Buy Or Sell Opportunity • May 25
Now 21% undervalued Over the last 90 days, the stock has risen 18% to NT$11.50. The fair value is estimated to be NT$14.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years, while earnings per share has been flat. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$14.10, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 11x in the Capital Markets industry in Taiwan. Total returns to shareholders of 133% over the past three years. Buy Or Sell Opportunity • Apr 17
Now 20% undervalued Over the last 90 days, the stock has risen 14% to NT$11.25. The fair value is estimated to be NT$14.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years, while earnings per share has been flat. Buy Or Sell Opportunity • Apr 02
Now 22% undervalued Over the last 90 days, the stock has risen 31% to NT$11.15. The fair value is estimated to be NT$14.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to NT$13.85, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 11x in the Capital Markets industry in Taiwan. Total returns to shareholders of 147% over the past three years. New Risk • Mar 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 7.6% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Revenue is less than US$5m (NT$107m revenue, or US$3.3m). Market cap is less than US$100m (NT$1.46b market cap, or US$45.6m). Announcement • Mar 06
Reliance Securities Co.,Ltd., Annual General Meeting, Jun 23, 2026 Reliance Securities Co.,Ltd., Annual General Meeting, Jun 23, 2026. Location: 3 floor no,50, sec.1 hsin sheng s. rd., taipei city Taiwan New Risk • Dec 11
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 9.6% 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 Share price has been highly volatile over the past 3 months (9.6% average weekly change). Earnings have declined by 7.6% per year over the past 5 years. Minor Risks Revenue is less than US$5m (NT$107m revenue, or US$3.4m). Market cap is less than US$100m (NT$1.59b market cap, or US$50.8m). Buy Or Sell Opportunity • Nov 17
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 7.0% to NT$8.25. The fair value is estimated to be NT$6.82, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Sep 30
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to NT$8.20. The fair value is estimated to be NT$6.75, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company became loss making. New Risk • Sep 23
New major risk - Revenue and earnings growth Earnings have declined by 7.6% 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 Risk Earnings have declined by 7.6% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Revenue is less than US$5m (NT$107m revenue, or US$3.5m). Market cap is less than US$100m (NT$1.28b market cap, or US$42.3m). Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$8.70, the stock trades at a trailing P/E ratio of 16.8x. Average trailing P/E is 16x in the Capital Markets industry in Taiwan. Total returns to shareholders of 83% over the past three years. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$7.66, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 11x in the Capital Markets industry in Taiwan. Negligible returns to shareholders over past three years. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$0.52 (vs NT$1.94 in FY 2023) Full year 2024 results: EPS: NT$0.52 (down from NT$1.94 in FY 2023). Revenue: NT$272.3m (down 49% from FY 2023). Net income: NT$78.9m (down 73% from FY 2023). Profit margin: 29% (down from 56% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. New Risk • Mar 19
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 29% Last year net profit margin: 56% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (29% net profit margin). Market cap is less than US$100m (NT$1.43b market cap, or US$43.2m). New Risk • Mar 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (6.0% average weekly change). Market cap is less than US$100m (NT$1.41b market cap, or US$42.6m). Announcement • Mar 05
Reliance Securities Co.,Ltd., Annual General Meeting, Jun 19, 2025 Reliance Securities Co.,Ltd., Annual General Meeting, Jun 19, 2025. Location: 3 floor no,50, sec.1 hsin sheng s. rd., taipei city Taiwan New Risk • Nov 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: 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$1.48b market cap, or US$45.7m). New Risk • Jun 07
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 8.6% 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 Share price has been highly volatile over the past 3 months (8.6% average weekly change). High level of non-cash earnings (33% accrual ratio). Minor Risk Market cap is less than US$100m (NT$1.76b market cap, or US$54.4m). Announcement • Mar 16
Reliance Securities Co.,Ltd., Annual General Meeting, Jun 26, 2024 Reliance Securities Co.,Ltd., Annual General Meeting, Jun 26, 2024. Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: NT$2.13 (vs NT$1.30 loss in FY 2022) Full year 2023 results: EPS: NT$2.13 (up from NT$1.30 loss in FY 2022). Net income: NT$295.8m (up NT$476.5m from FY 2022). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Buying Opportunity • Jan 02
Now 26% undervalued Over the last 90 days, the stock is up 41%. The fair value is estimated to be NT$14.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 21% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$12.35, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 11x in the Capital Markets industry in Taiwan. Total returns to shareholders of 81% over the past three years. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$9.79, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 11x in the Capital Markets industry in Taiwan. Total returns to shareholders of 108% over the past three years. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$7.98, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 11x in the Capital Markets industry in Taiwan. Total returns to shareholders of 100% over the past three years. Reported Earnings • Mar 16
Full year 2022 earnings released: NT$1.30 loss per share (vs NT$2.21 profit in FY 2021) Full year 2022 results: NT$1.30 loss per share (down from NT$2.21 profit in FY 2021). Net loss: NT$180.7m (down 159% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 32% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improved over the past week After last week's 24% share price gain to NT$6.21, the stock trades at a trailing P/E ratio of 2.8x. Average trailing P/E is 11x in the Capital Markets industry in Taiwan. Total returns to shareholders of 64% over the past three years. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment deteriorated over the past week After last week's 22% share price decline to NT$5.00, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 11x in the Capital Markets industry in Taiwan. Total returns to shareholders of 31% over the past three years. Reported Earnings • Apr 03
Full year 2021 earnings released: EPS: NT$2.21 (vs NT$1.00 in FY 2020) Full year 2021 results: EPS: NT$2.21 (up from NT$1.00 in FY 2020). Revenue: NT$575.6m (up 70% from FY 2020). Net income: NT$306.2m (up 121% from FY 2020). Profit margin: 53% (up from 41% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Announcement • Apr 02
Reliance Securities Co.,Ltd., Annual General Meeting, Jun 23, 2022 Reliance Securities Co.,Ltd., Annual General Meeting, Jun 23, 2022. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$8.21, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 13x in the Capital Markets industry in Taiwan. Total returns to shareholders of 38% over the past three years. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improved over the past week After last week's 19% share price gain to NT$8.52, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 14x in the Capital Markets industry in Taiwan. Total returns to shareholders of 35% over the past three years. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS NT$1.00 (vs NT$0.23 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$340.2m (up 111% from FY 2019). Net income: NT$138.6m (up NT$169.8m from FY 2019). Profit margin: 41% (up from net loss in FY 2019). 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 only increased by 4% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 04
New 90-day high: NT$7.18 The company is up 79% from its price of NT$4.02 on 06 October 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 15% over the same period. Is New 90 Day High Low • Dec 12
New 90-day high: NT$5.41 The company is up 31% from its price of NT$4.12 on 11 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 4.0% over the same period. Is New 90 Day High Low • Nov 25
New 90-day high: NT$4.61 The company is up 11% from its price of NT$4.17 on 27 August 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 2.0% over the same period. Is New 90 Day High Low • Oct 23
New 90-day low: NT$3.83 The company is down 15% from its price of NT$4.50 on 24 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 Capital Markets industry, which is flat over the same period. 
