Reported Earnings • May 12
First quarter 2026 earnings released: EPS: NT$0.37 (vs NT$0.31 in 1Q 2025) First quarter 2026 results: EPS: NT$0.37 (up from NT$0.31 in 1Q 2025). Revenue: NT$234.4m (down 7.5% from 1Q 2025). Net income: NT$25.5m (up 20% from 1Q 2025). Profit margin: 11% (up from 8.4% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: NT$0.55 (vs NT$1.49 in FY 2024) Full year 2025 results: EPS: NT$0.55 (down from NT$1.49 in FY 2024). Revenue: NT$961.0m (up 17% from FY 2024). Net income: NT$37.4m (down 63% from FY 2024). Profit margin: 3.9% (down from 12% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Mar 10
Aero Win Technology Corporation, Annual General Meeting, Jun 24, 2026 Aero Win Technology Corporation, Annual General Meeting, Jun 24, 2026. Location: no,28, hsin kung rd., sinying district, tainan city Taiwan New Risk • Feb 06
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 113% The company is paying a dividend despite having no free cash flows. Dividend yield: 1.8% 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 (4.9% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 113% Paying a dividend despite having no free cash flows. High level of non-cash earnings (32% accrual ratio). 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$2.66b market cap, or US$83.9m). Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: NT$0.15 (vs NT$0.23 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.15 (down from NT$0.23 in 3Q 2024). Revenue: NT$219.5m (down 4.6% from 3Q 2024). Net income: NT$10.3m (down 35% from 3Q 2024). Profit margin: 4.7% (down from 6.9% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. New Risk • Oct 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.02b (US$98.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (3.8% operating cash flow to total debt). High level of non-cash earnings (41% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (NT$3.02b market cap, or US$98.7m). Reported Earnings • Aug 13
Second quarter 2025 earnings released: NT$0.30 loss per share (vs NT$0.36 profit in 2Q 2024) Second quarter 2025 results: NT$0.30 loss per share (down from NT$0.36 profit in 2Q 2024). Revenue: NT$253.6m (up 24% from 2Q 2024). Net loss: NT$20.5m (down 183% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jun 26
Dividend increased to NT$0.70 Dividend of NT$0.70 is 133% higher than last year. Ex-date: 10th July 2025 Payment date: 8th August 2025 Dividend yield will be 1.4%, which is lower than the industry average of 2.8%. Sustainability & Growth Dividend is covered by earnings (51% 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 3.4% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 17% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Jun 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 10% 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 (3.8% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (10% average weekly change). High level of non-cash earnings (41% accrual ratio). Reported Earnings • May 11
First quarter 2025 earnings released: EPS: NT$0.31 (vs NT$0.44 in 1Q 2024) First quarter 2025 results: EPS: NT$0.31 (down from NT$0.44 in 1Q 2024). Revenue: NT$253.4m (up 34% from 1Q 2024). Net income: NT$21.3m (down 29% from 1Q 2024). Profit margin: 8.4% (down from 16% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 67% per year, which means it is significantly lagging earnings growth. Announcement • May 01
Aero Win Technology Corporation to Report Q1, 2025 Results on May 09, 2025 Aero Win Technology Corporation announced that they will report Q1, 2025 results on May 09, 2025 Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$54.00, the stock trades at a trailing P/E ratio of 36.3x. Average trailing P/E is 26x in the Aerospace & Defense industry in Taiwan. Total returns to shareholders of 283% over the past three years. New Risk • Mar 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (8.2% operating cash flow to total debt). High level of non-cash earnings (42% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Market cap is less than US$100m (NT$3.28b market cap, or US$99.3m). Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$45.10, the stock trades at a trailing P/E ratio of 30.3x. Average trailing P/E is 24x in the Aerospace & Defense industry in Taiwan. Total returns to shareholders of 221% over the past three years. New Risk • Mar 12
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 (8.2% operating cash flow to total debt). High level of non-cash earnings (42% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (NT$2.59b market cap, or US$78.6m). Reported Earnings • Mar 03
Full year 2024 earnings released: EPS: NT$1.49 (vs NT$0.88 in FY 2023) Full year 2024 results: EPS: NT$1.49 (up from NT$0.88 in FY 2023). Revenue: NT$824.1m (up 21% from FY 2023). Net income: NT$102.1m (up 68% from FY 2023). Profit margin: 12% (up from 8.9% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Announcement • Feb 24
Aero Win Technology Corporation, Annual General Meeting, Jun 16, 2025 Aero Win Technology Corporation, Annual General Meeting, Jun 16, 2025. Location: no,28, hsin kung rd., sinying district, tainan city Taiwan Announcement • Feb 22
Aero Win Technology Corporation Announces Cash Dividends for the Year Ended December 31, 2024 Aero Win Technology Corporation announced cash dividends to shareholders of TWD 0.7 per share for the year ended December 31, 2024. Date of the board of directors’ resolution: February 21, 2025. Total amount of cash distributed to shareholders: TWD 48,001,450. Par value of common stock: TWD 10. Announcement • Feb 14
Aero Win Technology Corporation to Report Q4, 2024 Results on Feb 21, 2025 Aero Win Technology Corporation announced that they will report Q4, 2024 results on Feb 21, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.23 (vs NT$0.42 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.23 (down from NT$0.42 in 3Q 2023). Revenue: NT$230.1m (up 25% from 3Q 2023). Net income: NT$15.9m (down 44% from 3Q 2023). Profit margin: 6.9% (down from 16% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Announcement • Nov 02
Aero Win Technology Corporation to Report Q3, 2024 Results on Nov 11, 2024 Aero Win Technology Corporation announced that they will report Q3, 2024 results on Nov 11, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.36 (vs NT$0.40 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.36 (down from NT$0.40 in 2Q 2023). Revenue: NT$204.7m (up 24% from 2Q 2023). Net income: NT$24.7m (down 11% from 2Q 2023). Profit margin: 12% (down from 17% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$31.90, the stock trades at a trailing P/E ratio of 25.7x. Average trailing P/E is 24x in the Aerospace & Defense industry in Taiwan. Total returns to shareholders of 107% over the past three years. Announcement • Aug 03
Aero Win Technology Corporation to Report Q2, 2024 Results on Aug 12, 2024 Aero Win Technology Corporation announced that they will report Q2, 2024 results on Aug 12, 2024 Upcoming Dividend • Jul 05
Upcoming dividend of NT$0.30 per share Eligible shareholders must have bought the stock before 12 July 2024. Payment date: 08 August 2024. Trailing yield: 0.7%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (3.1%). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.44 (vs NT$0.079 in 1Q 2023) First quarter 2024 results: EPS: NT$0.44 (up from NT$0.079 in 1Q 2023). Revenue: NT$188.6m (up 17% from 1Q 2023). Net income: NT$30.0m (up 454% from 1Q 2023). Profit margin: 16% (up from 3.4% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 55% per year, which means it is significantly lagging earnings growth. Announcement • May 05
Aero Win Technology Corporation to Report Q1, 2024 Results on May 13, 2024 Aero Win Technology Corporation announced that they will report Q1, 2024 results on May 13, 2024 Reported Earnings • Feb 29
Full year 2023 earnings released: EPS: NT$0.88 (vs NT$0.28 in FY 2022) Full year 2023 results: EPS: NT$0.88 (up from NT$0.28 in FY 2022). Revenue: NT$683.8m (up 52% from FY 2022). Net income: NT$60.6m (up 221% from FY 2022). Profit margin: 8.9% (up from 4.2% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Announcement • Feb 24
Aero Win Technology Corporation, Annual General Meeting, Jun 25, 2024 Aero Win Technology Corporation, Annual General Meeting, Jun 25, 2024. Location: No. 28, Xingong Rd., Xinying Dist Tainan City Taiwan Agenda: To consider Acknowledgement of the 2023 Business Report and Financial Statements; and to consider any other matters. Reported Earnings • Nov 08
Third quarter 2023 earnings released: EPS: NT$0.42 (vs NT$0.47 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.42 (down from NT$0.47 in 3Q 2022). Revenue: NT$184.2m (up 43% from 3Q 2022). Net income: NT$28.5m (down 12% from 3Q 2022). Profit margin: 16% (down from 25% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 49% per year, which means it is significantly lagging earnings growth. Announcement • Nov 08
Aero Win Technology Corporation Appoints Ding An Lee as New Member to the Remuneration Committee The Board of Directors of Aero Win Technology Corporation appointed Ding An Lee as a New Member to the Remuneration Committee. Resume of the new position holder: Chien Chen United CPAs office Partner. Effective date of the new member: November 6, 2023. New Risk • Aug 11
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.16b (US$99.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 31% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Market cap is less than US$100m (NT$3.16b market cap, or US$99.3m). Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: NT$0.40 (vs NT$0.024 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.40 (up from NT$0.024 in 2Q 2022). Revenue: NT$165.8m (up 42% from 2Q 2022). Net income: NT$27.7m (up NT$26.1m from 2Q 2022). Profit margin: 17% (up from 1.4% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has increased by 54% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 21
Full year 2022 earnings released: EPS: NT$0.28 (vs NT$1.50 loss in FY 2021) Full year 2022 results: EPS: NT$0.28 (up from NT$1.50 loss in FY 2021). Revenue: NT$449.5m (up 28% from FY 2021). Net income: NT$18.9m (up NT$121.9m from FY 2021). Profit margin: 4.2% (up from net loss in FY 2021). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Reported Earnings • Nov 09
Third quarter 2022 earnings released: EPS: NT$0.47 (vs NT$0.22 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$0.47 (up from NT$0.22 loss in 3Q 2021). Revenue: NT$129.3m (up 41% from 3Q 2021). Net income: NT$32.5m (up NT$47.6m from 3Q 2021). Profit margin: 25% (up from net loss in 3Q 2021). 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. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.02 (vs NT$0.54 loss in 2Q 2021) Second quarter 2022 results: EPS: NT$0.02 (up from NT$0.54 loss in 2Q 2021). Revenue: NT$116.6m (up 39% from 2Q 2021). Net income: NT$1.63m (up NT$38.3m from 2Q 2021). Profit margin: 1.4% (up from net loss in 2Q 2021). The move to profitability was primarily 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 97 percentage points per year, which is a significant difference in performance. Reported Earnings • May 11
First quarter 2022 earnings released: NT$0.11 loss per share (vs NT$0.43 loss in 1Q 2021) First quarter 2022 results: NT$0.11 loss per share (up from NT$0.43 loss in 1Q 2021). Revenue: NT$97.4m (up 23% from 1Q 2021). Net loss: NT$7.20m (loss narrowed 75% from 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 12
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: NT$1.50 loss per share (down from NT$0.58 loss in FY 2020). Revenue: NT$351.5m (down 12% from FY 2020). Net loss: NT$102.9m (loss widened 161% from FY 2020). Revenue missed analyst estimates by 14%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 07
Third quarter 2021 earnings released: NT$0.22 loss per share (vs NT$0.34 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: NT$92.0m (up 25% from 3Q 2020). Net loss: NT$15.1m (loss narrowed 35% from 3Q 2020). 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. Reported Earnings • Aug 04
Second quarter 2021 earnings released: NT$0.54 loss per share (vs NT$0.06 loss in 2Q 2020) The company reported a soft second quarter result with increased losses and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: NT$84.0m (up 9.2% from 2Q 2020). Net loss: NT$36.7m (loss widened NT$32.6m from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Reported Earnings • May 12
First quarter 2021 earnings released: NT$0.43 loss per share (vs NT$0.17 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: NT$79.4m (down 56% from 1Q 2020). Net loss: NT$29.3m (down 348% from profit in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 56 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 16
New 90-day high: NT$14.00 The company is up 4.0% from a price of NT$13.45 on 16 December 2020. Underperformed the Taiwanese market, which is up 15% over the last 90 days. Lagged the Aerospace & Defense industry, which is up 5.0% over the same period. Reported Earnings • Feb 28
Full year 2020 earnings released: NT$0.58 loss per share (vs NT$0.65 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: NT$397.1m (down 49% from FY 2019). Net loss: NT$39.5m (down 189% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 01
New 90-day low: NT$12.15 The company is down 7.0% from its price of NT$13.00 on 03 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Aerospace & Defense industry, which is down 1.0% over the same period. Is New 90 Day High Low • Jan 15
New 90-day low: NT$12.75 The company is down 3.0% from its price of NT$13.10 on 16 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Aerospace & Defense industry, which is flat over the same period. Reported Earnings • Nov 10
Third quarter 2020 earnings released: NT$0.34 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: NT$73.4m (down 62% from 3Q 2019). Net loss: NT$23.4m (down 266% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 11% per year. Is New 90 Day High Low • Oct 30
New 90-day low: NT$12.95 The company is down 6.0% from its price of NT$13.75 on 31 July 2020. The Taiwanese market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Aerospace & Defense industry, which is down 1.0% over the same period. Is New 90 Day High Low • Oct 14
New 90-day low: NT$13.00 The company is down 10.0% from its price of NT$14.40 on 16 July 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Aerospace & Defense industry, which is down 2.0% over the same period.