Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$951, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 21x in the Electrical industry in Taiwan. Total returns to shareholders of 43% over the past three years. Declared Dividend • Jun 26
Dividend increased to NT$19.10 Dividend of NT$19.10 is 53% higher than last year. Ex-date: 9th July 2026 Payment date: 5th August 2026 Dividend yield will be 1.7%, which is lower than the industry average of 3.1%. Sustainability & Growth Dividend is well covered by both earnings (49% earnings payout ratio) and cash flows (46% cash payout ratio). The dividend has increased by an average of 29% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to grow by 25% over the next year, which should provide support to the dividend and adequate earnings cover. New Risk • Jun 10
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 9.4% 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. 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 (9.4% average weekly change). Reported Earnings • May 16
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: NT$10.00 (up from NT$9.70 in 1Q 2025). Revenue: NT$4.53b (up 32% from 1Q 2025). Net income: NT$908.7m (up 9.7% from 1Q 2025). Profit margin: 20% (down from 24% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 25%. Earnings per share (EPS) also surpassed analyst estimates by 2.9%. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$1,225, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 20x in the Electrical industry in Taiwan. Total returns to shareholders of 89% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$850 per share. Buy Or Sell Opportunity • Apr 17
Now 22% overvalued Over the last 90 days, the stock has fallen 13% to NT$1,035. The fair value is estimated to be NT$851, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 2.7%. Revenue is forecast to grow by 54% in 2 years. Earnings are forecast to grow by 59% in the next 2 years. New Risk • Apr 14
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: 2.0% 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 • Mar 31
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: NT$38.20 (up from NT$25.39 in FY 2024). Revenue: NT$16.0b (up 59% from FY 2024). Net income: NT$3.26b (up 50% from FY 2024). Profit margin: 20% (down from 22% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 2.6%. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$949, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 22x in the Electrical industry in Taiwan. Total returns to shareholders of 27% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$718 per share. Announcement • Mar 05
Advanced Energy Solution Holding Co., Ltd., Annual General Meeting, May 28, 2026 Advanced Energy Solution Holding Co., Ltd., Annual General Meeting, May 28, 2026. Location: b1 floor no,471, sec.2 pa to rd., hukou township, hsinchu county Taiwan Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$1,505, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 26x in the Electrical industry in Taiwan. Total returns to shareholders of 95% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$642 per share. New Risk • Nov 28
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 8.8% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 17
Third quarter 2025 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2025 results: EPS: NT$9.35 (up from NT$6.27 in 3Q 2024). Revenue: NT$4.13b (up 75% from 3Q 2024). Net income: NT$798.4m (up 49% from 3Q 2024). Profit margin: 19% (down from 23% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$1,325, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 28x in the Electrical industry in Taiwan. Total returns to shareholders of 120% over the past three years. Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$1,425, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 22x in the Electrical industry in Taiwan. Total returns to shareholders of 88% over the past three years. Reported Earnings • Aug 31
Second quarter 2025 earnings released: EPS: NT$9.66 (vs NT$5.22 in 2Q 2024) Second quarter 2025 results: EPS: NT$9.66 (up from NT$5.22 in 2Q 2024). Revenue: NT$3.97b (up 83% from 2Q 2024). Net income: NT$825.1m (up 85% from 2Q 2024). Profit margin: 21% (in line with 2Q 2024). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Price Target Changed • Aug 05
Price target increased by 8.6% to NT$1,323 Up from NT$1,218, the current price target is an average from 3 analysts. New target price is 6.3% above last closing price of NT$1,245. Stock is up 168% over the past year. The company is forecast to post earnings per share of NT$38.04 for next year compared to NT$25.39 last year. Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to NT$1,245, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 20x in the Electrical industry in Taiwan. Total returns to shareholders of 36% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$596 per share. Declared Dividend • Jun 27
Dividend increased to NT$12.50 Dividend of NT$12.50 is 7.8% higher than last year. Ex-date: 10th July 2025 Payment date: 7th August 2025 Dividend yield will be 1.2%, which is lower than the industry average of 3.1%. Sustainability & Growth Dividend is covered by both earnings (42% earnings payout ratio) and cash flows (52% cash payout ratio). The dividend has increased by an average of 24% per year over the past 4 years. However, payments have been volatile during that time. EPS is expected to grow by 28% over the next year, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$1,105, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 20x in the Electrical industry in Taiwan. Total returns to shareholders of 21% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$446 per share. Reported Earnings • May 16
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: NT$9.70 (up from NT$5.41 in 1Q 2024). Revenue: NT$3.44b (up 49% from 1Q 2024). Net income: NT$828.7m (up 79% from 1Q 2024). Profit margin: 24% (up from 20% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.1%. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • May 05
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$933, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 17x in the Electrical industry in Taiwan. Total returns to shareholders of 11% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$866 per share. Announcement • Apr 30
Advanced Energy Solution Holding Co., Ltd. to Report Q1, 2025 Results on May 06, 2025 Advanced Energy Solution Holding Co., Ltd. announced that they will report Q1, 2025 results on May 06, 2025 Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$750, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 16x in the Electrical industry in Taiwan. Total loss to shareholders of 23% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$1,140 per share. Reported Earnings • Apr 04
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: NT$25.39 (up from NT$23.04 in FY 2023). Revenue: NT$10.0b (flat on FY 2023). Net income: NT$2.17b (up 10% from FY 2023). Profit margin: 22% (up from 20% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 27% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 15% 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. Buy Or Sell Opportunity • Mar 31
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 27% to NT$833. The fair value is estimated to be NT$1,113, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 9.8% over the last 3 years. Earnings per share has declined by 14%. Revenue is forecast to grow by 81% in 2 years. Earnings are forecast to grow by 112% in the next 2 years. Announcement • Mar 05
Advanced Energy Solution Holding Co., Ltd., Annual General Meeting, May 28, 2025 Advanced Energy Solution Holding Co., Ltd., Annual General Meeting, May 28, 2025. Location: b1 floor no,471, sec.2 pa to rd., hukou township, hsinchu county Taiwan Announcement • Feb 25
Advanced Energy Solution Holding Co., Ltd. to Report Fiscal Year 2024 Results on Mar 04, 2025 Advanced Energy Solution Holding Co., Ltd. announced that they will report fiscal year 2024 results on Mar 04, 2025 Buy Or Sell Opportunity • Feb 18
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to NT$1,050. The fair value is estimated to be NT$846, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 9.8% over the last 3 years. Earnings per share has declined by 14%. Revenue is forecast to grow by 70% in 2 years. Earnings are forecast to grow by 95% in the next 2 years. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$1,010, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 19x in the Electrical industry in Taiwan. Total loss to shareholders of 30% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$1,412 per share. Buy Or Sell Opportunity • Jan 17
Now 21% undervalued Over the last 90 days, the stock has risen 109% to NT$1,110. The fair value is estimated to be NT$1,407, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 9.8% over the last 3 years. Earnings per share has declined by 14%. Revenue is forecast to grow by 60% in 2 years. Earnings are forecast to grow by 93% in the next 2 years. Buy Or Sell Opportunity • Jan 02
Now 22% undervalued Over the last 90 days, the stock has risen 123% to NT$1,110. The fair value is estimated to be NT$1,422, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 9.8% over the last 3 years. Earnings per share has declined by 14%. Revenue is forecast to grow by 60% in 2 years. Earnings are forecast to grow by 93% in the next 2 years. Valuation Update With 7 Day Price Move • Dec 26
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$1,180, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 20x in the Electrical industry in Taiwan. Total loss to shareholders of 31% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$1,302 per share. Buy Or Sell Opportunity • Dec 05
Now 21% undervalued Over the last 90 days, the stock has risen 117% to NT$1,025. The fair value is estimated to be NT$1,296, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 9.8% over the last 3 years. Earnings per share has declined by 14%. Revenue is forecast to grow by 57% in 2 years. Earnings are forecast to grow by 87% in the next 2 years. Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$968, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 22x in the Electrical industry in Taiwan. Total loss to shareholders of 30% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$1,311 per share. Reported Earnings • Nov 17
Third quarter 2024 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2024 results: EPS: NT$6.27 (up from NT$5.23 in 3Q 2023). Revenue: NT$2.37b (up 4.9% from 3Q 2023). Net income: NT$535.5m (up 20% from 3Q 2023). Profit margin: 23% (up from 20% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 19% per year. Price Target Changed • Nov 16
Price target increased by 37% to NT$915 Up from NT$670, the current price target is an average from 3 analysts. New target price is 19% above last closing price of NT$772. Stock is up 7.7% over the past year. The company is forecast to post earnings per share of NT$24.20 for next year compared to NT$23.04 last year. New Risk • Nov 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 6.6% 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 Risk High level of non-cash earnings (32% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.6% average weekly change). Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$607, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 20x in the Electrical industry in Taiwan. Total loss to shareholders of 49% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$805 per share. Announcement • Oct 29
Advanced Energy Solution Holding Co., Ltd. to Report Q3, 2024 Results on Nov 05, 2024 Advanced Energy Solution Holding Co., Ltd. announced that they will report Q3, 2024 results on Nov 05, 2024 Price Target Changed • Aug 31
Price target decreased by 13% to NT$643 Down from NT$743, the current price target is an average from 3 analysts. New target price is 25% above last closing price of NT$515. Stock is down 18% over the past year. The company is forecast to post earnings per share of NT$24.50 for next year compared to NT$23.04 last year. Major Estimate Revision • Aug 21
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from NT$9.16b to NT$9.60b. EPS estimate increased from NT$22.05 to NT$25.19 per share. Net income forecast to grow 27% next year vs 29% growth forecast for Electrical industry in Taiwan. Consensus price target down from NT$743 to NT$693. Share price rose 6.2% to NT$506 over the past week. Major Estimate Revision • Aug 14
Consensus revenue estimates fall by 18% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$11.2b to NT$9.16b. EPS estimate fell from NT$27.91 to NT$22.05 per share. Net income forecast to grow 18% next year vs 24% growth forecast for Electrical industry in Taiwan. Consensus price target down from NT$807 to NT$743. Share price was steady at NT$476 over the past week. Price Target Changed • Aug 13
Price target decreased by 9.3% to NT$743 Down from NT$820, the current price target is an average from 3 analysts. New target price is 57% above last closing price of NT$474. Stock is down 22% over the past year. The company is forecast to post earnings per share of NT$22.05 for next year compared to NT$23.04 last year. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$457, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 24x in the Electrical industry in Taiwan. Total loss to shareholders of 39% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$275 per share. Announcement • Aug 03
Advanced Energy Solution Holding Co., Ltd. to Report Q2, 2024 Results on Aug 12, 2024 Advanced Energy Solution Holding Co., Ltd. announced that they will report Q2, 2024 results on Aug 12, 2024 Declared Dividend • Jun 21
Dividend reduced to NT$11.60 Dividend of NT$11.60 is 39% lower than last year. Ex-date: 4th July 2024 Payment date: 2nd August 2024 Dividend yield will be 1.9%, which is lower than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (55% 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 30% per year over the past 3 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. Reported Earnings • May 18
First quarter 2024 earnings: Revenues and EPS in line with analyst expectations First quarter 2024 results: EPS: NT$5.41 (down from NT$7.19 in 1Q 2023). Revenue: NT$2.31b (down 21% from 1Q 2023). Net income: NT$462.3m (down 25% from 1Q 2023). Profit margin: 20% (in line with 1Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 2% per year. Announcement • May 01
Advanced Energy Solution Holding Co., Ltd. to Report Q1, 2024 Results on May 07, 2024 Advanced Energy Solution Holding Co., Ltd. announced that they will report Q1, 2024 results on May 07, 2024 Buy Or Sell Opportunity • Apr 26
Now 20% overvalued Over the last 90 days, the stock has fallen 5.3% to NT$625. The fair value is estimated to be NT$520, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 10%. Revenue is forecast to grow by 47% in 2 years. Earnings are forecast to grow by 71% in the next 2 years. Reported Earnings • Apr 01
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: NT$23.04 (down from NT$37.67 in FY 2022). Revenue: NT$10.0b (down 33% from FY 2022). Net income: NT$1.97b (down 39% from FY 2022). Profit margin: 20% (down from 21% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. New Risk • Mar 28
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 32% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (32% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Announcement • Mar 14
Advanced Energy Solution Holding Co., Ltd., Annual General Meeting, May 28, 2024 Advanced Energy Solution Holding Co., Ltd., Annual General Meeting, May 28, 2024. Price Target Changed • Mar 12
Price target increased by 9.6% to NT$853 Up from NT$778, the current price target is an average from 3 analysts. New target price is 14% above last closing price of NT$746. Stock is down 3.5% over the past year. The company is forecast to post earnings per share of NT$22.95 for next year compared to NT$37.67 last year. Announcement • Mar 09
Advanced Energy Solution Holding Co., Ltd., Annual General Meeting, Mar 08, 2024 Advanced Energy Solution Holding Co., Ltd., Annual General Meeting, Mar 08, 2024. Location: No. 471, Section 2, Ba-De Road,Hukou Township Hsinchu County Taiwan Agenda: To consider report the business of 2023; to consider 2023 Audit Committee's Audit Report; to consider report 2023 Employees' Compensation and Directors' Remuneration; to consider the proposal of the board's remuneration; and to transact such other business matters. Announcement • Mar 01
Advanced Energy Solution Holding Co., Ltd. Announces the Resignation of Chuang, Shih-Chang as Member of the Auditing Committee Advanced Energy Solution Holding Co., Ltd. announced the resignation of Chuang, Shih-Chang as member of the Auditing Committee, March 4, 2024. Chuang, Shih-Chang is Independent director of the company. Buy Or Sell Opportunity • Feb 16
Now 23% overvalued Over the last 90 days, the stock has fallen 5.2% to NT$680. The fair value is estimated to be NT$552, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 22%. Revenue is forecast to grow by 33% in 2 years. Earnings are forecast to grow by 48% in the next 2 years. Price Target Changed • Jan 13
Price target decreased by 7.7% to NT$778 Down from NT$843, the current price target is an average from 3 analysts. New target price is 21% above last closing price of NT$641. Stock is down 12% over the past year. The company is forecast to post earnings per share of NT$23.09 for next year compared to NT$37.67 last year. Reported Earnings • Aug 31
Second quarter 2023 earnings: Revenues and EPS in line with analyst expectations Second quarter 2023 results: EPS: NT$5.15 (down from NT$9.83 in 2Q 2022). Revenue: NT$2.37b (down 41% from 2Q 2022). Net income: NT$439.5m (down 48% from 2Q 2022). Profit margin: 19% (down from 21% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Electrical industry in Taiwan. Buying Opportunity • Aug 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 7.7%. The fair value is estimated to be NT$753, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last 3 years. Earnings per share has grown by 41%. Revenue is forecast to grow by 1.0% in 2 years. Earnings is forecast to grow by 2.8% in the next 2 years. Upcoming Dividend • Jul 05
Upcoming dividend of NT$19.00 per share at 2.3% yield Eligible shareholders must have bought the stock before 12 July 2023. Payment date: 15 August 2023. Payout ratio is a comfortable 53% but the company is paying out more than the cash it is generating. Trailing yield: 2.3%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (3.0%). Announcement • Jun 27
Advanced Energy Solution Holding Co., Ltd. Announces Cash Dividend, Payable on August 15, 2023 Advanced Energy Solution Holding Co., Ltd. announced cash dividends of TWD 1,622,956,820 per share for shareholders at TWD 19. Payment date of cash dividend distribution is August 15, 2023. Ex-rights (ex-dividend) trading date is July 12, 2023. Last date before book closure is July 13, 2023. Book closure starting date is July 14, 2023. Book closure ending date is July 18, 2023. Ex-rights (ex-dividend) record date is July 18, 2023. Major Estimate Revision • Jun 16
Consensus EPS estimates fall by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$11.4b to NT$10.9b. EPS estimate also fell from NT$31.87 per share to NT$26.27 per share. Net income forecast to shrink 16% next year vs 6.3% growth forecast for Electrical industry in Taiwan . Consensus price target up from NT$884 to NT$918. Share price rose 5.8% to NT$754 over the past week. Major Estimate Revision • May 10
Consensus revenue estimates fall by 23% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$16.5b to NT$12.7b. EPS estimate fell from NT$39.93 to NT$31.87 per share. Net income forecast to shrink 15% next year vs 3.1% growth forecast for Electrical industry in Taiwan . Consensus price target down from NT$1,045 to NT$966. Share price fell 3.2% to NT$642 over the past week. Reported Earnings • Mar 31
Full year 2022 earnings: EPS in line with expectations, revenues disappoint Full year 2022 results: EPS: NT$37.67 (up from NT$30.18 in FY 2021). Revenue: NT$15.1b (up 30% from FY 2021). Net income: NT$3.22b (up 32% from FY 2021). Profit margin: 21% (in line with FY 2021). Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 10.0% growth forecast for the Electrical industry in Taiwan. Price Target Changed • Feb 09
Price target decreased by 12% to NT$1,045 Down from NT$1,190, the current price target is an average from 4 analysts. New target price is 21% above last closing price of NT$862. Stock is down 46% over the past year. The company is forecast to post earnings per share of NT$37.96 for next year compared to NT$30.18 last year. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improved over the past week After last week's 19% share price gain to NT$766, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 11x in the Electrical industry in Taiwan. Total loss to shareholders of 52% over the past year. Simply Wall St's valuation model estimates the intrinsic value at NT$618 per share. Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: NT$10.70 (up from NT$7.14 in 3Q 2021). Revenue: NT$4.03b (up 38% from 3Q 2021). Net income: NT$913.6m (up 50% from 3Q 2021). Profit margin: 23% (up from 21% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.1%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Electrical industry in Taiwan. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. 3 independent directors (4 non-independent directors). President & Director Wei-Jer Sung is the most experienced director on the board, commencing their role in 2020. Independent Director Tsung-Yen Lin was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 13
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: NT$10.70 (up from NT$7.14 in 3Q 2021). Revenue: NT$4.03b (up 38% from 3Q 2021). Net income: NT$913.6m (up 50% from 3Q 2021). Profit margin: 23% (up from 21% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.1%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Electrical industry in Taiwan. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improved over the past week After last week's 17% share price gain to NT$652, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 10x in the Electrical industry in Taiwan. Total loss to shareholders of 49% over the past year. Simply Wall St's valuation model estimates the intrinsic value at NT$715 per share. Price Target Changed • Oct 12
Price target decreased to NT$1,190 Down from NT$1,390, the current price target is an average from 4 analysts. New target price is 94% above last closing price of NT$613. Stock is down 32% over the past year. The company is forecast to post earnings per share of NT$38.05 for next year compared to NT$30.18 last year. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$636, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 11x in the Electrical industry in Taiwan. Total loss to shareholders of 17% over the past year. Price Target Changed • Sep 26
Price target decreased to NT$1,390 Down from NT$1,526, the current price target is an average from 4 analysts. New target price is 105% above last closing price of NT$679. Stock is down 15% over the past year. The company is forecast to post earnings per share of NT$38.11 for next year compared to NT$30.18 last year. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$823, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 12x in the Electrical industry in Taiwan. Total returns to shareholders of 4.1% over the past year. Simply Wall St's valuation model estimates the intrinsic value at NT$1,506 per share. Reported Earnings • Sep 02
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: NT$9.83 (up from NT$7.01 in 2Q 2021). Revenue: NT$3.98b (up 45% from 2Q 2021). Net income: NT$839.2m (up 40% from 2Q 2021). Profit margin: 21% (in line with 2Q 2021). Revenue exceeded analyst estimates by 4.4%. Earnings per share (EPS) also surpassed analyst estimates by 4.3%. Over the next year, revenue is forecast to grow 27%, compared to a 21% growth forecast for the Electrical industry in Taiwan. Price Target Changed • Aug 14
Price target decreased to NT$1,526 Down from NT$1,658, the current price target is an average from 4 analysts. New target price is 54% above last closing price of NT$990. Stock is up 22% over the past year. The company is forecast to post earnings per share of NT$38.28 for next year compared to NT$30.18 last year. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improved over the past week After last week's 18% share price gain to NT$1,080, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 14x in the Electrical industry in Taiwan. Total returns to shareholders of 23% over the past year. Upcoming Dividend • Jul 06
Upcoming dividend of NT$15.00 per share Eligible shareholders must have bought the stock before 13 July 2022. Payment date: 18 August 2022. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (6.6%). Lower than average of industry peers (3.8%). Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$966, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 16x in the Electrical industry in Taiwan. Total returns to shareholders of 17% over the past year. Reported Earnings • May 15
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: NT$8.73. Revenue: NT$3.61b (up 34% from 1Q 2021). Net income: NT$746.0m (up 21% from 1Q 2021). Profit margin: 21% (down from 23% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.0%. Over the next year, revenue is forecast to grow 33%, compared to a 27% growth forecast for the industry in Taiwan.