Upcoming Dividend • Aug 04
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 11 August 2026. Payment date: 02 September 2026. Payout ratio is a comfortable 48% but the company is paying out more than the cash it is generating. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (5.2%). In line with average of industry peers (3.7%). Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$29.25, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 18x in the Medical Equipment industry in Taiwan. Total loss to shareholders of 13% over the past three years. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to NT$27.40, the stock trades at a trailing P/E ratio of 13.1x. Average forward P/E is 11x in the Medical Equipment industry in Taiwan. Total loss to shareholders of 28% over the past three years. Reported Earnings • May 15
First quarter 2026 earnings released: NT$0.11 loss per share (vs NT$0.29 profit in 1Q 2025) First quarter 2026 results: NT$0.11 loss per share (down from NT$0.29 profit in 1Q 2025). Revenue: NT$240.0m (down 15% from 1Q 2025). Net loss: NT$6.16m (down 140% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. New Risk • Apr 10
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 3.0% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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: Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (NT$1.80b market cap, or US$56.6m). Reported Earnings • Mar 14
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: NT$2.51 (up from NT$0.75 in FY 2024). Revenue: NT$1.44b (up 12% from FY 2024). Net income: NT$135.0m (up 227% from FY 2024). Profit margin: 9.3% (up from 3.2% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 7.4%. Earnings per share (EPS) exceeded analyst estimates by 17%. Over the last 3 years on average, earnings per share has increased by 68% 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 13
CVC Technologies Inc., Annual General Meeting, Jun 11, 2026 CVC Technologies Inc., Annual General Meeting, Jun 11, 2026. Location: 2 floor no,2, kung yeh rd., dali district, taichung city Taiwan Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$30.90, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 24% over the past three years. Reported Earnings • Nov 12
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: NT$0.36 (up from NT$0.33 loss in 3Q 2024). Revenue: NT$250.1m (up 7.0% from 3Q 2024). Net income: NT$19.5m (up NT$37.7m from 3Q 2024). Profit margin: 7.8% (up from net loss in 3Q 2024). The move to profitability was primarily driven by lower expenses. Revenue missed analyst estimates by 24%. Earnings per share (EPS) also missed analyst estimates by 16%. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 97% growth forecast for the Medical Equipment industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. New Risk • Nov 12
New major risk - Revenue and earnings growth Earnings have declined by 16% 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 16% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$1.40b market cap, or US$45.0m). New Risk • Oct 03
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 6.5% 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: Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (NT$1.52b market cap, or US$50.2m). Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$34.45, the stock trades at a trailing P/E ratio of 24.7x. Average trailing P/E is 23x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 35% over the past three years. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$0.34 (vs NT$0.15 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.34 (up from NT$0.15 in 2Q 2024). Revenue: NT$368.5m (up 22% from 2Q 2024). Net income: NT$18.3m (up 122% from 2Q 2024). Profit margin: 5.0% (up from 2.7% in 2Q 2024). The increase in margin was driven by higher revenue. 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 2% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$27.95, the stock trades at a trailing P/E ratio of 23.2x. Average trailing P/E is 21x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 12% over the past three years. Declared Dividend • Jun 14
Dividend increased to NT$0.40 Dividend of NT$0.40 is 300% higher than last year. Ex-date: 9th July 2025 Payment date: 31st July 2025 Dividend yield will be 1.8%, which is lower than the industry average of 3.7%. Sustainability & Growth Dividend is well covered by both earnings (34% earnings payout ratio) and cash flows (14% cash payout ratio). The dividend has increased by an average of 8.8% per year over the past 9 years. However, payments have been volatile during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Reported Earnings • May 18
First quarter 2025 earnings released: EPS: NT$0.29 (vs NT$0.14 loss in 1Q 2024) First quarter 2025 results: EPS: NT$0.29 (up from NT$0.14 loss in 1Q 2024). Revenue: NT$281.3m (up 11% from 1Q 2024). Net income: NT$15.5m (up NT$23.2m from 1Q 2024). Profit margin: 5.5% (up from net loss in 1Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 34% 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. Announcement • May 06
CVC Technologies Inc. to Report Q1, 2025 Results on May 13, 2025 CVC Technologies Inc. announced that they will report Q1, 2025 results on May 13, 2025 Announcement • Mar 06
CVC Technologies Inc. to Report Fiscal Year 2024 Results on Mar 13, 2025 CVC Technologies Inc. announced that they will report fiscal year 2024 results on Mar 13, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings released: NT$0.33 loss per share (vs NT$0.44 profit in 3Q 2023) Third quarter 2024 results: NT$0.33 loss per share (down from NT$0.44 profit in 3Q 2023). Revenue: NT$233.7m (down 20% from 3Q 2023). Net loss: NT$18.2m (down 178% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 52% 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. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.15 (vs NT$0.53 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.15 (down from NT$0.53 in 2Q 2023). Revenue: NT$302.0m (down 3.7% from 2Q 2023). Net income: NT$8.25m (down 70% from 2Q 2023). Profit margin: 2.7% (down from 8.7% in 2Q 2023). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 42% 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. Announcement • Aug 06
CVC Technologies Inc. to Report Q2, 2024 Results on Aug 13, 2024 CVC Technologies Inc. announced that they will report Q2, 2024 results on Aug 13, 2024 Upcoming Dividend • Jul 09
Upcoming dividend of NT$0.10 per share Eligible shareholders must have bought the stock before 16 July 2024. Payment date: 07 August 2024. Payout ratio is a comfortable 7.8% but the company is paying out more than the cash it is generating. Trailing yield: 0.4%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (3.0%). Reported Earnings • May 19
First quarter 2024 earnings released: NT$0.14 loss per share (vs NT$1.29 loss in 1Q 2023) First quarter 2024 results: NT$0.14 loss per share (improved from NT$1.29 loss in 1Q 2023). Revenue: NT$253.3m (up 164% from 1Q 2023). Net loss: NT$7.67m (loss narrowed 88% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • May 15
CVC Technologies Inc. Appoints Chen, Chun-Jen as Member to the Remuneration Committee CVC Technologies Inc. announced the appointment of member to the Remuneration Committee by the Board of Directors. Name of the new position holder: Chen, Chun-Jen. Resume of the new position holder: Professor of Law, National Cheng Kung University. Original term is from June 15, 2023 to June 14, 2026. Effective date of the new member is May 14, 2024. Announcement • May 08
CVC Technologies Inc. to Report Q1, 2024 Results on May 14, 2024 CVC Technologies Inc. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 14, 2024 New Risk • Apr 14
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 25% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 24% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.3% net profit margin). Shareholders have been diluted in the past year (8.7% increase in shares outstanding). Market cap is less than US$100m (NT$1.34b market cap, or US$41.5m). Reported Earnings • Apr 03
Full year 2023 earnings released: EPS: NT$0.27 (vs NT$1.24 in FY 2022) Full year 2023 results: EPS: NT$0.27 (down from NT$1.24 in FY 2022). Revenue: NT$1.13b (up 25% from FY 2022). Net income: NT$14.4m (down 75% from FY 2022). Profit margin: 1.3% (down from 6.2% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 54% 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. Announcement • Mar 16
CVC Technologies Inc., Annual General Meeting, Jun 19, 2024 CVC Technologies Inc., Annual General Meeting, Jun 19, 2024. Location: 4F., No.190, Gongye 9th Rd. Dali Dist. Taichung City Taiwan Agenda: To report the business of 2023; to consider Audit Committee's review report of 2023; to report 2023 employees profit sharing bonus and directors compensation; to report the proposal for cash distribution of 2023 earnings; to report performance evaluation results of directors and managerial personnel relevant to reasonable compensation; and to accept 2023 Business Report, Financial Statements, and Earnings Distribution Table. Announcement • Mar 14
CVC Technologies Inc. Announces the Resignation of Su, Song-Hui as Independent Director CVC Technologies Inc. announced the resignation of Su, Song-Hui as Independent director, effective March 13, 2024. Announcement • Dec 01
CVC Technologies Inc. Appoints Lin,Jing-Yi as Chairperson CVC Technologies Inc. announced the change of the company's Chairperson and Vice chairperson. Name of the previous position holder: Vice chairperson: Lin,Jing-Yi. Name of the new position holder: Chairperson: Lin,Jing-Yi. Resume of the new position holder: Chairperson: Vice chairperson of the company. The chairperson resigned on November 21,2023, The board of directors elected Vice chairperson as Chairperson. Effective date of the new appointment: November 30, 2023. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$0.44 (vs NT$0.80 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.44 (down from NT$0.80 in 3Q 2022). Revenue: NT$293.1m (up 50% from 3Q 2022). Net income: NT$23.3m (down 35% from 3Q 2022). Profit margin: 8.0% (down from 18% in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. New Risk • Oct 11
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 6.2% 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 Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 126% Earnings have declined by 12% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (NT$1.71b market cap, or US$53.2m). Upcoming Dividend • Aug 11
Upcoming dividend of NT$0.93 per share at 3.2% yield Eligible shareholders must have bought the stock before 18 August 2023. Payment date: 14 September 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Taiwanese dividend payers (5.6%). Lower than average of industry peers (3.6%). Announcement • Jul 25
Cvc Technologies Inc. Announces Dividend Distribution, Payable on September 14, 2023 CVC Technologies Inc. announced dividend distribution of 51,297,539. Payment date of cash dividend distribution on September 14, 2023. Ex-rights (Ex-dividend) record date on August 26, 2023. New Risk • Jul 18
New major risk - Revenue and earnings growth Earnings have declined by 5.6% 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 5.6% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (6.5% average weekly change). Shareholders have been diluted in the past year (17% increase in shares outstanding). Market cap is less than US$100m (NT$1.71b market cap, or US$55.2m). Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$35.65, the stock trades at a trailing P/E ratio of 32.1x. Average trailing P/E is 26x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 14% over the past three years. Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$42.80, the stock trades at a trailing P/E ratio of 38.5x. Average trailing P/E is 22x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 38% over the past three years. Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: NT$1.24 (vs NT$1.71 in FY 2021) Full year 2022 results: EPS: NT$1.24 (down from NT$1.71 in FY 2021). Revenue: NT$902.8m (down 18% from FY 2021). Net income: NT$56.3m (down 26% from FY 2021). Profit margin: 6.2% (down from 7.0% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 1% per year. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$31.15, the stock trades at a trailing P/E ratio of 15.7x. Average trailing P/E is 20x in the Medical Equipment industry in Taiwan. Total loss to shareholders of 2.5% over the past three years. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.80 (vs NT$0.85 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.80 (down from NT$0.85 in 3Q 2021). Revenue: NT$196.1m (down 28% from 3Q 2021). Net income: NT$35.7m (down 5.0% from 3Q 2021). Profit margin: 18% (up from 14% in 3Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. 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. 6 experienced directors. No highly experienced directors. 2 independent directors (3 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$0.80 (vs NT$0.85 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.80 (down from NT$0.85 in 3Q 2021). Revenue: NT$196.1m (down 28% from 3Q 2021). Net income: NT$35.7m (down 5.0% from 3Q 2021). Profit margin: 18% (up from 14% in 3Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.68 (vs NT$0.065 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.68 (up from NT$0.065 in 2Q 2021). Revenue: NT$212.5m (up 2.4% from 2Q 2021). Net income: NT$29.5m (up NT$26.6m from 2Q 2021). Profit margin: 14% (up from 1.4% in 2Q 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 1% per year. Announcement • Aug 09
CVC Technologies Inc. Announces Dismissal of Chin-Chia Chang as General Manager CVC Technologies Inc. announced change of the General Manager. Name of the previous position holder: Chin-Chia Chang. Resume of the previous position holder: General manager & CFO of parent company. Reason for the change: dismissal. Any other matters that need to be specified: From August 8, 2022, MIN,WEI-JIE, the sales director of subsidiary CVC Technologies Inc, also serves as the deputy general manager to execute the general manager's business. Upcoming Dividend • Aug 08
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 15 August 2022. Payment date: 06 September 2022. Payout ratio is a comfortable 73% but the company is paying out more than the cash it is generating. Trailing yield: 4.2%. Lower than top quartile of Taiwanese dividend payers (6.6%). Higher than average of industry peers (3.6%). Announcement • Jul 30
CVC Technologies Inc. Announces Adjust Cash Dividend Ratio CVC Technologies Inc. held its shareholders meeting on July 29, 2022, approved Type and monetary amount of original dividend distribution: Dividend is TWD 1.2 per share, cash dividend totaling is TWD 53,450,432. Type and monetary amount of dividend distribution after the change: The adjusted dividend is TWD 1.19911738 per share, cash dividend totaling is TWD 53,450,432. Announcement • Jul 21
CVC Technologies Inc. Announces Cash Dividend, Payable on September 6, 2022 CVC Technologies Inc. announced cash dividend of TWD 53,450,432. Ex-rights (Ex-dividend) date is August 15, 2022. Last date before book closure is August 16, 2022. Ex-rights (Ex-dividend) record date is August 21, 2022. Payment date of cash dividend distribution is September 6, 2022. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improved over the past week After last week's 21% share price gain to NT$28.45, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 19x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 4.8% over the past three years. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.01 (vs NT$0.083 in 1Q 2021) First quarter 2022 results: EPS: NT$0.01 (down from NT$0.083 in 1Q 2021). Revenue: NT$171.1m (down 18% from 1Q 2021). Net income: NT$401.0k (down 89% from 1Q 2021). Profit margin: 0.2% (down from 1.8% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 1% per year. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$28.85, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 24x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 11% over the past three years. 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. 6 experienced directors. No highly experienced directors. 2 independent directors (3 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. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improved over the past week After last week's 15% share price gain to NT$35.50, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 23x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 29% over the past three years. Reported Earnings • Mar 28
Full year 2021 earnings released: EPS: NT$1.71 (vs NT$1.52 in FY 2020) Full year 2021 results: EPS: NT$1.71 (up from NT$1.52 in FY 2020). Revenue: NT$1.09b (up 6.5% from FY 2020). Net income: NT$76.2m (up 12% from FY 2020). Profit margin: 7.0% (up from 6.6% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 15
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$31.25, the stock trades at a trailing P/E ratio of 19.5x. Average trailing P/E is 25x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 19% over the past three years. Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment improved over the past week After last week's 15% share price gain to NT$31.95, the stock trades at a trailing P/E ratio of 20.5x. Average trailing P/E is 26x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 8.7% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.84 (vs NT$0.45 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$274.4m (up 4.2% from 3Q 2020). Net income: NT$37.6m (up 87% from 3Q 2020). Profit margin: 14% (up from 7.6% in 3Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 3% per year. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.07 (vs NT$0.91 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$207.4m (down 27% from 2Q 2020). Net income: NT$2.90m (down 93% from 2Q 2020). Profit margin: 1.4% (down from 14% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 9% per year. Upcoming Dividend • Aug 18
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 25 August 2021. Payment date: 17 September 2021. Trailing yield: 4.4%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.1%). Reported Earnings • May 17
First quarter 2021 earnings released: EPS NT$0.08 (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$209.6m (up 18% from 1Q 2020). Net income: NT$3.69m (up NT$21.5m from 1Q 2020). Profit margin: 1.8% (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 fallen by 2% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 26
Full year 2020 earnings released: EPS NT$1.52 (vs NT$2.05 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$1.03b (down 8.4% from FY 2019). Net income: NT$67.9m (down 27% from FY 2019). Profit margin: 6.6% (down from 8.3% 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 3% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Mar 20
CVC Technologies Inc. Announces Change of the General Manager CVC Technologies Inc. announced the resignation of Kai-Hsun Chang as general manager and appointment of Chin-Chia Chang as general manager, effective March 18, 2021. Is New 90 Day High Low • Jan 11
New 90-day low: NT$28.50 The company is down 12% from its price of NT$32.30 on 14 October 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is down 4.0% over the same period. Is New 90 Day High Low • Dec 17
New 90-day low: NT$29.70 The company is down 6.0% from its price of NT$31.60 on 18 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Medical Equipment industry, which is down 7.0% over the same period. Is New 90 Day High Low • Dec 02
New 90-day low: NT$30.35 The company is down 3.0% from its price of NT$31.30 on 03 September 2020. The Taiwanese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is down 1.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.45 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$263.3m (down 1.8% from 3Q 2019). Net income: NT$20.1m (down 12% from 3Q 2019). Profit margin: 7.6% (down from 8.5% 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 4% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Nov 06
CVC Technologies Inc. Announces Change of the General Manager CVC Technologies Inc. announced change of the General Manager. Name and resume of the previous position holder: YEH, CHIH-MING /General Manager of Cvc Technologies Inc. Name and resume of the new position holder: CHANG, KAI-HSUN /Sales Vice General Manager of Cvc Technologies Inc. Date of occurrence of the change is November 5, 2020.