcement • Feb 19
Excel Cell Electronic Co., Ltd. to Report Fiscal Year 2024 Results on Feb 26, 2025 Excel Cell Electronic Co., Ltd. announced that they will report fiscal year 2024 results on Feb 26, 2025 New Risk • Nov 26
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: 1.8% Last year net profit margin: 2.9% 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 Risk Earnings have declined by 18% 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 (1.8% net profit margin). Market cap is less than US$100m (NT$2.44b market cap, or US$75.3m). New Risk • Nov 10
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 369% 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 Risk Earnings have declined by 18% 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 (1.8% net profit margin). Market cap is less than US$100m (NT$2.53b market cap, or US$78.3m). Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: NT$0.14 (vs NT$0.19 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.14 (down from NT$0.19 in 3Q 2023). Revenue: NT$419.6m (down 3.9% from 3Q 2023). Net income: NT$15.8m (down 25% from 3Q 2023). Profit margin: 3.8% (down from 4.8% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Oct 30
Excel Cell Electronic Co., Ltd. to Report Q3, 2024 Results on Nov 06, 2024 Excel Cell Electronic Co., Ltd. announced that they will report Q3, 2024 results on Nov 06, 2024 Reported Earnings • Aug 06
Second quarter 2024 earnings released: EPS: NT$0.21 (vs NT$0.34 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.21 (down from NT$0.34 in 2Q 2023). Revenue: NT$504.4m (up 3.6% from 2Q 2023). Net income: NT$22.4m (down 40% from 2Q 2023). Profit margin: 4.4% (down from 7.6% in 2Q 2023). The decrease in margin was driven by higher expenses. 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. Announcement • Jul 27
Excel Cell Electronic Co., Ltd. to Report Q2, 2024 Results on Aug 02, 2024 Excel Cell Electronic Co., Ltd. announced that they will report Q2, 2024 results on Aug 02, 2024 Announcement • Apr 28
Excel Cell Electronic Co., Ltd. to Report Q1, 2024 Results on May 03, 2024 Excel Cell Electronic Co., Ltd. announced that they will report Q1, 2024 results on May 03, 2024 Upcoming Dividend • Mar 22
Upcoming dividend of NT$0.30 per share Eligible shareholders must have bought the stock before 29 March 2024. Payment date: 02 May 2024. Payout ratio is on the higher end at 93%, and the cash payout ratio is above 100%. Trailing yield: 1.3%. Lower than top quartile of Taiwanese dividend payers (4.7%). Lower than average of industry peers (2.3%). New Risk • Mar 15
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 27% 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 Risk Earnings have declined by 15% 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$2.50b market cap, or US$79.1m). Reported Earnings • Mar 13
Full year 2023 earnings released: EPS: NT$0.32 (vs NT$1.54 in FY 2022) Full year 2023 results: EPS: NT$0.32 (down from NT$1.54 in FY 2022). Revenue: NT$1.80b (down 19% from FY 2022). Net income: NT$35.3m (down 79% from FY 2022). Profit margin: 2.0% (down from 7.5% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Declared Dividend • Mar 08
Dividend reduced to NT$0.30 Dividend of NT$0.30 is 70% lower than last year. Ex-date: 29th March 2024 Payment date: 2nd May 2024 Dividend yield will be 1.3%, which is lower than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (60% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to decline by 33% to shift the payout ratio to a potentially unsustainable range, which is more than the 16% EPS decline seen over the last 5 years. New Risk • Feb 20
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 Risk Earnings have declined by 8.7% per year over the past 5 years. 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. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.0% net profit margin). Market cap is less than US$100m (NT$2.65b market cap, or US$84.2m). New Risk • Aug 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% 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 Risk Earnings have declined by 8.7% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.0% net profit margin). Market cap is less than US$100m (NT$2.72b market cap, or US$85.8m). Reported Earnings • Aug 05
Second quarter 2023 earnings released: EPS: NT$0.34 (vs NT$0.62 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.34 (down from NT$0.62 in 2Q 2022). Revenue: NT$487.0m (down 23% from 2Q 2022). Net income: NT$37.1m (down 45% from 2Q 2022). Profit margin: 7.6% (down from 11% 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 13% per year whereas the company’s share price has increased by 10% per year. Upcoming Dividend • Mar 23
Upcoming dividend of NT$1.00 per share at 3.8% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 04 May 2023. Payout ratio is a comfortable 60% but the company is not cash flow positive. Trailing yield: 3.8%. Lower than top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (3.3%). Reported Earnings • Mar 12
Full year 2022 earnings released: EPS: NT$1.54 (vs NT$1.40 in FY 2021) Full year 2022 results: EPS: NT$1.54 (up from NT$1.40 in FY 2021). Revenue: NT$2.23b (up 2.5% from FY 2021). Net income: NT$167.8m (up 9.6% from FY 2021). Profit margin: 7.5% (up from 7.1% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year and the company’s share price has also increased by 13% per year. Reported Earnings • Nov 06
Third quarter 2022 earnings released: EPS: NT$0.42 (vs NT$0.20 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.42 (up from NT$0.20 in 3Q 2021). Revenue: NT$536.3m (down 9.6% from 3Q 2021). Net income: NT$46.2m (up 115% from 3Q 2021). Profit margin: 8.6% (up from 3.6% in 3Q 2021). 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 7% per year. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$25.60, the stock trades at a trailing P/E ratio of 17.9x. Average trailing P/E is 15x in the Electrical industry in Taiwan. Total returns to shareholders of 46% over the past three years. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 21% share price gain to NT$30.50, the stock trades at a trailing P/E ratio of 21.3x. Average trailing P/E is 16x in the Electrical industry in Taiwan. Total returns to shareholders of 70% over the past three years. Reported Earnings • Aug 07
Second quarter 2022 earnings released: EPS: NT$0.62 (vs NT$1.01 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.62. Revenue: NT$1.26b (up 142% from 2Q 2021). Net income: NT$140.5m (up 27% from 2Q 2021). Profit margin: 11% (down from 21% in 2Q 2021). Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$23.25, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 14x in the Electrical industry in Taiwan. Total returns to shareholders of 32% over the past three years. Reported Earnings • May 07
First quarter 2022 earnings released: EPS: NT$0.50 (vs NT$0.08 in 1Q 2021) First quarter 2022 results: EPS: NT$0.50 (up from NT$0.08 in 1Q 2021). Revenue: NT$571.8m (up 21% from 1Q 2021). Net income: NT$54.4m (up NT$45.7m from 1Q 2021). Profit margin: 9.5% (up from 1.9% in 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 24
Inaugural dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 31 March 2022. Payment date: 05 May 2022. The company is not currently making a profit and is not cash flow positive. The company last paid an ordinary dividend in March 2013. The average dividend yield among industry peers is 3.2%. Reported Earnings • Mar 10
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$1.40 (up from NT$0.76 in FY 2020). Revenue: NT$2.17b (up 22% from FY 2020). Net income: NT$153.1m (up 84% from FY 2020). Profit margin: 7.1% (up from 4.7% in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS NT$0.20 (vs NT$0.043 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$593.0m (up 31% from 3Q 2020). Net income: NT$21.5m (up 358% from 3Q 2020). Profit margin: 3.6% (up from 1.0% 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 30% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improved over the past week After last week's 17% share price gain to NT$31.40, the stock trades at a trailing P/E ratio of 31.2x. Average trailing P/E is 15x in the Electrical industry in Taiwan. Total returns to shareholders of 83% over the past three years. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$1.01 (vs NT$0.23 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$521.0m (up 11% from 2Q 2020). Net income: NT$110.5m (up 344% from 2Q 2020). Profit margin: 21% (up from 5.3% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 24
Inaugural dividend of NT$0.70 per share Eligible shareholders must have bought the stock before 31 March 2021. Payment date: 03 May 2021. The company last paid an ordinary dividend in March 2014. The average dividend yield among industry peers is 3.5%. Announcement • Mar 17
Excel Cell Electronic Co., Ltd., Annual General Meeting, May 31, 2021 Excel Cell Electronic Co., Ltd., Annual General Meeting, May 31, 2021. Reported Earnings • Mar 13
Full year 2020 earnings released: EPS NT$0.76 (vs NT$1.44 in FY 2019) The company reported a poor full year result with weaker earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: NT$1.78b (flat on FY 2019). Net income: NT$83.3m (down 48% from FY 2019). Profit margin: 4.7% (down from 8.9% in FY 2019). 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 3% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Mar 03
New 90-day high: NT$20.60 The company is up 6.0% from its price of NT$19.50 on 03 December 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 8.0% over the same period. Is New 90 Day High Low • Jan 04
New 90-day high: NT$20.55 The company is up 8.0% from its price of NT$19.05 on 06 October 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 11% over the same period. Is New 90 Day High Low • Dec 15
New 90-day high: NT$19.70 The company is up 4.0% from its price of NT$19.00 on 16 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 6.0% over the same period. Reported Earnings • Nov 08
Third quarter 2020 earnings released: EPS NT$0.04 The company reported a poor third quarter result with weaker earnings and profit margins, although revenues were flat. Third quarter 2020 results: Revenue: NT$452.6m (flat on 3Q 2019). Net income: NT$4.68m (down 89% from 3Q 2019). Profit margin: 1.0% (down from 9.5% in 3Q 2019). 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 11% per year. Is New 90 Day High Low • Oct 20
New 90-day high: NT$19.55 The company is up 2.0% from its price of NT$19.20 on 22 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 Electrical industry, which is up 11% over the same period.