Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$27.00, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 10x in the Capital Markets industry in Taiwan. Total returns to shareholders of 166% over the past three years. Buy Or Sell Opportunity • May 26
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 38% to NT$24.25. The fair value is estimated to be NT$19.75, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 13%. New Risk • May 22
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (38% accrual ratio). Reported Earnings • May 16
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$0.59 loss in 1Q 2025) First quarter 2026 results: EPS: NT$1.00 (up from NT$0.59 loss in 1Q 2025). Revenue: NT$2.23b (up NT$2.17b from 1Q 2025). Net income: NT$1.13b (up NT$1.54b from 1Q 2025). Profit margin: 51% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • May 11
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 48% to NT$24.05. The fair value is estimated to be NT$18.65, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$1.98 (vs NT$1.59 in FY 2024) Full year 2025 results: EPS: NT$1.98 (up from NT$1.59 in FY 2024). Revenue: NT$3.64b (up 1.0% from FY 2024). Net income: NT$1.36b (up 25% from FY 2024). Profit margin: 37% (up from 30% in FY 2024). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 09
Concord Securities Co., Ltd., Annual General Meeting, Jun 04, 2026 Concord Securities Co., Ltd., Annual General Meeting, Jun 04, 2026. Location: b2 floor no,176, sec.1 chi lung rd., sinyi district, taipei city Taiwan Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$15.15, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 14x in the Capital Markets industry in Taiwan. Total returns to shareholders of 91% over the past three years. New Risk • Nov 26
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 43% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 13% per year over the past 5 years. Minor Risk High level of debt (43% net debt to equity). Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: NT$1.56 (vs NT$0.13 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$1.56 (up from NT$0.13 loss in 3Q 2024). Revenue: NT$1.81b (up 264% from 3Q 2024). Net income: NT$1.07b (up NT$1.16b from 3Q 2024). Profit margin: 59% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Oct 13
Now 21% undervalued Over the last 90 days, the stock has risen 18% to NT$12.75. The fair value is estimated to be NT$16.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.9% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Sep 15
Now 21% undervalued Over the last 90 days, the stock has risen 22% to NT$12.90. The fair value is estimated to be NT$16.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.9% over the last 3 years. Meanwhile, the company became loss making. New Risk • Aug 23
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 16% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Earnings have declined by 12% per year over the past 5 years. Reported Earnings • Aug 22
Second quarter 2025 earnings released: EPS: NT$0.14 (vs NT$0.53 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.14 (down from NT$0.53 in 2Q 2024). Revenue: NT$559.5m (down 45% from 2Q 2024). Net income: NT$94.4m (down 74% from 2Q 2024). Profit margin: 17% (down from 36% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 6% per year. New Risk • Aug 03
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 262% The company is paying a dividend despite having no free cash flows. Dividend yield: 2.1% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 262% Paying a dividend despite having no free cash flows. Earnings have declined by 0.9% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (2.3% net profit margin). Upcoming Dividend • Jul 28
Upcoming dividend of NT$0.23 per share Eligible shareholders must have bought the stock before 04 August 2025. Payment date: 27 August 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.9%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (4.8%). New Risk • May 16
New major risk - Revenue and earnings growth Earnings have declined by 0.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 0.9% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (2.3% net profit margin). Reported Earnings • May 16
First quarter 2025 earnings released: NT$0.65 loss per share (vs NT$1.02 profit in 1Q 2024) First quarter 2025 results: NT$0.65 loss per share (down from NT$1.02 profit in 1Q 2024). Revenue: NT$149.1m (down 89% from 1Q 2024). Net loss: NT$405.5m (down 164% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$10.80, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 11x in the Capital Markets industry in Taiwan. Total loss to shareholders of 5.0% over the past three years. New Risk • Mar 30
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 18
Full year 2024 earnings released: EPS: NT$1.75 (vs NT$1.60 in FY 2023) Full year 2024 results: EPS: NT$1.75 (up from NT$1.60 in FY 2023). Revenue: NT$3.63b (up 13% from FY 2023). Net income: NT$1.09b (up 9.3% from FY 2023). Profit margin: 30% (down from 31% in FY 2023). 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 1% per year, which means it is significantly lagging earnings growth. Announcement • Mar 14
Concord Securities Co., Ltd., Annual General Meeting, May 26, 2025 Concord Securities Co., Ltd., Annual General Meeting, May 26, 2025, at 09:00 Taipei Standard Time. Location: b2 floor no,176, sec.1 chi lung rd., taipei city Taiwan Announcement • Mar 12
Concord Securities Co., Ltd. Announces Dividends Distribution to Shareholders for the Year 2024 Concord Securities Co., Ltd. announced cash dividend of TWD 0.225 per share for the year 2024. Total amount of cash dividends to shareholders of TWD 140,439,990. Announcement • Mar 04
Concord Securities Co., Ltd. to Report Fiscal Year 2024 Results on Mar 11, 2025 Concord Securities Co., Ltd. announced that they will report fiscal year 2024 results on Mar 11, 2025 New Risk • Dec 04
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Nov 18
Third quarter 2024 earnings released: NT$0.14 loss per share (vs NT$0.097 loss in 3Q 2023) Third quarter 2024 results: NT$0.14 loss per share (further deteriorated from NT$0.097 loss in 3Q 2023). Revenue: NT$482.3m (up 2.7% from 3Q 2023). Net loss: NT$86.8m (loss widened 44% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 1% per year. Announcement • Nov 05
Concord Securities Co., Ltd. to Report Q3, 2024 Results on Nov 12, 2024 Concord Securities Co., Ltd. announced that they will report Q3, 2024 results on Nov 12, 2024 New Risk • Sep 19
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Aug 30
Second quarter 2024 earnings released: EPS: NT$0.58 (vs NT$1.02 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.58 (down from NT$1.02 in 2Q 2023). Revenue: NT$1.02b (down 19% from 2Q 2023). Net income: NT$364.7m (down 42% from 2Q 2023). Profit margin: 36% (down from 51% in 2Q 2023). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 23
Upcoming dividend of NT$0.65 per share Eligible shareholders must have bought the stock before 30 August 2024. Payment date: 25 September 2024. Trailing yield: 4.2%. Lower than top quartile of Taiwanese dividend payers (4.3%). Lower than average of industry peers (5.1%). Announcement • Aug 07
Concord Securities Co., Ltd. to Report Q2, 2024 Results on Aug 15, 2024 Concord Securities Co., Ltd. announced that they will report Q2, 2024 results on Aug 15, 2024 Announcement • Jun 08
Concord Securities Co., Ltd. Announces the Appointment of Huang, Su-Hui and Chiang, Ya-Chi as Members of Audit Committee Concord Securities Co., Ltd. announced the appointment of Huang, Su-Hui and Chiang, Ya-Chi as members of audit committee. Resume of the new position holder: Independent Director Huang, Su-Hui: CEO of Taiwan Institute of Business. Independent Director Chiang, Ya-Chi: Chairman of Jingfu Investment Co., Ltd. Effective date of the new member: June 6, 2024. New Risk • Jun 06
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (26% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$1.07 (vs NT$0.70 in 1Q 2023) First quarter 2024 results: EPS: NT$1.07 (up from NT$0.70 in 1Q 2023). Revenue: NT$1.35b (up 43% from 1Q 2023). Net income: NT$633.3m (up 51% from 1Q 2023). Profit margin: 47% (up from 44% in 1Q 2023). The increase in margin was driven by higher revenue. 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 1% per year, which means it has not declined as severely as earnings. New Risk • Apr 02
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (34% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Mar 17
Full year 2023 earnings released: EPS: NT$1.68 (vs NT$0.25 loss in FY 2022) Full year 2023 results: EPS: NT$1.68 (up from NT$0.25 loss in FY 2022). Revenue: NT$3.42b (up 83% from FY 2022). Net income: NT$999.8m (up NT$1.15b from FY 2022). Profit margin: 29% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Feb 28
Concord Securities Co.,Ltd. Announces Cash Dividend for the Year Ended December 31, 2023 Concord Securities Co., Ltd. announced the cash dividend of TWD 0.65 per share for the year ended December 31, 2023. Total amount of cash dividends to shareholders TWD 386,395,741. Announcement • Feb 23
Concord Securities Co., Ltd., Annual General Meeting, May 31, 2024 Concord Securities Co., Ltd., Annual General Meeting, May 31, 2024. Location: 6F No.143 Fuxing N. Rd. Taipei Taiwan Agenda: To consider 2023 Operating Report; to consider 2023 Supervisor's Review Report; to consider 2023 Employees and remuneration to directors and supervisors assigned case report; to consider 2023 Operating Report and Financial Reports; to consider 2023 Earning Distribution; and to consider other business issues. New Risk • Nov 20
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 242% Paying a dividend despite having no free cash flows. Announcement • Nov 04
Concord Securities Co., Ltd. Appoints Liu, Chih-Chung as Member of Remuneration Committee, Effective November 16, 2023 Concord Securities Co., Ltd. announced the appointment of Liu, Chih-Chung as member of Remuneration Committee. Resume of the new position holder: Deputy Director of Glory Forward Law Firm. Effective date of the new member is November 16, 2023. Reported Earnings • Aug 31
Second quarter 2023 earnings released: EPS: NT$1.07 (vs NT$0.40 loss in 2Q 2022) Second quarter 2023 results: EPS: NT$1.07 (up from NT$0.40 loss in 2Q 2022). Revenue: NT$1.26b (up 304% from 2Q 2022). Net income: NT$633.2m (up NT$868.5m from 2Q 2022). Profit margin: 50% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • Aug 22
Concord Securities Co., Ltd. Announces Change of Functional Committee Concord Securities Co., Ltd. announced change of functional committee of the company. Name of the functional committees: Audit Committee and Remuneration Committee. Name of the previous position holder: Huang, Tian-chang. Resume of the previous position holder: convener of the Audit Committee and member of the Remuneration Committee. Reason for the change: dismissal. Original term: Audit Committee: July 12, 2021 to July 11, 2024. Remuneration Committee: July 29, 2021 to July 11, 2024. Announcement • Aug 19
Concord Securities Co., Ltd. Announces the Resignation of Huang, Tian-Chang as Independent Director Concord Securities Co., Ltd. announced the resignation of Huang, Tian-Chang as independent director. Date of occurrence of the change of August 18, 2023. New Risk • Jul 05
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 2.7% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (2.7% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 242% Cash payout ratio: 228% Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.25 (vs NT$0.097 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.25 (up from NT$0.097 in 3Q 2021). Revenue: NT$676.5m (down 4.2% from 3Q 2021). Net income: NT$148.9m (up 158% from 3Q 2021). Profit margin: 22% (up from 8.2% in 3Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 8 non-independent directors. Independent Director Tien-Chang Huang 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. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: NT$0.25 (vs NT$0.097 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.25 (up from NT$0.097 in 3Q 2021). Revenue: NT$676.5m (down 4.2% from 3Q 2021). Net income: NT$148.9m (up 158% from 3Q 2021). Profit margin: 22% (up from 8.2% in 3Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Sep 28
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be NT$12.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Sep 02
Second quarter 2022 earnings released: NT$0.40 loss per share (vs NT$0.56 profit in 2Q 2021) Second quarter 2022 results: NT$0.40 loss per share (down from NT$0.56 profit in 2Q 2021). Revenue: NT$350.4m (down 69% from 2Q 2021). Net loss: NT$235.2m (down 170% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Aug 09
Concord Securities Co.,Ltd. Announces Plaintiff SFIPC Claimed to the Company for Civil Damages Concord Securities Co.,Ltd. announced that the plaintiff SFIPC claimed to the Company for civil damages. The court ordered the company to withdraw from to withdraw from the lawsuit. Parties to the legal matter: Plaintiff: The Securities and Futures Investors Protection Center (SFIPC) Defendant: The Company,the XPEC Entertainment Inc.,and other 25 persons. Name of the court or punishing agency of the legal matter: Taiwan Taipei District Court. Reference/Case number of relevant documents of the legal matter: No. 76 of Jin for Year of 106 of Taiwan Taipei District Court. Date of occurrence of the event is August 8, 2022. Details of occurrence (including the matter under dispute): The Plaintiff claimed to the Defendant for civil damages in violation of the Securities Exchange Law. In this case, only one natural person surnamed authorized the plaintiff to sue the company for compensation. Now because the plaintiff has terminated the right to enforce the lawsuit against the natural person surnamed Zhang, and the natural person surnamed Zhang has not accepted the lawsuit according to the law, the Taipei District Court of Taiwan has ruled to dismiss this part of the lawsuit. Investors who have no compensation in this case have been ordered by the court to withdraw from the litigation in this case. Handling procedure: The company is out of the lawsuit and conclusion of the action. Buying Opportunity • Jul 12
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 37%. The fair value is estimated to be NT$12.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Meanwhile, the company has become profitable. Upcoming Dividend • Jul 05
Upcoming dividend of NT$1.55 per share Eligible shareholders must have bought the stock before 12 July 2022. Payment date: 05 August 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 13%. Within top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (7.7%). Announcement • May 20
Concord Futures Corp. Announces CFO Changes Concord Futures Corp. announced CFO changes. Type of personnel changed: financial officer. Name, title, and resume of the previous position holder: Chen,Pei-Ling(Agent) (Senior Vice Manger,Finance Dept. of Concord Futures Corp.). Name, title, and resume of the new position holder: Teng,Ai-Chiung (Senior Manger,Finance Dept. of Concord Futures Corp.). Type of change is new replacement. Effective date is May 19, 2022. Reported Earnings • May 12
First quarter 2022 earnings released: NT$0.29 loss per share (vs NT$0.59 profit in 1Q 2021) First quarter 2022 results: NT$0.29 loss per share (down from NT$0.59 profit in 1Q 2021). Revenue: NT$405.6m (down 63% from 1Q 2021). Net loss: NT$175.1m (down 150% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 22% 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. 7 non-independent directors. Independent Director Tien-Chang Huang 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. Reported Earnings • Mar 30
Full year 2021 earnings released: EPS: NT$2.33 (vs NT$1.83 in FY 2020) Full year 2021 results: EPS: NT$2.33 (up from NT$1.83 in FY 2020). Revenue: NT$4.24b (up 27% from FY 2020). Net income: NT$1.39b (up 28% from FY 2020). Profit margin: 33% (in line with FY 2020). Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Announcement • Feb 17
Concord Securities Co.,Ltd. Announces Claims for Civil Damages Concord Securities Co.,Ltd. announced that parties to the legal matter. Plantiffs are X-RONG,CHEN. Defendants are The Company and X-WUN, CHEN¡BX-WUN, CHEN¡BX-HUA, HUANG¡B BLACK-X-HOLDDINGS LIMITED¡BX-ZIH,WANG. Name of the court or punishing agency of the legal matter: Taiwan New Taipei District Court. Details of occurrence (including the matter under dispute):The plaintiff and others sued and claimed that the defendant x-wun,chen was entrusted by the plaintiff to trade on behalf of the futures, and appointed the salesperson x-wun,chen as the account manager. The defendants x-wun,chen and x-wun,chen intended to deceive the plaintiff¡¦s true trading situation for illegal interests. As a result, the plaintiff and others recognized x-wun,chen as employees of the company, so they filed a civil lawsuit against the company, requesting the company to be jointly and severally liable for compensation. The total amount requested was TWD 52,000,000. After investigation, the defendant in this case, Chen Owen, is not an employee of the company, and the case has nothing to do with the company. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS NT$0.10 (vs NT$0.51 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$708.1m (down 23% from 3Q 2020). Net income: NT$57.8m (down 81% from 3Q 2020). Profit margin: 8.2% (down from 33% in 3Q 2020). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 01
Second quarter 2021 earnings released: EPS NT$0.57 (vs NT$0.70 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$1.09b (up 15% from 2Q 2020). Net income: NT$336.0m (down 19% from 2Q 2020). Profit margin: 31% (down from 44% 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 92% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment deteriorated over the past week After last week's 21% share price decline to NT$12.85, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 9x in the Capital Markets industry in Taiwan. Total returns to shareholders of 107% over the past three years. Upcoming Dividend • Aug 09
Upcoming dividend of NT$1.22 per share Eligible shareholders must have bought the stock before 16 August 2021. Payment date: 10 September 2021. Trailing yield: 7.4%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (4.7%). Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.59 (vs NT$0.16 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$1.09b (up 137% from 1Q 2020). Net income: NT$349.6m (up NT$442.3m from 1Q 2020). Profit margin: 32% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improved over the past week After last week's 16% share price gain to NT$18.60, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 14x in the Capital Markets industry in Taiwan. Total returns to shareholders of 159% over the past three years. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS NT$1.83 (vs NT$0.47 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$3.35b (up 56% from FY 2019). Net income: NT$1.08b (up 282% from FY 2019). Profit margin: 32% (up from 13% in FY 2019). The increase in margin was driven by higher revenue. 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 24% per year, which means it is significantly lagging earnings growth. Announcement • Mar 12
Concord Securities Co.,Ltd., Annual General Meeting, Jun 04, 2021 Concord Securities Co.,Ltd., Annual General Meeting, Jun 04, 2021. Location: B2,No.176,Sec.1,Keelung Rd.,Hsin-yi Dist. Taipei City Taiwan Agenda: To consider 2020 Operating Report; to consider 2020 Audit Committee's Report; to consider 2020 Employees and remuneration to directors assigned case report; to consider Amend the Company's Code of Ethical Conduct report; to consider 2020 Business Report and Financial Statements; to consider 2020 Earning Distribution. Announcement • Mar 05
Concord Securities Co.,Ltd. Announces the Plaintiffs Claimed to the Company and Manager for Civil Damages Concord Securities Co.,Ltd. announced the plaintiffs claimed to the Company and Manager for civil damages. Parties to the legal matter: Plaintiff:Da-X-De-guang co., Ltd¡BX-Jie,Huang¡BX-Qiang,Huang¡B X-Xiang,Huang¡BX-Zhu,Zheng¡BX-Ying,Wu¡BX-Yun,Wu¡BX-Ming,Guo Defendant:The Company and Manager X-Sheng,Yang. Name of the court or punishing agency of the legal matter:Taiwan Taipei District Court. Reference/Case number of relevant documents of the legal matter:No.181. Zon Su for Year of 110 of Taiwan Taipei District Court. Date of occurrence of the event: March 3, 2021. Details of occurrence (including the matter under dispute): The plaintiff and others sued and claimed that the company handled the issue of the power of attorney for the shareholders meeting of Guang-X Technology Co. Ltd. and the voting rights of the shareholders meeting on behalf of the company. The manager of the company, Yang Sheng, violated the public issuance of the company power of attorney during the election of directors and allotment of voting rights. The rules of use harmed the rights and interests of the plaintiff and other 7 people and Da-X-De-guang Co. Ltd. Because X-Sheng,Yang was an employed manager of the company, the plaintiff filed a civil lawsuit against the company and the manager and requested the company and the manager to join hands It is liable for damages, and the requested amount amounts to TWD 9,624,000. Handling procedure: It is currently being heard by the Taiwan Taipei District Court. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improved over the past week After last week's 19% share price gain to NT$16.70, the stock is trading at a trailing P/E ratio of 13.1x, up from the previous P/E ratio of 11x. This compares to an average P/E of 14x in the Capital Markets industry in Taiwan. Total returns to shareholders over the past three years are 111%. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 16% share price gain to NT$14.50, the stock is trading at a trailing P/E ratio of 11.4x, up from the previous P/E ratio of 9.8x. This compares to an average P/E of 14x in the Capital Markets industry in Taiwan. Total returns to shareholders over the past three years are 78%. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 16% share price gain to NT$13.75, the stock is trading at a trailing P/E ratio of 10.8x, up from the previous P/E ratio of 9.4x. This compares to an average P/E of 14x in the Capital Markets industry in Taiwan. Total returns to shareholders over the past three years are 73%. Is New 90 Day High Low • Dec 28
New 90-day high: NT$12.25 The company is up 37% from its price of NT$8.92 on 30 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 12% over the same period. Is New 90 Day High Low • Dec 08
New 90-day high: NT$11.60 The company is up 6.0% from its price of NT$10.95 on 09 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Capital Markets industry, which is up 4.0% over the same period. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS NT$0.51 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$915.3m (up 58% from 3Q 2019). Net income: NT$301.4m (up 272% from 3Q 2019). Profit margin: 33% (up from 14% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year and the company’s share price has also increased by 7% per year. Is New 90 Day High Low • Oct 29
New 90-day low: NT$8.67 The company is down 15% from its price of NT$10.18 on 31 July 2020. The Taiwanese market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is down 2.0% over the same period. 
