Buy Or Sell Opportunity • Aug 07
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 51% to NT$144. The fair value is estimated to be NT$120, however this is not to be taken as a sell 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 26%. New Risk • Jul 13
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 9.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.8% per year over the past 5 years. 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 (9.5% average weekly change). Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$133, the stock trades at a trailing P/E ratio of 28.5x. Average trailing P/E is 17x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 13% over the past three years. New Risk • May 17
New major risk - Revenue and earnings growth Earnings have declined by 1.8% 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 1.8% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 17
First quarter 2026 earnings released: EPS: NT$1.29 (vs NT$1.67 in 1Q 2025) First quarter 2026 results: EPS: NT$1.29 (down from NT$1.67 in 1Q 2025). Revenue: NT$622.8m (up 1.7% from 1Q 2025). Net income: NT$63.3m (down 22% from 1Q 2025). Profit margin: 10% (down from 13% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$118, the stock trades at a trailing P/E ratio of 23.5x. Average trailing P/E is 18x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 3.6% over the past three years. Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$5.13 (vs NT$5.38 in FY 2024) Full year 2025 results: EPS: NT$5.13 (down from NT$5.38 in FY 2024). Revenue: NT$2.41b (up 1.2% from FY 2024). Net income: NT$249.6m (down 4.0% from FY 2024). Profit margin: 10% (in line with FY 2024). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Declared Dividend • Mar 08
Dividend of NT$3.50 announced Dividend of NT$3.50 is the same as last year. Ex-date: 23rd March 2026 Payment date: 17th April 2026 Dividend yield will be 3.3%, which is lower than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (70% earnings payout ratio) but not adequately covered by cash flows (92% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 22% to shift the payout ratio to a potentially unsustainable range, which is more than the 1.6% EPS decline seen over the last 5 years. Announcement • Mar 06
INTAI Technology Corporation announces Annual dividend, payable on April 17, 2026 INTAI Technology Corporation announced Annual dividend of TWD 3.5000 per share payable on April 17, 2026, ex-date on March 23, 2026 and record date on March 24, 2026. Announcement • Feb 23
INTAI Technology Corporation, Annual General Meeting, Jun 26, 2026 INTAI Technology Corporation, Annual General Meeting, Jun 26, 2026, at 09:00 Taipei Standard Time. Location: no,9, ching k`o rd., nan tun district, taichung city Taiwan Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$1.59 (vs NT$0.91 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.59 (up from NT$0.91 in 3Q 2024). Revenue: NT$605.9m (up 2.9% from 3Q 2024). Net income: NT$77.4m (up 76% from 3Q 2024). Profit margin: 13% (up from 7.5% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Aug 13
Second quarter 2025 earnings released: EPS: NT$0.60 (vs NT$1.24 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.60 (down from NT$1.24 in 2Q 2024). Revenue: NT$1.22b (up 101% from 2Q 2024). Net income: NT$29.2m (down 51% from 2Q 2024). Profit margin: 2.4% (down from 9.9% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • May 12
First quarter 2025 earnings released: EPS: NT$1.67 (vs NT$1.78 in 1Q 2024) First quarter 2025 results: EPS: NT$1.67 (down from NT$1.78 in 1Q 2024). Revenue: NT$612.1m (up 1.5% from 1Q 2024). Net income: NT$81.1m (down 5.4% from 1Q 2024). Profit margin: 13% (in line with 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 18
Upcoming dividend of NT$3.50 per share Eligible shareholders must have bought the stock before 25 March 2025. Payment date: 18 April 2025. Payout ratio is on the higher end at 82%, and the cash payout ratio is above 100%. Trailing yield: 3.3%. Lower than top quartile of Taiwanese dividend payers (4.5%). In line with average of industry peers (3.0%). Reported Earnings • Mar 13
Full year 2024 earnings released: EPS: NT$5.38 (vs NT$7.05 in FY 2023) Full year 2024 results: EPS: NT$5.38 (down from NT$7.05 in FY 2023). Revenue: NT$2.38b (down 2.8% from FY 2023). Net income: NT$259.9m (down 24% from FY 2023). Profit margin: 11% (down from 14% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • Mar 06
INTAI Technology Corporation, Annual General Meeting, Jun 19, 2025 INTAI Technology Corporation, Annual General Meeting, Jun 19, 2025. Location: no,9, ching k`o rd., nan tun district, taichung city Taiwan 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 Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (3.0% increase in shares outstanding). Reported Earnings • Nov 12
Third quarter 2024 earnings released: EPS: NT$0.91 (vs NT$2.19 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.91 (down from NT$2.19 in 3Q 2023). Revenue: NT$589.0m (flat on 3Q 2023). Net income: NT$44.0m (down 58% from 3Q 2023). Profit margin: 7.5% (down from 18% in 3Q 2023). 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. Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: NT$1.24 (vs NT$2.01 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.24 (down from NT$2.01 in 2Q 2023). Revenue: NT$605.2m (flat on 2Q 2023). Net income: NT$59.7m (down 38% from 2Q 2023). Profit margin: 9.9% (down from 16% in 2Q 2023). 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 12% per year. Upcoming Dividend • Jul 01
Upcoming dividend of NT$3.50 per share Eligible shareholders must have bought the stock before 08 July 2024. Payment date: 31 July 2024. Payout ratio is a comfortable 55% but the company is paying out more than the cash it is generating. Trailing yield: 2.8%. Lower than top quartile of Taiwanese dividend payers (4.2%). In line with average of industry peers (3.0%). Reported Earnings • May 10
First quarter 2024 earnings released: EPS: NT$1.77 (vs NT$2.52 in 1Q 2023) First quarter 2024 results: EPS: NT$1.77 (down from NT$2.52 in 1Q 2023). Revenue: NT$603.1m (down 9.0% from 1Q 2023). Net income: NT$85.7m (down 29% from 1Q 2023). Profit margin: 14% (down from 18% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 12
Full year 2023 earnings released: EPS: NT$7.05 (vs NT$8.75 in FY 2022) Full year 2023 results: EPS: NT$7.05 (down from NT$8.75 in FY 2022). Revenue: NT$2.44b (up 1.3% from FY 2022). Net income: NT$340.6m (down 19% from FY 2022). Profit margin: 14% (down from 18% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Mar 08
INTAI Technology Corporation, Annual General Meeting, Jun 19, 2024 INTAI Technology Corporation, Annual General Meeting, Jun 19, 2024. New Risk • Feb 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.1% 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 Dividend is not well covered by cash flows (114% cash payout ratio). Shareholders have been diluted in the past year (3.1% increase in shares outstanding). Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: NT$2.01 (vs NT$1.99 in 2Q 2022) Second quarter 2023 results: EPS: NT$2.01 (up from NT$1.99 in 2Q 2022). Revenue: NT$610.4m (up 7.6% from 2Q 2022). Net income: NT$96.9m (flat on 2Q 2022). Profit margin: 16% (down from 17% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 27% 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 • Jul 04
Now 21% undervalued Over the last 90 days, the stock is up 6.7%. The fair value is estimated to be NT$171, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Earnings per share has grown by 17%. Upcoming Dividend • Jul 03
Upcoming dividend of NT$4.00 per share at 2.9% yield Eligible shareholders must have bought the stock before 10 July 2023. Payment date: 28 July 2023. Payout ratio is a comfortable 42% but the company is paying out more than the cash it is generating. Trailing yield: 2.9%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.3%). Buying Opportunity • Jun 06
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 5.0%. The fair value is estimated to be NT$171, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Earnings per share has grown by 17%. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$123, the stock trades at a trailing P/E ratio of 13.4x. Average forward P/E is 16x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 65% over the past three years. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$3.88 (vs NT$1.53 in 3Q 2021) Third quarter 2022 results: EPS: NT$3.88 (up from NT$1.53 in 3Q 2021). Revenue: NT$672.2m (up 36% from 3Q 2021). Net income: NT$187.8m (up 154% from 3Q 2021). Profit margin: 28% (up from 15% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Medical Equipment industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 4% per year. 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. 10 experienced directors. No highly experienced directors. 2 independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$3.88 (vs NT$1.53 in 3Q 2021) Third quarter 2022 results: EPS: NT$3.88 (up from NT$1.53 in 3Q 2021). Revenue: NT$672.2m (up 36% from 3Q 2021). Net income: NT$187.8m (up 154% from 3Q 2021). Profit margin: 28% (up from 15% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 4.7% growth forecast for the Medical Equipment industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 5% per year. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$2.00 (vs NT$0.80 in 2Q 2021) Second quarter 2022 results: EPS: NT$2.00 (up from NT$0.80 in 2Q 2021). Revenue: NT$567.2m (up 9.6% from 2Q 2021). Net income: NT$96.2m (up 148% from 2Q 2021). Profit margin: 17% (up from 7.5% in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 04
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 11 July 2022. Payment date: 28 July 2022. Payout ratio is a comfortable 45% but the company is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of Taiwanese dividend payers (6.7%). Lower than average of industry peers (3.6%). Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$1.73 (vs NT$0.90 in 1Q 2021) First quarter 2022 results: EPS: NT$1.73 (up from NT$0.90 in 1Q 2021). Revenue: NT$512.4m (up 13% from 1Q 2021). Net income: NT$83.7m (up 92% from 1Q 2021). Profit margin: 16% (up from 9.6% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Board Change • Apr 27
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. 10 experienced directors. No highly experienced directors. 2 independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$1.54 (vs NT$1.15 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: NT$492.8m (down 2.9% from 3Q 2020). Net income: NT$74.0m (up 33% from 3Q 2020). Profit margin: 15% (up from 11% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$0.80 (vs NT$1.54 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$517.4m (up 11% from 2Q 2020). Net income: NT$38.8m (down 48% from 2Q 2020). Profit margin: 7.5% (down from 16% in 2Q 2020). 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 1% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 15
Upcoming dividend of NT$3.50 per share Eligible shareholders must have bought the stock before 22 July 2021. Payment date: 12 August 2021. Trailing yield: 3.9%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (2.9%). Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.90 (vs NT$1.70 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$454.3m (down 11% from 1Q 2020). Net income: NT$43.5m (down 47% from 1Q 2020). Profit margin: 9.6% (down from 16% in 1Q 2020). 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 but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 20
Full year 2020 earnings released: EPS NT$5.11 (vs NT$7.54 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$1.96b (down 16% from FY 2019). Net income: NT$246.8m (down 32% from FY 2019). Profit margin: 13% (down from 16% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 12
New 90-day low: NT$96.50 The company is down 2.0% from its price of NT$98.70 on 15 October 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Medical Equipment industry, which is down 4.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$1.15 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$507.5m (down 13% from 3Q 2019). Net income: NT$55.6m (down 41% from 3Q 2019). Profit margin: 11% (down from 16% in 3Q 2019). 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 6% per year, which means it is significantly lagging earnings growth. 
