New Risk • May 15
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 100% The company is paying a dividend despite having no free cash flows. Dividend yield: 5.7% 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 Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 100% Paying a dividend despite having no free cash flows. Minor Risks Profit margins are more than 30% lower than last year (4.9% net profit margin). Market cap is less than US$100m (NT$1.37b market cap, or US$43.5m). Reported Earnings • May 15
First quarter 2026 earnings released: EPS: NT$0.26 (vs NT$0.38 in 1Q 2025) First quarter 2026 results: EPS: NT$0.26 (down from NT$0.38 in 1Q 2025). Revenue: NT$411.4m (up 4.5% from 1Q 2025). Net income: NT$19.2m (down 33% from 1Q 2025). Profit margin: 4.7% (down from 7.3% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 09
Upcoming dividend of NT$1.04 per share Eligible shareholders must have bought the stock before 16 April 2026. Payment date: 14 May 2026. Payout ratio is on the higher end at 89% but the company is not cash flow positive. Trailing yield: 5.0%. Lower than top quartile of Taiwanese dividend payers (5.1%). In line with average of industry peers (4.7%). Declared Dividend • Mar 18
Dividend reduced to NT$1.04 Dividend of NT$1.04 is 12% lower than last year. Ex-date: 16th April 2026 Payment date: 14th May 2026 Dividend yield will be 5.0%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (89% 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 3.9% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 10.0% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: NT$1.16 (vs NT$1.26 in FY 2024) Full year 2025 results: EPS: NT$1.16 (down from NT$1.26 in FY 2024). Revenue: NT$1.55b (up 19% from FY 2024). Net income: NT$86.8m (down 7.5% from FY 2024). Profit margin: 5.6% (down from 7.2% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Mar 09
Arich Enterprise Co., Ltd., Annual General Meeting, Jun 16, 2026 Arich Enterprise Co., Ltd., Annual General Meeting, Jun 16, 2026. Location: no,631, chung cheng rd., jhonghe district, new taipei city Taiwan Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$0.23 (vs NT$0.35 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.23 (down from NT$0.35 in 3Q 2024). Revenue: NT$367.7m (up 10.0% from 3Q 2024). Net income: NT$16.8m (down 36% from 3Q 2024). Profit margin: 4.6% (down from 7.8% in 3Q 2024). 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 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$0.40 (vs NT$0.27 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.40 (up from NT$0.27 in 2Q 2024). Revenue: NT$378.7m (up 19% from 2Q 2024). Net income: NT$29.5m (up 46% from 2Q 2024). Profit margin: 7.8% (up from 6.4% in 2Q 2024). The increase in margin was driven by higher revenue. 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 6% per year, which means it is significantly lagging earnings growth. New Risk • May 18
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 8.7% 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 Dividend is not well covered by earnings (94% payout ratio). Share price has been volatile over the past 3 months (8.7% average weekly change). Market cap is less than US$100m (NT$1.69b market cap, or US$56.0m). Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$0.38 (vs NT$0.29 in 1Q 2024) First quarter 2025 results: EPS: NT$0.38 (up from NT$0.29 in 1Q 2024). Revenue: NT$393.8m (up 26% from 1Q 2024). Net income: NT$28.7m (up 34% from 1Q 2024). Profit margin: 7.3% (up from 6.9% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • May 01
Arich Enterprise Co., Ltd. to Report Q1, 2025 Results on May 09, 2025 Arich Enterprise Co., Ltd. announced that they will report Q1, 2025 results on May 09, 2025 Upcoming Dividend • Apr 10
Upcoming dividend of NT$1.19 per share Eligible shareholders must have bought the stock before 17 April 2025. Payment date: 16 May 2025. Payout ratio is on the higher end at 94%, however this is supported by cash flows. Trailing yield: 4.7%. Lower than top quartile of Taiwanese dividend payers (6.1%). Higher than average of industry peers (4.0%). 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$22.80, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 18x in the Healthcare industry in Taiwan. Total returns to shareholders of 43% over the past three years. New Risk • Apr 07
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 6.3% 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 Dividend is not well covered by earnings (94% payout ratio). Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (NT$1.84b market cap, or US$55.7m). Declared Dividend • Mar 19
Dividend increased to NT$1.19 Dividend of NT$1.19 is 29% higher than last year. Ex-date: 17th April 2025 Payment date: 16th May 2025 Dividend yield will be 4.6%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by both earnings (85% earnings payout ratio) and cash flows (3% 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 5.0% to shift the payout ratio to a potentially unsustainable range, which is more than the 1.5% EPS decline seen over the last 5 years. Reported Earnings • Mar 14
Full year 2024 earnings released: EPS: NT$1.26 (vs NT$1.03 in FY 2023) Full year 2024 results: EPS: NT$1.26 (up from NT$1.03 in FY 2023). Revenue: NT$1.30b (up 14% from FY 2023). Net income: NT$93.9m (up 23% from FY 2023). Profit margin: 7.2% (up from 6.7% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 12% per year. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$25.45, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 21x in the Healthcare industry in Taiwan. Total returns to shareholders of 64% over the past three years. Announcement • Mar 10
Arich Enterprise Co., Ltd., Annual General Meeting, Jun 19, 2025 Arich Enterprise Co., Ltd., Annual General Meeting, Jun 19, 2025. Location: no,631, chung cheng rd., jhonghe district, new taipei city Taiwan New Risk • Mar 03
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). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$1.65b market cap, or US$50.1m). Announcement • Feb 28
Arich Enterprise Co., Ltd. to Report Q4, 2024 Results on Mar 07, 2025 Arich Enterprise Co., Ltd. announced that they will report Q4, 2024 results on Mar 07, 2025 Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: NT$0.27 (vs NT$0.27 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.27 (down from NT$0.27 in 2Q 2023). Revenue: NT$317.3m (up 8.3% from 2Q 2023). Net income: NT$20.2m (flat on 2Q 2023). Profit margin: 6.4% (down from 6.9% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Aug 02
Arich Enterprise Co., Ltd. to Report Q2, 2024 Results on Aug 09, 2024 Arich Enterprise Co., Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.29 (vs NT$0.23 in 1Q 2023) First quarter 2024 results: EPS: NT$0.29 (up from NT$0.23 in 1Q 2023). Revenue: NT$311.8m (up 18% from 1Q 2023). Net income: NT$21.4m (up 22% from 1Q 2023). Profit margin: 6.9% (up from 6.6% in 1Q 2023). The increase in margin was driven by higher 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 2% per year, which means it is significantly lagging earnings growth. Announcement • Apr 27
Arich Enterprise Co., Ltd. to Report Q1, 2024 Results on May 02, 2024 Arich Enterprise Co., Ltd. announced that they will report Q1, 2024 results on May 02, 2024 Upcoming Dividend • Apr 04
Upcoming dividend of NT$0.92 per share Eligible shareholders must have bought the stock before 11 April 2024. Payment date: 16 May 2024. Payout ratio is a comfortable 70% but the company is not cash flow positive. Trailing yield: 4.0%. Lower than top quartile of Taiwanese dividend payers (4.6%). Higher than average of industry peers (3.2%). Reported Earnings • Mar 22
Full year 2023 earnings released: EPS: NT$1.03 (vs NT$0.84 in FY 2022) Full year 2023 results: EPS: NT$1.03 (up from NT$0.84 in FY 2022). Revenue: NT$1.14b (up 12% from FY 2022). Net income: NT$76.5m (up 22% from FY 2022). Profit margin: 6.7% (up from 6.2% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Mar 13
Arich Enterprise Co., Ltd. Announces Resignation of Tang Ten-Chien, Representative Director-Lin Feng Co., Ltd Arich Enterprise Co., Ltd. announced resignation of the company's institutional director. Title and name of the previous position holder: Directors-Lin Feng Co., Ltd. Representative: Tang Ten-Chien. Resume of the previous position holder: The director of Arich Enterprise Co., Ltd. Reason for the change: Resignation. The company received the letter of resignation from Lin Feng Co., Ltd. on March 12, 2024. The effective date of resignation is March 12, 2024. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: NT$0.23 (vs NT$0.23 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.23 (up from NT$0.23 in 3Q 2022). Revenue: NT$300.8m (up 14% from 3Q 2022). Net income: NT$17.4m (up 3.1% from 3Q 2022). Profit margin: 5.8% (down from 6.4% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. New Risk • Aug 14
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 29% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (29% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (NT$1.67b market cap, or US$52.3m). Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: NT$0.27 (vs NT$0.27 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.27 (up from NT$0.27 in 2Q 2022). Revenue: NT$293.1m (up 22% from 2Q 2022). Net income: NT$20.4m (up 2.0% from 2Q 2022). Profit margin: 6.9% (down from 8.3% 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 3% per year whereas the company’s share price has fallen by 1% per year. Upcoming Dividend • Jul 04
Upcoming dividend of NT$0.65 per share at 2.7% yield Eligible shareholders must have bought the stock before 11 July 2023. Payment date: 27 July 2023. Payout ratio is a comfortable 71% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of Taiwanese dividend payers (5.4%). In line with average of industry peers (2.5%). Announcement • Jun 28
Arich Enterprise Co., Ltd. Announces Common Share Cash Dividend Arich Enterprise Co., Ltd. announced common share cash dividend of TWD 48,473,331, TWD 0.65 per share. Ex-rights (Ex-dividend) date is July 11, 2023. Ex-rights (Ex-dividend) record date is July 17, 2023. Payment date of cash dividend distribution is July 27, 2023. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$25.40, the stock trades at a trailing P/E ratio of 30.3x. Average trailing P/E is 22x in the Healthcare industry in Taiwan. Total returns to shareholders of 29% over the past three years. Valuation Update With 7 Day Price Move • May 04
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$23.40, the stock trades at a trailing P/E ratio of 27.9x. Average trailing P/E is 22x in the Healthcare industry in Taiwan. Total returns to shareholders of 17% over the past three years. Reported Earnings • Mar 28
Full year 2022 earnings released: EPS: NT$0.84 (vs NT$0.74 in FY 2021) Full year 2022 results: EPS: NT$0.84 (up from NT$0.74 in FY 2021). Revenue: NT$1.02b (up 7.7% from FY 2021). Net income: NT$62.6m (up 13% from FY 2021). Profit margin: 6.2% (up from 5.8% in FY 2021). The increase in margin was driven by higher revenue. 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 3% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improved over the past week After last week's 17% share price gain to NT$20.50, the stock trades at a trailing P/E ratio of 20.7x. Average trailing P/E is 17x in the Healthcare industry in Taiwan. Total returns to shareholders of 11% over the past three years. Board Change • Nov 16
Insufficient new directors 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. No highly experienced 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: Insufficient board refreshment. Reported Earnings • Nov 09
Third quarter 2022 earnings released: EPS: NT$0.23 (vs NT$0.12 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.23 (up from NT$0.12 in 3Q 2021). Revenue: NT$264.0m (up 15% from 3Q 2021). Net income: NT$16.9m (up 87% from 3Q 2021). Profit margin: 6.4% (up from 3.9% in 3Q 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. Reported Earnings • Aug 10
Second quarter 2022 earnings released: EPS: NT$0.27 (vs NT$0.13 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.27 (up from NT$0.13 in 2Q 2021). Revenue: NT$241.2m (up 5.3% from 2Q 2021). Net income: NT$20.0m (up 105% from 2Q 2021). Profit margin: 8.3% (up from 4.3% in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 29% 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. Announcement • Aug 05
Arich Enterprise Co., Ltd. Announces Appointment of Corporate Governance Officer, Effective September 1, 2022 Arich Enterprise Co., Ltd. announced appointment of corporate governance officer. Name, title, and resume of the new position holder: Lin Yi Wen Accounting & Finance Deputy Director. Effective date of this appointment is September 1, 2022. Upcoming Dividend • Jul 06
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 13 July 2022. Payment date: 28 July 2022. Payout ratio is a comfortable 67% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (6.6%). Lower than average of industry peers (3.4%). Announcement • Jun 29
Arich Enterprise Co., Ltd. Announces Cash Dividend, Payable on July 28, 2022 Arich Enterprise Co., Ltd. announced cash dividend of TWD 0.5 per share, TWD 37,287. With an Ex-dividend date of July 13, 2022 record date of July 19, 2022 and payment date of cash dividend distribution is July 28, 2022. Reported Earnings • May 13
First quarter 2022 earnings released: EPS: NT$0.16 (vs NT$0.15 in 1Q 2021) First quarter 2022 results: EPS: NT$0.16 (up from NT$0.15 in 1Q 2021). Revenue: NT$254.5m (up 4.5% from 1Q 2021). Net income: NT$12.2m (up 5.9% from 1Q 2021). Profit margin: 4.8% (up from 4.7% 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 30% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Board Change • Apr 27
Insufficient new directors 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. No highly experienced 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: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improved over the past week After last week's 22% share price gain to NT$21.35, the stock trades at a trailing P/E ratio of 28.8x. Average trailing P/E is 20x in the Healthcare industry in Taiwan. Total returns to shareholders of 39% over the past three years. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$0.12 (vs NT$0.059 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$229.1m (down 18% from 3Q 2020). Net income: NT$9.03m (up 107% from 3Q 2020). Profit margin: 3.9% (up from 1.6% 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 26% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 26
Upcoming dividend of NT$0.56 per share Eligible shareholders must have bought the stock before 02 August 2021. Payment date: 25 August 2021. Trailing yield: 2.5%. Lower than top quartile of Taiwanese dividend payers (4.9%). Lower than average of industry peers (2.9%). Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improved over the past week After last week's 21% share price gain to NT$27.70, the stock trades at a trailing P/E ratio of 47.6x. Average trailing P/E is 17x in the Healthcare industry in Taiwan. Total returns to shareholders of 62% over the past three years. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.15 (vs NT$0.36 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and revenues, although profit margins were improved. First quarter 2021 results: Revenue: NT$243.6m (down 38% from 1Q 2020). Net income: NT$11.5m (down 28% from 1Q 2020). Profit margin: 4.7% (up from 4.1% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 2% per year and the company’s share price has also increased by 2% per year. Reported Earnings • Mar 24
Full year 2020 earnings released: EPS NT$0.72 (vs NT$1.36 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: NT$1.25b (up 13% from FY 2019). Net income: NT$47.2m (down 22% from FY 2019). Profit margin: 3.8% (down from 5.5% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 29
New 90-day low: NT$21.25 The company is down 9.0% from its price of NT$23.25 on 30 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Healthcare industry, which is down 6.0% over the same period. Is New 90 Day High Low • Jan 14
New 90-day low: NT$22.80 The company is down 5.0% from its price of NT$24.05 on 16 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Healthcare industry, which is down 3.0% over the same period. Is New 90 Day High Low • Dec 16
New 90-day high: NT$26.30 The company is up 17% from its price of NT$22.50 on 18 September 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Healthcare industry, which is down 9.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.06 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$278.0m (down 1.1% from 3Q 2019). Net income: NT$4.37m (down 59% from 3Q 2019). Profit margin: 1.6% (down from 3.8% in 3Q 2019). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Sep 24
New 90-day low: NT$21.40 The company is down 10.0% from its price of NT$23.75 on 24 June 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Healthcare industry, which is up 12% over the same period.