Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$38.30, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 10x in the Capital Markets industry in Taiwan. Total returns to shareholders of 218% over the past three years. Buy Or Sell Opportunity • May 27
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 9.5% to NT$35.15. The fair value is estimated to be NT$28.34, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 26%. Reported Earnings • May 18
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$0.40 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00 (up from NT$0.40 in 1Q 2025). Revenue: NT$6.54b (up 101% from 1Q 2025). Net income: NT$2.91b (up 233% from 1Q 2025). Profit margin: 44% (up from 27% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 26% per year whereas the company’s share price has increased by 31% per year. New Risk • Mar 15
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 • Mar 14
Full year 2025 earnings released: EPS: NT$2.64 (vs NT$2.25 in FY 2024) Full year 2025 results: EPS: NT$2.64 (up from NT$2.25 in FY 2024). Revenue: NT$16.7b (up 17% from FY 2024). Net income: NT$5.74b (up 17% from FY 2024). Profit margin: 34% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 30% per year whereas the company’s share price has increased by 33% per year. Announcement • Mar 09
Capital Securities Corporation, Annual General Meeting, May 27, 2026 Capital Securities Corporation, Annual General Meeting, May 27, 2026, at 09:00 Taipei Standard Time. Location: 11 floor no,156, sec.3 min sheng e. rd., songshan district, taipei city Taiwan Announcement • Jan 03
Capital Securities Corp. Announces Executive and Board Changes, Effective January 2, 2026 Capital Securities Corp. announced a change in representative of a juristic-person director, Yin Feng Enterprise Co. Ltd. The previous position holder was Chang, Yi-Ping, who served as Director of Capital Securities Corp. The new position holder is Chou, Hsien Yang, who is the Executive Vice President and Spokesperson at Capital Securities Corp. The change is due to a change in representative of a juristic-person director. The original term was from May 28, 2025 to May 27, 2028. The effective date of the new appointment is January 2, 2026. New Risk • Nov 28
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 10% 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 (10% operating cash flow to total debt). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$0.94 (vs NT$0.57 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.94 (up from NT$0.57 in 3Q 2024). Revenue: NT$4.95b (up 29% from 3Q 2024). Net income: NT$2.04b (up 64% from 3Q 2024). Profit margin: 41% (up from 32% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 34% per year whereas the company’s share price has increased by 30% per year. Reported Earnings • Aug 31
Second quarter 2025 earnings released: EPS: NT$0.53 (vs NT$0.57 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.53 (down from NT$0.57 in 2Q 2024). Revenue: NT$3.60b (flat on 2Q 2024). Net income: NT$1.14b (down 8.7% from 2Q 2024). Profit margin: 32% (down from 35% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 10
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 17 June 2025. Payment date: 14 July 2025. Payout ratio is a comfortable 61% but the company is not cash flow positive. Trailing yield: 5.7%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (4.8%). Announcement • May 30
Capital Securities Corporation Announces Cash Dividend, Payable on July 14, 2025 Capital Securities Corporation announced cash dividend of TWD 1.50 per share at the resolution by the board of directors or shareholders meeting or decision by the Company on May 29, 2025.
Ex-rights (ex-dividend) trading date is June 17, 2025; Ex-rights (ex-dividend) record date is June 23, 2025; Payment date of common stock cash dividend distribution is July 14, 2025. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.40 (vs NT$0.63 in 1Q 2024) First quarter 2025 results: EPS: NT$0.40 (down from NT$0.63 in 1Q 2024). Revenue: NT$3.27b (down 7.4% from 1Q 2024). Net income: NT$874.7m (down 36% from 1Q 2024). Profit margin: 27% (down from 39% in 1Q 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 26% per year whereas the company’s share price has increased by 24% per year. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$20.65, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 11x in the Capital Markets industry in Taiwan. Total returns to shareholders of 59% over the past three years. Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$2.25 (vs NT$1.90 in FY 2023) Full year 2024 results: EPS: NT$2.25 (up from NT$1.90 in FY 2023). Revenue: NT$14.3b (up 34% from FY 2023). Net income: NT$4.88b (up 18% from FY 2023). Profit margin: 34% (down from 39% 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 15% per year whereas the company’s share price has increased by 18% per year. Announcement • Mar 11
Capital Securities Corporation, Annual General Meeting, May 28, 2025 Capital Securities Corporation, Annual General Meeting, May 28, 2025, at 09:00 Taipei Standard Time. Location: 11 floor no,156, sec.3 min sheng e. rd., songshan district, taipei city Taiwan Announcement • Feb 28
Capital Securities Corporation to Report Q4, 2024 Results on Mar 07, 2025 Capital Securities Corporation announced that they will report Q4, 2024 results on Mar 07, 2025 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$28.65, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 10x in the Capital Markets industry in Taiwan. Total returns to shareholders of 111% over the past three years. Buy Or Sell Opportunity • Nov 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.3% to NT$21.55. The fair value is estimated to be NT$27.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.6% over the last 3 years. Earnings per share has grown by 2.8%. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$0.57 (vs NT$0.49 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.57 (up from NT$0.49 in 3Q 2023). Revenue: NT$3.98b (up 27% from 3Q 2023). Net income: NT$1.25b (up 16% from 3Q 2023). Profit margin: 31% (down from 34% 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 3% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Oct 29
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.4% to NT$21.90. The fair value is estimated to be NT$27.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.6% over the last 3 years. Earnings per share has declined by 9.0%. Announcement • Sep 10
Capital Securities Corporation (TWSE:6005) agreed to acquire an unknown minority stake in Taiwan Stock Exchange Corporation from Dao Gi Industrial Co., Ltd. for TWD 850 million. Capital Securities Corporation (TWSE:6005) agreed to acquire an unknown minority stake in Taiwan Stock Exchange Corporation from Dao Gi Industrial Co., Ltd. for TWD 850 million on September 9, 2024. The transaction will be effective subject to the approvals of related authorities. Ho-Ying, Chien of Qunyue CPA Firm acted as accountant for Capital Securities Corporation. Reported Earnings • Aug 31
Second quarter 2024 earnings released: EPS: NT$0.58 (vs NT$0.50 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.58 (up from NT$0.50 in 2Q 2023). Revenue: NT$3.58b (up 52% from 2Q 2023). Net income: NT$1.25b (up 15% from 2Q 2023). Profit margin: 35% (down from 46% in 2Q 2023). The decrease in margin was driven by higher expenses. 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 11% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Aug 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to NT$22.00. The fair value is estimated to be NT$27.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.3% over the last 3 years. Earnings per share has declined by 20%. Announcement • Aug 16
Capital Securities Corporation to Report Q2, 2024 Results on Aug 23, 2024 Capital Securities Corporation announced that they will report Q2, 2024 results on Aug 23, 2024 Announcement • Aug 13
Capital Securities Corporation Announces Executive Changes Capital Securities Corporation announced that the new appointment in representative of juristic person director and the change of more than one-third of the director representatives. Name of the previous position holder: Kuo, Yuh-Chyi, Director of Capital Securities Corp. Name of the new position holder: Lin, Tzu-Yi, Assistant Vice President of Sheng Hsiang Co. Ltd. Reason for the change: New appointment by the juristic person director; Effective date of the new appointment: August 12, 2024. Buy Or Sell Opportunity • Aug 05
Now 26% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to NT$20.50. The fair value is estimated to be NT$27.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.3% over the last 3 years. Earnings per share has declined by 20%. Declared Dividend • Jul 01
Dividend of NT$1.33 announced Shareholders will receive a dividend of NT$1.33. Ex-date: 16th July 2024 Payment date: 20th August 2024 Dividend yield will be 5.2%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (66% 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 10% per year over the past 9 years. However, payments have been volatile during that time. Earnings per share has grown by 31% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 18
First quarter 2024 earnings released First quarter 2024 results: Revenue: NT$3.39b (up 38% from 1Q 2023). Net income: NT$1.36b (up 22% from 1Q 2023). Profit margin: 40% (down from 45% in 1Q 2023). The decrease in margin was driven by higher expenses. Announcement • May 03
Capital Securities Corporation to Report Q1, 2024 Results on May 13, 2024 Capital Securities Corporation announced that they will report Q1, 2024 results at 1:30 PM, Taipei Standard Time on May 13, 2024 Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$24.40, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 12x in the Capital Markets industry in Taiwan. Total returns to shareholders of 64% over the past three years. Announcement • Mar 23
Capital Securities Corporation, Annual General Meeting, Jun 27, 2024 Capital Securities Corporation, Annual General Meeting, Jun 27, 2024. Location: 11F., No. 156, Sec. 3, Minsheng E. Rd., Songshan Dist. Taipei City Taiwan New Risk • Mar 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 (26% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Announcement • Mar 21
Capital Securities Corporation Announces Juristic Person Director Changes Capital Securities Corporation announced appointment of Chu, Shu-Er as juristic person director in place of Wang, Wan-Ling, effective March 18, 2024. Resume of the new position holder: Operating performance manager of Yu Chun Enterprise Co. Ltd. Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: NT$1.90 (vs NT$0.39 in FY 2022) Full year 2023 results: EPS: NT$1.90 (up from NT$0.39 in FY 2022). Revenue: NT$10.8b (up 37% from FY 2022). Net income: NT$4.13b (up 392% from FY 2022). Profit margin: 38% (up from 11% in FY 2022). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Buying Opportunity • Dec 19
Now 20% undervalued Over the last 90 days, the stock is up 6.7%. The fair value is estimated to be NT$20.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.0% over the last 3 years. Earnings per share has declined by 23%. New Risk • Nov 28
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 2.2% 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 (2.2% operating cash flow to total debt). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Nov 04
Capital Securities Corporation Announces Retirement of Chiu, Jan-Hwa as Chief Information Security Officer, Effective December 1, 2023 Capital Securities Corporation announced the retirement of Chiu, Jan-Hwa, Vice President of Capital Securities Corp., as chief information security officer. Effective date is December 1, 2023. Buying Opportunity • Sep 21
Now 21% undervalued Over the last 90 days, the stock is up 1.4%. The fair value is estimated to be NT$18.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 20%. Reported Earnings • Sep 03
Second quarter 2023 earnings released: EPS: NT$0.50 (vs NT$0.12 loss in 2Q 2022) Second quarter 2023 results: EPS: NT$0.50 (up from NT$0.12 loss in 2Q 2022). Revenue: NT$2.30b (up 56% from 2Q 2022). Net income: NT$1.09b (up NT$1.35b from 2Q 2022). Profit margin: 47% (up from net loss in 2Q 2022). The move to profitability was primarily 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 11% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 06
Upcoming dividend of NT$0.39 per share at 2.7% yield Eligible shareholders must have bought the stock before 13 July 2023. Payment date: 09 August 2023. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (4.1%). New Risk • Jun 30
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 15% 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 (15% operating cash flow to total debt). Minor Risks Dividend is not well covered by earnings (215% payout ratio). Profit margins are more than 30% lower than last year (20% net profit margin). Announcement • Jun 29
Capital Securities Corporation Approves Cash Dividend Capital Securities Corporation approved cash dividend of TWD 0.39 per share. Ex-rights (ex-dividend) trading date is July 13, 2023. Ex-rights (ex-dividend) record date is July 19, 2023. Payment date of cash dividend distribution is August 9, 2023. Buying Opportunity • Mar 10
Now 21% undervalued Over the last 90 days, the stock is up 3.5%. The fair value is estimated to be NT$15.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 20%. Buying Opportunity • Feb 09
Now 20% undervalued Over the last 90 days, the stock is up 10%. The fair value is estimated to be NT$15.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 20%. Announcement • Feb 02
Capital Securities Corporation Announces Resignation of Hung, Tsung-Yen as Director Capital Securities Corporation announced resignation of Hung, Tsung-Yen, Director. Date of occurrence of the change is February 01, 2023. Reported Earnings • Nov 17
Third quarter 2022 earnings released: EPS: NT$0.11 (vs NT$0.60 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.11 (down from NT$0.60 in 3Q 2021). Revenue: NT$2.14b (down 35% from 3Q 2021). Net income: NT$243.0m (down 81% from 3Q 2021). Profit margin: 11% (down from 40% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 4 highly experienced directors. 3 independent directors (8 non-independent directors). Independent Director Shen-Yi Lee was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Buying Opportunity • Sep 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 26%. The fair value is estimated to be NT$13.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 38%. Reported Earnings • Sep 03
Second quarter 2022 earnings released: NT$0.12 loss per share (vs NT$0.58 profit in 2Q 2021) Second quarter 2022 results: NT$0.12 loss per share (down from NT$0.58 profit in 2Q 2021). Revenue: NT$1.36b (down 59% from 2Q 2021). Net loss: NT$263.1m (down 121% from profit in 2Q 2021). 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 10% per year, which means it is significantly lagging earnings growth. Announcement • Aug 26
Capital Securities Corporation Announces Executive Changes Capital Securities Corporation announced change of president. Name of the previous position holder: Chia,Chung-Tao; Name of the new position holder: Lee,Wen-Chu. Date of the board of directors resolution or date of occurrence of the change is August 25, 2022. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$11.15, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 11x in the Capital Markets industry in Taiwan. Total returns to shareholders of 61% over the past three years. Upcoming Dividend • Jul 07
Upcoming dividend of NT$1.65 per share Eligible shareholders must have bought the stock before 14 July 2022. Payment date: 10 August 2022. Payout ratio is on the higher end at 84%, however this is supported by cash flows. Trailing yield: 12%. Within top quartile of Taiwanese dividend payers (6.8%). Higher than average of industry peers (7.7%). Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.13 (vs NT$0.59 in 1Q 2021) First quarter 2022 results: EPS: NT$0.13 (down from NT$0.59 in 1Q 2021). Revenue: NT$1.99b (down 36% from 1Q 2021). Net income: NT$283.2m (down 78% from 1Q 2021). Profit margin: 14% (down from 42% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Buying Opportunity • May 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be NT$18.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Earnings per share has grown by 58%. 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 Shen-Yi Lee was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 17
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$2.42 (up from NT$1.64 in FY 2020). Revenue: NT$13.1b (up 43% from FY 2020). Net income: NT$5.25b (up 47% from FY 2020). Profit margin: 40% (up from 39% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.60 (vs NT$0.70 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$3.30b (up 6.1% from 3Q 2020). Net income: NT$1.30b (down 15% from 3Q 2020). Profit margin: 39% (down from 49% in 3Q 2020). The decrease in margin was driven by higher expenses. 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 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 01
Second quarter 2021 earnings released: EPS NT$0.58 (vs NT$0.69 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$3.42b (up 24% from 2Q 2020). Net income: NT$1.26b (down 16% from 2Q 2020). Profit margin: 37% (down from 55% 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 41% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 23
Upcoming dividend of NT$1.10 per share Eligible shareholders must have bought the stock before 30 July 2021. Payment date: 27 August 2021. Trailing yield: 6.3%. Within top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (4.5%). Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.60 (vs NT$0.39 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$3.12b (up NT$2.71b from 1Q 2020). Net income: NT$1.29b (up NT$2.14b from 1Q 2020). Profit margin: 41% (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 24% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$1.64 (vs NT$1.11 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$9.18b (up 31% from FY 2019). Net income: NT$3.57b (up 39% from FY 2019). Profit margin: 39% (up from 37% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 06
New 90-day high: NT$14.20 The company is up 30% from its price of NT$10.90 on 08 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 17% over the same period. Is New 90 Day High Low • Dec 21
New 90-day high: NT$13.15 The company is up 20% from its price of NT$11.00 on 22 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 6.0% over the same period. Announcement • Dec 04
An unknown buyer agreed to acquire CSC Capital Management Co. from Capital Securities Corporation (TSEC:6005) for TWD 330 million. An unknown buyer agreed to acquire CSC Capital Management Co. from Capital Securities Corporation (TSEC:6005) for TWD 330 million on December 3, 2020. Under the term, Capital Securities Corporation will transfer 33 million shares of CSC Capital Management at TWD 10 per share. The transaction was funded from private capital. The transaction is subject to approval from Capital Securities Corporation's board of directors. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.70 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$3.19b (up 66% from 3Q 2019). Net income: NT$1.52b (up 91% from 3Q 2019). Profit margin: 48% (up from 42% in 3Q 2019). 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 5% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Nov 11
New 90-day high: NT$11.50 The company is up 6.0% from its price of NT$10.90 on 13 August 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is down 2.0% over the same period.