New Risk • May 26
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.4% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 25
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: EPS: NT$3.00 (down from NT$4.16 in 1Q 2025). Revenue: NT$858.3m (up 5.7% from 1Q 2025). Net income: NT$285.4m (down 14% from 1Q 2025). Profit margin: 33% (down from 41% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 7.2%. Earnings per share (EPS) missed analyst estimates by 7.1%. Revenue is forecast to grow 11% p.a. on average during the next 2 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 2% per year but the company’s share price has increased by 49% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 20
Upcoming dividend of NT$10.00 per share Eligible shareholders must have bought the stock before 27 March 2026. Payment date: 28 April 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 0.6%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (2.3%). Announcement • Mar 02
Apex Dynamics, Inc., Annual General Meeting, May 29, 2026 Apex Dynamics, Inc., Annual General Meeting, May 29, 2026, at 14:00 Taipei Standard Time. Location: no,10, k`o yuan 3rd rd., hsi tun district, taichung city Taiwan Declared Dividend • Mar 02
Dividend of NT$10.00 announced Shareholders will receive a dividend of NT$10.00. Ex-date: 27th March 2026 Payment date: 28th April 2026 Dividend yield will be 1.4%, which is lower than the industry average of 3.0%. Payout Ratios Payout ratio: 107%. Cash payout ratio: 29%. Reported Earnings • Feb 28
Full year 2025 earnings released: EPS: NT$12.00 (vs NT$14.15 in FY 2024) Full year 2025 results: EPS: NT$12.00 (down from NT$14.15 in FY 2024). Revenue: NT$3.00b (up 1.3% from FY 2024). Net income: NT$961.8m (down 15% from FY 2024). Profit margin: 32% (down from 38% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.7% p.a. on average during the next 2 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 2% per year but the company’s share price has increased by 49% per year, which means it is well ahead of earnings. Announcement • Feb 27
Apex Dynamics, Inc. announces Annual dividend, payable on April 28, 2026 Apex Dynamics, Inc. announced Annual dividend of TWD 8.0000 per share payable on April 28, 2026, ex-date on March 27, 2026 and record date on March 30, 2026. New Risk • Jan 08
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. New Risk • Nov 20
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 6.7% 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 01
Third quarter 2025 earnings released: EPS: NT$3.04 (vs NT$3.14 in 3Q 2024) Third quarter 2025 results: EPS: NT$3.04 (down from NT$3.14 in 3Q 2024). Revenue: NT$692.3m (down 8.8% from 3Q 2024). Net income: NT$243.6m (down 3.2% from 3Q 2024). Profit margin: 35% (up from 33% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 9.2% 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, earnings per share has fallen by 4% per year but the company’s share price has increased by 54% per year, which means it is well ahead of earnings. Reported Earnings • Jul 26
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: NT$1.17 (down from NT$3.61 in 2Q 2024). Revenue: NT$731.9m (down 2.3% from 2Q 2024). Net income: NT$94.2m (down 68% from 2Q 2024). Profit margin: 13% (down from 39% in 2Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 7.7%. Earnings per share (EPS) also missed analyst estimates by 60%. Revenue is forecast to grow 7.0% 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, earnings per share has fallen by 3% per year but the company’s share price has increased by 51% per year, which means it is well ahead of earnings. Reported Earnings • May 04
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: NT$4.16 (down from NT$4.59 in 1Q 2024). Revenue: NT$811.9m (up 13% from 1Q 2024). Net income: NT$333.5m (down 9.4% from 1Q 2024). Profit margin: 41% (down from 51% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) also surpassed analyst estimates by 20%. Revenue is forecast to grow 8.9% 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, earnings per share has fallen by 2% per year but the company’s share price has increased by 45% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$664, the stock trades at a forward P/E ratio of 49x. Average forward P/E is 20x in the Machinery industry in Taiwan. Total returns to shareholders of 213% over the past three years. Announcement • Apr 18
Apex Dynamics, Inc. to Report Q1, 2025 Results on Apr 25, 2025 Apex Dynamics, Inc. announced that they will report Q1, 2025 results on Apr 25, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$594, the stock trades at a forward P/E ratio of 44x. Average forward P/E is 21x in the Machinery industry in Taiwan. Total returns to shareholders of 151% over the past three years. Upcoming Dividend • Mar 14
Upcoming dividend of NT$12.00 per share Eligible shareholders must have bought the stock before 21 March 2025. Payment date: 25 April 2025. Payout ratio is on the higher end at 85%, however this is supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (4.5%). Lower than average of industry peers (2.5%). Announcement • Feb 25
Apex Dynamics, Inc., Annual General Meeting, May 23, 2025 Apex Dynamics, Inc., Annual General Meeting, May 23, 2025, at 14:00 Taipei Standard Time. Location: no,10, k`o yuan 3rd rd., hsi tun district, taichung city Taiwan Declared Dividend • Feb 24
Dividend increased to NT$12.00 Dividend of NT$12.00 is 20% higher than last year. Ex-date: 21st March 2025 Payment date: 25th April 2025 Dividend yield will be 1.4%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (78% earnings payout ratio) and cash flows (72% cash payout ratio). The dividend has increased by an average of 14% per year over the past 4 years and payments have been stable during that time. EPS is expected to grow by 23% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 15
Apex Dynamics, Inc. to Report Fiscal Year 2024 Results on Feb 21, 2025 Apex Dynamics, Inc. announced that they will report fiscal year 2024 results on Feb 21, 2025 Valuation Update With 7 Day Price Move • Dec 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$793, the stock trades at a trailing P/E ratio of 61.8x. Average forward P/E is 22x in the Machinery industry in Taiwan. Total returns to shareholders of 226% over the past three years. Reported Earnings • Oct 30
Third quarter 2024 earnings released: EPS: NT$3.14 (vs NT$3.79 in 3Q 2023) Third quarter 2024 results: EPS: NT$3.14 (down from NT$3.79 in 3Q 2023). Revenue: NT$758.7m (up 17% from 3Q 2023). Net income: NT$251.6m (down 17% from 3Q 2023). Profit margin: 33% (down from 47% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% 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, earnings per share has fallen by 1% per year but the company’s share price has increased by 40% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$833, the stock trades at a trailing P/E ratio of 61.8x. Average forward P/E is 25x in the Machinery industry in Taiwan. Total returns to shareholders of 225% over the past three years. Announcement • Oct 18
Apex Dynamics, Inc. to Report Q3, 2024 Results on Oct 25, 2024 Apex Dynamics, Inc. announced that they will report Q3, 2024 results on Oct 25, 2024 Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$697, the stock trades at a trailing P/E ratio of 51.7x. Average forward P/E is 26x in the Machinery industry in Taiwan. Total returns to shareholders of 159% over the past three years. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to NT$499, the stock trades at a trailing P/E ratio of 37x. Average trailing P/E is 20x in the Machinery industry in Taiwan. Total returns to shareholders of 85% over the past three years. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$388, the stock trades at a trailing P/E ratio of 28.8x. Average trailing P/E is 19x in the Machinery industry in Taiwan. Total returns to shareholders of 44% over the past three years. 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 7.8% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.8% average weekly change). Buy Or Sell Opportunity • Aug 07
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to NT$330. The fair value is estimated to be NT$256, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.7% over the last 3 years, while earnings per share has been flat. Reported Earnings • Aug 01
Second quarter 2024 earnings released: EPS: NT$3.61 (vs NT$3.18 in 2Q 2023) Second quarter 2024 results: EPS: NT$3.61 (up from NT$3.18 in 2Q 2023). Revenue: NT$748.8m (up 6.6% from 2Q 2023). Net income: NT$289.5m (up 14% from 2Q 2023). Profit margin: 39% (up from 36% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 6% per year. Announcement • Jul 19
Apex Dynamics, Inc. to Report Q2, 2024 Results on Jul 26, 2024 Apex Dynamics, Inc. announced that they will report Q2, 2024 results on Jul 26, 2024 New Risk • Jun 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 6.5% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.5% average weekly change). Reported Earnings • May 03
First quarter 2024 earnings released: EPS: NT$4.59 (vs NT$2.44 in 1Q 2023) First quarter 2024 results: EPS: NT$4.59 (up from NT$2.44 in 1Q 2023). Revenue: NT$719.8m (up 9.8% from 1Q 2023). Net income: NT$368.0m (up 88% from 1Q 2023). Profit margin: 51% (up from 30% in 1Q 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 15
Upcoming dividend of NT$10.00 per share Eligible shareholders must have bought the stock before 22 March 2024. Payment date: 25 April 2024. Payout ratio and cash payout ratio are on the higher end at 80% and 86% respectively. Trailing yield: 4.3%. Lower than top quartile of Taiwanese dividend payers (4.8%). Higher than average of industry peers (2.7%). Declared Dividend • Feb 26
Dividend of NT$10.00 announced Dividend of NT$10.00 is the same as last year. Ex-date: 22nd March 2024 Payment date: 25th April 2024 Dividend yield will be 4.6%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (80% earnings payout ratio) and cash flows (73% cash payout ratio). The dividend has increased by an average of 19% per year over the past 3 years and payments have been stable during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Reported Earnings • Oct 29
Third quarter 2023 earnings released: EPS: NT$3.79 (vs NT$3.75 in 3Q 2022) Third quarter 2023 results: EPS: NT$3.79 (up from NT$3.75 in 3Q 2022). Revenue: NT$646.3m (down 21% from 3Q 2022). Net income: NT$303.5m (flat on 3Q 2022). Profit margin: 47% (up from 37% in 3Q 2022). The increase in margin was driven by lower expenses. Reported Earnings • Jul 30
Second quarter 2023 earnings released: EPS: NT$3.18 (vs NT$2.73 in 2Q 2022) Second quarter 2023 results: EPS: NT$3.18 (up from NT$2.73 in 2Q 2022). Revenue: NT$702.5m (down 21% from 2Q 2022). Net income: NT$254.7m (up 21% from 2Q 2022). Profit margin: 36% (up from 24% in 2Q 2022). The increase in margin was driven by lower expenses. New Risk • Jul 25
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 6.3% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.3% average weekly change). Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$266, the stock trades at a trailing P/E ratio of 22.4x. Average trailing P/E is 17x in the Machinery industry in Taiwan. Total returns to shareholders of 31% over the past year. Reported Earnings • May 10
First quarter 2023 earnings released: EPS: NT$2.44 (vs NT$5.03 in 1Q 2022) First quarter 2023 results: EPS: NT$2.44 (down from NT$5.03 in 1Q 2022). Revenue: NT$655.8m (down 24% from 1Q 2022). Net income: NT$195.3m (down 47% from 1Q 2022). Profit margin: 30% (down from 43% in 1Q 2022). The decrease in margin was driven by lower revenue. Upcoming Dividend • Mar 17
Upcoming dividend of NT$10.00 per share at 4.7% yield Eligible shareholders must have bought the stock before 24 March 2023. Payment date: 25 May 2023. Payout ratio is a comfortable 69% and this is well supported by cash flows. Trailing yield: 4.7%. Lower than top quartile of Taiwanese dividend payers (6.2%). Higher than average of industry peers (3.2%). Reported Earnings • Feb 28
Full year 2022 earnings released: EPS: NT$14.47 (vs NT$11.83 in FY 2021) Full year 2022 results: EPS: NT$14.47 (up from NT$11.83 in FY 2021). Revenue: NT$3.43b (up 4.2% from FY 2021). Net income: NT$1.12b (up 30% from FY 2021). Profit margin: 33% (up from 26% in FY 2021). The increase in margin was primarily driven by lower expenses. Buying Opportunity • Dec 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 8.7%. The fair value is estimated to be NT$237, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.4% over the last 3 years. Earnings per share has grown by 20%. Reported Earnings • Oct 30
Third quarter 2022 earnings released: EPS: NT$3.75 (vs NT$3.07 in 3Q 2021) Third quarter 2022 results: EPS: NT$3.75 (up from NT$3.07 in 3Q 2021). Revenue: NT$817.8m (up 4.9% from 3Q 2021). Net income: NT$300.8m (up 34% from 3Q 2021). Profit margin: 37% (up from 29% in 3Q 2021). The increase in margin was primarily driven by lower expenses. Reported Earnings • Aug 06
Second quarter 2022 earnings released Second quarter 2022 results: EPS: NT$2.73. Revenue: NT$884.2m (flat on 2Q 2021). Net income: NT$211.2m (up NT$211.2m from 2Q 2021). Profit margin: 24% (up from null in 2Q 2021). Reported Earnings • May 11
First quarter 2022 earnings released: EPS: NT$5.03 (vs NT$2.71 in 1Q 2021) First quarter 2022 results: EPS: NT$5.03 (up from NT$2.71 in 1Q 2021). Revenue: NT$861.1m (up 3.6% from 1Q 2021). Net income: NT$367.0m (up 86% from 1Q 2021). Profit margin: 43% (up from 24% in 1Q 2021). The increase in margin was primarily driven by lower expenses. Upcoming Dividend • Apr 08
Upcoming dividend of NT$8.00 per share Eligible shareholders must have bought the stock before 15 April 2022. Payment date: 19 May 2022. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (5.7%). In line with average of industry peers (3.1%). Reported Earnings • Apr 02
Full year 2021 earnings released: EPS: NT$11.83 (vs NT$9.60 in FY 2020) Full year 2021 results: EPS: NT$11.83 (up from NT$9.60 in FY 2020). Revenue: NT$3.29b (up 16% from FY 2020). Net income: NT$862.5m (up 25% from FY 2020). Profit margin: 26% (up from 24% in FY 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improved over the past week After last week's 20% share price gain to NT$280, the stock trades at a trailing P/E ratio of 23.7x. Average trailing P/E is 17x in the Machinery industry in Taiwan. Total loss to shareholders of 1.9% over the past year. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$3.07 (vs NT$3.02 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: NT$779.6m (up 2.3% from 3Q 2020). Net income: NT$223.9m (up 2.2% from 3Q 2020). Profit margin: 29% (in line with 3Q 2020). Reported Earnings • Aug 13
First half 2021 earnings released: EPS NT$5.41 (vs NT$3.54 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: NT$1.66b (up 26% from 1H 2020). Net income: NT$394.6m (up 57% from 1H 2020). Profit margin: 24% (up from 19% in 1H 2020). The increase in margin was driven by higher revenue. Reported Earnings • Apr 20
Full year 2020 earnings released: EPS NT$9.60 (vs NT$10.08 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: NT$2.84b (down 3.0% from FY 2019). Net income: NT$689.2m (down 6.2% from FY 2019). Profit margin: 24% (in line with FY 2019).