Reported Earnings • May 12
First quarter 2026 earnings released: NT$0.19 loss per share (vs NT$0.69 loss in 1Q 2025) First quarter 2026 results: NT$0.19 loss per share (improved from NT$0.69 loss in 1Q 2025). Revenue: NT$788.3m (up 67% from 1Q 2025). Net loss: NT$21.9m (loss narrowed 72% from 1Q 2025). Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Board Change • Mar 14
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Chairman Qingkun Li was the last director to join the board, commencing their role in 2026. 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 • Mar 12
Full year 2025 earnings released: NT$0.66 loss per share (vs NT$4.97 loss in FY 2024) Full year 2025 results: NT$0.66 loss per share (improved from NT$4.97 loss in FY 2024). Revenue: NT$2.56b (up 12% from FY 2024). Net loss: NT$74.1m (loss narrowed 85% from FY 2024). Revenue is forecast to grow 7.9% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Announcement • Mar 10
Tbi Motion Technology Co., Ltd., Annual General Meeting, Jun 29, 2026 Tbi Motion Technology Co., Ltd., Annual General Meeting, Jun 29, 2026. Location: no,123, san tuo rd., shulin district, new taipei city Taiwan New Risk • Feb 09
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 7.1% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 56% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.1% average weekly change). New Risk • Nov 15
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. 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 (currently running at an operating cash loss). Earnings have declined by 56% per year over the past 5 years. Reported Earnings • Nov 08
Third quarter 2025 earnings released: NT$0.81 loss per share (vs NT$0.93 loss in 3Q 2024) Third quarter 2025 results: NT$0.81 loss per share. Revenue: NT$674.4m (up 36% from 3Q 2024). Net loss: NT$90.7m (loss widened 1.9% from 3Q 2024). Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Machinery industry in Taiwan. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$0.42 (vs NT$0.93 loss in 2Q 2024) Second quarter 2025 results: EPS: NT$0.42 (up from NT$0.93 loss in 2Q 2024). Revenue: NT$642.7m (up 11% from 2Q 2024). Net income: NT$47.5m (up NT$136.0m from 2Q 2024). Profit margin: 7.4% (up from net loss in 2Q 2024). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 8.1% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 102 percentage points per year, which is a significant difference in performance. Price Target Changed • Jun 27
Price target decreased by 26% to NT$42.00 Down from NT$56.50, the current price target is provided by 1 analyst. New target price is 9.1% above last closing price of NT$38.50. Stock is up 23% over the past year. The company posted a net loss per share of NT$4.97 last year. New Risk • Jun 20
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Earnings have declined by 44% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.1% average weekly change). Shareholders have been diluted in the past year (18% increase in shares outstanding). New Risk • May 28
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% 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 (17% operating cash flow to total debt). Earnings have declined by 44% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (9.5% average weekly change). Reported Earnings • May 10
First quarter 2025 earnings released: NT$0.69 loss per share (vs NT$1.71 loss in 1Q 2024) First quarter 2025 results: NT$0.69 loss per share (improved from NT$1.71 loss in 1Q 2024). Revenue: NT$471.7m (down 20% from 1Q 2024). Net loss: NT$77.2m (loss narrowed 53% from 1Q 2024). Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 111 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 26
Full year 2024 earnings released: NT$4.97 loss per share (vs NT$1.09 loss in FY 2023) Full year 2024 results: NT$4.97 loss per share (further deteriorated from NT$1.09 loss in FY 2023). Revenue: NT$2.29b (down 11% from FY 2023). Net loss: NT$486.7m (loss widened 370% from FY 2023). Revenue is forecast to grow 8.4% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 112 percentage points per year, which is a significant difference in performance. Announcement • Mar 12
Tbi Motion Technology Co., Ltd., Annual General Meeting, Jun 26, 2025 Tbi Motion Technology Co., Ltd., Annual General Meeting, Jun 26, 2025. Location: no,123, san tuo rd., shulin district, new taipei city Taiwan Announcement • Mar 04
Tbi Motion Technology Co., Ltd. to Report Fiscal Year 2024 Results on Mar 11, 2025 Tbi Motion Technology Co., Ltd. announced that they will report fiscal year 2024 results on Mar 11, 2025 New Risk • Nov 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.7% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 23% per year over the past 5 years. Minor Risks High level of debt (75% net debt to equity). Share price has been volatile over the past 3 months (7.9% average weekly change). Shareholders have been diluted in the past year (4.7% increase in shares outstanding). Reported Earnings • Nov 13
Third quarter 2024 earnings released: NT$0.93 loss per share (vs NT$0.29 profit in 3Q 2023) Third quarter 2024 results: NT$0.93 loss per share (down from NT$0.29 profit in 3Q 2023). Revenue: NT$495.6m (down 21% from 3Q 2023). Net loss: NT$89.0m (down 417% from profit in 3Q 2023). Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Announcement • Nov 02
Tbi Motion Technology Co., Ltd. to Report Q3, 2024 Results on Nov 11, 2024 Tbi Motion Technology Co., Ltd. announced that they will report Q3, 2024 results on Nov 11, 2024 New Risk • Oct 02
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 9.3% 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 (13% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (9.3% average weekly change). Earnings have declined by 14% per year over the past 5 years. Reported Earnings • Aug 17
Second quarter 2024 earnings released: NT$0.93 loss per share (vs NT$0.32 loss in 2Q 2023) Second quarter 2024 results: NT$0.93 loss per share (further deteriorated from NT$0.32 loss in 2Q 2023). Revenue: NT$579.2m (down 22% from 2Q 2023). Net loss: NT$88.5m (loss widened 187% from 2Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Machinery industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. New Risk • Aug 09
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 7.6% 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 Debt is not well covered by operating cash flow (3.6% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 226% Paying a dividend despite having no free cash flows. Earnings have declined by 12% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.6% average weekly change). Announcement • Jul 31
Tbi Motion Technology Co., Ltd. to Report Q2, 2024 Results on Aug 07, 2024 Tbi Motion Technology Co., Ltd. announced that they will report Q2, 2024 results on Aug 07, 2024 Reported Earnings • May 19
First quarter 2024 earnings released: NT$1.71 loss per share (vs NT$0.43 profit in 1Q 2023) First quarter 2024 results: NT$1.71 loss per share (down from NT$0.43 profit in 1Q 2023). Revenue: NT$589.7m (down 20% from 1Q 2023). Net loss: NT$162.7m (down NT$203.2m from profit in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Announcement • Apr 28
Tbi Motion Technology Co., Ltd. to Report Q1, 2024 Results on May 06, 2024 Tbi Motion Technology Co., Ltd. announced that they will report Q1, 2024 results on May 06, 2024 Reported Earnings • Mar 16
Full year 2023 earnings released: NT$1.09 loss per share (vs NT$3.02 profit in FY 2022) Full year 2023 results: NT$1.09 loss per share (down from NT$3.02 profit in FY 2022). Revenue: NT$2.57b (down 24% from FY 2022). Net loss: NT$103.6m (down 137% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 18% per year. Announcement • Mar 13
Tbi Motion Technology Co., Ltd., Annual General Meeting, Jun 27, 2024 Tbi Motion Technology Co., Ltd., Annual General Meeting, Jun 27, 2024. Location: No.123, Sanduo Road, Shulin District, New Taipei City. (Shulin Factory) New Taipei City Taiwan Agenda: To consider the 2023 business report; to consider the Audit committee Review Report on the 2023 Financial Statements; to issue the domestic first secured and the second domestic unsecured convertible bonds; to consider the Acknowledgment of the 2023 annual final accounting books and statements; to consider the2023 Deficit Compensation; and to consider other matters if any. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: NT$0.30 (vs NT$1.14 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.30 (down from NT$1.14 in 3Q 2022). Revenue: NT$630.0m (down 27% from 3Q 2022). Net income: NT$28.1m (down 74% from 3Q 2022). Profit margin: 4.5% (down from 13% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 31
Upcoming dividend of NT$1.48 per share at 4.5% yield Eligible shareholders must have bought the stock before 07 September 2023. Payment date: 28 September 2023. Payout ratio is on the higher end at 99% but the company is not cash flow positive. Trailing yield: 4.5%. Lower than top quartile of Taiwanese dividend payers (5.6%). Higher than average of industry peers (3.2%). New Risk • Aug 20
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 100% The company is paying a dividend despite having no free cash flows. Dividend yield: 4.6% 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. Payout ratio: 100% Paying a dividend despite having no free cash flows. Earnings have declined by 16% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (4.6% net profit margin). Market cap is less than US$100m (NT$3.11b market cap, or US$97.5m). Reported Earnings • Aug 15
Second quarter 2023 earnings released: NT$0.32 loss per share (vs NT$0.57 profit in 2Q 2022) Second quarter 2023 results: NT$0.32 loss per share (down from NT$0.57 profit in 2Q 2022). Revenue: NT$743.6m (down 25% from 2Q 2022). Net loss: NT$30.8m (down 157% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$1.14 (vs NT$1.19 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.14 (down from NT$1.19 in 3Q 2021). Revenue: NT$862.7m (down 11% from 3Q 2021). Net income: NT$107.7m (down 4.2% from 3Q 2021). Profit margin: 13% (in line with 3Q 2021). Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$1.14 (vs NT$1.19 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.14 (down from NT$1.19 in 3Q 2021). Revenue: NT$862.7m (down 11% from 3Q 2021). Net income: NT$107.7m (down 4.2% from 3Q 2021). Profit margin: 13% (in line with 3Q 2021). Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 29
Upcoming dividend of NT$1.30 per share Eligible shareholders must have bought the stock before 05 September 2022. Payment date: 27 October 2022. Payout ratio is a comfortable 40% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of Taiwanese dividend payers (6.4%). Lower than average of industry peers (3.4%). Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.57 (vs NT$0.76 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.57 (down from NT$0.76 in 2Q 2021). Revenue: NT$991.0m (up 12% from 2Q 2021). Net income: NT$54.0m (down 25% from 2Q 2021). Profit margin: 5.5% (down from 8.0% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS NT$1.19 (vs NT$0.44 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$963.6m (up 35% from 3Q 2020). Net income: NT$112.3m (up 169% from 3Q 2020). Profit margin: 12% (up from 5.8% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Aug 19
Upcoming dividend of NT$0.80 per share Eligible shareholders must have bought the stock before 26 August 2021. Payment date: 16 September 2021. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (2.7%). Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS NT$0.76 (vs NT$0.24 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$889.1m (up 27% from 2Q 2020). Net income: NT$71.6m (up 206% from 2Q 2020). Profit margin: 8.0% (up from 3.3% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • May 14
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$47.55, the stock trades at a trailing P/E ratio of 38.8x. Average forward P/E is 11x in the Machinery industry in Taiwan. Total loss to shareholders of 67% over the past three years. Reported Earnings • May 09
First quarter 2021 earnings released: EPS NT$0.10 (vs NT$0.15 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$644.9m (up 19% from 1Q 2020). Net income: NT$9.09m (up NT$23.6m from 1Q 2020). Profit margin: 1.4% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 26
Full year 2020 earnings released: EPS NT$0.96 (vs NT$0.64 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$2.74b (up 30% from FY 2019). Net income: NT$91.4m (up NT$152.9m from FY 2019). Profit margin: 3.3% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Jan 11
New 90-day high: NT$58.60 The company is up 30% from its price of NT$45.00 on 13 October 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 24% over the same period. Is New 90 Day High Low • Dec 17
New 90-day high: NT$55.40 The company is up 15% from its price of NT$48.25 on 18 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$7.85 per share. Is New 90 Day High Low • Nov 30
New 90-day high: NT$49.40 The company is up 2.0% from its price of NT$48.25 on 01 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 Machinery industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$6.72 per share. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS NT$0.44 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$716.1m (up 49% from 3Q 2019). Net income: NT$41.8m (up NT$69.0m from 3Q 2019). Profit margin: 5.8% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 58% 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. Analyst Estimate Surprise Post Earnings • Nov 13
Revenue misses expectations Revenue missed analyst estimates by 5.6%. Over the next year, revenue is forecast to grow 20%, compared to a 23% growth forecast for the Machinery industry in Taiwan. Is New 90 Day High Low • Oct 29
New 90-day low: NT$44.20 The company is down 8.0% from its price of NT$48.15 on 31 July 2020. The Taiwanese market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$41.01 per share. Is New 90 Day High Low • Sep 25
New 90-day low: NT$44.60 The company is down 17% from its price of NT$54.00 on 24 June 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$39.56 per share.