Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$51.00, the stock trades at a trailing P/E ratio of 41.4x. Average trailing P/E is 16x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 54% over the past three years. Reported Earnings • May 12
First quarter 2026 earnings released: EPS: NT$0.26 (vs NT$0.26 in 1Q 2025) First quarter 2026 results: EPS: NT$0.26. Revenue: NT$2.02b (up 9.0% from 1Q 2025). Net income: NT$79.1m (flat on 1Q 2025). Profit margin: 3.9% (down from 4.2% in 1Q 2025). The decrease in margin was driven by higher expenses. Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: NT$1.24 (vs NT$1.15 in FY 2024) Full year 2025 results: EPS: NT$1.24 (up from NT$1.15 in FY 2024). Revenue: NT$8.68b (up 21% from FY 2024). Net income: NT$377.7m (up 19% from FY 2024). Profit margin: 4.4% (in line with FY 2024). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Mar 12
Altek Corporation, Annual General Meeting, Jun 23, 2026 Altek Corporation, Annual General Meeting, Jun 23, 2026. Location: 2 floor no,2, chan yeh 1st rd., hsinchu science park, hsinchu city Taiwan Reported Earnings • Nov 04
Third quarter 2025 earnings released: EPS: NT$0.36 (vs NT$0.28 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.36 (up from NT$0.28 in 3Q 2024). Revenue: NT$2.44b (up 30% from 3Q 2024). Net income: NT$110.6m (up 41% from 3Q 2024). Profit margin: 4.5% (up from 4.2% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$59.10, the stock trades at a trailing P/E ratio of 51.4x. Average trailing P/E is 16x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 88% over the past three years. Upcoming Dividend • Aug 28
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 04 September 2025. Payment date: 03 October 2025. Payout ratio is on the higher end at 83%, however this is supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (4.3%). New Risk • Aug 21
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: 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 (6.2% average weekly change). Buy Or Sell Opportunity • Aug 13
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 7.7% to NT$44.65. The fair value is estimated to be NT$37.19, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 23% over the last 3 years. Earnings per share has declined by 9.1%. Reported Earnings • Aug 07
Second quarter 2025 earnings released: EPS: NT$0.36 (vs NT$0.28 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.36 (up from NT$0.28 in 2Q 2024). Revenue: NT$2.22b (up 30% from 2Q 2024). Net income: NT$108.6m (up 40% from 2Q 2024). Profit margin: 4.9% (up from 4.5% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$40.10, the stock trades at a trailing P/E ratio of 38x. Average trailing P/E is 15x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 18% over the past three years. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: NT$0.26 (vs NT$0.28 in 1Q 2024) First quarter 2025 results: EPS: NT$0.26. Revenue: NT$1.85b (up 16% from 1Q 2024). Net income: NT$78.8m (up 3.1% from 1Q 2024). Profit margin: 4.2% (down from 4.8% in 1Q 2024). The decrease in margin was driven by higher expenses. Announcement • May 01
Altek Corporation to Report Q1, 2025 Results on May 08, 2025 Altek Corporation announced that they will report Q1, 2025 results on May 08, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$31.60, the stock trades at a trailing P/E ratio of 30.2x. Average trailing P/E is 14x in the Consumer Durables industry in Taiwan. Total loss to shareholders of 15% over the past three years. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$1.15 (vs NT$1.27 in FY 2023) Full year 2024 results: EPS: NT$1.15 (down from NT$1.27 in FY 2023). Revenue: NT$7.20b (down 21% from FY 2023). Net income: NT$318.0m (down 9.4% from FY 2023). Profit margin: 4.4% (up from 3.9% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 1% per year. Announcement • Mar 17
Altek Corporation, Annual General Meeting, Jun 19, 2025 Altek Corporation, Annual General Meeting, Jun 19, 2025. Location: 2 floor no,2, chan yeh 1st rd., hsinchu science park, hsinchu city Taiwan New Risk • Feb 25
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 8.1% 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. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$49.10, the stock trades at a trailing P/E ratio of 46.9x. Average trailing P/E is 16x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 19% over the past three years. New Risk • Dec 27
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 9.8% 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: Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Shareholders have been diluted in the past year (9.8% increase in shares outstanding). Announcement • Dec 27
Altek Corporation has completed a Follow-on Equity Offering in the amount of TWD 723.6 million. Altek Corporation has completed a Follow-on Equity Offering in the amount of TWD 723.6 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 5,400,000
Price\Range: TWD 26.8
Security Name: Shares
Security Type: Common Stock
Securities Offered: 19,305,000
Price\Range: TWD 26.8
Security Name: Shares
Security Type: Common Stock
Securities Offered: 2,295,000
Price\Range: TWD 26.8
Transaction Features: Reserved Share Offering New Risk • Dec 26
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 6.1% 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. This is currently the only risk that has been identified for the company. New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 20
Third quarter 2024 earnings released: EPS: NT$0.28 (vs NT$0.39 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.28 (down from NT$0.39 in 3Q 2023). Revenue: NT$1.88b (down 18% from 3Q 2023). Net income: NT$78.7m (down 26% from 3Q 2023). Profit margin: 4.2% (down from 4.7% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Nov 01
Altek Corporation to Report Q3, 2024 Results on Nov 08, 2024 Altek Corporation announced that they will report Q3, 2024 results on Nov 08, 2024 Declared Dividend • Sep 04
Dividend reduced to NT$0.70 Dividend of NT$0.70 is 30% lower than last year. Ex-date: 19th September 2024 Payment date: 18th October 2024 Dividend yield will be 2.0%, which is lower than the industry average of 4.1%. Sustainability & Growth Dividend is covered by both earnings (56% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has decreased over the past 96 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 19% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: NT$0.28 (vs NT$0.33 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.28 (down from NT$0.33 in 2Q 2023). Revenue: NT$1.70b (down 23% from 2Q 2023). Net income: NT$77.4m (down 16% from 2Q 2023). Profit margin: 4.5% (up from 4.2% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Aug 02
Altek Corporation to Report Q2, 2024 Results on Aug 09, 2024 Altek Corporation announced that they will report Q2, 2024 results on Aug 09, 2024 Buy Or Sell Opportunity • Jul 09
Now 22% undervalued Over the last 90 days, the stock has risen 2.3% to NT$42.15. The fair value is estimated to be NT$53.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has grown by 22%. Buy Or Sell Opportunity • Jun 04
Now 22% undervalued Over the last 90 days, the stock has risen 24% to NT$42.70. The fair value is estimated to be NT$54.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has grown by 22%. Buy Or Sell Opportunity • May 17
Now 23% undervalued Over the last 90 days, the stock has risen 15% to NT$41.80. The fair value is estimated to be NT$54.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has grown by 22%. New Risk • May 16
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 6.8% 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. This is currently the only risk that has been identified for the company. Reported Earnings • May 04
First quarter 2024 earnings released: EPS: NT$0.28 (vs NT$0.24 in 1Q 2023) First quarter 2024 results: EPS: NT$0.28 (up from NT$0.24 in 1Q 2023). Revenue: NT$1.60b (down 29% from 1Q 2023). Net income: NT$76.4m (up 15% from 1Q 2023). Profit margin: 4.8% (up from 2.9% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Apr 28
Altek Corporation to Report Q1, 2024 Results on May 03, 2024 Altek Corporation announced that they will report Q1, 2024 results at 1:30 PM, Taipei Standard Time on May 03, 2024 Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$38.70, the stock trades at a trailing P/E ratio of 30.5x. Average trailing P/E is 17x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 9.1% over the past three years. Reported Earnings • Mar 13
Full year 2023 earnings released: EPS: NT$1.27 (vs NT$1.67 in FY 2022) Full year 2023 results: EPS: NT$1.27 (down from NT$1.67 in FY 2022). Revenue: NT$9.10b (down 35% from FY 2022). Net income: NT$351.0m (down 23% from FY 2022). Profit margin: 3.9% (up from 3.3% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$39.25, the stock trades at a trailing P/E ratio of 28.6x. Average trailing P/E is 15x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 55% over the past three years. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$0.39 (vs NT$0.46 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.39 (down from NT$0.46 in 3Q 2022). Revenue: NT$2.30b (down 43% from 3Q 2022). Net income: NT$106.9m (down 15% from 3Q 2022). Profit margin: 4.7% (up from 3.1% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 12
Upcoming dividend of NT$1.00 per share at 2.9% yield Eligible shareholders must have bought the stock before 19 September 2023. Payment date: 20 October 2023. Payout ratio is a comfortable 69% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Taiwanese dividend payers (5.6%). Lower than average of industry peers (4.5%). Announcement • Aug 22
Altek Corporation Announces Cash Dividend, Payable On October 20, 2023 Altek Corporation announced cash dividends to common shareholders TWD 276,728,025. Ex-rights (ex-dividend) trading date: September 19, 2023; Ex-rights (ex-dividend) record date: September 25, 2023; Payment date of cash dividend distribution: October 20, 2023. Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: NT$0.33 (vs NT$0.34 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.33 (down from NT$0.34 in 2Q 2022). Revenue: NT$2.21b (down 30% from 2Q 2022). Net income: NT$92.0m (down 2.3% from 2Q 2022). Profit margin: 4.2% (up from 3.0% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Aug 09
Altek Corporation Announces Members of the Firth Term's Remuneration Committee Altek Corporation appointed the members of the fifth term's remuneration committee of the company. Name of the previous position holder: MORI SHOREI,Director of Fujifilm Corp.(Japan); KUO HSIUNG WU,Vice president of TSMC and Joyce Huang,Executive Secretary of Novellus System Inc. Taiwan Branch (USA). Name of the new position holder: MORI SHOREI,Director of Fujifilm Corp.(Japan); FEI LIU,Attorney,Law office of Fei Liu; Bojin Liu,Director of Glory Dental Clinic. Effective date of the new member: August 8, 2023. Announcement • Jun 23
Altek Corporation Announces Member of Altek Audit Committee Altek Corporation announced member of Altek Audit Committee. Name of the previous position holder: MORI SHOREI: KUO HSIUNG WU: and Daphne Wang. Resume of the previous position holder: Independent Director: MORI SHOREI-Director of Fujifilm Corp.(Japan): Independent Director: KUO HSIUNG WU-Vice president of TSMC: Independent Director: Daphne Wang-Assistant Vice President of CDIB Capital Group. Name of the new position holder: MORI SHOREI: FEI LIU: and Daphne Wang. Resume of the new position holder: Independent Director: MORI SHOREI-Director of Fujifilm Corp.(Japan); Independent Director: FEI LIU-Attorney, Law office of Fei Liu; Independent Director: Daphne Wang-Assistant Vice President of CDIB Capital Group. Effective date of the new member is June 21, 2023. Announcement • Jun 22
Altek Corporation Elects Alex Hsia as Director Altek Corporation at 2023 Annual General Shareholders' Meeting on June 21, 2023 the company elected Alex Hsia as Director. Reported Earnings • May 13
First quarter 2023 earnings released: EPS: NT$0.24 (vs NT$0.46 in 1Q 2022) First quarter 2023 results: EPS: NT$0.24 (down from NT$0.46 in 1Q 2022). Revenue: NT$2.25b (down 37% from 1Q 2022). Net income: NT$66.4m (down 46% from 1Q 2022). Profit margin: 2.9% (down from 3.5% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 15
Full year 2022 earnings released: EPS: NT$1.67 (vs NT$0.85 in FY 2021) Full year 2022 results: EPS: NT$1.67 (up from NT$0.85 in FY 2021). Revenue: NT$14.0b (up 54% from FY 2021). Net income: NT$456.7m (up 103% from FY 2021). Profit margin: 3.3% (up from 2.5% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: NT$0.46 (vs NT$0.35 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.46 (up from NT$0.35 in 3Q 2021). Revenue: NT$4.01b (up 63% from 3Q 2021). Net income: NT$125.2m (up 33% from 3Q 2021). Profit margin: 3.1% (down from 3.8% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Daphne Wang was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Sep 14
Upcoming dividend of NT$0.69 per share Eligible shareholders must have bought the stock before 21 September 2022. Payment date: 21 October 2022. Payout ratio is a comfortable 54% but the company is not cash flow positive. Trailing yield: 1.9%. Lower than top quartile of Taiwanese dividend payers (6.5%). Lower than average of industry peers (4.8%). Reported Earnings • Aug 12
Second quarter 2022 earnings released: EPS: NT$0.34 (vs NT$0.23 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.34 (up from NT$0.23 in 2Q 2021). Revenue: NT$3.15b (up 37% from 2Q 2021). Net income: NT$94.1m (up 54% from 2Q 2021). Profit margin: 3.0% (up from 2.7% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$31.40, the stock trades at a trailing P/E ratio of 27x. Average trailing P/E is 13x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 25% over the past three years. Reported Earnings • May 13
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: NT$0.46 (up from NT$0.12 in 1Q 2021). Revenue: NT$3.57b (up 80% from 1Q 2021). Net income: NT$123.3m (up 292% from 1Q 2021). Profit margin: 3.5% (up from 1.6% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 35%. Earnings per share (EPS) also missed analyst estimates by 83%. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Daphne Wang was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 31
Altek Corporation, Annual General Meeting, Jun 17, 2022 Altek Corporation, Annual General Meeting, Jun 17, 2022. Reported Earnings • Mar 13
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: NT$0.85 (up from NT$0.60 in FY 2020). Revenue: NT$9.09b (up 49% from FY 2020). Net income: NT$224.7m (up 40% from FY 2020). Profit margin: 2.5% (in line with FY 2020). Revenue missed analyst estimates by 35%. Earnings per share (EPS) also missed analyst estimates by 83%. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 16% per year. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment improved over the past week After last week's 16% share price gain to NT$47.45, the stock trades at a trailing P/E ratio of 54.9x. Average trailing P/E is 13x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 96% over the past three years. Reported Earnings • Nov 09
Third quarter 2021 earnings released: EPS NT$0.35 (vs NT$0.16 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$2.47b (up 53% from 3Q 2020). Net income: NT$94.1m (up 127% from 3Q 2020). Profit margin: 3.8% (up from 2.6% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 16% per year. Upcoming Dividend • Sep 22
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 28 October 2021. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (4.0%). Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$0.23 (vs NT$0.19 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: NT$2.30b (up 51% from 2Q 2020). Net income: NT$61.3m (up 22% from 2Q 2020). Profit margin: 2.7% (down from 3.3% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 23
First quarter 2021 earnings released: EPS NT$0.12 (vs NT$0.12 in 1Q 2020) The company reported a mediocre first quarter result with weaker profit margins, although earnings were flat and revenues improved. First quarter 2021 results: Revenue: NT$1.98b (up 78% from 1Q 2020). Net income: NT$31.4m (flat on 1Q 2020). Profit margin: 1.6% (down from 2.8% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$30.50, the stock trades at a trailing P/E ratio of 50.5x. Average trailing P/E is 13x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 4.4% over the past three years. Reported Earnings • May 08
First quarter 2021 earnings released: EPS NT$0.12 (vs NT$0.12 in 1Q 2020) The company reported a mediocre first quarter result with weaker profit margins, although earnings were flat and revenues improved. First quarter 2021 results: Revenue: NT$1.98b (up 78% from 1Q 2020). Net income: NT$31.4m (flat on 1Q 2020). Profit margin: 1.6% (down from 2.8% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment improved over the past week After last week's 20% share price gain to NT$46.80, the stock trades at a trailing P/E ratio of 77.6x. Average trailing P/E is 15x in the Consumer Durables industry in Taiwan. Total returns to shareholders of 52% over the past three years. Announcement • Mar 27
Altek Corporation announced a financing transaction Altek Corporation (TSEC:3059) announced a private placement of domestic, overseas convertible bonds on March 25, 2021. The securities to be issued will have a face value be at TWD 100,000 or its multiples. The board of directors of the company approved the transaction. The bonds will be issued at no less than 80% of the theoretical price. The bond issuance period will be no more than seven years from the date of issue. Reported Earnings • Mar 26
Full year 2020 earnings released: EPS NT$0.60 (vs NT$0.31 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$6.10b (down 1.4% from FY 2019). Net income: NT$160.4m (up 90% from FY 2019). Profit margin: 2.6% (up from 1.4% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 22
New 90-day high: NT$38.55 The company is up 43% from its price of NT$26.95 on 24 November 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 9.0% over the same period. Is New 90 Day High Low • Jan 28
New 90-day high: NT$37.95 The company is up 48% from its price of NT$25.65 on 30 October 2020. The Taiwanese market is up 23% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 10.0% over the same period. Is New 90 Day High Low • Jan 11
New 90-day high: NT$36.40 The company is up 35% from its price of NT$26.90 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 Consumer Durables industry, which is up 8.0% over the same period.